<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0704</schemaVersion>

    <submissionType>D</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001494701</cik>
        <entityName>PEM NOV DST</entityName>
        <issuerAddress>
            <street1>10777 NW FREEWAY</street1>
            <street2>SUITE 850</street2>
            <city>HOUSTON</city>
            <stateOrCountry>TX</stateOrCountry>
            <stateOrCountryDescription>TEXAS</stateOrCountryDescription>
            <zipCode>77092</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>281-847-9955</issuerPhoneNumber>
        <jurisdictionOfInc>DELAWARE</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Business Trust</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2010</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>N/A</firstName>
                <lastName>Principle Equity Properties, LP</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>10777 NW Freeway</street1>
                <street2>Suite 850</street2>
                <city>Houston</city>
                <stateOrCountry>TX</stateOrCountry>
                <stateOrCountryDescription>TEXAS</stateOrCountryDescription>
                <zipCode>77092</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Other Real Estate</industryGroupType>
        </industryGroup>
        <issuerSize>
            <revenueRange>Decline to Disclose</revenueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>false</isAmendment>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2010-07-21</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>false</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isEquityType>true</isEquityType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>25000</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>John H. Ferguson</recipientName>
                <recipientCRDNumber>4947624</recipientCRDNumber>
                <associatedBDName>Steven L. Falk &amp; Associates Inc.</associatedBDName>
                <associatedBDCRDNumber>14297</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>11280 Granite Ridge Drive</street1>
                    <street2>Suite 1042</street2>
                    <city>Las Vegas</city>
                    <stateOrCountry>NV</stateOrCountry>
                    <stateOrCountryDescription>NEVADA</stateOrCountryDescription>
                    <zipCode>89135</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Joshua P. Ungerecht</recipientName>
                <recipientCRDNumber>5183573</recipientCRDNumber>
                <associatedBDName>Steven L. Falk &amp; Associates Inc.</associatedBDName>
                <associatedBDCRDNumber>14297</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>11280 Granite Ridge Drive</street1>
                    <street2>Suite 1042</street2>
                    <city>Las Vegas</city>
                    <stateOrCountry>NV</stateOrCountry>
                    <stateOrCountryDescription>NEVADA</stateOrCountryDescription>
                    <zipCode>89135</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                    <state>OH</state>
                    <description>OHIO</description>
                    <state>TX</state>
                    <description>TEXAS</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Mike Cronin</recipientName>
                <recipientCRDNumber>None</recipientCRDNumber>
                <associatedBDName>Steven L. Falk &amp; Associates Inc.</associatedBDName>
                <associatedBDCRDNumber>14297</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>11280 Granite Ridge Drive</street1>
                    <street2>Suite 1042</street2>
                    <city>Las Vegas</city>
                    <stateOrCountry>NV</stateOrCountry>
                    <stateOrCountryDescription>NEVADA</stateOrCountryDescription>
                    <zipCode>89135</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>NH</state>
                    <description>NEW HAMPSHIRE</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>John P. Harvey Jr.</recipientName>
                <recipientCRDNumber>4227692</recipientCRDNumber>
                <associatedBDName>OMNI Brokerage, Inc.</associatedBDName>
                <associatedBDCRDNumber>16878</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>406 W. South Jordan Parkway</street1>
                    <street2>Suite 200</street2>
                    <city>South Jordan</city>
                    <stateOrCountry>UT</stateOrCountry>
                    <stateOrCountryDescription>UTAH</stateOrCountryDescription>
                    <zipCode>84095</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Robert L. Boggess</recipientName>
                <recipientCRDNumber>5007422</recipientCRDNumber>
                <associatedBDName>OMNI Brokerage, Inc.</associatedBDName>
                <associatedBDCRDNumber>16878</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>406 W. South Jordan Parkway</street1>
                    <street2>Suite 200</street2>
                    <city>South Jordan</city>
                    <stateOrCountry>UT</stateOrCountry>
                    <stateOrCountryDescription>UTAH</stateOrCountryDescription>
                    <zipCode>84095</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>WA</state>
                    <description>WASHINGTON</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Robert L. Vonderharr</recipientName>
                <recipientCRDNumber>1556834</recipientCRDNumber>
                <associatedBDName>OMNI Brokerage, Inc.</associatedBDName>
                <associatedBDCRDNumber>16878</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>406 W. South Jordan Parkway</street1>
                    <street2>Suite 200</street2>
                    <city>South Jordan</city>
                    <stateOrCountry>UT</stateOrCountry>
                    <stateOrCountryDescription>UTAH</stateOrCountryDescription>
                    <zipCode>84095</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>UT</state>
                    <description>UTAH</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Christina S. Nielson</recipientName>
                <recipientCRDNumber>4866971</recipientCRDNumber>
                <associatedBDName>OMNI Brokerage, Inc.</associatedBDName>
                <associatedBDCRDNumber>16878</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>406 W. South Jordan Parkway</street1>
                    <street2>Suite 200</street2>
                    <city>South Jordan</city>
                    <stateOrCountry>UT</stateOrCountry>
                    <stateOrCountryDescription>UTAH</stateOrCountryDescription>
                    <zipCode>84095</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                    <state>OK</state>
                    <description>OKLAHOMA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Sigma Financial Corporation</recipientName>
                <recipientCRDNumber>14303</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>4261 Park Road</street1>
                    <city>Ann Arbor</city>
                    <stateOrCountry>MI</stateOrCountry>
                    <stateOrCountryDescription>MICHIGAN</stateOrCountryDescription>
                    <zipCode>48103</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                    <state>FL</state>
                    <description>FLORIDA</description>
                    <state>IL</state>
                    <description>ILLINOIS</description>
                    <state>MI</state>
                    <description>MICHIGAN</description>
                    <state>MT</state>
                    <description>MONTANA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>David N. Chick</recipientName>
                <recipientCRDNumber>842860</recipientCRDNumber>
                <associatedBDName>Berthel, Fisher &amp; Company Financial Services, Inc.</associatedBDName>
                <associatedBDCRDNumber>13609</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>701 Tama Street</street1>
                    <street2>Building B</street2>
                    <city>Marion</city>
                    <stateOrCountry>IA</stateOrCountry>
                    <stateOrCountryDescription>IOWA</stateOrCountryDescription>
                    <zipCode>52302</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Alex J. Kowalski</recipientName>
                <recipientCRDNumber>4495275</recipientCRDNumber>
                <associatedBDName>Berthel, Fisher &amp; Company Financial Services, Inc.</associatedBDName>
                <associatedBDCRDNumber>13609</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>701 Tama Street</street1>
                    <street2>Building B</street2>
                    <city>Marion</city>
                    <stateOrCountry>IA</stateOrCountry>
                    <stateOrCountryDescription>IOWA</stateOrCountryDescription>
                    <zipCode>52302</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>WI</state>
                    <description>WISCONSIN</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Michelle R. Langer</recipientName>
                <recipientCRDNumber>5048331</recipientCRDNumber>
                <associatedBDName>CapWest Securities, Inc.</associatedBDName>
                <associatedBDCRDNumber>30002</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>3900 South Wadsworth Blvd</street1>
                    <street2>Suite 590</street2>
                    <city>Lakewood</city>
                    <stateOrCountry>CO</stateOrCountry>
                    <stateOrCountryDescription>COLORADO</stateOrCountryDescription>
                    <zipCode>80235</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Kathleen L. Heshelow</recipientName>
                <recipientCRDNumber>4909103</recipientCRDNumber>
                <associatedBDName>CapWest Securities, Inc.</associatedBDName>
                <associatedBDCRDNumber>30002</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>3900 South Wadsworth Blvd</street1>
                    <street2>Suite 590</street2>
                    <city>Lakewood</city>
                    <stateOrCountry>CO</stateOrCountry>
                    <stateOrCountryDescription>COLORADO</stateOrCountryDescription>
                    <zipCode>80235</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>NC</state>
                    <description>NORTH CAROLINA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>William S. Sheehan</recipientName>
                <recipientCRDNumber>2328614</recipientCRDNumber>
                <associatedBDName>Investors Capital Corp.</associatedBDName>
                <associatedBDCRDNumber>30613</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>230 Broadway East 203</street1>
                    <city>Lynnfield</city>
                    <stateOrCountry>MA</stateOrCountry>
                    <stateOrCountryDescription>MASSACHUSETTS</stateOrCountryDescription>
                    <zipCode>01940</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>NY</state>
                    <description>NEW YORK</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>7099390</totalOfferingAmount>
            <totalAmountSold>7099390</totalAmountSold>
            <totalRemaining>0</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>34</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>481961</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse></clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>PEM NOV DST</issuerName>
                <signatureName>/s/ Randy McQuay</signatureName>
                <nameOfSigner>Randy McQuay</nameOfSigner>
                <signatureTitle>President of Manager</signatureTitle>
                <signatureDate>2011-06-02</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
