An apparatus for isolating and leveling a machine foundation with respect to a substructure of a building or the ground. The apparatus of the present invention provides an enclosure connectable to the machine foundation. A load bearing member is disposed within and adjustably connected to the enclosure. A support member is positioned between and in contact with the bearing member and the substructure for supporting and isolating the machine foundation from the substructure and providing a leveling mechanism to level the machine foundation. The support member may include an elastomeric inner core having elastomer-coated cords overlapping the inner core to resist radial expansion of the inner core upon the realization of a compressive force along a longitudinal axis of the inner core. The support member may also include a high-strength, rigid material, such as a steel I-beam, that is replaceable with other support members. Lastly, the support member may include an adjustable air bag having a conduit in communication with a pressurized air source.