STNL Property Search

Single tenant net lease property search services help investors locate properties with one tenant and a lease structure that transfers the great majority of operating expenses to that tenant. This service supports Columbus, OH investors who want a like-kind replacement property under Section 1031 with a single, simplified lease relationship rather than the multiple tenant relationships that come with a shopping center or office building. A single tenant net lease asset can range from a fast food restaurant on a small outparcel to a large distribution facility leased entirely to one logistics company, and the underwriting approach differs meaningfully across that range even though the lease structure looks similar on paper.

Underwriting a Single Tenant Relationship

Because income depends entirely on one tenant, the credit analysis for a single tenant net lease property carries more weight than in a diversified multi-tenant asset. We review tenant financial statements where available, published credit ratings, corporate guarantee strength, lease term remaining, and rent escalation structure, since a below-investment-grade tenant with a short remaining term concentrates risk in a way that a diversified property does not. We also confirm whether the lease is truly absolute net, meaning the tenant is responsible for roof and structure in addition to taxes, insurance, and maintenance, since landlord-responsible roof and structure obligations change the ownership experience significantly even when the lease is marketed as net.

Identification and Closing Coordination in Columbus, OH

Single tenant net lease assets are traded nationally and often move quickly once listed, so we run identification searches in parallel across multiple markets rather than waiting for one property to fall through before starting a second search. We coordinate identification letters within the forty-five day window and work with the Qualified Intermediary to structure the acquisition through qualified escrow, tracking lender and title timelines against the one hundred eighty day closing requirement. For a Columbus, OH investor, boot exposure most commonly arises when the purchase price of the replacement property is lower than net sale proceeds from the relinquished property, or when replacement debt is not sufficient to offset relinquished property debt, both of which we model before an identification letter is finalized.

We also review lease renewal option pricing and whether options are set at fixed rent, fair market value, or a formula tied to an index, since option structure affects both the tenant's likelihood of renewing and the rent an investor can expect if the tenant does renew. Where a property sits on a ground lease rather than fee simple ownership, we confirm that distinction clearly, since ground lease interests carry different risk and financing characteristics than fee ownership even when the net lease income looks identical on the surface, and this distinction matters for how the replacement property compares to what a Columbus, OH investor is exchanging out of.

We also consider the depreciation position an investor is carrying forward from the relinquished property, since a single tenant net lease replacement, particularly one with a long remaining lease term, tends to fit investors who want simplified ongoing tax reporting compared to a multi-tenant asset with frequent lease turnover. When comparing candidate properties across different asset types, such as a fast food outparcel against a bank branch or a pharmacy, we review category-specific risk factors, since a pharmacy tenant facing e-commerce competition may carry different long-term durability than a quick service restaurant with strong drive-through sales. For a Columbus, OH investor unfamiliar with net lease investing, we also walk through what ongoing landlord responsibilities remain even under an absolute net lease, such as monitoring tenant compliance with maintenance obligations and confirming timely payment of taxes and insurance the tenant is contractually responsible for, since a net lease structure reduces but does not eliminate landlord oversight.

We also help investors evaluate whether a sale-leaseback transaction, where an operating business sells its real estate and simultaneously leases it back, fits their identification criteria, since sale-leaseback properties often come with the operator as an established, long-tenured occupant rather than a newly signed lease, which can provide additional confidence in tenant commitment to the location. Environmental due diligence still applies to single tenant net lease property, particularly for automotive service, quick service restaurant, and gas station uses, and we coordinate a Phase I review when the property history suggests it is warranted so a Columbus, OH investor is not caught by an environmental issue after the exchange has already closed.