Estate Prime · Japan Real Estate Advisory
Mansion Otsuka #401 — Fully Renovated 1LDK
Walk to Yamanote Otsuka · fully renovated 2026, move-in ready · corner 1LDK with dual-aspect light
1-38-11 Kami-Ikebukuro, Toshima-ku, Tokyo
Price
¥31.8M
JPY
Monthly rent
15.0
×10k JPY/mo
Yield
~5.7
%
Type
Apartment
≈ HKD
…
≈ TWD
…
≈ CNY
…
Advisor Perspective · HK Buyer Focus
Estate Prime Advisor View
Advisor View 01
Around HK$1.53M · a fully renovated unit inside the Yamanote loop
At ¥31.8M, this is about HK$1.53M in HKD terms — a budget that barely buys a starter flat in Hong Kong here buys a fully renovated, move-in-ready 1LDK inside the Yamanote loop. Otsuka is one stop from Ikebukuro, with the loop line covering Shinjuku, Ueno and Tokyo — liquid for both own-use and letting.
Advisor View 02
Renovated throughout 2026 · corner, dual-aspect · turnkey
A full renovation was completed in January 2026: new wallpaper throughout, floor tiles, downlights and indirect lighting, and a full clean — usable from day one, saving fit-out cost and lead time. At 46.44sqm it is roomy for a 1LDK; a southeast-facing corner unit with dual-aspect light is comfortable to live in and easy to let.
Advisor View 03 · Risk disclosure (must read)
Assumed ~5.7% yield · but vacant now, and the rent is an estimate
The unit is vacant with no lease in place; the "~5.7%" gross is derived from an assumed area rent (~¥150k/mo), not an achieved rent. Area 1LDK (under 20 yrs) averages ~¥185k; this unit is ~49 years old but fully renovated, so ~¥140–150k conservatively. Underwrite on conservative rent with a vacancy allowance before relying on the yield.
Advisor View 04 · Risk disclosure (must read)
⚠️ ~49 years old · 1977 pre-1981 code: understand financing and age
The building was completed February 1977 (Showa 52), an RC condominium under the pre-1981 earthquake code. Pre-1981 units are generally harder to finance (some banks decline, or offer low LTV / short terms), the buyer pool is narrower, and resale is affected. Verify the seismic assessment and long-term repair plan via the disclosure statement and management-association records before purchase. The price reflects this backdrop to some degree.
Advisor View 05 · Risk disclosure (must read)
⚠️ Management & repair-reserve fees erode the real yield
As a single condo unit, fixed monthly outgoings are management ¥17,420 + repair reserve ¥14,400 = ¥31,820 (about ¥380k/yr). On an assumed ¥150k/mo rent, netting these two off cuts the gross from ~5.7% to ~4.5% — before property tax, letting fees and vacancy. The repair reserve may also rise later; obtain the long-term repair plan to verify before buying.
Investment Highlights
Investment Highlights
Fully renovated Jan 2026 — new wallpaper throughout, floor tiles, downlights/indirect lighting, full clean; move in without further work
Three stations on foot: Sugamo-shinden 7 min, Kita-Ikebukuro 11 min, JR Yamanote Otsuka 12 min — a mature living area one stop from Ikebukuro
Corner unit, southeast-facing, dual-aspect light, 4F of 6 — a roomy 46.44sqm 1LDK with good light and airflow
Vacant, immediate move-in; on an assumed ¥150k/mo rent, ~5.7% gross (indicative — see scenario table for net)
Entry around HK$1.53M — an inside-Yamanote unit that works for own-use or letting
Market Context
Otsuka is an inside-Yamanote station — one stop to Ikebukuro and a few to Shinjuku/Ueno — with deep single-tenant rental demand; Kami-Ikebukuro has mature amenities. A persistently weak yen keeps the HKD entry cost near multi-year lows. In the pre-1981 second-hand condo market, however, buyers are sensitive to age and financing, so negotiating room varies with age and management condition.
Financial Analysis
Financial Analysis & Cash Flow
Currency Conversion · HKD First
Currency conversion (¥31.8M)
HKD$ (primary)
…
HKD$
CNY¥
…
CNY¥
USD$
…
USD$
TWD$
…
TWD$
Investment calculator
(Indicative only — consult an advisor for actual figures)Annual operating costs (indicative)
Scenario Return Comparison & Analysis
Scenario Return Comparison & Analysis
| Scenario | Annual (est.) | Monthly (est.) | Gross yield | Leveraged* |
|---|---|---|---|---|
| Long lease, assumed full (gross) | ¥1.80M/yr | ¥150k/mo | 5.7% | 11.3% |
| ⚠️ Net of mgmt & repair reserve | ¥1.42M/yr | ¥118k/mo | 4.5% | — |
* Leveraged yield assumes a 50% loan, computed on the actual equity outlay (¥15.9M) before loan interest. Note: financing a 1977 pre-1981-code condo is difficult; a 50% loan may not be available and buyers are often cash.
* The assumed ¥150k/mo rent is an estimate: area 1LDK (under 20 yrs) averages ~¥185k; this unit is ~49 years old but fully renovated, so ~¥140–150k conservatively. Vacant now — actuals depend on lease-up.
⚠️ "Net" already deducts management ¥17,420 + repair reserve ¥14,400 (¥31,820/mo total); it still excludes property tax, letting fees and vacancy.
The core is a "low-entry, ready-to-use unit inside the Yamanote loop": ¥31.8M (about HK$1.53M) buys a fully renovated, move-in-ready 1LDK for own-use or letting. Assumed gross is ~5.7%, but as a single condo unit the ¥31,820/month of management and repair-reserve fees compress the real yield to ~4.5%; it is vacant now and the rent is an estimate, so underwrite on conservative rent. Versus the three whole-building income assets on this site, it wins on a low entry and turnkey usability — the trade-offs being small scale (a single unit, no diversification) and the financing and age risk of a 1977 pre-1981-code building. Suited to first-time buyers who value usability and location and accept these limits.
✅ Strengths
- ·Inside-Yamanote Otsuka area, 3 stations on foot
- ·Fully renovated 2026, move-in ready
- ·Corner, southeast, dual-aspect, 46sqm
- ·Low entry around HK$1.53M
- ·Very convenient (supermarket 1 min)
⚠️ Weaknesses
- ·Built 1977 (pre-1981 code), older
- ·Vacant now — rent is an estimate
- ·Mgmt + repair reserve ¥31,820/mo drags net yield
- ·Single unit — small, no diversification
🔵 Opportunities
- ·Works for own-use or letting
- ·Weak yen keeps entry cost low
- ·Renovated — no extra fit-out spend
- ·Deep single-tenant demand inside Yamanote
🔴 Threats
- ·Pre-1981 code hampers financing, narrower buyer pool
- ·Repair reserve may rise later
- ·Vacancy periods hit actual returns
- ·Yen appreciation narrowing the FX edge
Discuss investment feasibility
Estate Prime arranges due diligence, site inspection and full purchase support.
Contact us → estateprime.netNeighborhood & Lifestyle
Neighborhood & Lifestyle
Kami-Ikebukuro 1-chome sits between Otsuka, Sugamo-shinden and Kita-Ikebukuro stations — a mature residential area northeast of Ikebukuro, calm yet central. JR Yamanote "Otsuka" is 12 minutes on foot, one stop to Ikebukuro, with the loop line covering Shinjuku, Shibuya, Ueno and Tokyo; the Toden Arakawa tram at Sugamo-shinden is just 7 minutes away with old-town character.
Amenities are very convenient: Peacock Store is a 1-minute walk, a 7-Eleven 2 minutes, Hosei Elementary 5 minutes, Sugamo-kita Junior High 4 minutes and Kami-Ikebukuro Central Park 2 minutes — suiting both families and single tenants.
Toshima Ward passed a new private-lodging ordinance in December 2025 (a cap of 120 operating days/year, effective 16 Dec 2026); however, as a condominium unit, any minpaku use is first constrained by the management association's rules, and most for-sale condos prohibit it — so this unit is best positioned for own-use or long-let, not marketed on short-let income.
On appreciation, ongoing redevelopment around Ikebukuro and renewal along the tram line support land values across the living area; but pre-1981 second-hand condo units track individual age, management condition and the financing environment more than the area trend, so the core logic should be cash flow and turnkey usability rather than redevelopment or short-let upside.
Property Specifications
Property Specifications
Overview
Area & Land
Zoning & Facilities
Financials
Data Notes & Verification
Data Notes & Verification
A single condominium unit (46.44sqm exclusive, wall-centre basis). Built Feb 1977 (Showa 52), pre-1981 earthquake code — financing is harder, so confirm available loan terms first. Currently vacant; the "~5.7% assumed yield" is estimated on an assumed ¥150k/mo rent, not an achieved rent; net yield must deduct management ¥17,420 + repair reserve ¥14,400/mo. Full renovation completed January 2026 (all wallpaper replaced, floor tiles, downlights/indirect lighting, cleaning). 27 units in total; managed by Daikyo Astage (fully outsourced, day-shift). Sources differ slightly on zoning — the disclosure statement prevails. Where plans differ from actual condition, the actual condition prevails.
epc Estate Prime
Japan Real Estate Advisory
Estate Prime is a boutique advisory focused on Japanese real-estate investment, serving high-net-worth investors from Hong Kong, Taiwan and Mainland China. With deep knowledge of the Japan market — hotel/ryokan regulation and the minpaku system — we provide a one-stop solution from sourcing to purchase and ongoing management.
Selected Tokyo income properties matched to your goals
Assessing whether a property qualifies for a hotel/ryokan licence
Coordinating lawyers, scriveners, agents and tax advisors
Detailed financials across long-let, minpaku and ryokan scenarios
Choose an enquiry type — you'll reach Estate Prime directly on WhatsApp:
Why Estate Prime
Why Estate Prime
Deep Japan-market knowledge
Focused on Tokyo income property — fluent in district regulations, minpaku rules and ryokan licensing, tracking policy so you decide at the right moment.
Serving HK / TW / China investors
Full service in Cantonese, Mandarin, English and Japanese, with financials, FX and tax planning tailored to each market.
Honest, transparent advice
Every report states both strengths and risks — regulatory change, application uncertainty — nothing hidden, built on long-term trust.
Complete local network
Long-standing ties with local agents, lawyers, scriveners and management firms — worry-free after purchase.
Disclaimer
Prepared by Estate Prime. All financial figures and yields are estimates and do not constitute investment advice or any guarantee. Property details follow the registry and current-condition survey; actual conditions may differ. Hotel/minpaku licensing depends on the authorities' review and is not guaranteed. FX is based on the reference-date rate; actual transactions use the rate of the day. Conduct full due diligence and consult legal and financial advisors before purchase.