List Development Completes Rental Apartment Building in Higashi-Nippori, Arakawa Ward
List Development has completed RETERRACE MINOWA WEST, a rental apartment building the company has been developing, in December 2025. The property is located in Higashi-Nippori 1-chome, Arakawa Ward, Tokyo, a 3-minute walk from Minowa Station on the Tokyo Metro Hibiya Line.
The building is eight stories above ground with a reinforced concrete structure and comprises 40 units. Unit plans consist of two types: 1DK (25.50 sq. m. (approx. 274 sq. ft.)) and 3LDK (50.02–50.25 sq. m. (approx. 538–541 sq. ft.)). The site area is approximately 157 tsubo (approx. 5,587 sq. ft.), and the Gross Floor Area is approximately 582 tsubo (approx. 20,709 sq. ft.). Common areas include a mail area, parcel lockers, 7 parking spaces, and 60 bicycle spaces. Construction was handled by Nihon Kensetsu.
List is a comprehensive developer with a strong base in Kanagawa Prefecture, operating the List Residence condominium series and the RETERAS rental apartment series. Group company List Asset Management is advancing acquisitions of rental housing in the Kawasaki and Yokohama areas under its “Yokohama Shonan REIT concept,” and is also considering a potential move into a listed REIT in the future (see related article: “List Asset Management Acquires Two Rental Housing Properties in Kawasaki and Yokohama”).
Average asking rents for relatively new rental apartment buildings (completed in 2020 or later, 25–55 sq. m. (approx. 269–592 sq. ft.)) within a 10-minute walk of Minowa Station have risen from just under JPY 12,000 per tsubo (approx. JPY 337 per sq. ft.) in early 2020 to around JPY 15,000 per tsubo (approx. JPY 422 per sq. ft.) in early 2026—an increase of roughly 25% over six years (based on estie Residential Research data, analyzed by the editorial team). In the downtown neighborhoods along the Hibiya Line, leasing demand has remained steady, supported by convenient access to central Tokyo and comparatively affordable rents.
Key Facts
Property Name: RETERRACE MINOWA WEST
Developer: List Development Co., Ltd.
Location: 1-25-4 Higashi-Nippori, Arakawa-ku, Tokyo
Nearest Station: Minowa Station (Tokyo Metro Hibiya Line), 3-minute walk
Completion: December 2025
Number of Floors: 8F / B0 (reinforced concrete)
Area: Site Area approx. 157 tsubo (approx. 5,587 sq. ft.); Gross Floor Area approx. 582 tsubo (approx. 20,709 sq. ft.)
Total Units: 40 units