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    Allegan & Washington Lansing, MI 48933
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    Property profile & analytics

    Allegan & Washington, Lansing, MI 48933

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    • Retail properties & Spaces
    • 91,802 SF
    • 0.34 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail properties & Spaces

    Property Details for 0 Allegan & Washington

    Year built
    1898
    Lot size
    0.34 lot acres
    Property type
    Retail properties & Spaces
    Property subtype
    Office Spaces

    Description

    The Hollister Building, located at the intersection of Allegan and Washington, offers prominent office space in the heart of Lansing's bustling downtown Washington Square shopping district. This six-story, Class B building, totaling 91,802 square feet, presents a unique opportunity for multiple tenants. Constructed in 1898 and renovated in 1996, the building sits on a 0.34-acre lot and is zoned for office use. The available space ranges from 1,485 to 11,239 square feet, catering to a variety of business needs. Its central location provides excellent visibility and benefits from high foot traffic, making it an ideal location for businesses seeking strong brand exposure. The building's proximity to the Capitol building (just one block away) further enhances its appeal and accessibility. The property's Ingham County location, specifically within the Lansing - Central Business District submarket, offers easy access to amenities and transportation. The building's APN is 33-01-01-16-325-031. This is a rare opportunity to secure office space in a historically significant and highly desirable downtown location. The building's single structure and multiple tenancy options provide flexibility for various business models.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Lansing
    County
    Ingham
    State
    Michigan
    Longitude
    -84.5507
    Latitude
    42.7326

    Comparable in this City

    • Value Estimation by Request
      6,000 SF

      506 Washington Sq

      Restaurants
      506 Washington Sq, Lansing, MI 48933
      View Details
    • Value Estimation by Request
      6,765 SF

      110 Allegan St

      Retail properties & Spaces
      110 Allegan St, Lansing, MI 48933
      View Details
    • Value Estimation by Request
      5,632 SF

      107-109 Allegan St

      Restaurants
      107-109 Allegan St, Lansing, MI 48933
      View Details
    • Value Estimation by Request
      6,594 SF

      110 Washtenaw St

      Office Spaces
      110 Washtenaw St, Lansing, MI 48933
      View Details
    • Value Estimation by Request
      215,150 SF

      124 Allegan St

      Office Spaces
      124 Allegan St, Lansing, MI 48933
      View Details
    • Value Estimation by Request
      69,715 SF

      222 Washington Ave

      Office Spaces
      222 Washington Ave, Lansing, MI 48933
      View Details

    Similar Nearby for Sale

    • $6,567,000
      77,717 SF

      Mixed-Use Landmark Hollister Building

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      Renovated Historic Office and Retail

      High-end office and retail space in Lansing's resurgent downtown.
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      Downtown Lansing Storefront Opportunity

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      Lansing Office Space For Sale

      Office space with easy access to major highways and amenities.
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    Similar Nearby for Lease

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    • $15 SF/Yr
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      Downtown Lansing Commercial Space Available

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      Downtown Lansing Leasing Opportunity

      Modern office space in downtown Lansing with customizable layouts.
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      MI, Lansing - S Capitol Ave

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      Downtown Lansing Art Deco Building

      190,000 SF Art Deco building in downtown Lansing.
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      One Michigan Avenue

      Discover many ways to work your way in One Michigan Avenue
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    Allegan & Washington
    Lansing, MI 48933
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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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