Valuation check: 45 m² serviced apartment in Tokyo at ¥106,300,000

[makeTheMap]

I would like the ¥106,300,000 asking price to be supportable, but the evidence is too thin for comfort. This is a Tokyo serviced apartment with four beds in about 45 m², average condition, good light and a strong location. The finishes are dated, and the likely property tax and operating costs remain concerns.

Three active listings provide asking figures, while evidence of an actual transaction is limited to a single sale. Would you adjust first for the unusual layout, floor area or condition? Micro-location and any parking value may also make the apparent comparables less useful. The numbers work until management charges and a weak year are added, so I will still obtain a local appraisal before relying on the result.

 

[yara.lane]

The four beds within 45 m² are what changed my view. I would not start with a routine condition allowance, because a conventional unit of the same size may serve a different buyer or guest market and therefore be a poor comparison.

Verify the floor plan and the completed sale’s exact area, layout and immediate location first. If those align, compare the dated work as a specific cost. I would then review the management agreement and service charges separately, including compulsory payments and the owner’s obligations when income is weak.

 

[lena.voss]

I’d put micro-location ahead of condition. In Tokyo, two superficially similar units can be poor comparables if access, outlook, light or the immediate surroundings differ. Also, 4 beds within 45 m² may not compare cleanly with a conventional apartment of the same area.

I’d ask for the completed sale’s exact floor area, condition and location, then check lease length, outdoor space and any parking value before making adjustments.