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

Delaware Statutory Trusts · Baker 1031 Research · Updated June 2026 · 16 min read

I have been thinking about the gap between a static property list and the actual decision an exchanger has to make. A list can look broad. It says very little until equity, debt, timing, and risk tolerance enter the picture.

First-order thinking starts with a sector or a projected distribution rate. Second-order thinking starts with the sponsor, the loan’s maturity, the lease and fee terms, current availability, and the way several holdings behave together. That distinction matters when a 45-day clock is running.

What kinds of properties are available as DSTs, and how do you browse them? This guide covers the common asset classes, all-cash/debt-free versus leveraged structures, current-offering access, offering summaries, comparisons, and requesting the full property list. Individual DST securities change as offerings open and fill, and they cannot be publicly promoted with promised returns. DST interests are securities offered to accredited investors after suitability review. Verify current availability, tax treatment, and exchange facts with your advisor, CPA, and, where applicable, qualified intermediary. This is educational information, not advice.

Browsing becomes more useful after reading the full guide to DST investing.

Asset Classes Available as DSTs

DSTs can hold most major commercial real estate sectors. Common categories are multifamily apartment communities; industrial and logistics warehouses and distribution centers influenced by e-commerce; net-lease retail, including long-term single-tenant properties leased to creditworthy national tenants such as pharmacies, convenience stores, and quick-service restaurants; and medical office and healthcare facilities. Each has its own demand drivers, leases, and risk-and-return profile.

Other structures include self-storage, student housing, senior housing, hospitality, and specialized properties. A DST can own one large asset or a small portfolio of similar properties in several markets. An exchanger can combine steady long-lease net-lease income with the more growth-oriented profile of multifamily or industrial, but the appropriate mix depends on income needs, growth aims, diversification, and the market conditions for each sector.

All-Cash/Debt-Free vs. Leveraged DSTs

An all-cash or debt-free DST owns property without a mortgage. It avoids financing risk, interest-rate exposure on debt, and lender-foreclosure risk. The trade-off is exchange math: an investor who paid off debt on a relinquished property can have boot unless that debt is replaced or covered another way.

A leveraged DST carries trust-level non-recourse debt, commonly at a moderate loan-to-value. An investor’s share can count toward 1031 replacement debt without personal loan qualification. Leverage can enhance income and returns when the property performs, but debt service, refinancing or repayment, rising rates, and a weak market can pressure value. The choice turns on debt replacement and risk tolerance, not on a label such as “conservative.”

How to Browse Current Offerings

DST interests are securities, not conventional property listings. Specific offerings generally cannot be publicly advertised with projected returns. In practice, an investor confirms accredited status and works through a broker-dealer. After suitability review, the investor sees the open offerings that fit exchange equity, debt to replace, timeline, and objectives.

Availability changes as sponsors launch new offerings and others fill. Review what is open now and filter by asset class, debt-free versus leveraged structure, minimum investment, projected hold period, and geography. The point is not to find one “winner”; it is to assemble one or more suitable positions that deploy equity, match debt, and fit risk tolerance and timing.

Reading a DST Offering Summary

An offering summary is a screening document. It usually describes the property or portfolio—asset class, location, size, age, key tenants, and occupancy—the sponsor’s experience and track record, financing type, loan-to-value and loan terms, minimum investment, total offering equity, and projected hold period.

It also describes projected distributions, commonly annualized and paid monthly or quarterly, and the upfront load and ongoing fees. Projected distributions are estimates, not promises; they depend on property performance and can change. The private placement memorandum contains the complete risk discussion, fee schedule, financing terms, and assumptions behind any projections. The summary screens. The PPM controls.

Key Takeaways

• DST offerings span multifamily, industrial, net-lease retail, medical office, self-storage, and more, as single assets or diversified portfolios.
• Debt-free DSTs avoid financing risk but do not replace debt; leveraged DSTs can match debt and enhance returns, while adding financing and rate risk.
• An investor browses current offerings through a broker-dealer after confirming accredited investor status, with filters tied to exchange parameters.
• An offering summary covers property, sponsor, financing, minimum, hold, projected distributions, and fees; confirm it against the PPM.

Due Diligence: Comparing Offerings

Compare the full set of variables, not a headline distribution rate. Review sponsor experience, financial strength, investor alignment, and full-cycle history. A strong property can still disappoint in weak hands. Review the real estate itself: asset class, outlook, market, tenant quality and lease terms, occupancy, age, and condition.

For leveraged DSTs, examine loan-to-value, loan term, interest rate, and maturity relative to the projected hold. A loan maturing in a weak market can force a poorly timed refinance or sale. Understand the upfront and ongoing fees, which reduce working capital and affect net returns. Diversification across sponsors, sectors, and markets can reduce concentration risk. It cannot eliminate risk.

Requesting the Full Property List

The current property list comes through a broker-dealer because availability changes and individual securities cannot be publicly advertised with returns. The conversation begins with accredited status and exchange details: equity, debt replacement, point in the 45-day window, goals, and risk tolerance. That context supports a list of current, suitable offerings rather than a generic menu.

The list can show asset classes, debt-free and leveraged choices, minimums, projected holds, and sponsors. Request it early. More time means more time to compare, read PPMs, and decide before the 45-day identification deadline. It is a starting point for suitability-driven selection, not an invitation to buy without review.

How Baker 1031 Helps You Find DST Properties

Baker 1031 helps investors understand available asset classes, financing structures, current-offering browsing, summary and PPM review, comparisons, and the full property list. DST interests are securities offered through Aurora Securities, Inc. (member FINRA/SIPC) to accredited investors following a suitability review. Educational material describes typical characteristics and does not name specific securities or promise returns. After accredited status and exchange facts are confirmed, we can share open offerings, compare sponsor, real estate, financing, and fees, and help investors read PPMs. Baker 1031 does not provide tax or legal advice; a CPA addresses eligibility and tax treatment. Projections and distributions are not guarantees, and past performance does not guarantee future results.

Frequently Asked Questions

What types of properties are available as DSTs?

Common DST property types are multifamily, industrial and logistics, net-lease retail, and medical office or healthcare. Self-storage, student housing, senior housing, hospitality, and specialized properties also appear. A trust can own a single asset or a small portfolio. Each sector carries distinct demand drivers, lease structures, and risks, so there is no universal right mix.

What is the difference between a debt-free and a leveraged DST?

A debt-free DST owns property without a mortgage, avoiding financing and rate risk but providing no debt replacement. A leveraged DST uses trust-level non-recourse debt that can count toward an exchanger’s replacement-debt requirement. It can enhance results in a favorable outcome but adds debt service, rate, refinancing, and maturity risk. If sale debt must be replaced, a debt-free DST can create taxable mortgage boot without an alternative source of debt or added cash.

How do I browse available DST offerings?

Confirm accredited status, then work with a broker-dealer after a suitability discussion. Review the offerings open at that time against equity, debt to replace, timeline, objectives, asset class, financing type, minimum, hold period, and geography. Sponsors launch offerings and offerings fill, so current availability matters more than a static list.

Why cannot I just find DST offerings advertised online?

DST interests are Regulation D securities. They are commonly offered under Rule 506(c), which permits general solicitation but requires verified accreditation, or Rule 506(b), which prohibits general solicitation. Firms generally do not publish individual offerings with specific projected returns to the public; they instead provide current suitable offerings through a broker-dealer after accreditation and suitability review.

What information is in a DST offering summary?

The summary usually covers the property or portfolio, sponsor, debt-free or leveraged financing, LTV and loan terms, minimum, total offering equity, projected hold period, projected distributions, and fees. Projected distributions are estimates based on property performance, not promises. The PPM provides the complete risks, fees, financing, and projection assumptions and governs the offering.

What should I look for when comparing DST offerings?

Compare sponsor experience, financial strength, alignment, and full-cycle history; property type, market, tenants, leases, occupancy, age, and condition; financing LTV, rate, term, and maturity; upfront and ongoing fees; and diversification. A strong headline distribution rate cannot substitute for those facts. Read each PPM and discuss the relevant investment and tax questions with an advisor and CPA.

Are the projected returns on DST offerings guaranteed?

No. Projected distributions and returns depend on assumptions about occupancy, rents, expenses, financing, and property performance; actual results can be higher or lower. Distributions are the investor’s share of current net cash flow, and the “seven deadly sins” restrict a trust from paying more than current cash flow. Sale value also depends on market conditions. Illiquidity, no control, sponsor, market, tenant, financing, interest-rate, and fee risks can result in loss.

Can I diversify across multiple DST properties?

Yes. Minimums often roughly $25,000 to $100,000 can allow exchange proceeds to be divided among asset classes, markets, sponsors, and debt levels. Combining debt-free and leveraged DSTs can help deploy equity and match debt. Multiple identifications remain subject to the three-property rule or the 200% rule during the 45-day window. Diversification reduces concentration; it does not eliminate market, sponsor, or other risks.

How do I request the full list of available DST properties?

Request it from a broker-dealer after confirming accredited status and discussing equity, debt replacement, timing, goals, and risk tolerance. The current list identifies open, suitable options and can show asset classes, financing types, minimums, projected holds, and sponsors. Request it early enough to evaluate, compare, and read PPMs before the 45-day deadline.

What is a private placement memorandum (PPM)?

A PPM is the controlling legal disclosure for a DST offering. It contains the property and sponsor description, financing terms, fee schedule, projected distributions and assumptions, tax treatment, and detailed risk factors, including illiquidity, lack of control, sponsor, market, tenant, and financing risk. Read it in full and have a CPA and attorney review the tax and legal aspects.

Do all DSTs have the same minimum investment?

No. Minimums vary by sponsor and offering and are often roughly $25,000 to $100,000 for an exchange, though some offerings set higher floors, particularly for cash investments. Minimum is one data point alongside financing, hold period, and distributions. It influences how finely equity can be divided to diversify and avoid leftover cash boot. Confirm current terms; they can change.

How does the financing on a leveraged DST affect my exchange?

To fully defer gain, an exchanger generally replaces both equity and debt. A leveraged DST’s proportional non-recourse debt can count toward that requirement without personal loan qualification. LTV determines debt per dollar invested, so a mix of DSTs can be chosen to match needed debt. Financing also affects risk and return through debt service, refinancing, interest-rate sensitivity, and maturity timing. Coordinate debt replacement with a CPA.

What asset class is best for a DST 1031 exchange?

There is no single best asset class. Net-lease retail can offer long-lease income; multifamily can combine income and rent-reset potential but needs more management; industrial and logistics has e-commerce demand; medical office and healthcare can have demand-resilient income. Self-storage, student housing, and senior housing each have distinct drivers. Many investors mix sectors to balance income, growth, and concentration risk. None is guaranteed.

How long do DST offerings stay available before they fill up?

There is no fixed period. Size, sponsor, asset class, and demand drive timing. Some popular or small offerings can fill in weeks, while others remain open until equity is raised. An offering seen last month may be closed, while new offerings can launch regularly. The 45-day identification deadline makes early review important; confirm live availability before identifying.

How does Baker 1031 help me find DST properties?

We help investors understand asset classes, debt-free versus leveraged structures, current-offering access, summaries, comparisons, and the full property list. Aurora Securities, Inc. offers the securities to accredited investors after suitability review. Once eligibility and exchange facts are reviewed, current suitable offerings can be compared on sponsor, real estate, financing, fees, and PPM terms. Baker 1031 does not provide tax or legal advice, and projections are not guarantees.

Glossary

DST Offering — A specific Delaware Statutory Trust investment available to accredited investors.

Asset Class — A category of real estate, such as multifamily or industrial.

Multifamily — Apartment-community real estate, a common DST asset class.

Net-Lease Retail — Single-tenant retail leased long-term to creditworthy tenants.

Industrial / Logistics — Warehouse and distribution real estate, driven by e-commerce.

Medical Office — Healthcare-related real estate with demand-resilient tenants.

Debt-Free DST — An all-cash DST that owns its property with no mortgage.

Leveraged DST — A DST carrying pass-through non-recourse debt to replace your loan.

Loan-to-Value (LTV) — The ratio of a DST's debt to its property value.

Mortgage Boot — Taxable shortfall from not replacing the debt you paid off.

Private Placement Memorandum (PPM) — The controlling disclosure document for a DST offering.

Projected Distribution — An estimated, non-guaranteed income rate from a DST.

Hold Period — The projected years a DST holds the property before selling.

Sponsor — The firm that acquires, structures, and manages the DST property.

Regulation D — The SEC exemption under which DST securities are offered.

Suitability Review — The assessment confirming a DST fits the investor before investing.

Sources & References

1. U.S. Securities and Exchange Commission. Investor.gov — Updated Investor Bulletin: Accredited Investors
2. FINRA. Real Estate Investments
3. IRS. Revenue Ruling 2004-86 (Delaware Statutory Trusts)
4. IRS. Like-Kind Exchanges — Real Estate Tax Tips

Disclosures

This article is published by Baker 1031 Investments, LLC for general educational purposes for accredited investors and is not an offer to sell or a solicitation of an offer to buy any security, nor is it tax, legal, accounting, or investment advice or a recommendation. Any securities offering is made solely through a sponsor’s private placement memorandum (PPM) following a suitability determination. Securities offered through Aurora Securities, Inc. (ASI), member FINRA / SIPC; Baker 1031 Investments is independent of ASI.

Oil & gas mineral and royalty interests and DST programs are speculative, illiquid securities sold only to verified accredited investors and involve substantial risk, including possible loss of principal, commodity-price and production-decline risk, lack of control, and the risk that an intended 1031 exchange fails to qualify for tax deferral. Whether a particular interest qualifies as like-kind real property is a fact-specific legal determination that varies by state and by the terms of the instrument. Tax results depend on your individual circumstances. Consult your own CPA and attorney before acting. Past performance does not guarantee future results.

Filed under: Delaware Statutory Trusts · DSTs · 1031 Exchange

About the author

Jerry Baker
Founder & Managing Principal, Baker 1031 Investments · FINRA Series 22 / 63 · SIE

Jerry founded Baker 1031 to bring institutional underwriting discipline to the 1031 exchange. He spent more than a decade on Wall Street working on $10B+ of real estate before building diversified DST portfolios for individual investors. Read full bio →

Reviewed by: Lori Kamen — President & CCO, Aurora Securities, Inc. (FINRA Series 4 / 7 / 24 / 53 / 63 / 66), the supervising registered principal. Last reviewed June 2026. Baker 1031 reviews its educational content periodically for accuracy and regulatory compliance. Securities offered through Aurora Securities, member FINRA/SIPC.

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Educational only — not an offer of any security. Offerings are available to verified, accredited investors and change over time.

I am managing the risk here by treating current availability and the PPM as inputs, not by reaching for a sector label or projected rate. What facts are you putting first when you compare replacement-property options?