Blue Door Property III is a leveraged DST holding three SmartStop-branded self-storage facilities (~1,927 units) across Phoenix, Longwood, and Dallas at ~90% occupancy, financed at 45.96% LTV on separate fixed-rate, interest-only mortgages aggregating $24.2M.
96% LTV and operated under the SmartStop brand across Phoenix AZ, Longwood FL, and Dallas TX. Each property carries a separate fixed-rate, interest-only mortgage from a SmartStop-affiliated lender, leased to a state-specific master tenant under a base/additional/bonus-rent waterfall.
The thesis is leveraged, inflation-responsive operating income with an optional Section 721 rollover ahead of the November 2032 loan maturity.
| Lender | SMST Lender, LLC |
| Interest Rate | 5.00% (Fixed) |
| Loan Term | 7 years |
| Interest-Only Period | 7 years |
| Total Debt | $24.2M ($24,191,359) |
| In-Place LTV | 45.96% |
| Year 1 DSCR | 1.81x |
Leveraged structure (45.96% LTV) financed at a fixed 5.00%, interest-only for the full seven-year term, maturing November 2032.
Operated on the SmartStop Self Storage platform (NYSE: SMA) with affiliated master tenants and property manager.
Three-market geographic diversification across Phoenix, Orlando/Longwood, and Dallas at ~90% occupancy.
A geographically diversified self-storage portfolio operated by a public-REIT platform, with fixed-rate interest-only financing and a healthy 1.81x Year-1 coverage; substantial depreciation shelter (~7.08% tax-equivalent yield) and an optional 721 exit.
Interest-only with a hard 2032 balloon; pervasive SmartStop affiliation across lender, master tenants, manager, and 721 counterparty; low 4.00% going-in yield against a 15.19% load.
The analysis below is Baker 1031's educational opinion — not investment, tax, or legal advice, a recommendation, or a guarantee, and it does not replace the offering's Private Placement Memorandum (PPM), which governs in all respects. Read the PPM and consult your own CPA and attorney before investing.
A moderately leveraged, core-plus self-storage vehicle whose return rests on SmartStop lifting NOI across three Sun Belt facilities; the after-tax profile is the strongest feature, but the 4.00% going-in yield and affiliated structure suit tax-sensitive investors comfortable with leverage.
The analysis below is Baker 1031's educational opinion — not investment, tax, or legal advice, a recommendation, or a guarantee, and it does not replace the offering's Private Placement Memorandum (PPM), which governs in all respects. Read the PPM and consult your own CPA and attorney before investing.
| Metric | This Offering | Market Avg. | Assessment |
|---|---|---|---|
| Avg. Income | 4.28% | 4.50% | Meets Average |
| Income Growth | 13.00% | 13.87% | Meets Average |
| Peak Income | 4.52% | 4.79% | Meets Average |
SmartStop
SmartStop is a self-storage REIT (NYSE: SMA) that completed an $810 million IPO in April 2025 and sponsors self-storage DSTs, with assets in the $7 billion-plus range.
Learn More About SmartStop →Access requires verification of accredited-investor status. Executable copies are released through the secure data room on request; the schedule below reflects the standard document set for this offering.
Securities offered through Aurora Securities, Inc. (CRD #46147 / SEC #8-51322), member FINRA / SIPC; Baker 1031 Investments, LLC is independent of Aurora Securities, Inc. and is not a registered broker-dealer or investment adviser. This is not an offer to sell or a solicitation of an offer to buy any security; any offer is made solely by the confidential private placement memorandum (PPM), which qualifies all information herein in its entirety. Delaware Statutory Trust interests are speculative, illiquid securities offered under Rule 506(c) of Regulation D and sold only to investors whose accredited-investor status has been verified; offering documents and subscription materials are provided only after that verification. They involve substantial risk, including possible loss of the entire investment.
Distributions, yields, the cap-rate equivalent, DSCR, occupancy, and benchmark figures are sponsor estimates or projections, are not guaranteed, and may differ materially from actual results. Any tax-adjusted yield assumes a 40% effective rate for non-1031 cash investors and is not tax advice. No tax, legal, or investment advice is provided — consult your own CPA and attorney. Past performance does not guarantee future results.