1031 Exchange Checklist by Property Type: Retail, Office, Industrial, Multifamily and Land

Every 1031 exchange runs on the same clock, a 45-day window to identify replacement property and a 180-day window to close, both starting on the date the relinquished property sells. What changes from deal to deal is everything else. A 1031 exchange checklist by property type matters because retail, office, industrial, multifamily, and land transactions each carry their own diligence items, and the deals that miss the 45-day deadline are often the ones where property-specific issues surfaced late, not the ones where the paperwork was simply late.

Preparing for those property-specific issues before your relinquished property closes gives you more usable time during the identification window, rather than less. Before you sell, talk with the team at Aspen Exchange so your identification strategy and diligence plan match the asset class you are buying into.

Why Property-Specific Prep Matters for the 45-Day Clock

The 45-day identification window is one of the least forgiving deadlines in the tax code, generally without extensions outside narrow disaster relief circumstances, and it includes weekends and holidays. Investors who start researching a replacement property’s specific risks only after their relinquished property has already closed are working against the clock rather than with it. Reviewing the diligence items below for your target asset class before you list your relinquished property, or as soon as it goes under contract, lets you move faster and more confidently once the clock starts.

Retail Property Checklist

• Review anchor tenant lease terms, remaining lease length, and any co-tenancy or exclusivity clauses that could affect other tenants if the anchor leaves.
• Confirm rent roll accuracy against actual lease documents, including any percentage rent, CAM reconciliation history, and outstanding tenant improvement obligations.
• Check for pending or recent tenant bankruptcies, closures, or downsizing trends in the trade area.
• Evaluate parking ratios and any shared parking or reciprocal easement agreements with adjacent parcels.
• Review zoning and permitted use restrictions, especially for single-tenant net lease retail with limited alternative uses.
• Assess e-commerce exposure for the tenant mix and the general resilience of the retail category represented.
• Confirm environmental history, particularly for older strip centers or properties with a history of dry cleaners, auto service, or gas station tenants.
• Verify property tax reassessment risk following a sale in the relevant jurisdiction.

Office Property Checklist

• Review lease expiration schedule and rollover risk over the next three to five years, not just current occupancy.
• Confirm tenant improvement allowances, leasing commission obligations, and any free rent periods already committed to existing tenants.
• Evaluate building systems, HVAC age and condition, elevator maintenance history, and any deferred capital expenditure.
• Assess submarket vacancy trends and any large blocks of competing sublease space that could pressure future rents.
• Review parking ratio adequacy relative to current office use patterns and local requirements.
• Confirm ADA compliance status and any outstanding accessibility upgrade obligations.
• Check for single-tenant concentration risk and the financial strength of major tenants.
• Review any building certifications, such as energy or sustainability designations, that affect marketability and tenant demand.

Industrial Property Checklist

• Confirm clear height, column spacing, and dock door count match the requirements of likely tenant profiles for the submarket.
• Review truck court depth and trailer parking capacity, which matter significantly for logistics and distribution tenants.
• Assess power capacity and any recent electrical upgrades, particularly relevant for manufacturing or cold storage uses.
• Check environmental history and Phase I status, especially for older industrial buildings or sites with prior manufacturing use.
• Confirm rail access or proximity to major highway interchanges if relevant to the property’s positioning.
• Review lease structure, since industrial leases are often triple net with long primary terms and structured renewal options.
• Evaluate roof condition and age, a common source of unexpected capital expenditure in industrial buildings.
• Confirm zoning permits the intended use, especially for outdoor storage, heavy manufacturing, or specialized uses.

For a deeper look at exchanging into this asset class specifically, see our guide to 1031 exchanges for industrial and logistics real estate.

Multifamily Property Checklist

• Review unit mix, current rents versus market rents, and any rent control or rent stabilization ordinances in the jurisdiction.
• Confirm trailing twelve-month operating statements against actual bank deposits and utility bills where possible.
• Assess deferred maintenance, particularly roofs, plumbing systems, and major mechanical equipment across all buildings.
• Review any pending or recent litigation, code violations, or habitability complaints.
• Confirm compliance with local just-cause eviction or tenant protection ordinances that could affect repositioning plans.
• Evaluate parking and amenity adequacy relative to comparable properties in the submarket.
• Check for any affordable housing covenants, density bonuses, or deed restrictions tied to the property.
• Confirm current property management practices and any transition costs if management will change at closing.

For more detail on exchanging apartment and multifamily assets, see our multifamily 1031 exchange guide.

Land Checklist

• Confirm current zoning and entitlement status, and whether any pending rezoning or entitlement applications are in process.
• Review utility availability, water, sewer, electric, and gas, including capacity and any required extension costs.
• Check for wetlands, floodplain designation, or other environmental constraints that could limit developable area.
• Confirm access and any easements, both benefiting and burdening the parcel.
• Review a current survey and title report for boundary or encumbrance issues.
• Assess whether the land has any agricultural, conservation, or other use restrictions attached.
• Evaluate whether the intended use aligns with the surrounding area’s development pattern and any applicable comprehensive plan.
• Confirm property tax treatment, since raw land tax assessment can shift meaningfully once development plans move forward.

Note that land held primarily for resale as part of a subdivision or development business generally does not qualify for 1031 treatment at all. If you are a developer weighing whether a project qualifies, see our guide to 1031 exchanges for land developers and builders. Agricultural land carries its own set of considerations, covered in our 1031 exchange guide for farm and ranch land.

Building a Timeline Around Your Property Type

Once you have a sense of the diligence items specific to your target asset class, map them against the 45-day identification window and 180-day completion window. Properties with longer diligence cycles, such as industrial buildings with complex environmental histories or multifamily properties with rent control considerations, benefit from a shortlist of replacement candidates identified before the relinquished property even closes. For the full step-by-step process that ties these deadlines together, see our step-by-step 1031 exchange guide and our complete 1031 exchange rules guide.

Frequently Asked Questions

Plan Your Exchange Before You Sell

Matching your diligence checklist to your target property type, and starting that work early, is one of the most effective ways to protect your 45-day identification window. Contact Aspen Exchange to build a property-specific timeline before your relinquished property goes under contract.

This article is educational information, not tax, legal, or investment advice. Consult your own qualified advisors regarding your transaction.