DST Properties: What's Available and How to Browse Offerings

DSTs are available across most major commercial real estate sectors. The most common asset classes include multifamily (apartment communities, often the largest category), industrial and logistics (warehouses and distribution centers, driven by e-commerce), net-lease retail (single-tenant properties leased long-term to creditworthy national tenants like pharmacies and quick-service restaurants), and medical office and healthcare facilities. Beyond those, DSTs also hold self-storage, student housing, senior housing, and occasionally hospitality or specialized properties. Some DSTs hold a single large asset, while others hold a small portfolio of similar properties across several markets for built-in diversification. Each sector has its own demand drivers, lease structures, and risk-and-return profile — net-lease retail tends to offer steady long-lease income, while multifamily and industrial can offer more growth potential. Because you can split an exchange across multiple DSTs, you can mix sectors to match your goals. So DST properties span a broad menu of institutional real estate. The specific offerings available change continually as sponsors bring new properties to market, so check what's currently open.

The difference is whether the DST carries a mortgage. An all-cash (debt-free) DST owns its property outright with no debt, so there's no financing risk, no interest-rate exposure on a loan, and no risk of foreclosure — a more conservative profile. The trade-off is that a debt-free DST doesn't replace debt, so if you paid off a mortgage when you sold your relinquished property, a debt-free DST won't satisfy your replacement-debt requirement, and the shortfall could create taxable mortgage boot unless you cover it another way. A leveraged DST carries non-recourse debt at the trust level (commonly at a moderate loan-to-value), and your proportional share counts toward your replacement-debt requirement — letting you match the debt you paid off without personally qualifying for a loan. Leverage can enhance income and returns when the property performs, but adds debt-service, refinancing, and interest-rate risk. So the choice depends on whether you need to replace debt and your risk tolerance: debt-free for conservative, no-debt exchanges; leveraged for matching debt and seeking enhanced (but riskier) returns. Confirm your debt-replacement needs with your CPA.

Browsing DSTs works differently from shopping for property on the open market, because DST interests are securities. Individual offerings generally can't be advertised publicly with projected returns, and access typically requires confirming your accredited status and engaging with a broker-dealer first. In practice, you browse by working with a firm that has a platform of available DSTs across multiple sponsors: after a suitability conversation and accreditation verification, you're shown the current, open offerings that fit your exchange parameters — your equity, the debt you need to replace, your timeline, and your goals. Because availability changes constantly (sponsors launch new offerings and popular ones fill up), you browse what's currently open rather than a static list, filtering by asset class, debt-free versus leveraged, minimum investment, projected hold period, and geography. A good broker-dealer narrows the universe to suitable options and helps you compare them. So you browse DSTs through a guided, suitability-driven process with a broker-dealer, reviewing the offerings open right now that fit your specific exchange. Start early to give yourself time within the 45-day window.

Because DST interests are securities, not ordinary real estate listings, and securities offerings are regulated in how they can be marketed. Most DSTs are offered under Regulation D — often Rule 506(c), which permits general solicitation but requires that all investors be verified accredited, or Rule 506(b), which prohibits general solicitation entirely. Even where some advertising is allowed, firms generally don't publish specific projected returns or promote individual offerings to the general public the way a property listing would appear online, because of the rules governing securities marketing and suitability. Instead, you access current offerings through a broker-dealer after confirming your accredited status and going through a suitability review. This is why educational material (like this guide) describes typical offering characteristics generically rather than naming specific securities or guaranteeing returns. So you won't find DST offerings advertised like homes for sale online — you access them through a broker-dealer, which is also a safeguard ensuring the investment is suitable for you. Work with a reputable firm to see the current, available offerings that fit your exchange.

A DST offering summary gives you the key facts to screen and compare an offering. It typically describes the property or portfolio — the asset class, location, size, age, and key tenants or occupancy — and the sponsor, including the firm's experience and track record. It states the financing: whether the DST is debt-free or leveraged, and if leveraged, the loan-to-value and loan terms. It also lists the minimum investment, the total offering equity, and the projected hold period, which help you see how the DST fits your exchange and timeline. The summary presents projected distributions (usually an annualized rate paid monthly or quarterly) and the fee structure (the upfront load and ongoing fees). Importantly, projected distributions are estimates, not promises — they depend on the property's performance. The full details, including all risks, the complete fee schedule, the financing terms, and the assumptions behind projections, are in the private placement memorandum (PPM), the controlling document you should read before investing. So the summary is a screening tool; the PPM governs. Review both carefully before deciding.

When comparing DST offerings, weigh several factors together rather than focusing on the headline distribution rate. Scrutinize the sponsor — their experience, financial strength, alignment with investors, and especially their track record of taking prior DSTs full cycle; a strong property in weak hands can still disappoint. Evaluate the real estate itself: the asset class and its outlook, the specific market, tenant quality and lease terms, occupancy, and the property's age and condition. For leveraged DSTs, examine the financing: loan-to-value, loan term, interest rate, and when the loan matures relative to the projected hold (a loan maturing in a weak market can force a bad-timing refinance or sale). Understand the fees — the upfront load and ongoing fees reduce the capital working for you and affect net returns. And consider diversification: spreading across multiple DSTs (different sponsors, sectors, and markets) reduces concentration risk. So compare sponsor, real estate, financing, fees, and diversification together. The full picture matters more than any single projected number, since projections aren't guaranteed. Read each PPM and confirm details with your advisor and CPA.

No — projected returns and distributions on DST offerings are never guaranteed. The distribution rates and return projections shown in an offering are estimates based on assumptions about the property's performance, occupancy, rents, expenses, and financing — and actual results can be higher or lower. Distributions represent your share of the property's current net cash flow, which can rise or fall, and the 'seven deadly sins' restrict the trust from paying more than current cash flow, so a DST can't artificially prop up a distribution. The value you receive when the property is eventually sold also depends on market conditions and could be more or less than you invested. DSTs carry real risks — illiquidity, no control, sponsor risk, market and tenant risk, financing and interest-rate risk, and fees — and you could lose money. So treat every projection as an estimate, not a promise, and review the assumptions behind it in the PPM. Past performance and projections don't guarantee future results. Invest only what's suitable, diversify where you can, and judge offerings on the full picture rather than the headline projected yield.

Yes — and diversifying across multiple DSTs is one of the most practical advantages of the structure. Because DST minimums are relatively low (often around $25,000 to $100,000), you can split your exchange proceeds among several DSTs rather than concentrating everything in a single property. This lets you diversify across asset classes (for example, multifamily, industrial, net-lease retail, and medical office), geographic markets, sponsors, and debt levels — reducing the concentration risk of betting your whole exchange on one property and one sponsor. Splitting across DSTs also helps you deploy all your equity precisely and match your debt, since you can combine leveraged and debt-free DSTs to hit your targets. You do need to observe the 1031 identification rules (the three-property rule or the 200% rule) when identifying multiple DSTs within the 45-day window. So diversifying across DST properties is a common, sensible strategy for spreading risk and fine-tuning your exchange. Keep in mind that diversification reduces concentration risk but doesn't eliminate market, sponsor, or other risks, and returns aren't guaranteed. Plan the allocation with your advisor.

Because DST availability changes constantly and individual securities can't be publicly advertised with returns, you see the full current menu by requesting the property list through a broker-dealer. This starts with confirming your accredited status and a brief conversation about your exchange — your equity, the debt you need to replace, your timeline (especially where you are in the 45-day window), and your goals and risk tolerance. With that context, the firm shares the offerings that are currently open and suitable for you, rather than a generic list. The list lets you see the available asset classes, debt-free and leveraged options, minimums, projected hold periods, and sponsors, so you can assemble one or more DSTs that deploy all your equity, match your debt, and diversify appropriately. Requesting the list early in your exchange is wise given the 45-day deadline — the sooner you see what's available, the more time you have to evaluate, compare, read the PPMs, and decide. So request the current property list through a broker-dealer after confirming accreditation, then use it for a suitability-driven selection.

A private placement memorandum (PPM) is the controlling legal document for a DST offering — the comprehensive disclosure you should read carefully before investing. While an offering summary gives you the highlights to screen an offering, the PPM contains the full details: a thorough description of the property or portfolio, the sponsor and its background, the complete financing terms (including loan-to-value, interest rate, and maturity for leveraged DSTs), the full fee schedule (both upfront load and ongoing fees), the projected distributions and the assumptions behind them, the tax treatment, and — critically — an extensive discussion of the risks. The PPM is where you'll find the detailed risk factors (illiquidity, no control, sponsor risk, market and tenant risk, financing risk, and more) and the fine print that the summary can't capture. Because DST interests are securities sold under Regulation D, the PPM is how the offering is properly disclosed to accredited investors. So always read the PPM in full before investing — it governs the deal, and it's where you confirm everything the summary suggested. Discuss any questions with your advisor and have your CPA and attorney review the tax and legal aspects.

No — DST minimums vary by offering, though they commonly fall in the range of roughly $25,000 to $100,000 for a 1031 exchange. The relatively low minimums (compared with buying a whole property) are part of what makes DSTs attractive, because they let you split your exchange proceeds across multiple offerings to diversify. Some DSTs set higher minimums, particularly for cash investments (as opposed to 1031 exchange funds), and minimums can differ between exchange and direct-cash investors in the same offering. The minimum is one of the data points in an offering summary, alongside the projected hold period, financing type, and projected distributions. When planning your exchange, the minimums matter because they affect how finely you can divide your equity across DSTs to deploy it all (avoiding leftover cash boot) and diversify. So while there's a common range, you shouldn't assume a single fixed minimum — check each specific offering. A broker-dealer can show you offerings whose minimums fit how you want to allocate your exchange. Confirm the current minimums, which vary by sponsor and offering and can change over time.

The financing on a leveraged DST directly affects whether you fully defer your gain, because of the debt-replacement rule in a 1031 exchange. To fully defer, you generally must replace both your equity and your debt — if you paid off a mortgage when you sold, you need equal or greater debt on the replacement (or added cash). A leveraged DST carries non-recourse debt at the trust level, and your proportional share counts toward your replacement-debt requirement, so you can match your old debt without personally qualifying for a loan. The loan-to-value of the DST determines how much debt you're effectively taking on per dollar invested — so you can choose a DST (or mix of DSTs) whose leverage matches the debt you need to replace. Beyond the matching, the financing also affects risk and return: leverage can enhance returns when the property performs, but adds debt-service obligations, refinancing risk, and interest-rate sensitivity, and the loan's maturity timing matters. So the financing shapes both your tax outcome (debt replacement) and your risk profile. Coordinate your required debt replacement with your CPA and choose leverage accordingly.

There's no single 'best' asset class — the right choice depends on your goals, risk tolerance, and the market environment, and many investors diversify across several. Net-lease retail (single tenants on long leases) tends to offer steady, predictable income with less management intensity, which suits investors prioritizing stable distributions. Multifamily apartments can offer a balance of income and growth, with rents that can reset over time, though they're more management-intensive. Industrial and logistics has benefited from e-commerce demand and can offer growth, while medical office and healthcare can provide stable, demand-resilient income. Self-storage, student housing, and senior housing each have distinct demand drivers and risk profiles. Rather than picking one 'best' sector, many 1031 investors split their exchange across multiple DSTs in different sectors and markets to diversify and balance income with growth. So the best approach is usually to match a mix of asset classes to your goals — steady income, growth, or both — rather than concentrating in a single sector. Each sector carries its own risks, and none is guaranteed. Discuss the right mix for your situation with your advisor.

There's no fixed answer — how long a DST offering stays open varies widely depending on the offering's size, the sponsor, the asset class, and investor demand. Some popular offerings, especially smaller ones or those from well-regarded sponsors in in-demand sectors, can fill and close to new investment relatively quickly, sometimes in weeks; others remain open longer until their full equity is raised. This changing availability is exactly why you browse what's currently open rather than relying on a static list — an offering you saw last month may already be closed, and new ones launch regularly. For a 1031 exchanger, this matters because of the 45-day identification deadline: you want to see current offerings early and move promptly once you've identified suitable DSTs, since an offering could close before you subscribe. Working with a broker-dealer helps because the firm tracks current availability across multiple sponsors and can flag offerings that fit your exchange before they fill. So treat DST availability as fluid and time-sensitive — start browsing early, and don't assume a given offering will still be open when you're ready. Confirm current availability before identifying.

We help investors find DST properties for a 1031 exchange — understanding the asset classes available, the difference between debt-free and leveraged DSTs, how to browse current offerings, how to read an offering summary, how to compare offerings, and how to request the full, current property list — so you can assemble a suitable, diversified replacement that fits your equity, debt, timeline, and goals. DST interests are securities offered through the broker-dealer, Aurora Securities, Inc. (member FINRA/SIPC), to accredited investors, and any recommendation follows a suitability review. Because individual offerings can't be publicly advertised with returns, we describe typical offering characteristics generically and don't name specific securities or guarantee returns in educational material. After confirming your accredited status and discussing your exchange, we share the current, open offerings suitable for you, help you compare them on sponsor, real estate, financing, and fees, and help you read the PPMs. Baker 1031 does not provide tax or legal advice — your CPA confirms your eligibility and tax treatment. Distributions and returns are never promised; projections aren't guarantees, and past performance doesn't guarantee future results.