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Property profile & analytics
OFF-MARKET
Estimated value
$21,820,000
Office buildings
120 Allegan St Lansing, MI 48933-1548
Entity Owned
6-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US43-1549797
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1930
Total area
185,190 SF
Lot
0.41 ac (17,860 SF)
Zoning code
G-1 BUS
APN
33-01-01-16-325-012
UPID
US43-1549797
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Contemporary Shoe Repair (Bike/Boat/Book/etc) Store
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$29.32M
Comparable Approach
Comparable
$22.06M
Blend (final)
Blend
$21.82M
Owner & transaction history
Boji Tower LLC · 6 yrs held
Boji Tower LLC
since 2019
4 recorded transactions
Zoning & alternative use
G-1 BUS · Lansing, MI
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$16.2M
+5.7%
Auto repair, garage
$15.8M
+3.4%
Medical building
$15.7M
+3.1%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Lansing submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Lansing submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$31,765,000
6.5%
$29,320,000
7%
$27,225,000
Alternative Use
Use
Estimation
OFFICE BUILDING
$15,280,000
Current use
RESTAURANT
$16,160,000
Change: +6% · Conversion: Moderate
AUTO REPAIR, GARAGE
$15,800,000
Change: +3% · Conversion: Difficult
MEDICAL BUILDING
$15,745,000
Change: +3% · Conversion: Easy
RETAIL STORES
$13,225,000
Change: -13% · Conversion: Moderate
Blend value · Realmo final
$21.82M
Range $19.64M – $24.00M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$118 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2022Property tax & assessments
Tax year 2022
Tax billed
$612,824
Tax year 2022
Assessed value
$12,994,400
Assessed 2023
Previous assessed
$12,418,300
+4.6% YoY
Effective rate
4.72%
On assessed value
Assessed land
$89,800
Assessed improvement
$12,904,600
Land market value
$179,600
Improvement market value
$25,809,200
Total market value
$25,988,800
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office buildings
Use group
OFFICE BUILDING
Status
Off-Market
Year built
1930
Heating
HOT WATER
Stories
23
Total area
185,190 SF
Lot
0.41 ac (17,860 SF)
Zoning code
G-1 BUS
APN
33-01-01-16-325-012
UPID
US43-1549797
Jurisdiction
INGHAM
Zoning & alternative use
G-1 BUS · Lansing, MI
Zoning G-1 BUS · permitted uses
G-1 BUS · Lansing, MI
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Lansing. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$15.3M
RESTAURANT
Est. value
$16.2M
AUTO REPAIR, GARAGE
Est. value
$15.8M
MEDICAL BUILDING
Est. value
$15.7M
RETAIL STORES
Est. value
$13.2M
OFFICE BUILDING Current
RESTAURANT
AUTO REPAIR, GARAGE
MEDICAL BUILDING
RETAIL STORES
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1930
Heating
HOT WATER
Stories
23
Lot
0.41 ac
Current owner
From public records · entity-resolved
Boji Tower LLC
Entity
Mailing address
124 W ALLEGAN ST STE #2100, LANSING, MI 48933-1768
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2019
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Oct 3, 2019
—
Boji Tower LLC
—
Loan Modification
related
$17,635,445 · Wells Fargo Bk
Dec 19, 2016
—
Boji Tower LLC
—
Deed
related
$19,367,538 · Wells Fargo Bk
Sep 21, 2016
—
Joji Loer Lllc
—
Deed
related
$18,500 · Wells Fargo Bank NA
—
—
Boji Tower LLC
—
Loan Modification
related
$19,367,538 · Wells Fargo Bk
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
Try Rey
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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