{"id":3416,"date":"2026-09-15T15:01:37","date_gmt":"2026-09-15T15:01:37","guid":{"rendered":"https:\/\/www.bouldergroup.com\/blog\/?p=3416"},"modified":"2026-09-15T15:02:07","modified_gmt":"2026-09-15T15:02:07","slug":"nnn-vs-dst-which-is-the-better-1031-exchange-replacement","status":"publish","type":"post","link":"https:\/\/www.bouldergroup.com\/blog\/nnn-vs-dst-which-is-the-better-1031-exchange-replacement\/","title":{"rendered":"NNN vs. DST: Which Is the Better 1031 Exchange Replacement?"},"content":{"rendered":"

By Randy Blankstein, President, The Boulder Group<\/em><\/p>\n

For investors completing a 1031 exchange, one of the most important decisions is how to reinvest the proceeds: purchase a single-tenant net lease property directly or invest through a Delaware Statutory Trust, commonly known as a DST.<\/p>\n

Both structures can serve an important role in a 1031 exchange. But they solve different problems.<\/p>\n

In my experience working with net lease investors, approximately $600,000 of exchange equity can be an important dividing line<\/strong>. Investors with less than $600,000 often find that DSTs provide advantages that are difficult to replicate through direct ownership. Once an investor has $600,000 or more of equity, however, direct ownership of an NNN property frequently becomes a more compelling alternative.<\/p>\n

The $600,000 figure is not a hard-and-fast rule. Investor objectives, leverage, risk tolerance, timing and available inventory all matter. But it provides a useful framework for evaluating the two strategies.<\/p>\n

Why DSTs Can Make Sense Below $600,000<\/strong><\/p>\n

One of the challenges facing smaller 1031 exchange investors is access.<\/p>\n

An investor with $250,000 or $400,000 of equity may have difficulty acquiring a high-quality net lease property without taking on significant debt or accepting compromises in tenant credit, location, lease term or real estate quality.<\/p>\n

A DST can solve that problem.<\/p>\n

Through fractional ownership, investors can gain exposure to institutional-scale properties that would otherwise be beyond their individual purchasing power. Depending on the DST, an investor may also be able to spread exchange proceeds across multiple properties, tenants or geographic markets.<\/p>\n

That diversification can be particularly valuable at lower equity levels.<\/p>\n

Instead of placing $400,000 into one relatively small property, for example, an investor may be able to allocate the same amount across several DST offerings.<\/p>\n

DSTs can also provide exceptionally passive ownership. The sponsor handles property management, financing and many of the decisions associated with ownership.<\/p>\n

Another major benefit is execution certainty<\/strong>.<\/p>\n

The 45-day identification period is one of the biggest pressures facing 1031 exchange investors. A DST can provide an alternative when an investor is approaching an identification deadline and has not found an acceptable directly owned replacement property.<\/p>\n

For investors with limited equity, those advantages can outweigh the reduced control, additional fees and more limited exit flexibility associated with a DST structure.<\/p>\n

What Changes Around $600,000?<\/strong><\/p>\n

Once an investor reaches approximately $600,000 of equity, the universe of potential direct net lease acquisitions begins to expand.<\/p>\n

Leverage can expand it even further.<\/p>\n

An investor with $600,000 of equity does not necessarily have to purchase a $600,000 property. Depending on financing availability and the investor’s objectives, that equity could potentially support a substantially larger acquisition.<\/p>\n

At this point, the question becomes different.<\/p>\n

Instead of asking, “How can I get access to quality real estate?”<\/strong> the investor can begin asking, “Why should I give up control if I can own the property directly?”<\/strong><\/p>\n

That is where the advantages of direct NNN ownership become increasingly important.<\/p>\n

Direct NNN Ownership Provides Control<\/strong><\/p>\n

A DST investor is a fractional investor in a structure managed by a sponsor. The sponsor generally controls many of the decisions involving the property.<\/p>\n

A direct NNN investor owns the real estate.<\/p>\n

That distinction affects almost every stage of the investment.<\/p>\n

With direct ownership, the investor can select the tenant, market, lease structure, purchase price and financing strategy. The owner can decide when to refinance, when to sell and how to respond to changes in the property or capital markets.<\/p>\n

For investors accustomed to owning real estate, that control can have significant value.<\/p>\n

It becomes particularly important when it is time to exit the investment.<\/p>\n

Selling a DST Can Be More Difficult<\/strong><\/p>\n

One of the most significant differences between direct ownership and a DST is liquidity and control over the exit.<\/p>\n

An owner of a directly held NNN property can decide when to put the property on the market. The owner can select a broker, establish an asking price, negotiate with buyers and decide whether market conditions justify selling or continuing to hold.<\/p>\n

A DST investor generally does not have that flexibility.<\/p>\n

The individual investor typically cannot require the underlying real estate to be sold simply because the investor wants liquidity. The timing of a property sale is generally controlled by the DST sponsor.<\/p>\n

Selling an individual DST interest before the sponsor disposes of the underlying property can also be considerably more difficult than selling a directly owned NNN property. DST interests are generally illiquid investments, and there may be a limited secondary market for an investor seeking an early exit.<\/p>\n

For an investor who values the ability to control when capital is returned, this can be a meaningful disadvantage.<\/p>\n

Direct NNN ownership is not liquid in the same way publicly traded securities are, but there is an established investment-sales market for net lease properties. An owner can affirmatively take a property to market rather than waiting for a sponsor to determine the exit.<\/p>\n

DST Fees Should Be Part of the Comparison<\/strong><\/p>\n

DSTs provide convenience, diversification and professional management, but those benefits come at a cost.<\/p>\n

DST offerings can include acquisition-related costs and sponsor compensation as well as ongoing asset-management and other fees during the investment period<\/strong>. The specific fee structure varies substantially by offering and should be carefully reviewed.<\/p>\n

These expenses can create a meaningful difference between the economics of a DST and direct ownership over a multiyear holding period.<\/p>\n

With direct NNN ownership, an investor still incurs acquisition, financing, brokerage, legal and other expenses. However, the investor does not have the same layer of ongoing DST sponsor and asset-management fees.<\/p>\n

That difference becomes increasingly important as the amount invested grows.<\/p>\n

A fee structure that may be an acceptable tradeoff for an investor placing $200,000 into a diversified DST portfolio can look very different to an investor deciding whether to place $1 million or $2 million into a sponsored structure rather than acquiring real estate directly.<\/p>\n

Investors should therefore compare net economics after all fees<\/strong>, rather than comparing headline distribution rates or projected returns alone.<\/p>\n

Direct ownership does not automatically produce a superior return. Property quality, tenant credit, lease duration, rent growth, financing and acquisition basis are ultimately critical.<\/p>\n

But investors with sufficient equity should understand what they are paying for the convenience and diversification offered by a DST.<\/p>\n

Direct NNN Ownership Can Still Be Highly Passive<\/strong><\/p>\n

One misconception is that DST ownership is passive while direct real estate ownership necessarily requires active management.<\/p>\n

That distinction is less pronounced with properly structured single-tenant net lease investments.<\/p>\n

Under a true NNN lease, the tenant may be responsible for most or substantially all property-level expenses, including taxes, insurance and maintenance. While the exact obligations depend on the lease, many NNN investments require relatively little day-to-day involvement from the landlord.<\/p>\n

That allows an investor to retain direct ownership and control without assuming the management responsibilities associated with traditional multi-tenant or operating real estate.<\/p>\n

When a DST Can Still Be the Better Choice Above $600,000<\/strong><\/p>\n

Equity alone should never determine the investment structure.<\/p>\n

Even investors with substantial exchange proceeds may prefer a DST when their primary objective is diversification, maximum passivity or simplified ownership.<\/p>\n

Timing is another consideration.<\/p>\n

An investor with $2 million of equity who reaches day 40 of the identification period without finding an acceptable replacement property may reasonably prioritize execution certainty over direct ownership.<\/p>\n

DSTs can also be useful for investors who do not want responsibility for real estate decisions or who prefer exposure to multiple assets rather than concentrating capital in one property.<\/p>\n

There is also no requirement that investors view NNN properties and DSTs as mutually exclusive strategies.<\/p>\n

The Hybrid Approach<\/strong><\/p>\n

For larger exchanges, one of the more interesting strategies is using both.<\/p>\n

An investor might place the majority of exchange proceeds into one directly owned NNN property while using a DST for remaining equity that is difficult to deploy efficiently.<\/p>\n

For example, an exchanger could purchase a directly owned net lease property as the core investment and use one or more DST interests to complete the exchange, diversify the portfolio or reduce the pressure to identify a second directly owned property.<\/p>\n

In that situation, the DST serves as a complement to direct ownership rather than a replacement for it.<\/p>\n

A Practical Framework<\/strong><\/p>\n

For investors evaluating NNN versus DST ownership, a useful starting point is:<\/p>\n

Below approximately $600,000 of equity:<\/strong> DSTs may offer better access to institutional-quality real estate, diversification and execution certainty. For investors with smaller amounts of equity, those advantages may justify the additional fees and reduced control.<\/p>\n

Above approximately $600,000 of equity:<\/strong> Direct NNN ownership becomes increasingly viable. Investors should carefully evaluate whether retaining control over the property, financing and eventual sale\u2014while avoiding ongoing DST-level fees\u2014provides a better long-term structure.<\/p>\n

The breakpoint will vary. An all-cash investor will face a different investment universe than an investor comfortable using leverage. A buyer willing to consider secondary markets will have more options than one targeting only major metropolitan areas.<\/p>\n

The right decision therefore depends on more than a single number.<\/p>\n

The Bottom Line<\/strong><\/p>\n

DSTs and directly owned NNN properties are both valuable tools for 1031 exchange investors.<\/p>\n

But they serve different purposes.<\/p>\n

For investors with relatively modest exchange equity, DSTs can solve the difficult problem of accessing quality real estate while providing diversification, simplified ownership and relatively efficient 1031 execution.<\/p>\n

As exchange equity increases, however, some of the disadvantages of DST ownership become more significant. Ongoing fees, limited control and a more difficult path to liquidity<\/strong> should all be weighed against the convenience and diversification a DST provides.<\/p>\n

Direct NNN ownership gives the investor greater control over property selection, financing, lease economics and eventual disposition while still potentially providing the passive-income characteristics that make net lease real estate attractive.<\/p>\n

For many investors, approximately $600,000 of equity is where that comparison becomes particularly important.<\/strong><\/p>\n

Before automatically selecting a DST\u2014or automatically assuming direct ownership is superior\u20141031 investors should compare the two alternatives based on the amount of equity being reinvested, available replacement properties, timing, financing strategy, fees, liquidity needs and long-term investment objectives.<\/p>\n

The best 1031 replacement strategy is not simply the one that completes the exchange. It is the one that best positions the investor for the years after the exchange is completed.<\/p>\n

Randy Blankstein is President of The Boulder Group, a national real estate investment brokerage firm specializing in single-tenant net lease properties. Investors should consult their own tax, legal and financial advisors regarding 1031 exchange requirements and investment structures.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

By Randy Blankstein, President, The Boulder Group For investors completing a 1031 exchange, one of the most important decisions is how to reinvest the proceeds: purchase a single-tenant net lease property directly or invest through a Delaware Statutory Trust, commonly known as a DST. Both structures can serve an important role in a 1031 exchange. […]<\/p>\n","protected":false},"author":4,"featured_media":3417,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[610],"tags":[618],"class_list":["post-3416","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-net-lease-insights","tag-nnn-vs-dst"],"yoast_head":"\nNNN vs. DST: Which Is the Better 1031 Exchange Replacement? - The Boulder Group<\/title>\n<meta name=\"description\" content=\"Explore the differences between NNN vs. DST for 1031 exchanges. 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