Investment Properties and Property Held for Sale

12 Months Ended

Dec. 31, 2018

Real Estate [Abstract]

Investment Properties and Property Held for Sale

2. INVESTMENT PROPERTIES AND PROPERTY HELD FOR SALE:

The total cost of the Properties includes the original purchase price plus acquisition fees and other capitalized costs paid to an affiliate of the former general partners of the Partnership.

As of December 31, 2018, the Partnership owned 10 Properties, nine of which contained fully constructed fast-food/casual dining restaurant facilities. The following are operated by tenants at the aforementioned nine Properties: eight separate Wendy’s restaurants, and an Applebee’s restaurant. The tenant for the Property operated as an Applebee’s restaurant has been in Chapter 11 bankruptcy since May 2018. As of September 30, 2018, the Martinez, GA was leased by Brakes4Less of Columbia, Inc. The 10 Properties are located in a total of three states.

A summary of significant developments as of December 31, 2018, by Property, for Properties with such developments, can be found in Item 2, Properties.

Discontinued Operations

During the fiscal years ended December 31, 2018 and 2017, the Partnership recognized income (loss) from discontinued operations of $0 and ($15,982), respectively. The loss from discontinued operations was attributable to the Martinez, GA Property that was vacant and held for sale as of December 15, 2016 through June 17, 2018.

The components of property held for sale in the balance sheets as of December 31, 2018 and 2017 are $0 and $317,151, respectively. In 2018, the Martinez, GA property was reclassified back to continuing operations because it was no longer held for sale as of June 17, 2018 when the letter of intent was signed with Brakes4Less of Columbia, Inc.

	December 31,		December 31,
	2018		2017
Balance Sheet:
Land	$	-	$	266,175
Buildings, net		-		50,976
Properties held for sale	$	-	$	317,151

The components of discontinued operations included in the statements of income for the years ended December 31, 2018 and 2017 are outlined below:

	December 31,		December 31,
	2018		2017
Revenues
Base Rent	$	-	$	-
Percentage Rent		-		-
Total Revenues	$	-	$	-
Expenses
Insurance	$	-	$	1,426
Property tax expense		-		6,078
Maintenance expense		-		6,828
Depreciation		-		-
Amortization		-		-
Appraisals		-		1,650
Total Expenses	$	-	$	15,982
Net Income from Discontinued Operations	$	-	$	(15,982	)