Mortgage Notes Payable (Tables)

12 Months Ended

Dec. 31, 2017

Mortgage Loans On Real Estate [Abstract]

Mortgage notes payable consisted of the following:

		Principal as of
		December 31,			December 31,			Loan	Interest
Mortgage note property	Notes	2017			2016			Type	Rate (1)			Maturity
Rangewood Medical Office Building		$	-		$	958,106		Fixed		4.95	%	1/1/2019
Regatta Square			-			1,150,566		Fixed		4.95	%	1/1/2019
Port of San Diego Complex			9,575,508			9,852,456		Fixed		4.75	%	3/5/2020
Garden Gateway Plaza			6,445,300			6,626,739		Fixed		5.00	%	4/5/2020
West Fargo Industrial			4,365,449			4,434,655		Fixed		4.79	%	8/4/2020
Morena Office Center			2,156,479			2,224,839		Fixed		4.30	%	6/1/2021
Waterman Plaza			3,850,365			3,939,037		Fixed		4.25	%	4/29/2021
Pacific Oaks Plaza			1,466,351			1,512,640		Fixed		4.30	%	6/1/2021
Shoreline Medical Building			-			3,602,238		Fixed		5.10	%	6/1/2022
300 N.P.			2,380,703			-		Fixed		4.95	%	6/11/2022
Highland Court			6,695,541			6,829,348		Fixed		3.82	%	8/28/2022
Dakota Buildings			10,492,904			10,677,761		Fixed		4.74	%	7/6/2024
Union Terrace Building			6,454,448			6,558,704		Fixed		4.50	%	9/5/2024
The Presidio			6,000,000			6,000,000		Fixed		4.54	%	12/1/2024
Centennial Tech Center			9,908,235			10,077,242		Fixed		4.34	%	1/5/2025
Research Parkway			1,909,012			1,956,154		Fixed		3.94	%	1/5/2025
Arapahoe Service Center			8,364,088			8,500,000		Fixed		4.34	%	1/5/2025
Union Town Center			8,440,000			8,440,000		Fixed		4.28	%	1/5/2025
Yucca Valley Retail Center	(2)		6,000,000			6,000,000		Fixed		4.30	%	4/11/2025
Executive Office Park	(3)		4,151,161			4,231,842		Fixed		5.80	%	7/1/2025
Genesis Plaza			6,500,000			6,610,000		Fixed		4.65	%	8/25/2025
One Park Centre			6,610,000			6,500,000		Fixed		4.77	%	9/5/2025
Shea Center II			17,727,500			17,727,500		Fixed		4.92	%	1/5/2026
Grand Pacific Center	(4)		4,057,752			4,158,998		Fixed		4.02	%	8/1/2037
Office/Industrial and Retail Properties			133,550,796			138,568,825
Model Home Properties			28,454,883			22,259,779		Fixed	(5)			2018-2020
Mortgage Notes Payable		$	162,005,679		$	160,828,604
Unamortized loan costs			(1,682,942	)		(1,942,493	)
Mortgage Notes Payable held for investment, net		$	160,322,737		$	158,886,111

(1)	Interest rates as of December 31, 2017.

(2)	Property held for sale as of December 31, 2017.

(3)	Interest rate is subject to reset on July 1, 2018.

(4)	Interest rate is subject to reset on September 1, 2023

(5)	Each Model Home has a standalone mortgage note at interest rates ranging from 3.8% to 5.5% (at December 31, 2017).

The Company is in compliance with all conditions and covenants of its mortgage notes payable.

Scheduled Principal Payments of Mortgage Notes Payable

Scheduled principal payments of mortgage notes payable are as follows:

	Office/Industrial and Retail		Model Home Properties		Principal
Years ending December 31:	Notes Payable		Notes Payable		Payments
2018	$	1,933,700	$	1,266,759	$	3,200,459
2019		2,288,924		15,669,164		17,958,088
2020		21,158,443		11,518,960		32,677,403
2021		14,491,885		-		14,491,885
2022		10,137,352		-		10,137,352
Thereafter		83,540,493		-		83,540,493
Total	$	133,550,796	$	28,454,883	$	162,005,679