JPR Musashikosugi Bldg.

B-4 Greater Tokyo Retail Sponsor

A commercial facility in a developing area with excellent potential

This commercial facility located right next to Musashikosugi Station on the Tokyu Toyoko Line and JR Nanbu Line is occupied by the Musashikosugi branch of retailer Ito-Yokado.
Musashikosugi Station is becoming busier and busier every year and occupies an extremely favorable location in terms of the market area population.
Development projects such as condominium towers and a new JR Yokosuka Line station are underway in the vicinity, so the area's potential is growing even more thanks to the increased commercial traffic and convenience.

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Related Press Releases

2006.9.28
Notice Concerning Acquisition of the Tokyokikai Musashikosugi Building

Property Overview

Address Kawasaki, Kanagawa420-1 Kosugimachi, Nakahara-ku
Structure/Floors SRC, RC, S  B1/6F Acquisition Price (million yen) 7,254
Total Floor Space (m2) 18,394.32 Leasable Space (m2) 19,740.95
Completed 1983-3 Standard Floor Space (m2) 2,937.32
Acquisition Date September 28, 2006 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.
  • (Note5)A portion of land (Site Area 4.53 square meters) was sold on October 31, 2016.

Management Status

35th 36th 37th 38th
Rental Revenues (million yen) - - - -
Rental Expenses (million yen) - - - -
NOI from Leasing (million yen) 151 139 156 157
Depreciation (million yen) 25 26 28 28
Rental Income (million yen) 125 113 127 128
Capital Expenditures (million yen) 2 247 7 12
Period-End Occupancy Rate (%) 100.0 100.0 100.0 100.0
NOI Yield (%) 4.2 3.8 4.3 4.3
NOI Yield after Depreciation (%) 3.5 3.1 3.5 3.5
Appraisal Value (million yen) 5,670 5,680 5,540 5,540
Gain or Loss from Valuation (million yen) -1,305 -1,517 -1,635 -1,618
Cap Rate (%) 4.7 4.7 4.7 4.7
  • (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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