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Retail
RM Net Lease 1, DST
Tulsa, OK
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RM Net Lease 1, DST
Tulsa, OK
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Overview
RM Net Lease 1, DST
RM Net Lease 1, DST owns a Tractor Supply store (the “Property”) located in Broken Arrow, OK, a wealthy southeast suburb of Tulsa. Tractor Supply Corporate guarantees the lease, which has over 10 years remaining on its lease term. Tractor Supply has occupied the store since the building was constructed in 2015. The business plan is to acquire the asset all cash with no debt, generate a 5.30% Year 1 investor yield, and provide monthly cash distributions and institutional management services to the DST Investors.
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Details
For more information, view the Sponsor's Investment Memorandum.
Eligibility 1031 Exchange Only
Minimum Investment 100000
Estimated Hold Period 10 Years
Investment Type Equity
721 Type Optional
Year 1 Investor Yield 5.30%
Sponsor Documents
The offering documents above have been prepared and are being delivered by the Sponsor of this investment opportunity, and not by RM Securities, LLC. RM Securities, LLC and its associated persons did not assist in preparing, do not explicitly or implicitly adopt or endorse, and are not otherwise responsible for, the Sponsors offering documents posted below or any content therein.
Deal Highlights
Investment Highlights
Well-Maintained Built-to-Suit Asset: Constructed in 2015, the Property was specifically developed for Tractor Supply and their floorplan needs. The building remains in good condition and still has five years remaining on its roof warranty.
Investment Grade & Recession-Resilient Tenant: Tractor Supply Company, a Fortune 500 and S&P BBB-rated company is the largest rural lifestyle retailer in the US with 2,200+ stores nationwide. Their business model is designed to be recession-resilient exhibited by their performance during the pandemic and Great Recession, achieving 52% and 34% growth during those periods, respectively. (Tractor Supply Annual Reports)
Strong Store Performance & Long-Term Commitment: Tractor Supply extended their lease early, indicating their long-term commitment to the location. This location has high foot traffic compared to other Tractor Supply stores over the last 12 months, ranking in the 57th percentile nationwide, 88th percentile in Oklahoma, and 92nd percentile within a 50-mile radius. (Placer.ai)
High Visibility Location: Accessible via Kenosha Street, a major east-west thoroughfare, the Property demonstrates strong connectivity to the greater Tulsa MSA due to its location near the intersection of Highway 364 (Tulsa highway ring) and Highway 51 (route to downtown).
Affluent Demographics: With a population surpassing 119k and an A-rated school district, Broken Arrow is an affluent suburb with a median household income of $85k and an average home value of $273k, exceeding that of the larger MSA ($58k and $198k, respectively). (United States Census Bureau; Niche.com; Zillow)
Path of Growth Submarket: Wagoner County, where the Property is located, has the #3 highest net in-migration growth in the state, exemplified by the new residential developments under construction. Within a three-mile radius of the Property, the five-year Income Density and Total Consumer Retail Spend growth rates rank in the 75th percentile compared to other locations nationwide. (Federal Reserve Bank of Kansas City; Placer.ai)
Growing Market: Deemed the Oil Capital of the World, Tulsa County grew 55% faster than the nation as a whole from 2010 to 2023, driven by its lower cost of living. (US Census Bureau)
Debt-Free Offering: The DST is an all-cash, debt-free offering eliminating the risk of lender foreclosure and providing exit strategy flexibility.
Experienced Sponsor: The Sponsor is a joint venture between RealtyMogul and Stablewood. RealtyMogul has been involved in over $8 billion of real estate transactions and has joint ventured with Stablewood to leverage their proprietary technology and market expertise to identify NNN assets to drive value for the DST investors.
Well-Maintained Built-to-Suit Asset: Constructed in 2015, the Property was specifically developed for Tractor Supply and their floorplan needs. The building remains in good condition and still has five years remaining on its roof warranty.
Investment Grade & Recession-Resilient Tenant: Tractor Supply Company, a Fortune 500 and S&P BBB-rated company is the largest rural lifestyle retailer in the US with 2,200+ stores nationwide. Their business model is designed to be recession-resilient exhibited by their performance during the pandemic and Great Recession, achieving 52% and 34% growth during those periods, respectively. (Tractor Supply Annual Reports)
Strong Store Performance & Long-Term Commitment: Tractor Supply extended their lease early, indicating their long-term commitment to the location. This location has high foot traffic compared to other Tractor Supply stores over the last 12 months, ranking in the 57th percentile nationwide, 88th percentile in Oklahoma, and 92nd percentile within a 50-mile radius. (Placer.ai)
High Visibility Location: Accessible via Kenosha Street, a major east-west thoroughfare, the Property demonstrates strong connectivity to the greater Tulsa MSA due to its location near the intersection of Highway 364 (Tulsa highway ring) and Highway 51 (route to downtown).
Affluent Demographics: With a population surpassing 119k and an A-rated school district, Broken Arrow is an affluent suburb with a median household income of $85k and an average home value of $273k, exceeding that of the larger MSA ($58k and $198k, respectively). (United States Census Bureau; Niche.com; Zillow)
Path of Growth Submarket: Wagoner County, where the Property is located, has the #3 highest net in-migration growth in the state, exemplified by the new residential developments under construction. Within a three-mile radius of the Property, the five-year Income Density and Total Consumer Retail Spend growth rates rank in the 75th percentile compared to other locations nationwide. (Federal Reserve Bank of Kansas City; Placer.ai)
Growing Market: Deemed the Oil Capital of the World, Tulsa County grew 55% faster than the nation as a whole from 2010 to 2023, driven by its lower cost of living. (US Census Bureau)
Debt-Free Offering: The DST is an all-cash, debt-free offering eliminating the risk of lender foreclosure and providing exit strategy flexibility.
Experienced Sponsor: The Sponsor is a joint venture between RealtyMogul and Stablewood. RealtyMogul has been involved in over $8 billion of real estate transactions and has joint ventured with Stablewood to leverage their proprietary technology and market expertise to identify NNN assets to drive value for the DST investors.
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Management
For more information, view the Sponsor's Investment Memorandum.
RealtyMogul & Stablewood

The DST is a joint venture between RealtyMogul and Stablewood. With RealtyMogul's diverse real estate experience paired with Stablewood's data-driven net lease retail expertise, the two parties look to acquire and syndicate compelling DST opportunities and provide seamless investor experiences.

 

Founded on the mission of democratizing the ability to invest in select real estate deals, RealtyMogul offers investment opportunities across property types and markets via private placements, 1031 Exchange properties, and two REITs. Since inception, investors have used the RealtyMogul platform to invest over $1.2B of equity into over $8.0B of properties. RealtyMogul’s commitment to the retail investor has attracted 290k members to register through the website, which has translated to over 40,000 investments made by this base. (1)

 

Stablewood combines institutional real estate expertise with cutting-edge analytics and advanced technology, establishing itself as a next-generation investment management firm. By leveraging proprietary AI-powered tools and deep market knowledge, Stablewood identifies mispriced assets, emerging credit tenants, and high-renewal-probability investments, creating value throughout the investment lifecycle. Stablewood has acquired over $380M in net lease acquisitions across 115 properties, of which 9 were Tractor Supply assets.

Stablewood has met investor distributions consistently since its inception. Due to their proven track record, they now invest capital on behalf of leading global banks and national insurance firms.

 

(1) Capital invested includes: (i) common equity investments in real estate companies and funds; (ii) fixed income investments including preferred equity, senior debt, and mezzanine debt in connection with the acquisition or refinance of commercial real estate; (iii) residential debt investments in connection with financing the acquisition, improvement/renovation, and sale of single family homes; and (iii) loans originated for sale which include non-fractionalized loans sold to institutional buyers. Includes capital that has been deployed by, as well as material amounts of committed but undeployed cash held by, affiliated and unaffiliated real estate companies and funds, including cash in real estate funds that has been returned from completed investments. Certain investments are made by Realty Mogul, Co. or its affiliates. This information should not be used as a basis for an investor’s decision to invest. All information and any calculations used herein is based on information from inception through 12/31/2024.

Management Team
Management
Jilliene Helman
CEO, RealtyMogul

Jilliene Helman is Chief Executive Officer and Founder of RealtyMogul where she is responsible for the company’s strategic direction and operations. In this capacity, she has been involved in investments with property values worth over $7 billion including 197 multifamily transactions encompassing 33,000 multifamily units. Ms. Helman is also Chief Executive Officer of Realty Mogul Commercial Capital, Chief Executive Officer of RM Securities, a FINRA registered broker-dealer (BrokerCheck), and Chief Executive Officer of RM Adviser, an SEC Registered Investment Adviser.  She also sits on the Board of Directors for RealtyMogul Apartment Growth REIT.  Ms. Helman holds a Bachelor’s degree in International Business and Management Change from Georgetown University.

Management
Glenn Lowenstein
CEO, Stablewood

Glenn Lowenstein has been investing in commercial real estate for over 35 years as a developer, operator, and fiduciary on behalf of many of the world’s largest institutions. He has designed, financed, and executed multiple national and international investment strategies, representing over $20 billion in transactions. Mr. Lowenstein was the co-founder, CEO, and CIO of Lionstone Investments, which was founded in 2001 and sold in 2017. Previously he worked at Hines for over a decade, ultimately as the Chief Investment Officer. Prior to 1989, he worked in real estate investment banking at leading Wall Street firms. Mr. Lowenstein has a Bachelor of Arts from Georgetown University and a Master of Business Administration from New York University.

Management
Michael Godfrey
Head of Retail, Stablewood

Michael Godfrey is Head of Stablewood Retail, overseeing the company’s Single-Tenant Net Lease Retail investment strategies. Prior to leading the Stablewood Retail group, Mr. Godfrey was an Investment Manager within the company’s Single-Tenant Net Lease Retail Investments program.

Mr. Godfrey has over 10 years of commercial real estate experience including positions in investment advisory and acquisitions. Prior to joining Stablewood, he worked within JLL’s Capital Markets division in Melbourne, Australia. Mr. Godfrey holds a master’s degree in real estate from Royal Melbourne Institute of Technology, and a Bachelor of Commerce in Finance and Management from the University of Melbourne.

Comparables
For more information, view the Sponsor's Investment Memorandum.

Tractor Supply Lease Comparables

Tenant MSA Year Built Current NOI Net Rentable SF NOI / SF Lease Type
Tractor Supply (Subject) Tulsa 2015 $323,070 18,900 $17 NN
Tractor Supply Austin 2008 $305,700 18,782 $16 NN
Tractor Supply Austin 2021 $368,506 21,122 $17 NN
Tractor Supply San Antonio 2019 $334,731 18,800 $18 NN
Tractor Supply Houston 2017 $372,810 21,930 $17 NN
Tractor Supply Austin 2017 $379,523 21,702 $17 NN
Tractor Supply Salt Lake City 2014 $361,185 21,930 $16 NN
Tractor Supply Denver 2018 $342,752 21,930 $16 NN
Averages     $303,387   $17  

 

Tractor Supply Sales Comparables (1)

Location State Median HHI (2) Decade Built Cap Rate
Suburban OK $85,000 2015 6.50%
Suburban AZ $56,000 2020s 6.25%
Rural TX $55,000 2000s 5.39%
Suburban AZ $55,000 2020s 6.45%
Rural OH $43,000 1970s 6.50%
Rural FL $51,000 2010s 6.40%
Rural MD $76,000 2000s 6.45%
Rural MD $73,000 2010s 6.40%
Suburban SC $45,000 2010s 6.30%
Rural TX $69,000 2000s 6.45%
Rural AZ $58,000 2010s 6.30%
Suburban IN $120,000 2010s 6.35%
Rural GA $45,000 2020s 6.40%
Rural SC $53,000 2010s 6.50%
Rural MI $49,000 2000s 6.25%
    $62,000   6.31%

(1) All transactions, apart from the Subject Property, closed in 2024.

(2) Median HHI is rounded to the nearest thousand.

Financials
For more information, view the Sponsor's Investment Memorandum.
Sources & Uses
Use of Proceeds Amount
Purchase Price $4,970,308
Acquisition Costs $47,000
Acquisition Fee $149,109
Ongoing Expenses $73,201
Carry Costs $125,000
Operating Reserves $189,000
Organization & Offering Expenses $175,000
Placement Fee $238,692
Total Use of Proceeds $5,967,311
Distributions

Please refer to the RM Net Lease 1, DST - Private Placement Memorandum in the Documents section for details regarding distributions.

Fees

You will pay certain fees and compensation over the life of the transaction; please refer to the Sponsor's materials for details. The following fees and compensation will be paid: (1)(2)

One-Time Fees:

Type of Fee Amount of Fee Received By
Acquisition Fee 3.0% of Purchase Price Stablewood Retail, LLC & RM Net Lease GP, LLC
Disposition Fee 3.0% of Exit Price Stablewood Retail, LLC & RM Net Lease GP, LLC
Placement Fee (2) 4.0% of Offering Equity RM Securities, LLC

Recurring Fees:

Type of Fee Amount of Fee Received By
Asset Management Fee 2.0% of NOI Stablewood Retail, LLC

(1) Fees may be deferred to reduce impact to investor distributions.
(2) For more information on the fees paid to RM Securities and its affiliates or any other fees you will pay in connection with Sponsor’s offering, please carefully review the Sponsor’s Investment Documents. Please also carefully review RM Securities’ Form CRSRegulation Best Interest Disclosures, and Limited Brokerage Services Agreement.

Sources & Uses
Use of Proceeds Amount
Purchase Price $4,970,308
Acquisition Costs $47,000
Acquisition Fee $149,109
Ongoing Expenses $73,201
Carry Costs $125,000
Operating Reserves $189,000
Organization & Offering Expenses $175,000
Placement Fee $238,692
Total Use of Proceeds $5,967,311
Distributions

Please refer to the RM Net Lease 1, DST - Private Placement Memorandum in the Documents section for details regarding distributions.

Fees

You will pay certain fees and compensation over the life of the transaction; please refer to the Sponsor's materials for details. The following fees and compensation will be paid: (1)(2)

One-Time Fees:

Type of Fee Amount of Fee Received By
Acquisition Fee 3.0% of Purchase Price Stablewood Retail, LLC & RM Net Lease GP, LLC
Disposition Fee 3.0% of Exit Price Stablewood Retail, LLC & RM Net Lease GP, LLC
Placement Fee (2) 4.0% of Offering Equity RM Securities, LLC

Recurring Fees:

Type of Fee Amount of Fee Received By
Asset Management Fee 2.0% of NOI Stablewood Retail, LLC

(1) Fees may be deferred to reduce impact to investor distributions.
(2) For more information on the fees paid to RM Securities and its affiliates or any other fees you will pay in connection with Sponsor’s offering, please carefully review the Sponsor’s Investment Documents. Please also carefully review RM Securities’ Form CRSRegulation Best Interest Disclosures, and Limited Brokerage Services Agreement.

Disclosures
RM Securities, LLC and its Affiliates Compensation

RM Securities, LLC, its registered representatives, affiliates, associated persons, and personnel of its affiliates who may also be associated with it, including our associated persons and personnel of our affiliates who are also be associated with RM Securities, LLC (it (“RM Securities,” “we,” “our,” or “us”) will receive fees, expense reimbursements, and other compensation (“Fees”) from the issuer of this investment offering, its sponsor, or an affiliate thereof (“Sponsor”), or otherwise in connection with Sponsor’s offering. The Fees paid to us are in addition to other fees you will pay to Sponsor or in connection with Sponsor’s investment offering. You will pay Fees to Sponsor, either directly or indirectly as an investor in the Sponsor’s offering. Sponsor will use the Fees you pay, as well as funds you invest in the relevant offering, to compensate us. The Fees paid to us will directly or indirectly be borne by you as the investor (typically, but not always, in the form of an expense of the Sponsor’s offering in which you invest) because such Fees will reduce the proceeds available for distribution to you and reduce the amount you earn over time.

For more information on the Fees paid to us, or any other Fees you will pay in connection with Sponsor’s offering, please carefully review the Sponsor’s Investment Documents. Please also carefully review RM Securities’ Form CRS, Regulation Best Interest Disclosures, and Limited Brokerage Services Agreement.

No Approval, Opinion or Representation, or Warranty by RM Securities, LLC

Sponsor has provided, approved, and is solely responsible in all aspects for the information on this webpage (“Page”), including Sponsor’s offering documentation, which may include without limitation the Private Placement Memorandum, Operating or Limited Partnership Agreement, Subscription Agreement, the Project Summary and all exhibits and other documents attached thereto or referenced therein (collectively, the “Investment Documents”). The Investment Documents linked on this page have been prepared and posted by Sponsor, and not by RM Securities. We did not assist in preparing, do not adopt or endorse, and we are not otherwise responsible for, the Sponsor’s Investment Documents. We make no representations or warranties as to the accuracy of information on this Page or in the Sponsor’s Investment Documents and we accept no liability therefor. No part of the information on this Page or in the Sponsor’s Investment Documents is intended to be binding on us.

Sponsor’s Information Qualified by Investment Documents

The information on this Page is qualified in its entirety by reference to the more complete information about the offering contained in the Sponsor’s Investment Documents. The information on this Page is not complete and subject to change at the Sponsor’s discretion at any time up to the closing date. The Sponsor’s Investment Documents and supplements thereto contain important information about the Sponsor’s offering including relevant investment objectives, the business plan, risks, charges, expenses, and other information, which you should consider carefully before investing. The information on this Page should not be used as a basis for an investor’s decision to invest.

Risk of Investment

This investment is speculative, highly illiquid, and involves substantial risk. There can be no assurances that all or any of Sponsor’s assumptions, expectations, estimates, goals, hypothetical illustrations, or other aspects of Sponsor’s business plans (“Assumptions”) will be true or that actual performance will bear any relation to Sponsor’s Assumptions, and no guarantee or representation is made that Sponsor’s Assumptions will be achieved. If Sponsor does not achieve its Assumptions, your investment could be materially and adversely affected. A loss of part or all of the principal value of your investment may occur. You should not invest unless you can readily bear the consequences of such loss. Sponsor’s Assumptions should not be relied upon as the primary basis for your decision to invest.

No Reliance on Forward-Looking Statements; Sponsor Assumptions

Sponsor is solely responsible for statements made concerning forward-looking statements and Assumptions, which apply only as of the date made, are preliminary and subject to change, and are expressly qualified in their entirety by the disclosures and cautionary statements included in Sponsor’s Investment Documents, which you should carefully review. Neither RM Securities nor Sponsor are obligated to update or revise such forward-looking statements or Assumptions to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. Sponsor’s forward-looking statements and Assumptions are hypothetical, not based on actual investment achievements or events, and are presented solely for purposes of providing insight into the Sponsor’s investment objectives, detailing Sponsor’s anticipated risk and reward characteristics, and establishing a benchmark for future evaluation of actual results; therefore, they are not a predictor, projection, or guarantee of future results. You should not rely on Sponsor’s forward-looking statements as a basis to invest.

Importantly, we do not adopt, endorse, or provide any assurance of returns or as to the accuracy or reasonableness of Sponsor’s Assumptions or forward-looking statements.

No Reliance on Past Performance

Any description of past performance is not a reliable indicator of future performance and should not be relied upon as the primary basis to invest.

Sponsor’s Offering is Not Registered

Sponsor’s securities offering will not be registered under the Securities Act of 1933, as amended (the “Securities Act”), in reliance upon the exemptions from registration pursuant to Rule 506(c) of Regulation D as promulgated under the Securities Act (“Private Placement”). In addition, the offering will not be registered under any state securities laws in reliance on exemptions from state registration. Such securities (your ownership interests) are subject to restrictions on transferability and resale and may not be transferred or resold except as permitted under applicable state and federal securities laws pursuant to registration or an available exemption. All Private Placements on the Platform are intended solely for “Accredited Investors,” as that term is defined in Rule 501(a) under the Securities Act.

No Investment Advice

Nothing on this Page should be regarded as investment advice (either with respect to a particular security or regarding an overall investment strategy), a recommendation, an offer to sell, or a solicitation of or an offer to buy any security. Advice from a securities professional is strongly advised to understand and assess the risks associated with real estate or private placement investments. For additional information on RM Securities’ involvement in this offering, please carefully review the Sponsor’s Investment Documents, and RM Securities’ Form CRS, Regulation Best Interest Disclosures, and Limited Brokerage Services Agreement.

1031 Exchange Risk

Internal Revenue Code Section 1031 (“Section 1031”) contains complex tax concepts and certain tax consequences may vary depending on the individual circumstances of each investor. RM Securities and its affiliates make no representation or warranty of any kind with respect to the tax consequences of your investment or that the IRS will not challenge any such treatment. You should consult with and rely on your own tax advisor about the tax aspects with respect to your particular circumstances.
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