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Rental Properties
12 Months Ended
Dec. 31, 2023
Rental Properties [Abstract]  
RENTAL PROPERTIES

NOTE 4 – RENTAL PROPERTIES

 

On December 31, 2023 and 2022, rental properties, net consisted of the following:

 

Description  Useful Life
(Years)
   December 31,
2023
   December 31,
2022
 
Building and building improvements   5-39   $9,258,431   $8,087,997 
Construction in progress   
-
    18,976    
-
 
Land   
-
    3,353,378    2,514,848 
Rental properties, at cost        12,630,785    10,602,845 
Less: accumulated depreciation        (2,590,261)   (2,214,709)
Rental properties, net       $10,040,524   $8,388,136 

 

On December 1, 2022, ZP Woodward entered into an Exclusive Option Agreement for the Purchase of Real Property (the “Option Agreement”), dated December 1, 2022 between ZP Woodward and FL MI RE 22, LLC (the “Woodward Assignor”). Pursuant to the terms of the Option Agreement and subject to the conditions therein, ZP Woodward was granted the exclusive option (the “Option”) to assume all of the Woodward Assignor’s rights and obligations under certain purchase agreements and other definitive documents as described in the Option Agreement (collectively, “Assigned Rights”), all related to real property located in Pleasant Ridge, Michigan and as more particularly described in the Option Agreement (the “Woodward Property”). In December 2022, the Company exercised its rights to acquire the properties located at 23616 and 23622 Woodward Avenue, Pleasant Ridge, Michigan for a purchase price of $2,292,549 including cash of $867,549, and a land contract promissory note of $1,425,000 (see Note 8). The properties consist of approximately 9,060 square feet of land with approximately 6,192 square feet of rentable buildings space. Simultaneously, the Company paid cash of $590,000 to the Woodward Assignor in assignment fees and deposits for the rights to acquire two adjacent properties (the “Parking Lots”), which was reflected as escrow deposits on the accompanying consolidated balance sheets as of December 31, 2022. In February 2023, ZP Woodward exercised its rights and acquired the adjacent Parking Lots. On November 29, 2022, the Woodward Properties and the Parking Lots were leased to the Woodward Tenant pursuant to the Woodward Lease (See Note 3).

 

For the years ended December 31, 2023 and 2022, depreciation of rental properties amounted to $375,553 and $345,878, respectively.