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Hollister Bldg 106-120 W Allegan St 92,790 SF 74% Leased Office Building Lansing, MI 48933 $6,567,000 ($70.77/SF) 9.23% Cap Rate
Executive Summary
- Prime downtown location: The building is one block from the Capitol, in a busy shopping & government district—this boosts visibility, reduces tenant turnover risk from location issues
- Mixed-use flexibility: Offers both retail and office, allowing for diversified tenant base. Can adapt uses depending on demand
- Growing downtown residential base: Increased residential development nearby increases daytime and evening foot traffic, supporting demand for retail and services
- +/- 92,000 Square-Foot Building with historic charm | Excellent Value-Add Opportunity
- Strong rental rates for downtown: $20/SF for well located, visible space is attractive in the local marketplace, especially given recent stabilization and modest rental growth in the retail sector
- Mixed-use flexibility: Offers both retail and office, allowing for diversified tenant base. Can adapt uses depending on demand
- Growing downtown residential base: Increased residential development nearby increases daytime and evening foot traffic, supporting demand for retail and services
- +/- 92,000 Square-Foot Building with historic charm | Excellent Value-Add Opportunity
- Strong rental rates for downtown: $20/SF for well located, visible space is attractive in the local marketplace, especially given recent stabilization and modest rental growth in the retail sector
Property Facts
Sale Type
Investment
Property Type
Office
Building Size
92,790 SF
Building Class
B
Year Built/Renovated
1900/2007
Price
$6,567,000
Price Per SF
$70.77
Cap Rate
9.23%
NOI
$606,057
Percent Leased
74%
Tenancy
Multiple
Building Height
6 Stories
Typical Floor Size
15,465 SF
Slab To Slab
10’
Building FAR
1.01
Lot Size
2.11 AC
Opportunity Zone
Yes
Zoning
G-1, Bus. District - Commercial Zoned Property
Amenities
- Signage
Space Availability
- Space
- Size
- Space Use
- Condition
- Available
- 1st Fl-Ste 120
- 1,035 SF
- Office
- -
- Now
- 1st Fl-Ste Multiple
- 800-23,536 SF
- Office
- Full Build-Out
- Now
| Space | Size | Space Use | Condition | Available |
| 1st Fl-Ste 120 | 1,035 SF | Office | - | Now |
| 1st Fl-Ste Multiple | 800-23,536 SF | Office | Full Build-Out | Now |
1st Fl-Ste 120
| Size |
| 1,035 SF |
| Space Use |
| Office |
| Condition |
| - |
| Available |
| Now |
1st Fl-Ste Multiple
| Size |
| 800-23,536 SF |
| Space Use |
| Office |
| Condition |
| Full Build-Out |
| Available |
| Now |
Moderately walkable
70/100
Exceptionally drivable
100/100
Good public transit
70/100
Very bikeable
80/100
Property Taxes
| Parcel Number | 01-01-16-325-031 | Improvements Assessment | $3,479,100 |
| Land Assessment | $74,500 | Total Assessment | $3,553,600 |
Property Taxes
Parcel Number
01-01-16-325-031
Land Assessment
$74,500
Improvements Assessment
$3,479,100
Total Assessment
$3,553,600
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Hollister Bldg | 106-120 W Allegan St
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