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v3.23.1

Mortgage Loans (Tables) | 3 Months Ended
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Mar. 31, 2023
Debt Disclosure [Abstract] |
Schedule of Promissory Notes | The Company had the following mortgage loans outstanding as of March 31, 2023 and December 31, 2022, respectively:
Mortgage Loans Secured By (Tenant-Location) | Loan Amount |  |  | Interest Rate |  |  | Maturity Date | 2023 |  | 2022 |  | Debt Service Coverage Ratios ("DSCR") Required |
7-11 - Washington, DC; Starbucks-South Tampa, FL; and Pratt & Whitney-Huntsville, Alabama | $ | 11,287,500 |  | (a) |  | 4.17 | % |  | 3/6/2030 | $ | 10,906,937 |  | $ | 10,957,829 |  |  | 1.25 |
GSA - Norfolk, Virginia |  | 8,260,000 |  |  |  | 3.50 | % |  | 9/30/2024 |  | 7,518,613 |  |  | 7,578,304 |  |  | 1.25 |
PRA Holdings, Inc. - Norfolk, Virginia |  | 5,216,749 |  |  |  | 3.50 | % |  | 10/23/2024 |  | 4,687,418 |  |  | 4,728,462 |  |  | 1.25 |
Sherwin-Williams - Tampa, Florida |  | 1,286,664 |  |  |  | 3.72 | % | (b) | 8/10/2028 |  | 1,286,664 |  |  | 1,286,664 |  |  | 1.20 |
GSA - Manteo, North Carolina |  | 928,728 |  | (c) |  | 3.85 | % | (d) | 3/31/2032 |  | 928,728 |  |  | 928,728 |  |  | 1.50 |
Irby Construction - Plant City , Florida |  | 928,728 |  | (c) |  | 3.85 | % | (d) | 3/31/2032 |  | 928,728 |  |  | 928,728 |  |  | 1.50 |
Best Buy - Grand Junction, Colorado |  | 2,552,644 |  | (c) |  | 3.85 | % | (d) | 3/31/2032 |  | 2,552,644 |  |  | 2,552,644 |  |  | 1.50 |
Fresenius - Chicago, Illinois |  | 1,727,108 |  | (c) |  | 3.85 | % | (d) | 3/31/2032 |  | 1,727,108 |  |  | 1,727,108 |  |  | 1.50 |
Starbucks - North Tampa, Florida |  | 1,298,047 |  | (c) |  | 3.85 | % | (d) | 3/31/2032 |  | 1,298,047 |  |  | 1,298,047 |  |  | 1.50 |
Kohls - Tucson, Arizona |  | 3,964,745 |  | (c) |  | 3.85 | % | (d) | 3/31/2032 |  | 3,964,745 |  |  | 3,964,745 |  |  | 1.50 |
| $ | 37,450,913 |  |  |  |  |  |  | $ | 35,799,632 |  | $ | 35,951,259 |  |  |
Less Debt Issuance Costs, net |  | (688,516 | ) |  | (717,381 | ) |  |
|  |  |  |  |  |  |  | $ | 35,111,116 |  | $ | 35,233,878 |  |  |
(a) Loan subject to prepayment penalty (b) Fixed via interest rate swap (c) One loan in the amount of $11.4 million secured by six properties and allocated to each property based on each property's appraised value. (d) Adjustment effective April 1, 2027 equal to 5-year Treasury plus 2.5% and subject to a floor of 3.85%
Schedule of Minimum Required Principal Payments | inimum required principal payments on the Company’s debt for subsequent years ending December 31 are as follows:
| Mortgage Loans |  |  | Other Payable - Related Party |  |  | Loan Payable - Related Party |  | Total as of March 31, 2023 |
2023 (9 months remaining) | $ | 633,897 |  |  | $ | 452,460 |  |  | $ | - |  | $ | 1,086,357 |
2024 |  | 12,427,090 |  |  |  | 1,809,840 |  |  |  | 1,500,000 |  |  | 15,736,930 |
2025 |  | 546,280 |  |  |  | - |  |  |  | - |  |  | 546,280 |
2026 |  | 568,514 |  |  |  | - |  |  |  | - |  |  | 568,514 |
2027 |  | 591,656 |  |  |  | - |  |  |  | - |  |  | 591,656 |
Thereafter |  | 21,032,195 |  |  |  | - |  |  |  | - |  |  | 21,032,195 |
| $ | 35,799,632 |  |  | $ | 2,262,300 |  |  | $ | 1,500,000 |  | $ | 39,561,932 |

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