[Assessed 150.3%] Apartment building in Atsugi, Kanagawa — 15 min from Hon-Atsugi Sta.

⚠️ Please note the south side of the lot. In the listing photo looking down to the south from the second floor, the boundary fence stands on a kerb about 10-15 cm high, almost level with the garden. Beyond it is a paved strip about 3 m wide, and on the far side of the strip the neighbouring land to the south is raised about 1.0-1.3 m by a cobblestone retaining wall. The wall is not on the lot boundary but across the strip. However, the listing's "private road 73 m²" is almost the same area as the grey strip on the plot plan, so if the strip is included in the sale as a private road, its southern edge would meet the neighbour's retaining wall. The east boundary is not shown in any photo and has not been confirmed.

A two-storey apartment building in Mizuhiki, Atsugi, Kanagawa, 15 minutes on foot from Hon-Atsugi Station on the Odakyu Odawara Line. The listing gives the address only down to the district name, but from the distances in the listing (about 190 m to a convenience store, about 400 m to Atsugi City Hospital and about 100 m to Route 412) we estimate the southern part of Mizuhiki 1-chome, east of the main road. Hon-Atsugi is a stop for the Romancecar limited express.

The wooden two-storey building was completed in December 2021 and has a total floor area of 268.3 m². It consists of four maisonette units (two 2LDK and two 3LDK), fully occupied at the time of listing, with a gross yield of 6.16% (annual rent of 4.374 million yen when fully let). The land is 315.67 m² of freehold in a Category 1 Residential Zone (60% building coverage, 200% floor area ratio), facing a 4.10 m public road on the north. Parking is available.

In terms of assessed value, the land valued at the 2026 route price of 185,000 yen/m² (up about 15.6% over three years) plus the building, 4 years old with 18 years of remaining useful life, gives an assessed ratio of about 150.3%. The listing's note "private road 73 m²" was treated as separate from the land area and not deducted, because the remark "main lot about 95 tsubo" matches the land area of 315.67 m² (95.49 tsubo). Even if the private road were included in the land area, the effective area would be 242.67 m² and the assessed ratio about 131.3%.

A nearly new, fully let apartment building whose combined land and building assessment is well above the price. On the other hand, the extent of the private road, its position relative to the retaining wall on the south, and the condition of the east boundary cannot be read from the listing, so we recommend checking them with the agent.