JPR Jingumae 432

A-3 Tokyo CBDs Retail Outside

The stylish, urban commercial building stands in the fashion capital.

Fashion trends originate from the Harajuku/Jingumae area where the stylish commercial building stands in front of a busy street along Meiji-dori, in proximity to Jingumae Intersection and Takeshita-dori street.

It is densely surrounded by apparel and sports brand stores, restaurants and beauty salons among many others. Tenants in this property match the characteristics of the area.

Conventionally, the Harajuku/Jingumae area has attracted many young people. In addition, many foreign tourists have come in recent years and the potential of the area continues to grow.

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Related Press Releases

2006.2.07
Notice Concerning Execution of a Purchase Agreement in Connection with the Acquisition of the JPR Jingumae 432
2006.3.24
Notice Concerning Acquisition of the JPR Jingumae 432
2009.12.21
Notice Concerning Sale of a Portion of Property (Conclusion of Sale) "JPR Jingumae 432"
2010.3.30
Notice Concerning Sale of a Portion of Property "JPR Jingumae 432"
2010.6.01
Notice Concerning Property Sale "JPR Jingumae 432"

Property Overview

Address Shibuya-ku, Tokyo32-13 Jingumae 4 Chome
Structure/Floors S, SRC  B1/7F Acquisition Price (million yen) 4,275
Total Floor Space (m2) 1,066.81 Leasable Space (m2) 1,027.33
Completed 2006-2 Standard Floor Space (m2) 137.74
Acquisition Date March 24, 2006 No. of Tenants 7
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.
  • (Note5)A portion of land (Site Area 20.11 square meters) was sold on June 1, 2010.

Management Status

30th 31st 32nd 33rd
Rental Revenues (million yen) 83 83 82 79
Rental Expenses (million yen) 29 17 18 24
NOI from Leasing (million yen) 54 65 64 55
Depreciation (million yen) 6 6 6 6
Rental Income (million yen) 47 59 57 48
Capital Expenditures (million yen) 0 0 0 1
Period-End Occupancy Rate (%) 100.0 86.6 86.6 100.0
NOI Yield (%) 2.5 3.1 3.0 2.6
NOI Yield after Depreciation (%) 2.2 2.8 2.7 2.3
Appraisal Value (million yen) 3,930 4,050 4,100 4,110
Gain or Loss from Valuation (million yen) -370 -242 -186 -170
Cap Rate (%) 3.5 3.2 3.1 3.1
  • (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.

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