Estate Prime · Japan Real Estate Advisory
Wakagi Plaza Detached Share House
Our own operating share house · 4 rooms fully let · sold with leases · ~10.6% gross yield
1-6-11 Wakagi, Itabashi-ku, Tokyo
Price
¥30M
JPY
Monthly rent
26.4
×10k JPY/mo
Yield
10.6
%
Type
Detached
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Advisor Perspective · HK Buyer Focus
Estate Prime Advisor View
Advisor View 01
Entry around HK$1.44M · our own share house sold with leases in place
At ¥30M — about HK$1.44M in HKD terms — this is a detached-house entry point that would be unthinkable in Hong Kong. The building was skeleton-renovated in 2017; we acquired it in 2019 and have operated it ever since: 4 rooms fully let with ~¥264,000/month rent (utilities separate). A new owner inherits the leases and our operating experience — no starting from zero.
Advisor View 02
Share-house model: large rooms, low density, with an HK tenant channel
This property runs a "large-room, low-density" model (4 rooms), more comfortable than typical over-subdivided share houses; all-inclusive utilities lower the barrier for overseas tenants. Through our ties to the Hong Kong market the tenant channel is steady — the very part a pure investor finds hardest to replicate after purchase.
Advisor View 03 · Risk disclosure (must read)
⚠️ Important: this property is "non-rebuildable" — understand the consequences
Per the original listing, because the frontage road does not meet the Building Standards Act access requirement (frontage ~1.0m, under the 2m minimum), the property is "non-rebuildable" — the existing building cannot be replaced once demolished, only maintained, repaired or renovated. This affects financing difficulty, the future buyer pool and valuation; the price already reflects it. Confirm with a professional and understand this limitation before buying.
Advisor View 04
Older build: 1967 (Showa 42) — cash flow is the core
The building dates to December 1967 (Showa 42), a pre-1981 wooden structure; but a skeleton-level renovation in 2017 means the interior and fittings are new. The logic here is not to bet on land redevelopment but to "collect cash flow at a low entry and high rental yield" — the ~10.6% return is clearly above central-Tokyo new builds, the trade-off being the non-rebuildable status and age noted above.
Investment Highlights
Investment Highlights
Skeleton-level full renovation completed in 2017; we bought it in 2019 and have held and operated it ever since, handed over with full operations
4 rooms fully let; current rent ~¥264,000/mo (utilities billed separately), ~10.6% gross (on ¥30M)
7 min to Kami-Itabashi, ~10 min to Ikebukuro; all-utilities-included positioning, tenants mainly young HK/overseas renters
Entry around HK$1.44M; a detached house gives flexibility — continue as a share house, live in it, or repurpose
Bought ¥21M in 2019 → now offered ¥30M, reflecting the market and our operating record over the holding period (past deal; not indicative of future)
Market Context
Kami-Itabashi is an affordable, well-amenitised residential area within Tokyo's 23 wards, with a deep base of single and young tenants; the Tobu Tojo Line reaches Ikebukuro in ~10 minutes. Share-house demand is supported by young overseas renters and stays stable over the long run.
Financial Analysis
Financial Analysis & Cash Flow
Currency Conversion · HKD First
Currency conversion (¥30M)
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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* |
|---|---|---|---|---|
| Share house (current) | ¥3.17M/yr | ¥264k/mo | 10.6% | — |
| 🟢 Incl. common-area fees | ¥3.72M/yr | ¥310k/mo | 12.4% | — |
| Owner-occupy + part-let | Varies with own use | — | — | — |
* Yield is on the ¥30M asking price. Current monthly rent is the 4 rooms combined (~¥264k); common-area fees (~¥46k/mo) are billed separately and mainly cover utilities.
⚠️ "Incl. common-area fees" is indicative only — those fees offset actual utility costs and are not net profit.
⚠️ This property is "non-rebuildable"; financing and resale are affected — conduct your own due diligence before buying.
The core logic is "low entry, high cash flow": ¥30M (about HK$1.44M) buys an operating, fully-let detached share house at ~10.6% gross — far above central-Tokyo new builds. That return premium corresponds exactly to two risks you must understand: the non-rebuildable status and the older 1967 wooden structure. Suited to investors who prioritise cash flow, accept those limits, and want a small income property with the autonomy of a whole house. For what it is worth, here is why we bought it in 2019: precisely because the renovation had just been completed — saving us the architect, the site supervision, and the risk of overruns and delays. The trade-off is that part of the renovation upside had already been taken by the previous owner, so our entry price was higher than doing it ourselves. We ran the numbers and still considered it a good investment. A buyer today faces the same arithmetic: you acquire an asset that is already operating, rather than starting from zero.
✅ Strengths
- ·Operating now — leases & know-how handed over
- ·~10.6% gross, above central-Tokyo new builds
- ·7 min to Kami-Itabashi, 10 min to Ikebukuro
- ·Full skeleton renovation in 2017
- ·Low entry around HK$1.44M
⚠️ Weaknesses
- ·Non-rebuildable (frontage under 2m)
- ·Older 1967 wooden structure
- ·Hard to finance — mostly cash buyers
- ·No parking
🔵 Opportunities
- ·Income from day one via operations handover
- ·Share-house demand supported by overseas renters
- ·Whole-house autonomy — flexible use
- ·Weak yen keeps entry cost low
🔴 Threats
- ·Non-rebuildable status hurts resale & valuation
- ·Age drives long-term maintenance cost
- ·Limited financing narrows the buyer pool
- ·Yen appreciation narrowing the FX edge
Discuss investment feasibility
Estate Prime arranges due diligence, site inspection and full purchase support.
Contact us → estateprime.netProperty Report
Download the full report
A six-page A4 PDF: specifications, neighbourhood, photos, financials and scenario returns, advisor views and risk disclosure — the same document we hand to clients, ready to print.
Neighborhood & Lifestyle
Neighborhood & Lifestyle
Wakagi 1-chome is a quiet residential pocket south of Kami-Itabashi Station — 7 minutes on foot to the station and ~10 minutes to Ikebukuro, convenient yet calm.
Amenities are mature: within a 5-minute walk are FamilyMart and 7-Eleven convenience stores plus My Basket and Ito-Yokado supermarkets; eateries such as Torikizoku, Matsuya and MOS Burger are within 8 minutes — highly appealing to young tenants.
Itabashi is a relatively affordable residential ward within Tokyo's 23, with deep demand for single and share-house rentals. Note: this property is "non-rebuildable" under the Building Standards Act access rule — not uncommon in Itabashi's older residential pockets — so bank loan-to-value is typically low and buyers are mostly cash.
At the macro level, the Tobu Tojo Line benefits from ongoing Ikebukuro-district renewal, and steady commuter-overflow demand supports long-term rentals in affordable residential areas.
Property Specifications
Property Specifications
Overview
Area & Land
Zoning & Facilities
Financials
Data Notes & Verification
Data Notes & Verification
This property is "non-rebuildable" (frontage road ~1.0m fails the Building Standards Act access requirement) — the existing building cannot be replaced once demolished; financing and resale are affected and the price reflects this. Conduct your own due diligence before buying. Full skeleton renovation April 2017. Located in a new fire-prevention regulation zone and a land-development regulation zone. 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.
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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.