ExchangeRight Net-Leased Portfolio 74 DST
Net-leased retail in Multi-state (9) — sponsored by ExchangeRight
$63.3M total/$36.6M equity; LTV 42.23%; min $100k; WALT 16.16y; 10-yr IO 6.08%; 3 tenants, 100% leased
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These links support the public record as a whole; individual details may come from different sources.
What is this, in one paragraph?
ExchangeRight Net-Leased Portfolio 74 DST is a Delaware statutory trust — a structure that lets 1031 exchangers hold fractional interests in real estate — holding freestanding single-tenant retail buildings across 11 distinct markets, net-leased to national chains including Tractor Supply Company, Dollar General and CVS Pharmacy.2 ExchangeRight announced on September 2, 2026 that the offering was fully subscribed and closed to new investors.2
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?
This is a portfolio Trust rather than a single building: ExchangeRight assembled freestanding single-tenant retail stores across 11 distinct markets under one Delaware statutory trust, so an investor holds a fractional interest in the group and not in any one location.2 Baker 1031 reports a purchase price of $55.27 million for the assembled portfolio.4 Street addresses and acquisition dates do not appear in the public sources reviewed.
- Reported location
- Multi-state (9)
- Property size
- 11 single-tenant, net-leased retail properties; approximately 198,705 square feet
Who is the tenant, and what's the lease?
The buildings are net-leased to national companies including Tractor Supply Company, Dollar General, CVS Pharmacy and Dollar General Market.2 Real Estate Transition Solutions reports the properties 100% leased to three tenants, with a weighted-average remaining lease term of 16.16 years.3 Net leases push some or all of the taxes, insurance and maintenance onto the tenant rather than the landlord.
How are sales going?
These are the sponsor’s own numbers. They can lag what has actually sold, and they do not confirm that interests are still available.
The sponsor reported this offering sold out without filing per-sale amendments, so there is no raise history to show.
How is it financed, and what does it pay?
Leveraged means mortgage debt sits alongside investor equity: the lender's claim on the properties comes ahead of the beneficial owners, and that debt can also serve as replacement debt for an exchanger who paid off a mortgage on the relinquished property. Baker 1031 describes the mortgage as a non-recourse loan from Barclays.4
- Financing
- Leveraged. This offering reports mortgage debt on the property.
Who's behind it?
ExchangeRight runs a serial net-lease DST platform from Pasadena, California, and Portfolio 74 sits in a long numbered sequence of those offerings.1 On September 2, 2026 the sponsor announced the Trust fully subscribed, describing it as 11 long-term net-leased properties spanning 11 distinct markets in nine states.2 The Form D discloses $1,829,500 in sales commissions on the offering.
- Sponsor
- ExchangeRight
- May convert to a REIT
- No
- 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?
One Form D — the SEC notice filed for a private offering — sits on the record, with no amendment following it, so the public file still reflects the offering as it was launched. The exemption used bars general advertising and effectively limits sales to accredited investors, those meeting SEC income or net-worth tests.
- Form D filedFirst and latest filing on record.
- Legal Trust name
- ExchangeRight Net-Leased Portfolio 74 DST
- Filings on record
- 1
- 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
Is ExchangeRight Net-Leased Portfolio 74 DST still raising money?
Sold out: the source record identifies this offering as Fully Subscribed. The sponsor’s SEC filings show the offering raising money within the past 15 months. A filing does not by itself confirm you can still buy in.
Where does Top1031 get the data for ExchangeRight Net-Leased Portfolio 74 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.
Is this Trust still accepting investors?
No. ExchangeRight announced on September 2, 2026 that the Trust was fully subscribed and closed to new investors, so it now sits in the historical category. The only Form D on record was filed at launch on December 23, 2025 and has not been amended, so the SEC file itself does not track when the raise filled. Confirm current status with the sponsor or your representative.
Who are the tenants?
ExchangeRight's September 2, 2026 announcement says the properties are net-leased to national companies including Tractor Supply Company, Dollar General, CVS Pharmacy and Dollar General Market. Real Estate Transition Solutions reports the buildings 100% leased to three tenants with a weighted-average remaining lease term of 16.16 years. No public source reviewed maps a specific tenant to a specific building; lease-by-lease expirations, escalators and guarantor structure would be set out in the Private Placement Memorandum (PPM), the offering document delivered to prospective investors.
Where are the properties?
The reported footprint spans nine states: North Carolina, California, Ohio, Michigan, Texas, Mississippi, Pennsylvania, Iowa and Nebraska, across 11 single-tenant retail buildings totaling roughly 198,705 square feet. ExchangeRight's September 2, 2026 announcement described the properties as sitting in 11 separate markets. Individual street addresses do not appear in the Form D, so the property-by-property breakdown must come from the PPM.
Does the Trust carry debt, and who is the lender?
Yes. It is structured as a leveraged DST, meaning mortgage financing sits alongside the equity raised from investors, and that debt can serve as replacement debt for an exchanger who carried a mortgage on the relinquished property. ExchangeRight's September 2, 2026 announcement reports $26.75 million of non-recourse debt at a 42.23% loan-to-value ratio, and Baker 1031 reports that loan as coming from Barclays, fixed at 6.080% and interest-only for a ten-year term within roughly $63.34 million of total capitalization. The loan documents are not in the SEC record; the PPM and loan agreement govern.
How does ExchangeRight describe the exit?
ExchangeRight's September 2, 2026 announcement describes targeted exit options that include a tax-deferred Section 721 exchange — a contribution of the property interests into a REIT's operating partnership in return for partnership units — into its affiliated Essential Income REIT, while stating that achieving its objectives and exit strategies is not guaranteed. Nothing in the SEC record commits the Trust to that path, and the terms of any such transaction would be governed by the PPM.
What is the minimum investment, and what does Rule 506(b) mean?
The Form D filed December 23, 2025 states a minimum investment of $100,000; broker-dealers and custodians sometimes apply higher minimums of their own, and the binding figure is the one in the PPM and subscription documents. Rule 506(b) is a private-offering exemption under Regulation D that bars general advertising and effectively limits sales to accredited investors — generally individuals with $200,000 in annual income ($300,000 with a spouse) or $1 million in net worth excluding a primary residence.