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INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Equity Method Investments [Line Items]

Schedule of future annual mortgage maturities


	Hamilton		345		Hamilton		Hamilton on		Dexter
Period End	Essex 81		Franklin		Minuteman		Main Apts		Park		Total
9/30/2026	$		$	256,664	$	—	$		$	—	$	256,664
9/30/2027		—		266,775		—		—		—		266,775
9/30/2028		—		7,533,359		—		—		125,000,000		132,533,359
9/30/2029		—		—		—		—		—		—
9/30/2030		—		—		—		—		—		—
Thereafter		12,214,000		—		6,000,000		23,589,000		—		41,803,000
		12,214,000		8,056,798		6,000,000		23,589,000		125,000,000		174,859,798
Less: unamortized deferred financing costs		(169,967)		(18,311)		(48,760)		(216,634)		(172,328)		(626,000)
	$	12,044,033	$	8,038,487	$	5,951,240	$	23,372,366	$	124,827,672	$	174,233,798

2025

Schedule of Equity Method Investments [Line Items]

Summary of financial position and income statements relating to investment in unconsolidated joint ventures

Summary financial information at September 30, 2025


				Hamilton									Hamilton			Hamilton
	Hamilton			Essex			345			Hamilton			Minuteman			on Main			Dexter
	Essex 81			Development			Franklin			1025			Apts			Apts			Park			Total
ASSETS
Rental Properties	$	5,298,785		$	2,578,834		$	3,944,259		$	69,315		$	3,781,556		$	13,372,001		$	69,368,454		$	98,413,204
Cash & Cash Equivalents		2,957,779			64,506			100,046			14,268			618,244			287,451			4,731,097			8,773,391
Rent Receivable		153,153			62,810			10,492			895			13,286			35,349			145,272			421,257
Real Estate Tax Escrow		70,289			—			79,926			—			36,067			—			—			186,282
Prepaid Expenses & Other Assets		397,786			29,387			92,822			939			78,424			319,765			2,506,742			3,425,865
Total Assets	$	8,877,792		$	2,735,537		$	4,227,545		$	85,417		$	4,527,577		$	14,014,566		$	76,751,565		$	111,219,999
LIABILITIES AND PARTNERS’ CAPITAL
Mortgage Notes Payable	$	12,044,033		$	—		$	8,038,487		$	—		$	5,951,240		$	23,372,366		$	124,827,672		$	174,233,798
Accounts Payable & Accrued Expense		222,266			7,000			105,473			2,702			70,503			222,068			772,803			1,402,815
Advance Rental Pmts & Security Deposits		349,841			—			280,627			—			159,475			476,085			3,102,500			4,368,528
Total Liabilities		12,616,140			7,000			8,424,587			2,702			6,181,218			24,070,519			128,702,975			180,005,141
Partners’ Capital		(3,738,348)			2,728,537			(4,197,042)			82,715			(1,653,641)			(10,055,953)			(51,951,410)			(68,785,142)
Total Liabilities and Capital	$	8,877,792		$	2,735,537		$	4,227,545		$	85,417		$	4,527,577		$	14,014,566		$	76,751,565		$	111,219,999
Partners’ Capital %—NERA		50	%		50	%		50	%		50	%		50	%		50	%		40	%
Investment in Unconsolidated Joint Ventures	$	—		$	1,364,269		$	—		$	41,358		$	—		$	—		$	—			1,405,626
Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures	$	(1,869,174)		$	—		$	(2,098,521)		$	—		$	(826,821)		$	(5,027,977)		$	(20,780,564)			(30,603,056)
Total Investment in Unconsolidated Joint Ventures (Net)																						$	(29,197,430)
Total units/condominiums
Apartments		48			—			40			—			42			148			409			687
Commercial		1			1			—			1			—			—			—			3
Total		49			1			40			1			42			148			409			690

Summary of income statement relating to investment in unconsolidated joint ventures

Financial information for the nine months ended September 30, 2025


			Hamilton						Hamilton		Hamilton
	Hamilton		Essex		345		Hamilton		Minuteman		on Main		Dexter
	Essex 81		Development		Franklin		1025		Apts		Apts		Park		Total
Revenues
Rental Income	$	1,470,949	$	181,413	$	1,408,071	$	77,219	$	1,130,131	$	3,281,200	$	13,440,970	$	20,989,953
Laundry and Sundry Income		8,663		—		—		—		—		42,236		132,144		183,043
		1,479,612		181,413		1,408,071		77,219		1,130,131		3,323,436		13,573,114		21,172,996
Expenses
Administrative		21,935		16,709		51,056		3,644		19,647		61,488		207,905		382,384
Depreciation and Amortization		347,980		8,782		263,284		2,448		258,384		862,702		2,754,240		4,497,820
Management Fees		60,368		7,586		54,542		3,119		44,637		129,432		280,331		580,015
Operating		247,428		—		78,253		153		106,961		438,652		1,106,892		1,978,339
Renting		48,517		—		68,595		100		10,367		100,356		170,809		398,744
Repairs and Maintenance		153,000		—		150,284		—		103,949		484,553		1,467,823		2,359,609
Taxes and Insurance		222,225		51,806		144,757		14,405		123,509		368,068		2,093,980		3,018,750
		1,101,453		84,883		810,771		23,869		667,454		2,445,251		8,081,980		13,215,661
Income Before Other Income		378,159		96,530		597,300		53,350		462,677		878,185		5,491,134		7,957,335
Other Income (Loss)
Interest Expense		(521,484)		—		(246,058)		—		(176,777)		(997,081)		(3,851,742)		(5,793,142)
Interest Income		26,694		1,019		5,034		413		8,666		12,418		122,995		177,239
		(494,790)		1,019		(241,024)		413		(168,111)		(984,663)		(3,728,747)		(5,615,903)
Net (Loss) Income	$	(116,631)	$	97,549	$	356,276	$	53,763	$	294,566	$	(106,478)	$	1,762,389	$	2,341,432
Net (Loss) Income —NERA 50%	$	(58,315)	$	48,775	$	178,137	$	26,881	$	147,283	$	(53,239)				289,523
Net Income —NERA 40%													$	704,956		704,956
															$	994,478

Financial information for the three months ended September 30, 2025


			Hamilton						Hamilton		Hamilton
	Hamilton		Essex		345		Hamilton		Minuteman		on Main		Dexter
	Essex 81		Development		Franklin		1025		Apts		Apts		Park		Total
Revenues
Rental Income	$	472,600	$	60,471	$	447,773	$	27,384	$	387,047	$	1,105,154	$	4,508,796	$	7,009,225
Laundry and Sundry Income		3,572		—		—		—		—		13,025		38,160		54,757
		476,172		60,471		447,773		27,384		387,047		1,118,179		4,546,956		7,063,982
Expenses
Administrative		6,745		14,699		29,496		768		3,278		13,125		64,311		132,422
Depreciation and Amortization		116,036		2,927		88,624		816		87,438		289,528		930,368		1,515,737
Management Fees		20,677		2,529		17,850		1,060		15,059		43,402		93,941		194,518
Operating		75,015		—		11,005		94		26,475		148,150		372,844		633,583
Renting		38,300		—		32,318		31		1,100		45,879		123,593		241,221
Repairs and Maintenance		68,156		—		81,494		—		42,527		188,692		730,578		1,111,447
Taxes and Insurance		73,470		17,033		48,758		4,668		43,017		127,614		664,254		978,814
		398,399		37,188		309,545		7,437		218,894		856,390		2,979,889		4,807,742
Income Before Other Income		77,773		23,283		138,228		19,947		168,153		261,789		1,567,067		2,256,240
Other Income (Loss)
Interest Expense		(177,126)		—		(81,196)		—		(59,555)		(336,135)		(1,312,036)		(1,966,048)
Interest Income		7,222		337		1,137		125		3,706		3,597		47,857		63,981
		(169,904)		337		(80,059)		125		(55,849)		(332,538)		(1,264,179)		(1,902,067)
Net (Loss) Income	$	(92,131)	$	23,620	$	58,169	$	20,072	$	112,304	$	(70,749)	$	302,888	$	354,173
Net (Loss) Income —NERA 50%	$	(46,066)	$	11,810	$	29,085	$	10,036	$	56,152	$	(35,375)				25,643
Net Income —NERA 40%													$	121,155		121,155
															$	146,798

2024

Schedule of Equity Method Investments [Line Items]

Summary of financial position and income statements relating to investment in unconsolidated joint ventures

Summary financial information at September 30, 2024


				Hamilton									Hamilton			Hamilton
	Hamilton			Essex			345			Hamilton			Minuteman			on Main			Dexter
	Essex 81			Development			Franklin			1025			Apts			Apts			Park			Total
ASSETS
Rental Properties	$	5,156,533		$	2,581,323		$	4,234,113		$	72,579		$	3,977,260		$	13,619,389		$	71,377,601		$	101,018,798
Cash & Cash Equivalents		1,325,418			62,274			103,930			17,234			81,885			2,796,390			1,621,908			6,009,039
Rent Receivable		189,026			74,223			2,057			2,482			7,656			36,654			42,643			354,741
Real Estate Tax Escrow		78,201			—			71,866			—			29,531			—			—			179,598
Prepaid Expenses & Other Assets		335,724			38,022			100,024			769			67,481			280,877			2,672,293			3,495,190
Total Assets	$	7,084,902		$	2,755,842		$	4,511,990		$	93,064		$	4,163,813		$	16,733,310		$	75,714,445		$	111,057,366
LIABILITIES AND PARTNERS’ CAPITAL
Mortgage Notes Payable	$	9,986,211		$	—		$	8,278,765		$	—		$	5,943,056		$	23,348,070		$	124,763,049		$	172,319,151
Accounts Payable & Accrued Expense		330,733			3,000			126,680			2,604			62,619			257,732			709,139			1,492,507
Advance Rental Pmts& Security Deposits		366,000			—			262,862			—			165,213			492,520			3,212,838			4,499,433
Total Liabilities		10,682,944			3,000			8,668,307			2,604			6,170,888			24,098,322			128,685,026			178,311,091
Partners’ Capital		(3,598,042)			2,752,842			(4,156,317)			90,460			(2,007,075)			(7,365,012)			(52,970,581)			(67,253,725)
Total Liabilities and Capital	$	7,084,902		$	2,755,842		$	4,511,990		$	93,064			4,163,813		$	16,733,310		$	75,714,445		$	111,057,366
Partners’ Capital %—NERA		50	%		50	%		50	%		50	%		50	%		50	%		40	%
Investment in Unconsolidated Joint Ventures	$	—		$	1,376,421		$	—		$	45,230		$			$			$			$	1,421,651
Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures	$	(1,799,020)		$	—		$	(2,078,158)		$	—		$	(1,003,538)		$	(3,682,506)		$	(21,188,233)			(29,751,455)
Total Investment in Unconsolidated Joint Ventures (Net)																						$	(28,329,804)
Total units/condominiums
Apartments		48			—			40			0			42			148			409			687
Commercial		1			1			—			1			—			—			—			3
Total		49			1			40			1			42			148			409			690

Summary of income statement relating to investment in unconsolidated joint ventures

Financial information for the nine months ended September 30, 2024


			Hamilton						Hamilton		Hamilton
	Hamilton		Essex		345		Hamilton		Minuteman		on Main		Dexter
	Essex 81		Development		Franklin		1025		Apts		Apts		Park		Total
Revenues
Rental Income	$	1,417,322	$	181,413	$	1,346,589	$	77,243	$	1,076,051	$	3,094,579	$	12,738,225	$	19,931,422
Laundry and Sundry Income		9,399		—		(236)		—		—		36,929		132,418		178,510
		1,426,721		181,413		1,346,353		77,243		1,076,051		3,131,508		12,870,643		20,109,932
Expenses
Administrative		16,359		4,000		22,547		2,101		14,383		57,765		148,131		265,286
Depreciation and Amortization		350,002		8,782		259,392		2,448		250,158		807,037		2,772,916		4,450,735
Management Fees		57,488		6,611		52,909		3,126		42,829		130,703		269,853		563,519
Operating		319,903		—		59,664		86		84,517		347,123		1,022,506		1,833,799
Renting		33,103		—		22,016		93		13,556		87,951		104,549		261,268
Repairs and Maintenance		168,259		—		99,452		1,650		103,900		530,985		1,618,100		2,522,346
Taxes and Insurance		213,584		51,471		149,378		14,677		118,953		330,930		1,977,123		2,856,116
		1,158,698		70,864		665,358		24,181		628,296		2,292,494		7,913,178		12,753,069
Income Before Other Income		268,023		110,549		680,995		53,062		447,755		839,014		4,957,465		7,356,863
Other Income (Loss)
Interest Expense		(593,920)		—		(252,874)		—		(178,044)		(633,432)		(3,859,011)		(5,517,281)
Interest Income		32,532		1,480		7,035		629		7,454		44,590		77,327		171,047
Other income (Expense)		—		—				—		—		42,938		—		42,938
		(561,388)		1,480		(245,839)		629		(170,590)		(545,904)		(3,781,684)		(5,303,296)
Net (Loss) Income	$	(293,365)	$	112,029	$	435,156	$	53,691	$	277,165	$	293,110	$	1,175,781	$	2,053,567
Net (Loss) Income —NERA 50%	$	(146,682)	$	56,015	$	217,578	$	26,846	$	138,583	$	146,555				438,894
Net Income —NERA 40%													$	470,313		470,313
															$	909,207


			Hamilton						Hamilton		Hamilton
	Hamilton		Essex		345		Hamilton		Minuteman		on Main		Dexter
	Essex 81		Development		Franklin		1025		Apts		Apts		Park		Total
Revenues
Rental Income	$	498,469	$	60,471	$	455,505	$	25,610	$	364,435	$	1,037,278	$	4,208,926	$	6,650,694
Laundry and Sundry Income		3,054		—		—		—		—		11,685		36,881		51,620
		501,523		60,471		455,505		25,610		364,435		1,048,963		4,245,807		6,702,314
Expenses
Administrative		5,816		1,000		7,568		700		4,065		35,429		47,983		102,561
Depreciation and Amortization		118,091		2,927		86,596		816		84,153		273,712		935,756		1,502,051
Management Fees		20,302		2,479		17,955		1,057		14,520		48,469		89,561		194,343
Operating		142,906		—		18,280		123		19,741		102,651		272,000		555,701
Renting		25,469		—		12,241		30		3,865		31,214		51,733		124,552
Repairs and Maintenance		73,640		—		54,569		—		42,734		200,707		734,698		1,106,348
Taxes and Insurance		49,619		16,279		49,898		4,503		40,197		123,938		692,982		977,416
		435,843		22,685		247,107		7,229		209,275		816,120		2,824,713		4,562,972
Income Before Other Income		65,680		37,786		208,398		18,381		155,160		232,843		1,421,094		2,139,342
Other Income (Loss)
Interest Expense		(199,679)		—		(83,768)		—		(59,749)		(248,334)		(1,292,563)		(1,884,093)
Interest Income		11,282		290		2,406		211		1,991		21,940		32,037		70,157
Other income (Expense)		—		—		—		—		—		—		—		—
		(188,397)		290		(81,362)		211		(57,758)		(226,394)		(1,260,526)		(1,813,936)
Net (Loss) Income	$	(122,717)	$	38,076	$	127,036	$	18,592	$	97,402	$	6,449	$	160,568	$	325,406
Net (Loss) Income —NERA 50%	$	(61,359)	$	19,038	$	63,518	$	9,296	$	48,701	$	3,226				82,420
Net Income —NERA 40%													$	64,227		64,227
															$	146,647

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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