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UNCONSOLIDATED INVESTMENT IN REAL ESTATE PROPERTY (Tables) | 9 Months Ended
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Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract] |
Schedule of Investments | The Company’s investment in unconsolidated property as of September 30, 2024 and December 31, 2023 is as follows:
|  | September 30, 2024 |  | December 31, 2023
The TIC Interest |  | $ | 9,490,189 |  |  | $ | 10,053,931 |
Schedule of Properties Equity In Earnings | The Company’s income from investment in unconsolidated property for the three and nine months ended September 30, 2024 and 2023 is as follows:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
The TIC Interest |  | $ | 74,509 |  |  | $ | 79,166 |  |  | $ | 222,574 |  |  | $ | 207,506 |
Schedule of Summarized Financial Information | The following is summarized financial information for the Santa Clara property as of September 30, 2024 and December 31, 2023 and for the three and nine months ended September 30, 2024 and 2023:
|  | September 30, 2024 |  | December 31, 2023
Assets: |  |  |  |
Real estate investments, net |  | $ | 27,789,089 |  |  | $ | 28,563,746 |
Cash and cash equivalents |  | 426,652 |  |  | 482,653 |
Other assets |  | 81,525 |  |  | 79,639 |
Total assets |  | $ | 28,297,266 |  |  | $ | 29,126,038 |
Liabilities: |  |  |  |
Mortgage note payable, net |  | $ | 12,415,632 |  |  | $ | 12,642,798 |
Below-market lease, net |  | 2,258,022 |  |  | 2,367,812 |
Other liabilities |  | 571,502 |  |  | 287,989 |
Total liabilities |  | 15,245,156 |  |  | 15,298,599 |
Total equity |  | 13,052,110 |  |  | 13,827,439 |
Total liabilities and equity |  | $ | 28,297,266 |  |  | $ | 29,126,038 |
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Income |  | $ | 684,904 |  |  | $ | 693,170 |  |  | $ | 2,067,396 |  |  | $ | 2,036,365 |
Expenses: |  |  |  |  |  |  |  |
Depreciation and amortization |  | 259,846 |  |  | 257,844 |  |  | 779,517 |  |  | 780,802 |
Other expenses |  | 193,239 |  |  | 193,902 |  |  | 594,020 |  |  | 572,749 |
Total expenses |  | 453,085 |  |  | 451,746 |  |  | 1,373,537 |  |  | 1,353,551 |
Operating income |  | 231,819 |  |  | 241,424 |  |  | 693,859 |  |  | 682,814 |
Interest expense |  | 129,343 |  |  | 132,547 |  |  | 387,746 |  |  | 395,810 |
Net income |  | $ | 102,476 |  |  | $ | 108,877 |  |  | $ | 306,113 |  |  | $ | 287,004 |

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