ExchangeRight Net-Leased All-Cash 3 DST
Net lease retail in Florida and Texas — sponsored by ExchangeRight
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These links support the historical public record; individual details may come from different sources.
What is this, in one paragraph?
ExchangeRight Net-Leased All-Cash 3 DST is a Delaware Statutory Trust — a structure that lets 1031 exchangers hold fractional interests in real estate — holding three net-leased retail properties in Florida and Texas leased to Daybreak Market, Dollar General, and Dollar Tree.1 The trust carries no mortgage debt.1 ExchangeRight announced on August 5, 2024 that investors had fully subscribed the offering, now closed to new investors.1
Minimum investment
$100k
Offering size
$16.4M
How much has sold
100.0%
Financing
All cash. This offering reports no mortgage debt.
Sponsor-reported, from SEC filings and cited 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?
The trust holds three separate single-tenant retail buildings rather than one asset, spreading tenant and location risk across two states.1 ExchangeRight has not publicly disclosed street addresses, individual purchase prices, acquisition dates, or years built for the three buildings. No sale, refinancing, or other property-level event has been reported since the offering closed.
- Reported location
- Florida and Texas
- Property size
- 3 properties; 26,511 square feet
Who is the tenant, and what's the lease?
ExchangeRight identified the tenants as Daybreak Market, Dollar General, and Dollar Tree.1 These are net leases, meaning the tenants rather than the trust generally carry property-level operating costs such as taxes, insurance, and maintenance. The portfolio was marketed with a weighted average remaining lease term of 17.2 years.
How did it end?
Still operating
Net-Leased All-Cash 3 DST was fully subscribed in August 2024 ($16.36M; Form D filed Mar 8, 2024 and amended Aug 5, 2025 with total amount sold unchanged); its stated exit strategy is a 721 UPREIT conversion into the Essential Income REIT, but no specific 721-conversion, property-sale, full-cycle, or foreclosure announcement has been published.
All-cash debt-free offering of $16.36M in three net-lease retail properties (Daybreak Market, Dollar General, Dollar Tree) in Florida and Texas; weighted average remaining lease term of 17.2 years; 5.15% annualized monthly distributions covered 100% by in-place revenues; exit via cash-out refinance, 1031/721 exchange, or cash out.
3 properties; 26,511 square feetSupporting evidence
Counted on ExchangeRight’s Record Card as: No outcome recorded · under 7 years Document
How is it financed, and what does it pay?
The trust bought its properties without mortgage debt, so there is no lender, no loan covenants, and no maturity date forcing a refinance or sale; ExchangeRight described the portfolio as debt-free.1 Nothing is borrowed, so nothing amplifies results in either direction.
- Financing
- All cash. This offering reports no mortgage debt.
Who's behind it?
ExchangeRight is a repeat Delaware Statutory Trust sponsor that has brought dozens of net-leased 1031 programs to market, and it filed this one under the entity ExchangeRight Real Estate, LLC. On August 5, 2024 the sponsor announced that investors had fully subscribed this trust.1 ExchangeRight has said exit options may include a tax-deferred cash-out refinance, a 1031 exchange, a 721 exchange — contributing property to a REIT's operating partnership for units — or a sale, without guaranteeing those outcomes.1
- Sponsor
- ExchangeRight
- May convert to a REIT
- Yes
- Offerings from this sponsor
- 23 active / 60 total offerings from ExchangeRight
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
The trust filed an initial Form D — the short notice an issuer files with the SEC for a private placement — then amended it to report the completed raise, with two identical amendments appearing in EDGAR the same day.2 Interests were sold privately to accredited investors, without general advertising.
- First Form D filedThe public offering record begins.
- Latest Form D filedThe most recent sponsor-filed checkpoint in this record.
- Legal Trust name
- ExchangeRight Net-Leased All-Cash 3 DST
- Filings on record
- 3
- How it may be offered
- Rule 506(b)Not advertised publicly. Offered through existing relationships.
- 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 ExchangeRight Net-Leased All-Cash 3 DST?
Top1031 lists ExchangeRight Net-Leased All-Cash 3 DST in the Historical cohort because its latest filing is outside the Active window. The outcome and source documents are shown separately.
Where does Top1031 get the data for ExchangeRight Net-Leased All-Cash 3 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 ExchangeRight Net-Leased All-Cash 3 DST?
No. ExchangeRight announced on August 5, 2024 that investors had fully subscribed the offering, and the amended SEC Form D filed August 5, 2025 reports the raise complete. The Trust is closed to new investors. Top1031 is a data directory and does not sell interests in this or any other DST.
What does an all-cash, debt-free DST mean for me?
It means the Trust bought its properties without a mortgage. There is no lender, no loan covenants, and no maturity date that could force a refinancing or a sale at a bad moment. It also means no borrowed money magnifies results either way. For a 1031 exchanger, an unleveraged trust carries no debt to replace, which matters if your relinquished property had a loan.
Who occupies the properties?
ExchangeRight identified the tenants as Daybreak Market, Dollar General, and Dollar Tree, across three net-leased retail properties in Florida and Texas.[1] Under net leases, tenants generally bear property-level operating costs such as taxes, insurance, and maintenance. Per-property lease expiration dates, rent escalations, and any guarantee terms are not stated in the public records reviewed; those appear in the private placement memorandum (PPM), the offering's full disclosure document.
What is the 721 exchange exit ExchangeRight mentions?
A 721 exchange, sometimes called an UPREIT, contributes the property into a REIT's operating partnership in exchange for partnership units, deferring tax at that step but ending the ability to do future 1031 exchanges with that interest. ExchangeRight has described potential exits including a tax-deferred cash-out refinance, a 1031 exchange, a 721 exchange, cashing out, or a combination, and stated those outcomes are not guaranteed.[1]
What isn't in the public record for this Trust?
Exact street addresses and cities, occupancy percentages, the acquisition price and date, master-lease terms, and per-property lease expirations were not publicly stated in the records reviewed. No post-subscription sale, refinancing, distress event, or completed 721 conversion has been reported. Those details would be addressed in the PPM and in sponsor reporting to existing investors.
Chapter 9Investors Fully Subscribe ExchangeRight's All-Cash 3 DST with 5.15% Current Cash FlowPR Newswire distribution of ExchangeRight's $16.36 million All-Cash 3 DST press release describing its exit-strategy options (1031, 721 exchange or cash-out refinance).