Offering Summary — DST Underwriting

Fresh Stop II DST is an all-cash syndication of four convenience store and gas station properties in Texas and Florida, offering a projected 6.75% initial cash flow.

Capital structure

Offering Equity$30.36M50.6% · $121,449 / unit

Offering Debt$29.64M

Offering price

$60.0M

Price / unit

$240,000

Units

250

Property age

12 yrs

Projected distribution rate

Avg 6.75%

Yr 1Term avg.

Yr 1 6.75%Term avg. 6.93%

Year-one distribution of 6.25% stepping to 7.20% by year seven.

The property

Four C-Store Assets Across Texas and Florida

$10,750,000 acquisition price

Fresh Stop II DST

gas station and convenience store properties

The four convenience store properties were originally built in 1978, 1988, 2003, and 2004.

2204 Highway 77, Driscoll, TX 78351

308 East Pine Street, Frankston, TX 75763

9590 Ulmerton Road, Largo, Florida 33771

4730 US-59, Shepherd, TX 77371

2204 Highway 77, Driscoll, TX 78351; 308 East Pine Street, Frankston, TX 75763; 9590 Ulmerton Road, Largo, Florida 33771; 4730 US-59, Shepherd, TX 77371

4 unitsgas station and convenience store properties

$10,750,000

100.0% of portfolio

Seller: —
Property manager: Madison Capital Group Holdings, LLC

Sponsor

Madison Capital Group Holdings, LLC

Asset Type

Gas station and convenience store properties

Location

2204 Highway 77, Driscoll, TX 78351; 308 East Pine Street, Frankston, TX 75763; 9590 Ulmerton Road, Largo, Florida 33771; 4730 US-59, Shepherd, TX 77371

Units

Property Age

The four convenience store properties were originally built in 1978, 1988, 2003, and 2004.

Offering Price

$13,161,798

Offering Debt

N/A - All-Cash

Offering Equity

$13,161,798

Offering LTV

N/A - All-Cash

Income % (Yr. 1)

6.75%

Avg. Income (Full Term)

6.93%

Minimum Cash Investment

—

Minimum 1031 Investment

—

Strengths

Four-property portfolio in Texas and Florida
Targeted initial distribution of 6.75%

Concerns

Properties constructed between 1978 and 2004
Appraisal represents only 53.03% of offering price