Sale Case of Nakwon-dong Building
Hello
This is a sale case of the Nakwon-dong building, which was traded for 14.7 billion won in November 2025.
The price per pyeong is 19.613 million won.
This building was inherited once from its owner since 1988 and then resold to another party.
It has been the current structure since then, and many people must have passed by it.
If you've visited Jongno, you would likely recognize this prime location building at a glance.
Although it was purchased by a corporation this time, such buildings could also be acquired in personal names and passed down to family.
Considering that similar properties in the vicinity have traded for around 180 to 190 million won per pyeong, this price seems reasonable.
The first floor's spacious area (with a high building coverage ratio) makes it suitable for generating rental income.
Prime location buildings are not often available in the market.
Even if the income is somewhat low, properties prioritized for location can attract buyers at slightly higher prices than the surrounding market.
Here are the details of the Nakwon-dong building.
Due to the building's age, the building coverage ratio and floor area ratio are not recorded in the construction register.
The building coverage ratio can be calculated by comparing the first-floor area to the land size, while the floor area ratio is determined by dividing the total floor area (excluding certain areas like water tank rooms and machinery rooms) by the land area.
The estimated building coverage ratio is about 77%, which is higher than the basic commercial area ratio of 60%.
The first floor, being in the main commercial area and a prime location, allows for greater revenue potential.
Older buildings may have different building coverage or floor area ratios compared to current construction laws and city ordinances.
If you are considering renovations or expansions, you must comply with current regulations and weigh the potential loss of excess benefits.
Let's take a look at the location of the Nakwon-dong building.
The map location is best viewed through a map app.
It is located in a prime area between the exits of Jongno 3-ga Station, which connects Lines 1, 3, and 5.
Surrounded by famous spots like Insadong, Ikseon-dong Hanok Street, and Tongin Market, it is a bustling area frequented by locals and tourists alike.
Donhwamun-ro 11-gil, where the Nakwon-dong building is situated, is lined with food stalls in the evening.
It attracts a continuous flow of foreign tourists, local office workers, and young consumers.
Even as an older building, its desirable location reduces the risk of vacancies due to high demand for small shops and office rentals.
Estimated rental yields are around 3% to mid-3%, with possibilities for improvements through rent increases or re-leasing.
This was a case of a Nakwon-dong building sale, a landmark prime location in the heart of Seoul.
If you are considering selling your property or want to know its market value, feel free to reach out. Preparing well can help you sell at the desired time.
If you are a future property owner or looking to sell, please contact us.
Source :https://blog.naver.com/building8945/224183580250
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