For CPAs, Professional Fiduciaries, and Estate Administration Professionals
When a DST investor passes away, the estate is left without a sponsor-provided valuation, no secondary market price feeds, and no public trading data available. This analysis addresses that gap using objective, independently sourced institutional commercial real estate market data, providing professionals with a well-documented and defensible new tax basis for the new owner.
DST beneficial interests create a recurring documentation challenge for every professional involved in estate administration. This analysis is designed for each of them.
PPFs administering estates with DST positions need documented FMV support for their files. This analysis provides a defensible methodology that demonstrates reasonable, good-faith effort to determine value, protecting the fiduciary and serving the beneficiaries.
CPAs preparing estate returns and Form 706 filings need a documented basis for the stepped-up cost basis determination. Our three-model institutional data framework provides transparent, independently sourced data that supports the professional conclusion.
Estate administration attorneys handling post-mortem trust and probate matters now have a practical, cost-effective tool to document DST interest FMV, without commissioning a full qualified appraisal for each interest.
A family member named as successor trustee often inherits DST interests with no guidance on current value and no tool to document FMV. We provide a clear, professionally organized analysis that gives family trustees a defensible starting point.
Each engagement uses three distinct institutionally-anchored approaches. All three outputs are presented so the CPA or trustee can review the full range of indicated values and apply their own professional judgment.
Applies an institutional Sale Price Index for the property's submarket and asset class to the original all-in investment cost. Interpolated to the exact date of death using the two nearest quarterly data points. Requires the fewest assumptions. No income projections or cap rate opinions needed.
Multifamily, Industrial, Retail, OfficeAn income-based approach applying observed institutional NOI index growth and market cap rate movement since the acquisition date. Uses market-level data to derive an independently sourced income-based value estimate.
Income-based cross-checkUses the DST sponsor's original pro forma NOI projections from the PPM, time-interpolated to the valuation date, capitalized using observed institutional cap rate movement. Anchored to the sponsor's own underwriting.
Preferred for NNN-leased propertiesEvery engagement includes a professionally organized ShareFile package with all supporting documentation in one place.
A detailed cover letter explaining the methodology, model selection rationale, pre-adjustment FMV estimates, and guidance on professional judgment adjustments. Includes full disclosure language for the estate file.
A fully transparent workbook showing all three model outputs, institutional market data inputs, sponsor pro forma analysis, and an adjustable cell for the CPA or trustee to apply their own markup or discount determination.
The most recent sponsor quarterly report closest to the date of passing, the most important reference document for understanding current property performance relative to model assumptions.
Property-level market analytics including rent trend comparisons against submarket and market averages, useful context for determining whether a performance adjustment to the model output is appropriate.
Priced as a professional analytical service, a fraction of formal appraisal cost, with no hidden fees.
Standard rate for new professional referrals.
For NNN leases, complex asset classes, or prior-year retrospective valuations.
Valuation fee waived entirely when a secondary market transaction is executed.
Reach out directly or complete the form below. Most engagements are delivered within 5 to 7 business days of receiving the necessary PPM and quarterly report documentation.
Registered Representative, Emerson Equity LLC
Member FINRA / SIPC
Novato, California
For more information on Emerson Equity, please visit FINRA's BrokerCheck website. You can also download a copy of Emerson Equity's Customer Relationship Summary to learn more about their role and services.
Not an offer to buy, nor a solicitation to sell securities. All investing involves risk of loss of some or all principal invested. Past performance is not indicative of future results. Speak to your finance and/or tax professional prior to investing. Any information provided is for informational purposes only.
Securities through Emerson Equity LLC Member: FINRA/SIPC. Only available in states where Emerson Equity LLC is registered. Emerson Equity LLC is not affiliated with any other entities identified in this communication.
This analysis is an analytical market data report prepared by a licensed securities representative with specialized knowledge of DST offerings and commercial real estate markets. It is not a "qualified appraisal" as defined for federal tax purposes and was not prepared by a licensed real estate appraiser. It is intended solely as a documented, data-driven input to assist the CPA or trustee in forming their own professional conclusion regarding fair market value. The preparer makes no representation that this analysis satisfies the qualified appraisal requirements under Treasury Regulation Section 1.170A-17 or any applicable IRS guidance.