JPR Shibuya Tower Records Bldg.

A-1 Tokyo CBDs Retail Outside

The flagship store of a leading music retailer and culture promoter

This commercial building is the flagship store of Tower Records, a leading music retailer in Shibuya, one of Japan's major cultural centers. In order to host various events, it underwent major renovations in 2012, further increasing its commercial appeal.
It is located a 4-minute walk from Shibuya train and subway station on the corner of a street leading from the Shibuya Station area to Meiji-dori Street. It is a high-potential district with many fashion buildings and popular street-level stores.
There are plans for future redevelopment centering on Shibuya Station, so the area is set to attract even more attention and further enhance its commercial appeal.

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Related Press Releases

Notice Concerning Acquisition of Jinnnan 1-chome Building
Notice Concerning a Principal Tenant

Property Overview

Address Shibuya-ku, Tokyo22-14 Jinnan 1 Chome
Structure/Floors SRC, S  B3/8F Acquisition Price (million yen) 12,000
Total Floor Space (m2) 8,449.56 Leasable Space (m2) 8,076.85
Completed 1992-2 Standard Floor Space (m2) 792.42
Acquisition Date June 30, 2003 No. of Tenants 1
Related website
  • (Note1) The abbreviations of the “Structure/Floors represent the following, respectively:
  • S: steel-framed RC: reinforced concrete SRC: steel-framed, reinforced concrete
  • (Note2) The acquisition price indicates the transfer price stated in the real estate transaction agreement or trust beneficiary transfer agreement, rounded down to the nearest million yen, and excludes various expenses required for the acquisition of the relevant real estate, etc. and consumption tax, etc.
  • (Note3) The “Total Floor Space” indicates the area of the entire building (including the interests owned by other sectional owners or co-owners) based on the registry.
  • (Note4) The “Leasable Space” indicates the area of the portions owned by JPR.

Floor Plan (Japanese)

Management Status

30th 31st 32nd 33rd
Rental Revenues (million yen) - - - -
Rental Expenses (million yen) - - - -
NOI from Leasing (million yen) 281 286 286 283
Depreciation (million yen) 19 19 19 20
Rental Income (million yen) 261 266 266 263
Capital Expenditures (million yen) 17 4 14 4
Period-End Occupancy Rate (%) 100.0 100.0 100.0 100.0
NOI Yield (%) 4.7 4.8 4.7 4.8
NOI Yield after Depreciation (%) 4.3 4.5 4.4 4.4
Appraisal Value (million yen) 14,100 14,100 14,400 14,500
Gain or Loss from Valuation (million yen) 2,570 2,585 2,891 3,007
Cap Rate (%) 3.9 3.6 3.5 3.5
  • (Note1) Period-end occupancy rate = Leased space/Leasable space
  • (Note2) Annualized NOI yield = (Rent revenue - Realestate expenses related to rent business) + Depreciation/Acquisition price
  • (Note3) Annualized NOI yield(after depreciation) = (Rent revenue - Realestate expenses related to rent business)/Acquisition price
  • (Note4) Unrealized gains or losses = Appraisal value - Book value
  • (Note5) Cap rate indicates the capitalization rate by the direct capitalization method. Direct capitalization method is one of the methods to calculate the value estimated by income approach (a method to estimate the value of the target property by calculating the sum total of present value of the net operating income which the target property is expected to generate in the future), and capitalizes the net operating income of a certain period by using the capitalization rate.
  • (Note6) The amounts and areas are rounded down to the nearest specified unit, and the percentages and other figures are rounded off to the nearest specified unit.
  • (Note7)Due to unavoidable circumstances, the sum total of rental revenues and the sum total of rental expenses, etc. of the property are not disclosed.

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