The Parkhouse Gran Minami Aoyama 4 Chome, a luxury low-rise condominium in Tokyo’s Omotesando neighborhood, has reached completion this month.
This is part of Mitsubishi’s ‘The Parkhouse Gran’ series of apartments which represent their highest offering. Sales were held completely off-market, with no public advertising, and all apartments sold out before completion.
The building appears to have been popular with investors with 13 apartments listed for rent upon its completion. This is over a third of the total apartments in the bridling. The average monthly rent is around 7,000 Yen per square meter, with a 164 sqm apartment on the 5th floor advertised for 1,850,000 Yen/month. The median apartment size is 92 sqm (990 sq.ft).
There are also two resales listed with prices ranging from 2,460,000 ~ 2,858,000 Yen/sqm. Based on current rents, gross yields could potentially be in the 2 ~ 3% range for investor-type buyers.
Back in 2016, Mitsubishi completed The Parkhouse Gran Minami Aoyama, located nearby. Current resale prices range from 2,500,000 ~ 6,680,000 Yen/sqm. It benefits from being just a 4 minute walk from Omotesando Station, while this latest project is an 8 minute walk.