JPR Yokohama Nihon Odori Bldg.

B-3 Greater Tokyo Office Medium-size Sponsor

An office building in a historic business district

Dating back to the early Showa period, the Yokohama/Kannai area is one of Yokohama's oldest business districts and home to many prefectural and municipal government offices.
The JPR Yokohama Nihon Odori Building is situated among a cluster of office buildings in the vicinity of Nihon Odori Station and faces Osanbashi-dori Street, which is lined with zelkova trees. Its dignified tile-covered exterior blends in seamlessly with the historic business district. The office spaces have approximately 170 tsubos per floor and can be divided into smaller sections, making it ideal for lawyers, accountants, and the like.
It is conveniently located in terms of transportation access just a 3-minute walk from Nihon-Odori Station on the Minato-Mirai Line, and the convenience store on the first floor makes it even more convenient for users.

Access Map

Property Overview

Address Yokohama, Kanagawa 17 Nihonodori, Naka-ku
Structure/Floors SRC  B1/11F Acquisition Price (million yen) 2,927
Total Floor Space (m2) 9,146.52 Leasable Space (m2) 6,079.73
Completed 1989-10 Standard Floor Space (m2) 565.81
Acquisition Date November 16, 2001 No. of Tenants 19
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

37th 38th 39th 40th
Rental Revenues (million yen) 127 131 131 133
Rental Expenses (million yen) 47 44 40 43
NOI from Leasing (million yen) 80 86 90 90
Depreciation (million yen) 24 24 24 24
Rental Income (million yen) 55 61 66 65
Capital Expenditures (million yen) 4 5 2 25
Period-End Occupancy Rate (%) 100.0 100.0 98.8 100.0
NOI Yield (%) 5.5 5.9 6.3 6.1
NOI Yield after Depreciation (%) 3.8 4.2 4.6 4.4
Appraisal Value (million yen) 2,340 2,340 2,350 2,350
Gain or Loss from Valuation (million yen) -48 -29 2 2
Cap Rate (%) 4.9 4.9 4.9 4.9
  • (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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