一棟物件は投資ではなく経営

自由度の高い一棟物件

不動産投資で区分マンションに次いでよく紹介されるのが一棟物件(居住用)タイプのマンションまたはアパートです。
区分マンションは建物管理会社が管理修繕について責任を持ってやってくれるので、建物ハードについては自ら考慮する必要があまりありませんし、管理対象も1人のテナントとなるので賃貸管理会社に窓口を任せておけば、それだけでほとんど何もする必要がなくなります。不動産投資というよりは、投資商品、もしくは仕組み(スキーム)への投資としての要素がありました。

これとは反対に、不動産投資というものを一つの事業として、テナント管理対象から建物修繕まで様々なことに関与していかなければならないのが、一棟物件への投資です。これがアパート・マンション経営といわれる由縁でもあります。

簡単に儲かるイメージは虚像?

アベノミクスと言われて久しいいま、不動産投資に関する書籍や情報がインターネット上に出回っていますが、ひともうけしようという類の書籍や情報はこれら一棟物件投資を対象にしています。
だれも見向きもしないようなボロ物件を安価で取得し、独自のバリューアップをおこなうことで稼げる物件として変身させる。これによって年収3000万円とか、サラリーマンをリタイアできるとか、だいたいそんな主旨となっています。
また一棟物件への投資は資金調達が難しい場合が多いため、ファイナンス面でのテクニックを授けます的な話も多く見受けられます。フルローンで一棟物件を買えるとうたっておけば、本も売れるし、セミナーでも集客できます。ただ、たいがいは土地評価が高い物件を狙えば、金融機関がランドバリューをベースとした積算評価で融資枠を考えてくれる、、そのレベルの話が多いようです。

たしかに、6〜7年前、ノンリコースローンに近いタイプの融資枠に傾注したメガバンクがあり、フルローンがつきやすかった時期がありました。物件の収益力と土地評価を根拠にして、自己資金のない方でも一棟物件投資に取り組めたことがあったのです。その後その投資が成功しているか失敗しているかは分かりませんが、成功した人は広く宣伝しているので、耳にすることも多くなります。「儲けたい」という人間の本質的な欲求を刺激しますので、一棟物件への投資が魅力的に感じられるのも理解できます。

不動産投資に関する本といえば、「満室にする秘訣」とか、「立地を問わず入居率95%を実現するテクニック」というような内容も多く出ています。これも空室が増え、稼働率が低くなっていることに頭を悩ませているオーナーが増えていることの裏返しではないでしょうか。

一棟物件の売却事情を考える

では一棟物件を売りたい人の立場から見てみるとどうでしょうか。
郊外では地主の土地活用策として以前からアパート経営がさかんです。大手ハウスメーカーもいろいろなアプローチで土地活用策を提案してきます。たとえば定期借地権の30年間一括譲渡方式(その代わりに建物を建築し、同時に30年間一括借り上げを設定)のような商品も注目されているようです。

ただ、想定していた賃貸経営が実際はうまく機能しなかった、賃料保証も賃料見直し条項がついていたなどの理由で、建築時に背負った借金が重荷となってしまい、結果売りに出ている郊外の一棟物件が多いように思います。

市中心部や都心部の一棟物件はどうでしょうか。老朽化が進み稼働率が落ちてしまったものの、古くからのテナントが数人残っているため解体や建て直しもままならず、運営が面倒になってしまった。そろそろ資産整理をして現金化してしまいたい。そんな経緯の売り物件が多いように思います。

相続対策で売りたいという話も相変わらずあります。相続対策の場合、納税資金の確保というよりは、どちらかというと公平な財産分与のために整理しておきたいというニーズが多いようにも見受けられます。

少し過熱気味に取引されている

供給過多となった郊外の一棟物件の処分、老朽化や代替りなどを迎えて現金化したいという中心部の一棟物件の増加、このあたりの要因が重なり不動産投資における「一棟物件」は全体的に供給増になってきています。一方で昨今、一棟の収益物件の勾配意欲も強くなってきており、少し過熱気味に取引されているといってもいい状況です。

その背景には、富裕層の資産運用の一環として不動産投資がポピュラーになってきたことや、昨今のファイナンス環境の好転があります。長期にわたる金融緩和でキャッシュが行き場を失っていて、信金などの地場の禁輸期間の融資姿勢も柔軟になってきているのです。
このように好条件の一棟物件は、個人投資家が強めに買いにきている状況で、需要が高いので売主もそれを見越して、セミ入札のような形式を取りながら高く売却してくる、、こんなマーケットになっています。

一棟物件マーケットはこのような価格水準で取引がなされているげ年上ですから、巷にあふれている不動産投資本やインターネットの情報に書かれているような、いわゆる「お宝物件」に巡り会うことは非常にまれです。一棟物件は、取扱単価が大きいので、仲介手数料商売である不動産仲介会社名も積極的に取り扱います。また個別性、秘匿性が高い一棟物件の売買は、情報ソースを握れた不動産会社が有利になる側面もあります。

一棟物件への投資を考える人にとっては、、ブーム過熱の市況感を利用して底上げされた物件情報の提案に、煽られないようにしなければなりません。

ソロバンが合えばいいというものではない

ご相談は無料です。

マンション、土地、一戸建の居住用不動産のほか、投資用不動産や、事業用不動産もお任せください。また、権利関係の難しい借地権や底地権などの不動産についてもお気軽にご相談ください。

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