[Assessed 112%] Apartment building in Midori Ward, Saitama City, Saitama — 20 min from Higashi-Urawa Sta.

⚠️ The listing has no on-site photos, so retaining walls, height differences from the front road and the condition of the buildings could not be checked. The street number is not disclosed, and the road access is described only as "northeast side", with no road width or public/private status. An on-site check and enquiries to the agent are essential before considering this property.

This is a rental apartment property (two buildings, 12 units in total) in Nakao, Midori Ward, Saitama City, a 20-minute walk from Higashi-Urawa Station on the JR Musashino Line. The street number is not disclosed, but from the 20-minute walk we estimate it lies in the southern part of Oaza Nakao around Nakamaru Park, where the blocks were laid out by land readjustment. Supermarkets and restaurants are concentrated around Higashi-Urawa Station.

The land is 928 m² (registered area) held in freehold. The buildings are two two-storey light-gauge steel structures with a total floor area of 678.22 m², built in March 1989. The zoning is Category 1 Medium-to-High-Rise Exclusive Residential (60% building coverage, 200% floor area ratio), and there are 12 parking spaces. The property is fully occupied, with annual income of 9.312 million yen at full occupancy (gross yield 8.02%). The same property has been listed on Rakumachi since 30 July 2026 and was listed on Kenbiya on 9 October.

For the assessed value, we applied the FY2026 route price of 140,000 yen/m² (up about 7.7% over three years) to the 928 m² of land, giving an assessed value ratio of about 112.0%. The buildings are past their statutory useful life (22 years) and are valued at zero, so the assessment is based on the land alone. Oaza Nakao spans several sheets of the route price map, and we used the most common band on the local roads in the southern area where we estimate the property lies. At 135,000 yen/m² the ratio would be about 108.0%, and even the low band in the northern part (100,000 yen/m²) gives about 80.0%. We did not rely on the inheritance-tax route price of 135,000 yen/m² stated in the listing.

Without photos, nothing about the exterior, road access or height differences can be judged from the listing. Oaza Nakao includes a land readjustment project area, and if the property is inside it, provisional land allocation and settlement payments may be involved, so we recommend confirming this as well.