Historic Office Tower with Capitol
123 W Allegan St Lansing, MI 48933
123 W Allegan St, Lansing, MI, 48933
$19,648,800
For Sale
$19,648,800
Premier Downtown Lansing office tower across from the Michigan State Capitol, renovated with modern systems and flexible layouts.
Property Size72,642 SF
Price / SF$270.49
Days on Market111
Property Features for 123 W Allegan St
General Information
- Standard status
- Active
- Size
- 72,642 SF
- Property subtype
- Office
Building Details
- Year Built
- 1959
Listing agency
Detroit Office
(248) 415-2626
Listed by
Melissa D. Mann · License #MI: 6501410090
(248) 415-2626
Source
Marcusmillichap
Added: Apr 3 Updated: Jul 21 at 11:17PM Checked: Jul 21 at 11:17PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Detroit Office
Investment Insights
Based on property information with market context.
Louie is a premier office tower originally constructed as the Billie S. Farnum Building and later redeveloped by Boji Group. The property has undergone a comprehensive renovation modernizing building systems while preserving its historic prominence, resulting in a state-of-the-art office environment with high-end finishes and flexible layouts.
Located in Downtown Lansing directly across from the Michigan State Capitol, Louie offers sweeping Capitol views and has attracted a tenant roster that includes law firms, lobbying groups, and professional service companies.
Positioned for long-term occupancy, the building is presented as a stabilized, trophy-quality office asset in Michigan’s capital city.
Located in Downtown Lansing directly across from the Michigan State Capitol, Louie offers sweeping Capitol views and has attracted a tenant roster that includes law firms, lobbying groups, and professional service companies.
Positioned for long-term occupancy, the building is presented as a stabilized, trophy-quality office asset in Michigan’s capital city.
Key Highlights
- 1959‑built downtown Lansing office tower directly across from the Michigan State Capitol
- Renovated to modernize all building systems while preserving historic prominence
- Office environment with sweeping Capitol views, high‑end finishes, and flexible layouts
Local Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $1.17M | $16.08 |
| − Vacancy | −$233.6k | −$3.22 |
| EGI | $934.5k | $12.86 |
| − OpEx | −$233.6k | −$3.22 |
| NOI | $700.9k | $9.65 |
72,642 SF · lease $16.08/SF/yr · vacancy 20.00% · expense 25.00%
Alternative Uses
Best Use
Office B
$10.01M
$8.76M – $11.68M
NOI $700,850 @ 7.0% cap · market cap 3.57%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$14.95M
$13.08M – $17.44M
NOI $1,046,693 @ 7.0% cap · market cap 5.33%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Dickinson Wright
Law Firm
AARP Michigan State ...
Charitable Organization
Michigan Association of Public ...
Association Or Organization
MAPSA
Charitable Organization
Truscott Rossman
Marketing & Advertising
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FAQs
What type of property is this?
Office building - Premier Downtown Lansing office tower across from the Michigan State Capitol, renovated with modern systems and flexible layouts.
Where is this office building located?
The property is located at 123 W Allegan St Lansing, MI.
What is the asking price?
The asking price for this property is $19,648,800.
What are key features of this property?
This property features: 1959‑built downtown Lansing office tower directly across from the Michigan State Capitol; Renovated to modernize all building systems while preserving historic prominence; Office environment with sweeping Capitol views, high‑end finishes, and flexible layouts
