Sompo Japan Wakayama Bldg.

C-13 Other Cities Office Medium-size Sponsor

An office building with a strong competitive advantage that is easily accessible from the station

This building is located on Keyaki-odori Street just a 3-minute walk from JR Wakayama Station, the busiest station in Wakayama City, and also easily accessible by car.
The building has a good tenant mix, housing a major domestic insurance group as well as over 10 companies in the service industry and other fields. It has been upgraded with environmentally friendly energy-saving air-conditioning and is equipped with a mechanical parking lot with a capacity of approximately 100 vehicles, giving it an excellent competitive advantage within the area.
It is the only property in Wakayama owned by a J-REIT.

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Property Overview

Address Wakayama, Wakayama32-1 Misonocho 3 Chome
Structure/Floors S  9F Acquisition Price (million yen) 1,670
Total Floor Space (m2) 6,715.07 Leasable Space (m2) 4,876.35
Completed 1996-7 Standard Floor Space (m2) 575.63
Acquisition Date June 26, 2002 No. of Tenants 17
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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

35th 36th 37th 38th
Rental Revenues (million yen) 107 108 111 108
Rental Expenses (million yen) 46 51 44 36
NOI from Leasing (million yen) 61 57 66 72
Depreciation (million yen) 18 19 19 19
Rental Income (million yen) 42 37 47 52
Capital Expenditures (million yen) 9 30 7 6
Period-End Occupancy Rate (%) 98.3 98.3 98.3 100.0
NOI Yield (%) 7.4 6.8 8.0 8.6
NOI Yield after Depreciation (%) 5.1 4.5 5.7 6.3
Appraisal Value (million yen) 1,640 1,660 1,670 1,660
Gain or Loss from Valuation (million yen) 324 332 354 357
Cap Rate (%) 6.3 6.2 6.2 6.2
  • (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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