Estate Prime · Japan Real Estate Advisory
Itabashi-Kuyakushomae Whole-Building Apartment (28 Units)
4 min to Mita Line · 28 × 1K units · 5.0% projected · institutional-grade whole building
Hikawacho, Itabashi-ku, Tokyo
Price
¥488M
JPY
Monthly rent
204.0
×10k JPY/mo
Yield
5.02
%
Type
Apartment
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Advisor Perspective · HK Buyer Focus
Estate Prime Advisor View
Advisor View 01
Around HK$23.42M · an institutional-grade play with 28-unit diversified cash flow
At ¥488M, this is about HK$23.42M in HKD terms — the price of a single luxury unit in Hong Kong buys a whole 28-unit income building in Tokyo. Twenty-eight separate leases mean any single move-out dents cash flow by under 4% — the scale efficiency of a whole building plus near unit-level risk diversification, the structure institutional investors favour.
Advisor View 02
1K × 28 units: the base case of Tokyo single-tenant demand
Single-person households in Tokyo keep growing, and 1K is the fastest-turning layout in the rental market. Itabashi-Kuyakushomae hosts the ward office with full local amenities; the Mita Line reaches Otemachi (~20 min) and Hibiya, giving a steady white-collar commuter tenant base. This "unsexy but rock-steady" asset is exactly the kind of core holding a portfolio should have.
Advisor View 03
Freehold land 85 tsubo · 300% FAR vs ~228% used
The 281.18sqm (85 tsubo) land is full freehold, zoned Category 2 Residential at 300% FAR against ~228% currently built — meaning unused development headroom remains. Long term, whether held for rent or eventually rebuilt/expanded, the land value provides real downside protection.
Advisor View 04
Upside: furnished monthly-rental conversion
A block of 28 × 1K units is an ideal base for a "furnished monthly-rental" upgrade. Progressively converting some units to furnished monthly lets — targeting expat and business short/mid-stay demand — offers 10–20% rent upside and can lift whole-building income without major works.
Advisor View 05 · Risk disclosure (must read)
36 years old: budget for major repairs
Completed June 1990, it is post-1981 earthquake-code RC with no old-code structural issue; but at 36 years the major-repair cycle for exterior walls, rooftop waterproofing and plumbing must be verified through due diligence, with budget set aside in the offer. We verify each item during the due-diligence stage.
Investment Highlights
Investment Highlights
28 × 1K units spread the cash flow — a single vacancy dents income by under 4%, combining whole-building scale with unit-level diversification
Full-occupancy income ¥24.48M/yr (¥2.04M/mo), 5.02% gross yield
Freehold land 281.18sqm (85 tsubo), 300% FAR vs ~228% used — spare land value
Built 1990 = post-1981 earthquake-code RC; ¥488M scale is institutional-grade
Entry around HK$23.42M; direct Mita Line access to Otemachi & Hibiya, with deep single-tenant demand
Market Context
Single-person households in Tokyo keep rising, structurally lifting 1K rental demand; the Mita Line benefits from the Otemachi/Hibiya commuter belt and Itabashi rents have climbed steadily. A weak yen makes the HKD entry cost attractive, and active whole-building transaction flow plus institutional capital keep assets of this size liquid.
Financial Analysis
Financial Analysis & Cash Flow
Currency Conversion · HKD First
Currency conversion (¥488M)
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Investment calculator
(Indicative only — consult an advisor for actual figures)Scenario Return Comparison & Analysis
Scenario Return Comparison & Analysis
| Scenario | Annual (est.) | Monthly (est.) | Gross yield | Leveraged* |
|---|---|---|---|---|
| Long lease (full occupancy) | ¥24.48M/yr | ¥2.04M/mo | 5.0% | 10.0% |
| Furnished monthly (part of units) | ¥28.0M/yr | ¥2.33M/mo | 5.7% | 11.5% |
| 🟢 Full furnished-monthly upgrade | ¥30.0M/yr | ¥2.50M/mo | 6.1% | 12.3% |
| ⚠️ Minpaku / simple-lodging (ref.) | Pending ordinance | — | — | — |
* Leveraged yield assumes a 50% loan, computed on the actual equity outlay (¥244M) before loan interest — deduct interest per your actual terms.
* Furnished-monthly figures are estimates assuming a 10–25% uplift on current rents; actuals depend on fit-out cost and lease-up.
⚠️ Any minpaku/lodging conversion must satisfy Itabashi Ward ordinance and fire-safety requirements; feasibility is not guaranteed.
The core logic is "scale + diversification + land": 28 × 1K units deliver highly diversified, stable cash flow, and a projected 5.02% is reasonable for a Tokyo RC whole-building of this size; the 85-tsubo freehold land with spare FAR gives long-term downside protection. Going further, a furnished monthly-rental upgrade could push returns toward the 6% range — land for defence, operations for offence, a core holding for an institutional portfolio.
✅ Strengths
- ·4 min to Mita Line, direct Otemachi commute
- ·28 units — stable, diversified cash flow
- ·85-tsubo freehold with spare FAR
- ·Post-1981 earthquake-code RC
- ·Projected 5.02% — reasonable for the scale
⚠️ Weaknesses
- ·36 years old — major-repair cycle approaching
- ·Single 1K layout caps rent ceiling
- ·¥488M scale narrows the buyer pool
- ·Road access and details pending due diligence
🔵 Opportunities
- ·Furnished monthly upgrade lifts rent
- ·Spare FAR — long-term rebuild option
- ·Weak yen keeps HKD entry cost attractive
- ·Mita Line commuter-belt rents rising steadily
🔴 Threats
- ·Rising rates raise financing cost
- ·Repair spend above budget
- ·New-build competition in the area
- ·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
Itabashi-Kuyakushomae is the ward's administrative centre, with the ward office, shopping streets and medical facilities concentrated nearby. The Toei Mita Line runs directly to Sugamo, Otemachi and Hibiya; Hikawacho is a mature residential area with persistently low vacancy, and the Shakujii-river frontage makes it pleasant for single white-collar tenants.
For daily life, the Nakajuku shopping street on the old Nakasendo — a traditional arcade of over a hundred shops with supermarkets, drugstores and eateries — is within walking distance and one of the area's biggest tenant draws; the ward office also concentrates administrative, banking and postal services nearby.
Itabashi is one of the more affordable residential wards among Tokyo's 23, with a deep base of single and small-household rental demand; the Mita Line has benefited from overflow of central-Tokyo commuter demand and rents have risen steadily.
Redevelopment around JR Itabashi Station is under way, refreshing the area's image and land values; amid Tokyo's continued central-population inflow, income properties within walking distance of an administrative centre enjoy structural long-term rental support.
Property Specifications
Property Specifications
Overview
Area & Land
Zoning & Facilities
Financials
Data Notes & Verification
Data Notes & Verification
Income is on a full-occupancy basis; actuals follow current leases. At 36 years, budget for major repairs; any minpaku/lodging conversion must satisfy Itabashi Ward ordinance. Source: Kenbiya (published 22 Jul 2026, ID 129443AQ0016); the seller's latest information 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.
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Why Estate Prime
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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.