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Note 7 - Mortgage Notes Payable - Mortgage Notes Payable (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023
--- | --- | ---
Mortgage Notes Payable, net |  | $ 102,292,697 | $ 107,713,273
Mortgage Notes [Member] |  |  |
Mortgage Notes Payable |  | 102,974,381 | 108,466,906
Unamortized loan costs |  | (681,684) | (753,633)
Mortgage Notes [Member] | Dakota Center [Member] |  |  |
Mortgage Notes Payable | [1],[2] | $ 9,133,793 | 9,197,346
Interest rate | [1],[3] | 4.74% |
Mortgage Notes [Member] | Research Parkway [Member] |  |  |
Mortgage Notes Payable | [2] | $ 1,573,499 | 1,588,742
Interest rate | [3] | 3.94% |
Mortgage Notes [Member] | Arapahoe Center [Member] |  |  |
Mortgage Notes Payable | [2] | $ 7,380,609 | 7,426,088
Interest rate | [3] | 4.34% |
Mortgage Notes [Member] | Union Town Center [Member] |  |  |
Mortgage Notes Payable | [2] | $ 7,830,479 | 7,870,468
Interest rate | [3] | 4.28% |
Mortgage Notes [Member] | One Park Centre [Member] |  |  |
Mortgage Notes Payable |  | $ 6,012,959 | 6,043,882
Interest rate | [3] | 4.77% |
Mortgage Notes [Member] | Genesis Plaza [Member] |  |  |
Mortgage Notes Payable |  | $ 5,906,568 | 5,937,251
Interest rate | [3] | 4.71% |
Mortgage Notes [Member] | Shea Center II [Member] |  |  |
Mortgage Notes Payable | [2] | $ 16,878,736 | 16,951,095
Interest rate | [3] | 4.92% |
Mortgage Notes [Member] | West Fargo Industrial [Member] |  |  |
Mortgage Notes Payable | [4] | $ 3,902,517 | 3,922,829
Interest rate | [3],[4] | 6.70% |
Mortgage Notes [Member] | Grand Pacific Center [Member] |  |  |
Mortgage Notes Payable | [5] | $ 6,258,676 | 5,470,305
Interest rate | [3],[5] | 6.35% |
Mortgage Notes [Member] | Baltimore [Member] |  |  |
Mortgage Notes Payable |  | $ 5,670,000 | 5,670,000
Interest rate | [3] | 4.67% |
Mortgage Notes [Member] | Mandolin [Member] |  |  |
Mortgage Notes Payable |  | $ 3,557,127 | 3,573,201
Interest rate | [3] | 4.35% |
Mortgage Notes [Member] | Subtotal, Presidio Property Trust, Inc. Properties [Member] |  |  |
Mortgage Notes Payable |  | $ 74,104,963 | 73,651,207
Mortgage Notes [Member] | Model Home [Member] |  |  |
Mortgage Notes Payable | [6] | $ 28,869,418 | $ 34,815,699
[1] | The loan on Dakota Center matures in July 2024 and Management has reached out to the lender seeking an extension and additional provision to change the terms of the loan and maturity date. We have also inquired with other lenders to refinance the property. If we are unsuccessful in refinancing the property or changing the terms of the original loan, Management would consider selling the property and paying the loan in full or surrendering the property to the current lender.
[2] | These mortgage loans mature within the next twelve months and management is reviewing various options for the loan maturity, including but not limited to refinancing, restructuring and or selling these properties. As we get closer to the loan maturity date the Company will finalize our plans.
[3] | Interest rates as of March 31, 2024.
[4] | On August 5, 2023, the lender increased the interest rate to 6.70%. The loan agreement states that the lender may, upon not less than sixty (60) days prior, give written notice to the Company to increase the interest rate effective on August 5, 2023, and August 5, 2026, to the rate then being quoted by the lender for new three-year commercial mortgage loans of similar size and quality with like terms and security (provided that in no event shall the new rate be less than the initial rate).
[5] | On May 5, 2023, the Company, through its subsidiary, refinanced the mortgage loan on our Grand Pacific Center property and entered into a construction loan related to the tenant improvement associated with the KLJ Engineering LLC lease to occupy 33,296 square feet of the building. The refinanced loan is for approximately $3.8 million, a term of 10 years, with an interest rate of 6.35%, for the first 60 months. The interest rate is subject to reset in year five. The construction loan is for approximately $2.7 million, a term of 10 years, and will begin amortizing in year three, with an interest rate of 6.35%, for the first 60 months. The interest rate is subject to reset in year five. As of March 31, 2024, we had drawn down approximately $2.5 million on the construction loan.
[6] | As of March 31, 2024, there were 11 model homes included as real estate assets held for sale. Our model homes have stand-alone mortgage notes at interest rates ranging from 2.68% to 7.12% per annum as of March 31, 2024.

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