INVESTMENT IN REAL ESTATE, NET

3 Months Ended

Sep. 30, 2013

SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]

SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Text Block]

NOTE 3 – INVESTMENT IN REAL ESTATE, NET

Investment in real estate consisted of the following:

As of	September 30, 2013		June 30, 2013
Land	$	25,781,000	$	25,781,000
Buildings, improvements and equipment		73,816,000		73,453,000
Accumulated depreciation		(34,508,000)		(33,972,000)
Investment in real estate, net	$	65,089,000	$	65,262,000

In July 2013, the Company refinanced its $466,000 adjustable rate mortgage note payable on its 8-unit apartment located in Los Angeles, California for a new 30-year mortgage in the amount of $500,000. The interest rate on the new loan is fixed at 3.50% per annum for the first five years and variable for the remaining of the term. The note matures in July 2043.