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UNCONSOLIDATED INVESTMENT IN REAL ESTATE PROPERTY (Tables) | 6 Months Ended
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Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract] |
Schedule of Investments | The Company’s investment in unconsolidated property as of June 30, 2023 and December 31, 2022 is as follows:
|  | June 30, 2023 |  | December 31, 2022
The TIC Interest |  | $ | 10,011,347 |  |  | $ | 10,007,420 |
Schedule of Properties Equity In Earnings | The Company’s income from investment in unconsolidated property for the three and six months ended June 30, 2023 and 2022 is as follows:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2023 |  | 2022 |  | 2023 |  | 2022
The TIC Interest |  | $ | 72,774 |  |  | $ | 66,868 |  |  | $ | 128,340 |  |  | $ | 162,332 |
Summarized Financial Information | The following is summarized financial information for the Santa Clara property as of June 30, 2023 and December 31, 2022 and for the three and six months ended June 30, 2023 and 2022:
|  | June 30, 2023 |  | December 31, 2022
Assets: |  |  |  |
Real estate investments, net |  | $ | 29,042,413 |  |  | $ | 29,294,081 |
Cash and cash equivalents |  | 679,755 |  |  | 300,405 |
Other assets |  | 1,370 |  |  | 43,159 |
Total assets |  | $ | 29,723,538 |  |  | $ | 29,637,645 |
Liabilities: |  |  |  |
Mortgage note payable, net |  | $ | 12,790,723 |  |  | $ | 12,936,929 |
Below-market lease, net |  | 2,441,006 |  |  | 2,514,199 |
Other liabilities |  | 722,937 |  |  | 424,662 |
Total liabilities |  | 15,954,666 |  |  | 15,875,790 |
Total equity |  | 13,768,872 |  |  | 13,761,855 |
Total liabilities and equity |  | $ | 29,723,538 |  |  | $ | 29,637,645 |
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2023 |  | 2022 |  | 2023 |  | 2022
Total revenues |  | $ | 677,049 |  |  | $ | 676,780 |  |  | $ | 1,343,195 |  |  | $ | 1,391,758 |
Expenses: |  |  |  |  |  |  |  |
Depreciation and amortization |  | 255,906 |  |  | 261,956 |  |  | 522,958 |  |  | 523,912 |
Interest expense |  | 131,938 |  |  | 134,968 |  |  | 263,263 |  |  | 269,262 |
Other expenses |  | 189,118 |  |  | 187,890 |  |  | 378,847 |  |  | 375,324 |
Total expenses |  | 576,962 |  |  | 584,814 |  |  | 1,165,068 |  |  | 1,168,498 |
Net income |  | $ | 100,087 |  |  | $ | 91,966 |  |  | $ | 178,127 |  |  | $ | 223,260 |

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