{"schema_version":1,"version":"property-appraisal-20261025-r1","issuer":"8979","property":{"id":"C-67","name":"プロシード西葛西","city":"東京都江戸川区","appraisal_date_candidates":["2025-04-30","2025-10-31"],"appraisal_source_id":"sell_plan","appraisal_page":4,"date_conflict_overview_page":2,"cash_kind":"appraisal_stabilised_estimate","cash":{"operating_income":77046,"operating_expense":24368,"reported_noi":52678,"deposit_income":53,"capital_spend":3744,"reported_ncf":48987},"income_components":{"potential_gross":81597,"vacancy_loss":4551,"vacancy_already_deducted":true},"expense_components":{"management":3233,"utilities":2041,"ordinary_repair":6165,"pm":2248,"leasing":3306,"property_tax":6389,"insurance":608,"other":378},"appraisal":{"final_value":1130000,"direct_capitalisation_value":1140000,"dcf_value":1130000,"direct_ncf_yield":0.043,"discount_rate":0.041,"terminal_cap_yield":0.045},"contract_snapshot":{"source_id":"sell_plan","page":2,"date":"2025-10-31","annual_contract_rent":69960,"occupancy_percent":94.2,"definition":"現行契約の年額。年間に実際に受け取った現金や、鑑定運営収益と同じ範囲とは未確認。"},"engineering":{"source_id":"sell_plan","page":2,"date_month":"2019-10","repair_budget_years":12,"repair_budget":26643,"ordinary_repair_plus_capital_spend_matches_er_scope":false},"transaction":{"kind":"disposal","status":"completed","plan_source_id":"sell_plan","plan_page":1,"initial_planned_date":"2026-10-23","revised_planned_date":"2026-09-30","change_source_id":"sell_change","change_page":1,"completion_source_id":"sell_complete","completion_page":1,"completed_date":"2026-09-30","price":1176000,"excludes_transaction_costs_and_taxes":true,"related_party_as_reported":false},"project_condition_cases":false,"projection_basis_note":"概要表は2025年10月31日、鑑定詳細表は2025年4月30日と記載され、価格時点が不一致。売却済みの過去事例として保持し、2036年の価格計算へ接続しない。","derived":{"cash_equation_residuals_thousand_jpy":{"expense_components_minus_total":0,"reported_noi_minus_income_less_expense":0,"reported_ncf_minus_reported_bridge":0},"appraisal_date_conflict":true,"noi_yield_on_transaction_price":0.04479421768707483,"ncf_yield_on_transaction_price":0.04165561224489796,"ncf_yield_is_realised_cash_yield":false,"algebraic_ncf_capitalisation_value":1139232.558139535,"algebraic_value_minus_reported_direct_value":-767.4418604651,"noi_numerator_excess_at_same_ncf_yield":85837.20930232559,"this_is_actual_price_error":false,"appraisal_operating_income_minus_contract_annual_rent":7086,"income_scopes_equivalent":false,"difference_is_rent_raise_potential":false,"er_budget_divided_by_years":2220.25,"ordinary_repair_plus_capital_spend":9909,"er_average_is_annual_capex":false},"projection":null},"sources":{"buy_plan":{"file":"20260825_Notice0020.pdf","document_date":"2026-08-25","pdf_pages":10,"url":"https://www.sp-inv.co.jp/sp-inv/file/20260825_Notice0020.pdf","title":"武蔵境・取得決定と鑑定概要","sha256":"ce84815f376d15beb94cda24ece66fff00912ce4b0c9868249a51fe188fa0da5"},"buy_complete":{"file":"acquisition-completed-20261001.pdf","document_date":"2026-10-01","pdf_pages":1,"url":"https://www.sp-inv.co.jp/sp-inv/file/20261001_Notice0024.pdf","title":"武蔵境・取得完了","sha256":"a154dd3d481bb92a0e2a97d0df066303928b86f83dcc863d7cf0758a3abc377b"},"sell_plan":{"file":"starts-proceed-20260422.pdf","document_date":"2026-04-22","pdf_pages":8,"url":"https://www2.jpx.co.jp/disc/89790/140120260422508333.pdf","title":"西葛西・譲渡決定と鑑定概要","sha256":"5d0312b8c81034ea187e118209b4fc3d9da012fcb9b161a9cabc17978b7642ee"},"sell_change":{"file":"20260924_Notice0021.pdf","document_date":"2026-09-24","pdf_pages":1,"url":"https://www.sp-inv.co.jp/sp-inv/file/20260924_Notice0021.pdf","title":"西葛西・譲渡予定日変更","sha256":"6ddc7b36b36d28ef7b06df92533d08a5740ed689148b40f1a38908797ecb9585"},"sell_complete":{"file":"20260930_Notice0023.pdf","document_date":"2026-09-30","pdf_pages":1,"url":"https://www.sp-inv.co.jp/sp-inv/file/20260930_Notice0023.pdf","title":"西葛西・譲渡完了","sha256":"441a9d7eaf4195132a820cc2543bf75d178757e9c6aa3c38fb238d12f7c4edf1"}},"macro":{"version":"jp-coking-cif-relative-20261027-r1","as_of":"2026-10-27","target_date":"2036-10-25","jp_cpi":0.03,"jp_short_rate":0.02,"jp_long_rate":0.03,"usd_jpy_terminal":150,"basis":"日本CPI3%、短期2%、長期3%、2036年ドル円150円。"},"assessment":["鑑定NOIは設備更新支出後の現金ではない。NCFへの差を残し、借入・税金・運転資金・投資主への帰属をさらに確認する。","取得価格・鑑定最終価格・直接還元価格・DCF価格は異なる基準であり、同じ時価として置き換えない。","契約年額と鑑定の安定化した運営収益は範囲が未照合。差額をそのまま値上げ余地や将来の収益増と判断しない。","ERの長期修繕費と、鑑定の経常修繕・資本的支出は期間・範囲が未照合。平準化だけでは大規模支払年の資金繰りを確認できない。"],"interpretation_flags":{"actual_operating_cashflow":null,"actual_current_property_price_forecast":false,"stock_valuation":null,"automatic_valuation_enabled":false,"probabilities":null,"regional_indices_calibrated":false},"condition_dependency_version":"property-income-20261025-r1","calculator_sha256":"0ea5511736f4b6aca922be89fad96d6b9f85ae8e4d012e38cd25aaaa41ffbc06","needs_review":false,"newer_condition_dependency":false}