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A General Services Administration (GSA) Building is a facility that is occupied by an agency of the United States government. Examples of the types of GSA buildings are facilities of the Environmental Protection Agency (EPA), Social Security Administration (SSA), Drug Enforcement Agency (DEA), the Department of Veterans Affairs, Department of Defense, Department of Justice, Department of State, the Department of Homeland Security (DHS), the FBI and intelligence agencies (CIA, NSA, etc.), the Citizenship and Immigration Department and more.
At Vanguard, we have completed numerous commercial appraisal and valuation assignments of GSA leased buildings. We have traveled to almost every state appraising these property types. Far too often, GSA properties are not correctly appraised resulting in an untrue valuation. Some of the reasons why GSA properties are complicated to value is that GSA leases are substantially different from typical commercial leases for a variety of reasons, developers and investors face numerous unique issues and challenges associated with properties leased to the GSA. These issues and challenges can be broken down into four main categories: 1.) Lease, 2.) Market, 3.) Tenant Agency, 4.) Building
The Vanguard team is experienced in addressing these issues and challenges. Our team understands the investor’s perspective on GSA leased properties because of our constant involvement and activity in this specialized arena. Generally speaking, we have found that the typical investment metrics for GSA leased properties include: Tenant Agency, Remaining Lease Term, Termination Right, Lease vs. Market Rent, Building Age, Expansion Capability, Tenant Improvement Amount, Operating Expense Ratio, Market Dynamics and Secondary Use/Plan.
Our extensive knowledge of the property type and database allows us to be the leading commercial appraisal company for this property type across the nation. Please contact us for any GSA building appraisal services.