How to read this
Gross yield ranges reflect used condominium stock (RC, 20–30 years old, 20–40㎡). Subtract ~180 bps to reach net yield after Japan-specific OpEx (see yield & NOI guide).
Ward table
| Ward | Gross yield | Notes |
|---|---|---|
| Minato 港区 | 3.0–4.0% | Prestige, tight cap rates, deep buyer pool |
| Chiyoda 千代田区 | 3.2–4.2% | Central business core, low vacancy |
| Chuo 中央区 | 3.5–4.5% | Tsukiji/Nihonbashi redevelopment upside |
| Shibuya 渋谷区 | 3.5–4.5% | Tech corporate tenants, strong resale |
| Shinjuku 新宿区 | 4.0–5.0% | Broad demand, mixed tenant quality |
| Meguro 目黒区 | 3.8–4.8% | Family / DINK premium |
| Setagaya 世田谷区 | 4.0–5.0% | Suburb-scale, family stock |
| Shinagawa 品川区 | 4.2–5.2% | Business-belt Tenants, Haneda access |
| Toshima 豊島区 | 4.5–5.5% | Ikebukuro core, student & young workers |
| Bunkyo 文京区 | 4.3–5.3% | University-driven, stable rent |
| Nakano 中野区 | 4.8–5.8% | Value single-worker demand |
| Suginami 杉並区 | 4.8–5.8% | Family + young, low vacancy |
| Ota 大田区 | 5.0–6.0% | Haneda / industry mix |
| Taito 台東区 | 5.0–6.0% | Tourism-linked, Asakusa monthly potential |
| Sumida 墨田区 | 5.5–6.5% | Skytree redevelopment, riverside |
| Koto 江東区 | 5.0–6.0% | Toyosu tower stock, family demand |
| Kita 北区 | 5.5–6.5% | Value belt near Ikebukuro |
| Itabashi 板橋区 | 5.8–6.8% | Solid single/family, modest liquidity |
| Nerima 練馬区 | 5.8–6.8% | Suburban family stock |
| Arakawa 荒川区 | 6.0–7.0% | Downtown older stock, higher risk |
| Adachi 足立区 | 6.5–8.0% | High yield, higher vacancy & credit risk |
| Katsushika 葛飾区 | 6.5–8.0% | Yield play, thinner exit liquidity |
| Edogawa 江戸川区 | 6.3–7.5% | Family suburban, Chiba border |
The trade-off
Central 3 wards (Minato / Chiyoda / Chuo) deliver best resale liquidity and appreciation but thin cash yield. Outer wards deliver 300–400 bps more cash yield with meaningfully higher vacancy risk and slower exit. Overseas non-resident financing tightens outer-ward DSCR further — expect lenders to prefer central 6 wards.
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