INVESTMENT PROPERTIES

3 Months Ended

Mar. 31, 2023

Real Estate [Abstract]

INVESTMENT PROPERTIES

3. INVESTMENT PROPERTIES:

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 March 31, 2023, the Partnership owned seven Properties, all of which contained fully constructed fast-food/casual dining restaurant facilities. The following are operated by tenants at the aforementioned seven Properties: six separate Wendy’s restaurants, and an Applebee’s restaurant. The Properties are located in a total of three states.

Wendy’s – Walton Way, Augusta, GA

On April 22, 2022, the Partnership sold the property located at 1730 Walton Way, Augusta, GA for $1,600,000. The gain on the sale was approximately $1,103,000.

Wendy’s – Peach Orchard Road, Augusta, GA Property

On October 30, 2022, the tenant Wendgusta, LLC closed on an asset purchase agreement with JAI Augusta, LLC to sell substantially all the assets of the tenant and pursuant thereto, the lease was also assigned to JAI Augusta under the same terms and conditions of the lease amendment effected January 1, 2021.

Wendy’s – Folly Road, Charleston, SC

On December 19, 2022, the tenant Wendcharles I, LLC closed on an asset purchase agreement with JAI Augusta, LLC to sell substantially all the assets of the tenant and pursuant thereto, the lease was also assigned to JAI Augusta under the same terms and conditions of the lease amendment effected January 1, 2021.

Wendy’s – Martintown Road, N.Augusta, SC

On March 31, 2023 the Martintown Road Property was sold for $1,350,000. The Partnership received proceeds from the sale of approximately $1.28 million and the gain on the sale was about $1 million.

DIVALL INSURED INCOME PROPERTIES 2 LIMITED PARTNERSHIP

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

Property Held for Sale

The Martintown Road Property was held for sale as of December 31, 2022.

The components of property held for sale in the balance sheets as of March 31, 2023 and December 31, 2022 are outlined below:

	March 31, 2023		December 31, 2022
Balance Sheet:
Land	$	-	$	250,859
Building		-		409,297
Accumulated Depreciation		-		(409,297	)
Properties held for sale	$	-	$	250,859