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

    <schemaVersion>X0708</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0002126775</cik>
        <entityName>FREX DB Series I DST</entityName>
        <issuerAddress>
            <street1>1345 AVENUE OF THE AMERICAS</street1>
            <street2>46TH FLOOR</street2>
            <city>NEW YORK</city>
            <stateOrCountry>NY</stateOrCountry>
            <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
            <zipCode>10105</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>212-798-6100</issuerPhoneNumber>
        <jurisdictionOfInc>DELAWARE</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Other</entityType>
        <entityTypeOtherDesc>Delaware Statutory Trust</entityTypeOtherDesc>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2025</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>N/A</firstName>
                <lastName>Fortress Real Estate Exchange LLC</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1345 Avenue of the Americas</street1>
                <street2>46th Floor</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                <zipCode>10105</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Sponsor of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>N/A</firstName>
                <lastName>FREX Manager Series I LLC</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1345 Avenue of the Americas</street1>
                <street2>46th Floor</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                <zipCode>10105</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Manager of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>N/A</firstName>
                <lastName>FREX DB Depositor Series I LLC</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1345 Avenue of the Americas</street1>
                <street2>46th Floor</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                <zipCode>10105</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Contributor of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>David</firstName>
                <lastName>Hammerman</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1345 Avenue of the Americas</street1>
                <street2>46th Floor</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                <zipCode>10105</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Authorized Signatory of the Manager of the Issuer</relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Other Real Estate</industryGroupType>
        </industryGroup>
        <issuerSize>
            <revenueRange>Decline to Disclose</revenueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06c</item>
            <item>3C</item>
            <item>3C.5</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>0002126775-26-000002</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2026-04-15</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>false</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isEquityType>true</isEquityType>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>25000</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>Orchard Securities, LLC</recipientName>
                <recipientCRDNumber>133378</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>365 Garden Grove Lane</street1>
                    <street2>Suite 100</street2>
                    <city>Pleasant Grove</city>
                    <stateOrCountry>UT</stateOrCountry>
                    <stateOrCountryDescription>UTAH</stateOrCountryDescription>
                    <zipCode>84062</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Richard L. Wagner</recipientName>
                <recipientCRDNumber>4575603</recipientCRDNumber>
                <associatedBDName>Chauner Securities, Inc.</associatedBDName>
                <associatedBDCRDNumber>10075</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>666 Dundee Road</street1>
                    <street2>Suite 903</street2>
                    <city>Northbrook</city>
                    <stateOrCountry>IL</stateOrCountry>
                    <stateOrCountryDescription>ILLINOIS</stateOrCountryDescription>
                    <zipCode>60062</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>UT</state>
                    <description>UTAH</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Stacey Morimoto</recipientName>
                <recipientCRDNumber>4420782</recipientCRDNumber>
                <associatedBDName>Stax Capital</associatedBDName>
                <associatedBDCRDNumber>300607</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>2262 Carmel Valley Road</street1>
                    <street2>Suite G</street2>
                    <city>Del Mar</city>
                    <stateOrCountry>CA</stateOrCountry>
                    <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                    <zipCode>92014</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Quinn Morimoto</recipientName>
                <recipientCRDNumber>7140545</recipientCRDNumber>
                <associatedBDName>Stax Capital</associatedBDName>
                <associatedBDCRDNumber>300607</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>2262 Carmel Valley Road</street1>
                    <street2>Suite G</street2>
                    <city>Del Mar</city>
                    <stateOrCountry>CA</stateOrCountry>
                    <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                    <zipCode>92014</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Bradley Wetherby</recipientName>
                <recipientCRDNumber>7617059</recipientCRDNumber>
                <associatedBDName>Realta Equities, Inc.</associatedBDName>
                <associatedBDCRDNumber>23769</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>29122 Rancho Viejo Road</street1>
                    <street2>Suite 111</street2>
                    <city>San Juan Capistrano</city>
                    <stateOrCountry>CA</stateOrCountry>
                    <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                    <zipCode>92675</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                    <state>WA</state>
                    <description>WASHINGTON</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Stephen Mark</recipientName>
                <recipientCRDNumber>2518425</recipientCRDNumber>
                <associatedBDName>Emerson Equity, LLC</associatedBDName>
                <associatedBDCRDNumber>130032</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>Bovet Road</street1>
                    <street2>Suite 725</street2>
                    <city>San Mateo</city>
                    <stateOrCountry>CA</stateOrCountry>
                    <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                    <zipCode>94402</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>FL</state>
                    <description>FLORIDA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>DAI Securities, LLC</recipientName>
                <recipientCRDNumber>36673</recipientCRDNumber>
                <associatedBDName>William O'Neill</associatedBDName>
                <associatedBDCRDNumber>7396734</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>8 Pleasant Street</street1>
                    <street2>Unit 2B</street2>
                    <city>Natick</city>
                    <stateOrCountry>MA</stateOrCountry>
                    <stateOrCountryDescription>MASSACHUSETTS</stateOrCountryDescription>
                    <zipCode>01760</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>MA</state>
                    <description>MASSACHUSETTS</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>40178939</totalOfferingAmount>
            <totalAmountSold>2731772</totalAmountSold>
            <totalRemaining>37447167</totalRemaining>
            <clarificationOfResponse>Regarding Item 11, the Issuer may accept smaller investments in the Issuer's sole discretion.</clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>9</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>4017893</dollarAmount>
                <isEstimate>true</isEstimate>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
                <isEstimate>true</isEstimate>
            </findersFees>
            <clarificationOfResponse>Sales Commissions include estimates of the maximum amount of Sales Commissions, Dealer Manager Fees, Marketing and Due Diligence Expenses and Wholesaling Fees that may be paid.</clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>3729339</dollarAmount>
                <isEstimate>true</isEstimate>
            </grossProceedsUsed>
            <clarificationOfResponse>Item 16 is an estimate of Organizational and Offering Expenses, Acquisition Fees and Closing Costs that may accrue to one or more Related Persons.</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>FREX DB Series I DST</issuerName>
                <signatureName>/s/David Hammerman</signatureName>
                <nameOfSigner>David Hammerman</nameOfSigner>
                <signatureTitle>Authorized Signatory of the Manager of the Issuer</signatureTitle>
                <signatureDate>2026-06-23</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
