Advance Residence Investment Corp. to Sell Rental Apartment Building in Bunkyo Ward
Advance Residence Investment Corp. will sell “Residia Bunkyo Yushima II,” a rental apartment property in Yushima 3-chome, Bunkyo Ward, Tokyo, to Taisei Yuuraku Real Estate. The property is scheduled to be delivered on July 1, 2026. The transaction price is JPY 1,617 million, significantly above the book value of JPY 868 million, and is expected to generate a gain on sale of approximately JPY 736 million. The price also represents a roughly 3.7% premium to the appraisal value of JPY 1,560 million, with an appraisal cap rate of 3.3%, underscoring the attractiveness of investment in central Tokyo rental housing.
Completed in March 2004, the property is a 12-story SRC (steel-reinforced concrete) building with a gross floor area of approximately 530 tsubo (approx. 18,859 sq. ft.) and a total of 63 units. All units are single-occupancy layouts, and occupancy remained high at 98.4% as of January 2026. In the Yushima Station area, occupancy for single-tenant rental housing fell sharply to the mid-75% range in 2020 during the pandemic, but has since recovered and stabilized at around 95% from 2024 onward (editorial analysis based on estie Residential Research). This property’s occupancy is about three points above the area average, making it a stable income-producing asset for the buyer, Taisei Yuuraku Real Estate (a wholly owned subsidiary of Taisei Corp.).
Key Facts
Property Name: Residia Bunkyo Yushima II
Seller: Advance Residence Investment Corp.
Buyer: Taisei Yuuraku Real Estate Co., Ltd.
Sale Price: JPY 1,617 million
Appraisal Value: JPY 1,560 million
Cap Rate (Appraisal): 3.3%
Occupancy: 98.4% (as of January 31, 2026)
Location: 33-8, Yushima 3-chome, Bunkyo-ku, Tokyo
Nearest Station: Yushima Station (Tokyo Metro Chiyoda Line), 3-minute walk
Completion: March 2004
Number of Floors: 12F / B0 (Structure: SRC)
Gross Floor Area: approx. 530 tsubo (approx. 18,859 sq. ft.)
Total Units: 63 (all single-occupancy layouts)