1031 DST Property Types
List of Services
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Net-Lease Retail These are usually single-tenant retail boxes leased long-term to national or regional credit tenants. Think Walgreens, Dollar General, FedEx Ground, Tractor Supply, fast food, auto parts, dialysis clinics. In DSTs, they show up either as a single property or as a portfolio of 5 to 30 buildings spread across multiple states for diversification. The leases are almost always triple net, meaning the tenant covers taxes, insurance, and maintenance, and most have 10 to 20 year terms with options.Net-Lease Retail
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Medical This is mostly medical office buildings, usually multi-tenant, often near or affiliated with a hospital system. You'll also see surgery centers, dialysis facilities, imaging centers, and sometimes pure single-tenant clinical buildings. DSTs in this space are typically stabilized MOBs with a mix of physician practice tenants and one or two anchor tenants like a hospital or large physician group.Medical
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Industrial Warehouses, distribution centers, last-mile logistics, light manufacturing, sometimes flex space. DSTs in this space took off with the e-commerce boom and the post-pandemic supply chain reshuffle. You'll see both single-tenant deals (often Amazon, FedEx, a regional 3PL, or a manufacturer) and multi-tenant business parks. The good ones have functional building specs, meaning high clear heights, deep truck courts, plenty of dock doors, and good highway access.Industrial
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Multifamily Apartment communities, typically 150 to 500 units, usually Class A or B garden-style or mid-rise. This is the most common asset class in the DST world. Properties are generally stabilized, though some sponsors include light value-add components like unit renovations or amenity upgrades.Multifamily
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Office Suburban office, urban towers, occasionally medical-adjacent professional space. Office DSTs have largely disappeared from the new offering pipeline because of work-from-home, but legacy deals are still in portfolios and a few new ones do come out, usually single-tenant credit deals with very long leases.Office
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Senior Living Independent living, assisted living, memory care, and sometimes skilled nursing. In DSTs, these are typically structured one of two ways. Either the property is triple-net leased to an operator who pays a fixed rent (insulating the investor from operations), or it's structured under a RIDEA-type arrangement where the investor participates in operating performance.Senior Living
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Student Housing Purpose-built off-campus housing serving large universities, leased by the bed rather than by the unit, almost always with parental guarantees attached. DSTs in this space generally focus on Power 5 or large flagship state schools where enrollment is stable or growing.Student Housing
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Data Centers Specialized facilities housing servers, networking equipment, and IT infrastructure. A relatively new entrant to the DST market. Most DST data center offerings are single-tenant or anchor-tenant deals leased to hyperscalers (AWS, Microsoft, Google, Meta), large colocation providers, or telecom companies.Data Centers
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Hospitality Hotels of various types, mostly select-service and extended-stay brands like Marriott, Hilton, and Hyatt subsidiaries, and occasionally full-service or resort properties. Hospitality DSTs are less common than other types because of the operational complexity and the cash flow volatility, but they exist. Structurally, they're typically held through a master lease or a TRS (taxable REIT subsidiary) arrangement to keep the DST investors out of operations.Hospitality
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Self-Storage Self-storage facilities, often portfolios of three to ten properties, sometimes single sites in growing markets. Tenants are individuals and small businesses on month-to-month leases. Operationally these are among the leanest properties in commercial real estate.Self-Storage
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Manufactured Housing Land underneath manufactured homes, where residents own their home and pay lot rent to the community. DSTs in this sector are typically portfolios of communities, sometimes spread across the Midwest, Southeast, or Sunbelt. The product ranges from older 3-star communities to newer 4 and 5-star age-restricted communities.Manufactured Housing
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