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Japan Real Estate Insights by estie
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Starts Proceed Investment Corporation to Sell Residential Property in Makuhari for JPY 264 Million

MultifamilyTransaction

Starts Proceed Investment Corporation to Sell Residential Property in Makuhari for JPY 264 Million

Starts Proceed Investment Corporation to Sell Residential Property in Makuhari for JPY 264 Million

On June 13, Starts Proceed Investment Corporation announced the planned sale of a rental apartment building, “Proceed Makuhari-Hongo 2,” located in Makuhari-Hongo, Chiba City, for JPY 264 million. The sale agreement is scheduled to be executed on July 2, with the closing slated for August 1. The transaction is expected to generate a capital gain of approximately JPY 48 million above book value.

The property, built in September 1989, is a four-story steel-framed residential building with a gross floor area of approximately 1,375㎡ (approx. 14,800 sq. ft.), and comprises 22 units. It is located a 10-minute walk from JR Sobu Line’s Makuhari-Hongo Station. The occupancy rate is stable at 95.5%, and the property currently generates an annual rental income of approximately JPY 20 million.

Despite the solid rental performance, the seller decided to dispose of the asset to enhance capital efficiency, given that the 35-year-old building would soon require increased capital expenditures for repairs and equipment updates, potentially compressing the property’s NOI. According to estie residential research, average rent per tsubo in the 10-minute walking radius from Makuhari-Hongo Station has risen more than 12% over the past five years, indicating healthy market fundamentals for single-occupant rental housing in this semi-suburban location.

The buyer is a domestic operating company (undisclosed), and this transaction serves as evidence that high liquidity continues to be observed in Japan’s suburban rental residential markets—not just in urban cores—within the broader capital market landscape.

Key Facts

  • Property Name: Proceed Makuhari-Hongo 2

  • Seller: Starts Proceed Investment Corporation

  • Buyer: Domestic operating company (undisclosed)

  • Transaction Price: JPY 264 million

  • Location: 5-19-13 Makuhari-Hongo, Hanamigawa-ku, Chiba City, Chiba Prefecture

  • Nearest Station: 10-minute walk from JR Sobu Line “Makuhari-Hongo” Station

  • Completion: September 1989

  • Number of Floors: 4F

  • Gross Floor Area: approx. 1,375㎡ (approx. 14,800 sq. ft.)

  • Total Units: 22

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