JPR Chiba Bldg.

B-2 Greater Tokyo Office Medium-size Outside

A building suited to tenant needs with a strong competitive advantage

This building is located in the Shinmachi district, a very popular office area in Chiba close to JR, Keisei, and Chiba Urban Monorail stations.
It has maintained a high level of quality thanks to extensive renovations, including the exterior, air-conditioning, and common areas. The office spaces can be divided into smaller sections and the building is able to accommodate diverse needs, so it is occupied by numerous tenants. It possesses a strong overall competitive advantage, thanks to a prominent location facing a major street, a full range of facilities, and highly rated tenant services.

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Property Overview

Address Chiba, Chiba1-7 Shinmachi, Chuo-ku
Structure/Floors S, SRC  B1/13F Acquisition Price (million yen) 2,350
Total Floor Space (m2) 9,072.57 Leasable Space (m2) 5,536.18
Completed 1991-1 Standard Floor Space (m2) 434.81
Acquisition Date December 13, 2001 No. of Tenants 36
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  • (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

28th 29th 30th 31st
Rental Revenues (million yen) 127 127 125 127
Rental Expenses (million yen) 56 59 61 51
NOI from Leasing (million yen) 70 68 64 75
Depreciation (million yen) 25 26 26 26
Rental Income (million yen) 44 41 38 49
Capital Expenditures (million yen) 0 15 5 9
Period-End Occupancy Rate (%) 94.2 92.0 92.0 92.2
NOI Yield (%) 6.0 5.8 5.4 6.5
NOI Yield after Depreciation (%) 3.8 3.6 3.2 4.2
Appraisal Value (million yen) 1,750 1,800 1,840 1,660
Gain or Loss from Valuation (million yen) -555 -495 -433 -690
Cap Rate (%) 5.7 5.6 5.7 5.4
  • (Note1) Period-end occupancy rate = Leased space/Leasable space
  • (Note2) NOI yield = (Rent revenue - Realestate expenses related to rent business) + Depreciation/Acquisition price
  • (Note3) 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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