An adjustable lally column apparatus is described which includes a column, a cap plate and an adjustment mechanism. The cap plate is connected to the column and fasteners are connected to an external beam. The integrated cap plate and column assembly are connected to the fasteners in the beam and the column is suspended from the fasteners. The adjustment mechanism is connected to the column and adjusted to provide a load bearing interface between a floor and the column. A method of adjusting a column includes employing a single person to connect the cap plate and adjustment mechanism, elevating the column to the vertical and using a lever to lift the integrated column and cap plate and connecting the assembled column and cap plate to the beam. The adjustable column is secured to the beam using the fasteners. The adjustment mechanism is connected to a floor and adjusted to place the adjustable column in a load bearing position between the beam and the floor.