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Mortgage Loans (Tables) | 6 Months Ended
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Jun. 30, 2022
Debt Disclosure [Abstract] |
Schedule of Promissory Notes | The Company had the following promissory notes outstanding as of June 30, 2022 and December 31, 2021, respectively:
Mortgage Loans Secured By (Tenant-Location) |  | Loan Amount |  |  | Interest Rate |  |  | Maturity Date |  | June 30, 2022 |  |  | December 31, 2021 |  |  | Debt Service Coverage Ratios ("DSCR") Required |
7-11 - Washington, DC; Starbucks-South Tampa, FL; and Pratt & Whitney-Huntsville, AL |  | $ | 11,287,500 |  | * |  | 4.17 | % |  | 3/6/2030 |  | $ | 11,054,353 |  |  | $ | 11,150,130 |  |  |  | 1.25 |
GSA & Maersk - Norfolk, Virginia |  |  | 8,260,000 |  |  |  | 3.50 | % |  | 9/30/2024 |  |  | 7,691,504 |  |  |  | 7,805,524 |  |  |  | 1.25 |
PRA Holdings, Inc. - Norfolk, Virginia |  |  | 5,216,749 |  |  |  | 3.50 | % |  | 10/23/2024 |  |  | 4,809,481 |  |  |  | 4,889,670 |  |  |  | 1.25 |
Sherwin-Williams - Tampa, Florida |  |  | 1,286,664 |  |  |  | 3.72 | % | *** | 8/10/2028 |  |  | 1,286,664 |  |  |  | 1,286,664 |  |  |  | 1.20 |
GSA - Manteo, North Carolina |  |  | 928,728 |  |  |  | 3.85 | % | ** | 3/31/2032 |  |  | 928,728 |  |  |  | 1,275,000 |  |  |  | 1.50 |
Irby Construction - Plant City , Florida |  |  | 928,728 |  |  |  | 3.85 | % | ** | 3/31/2032 |  |  | 928,728 |  |  |  | 850,000 |  |  |  | 1.50 |
Best Buy - Grand Junction, Colorado |  |  | 2,552,644 |  |  |  | 3.85 | % | ** | 3/31/2032 |  |  | 2,552,644 |  |  |  | 2,350,000 |  |  |  | 1.50 |
Fresenius - Chicago, Illinois |  |  | 1,727,108 |  |  |  | 3.85 | % | ** | 3/31/2032 |  |  | 1,727,108 |  |  |  | - |  |  |  | 1.50 |
Starbucks - North Tampa, Florida |  |  | 1,298,047 |  |  |  | 3.85 | % | ** | 3/31/2032 |  |  | 1,298,047 |  |  |  | - |  |  |  | 1.50 |
Kohls - Tucson, Arizona |  |  | 3,964,745 |  |  |  | 3.85 | % | ** | 3/31/2032 |  |  | 3,964,745 |  |  |  | - |  |  |  | 1.50 |
|  |  | 37,450,913 |  |  |  |  |  |  |  |  | 36,242,002 |  |  |  | 29,606,988 |  |  |  |
|  |  |  |  |  |  |  | Less Debt Issuance Costs |  |  | (786,490 | ) |  |  | (637,693 | ) |  |  |
|  |  |  |  |  |  |  |  |  |  | 35,455,512 |  |  |  | 28,969,295 |  |  |  |
*Loan subject to prepayment penalty **Adjustment effective April 1, 2027 equal to 5-year Treasury plus 2.5% and subject to a floor of 3.85% ***Fixed via interest rate swap
Schedule of Minimum Required Principal Payments | Minimum required principal payments on the Company’s debt as of June 30, 2022 are as follows:
|  | As of June 30, |
|  | 2022 |
2022 |  | $ | 291,328 |
2023 |  |  | 785,524 |
2024 |  |  | 12,427,090 |
2025 |  |  | 546,280 |
2026 |  |  | 568,514 |
Thereafter |  |  | 21,623,266 |
|  | $ | 36,242,002 |

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