Why the 45-day clock is a search-friction problem
The 1031 identification window punishes buyers who shop listing metadata. We reframe replacement search as a downside-survivability problem and show why it compresses time-to-identify.
Coming soonSee through the clutter. Shop with clarity.
Every OM, normalized. Every deal, underwritten to your exchange.
Every deal, in focus.
Normalized OMs Dark Shell Scoring Sized to your equity
Closed access. Currently inviting select exchangers. The methodology is public, in full, on our methodology page.
Normalized OMs Every broker offering memorandum parsed into one standardized schema (lease, tenant, offering, property) so you can compare across listings. Dark Shell Scoring A proprietary score for what equity survives if the tenant leaves at lease expiration. Base, bear, and stress vacancy modeled per asset. Sized to your equity Match candidates against YOUR exchange: your downleg basis, your timeline, your jurisdiction, not against generic listing metadata.
The scored universe
Every listing here is already underwritten to the dark-shell scenario.
Not a feed of listing metadata. A normalized, scored universe: asking cap rate modeled against what survives if the tenant goes dark at lease expiration. Here is the live shape of it, by tenant sector.
Auto Service 6.00% · n=9 Quick-Service Restaurant 5.75% · n=8 Specialty Retail 6.62% · n=8 Convenience & Fuel 5.17% · n=6 Medical & Dental 5.83% · n=6 Grocery 6.53% · n=2 (tick)
Scored listings
39
net-lease, modeled tenant-dark
Median asking cap
6.00%
across the scored universe
Markets
18
states with scored inventory
Median stress DSS
53
surviving equity, stress case · 0–100
Cap rate against tenant credit
Where the scored universe concentrates: higher cap rates sit at the top, stronger tenant credit to the left. The dense cells are where the sub-institutional net-lease bid actually clears.
IG
Strong
Standard
7.0%+
2
6.5-7.0%
3
1
5
6.0-6.5%
2
9
5.5-6.0%
2
2
4
5.0-5.5%
3
2
1
<5.0%
3
Asking cap rate (rows) × tenant credit tier (columns) · cell = scored listings
The universe
The pre-underwritten universe.
Every offering memorandum is normalized into one schema and scored on what survives if the tenant goes dark at lease expiration. You search a universe that has already been underwritten, not a feed of listing metadata.
The partnership
Your team, in one place.
Shop 1031 is the live-deal tool our advisors use with you. Configure your buyer profile once and route a shortlist to an advisor. No LOI, no obligation, one shared workspace from intake to identification.
Our methodology
We start where most people stop.
Dark Shell Scoring does not ask whether the tenant will renew. It asks what the buyer owns if the tenant does not: how much invested equity survives a dark shell across base, bear, and stress vacancy. That is where our underwriting begins.
Surviving equity, base to stress
Illustrative. Each listing is scored on its own base / bear / stress decomposition.
Buy the deal whose worst day is best.
Where we sit
Platforms map the market. Professionals close the deal. We structure the middle.
It's your money
It's your money. You worked hard to pick the best listing broker, to grind out the best deal, and get the best purchase price. What was all that worth if you don't use the best tools available to find your replacement property?
Our commitment
Three underwritten replacements that satisfy your exchange in 14 days, or Shop 1031 covers your QI setup fee.
For verified buyer profiles in an active identification window. See Terms §7A for the criteria-matched definition, cure path, and caps.
Market thesis
Field notes & methodology
Reading a Dark Shell Score in ninety seconds
A field guide to the survival-ratio decomposition: terminal value, vacancy carry, re-leasing cost, and the band that weights the stress case without ignoring base-case resilience.
Coming soonSub-institutional NNN: where the mispricing lives
Below the institutional bid and above the retail-broker floor sits a band of single-tenant assets that almost nobody underwrites tenant-out. That gap is the opportunity.
Coming soon