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    Mixed-Use Landmark Hollister Building Title is generated by Realmo AI

    106 W Allegan St, Lansing, MI 48933

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    For Sale
    $6,567,000

    Six-story mixed-use building in downtown Lansing with retail and office.

    Type:Office
    Property size:
    77,717 SF
    Price / SF:
    $84/SF
    Added:
    Apr 3, 2026
    Days on Market:
    66
    Last Refresh:
    Apr 3 at 5:21 am

    Property Features for 106 W Allegan St

    General Information

    Standard status
    Active
    Size
    77,717 SF
    Property subtype
    Office

    Building Details

    Year Built
    1900

    We can help!

    Listing Contact
    Melissa D. Mann

    Listing agent Melissa D. Mann License #MI: 6501410090

    Listing office Detroit Office

    Listing date Apr 3, 2026

    Source Marcusmillichap

    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

    HighLights

    • Premier downtown Lansing location, steps from the Michigan State Capitol and key government offices.
    • Mixed‑use landmark building with ground‑floor retail and upper‑level office space, offering diversified income streams.
    • Tastefully renovated in the mid‑2000s, blending historic character with modernized systems and flexible floor plates.
    • Located in a revitalizing downtown Lansing market with tightening vacancy rates and positive net absorption.
    • Strong tenant appeal to government users, professional firms, retailers, and food and beverage concepts.
    • Value‑add potential through strategic enhancements or historic tax credit utilization.

    Overview

    The Hollister Building, a six-story mixed-use landmark, is located at 106 W. Allegan Street in downtown Lansing. The building combines ground-floor retail with upper-level office space. Constructed in the early 20th century and renovated in the mid-2000s, the building retains its historic character while providing modernized systems and flexible floorplates. The property is suitable for government users, professional firms, retailers, and food and beverage concepts. The property is near key government offices, legislative agencies, and downtown residents. Surrounded by dining, retail, and cultural amenities, the building benefits from visibility, walkability, and daytime foot traffic. The Hollister Building offers a combination of stability and value-add potential. The mixed-use configuration supports diversified income streams and long-term resilience. The revitalization of downtown Lansing, new residential development momentum, and public-sector investment in the city center position the property as a cornerstone asset. The property contains 77717 square feet.
    Location Intelligence

    Current Use by Public Records

    RWC Advocacy Law Firm Michigan Commission on Law ... Government Office Michigan Chapter - American ... Association Or Organization Michigan Council for Maternal ... Charitable Organization Deloitte Business Management Consultant

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Lansing
    County
    Eaton
    State
    Michigan
    Longitude
    -84.552961
    Latitude
    42.732785

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    FAQs

    What type of property is this?
    Mixed-use property - Six-story mixed-use building in downtown Lansing with retail and office.
    Where is this mixed-use property located?
    The property is located at 106 W Allegan St Lansing, MI.
    What is the asking price?
    The asking price for this property is $6,567,000.
    What are key features of this property?
    This property features: Premier downtown Lansing location, steps from the Michigan State Capitol and key government offices.; Mixed‑use landmark building with ground‑floor retail and upper‑level office space, offering diversified income streams.; Tastefully renovated in the mid‑2000s, blending historic character with modernized systems and flexible floor plates.
    (248) 415-2626
    We can help!
    Listing Contact
    Melissa D. Mann
    Real Estate License ID: MI: 6501410090
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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