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MORTGAGE NOTES PAYABLE (Tables) | 9 Months Ended | 12 Months Ended
--- | --- | ---
Sep. 30, 2021 | Dec. 31, 2020
Debt Disclosure [Abstract] |  |
SCHEDULE OF DEBT | Mortgage notes payable consist of the following: SCHEDULE OF DEBT
|  | Principal as of |  |  |  |  |  |  |  |
|  | September 30, |  |  | December 31, |  |  | Loan |  | Interest |  |  |
Mortgage note property |  | 2021 |  |  | 2020 |  |  | Type |  | Rate (1) |  |  | Maturity
Waterman Plaza (2) |  | $ | — |  |  | $ | 3,207,952 |  |  | Variable |  |  | — |  |  | —
World Plaza (3) (4) |  |  | — |  |  |  | 5,802,568 |  |  | Variable |  |  | 2.91 | % |  | 7/5/2021
Garden Gateway Plaza (2) |  |  | — |  |  |  | 5,861,523 |  |  | Fixed |  |  | 5.00 | % |  | 8/5/2021
300 N.P. |  |  | 2,243,328 |  |  |  | 2,273,478 |  |  | Fixed |  |  | 4.95 | % |  | 6/11/2022
Highland Court (2) |  |  | — |  |  |  | 6,274,815 |  |  | Fixed |  |  | 3.82 | % |  | 9/1/2022
Dakota Center |  |  | 9,734,220 |  |  |  | 9,900,279 |  |  | Fixed |  |  | 4.74 | % |  | 7/6/2024
Research Parkway |  |  | 1,719,390 |  |  |  | 1,760,432 |  |  | Fixed |  |  | 3.94 | % |  | 1/5/2025
Arapahoe Service Center |  |  | 7,812,125 |  |  |  | 7,932,255 |  |  | Fixed |  |  | 4.34 | % |  | 1/5/2025
Union Town Center |  |  | 8,197,495 |  |  |  | 8,315,550 |  |  | Fixed |  |  | 4.28 | % |  | 1/5/2025
One Park Centre |  |  | 6,304,625 |  |  |  | 6,385,166 |  |  | Fixed |  |  | 4.77 | % |  | 9/5/2025
Genesis Plaza |  |  | 6,196,202 |  |  |  | 6,276,273 |  |  | Fixed |  |  | 4.71 | % |  | 9/6/2025
Shea Center II |  |  | 17,559,316 |  |  |  | 17,727,500 |  |  | Fixed |  |  | 4.92 | % |  | 1/5/2026
Executive Office Park (2) |  |  | — |  |  |  | 2,985,998 |  |  | Fixed |  |  | 4.83 | % |  | 6/1/2027
West Fargo Industrial |  |  | 4,177,334 |  |  |  | 4,262,718 |  |  | Fixed |  |  | 3.27 | % |  | 8/5/2029
Grand Pacific Center (5) |  |  | 3,649,729 |  |  |  | 3,738,142 |  |  | Fixed |  |  | 4.02 | % |  | 8/1/2037
Subtotal, Presidio Property Trust, Inc. Properties |  | $ | 67,593,764 |  |  | $ | 92,704,649 |  |  |  |  |  |  |  |  |
Model Home mortgage notes (3) |  |  | 19,335,267 |  |  |  | 28,083,356 |  |  | Fixed |  |  | (6 | ) |  | 2021 - 2024
Mortgage Notes Payable |  | $ | 86,929,031 |  |  | $ | 120,788,005 |  |  |  |  |  |  |  |  |
Unamortized loan costs |  |  | (673,351 | ) |  |  | (758,309 | ) |  |  |  |  |  |  |  |
Mortgage Notes Payable, net |  | $ | 86,255,680 |  |  | $ | 120,029,696 |  |  |  |  |  |  |  |  |
(1) | Interest rates as of September 30, 2021.
(2) | Waterman Plaza and Garden Gateway Plaza were sold during the first quarter of 2021, while Highland Court and Executive Office Park were sold in the second quarter of 2021.
(3) | Property held for sale as of September 30, 2021. There were three model homes included as real estate assets held for sale.
(4) | During June 2021, this loan was paid in full with cash from the sale of other properties and excess cash on hand.
(5) | Interest rate is subject to reset on September 1, 2023.
(6) | Our model homes have stand-alone mortgage note at interest rates ranging from 2.50% to 5.63% per annum as of September 30, 2021.
| Mortgage notes payable consisted of the following: SCHEDULE OF DEBT
|  |  |  | Principal as of |  |  |  |  |  |  |  |
|  |  |  | December 31, |  |  | December 31, |  |  | Loan |  | Interest |  |  |
Mortgage note property |  | Notes |  | 2020 |  |  | 2019 |  |  | Type |  | Rate (1) |  |  | Maturity
Waterman Plaza |  | (3) (6) |  | $ | 3,207,952 |  |  | $ | 3,274,097 |  |  | Variable |  |  | 4.25 | % |  | 4/29/2021
World Plaza |  | (3) (5) |  |  | 5,802,568 |  |  |  | 4,979,384 |  |  | Variable |  |  | 2.91 | % |  | 7/5/2021
Garden Gateway Plaza |  | (3) |  |  | 5,861,523 |  |  |  | 6,071,315 |  |  | Fixed |  |  | 5.00 | % |  | 8/5/2021
300 N.P. |  |  |  |  | 2,273,478 |  |  |  | 2,311,739 |  |  | Fixed |  |  | 4.95 | % |  | 6/11/2022
Highland Court |  | (3) |  |  | 6,274,815 |  |  |  | 6,424,366 |  |  | Fixed |  |  | 3.82 | % |  | 9/1/2022
Dakota Center |  |  |  |  | 9,900,279 |  |  |  | 10,111,693 |  |  | Fixed |  |  | 4.74 | % |  | 7/6/2024
Union Terrace |  | (2) |  |  | - |  |  |  | 6,240,396 |  |  | Fixed |  |  | 4.50 | % |  | 8/5/2024
Centennial Tech Center |  | (2) |  |  | - |  |  |  | 9,561,652 |  |  | Fixed |  |  | 4.43 | % |  | 12/5/2024
Research Parkway |  |  |  |  | 1,760,432 |  |  |  | 1,813,305 |  |  | Fixed |  |  | 3.94 | % |  | 1/5/2025
Arapahoe Service Center |  |  |  |  | 7,932,255 |  |  |  | 8,085,727 |  |  | Fixed |  |  | 4.34 | % |  | 1/5/2025
Union Town Center |  |  |  |  | 8,315,550 |  |  |  | 8,440,000 |  |  | Fixed |  |  | 4.28 | % |  | 1/5/2025
One Park Centre |  |  |  |  | 6,385,166 |  |  |  | 6,487,532 |  |  | Fixed |  |  | 4.77 | % |  | 9/5/2025
Genesis Plaza |  |  |  |  | 6,276,273 |  |  |  | 6,378,110 |  |  | Fixed |  |  | 4.71 | % |  | 9/6/2025
Shea Center II |  |  |  |  | 17,727,500 |  |  |  | 17,727,500 |  |  | Fixed |  |  | 4.92 | % |  | 1/5/2026
Executive Office Park |  | (3) |  |  | 2,985,998 |  |  |  | 4,839,577 |  |  | Fixed |  |  | 4.83 | % |  | 6/1/2027
West Fargo Industrial |  |  |  |  | 4,262,718 |  |  |  | 4,216,565 |  |  | Fixed |  |  | 3.27 | % |  | 8/5/2029
Grand Pacific Center |  | (4) |  |  | 3,738,142 |  |  |  | 3,851,962 |  |  | Fixed |  |  | 4.02 | % |  | 8/1/2037
Subtotal, Presidio Property Trust, Inc. Properties |  |  |  | $ | 92,704,649 |  |  | $ | 110,814,920 |  |  |  |  |  |  |  |  |
Model Home mortgage notes |  | (3) |  |  | 28,083,356 |  |  |  | 32,644,129 |  |  | Fixed |  |  | (7 | ) |  | 2021 - 2023
Mortgage Notes Payable |  |  |  | $ | 120,788,005 |  |  | $ | 143,459,049 |  |  |  |  |  |  |  |  |
Unamortized loan costs |  |  |  |  | (758,309 | ) |  |  | (1,066,057 | ) |  |  |  |  |  |  |  |
Mortgage Notes Payable, net |  |  |  | $ | 120,029,696 |  |  | $ | 142,392,992 |  |  |  |  |  |  |  |  |
| (1) | Interest rates as of December 31, 2020.
| (2) | Property sold during the year ended December 31, 2020, see Footnote 3 above for further detail. One of four buildings at Executive Office Park were sold.
| (3) | Properties held for sale as of December 31, 2020. Seven model homes were included as held for sale.
| (4) | Interest rate is subject to reset on September 1, 2023.
| (5) | Interest on this loan is ABR + 0.75% and LIBOR plus 2.75%. For the year-ended December 31, 2020, the weighted average interest rate was 3.37%.
| (6) | Interest on this loan resets annually at LIBOR plus 3.00%, with a floor of 4.25%
| (7) | Each Model Home has a stand-alone mortgage note at interest rates ranging from 2.5% to 5.6% at December 31, 2020.
SCHEDULE OF PRINCIPAL PAYMENTS OF MORTGAGE NOTES PAYABLE | Scheduled principal payments of mortgage notes payable were as follows as of September 30, 2021: SCHEDULE OF PRINCIPAL PAYMENTS OF MORTGAGE NOTES PAYABLE
|  | Presidio Property |  |  | Model |  |  | Total |
|  | Trust, Inc. |  |  | Homes |  |  | Principal |
Years ending December 31: |  | Notes Payable |  |  | Notes Payable |  |  | Payments |
2021 |  | $ | 336,488 |  |  | $ | 606,375 |  |  | $ | 942,863 |
2022 |  |  | 3,581,868 |  |  |  | 8,766,945 |  |  |  | 12,348,813 |
2023 |  |  | 1,410,835 |  |  |  | 4,241,024 |  |  |  | 5,651,859 |
2024 |  |  | 10,368,843 |  |  |  | 5,720,923 |  |  |  | 16,089,766 |
2025 |  |  | 28,770,832 |  |  |  | — |  |  |  | 28,770,832 |
Thereafter |  |  | 23,124,898 |  |  |  | — |  |  |  | 23,124,898 |
Total |  | $ | 67,593,764 |  |  | $ | 19,335,267 |  |  | $ | 86,929,031 |
| SCHEDULE OF PRINCIPAL PAYMENTS OF MORTGAGE NOTES PAYABLE Scheduled principal payments of mortgage notes payable are as follows:
|  |  | Presidio Property |  |  | Model |  |  |  |
|  |  | Trust, Inc. |  |  | Homes |  |  | Total Principal |
Years ending December 31: |  |  | Notes Payable |  |  | Notes Payable |  |  | Payments |
2021 |  |  | $ | 16,385,688 |  |  | $ | 10,169,248 |  |  | $ | 26,554,936 |
2022 |  |  |  | 9,780,330 |  |  |  | 11,735,522 |  |  |  | 21,515,852 |
2023 |  |  |  | 1,493,749 |  |  |  | 6,178,586 |  |  |  | 7,672,335 |
2024 |  |  |  | 10,447,888 |  |  |  | — |  |  |  | 10,447,888 |
2025 |  |  |  | 28,902,297 |  |  |  | — |  |  |  | 28,902,297 |
Thereafter |  |  |  | 25,694,697 |  |  |  | — |  |  |  | 25,694,697 |
Total |  |  | $ | 92,704,649 |  |  | $ | 28,083,356 |  |  | $ | 120,788,005 |

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