Cove Essential Net Lease 58 DST
Net lease property — sponsored by Cove Capital Investments
Minimum investment
$1k
Offering size
$11.1M
How much has sold
15.0%
Asset type
Net lease property
Location
Not stated
Financing
All cash. This offering reports no mortgage debt.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
Cove Essential Net Lease 58 DST is a Delaware statutory trust — fractional real estate ownership that can qualify for a 1031 exchange — holding three single-tenant, net-leased buildings with no mortgage debt. Cove Capital Investments sponsors it and announced on December 4, 2023 that the offering was fully subscribed with $11,074,616 in equity raised.4 One Form D is on record.
Show sources (9)Hide sources (9)
These links support the historical public record; individual details may come from different sources.
On a 45-day clock? Find day 45 and day 180 from the sale date, then come back to this record.
What exactly is the property?
Cove Capital describes the Trust as a three-property, single-tenant net-lease portfolio of corporate-backed leases that is 100% occupied.2 Milwaukee's assessment record lists the Trust as owner of a bank/savings-and-loan building at 3637 W Fond du Lac Avenue, recording a January 18, 2023 sale at $1,737,000.3 The sponsor's page also names Fort Ashby, West Virginia and Pittsburgh, Pennsylvania, and states Milwaukee's state inconsistently.2
- Property size
- 3 properties; Milwaukee asset: 2,339 sq ft finished area on a 12,400 sq ft lot; aggregate portfolio square footage not established
Who is the tenant, and what's the lease?
Cove's narrative names Frito-Lay (a PepsiCo business), BMO Harris Bank, and Walgreens, while the same page's property highlights reference Family Dollar; it does not map tenants to buildings.2 Net lease generally pushes taxes, insurance, and maintenance onto the tenant, but the actual lease terms, expirations, and guaranties are not in the public record.
How did it end?
No ending on record
No public full-cycle or sale announcement for Cove Essential Net Lease 58 DST has been located; the offering still appears on Cove Capital's website with no disposition disclosed.
3-property single-tenant net lease portfolio · All-cash/debt-free Regulation D Rule 506(c) offering. Tenants: Frito-Lay (PepsiCo), BMO Harris Bank, and Walgreens (per Cove Capital marketing page). Total equity raised: $11,074,616.
3 properties; Milwaukee asset: 2,339 sq ft finished area on a 12,400 sq ft lot; aggregate portfolio square footage not establishedSupporting evidence
How is it financed, and what does it pay?
The Trust holds the properties debt-free, so there is no lender, no loan maturity, and no mortgage to refinance — and no partnership-level debt allocated to investors replacing loan balances in an exchange.2
- Financing
- All cash. This offering reports no mortgage debt.
Who's behind it?
Cove Capital Investments is a Torrance, California sponsor known for debt-free DST offerings; its Form D names Dwight Kay and Chay Lapin as executive officers and managing members.1 On December 4, 2023, Cove announced this Trust was fully subscribed with $11,074,616 in equity raised.4 Blue Vault carried the announcement on December 5, 2023.5 Research through August 28, 2026 surfaced no later disposition or amendment record for this Trust.
- Sponsor
- Cove Capital Investments
- Legal Trust name
- Cove Essential Net Lease 58 DST
- May convert to a REIT
- No
- Offerings from this sponsor
- 24 active / 57 total offerings from Cove Capital Investments
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
A single Form D — the short SEC notice a private offering files — sits on the record with no amendments; the issuer reported a first sale on March 13, 2023 and did not expect the offering to run beyond one year.1 Rule 506(c) allows public advertising, with each investor's accredited status verified.
- Form D filedFirst and latest filing on record.
- Filings on record
- 1
- How it may be offered
- Rule 506(c)May be advertised publicly. Every buyer’s accredited status must be verified.
- Source filing
- Read the filings on SEC EDGAR
A Form D is the notice a sponsor files when it starts raising money. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.
DST interests are illiquid private securities. You may lose some or all of your investment. Distributions, tax treatment, and exit timing are not guaranteed. Review the current Private Placement Memorandum before investing.
Common questions
What happened to Cove Essential Net Lease 58 DST?
Top1031 lists Cove Essential Net Lease 58 DST as historical. It is no longer raising money.
Where does Top1031 get the data for Cove Essential Net Lease 58 DST?
Top1031 builds this record from the sponsor’s own SEC filings and cited sponsor disclosures. Filings can lag what is happening now. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.
Can I still invest in Cove Essential Net Lease 58 DST?
Cove Capital announced on December 4, 2023 that the Trust was fully subscribed, with total equity raised of $11,074,616, and no later SEC filing has been made for the entity. A fully subscribed offering has no remaining equity to sell; current availability of any interest would have to be confirmed with the sponsor or a broker-dealer that offered it.
Where are the three properties?
Cove's offering page lists the portfolio as WI, PA, and WV, naming Fort Ashby, West Virginia; Pittsburgh, Pennsylvania; and Milwaukee — which the page labels inconsistently as both WI and MI. Only one address is corroborated in public records: the City of Milwaukee assessment record shows the Trust as owner at 3637 W Fond du Lac Avenue, with a January 18, 2023 sale recorded at $1,737,000. The Fort Ashby and Pittsburgh street addresses are not established in the sources reviewed.
Who are the tenants, and what do the leases say?
Cove's marketing names Frito-Lay (PepsiCo), BMO Harris Bank, and Walgreens, while the same page's property highlights reference Walgreens/Family Dollar. The sources reviewed do not map tenants to specific buildings, resolve the Walgreens-versus-Family Dollar discrepancy, or disclose lease expirations, rent, or corporate guaranties. Those terms live in the private placement memorandum (PPM), the offering's full disclosure document.
What does a debt-free, all-cash DST mean for me?
The Trust owns its real estate without mortgage financing. There is no lender, no loan covenant, no maturity date to refinance, and no lender foreclosure risk at the property level. It also means no debt is allocated to investors, which matters if your relinquished property carried a mortgage you need to replace in the exchange — a point to work through with your own tax adviser.
What is the minimum investment?
The sources disagree. The 2023 Form D reports a $1,000 minimum outside investment, while Cove's offering page lists a $50,000 minimum. Neither the filing nor the sponsor page reconciles the two figures, so the governing number would be whatever the PPM and subscription documents state.
Does this Trust have a 721/UPREIT exit?
No conversion to a REIT is indicated for this Trust. A 721/UPREIT exit is a structure in which DST investors' property is contributed to a REIT's operating partnership in exchange for OP units; the record here shows no such feature, so the expected path is an eventual sale of the real estate.
Chapter 9Cove Capital Fully Subscribes $11.1M Net Lease DST OfferingConnect CRE coverage of Cove Capital's $11.1M Cove Essential Net Lease 58 DST closing.