Overview of Miwa Puraza Odawara (美和プラザ小田原)
Miwa Puraza Odawara (美和プラザ小田原) is a 44-year-old condominium located at Odawara Shichuu Machi 1 Choume 5-12 (小田原市中町1丁目5-12), Kanagawa, Japan. Built in 1982, it comprises 57 units in a Reinforced Concrete (RC) structure. It was constructed by Nakano Kumi (中野組).
Pricing & Floor Plans
Based on 15 past listings, prices have ranged from 870〜1,800万円 (approx. $58,000–$120,000 USD at ¥150/$).
Unit sizes range from 64.3–121.6 sqm (692–1309 sqft). Note: Japanese measurements refer to exclusive-use area (interior only, no common areas).
Available layouts: 3DK (3-bedroom w/ dining-kitchen), 2LDK (2-bedroom w/ living-dining-kitchen), 4LDK (4-bedroom w/ living-dining-kitchen), 3LDK (3-bedroom w/ living-dining-kitchen).
Estimated price per sqm: ¥23.4万/sqm (approx. $1,557/sqm or $145/sqft).
Location & Neighborhood
The property is located at Odawara Shichuu Machi 1 Choume 5-12 (小田原市中町1丁目5-12), Kanagawa, Japan. It is a 10-minute walk to the nearest station. This is considered good station access by Japanese standards.
Investment Perspective
Building depreciation: In Japan, buildings depreciate significantly over time. Wood-frame houses depreciate to near-zero value at around 22 years, while RC structures depreciate more slowly but still lose value. At 44 years old, much of the building's value has already depreciated — the price largely reflects land value and location premium.
Scale advantage: With 57 units, this is a relatively large condominium. Larger buildings typically benefit from lower per-unit maintenance and repair reserve costs.
Key cultural note: Unlike the US where properties typically appreciate over time, Japanese buildings depreciate while the underlying land tends to hold or gain value. This means buyers should evaluate the land-to-building value ratio carefully.
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