FUNDES Ueno

B-7 Greater Tokyo Retail Sponsor

A property under Tokyo Tatemono’s FUNDES series located close to Ueno Station, Tokyo’s gateway to the north

The property is in a highly convenient area, only a 1-minute walk from Ueno Station's eastside exit. Ueno Station is one of Japan's most famous terminal stations serving as a station for many railways, including Shinkansen, several JR lines, Tokyo Metro subways and Keisei lines, and also as Tokyo's gateway to the north. On top of such, in the areas surrounding the station are parks and cultural facilities such as Ueno Park, Ueno Zoo and Tokyo National Museum as well as many different kinds of retail shops centering on the Ameyoko shopping street.

With a concentration of public facilities such as the Taito Ward Government Office, office buildings and hotels in the neighborhood, the area can expect to draw a diverse customer base centering on business persons and hotel guests.

The property has a highly competitive as an urban retail property since a relatively newly-built building with eating and drinking establishments commands a scarcity value in the said area.


Access Map

Routes from Nearby Stations

Click the station names below and you can see the route from the relevant station to the property.

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Related Press Releases

2019.6.25
Notice Concerning Acquisition and Sale of Properties (Conclusion of Contracts)

Property Overview

Address Taito-ku, Tokyo2-4 Ueno 7 Chome
Structure/Floors S  B1/10F Acquisition Price (million yen) 3,800
Total Floor Space (m2) 2,235.60 Leasable Space (m2) 1,989.66
Completed 2017-7 Standard Floor Space (m2) 199.32
Acquisition Date June 27, 2019 No. of Tenants 10
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

36th 37th 38th 39th
Rental Revenues (million yen) 124 104 119 104
Rental Expenses (million yen) 38 32 37 30
NOI from Leasing (million yen) 85 71 81 73
Depreciation (million yen) 14 15 15 15
Rental Income (million yen) 70 56 66 58
Capital Expenditures (million yen) 1 0 0 0
Period-End Occupancy Rate (%) 100.0 100.0 100.0 100.0
NOI Yield (%) 4.5 3.8 4.3 3.9
NOI Yield after Depreciation (%) 3.7 3.0 3.5 3.1
Appraisal Value (million yen) 4,000 4,000 4,000 4,000
Gain or Loss from Valuation (million yen) 187 202 218 233
Cap Rate (%) 3.7 3.7 3.7 3.7
  • (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.

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