The Eirakuya Shirt & Tie shop is on Chuo City’s list of 100 historic modern buildings from the early 20th century.

Built in 1925, the 2-story wooden shophouse has a billboard-style (kanban-kenchiku) mortar facade that was popular at the time as merchants wanted their storefronts to appear grand, elegant and up with the latest trends. Its proximity to the old rice and grain exchange meant it was often patronized by commodity traders.

The neighborhood was historically a merchant district with many soy sauce and ceramic wholesalers. It started to see more residents move in after the grain exchange closed in 2011, with developers building apartments in the neighborhood. The Tokyo Stock Exchange is less than 300 meters away, so it still retains a business-district vibe.

For sale is the old building and the roughly 85 sqm of commercially zoned freehold land it sits on. The sale is essentially for the land only, with the expectation that a buyer would demolish the old structure and rebuild. To reiterate this point, sample plans for a 12-story apartment block have been drawn up (construction is subject to approval by local authorities).

As such, it is priced for the land with zero value assigned to the building. The land is valued high due to its dense commercial zoning (FAR of 700%), frontage onto the 32-meter wide Shin-Ohashi Street, and 3-minute walk to the nearest subway station.