Dave Bulger
Vice President
O (855) 378-3443|C (561) 715-3235
18 Formero Street, Rancho Mission Viejo, CA 92694
Investment underwriting report
Complete offering, sponsor, fee and comparative analysis
Prepared
August 26, 2026
Offering summary
MDI Overland Park Net Lease DST is an all-cash, debt-free Delaware Statutory Trust offering sponsored by MDI Sponsor, LLC with a total offering price of $6,657,515. The trust is acquiring a 2022 build-to-suit single-tenant net lease automotive service facility leased to Caliber Collision, located at 14939 Metcalf Avenue in Overland Park, Kansas. The purchase price for the real estate is $5,800,000, representing an acquisition going-in cap rate of 5.99%. Projected investor cash flow reflects a Year 1 income rate of 5.08% and an average full-term income rate of 5.32%. Upfront transaction costs and total offering expenses equal $599,176, alongside $25,000 allocated for master tenant reserves. Exit strategies outlined for the offering include a 721 UPREIT transaction, a traditional 1031 exchange, or an outright cash sale.
0.0% of the offering is closed
$6,657,515 still available
$6,657,515
$0
0.0% of offering$0
Pending subscription$6,657,515
Open for subscriptionThe equity syndication targets $6,657,515 in total investor capital. The raise fully funds the acquisition cost of $6,058,339, total offering fees and expenses of $599,176, and initial master tenant reserve funding of $25,000.
Sector
Retail
Investment Category
DST
Projected First Year Cashflow
5.08%
Avg. 5.32% over term
Min. Cash Investment
—
Min. 1031 Investment
—
Total Offering Price
$6,657,515
Offering Debt
$0
All-equity offering
LTV
—
On acquisition price
Units / Tenants
—
14939 Metcalf Avenue, Overland Park, Kansas
Property Age
The property was constructed in 2022 as a build-to-suit Caliber Collision automotive service facility, indicating a 2022 year built for the main building.
The offering seeks to raise $6,657,515 in total equity to acquire a single-tenant Caliber Collision facility built in 2022 in Overland Park, Kansas. The property was acquired for $5,800,000 against an all-cash capital structure with $0 in loan proceeds. Initial distributions are projected at 5.08% in Year 1, averaging 5.32% across the full term.
Debt-Free Structure
$0 DebtEliminates maturity, balloon payment, and interest rate risks by funding the entire $6,657,515 capitalization with equity.
Recent Construction
2022 BuiltAsset was constructed in 2022 as a build-to-suit automotive service facility for Caliber Collision.
Established Tenant Footprint
1,800+ LocationsCaliber Collision supports the single-tenant lease with nationwide operations and over 31,000 employees.
Single-Tenant Exposure
1 TenantEntire cash flow stream is dependent on Caliber Collision maintaining lease obligations at the Overland Park site.
Front-End Load & Fees
$599,176Total offering expenses and front-end fees total $599,176 above the $5,800,000 property purchase price.
Newer DST Track Record
2025 LaunchSponsor transitioned from an equity REIT to DST syndication in 2025, launching its inaugural DST in November 2025.
The asset benefits from recent 2022 build-to-suit construction and a single-tenant lease to Caliber Collision, which operates over 1,800 locations nationwide with 31,000 employees. Furthermore, the offering carries an all-cash, debt-free capital structure ($0 debt), eliminating interest rate and refinancing risks. Projected returns offer predictable baseline cash flow with a Year 1 rate of 5.08% and a full-term average of 5.32%.
Offering Equity
100.0% of offering
Acquisition Cost
91.0% of offering
Offering Expenses
9.0% of offering
Reserves
0.4% of offering
Total Offering
$6.66M
All equity — no mortgage debt
Acquisition Cost
$6.06M
91.0% of offering to the property
Total Fees & Expenses
$599K
9.00% of offering
Reserves
$25K
0.4% of offering
Sources comprise $6,657,515 in offering equity with $0 debt. Uses include the $5,800,000 property acquisition, $92,800 acquisition fee, $133,150 dealer fee, $95,000 in O&O expenses, $66,575 BD due diligence allowance, $45,539 in title and recording costs, $1,031 in finance expenses, and $25,000 in reserves.
Tone reflects relative strength, not a rating
Leverage Risk
FavorableThe trust is all-cash with $0 debt and 0% loan proceeds, insulating investors from lender covenant or refinancing exposure.
Tenant Concentration
CautionRevenue relies entirely on Caliber Collision's single-tenant lease at the single Overland Park location.
Sponsor DST History
CautionMDI Sponsor, LLC transitioned to DST sponsorship in 2025, having issued its first DST offering in November 2025.
Capitalization & Reserves
FavorableMaster tenant reserves of $25,000 are funded upfront within the total $6,657,515 equity raise.
The investment is concentrated in a single-tenant automotive service property, creating 100% reliance on Caliber Collision's operational performance and lease adherence. Additionally, MDI Sponsor, LLC has limited operational history specifically managing DST programs, having shifted into DST sponsorship in late 2025.
Syndicated Cap Rate
—
NOI ÷ offering price
Upfront Load
9.00%
Total fees ÷ offering price (all-equity offering)
Premium / Discount
—
Offering price vs. appraised value
Offering vs. Acquisition
114.8%
Offering price ÷ acquisition price
Price per Unit
—
Offering price ÷ — units
Distribution rates as extracted from the offering materials.
Total acquisition cost including closing items is $6,058,339 against an acquisition price of $5,800,000. Total upfront fees and reserves equal $857,314, with total offering expenses quantified at $599,176 and cash reserves at $25,000. Front-end load represents the difference between the $6,657,515 equity raise and the direct property acquisition baseline.
Sponsor
MDI Sponsor, LLC commenced real estate acquisitions in April 2017, building a legacy portfolio in retail, flex-industrial, and net lease properties before pivoting in 2025 to focus primarily on Delaware Statutory Trust offerings.
• MDI built a legacy real estate portfolio that included retail centers, flex-industrial properties, and single-tenant net lease properties, and later contributed a Tesla-leased sales, service, and delivery facility in Pensacola, Florida into its inaugural DST offering, MDRR XXV DST 1.
Properties owned or managed
—
Across all programs
—
Prior DST offerings
—
DST-held assets
Caliber Collision, the tenant at the property, operates more than 1,800 locations nationwide with over 31,000 employees.
Disclosed headcount
Retail
Stated strategy
MDI Sponsor, LLC repositioned in 2025 from a traditional equity REIT model to a Delaware Statutory Trust platform, launching its inaugural DST offering in November 2025. The sponsor's real estate track record dates back to its first property acquisition in April 2017, encompassing retail centers, flex-industrial properties, and net lease assets.
Acquired first real estate asset in April 2017
Track record across retail, flex-industrial, and single-tenant net lease properties
Successfully launched inaugural DST (Tesla Pensacola) in November 2025
Limited operating track record specific to the DST structure prior to late 2025
Relatively small syndication track record as a standalone DST sponsor platform
The property
$5,800,000 acquisition price
MDI Overland Park Net Lease DST
single-tenant net lease automotive service facility
The property was constructed in 2022 as a build-to-suit Caliber Collision automotive service facility, indicating a 2022 year built for the main building.
14939 Metcalf Avenue, Overland Park, Kansas
14939 Metcalf Avenue, Overland Park, Kansas
$5,800,000
100.0% of portfolio
The trust utilizes an all-cash structure with no debt, zero leverage, and no loan-related closing costs or refinancing liabilities.
All-cash offering — no mortgage debt, so there is no leverage to chart.
$0
All-cash, debt-free · Exit optionality: 721 UPREIT, 1031 exchange, or cash sale
—
—
—
—
—
5.05%
Properties were acquired for $10,750,000 against a syndicated offering price of $13,161,798 and an appraised value of $6,980,000.
$5,800,000
$6,657,515
The acquisition going-in cap rate for the property is 5.99%.
—
—
—
—
—
—
100%
0.38%
The $13,161,798 capital raise allocates $10,750,000 to property purchase, $1,447,798 to offering and selling fees, and $474,000 to master tenant reserves.
Total Fees & Expenses
$599,176
% of offering
9.00%
All-equity offering — load on equity equals load on offering price. · $857,314 including reserves (12.88% of offering)
Total fees & expenses
$599K
9.00% of offering
Offering expenses
$599K
9.00% of offering
Reserves held
$25K
0.38% of offering
| Item | Amount | % Equity | % Offering |
|---|---|---|---|
| Acquisition Fee | $92,800 | 1.39% | 1.39% |
| Title & Recording Costs | $45,539 | 0.68% | 0.68% |
| Reserves (Loan Proceeds) | $25,000 | 0.38% | 0.38% |
| Reserves (Master Tenant) | $25,000 | 0.38% | 0.38% |
| Reserves (Lumped) | $25,000 | 0.38% | 0.38% |
| Finance Expenses | $1,031 | 0.02% | 0.02% |
| Total Acquisition Cost | $6,058,339 | 91.00% | 91.00% |
| Total Acq. Cost (Reserves) | $6,058,339 | 91.00% | 91.00% |
| Item | Amount | % Equity | % Offering |
|---|---|---|---|
| Dealer Fee | $133,150 | 2.00% | 2.00% |
| BD Due Diligence Allowance | $66,575 | 1.00% | 1.00% |
| O&O Expenses | $95,000 | 1.43% | 1.43% |
| Total Offering Expenses | $599,176 | 9.00% | 9.00% |
| Total Fees / Expenses | $599,176 | 9.00% | 9.00% |
| Total Upfront Fees (Reserves) | $857,314 | 12.88% | 12.88% |
Sponsor compensation includes an upfront load of 6.00%, an annual asset management fee of $60,000, up to 5.00% property management fees, and a 4.00% disposition fee.
$92,800
1.39%
$133,150
2.00%
$599,176
10.33%
Master lease payments start at $948,000 in Year 1 and escalate to $995,400 by Year 10, delivering a full-term average yield of 6.93%.
5.08%
Standing
27 of 57
Blended percentile across 10 extracted metrics.
Pricing
81st pct
Leverage
39th pct
Cost
42nd pct
Ongoing
0th pct
Structure
74th pct
Pricing
Leverage
Cost
Ongoing
Structure
Bar spans the cohort minimum (Min) to maximum (Max), labelled beneath with the cohort median (Med). Shaded band is the 25th–75th percentile, the tick is the median, and the dot is this offering.
Year 1 distribution
86th pct5.08%median 4.51%
Total upfront load
34th pct9.00%median 5.97%
| Metric | This offering | Cohort median | 25th–75th | Difference | Percentile |
|---|---|---|---|---|---|
| Year 1 distributionPricing | 5.08% | 4.51% | 4.40% – 5.00% | +0.57% | 86th |
| Avg. distribution (term)Pricing | 5.32% | 5.05% | 4.75% – 5.31% | +0.27% | 76th |
| Offering LTVLeverage | 5.05% | 46.17% | 18.78% – 49.80% | −41.12% | 74th |
| Loan termLeverage | 2.0 yrs | 10 yrs | 9.5 yrs – 10.5 yrs | −8.0 yrs | 3rd |
| Total upfront loadCost | 9.00% | 5.97% | 4.89% – 9.50% | +3.03% | 34th |
| Acquisition feeCost | 1.39% | 2.65% | 1.89% – 3.77% | −1.26% | 87th |
| ReservesCost | 0.38% | 5.54% | 1.76% – 9.03% | −5.17% | 4th |
| Asset management feeOngoing | 5.08% | 0.30% | 0.16% – 0.40% | +4.78% | 0th |
| Equity share of capitalStructure | 100.00% | 97.50% | 52.74% – 100.00% | +2.50% | 50th |
| Hold periodStructure | 2.0 yrs | 10 yrs | 9.5 yrs – 10.5 yrs | −8.0 yrs | 97th |
| Offering | Sponsor | Cap rate | LTV | DSCR | Load | Hold | Match |
|---|---|---|---|---|---|---|---|
| PG Savannah Industrial DST | Peachtree Hotel Group II, LLC | 7.40% | 0.00% | — | 9.50% | — | 95% |
| AEI Healthcare Property VII DST | AEI Capital Corporation | 7.00% | — | — | 7.62% | — | 94% |
| AX Diversified Retail Portfolio DST | Apollo RE Exchange, LLC | 6.00% | — | — | 7.50% | — | 92% |
| Canyon State Minerals LLC | Montego Minerals | — | — | — | 9.50% | — | 91% |
| Blue Door Property II DST | Unknown sponsor | 6.11% | 0.00% | — | 10.50% | — | 90% |
| Madison Waterstar Orlando DST | Madison Capital Group | 5.30% | 40.00% | — | 7.55% | — | 90% |
| MCG Arden NC Multifamily DST | Madison Long Shoals Manager, LLC | — | — | 1.64x | 10.50% | — | 90% |
| Inland Self Storage Portfolio XXII DST | Inland Private Capital Corporation | — | 0.00% | — | 8.40% | — | 89% |
Match score is a normalised distance across the full extracted metric set — asset type, pricing, leverage, cost and structure all weighted equally.
Figures on this page are generated from automated extraction of offering documents and may contain errors or omissions. Verify every metric against the sponsor's offering materials before relying on it for an investment decision.