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Note 7 - Mortgage Notes Payable - Mortgage Notes Payable (Details) - USD ($) | Sep. 30, 2024 | Dec. 31, 2023
--- | --- | ---
Mortgage Notes Payable, net |  | $ 102,319,219 | $ 107,713,273
Mortgage Notes [Member] |  |  |
Mortgage Notes Payable |  | 103,168,755 | 108,466,906
Unamortized loan costs |  | (849,536) | (753,633)
Mortgage Notes [Member] | Dakota Center [Member] |  |  |
Mortgage Notes Payable | [1],[2] | $ 9,091,395 | 9,197,346
Interest rate | [1],[2],[3] | 4.74% |
Mortgage Notes [Member] | Research Parkway [Member] |  |  |
Mortgage Notes Payable | [2] | $ 1,542,559 | 1,588,742
Interest rate | [2],[3] | 3.94% |
Mortgage Notes [Member] | Arapahoe Center [Member] |  |  |
Mortgage Notes Payable | [2] | $ 7,289,903 | 7,426,088
Interest rate | [2],[3] | 4.34% |
Mortgage Notes [Member] | Union Town Center [Member] |  |  |
Mortgage Notes Payable | [2] | $ 7,751,042 | 7,870,468
Interest rate | [2],[3] | 4.28% |
Mortgage Notes [Member] | One Park Centre [Member] |  |  |
Mortgage Notes Payable |  | $ 5,951,566 | 6,043,882
Interest rate | [3] | 4.77% |
Mortgage Notes [Member] | Genesis Plaza [Member] |  |  |
Mortgage Notes Payable |  | $ 5,845,630 | 5,937,251
Interest rate | [3] | 4.71% |
Mortgage Notes [Member] | Shea Center II [Member] |  |  |
Mortgage Notes Payable | [2] | $ 16,735,875 | 16,951,095
Interest rate | [2],[3] | 4.92% |
Mortgage Notes [Member] | West Fargo Industrial [Member] |  |  |
Mortgage Notes Payable | [4] | $ 5,750,000 | 3,922,829
Interest rate | [3],[4] | 7.14% |
Mortgage Notes [Member] | Grand Pacific Center [Member] |  |  |
Mortgage Notes Payable | [5] | $ 6,477,723 | 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 |  | $ 3,525,307 | 3,573,201
Interest rate | [3] | 4.35% |
Mortgage Notes [Member] | Subtotal, Presidio Property Trust, Inc. Properties [Member] |  |  |
Mortgage Notes Payable |  | $ 75,631,000 | 73,651,207
Mortgage Notes [Member] | Model Home [Member] |  |  |
Mortgage Notes Payable | [6] | $ 27,537,755 | $ 34,815,699
[1] | The loan on the Dakota Center matured on July 6, 2024. Management has been in negotiations with the special servicer of the loan in modifying and/or extending the loan or possibly selling the building. As of August 12, 2024, the Company and the lender have not yet agreed to the final outcome. The lender is expected to visit the property at the end of August.
[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 June 30, 2024.
[4] | On June 20, 2024, the Company, through its subsidiary, refinanced the mortgage loan on our West Fargo Industrial properties, and entered into a loan agreement for approximately $5.75 million, a term of five years, with an interest rate of 7.14%. The loan agreement has a Debt Service Coverage Ratio ("DSCR") minimum of 1.20 to 1.00 as calculated by Lender, in which: (a) the numerator is the Underwritten Net Cash Flow, and (b) the denominator is the annual Debt Service, tested at the end of each fiscal quarter.
[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 June 30, 2024, we had drawn down approximately $2.6 million on the construction loan.
[6] | As of June 30, 2024, there were five model homes included as real estate assets held for sale. Our model homes have stand-alone mortgage notes at interest rates ranging from 4.51% to 8.0% per annum as of June 30, 2024.

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