Korean DT asset review
Prime Retail Property - Seoul
Korean DT asset review with Starbucks lease exposure, seller rollover alignment, and area-demand context presented for diligence.
Well-known tenant (Starbucks Korea / SCK)Improving area momentumSeller reinvestment / 10% rollover
Remaining lease term
12.2Y
as of Mar 2026
Illustrative project IRR
6.4%
including exit assumptions
Building / GFA
3 floors
GFA 719.93 sqm
Parking
49
surface parking spaces
Tokens
USDT / USDC
Sale
Sep 14, 2025 – Sep 30, 2025
Status
Pre-launch
Investment network
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Asset overview
The early screens answer whether the asset is real, whether the lease economics are credible, and whether the rent story is supported by actual operating history.
Property
| Address | Seoul Metropolitan Area, South Korea |
| Site area | 1,724 sqm |
| Gross floor area | 719.93 sqm |
| Building footprint | 249.97 sqm |
| Use | Neighborhood living facility |
| Structure | Reinforced concrete |
| Use approval | 2016 |
| Parking | 49 spaces |
Lease
| Tenant | Undisclosed Global Top Coffee Brand |
| Lease structure | Long-term single-tenant DT lease |
| Deposit | KRW 300,000,000 |
| Rent | 13% of monthly net sales excluding VAT |
| Payment day | 15th of each month |
| Leased area | Entire building |
| Lease maturity | 2038-05 |
| Sale window | Sep 14, 2025 - Sep 30, 2025 |
| Accepted tokens | USDT / USDC |
| Indicative token price | 1 USDT |
2022 actual rent
USD 133,820
KRW 194,039,000
2023 actual rent
USD 144,205
KRW 209,097,469
2024 actual rent
USD 154,611
KRW 224,186,436
TTM monthly run rate
USD 12,884
Rent history
Actual opening-year rent disclosed in the proposal.
Review the tenant with charts, not adjectives
Starbucks Korea's operating strength is measured through market share, revenue scale, and network expansion across South Korea.
Market share
13.1%
2024 cafés / bars value share
Sales
KRW 3.24tn
2025 vs KRW 2.59tn in 2022
Stores
2,115
South Korea footprint at end-2025
Global ranking
#3
South Korea by Starbucks store count
Market share
2024 cafés / bars
Revenue growth
KRW 2.59tn → 3.24tn
Store count
South Korea footprint
- Third-place brand positioning supports repeat traffic beyond pure convenience demand.
- Standalone DT format combines visibility, parking, and queue handling in a way inline retail often cannot.
- South Korea is Starbucks' third-largest market globally by store count as of end-2025.
Tenant market-share datasetStarbucks Korea annual disclosuresStore count reference
Why this asset is special
This asset combines a third-place brand tenant, a standalone drive-through format with strong visibility and parking, and improving area demand backed by seller alignment through rollover.
Format
Standalone DT
visibility + parking + queue management
Narrative
Third-place demand
repeat-stop behavior instead of pass-through only
Alignment
10% rollover
seller keeps exposure post-close
Operations
11.7%
headline project return view
- The standalone drive-through format provides dedicated parking, clear visibility from the main road, and faster queue throughput compared to inline retail.
- Seller rollover creates a cleaner alignment story than a full cash-out exit at closing, ensuring post-close performance incentive.
- Starbucks Korea's market-leading position in the South Korean café segment supports stable, long-term lease demand at this location.
Source & use
How the public raise, seller rollover, and purchase structure fit together.
Total cap
USD 4,954,797
Purchase
USD 4,758,621
Seller rollover
USD 474,790
Rollover %
10.0% of equity
Breakdown
| Purchase price | USD 4,758,621 |
| Acquisition tax / legal | USD 84,210 |
| Closing / setup reserve | USD 64,866 |
| Working-capital reserve | USD 47,100 |
| Seller rollover | USD 474,790 |
| Public RBT raise | USD 4,480,007 gross public raise used for the tokenized issuance |
Purchase priceUSD 4,758,621
Acquisition tax / legalUSD 84,210
Closing / setup reserveUSD 64,866
Working-capital reserveUSD 47,100
Seller rolloverUSD 474,790
Public RBT raiseUSD 4,480,007
- Full source and use breakdown is disclosed before investment commitment.
- Seller 10% rollover serves as a governance and alignment mechanism, keeping the seller invested in asset performance.
- Clean title transfer at closing is supported by legal due diligence and title insurance.
- Seller rollover aligns the seller with post-closing performance, retaining 10% equity exposure through maturity.
- Capital stack is structured to separate acquisition cost, reserves, and the public tokenized raise for full transparency.
Return path
Projected returns separate recurring rental income from terminal disposition value, providing clarity on operating yield versus exit-dependent upside.
Illustrative IRR (incl. exit)
6.4%
Illustrative IRR (excl. exit)
3.8%
RBT holder IRR (net)
5.5%
RBT holder IRR (gross)
6.3%
Equity multiple
1.73x
Terminal cap rate
3.75%
Hold period
5.0Y
Entry capitalization
USD 4.95m
Project cash flow
Recurring vs. terminal value
RBT holder IRR
Holder-level return view
- Project-level cash flow separates recurring rental income from terminal disposition value at exit.
- RBT holder returns reflect net distributions after management fees, reserves, and platform costs.
Area momentum and access
The Gapyeong area benefits from growing living population, strong tourism demand, and government-backed infrastructure investment — creating a favorable demand environment for this asset.
Living population
1.06m
Jun 2024
Registered population
~62k
resident base
National support
> KRW 10bn / yr
expected from 2027
Gyeonggi plan
KRW 76bn
2025 response plan
Road accessTourism demandDevelopmentDocuments
Location Map
Seorak IC area · Road access · Nearby attractions
Access
| Primary road access | Seorak IC / Route 60 / Route 37 |
| Drive-time context | Seoul weekend outbound corridor / Chuncheon-bound leisure flow |
| Tourism map context | Gapyeong tourism cluster |
| Planning overlays | Cadastral + land-use + regeneration context |
Nearby
| Demand cluster | Namiseom / Petite France / Cheongpyeong leisure belt |
| Catchment behavior | Weekend outbound traffic + returning tourist stopover demand |
| Usage pattern | Weekend stopover + destination traffic |
| Why DT wins | Parking and convenience outperform inline formats on this corridor |
- Gapyeong's living population exceeded 1.06 million in June 2024 versus a registered population of roughly 62 thousand.
- Official data placed Gapyeong second among 89 depopulation regions in the June 2024 staying-population multiplier and third in September 2024.
- Gapyeong's 2033 urban regeneration strategic plan was approved in January 2025, and Seorak-myeon was included in the county's regional specialized cultural zone.
- After its March 2025 border-area designation, Gapyeong expects tax benefits and more than KRW 10bn of annual national support from 2027.
- Gyeonggi Province's 2025 response plan totals KRW 76bn and focuses on living-population expansion, jobs, tourism infrastructure, and residential-environment upgrades.
Gapyeong tourism map (EN)Road / cadastral public documentsLiving population / depopulation region sources
Documents
All offering documents are organized by due diligence category. Available documents can be reviewed directly; restricted items are accessible upon qualification.
Available
Building registry / title excerpt
Headline title and ownership information prepared for public review.
Building register
Official building facts, structure, and use-approval summary.
Cadastral maps
Site boundaries, parcel layout, and immediate parcel context.
Land-use plan
Planning, zoning, and urban-regeneration context.
Lease agreement (redacted extract)
Headline lease economics and term summary for investors.
Rent-history schedule
Historical rent collection summary used to support the operating history chart.
Closing-structure memo
Detailed closing mechanics, rollover treatment, and funding flow notes.
Diligence tracks
Market DD
Tenant positioning, traffic context, and area-demand references.
Valuation DD
Cap-rate view, terminal assumptions, and price bridge.
Legal DD
Title, lease, and offering-structure review pack.
Physical DD
Property-condition summary and maintenance scope.
Financial DD
Operating history, return bridge, and underwriting assumptions.
Disclosure policy — Headline economics and asset summary are publicly disclosed. Full lease agreements and financial models are available in the restricted data room upon investor qualification.
Attached site planAttached building registerAttached building registryAttached cadastral mapsAttached land-use plans
On-chain contracts
Series Manager0x078f2989284118884BCe471B1C91B3109D65661f
RBT Asset0xC2e0B050954412BD6129e1f77454d5745f2FE2C4
Interest Router0x3c6B9AD41aD6f2729c8a38CbE653E714341cd10b
Redemption Router0xBD12C45DAf9b7E55349B2413F63Ee99774DfeFF7
Prime Retail Property - Seoul
-USDT / RBT
Funded 30%7,000 left
Quantity
1
Total-
Balance-
WindowScheduled
WalletNot connected
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NetworkReady on Avalanche Fuji.
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Supply7,000 RBT remain in this round.
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On-chain details
LifecyclePending
Token ID-
Manager0x078f…661f