Header and Panel 1: conclusions
Name and address of property, request number and date, occupying agencies, dates, and the FMVLP, the FAR with services and utilities and the FAR without services.
GSA1241E
In-Lease Appraisal
- Agency
- GSA
- Revision
- Rev. 7/1977
- Fillable fields
- 70
- Pages
- 2
- Official source
- GSA form page
- Checked
- October 20, 2026
GSA Form 1241-E: In-Lease Appraisal
GSA Form 1241-E, In-Lease Appraisal, is a General Services Administration form, GSA FORM 1241-E (REV. 7-77). It is printed subject to the provisions of GSA Handbook PBS P 1005.5, which GSA's page also lists as its authority. GSA hosts it in its forms library, where it is listed as GSA1241E.
The form says it is for use in estimating FAIR MARKET VALUE FOR LEASING PURPOSES (FMVLP) and FAIR ANNUAL RENTAL (FAR). Panel 1 states the conclusions: the FMVLP, the FAR with specified services and utilities, and the FAR without services. The rest of the form supports them with a description of the area and the space, lease information, a comparative rental analysis of comparable buildings, a capitalization of net income and the derivation of a capitalization rate.
The appraiser signs a certification under SUBMITTED BY, and a second signer approves it. You can fill it out free in your browser on this page and download the result without an account.
What's on GSA Form 1241-E
Panels 2 to 5: area, property and lease
The city, general area and neighborhood, the property and space to be leased, lease information (term, escalation clauses, renewal and termination rights) and the method of measuring rentable area.
Panels 6 to 8: comparable rentals
Four comparable buildings, if available, and similar space in the subject building, with current rates, adjustments for services and comparison to the subject, the FAR for the leased space and a discussion.
Panel 9: FMVLP by capitalization
Fair annual rental, less vacancy and credit losses and operating and fixed expenses, to net income before depreciation, divided by a capitalization rate. Expenses refer to an attached GSA Form 1217 or other explanations.
Panels 10 and 11: justification and rate
Remarks on rates and source data, and the capitalization rate by the band of investment method or a market or other method, with its justification.
Panels 12 and 13: conditions and certification
The assumptions and limiting conditions, the appraiser's certification, and the submitted by and approved by signatures.
The form has 13 numbered panels over two pages.
How to complete GSA Form 1241-E
- 1
Identify the request
Enter the property name and address, request number and date, occupying agencies, the date the appraisal is submitted and the date it is as of.
- 2
Describe the location and space
Panels 2 and 3 refer to an attached location map and to attachments such as details, photos, plats, floor plans and computations.
- 3
Compare rentals
Panel 6 asks for four comparable buildings, if available. Rates are dollars per square foot of rentable area, adjusted to the same services and utilities and for location, quality and similar factors.
- 4
State the FAR
Panel 7 takes the rental area in square feet, the rate per square foot and the total FAR with specified services and utilities. Panel 8 discusses the comparables.
- 5
Capitalize net income
Panel 9 deducts vacancy and credit losses and expenses per square foot, with GSA Form 1217 or other explanations attached, and divides net income by the cap rate from Panel 11.
- 6
Certify, submit and approve
The appraiser signs and dates the certification under SUBMITTED BY, and an approver signs with a title and date under APPROVED BY.
Why fill Form GSA1241E on indox
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Submission and what the form says
Where it goes
The PDF gives no address. It prints a DATE APPRAISAL SUBMITTED block and SUBMITTED BY and APPROVED BY signatures.
Handbook
The form is printed subject to the provisions of GSA Handbook PBS P 1005.5.
Attachments named on the form
A location map, details, photos, plats, floor plans, computations, summary sheets for comparables, and GSA Form 1217 or other expense explanations.
Assumptions
Panel 12 says the appraiser assumes competent ownership, efficient management and marketable unencumbered title in the lessor, and believes, but does not guarantee, that the data are reliable.
Related forms
GSA1217
Lessor's Annual Cost Statement
105 fields, 3 pages
GSA1241
Contract for Appraisal Report
25 fields, 2 pages
GSA387
Analysis of Values Statement (Leased Space)
20 fields, 1 page
GSA1305
Reviewer's Appraisal Analysis
173 fields, 2 pages
GSA1228
Monthly Report of Real Property Appraisal Contracts Awarded
194 fields, 1 page
Who completes GSA Form 1241-E?
The form prints these roles. It does not say whether the appraiser is a GSA employee or a contractor.
Official sources and the blank
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Questions about Form GSA1241E
What is GSA Form 1241-E used for?
The form says it is for use in estimating fair market value for leasing purposes (FMVLP) and fair annual rental (FAR).
What is the difference between the two FAR figures?
Panel 1 shows a FAR with specified services and utilities, taken from Panel 7c, and a FAR without services, taken from block 10 or an attachment.
How many comparables does the form ask for?
Panel 6 says four comparable buildings are required, if available, plus similar space in the subject building, if applicable.
How is the capitalization rate derived?
Panel 11 offers the band of investment method, with first mortgage and equity interest rates and overall annual property depreciation, or a market or other method the appraiser specifies, followed by a justification.
What does the appraiser certify?
That the values in Panel 1 are true and correct to the best of their knowledge and belief, no undisclosed interest, compensation not contingent on the values, a personal inspection, no facts withheld, and conformance with the standards and code of ethics recognized by the Appraisal Profession.
How does it relate to GSA Form 1217?
Panel 9 deducts total operating and fixed expenses per square foot and points to an attached GSA Form 1217, the Lessor's Annual Cost Statement, or other explanations.