1031 Replacement Property Marketplace

Commercial real estate inventory constraints have had a large impact on the 1031 exchange process, leading to a rise in the interest of DSTs. Many investors still prefer a traditional 1031 replacement property, and off-market opportunities are one of the best ways to find one when supply is tight.

These off-market opportunities used to be hidden inside personal networks and institutional investor pools. Exchango is a platform that changes this by giving buyers in a 1031 exchange exclusive access to browse off-market properties from top commercial real estate brokers across the nation.

What are off-market and pre-market properties?

Off-market: Off-market properties are from owners willing to sell but these listings aren't advertised on traditional sites like Crexi and LoopNet.
Pre-market: A pre-market property is one that is coming to market soon but has not yet been listed and marketed publicly yet.

These listing types used to require knowing a broker personally who has a deep connection with local owners they know are willing to sell.

Why a head start matters

For a 1031 buyer, having a head start matters. You have 45 days after closing to identify your replacement property. By the time a strong property shows up on a listing site, other buyers are often already looking at it. With only 45 days, losing your first choice to someone who saw it sooner can put your exchange at risk. Off-market and pre-market deals give you more options and confidence in closing in time.

Do you need a DST to own passive real estate?

Tight inventory has pushed a lot of 1031 buyers toward Delaware Statutory Trusts (DSTs), mostly because they're sold as hands-off. But a single-tenant net lease (NNN) property can be nearly as hands-off, and you own it outright: the whole property, not a share.

DST (fractional ownership)

You buy a fractional share of a property, or a group of properties, owned and run by a sponsor.

The sponsor makes every decision, including when to sell
You can't refinance, renovate or re-lease
Sponsor fees come out of your return
Your share is hard to sell before the sponsor exits
When the sponsor sells, you face another exchange or a tax bill on their timeline

Direct NNN ownership

You own the deed. The tenant pays the property taxes, insurance and most maintenance under a long-term lease.

You decide when to sell, refinance or exchange again
Rent comes to you with no sponsor fees in between
Leases often run 10 years or more with built-in rent increases
You can roll into your next 1031 on your own schedule

Where DSTs still fit

DSTs still have a place, like parking a small amount of leftover exchange money or serving as a backup identification. But if you want ownership without a second job, owning an NNN property directly gives you the control a DST takes away. Talk with your QI and tax advisor about which fits your exchange.

When should you start looking for a replacement property?

As early as you can. The 45-day identification window and the 180-day closing deadline both start the day your sale closes. Neither one stops even if a deal falls apart.

to identify replacement property: 45 days
to close: 180 days
properties to identify: Up to 3

Before your closing, have three things ready:

Your replacement criteria (asset type, price range and markets)
A financing plan
A list of backups

The rules generally let you identify up to three properties, so a second and third choice can save your exchange if issues arise with your first choice. Your Qualified Intermediary can walk you through the identification rules that apply for your exchange.

Where do off-market 1031 properties come from?

1. Brokers' private buyer lists

Before a listing goes public, many brokers quietly offer it to buyers they already know. These are often called pocket listings. If you aren't on that broker's list, you never hear about the deal.

2. Owners who aren't actively selling

Some investors find deals by contacting owners directly through mailers, calls or county records. It works, but it can take months, which is hard to fit inside a 45-day window.

3. Off-market marketplaces

Sites like Exchango let licensed brokers post off-market and pre-market properties for qualified buyers. You set up one buyer profile and see deals from brokers across the country, without needing a personal connection to each one.

How do you get access to off-market deals?

Brokers decide who sees a quiet deal. These steps make you the buyer they call first.

1
Write down specific criteria: asset type, price range, cap rate, markets and the tenant credit you'll accept. Say you want direct ownership of the whole property, not a DST share.
2
Show you can close. Have your QI in place and proof of funds or a lender pre-approval ready to share.
3
Get in front of brokers who work your asset type and markets, not just the biggest names.
4
Tell brokers your deadline. A firm 45-day window tells them you're a serious buyer.
5
Move fast once a deal fits. Be ready to sign an NDA, review the numbers and give a clear answer within days.

What can you see before signing an NDA?

Why sellers want privacy

Off-market sellers want privacy. Most don’t want tenants, employees or competitors to know the property is for sale. So the listing shows enough for you to decide whether it’s worth a closer look, and the full details unlock once you sign an NDA for that deal.

Visible before the NDA

Price
Cap rate
Size and year built
Asset type and general area

Unlocked by a per-deal NDA

Address and photos
Tenants and rent roll
Diligence documents
A direct line to the listing broker

How it works on Exchango

On Exchango, you sign online and get the address, rent roll and documents right away. In order to make this process as seamless on Exchango as possible, we use our own NDA language and template for all deals so you can move quickly.

Always read the full terms before signing an NDA or any other legally binding document. If anything is unclear, review it with your attorney before you sign.

How does Exchango work for 1031 buyers?

Exchango is an off-market marketplace for 1031 exchange buyers. Licensed brokers from vetted brokerages post off-market and pre-market properties, and buyers browse them for free.

1
Create a buyer profile with your replacement criteria
2
See deal summaries from brokers across the country
3
Sign an NDA to unlock the full details on any property that fits
4
When a property looks right, work directly with the listing broker to close

Brokers can also see your anonymous criteria and bring you deals before they're listed anywhere else.

Create Your Buyer Profile Browse off-market listings

Common questions

Can I start looking for replacement property before my sale closes?

Yes. Nothing stops you from searching, touring or signing NDAs before your sale closes. Starting early means you're comparing real options when your 45-day window begins.

Can I use direct ownership of a whole property instead of a DST in a 1031 exchange?

Yes. Owning a whole property, such as a single-tenant NNN building, counts as like-kind replacement property just like a DST interest. The difference is control: you make the decisions instead of a sponsor.

How do I find a replacement property fast if my 45-day deadline is close?

Focus on properties that can close within your 180-day deadline, tell brokers your exact deadline, and identify backups. Off-market and pre-market listings add options that other buyers aren’t competing for.

Does off-market mean I'll get a lower price?

Not always. Sellers go off-market for privacy or convenience, not only to sell at a discount. The real advantage is less competition and more time to evaluate the deal.

Can I identify an off-market property before I have a contract?

Generally, yes. Identification is a signed written description of the property delivered to your Qualified Intermediary by day 45, and it doesn't require a signed purchase contract. Confirm the details with your QI.

How do I know an off-market deal is legitimate?

Verify the broker's license with the state, then review the leases, rent roll and title after you sign the NDA. On Exchango, brokers come from vetted brokerages and sign up with an approved company email.

Is Exchango free for 1031 buyers?

Yes. Buyers create a profile, browse off-market listings and sign NDAs for free.

Solutions to finding replacement properties for a 1031 exchange