10-K/A

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-K

[x] Annual Report Pursuant to Section 13 or 15(d) of the Securities and Exchange Act of 1934

For the fiscal year ended December 31, 2014

[ ] Transition report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from ________________ to _______________

Commission File No. 0-18286.

DSI REALTY INCOME FUND XI
a California Limited Partnership

California	33-0324161
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

6700 E. Pacific Coast Hwy., Long Beach, California 90803

(Address of principal executive offices)

Registrant’s telephone number, including area code (562) 493-8881

Securities registered pursuant to Section 12(b) of the Act:

NONE

Securities registered pursuant to Section 12(g) of the Act:

Units of Limited Partnership Interests

Indicate by check mark if registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes [ ] No [X]

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act. Yes [ ] No [X]

Indicate by check mark whether the registrant (l) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and
(2) has been subject to such filing requirements for the past 90 days.  Yes [X] No [ ]

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes [X] No [ ]

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. [ ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.

Large accelerated filer [ ] Accelerated filer [ ]  Non-accelerated filer [ ] Smaller reporting company [X]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [ ] No [X]

EXPLANATORY NOTE

The sole purpose of this amendment to our Annual Report on Form 10-K for the year ended December 31, 2014, originally filed with the Securities and Exchange Commission on March 31, 2015 (the “Original Form 10-K”), is to furnish the exhibits required by Item 601(b) (101) (interactive Data File) of Regulation S-K.

No other changes have been made to the Original Form 10-K and the Original Form 10-K has not been updated to reflect events occurring subsequent to the original filing date.

ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES

(3) Exhibits

13 Annual Report Letter to Limited Partners. Incorporated by reference to Exhibit 13 to the Registrant’s Annual Report on Form 10-K (File Number 000-18286) for the year ended December 31, 2014.

31.1 Rule 13a-14(a)/15d-14(a) Certification: Principal Executive Officer. Incorporated by reference to Exhibit 31.1 to the Registrant’s Annual Report on Form 10-K (File Number 000-18286) for the year ended December 31, 2014.

31.2 Rule 13a-14(a)/15d-14(a) Certification: Principal Financial Officer. Incorporated by reference to Exhibit 31.2 to the Registrant’s Annual Report on Form 10-K (File Number 000-18286) for the year ended December 31, 2014.

32.1 Section 1350 Certification: Principal Executive Officer. Incorporated by reference to Exhibit 32.1 to the Registrant’s Annual Report on Form 10-K (File Number 000-18286) for the year ended December 31, 2014.

32.2 Section 1350 Certification: Principal Financial Officer. Incorporated by reference to Exhibit 32.2 to the Registrant’s Annual Report on Form 10-K (File Number 000-18286) for the year ended December 31, 2014.

101.INS XBRL Instance Document*

101.SCH XBRL Taxonomy Extension Schema Document*

101.CAL XBRL Taxonomy Extension Calculation Linkbase Document*

101.DEF XBRL Taxonomy Extension Definition Linkbase Document*

101.LAB XBRL Taxonomy Extension Label Linkbase Document*

101.PRE XBRL Taxonomy Extension Presentation Linkbase Document*

* Pursuant to Rule 406T of Regulation S-T, the Interactive Data Files on Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

DSI REALTY INCOME FUND XI,

a California Limited Partnership
by: DSI Properties, Inc., a California Corporation,
as General Partner

By: /s/ ROBERT J. CONWAY
Dated: April 7, 2015
ROBERT J. CONWAY, (President, Chief Executive Officer and Director)

By: /s/ RICHARD P. CONWAY
Dated: April 7, 2015
RICHARD P. CONWAY, (Executive Vice President, Chief Financial Officer)
 

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the date indicated.

DSI REALTY INCOME FUND XI,

a California Limited Partnership
by: DSI Properties, Inc., a California corporation, as
General Partner

By: /s/ ROBERT J. CONWAY
Dated: April 7, 2015
ROBERT J. CONWAY, (President, Chief Executive Officer and Director)

By: /s/ RICHARD P. CONWAY
Dated: April 7, 2015
RICHARD P. CONWAY, (Executive Vice President, Chief Financial Officer)

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Discontinued Operations - Discontinued Balance Sheets (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
ASSETS
Cash	$ 84,087	$ 83,018	$ 119,787
Property, net	1,972,205	1,962,331
Uncollected rental revenue	89,730	75,839
Prepaid advertising	0	0
Other assets	33,380	33,679
TOTAL ASSETS OF DISCONTINUED OPERATIONS	2,179,402	2,154,867
LIABILITIES
Incentive management fee liability	27,273	0
Property management fee liability	9,466	10,896
Deferred income	32,128	35,594
Accrued expenses	11,586	1,751
Other liabilities	83,164	81,064
TOTAL LIABILITIES OF DISCONTINUED OPERATIONS	163,616	125,805
NET ASSETS OF DISCONTINUED OPERATIONS	$ 2,015,786	$ 2,029,062

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Allocations of Profits and Losses

12 Months Ended

Dec. 31, 2014

Notes to Financial Statements

Allocations of Profits and Losses

Under the Agreement of Limited Partnership, the general partners are to be allocated 1% of the net profits or losses from operations, and the limited partners are to be allocated the balance of the net profits or losses from operations in proportion to their limited partnership interests. The general partners are also entitled to receive a percentage, based on a predetermined formula, of any cash distribution from the sale, other disposition, or refinancing of the project.

In addition, the general partners are entitled to receive an incentive management fee for supervising the operations of the Partnership. The fee is to be paid in an amount equal to 9% per annum of the cash distributions to limited partners in the fund.

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Related Party Transactions

12 Months Ended

Dec. 31, 2014

Notes to Financial Statements

Related Party Transactions

The partnership has entered into management agreements with Dahn to operate its mini-storage facilities. The management agreements provide for a management fee equal to 6% of gross revenue from operations, which is defined as the entire amount of all receipts from the renting or leasing of storage compartments and sale of locks. The management agreements are renewable annually. Dahn earned management fees equal to $123,503 and $123,503 for the years ended December 31, 2014 and 2013, respectively. Amounts payable to Dahn at December 31, 2014 and 2013, were $10,896 and $9,466, respectively.

Beginning in July 2011, the General Partner, DSI Properties, Inc. performs all tax related work with respect to the Partnership. These services are paid monthly in the amount of $2,313. Tax fees paid to DSI Properties, Inc. for the year ended December 31, 2014 were $27,756.

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Consolidated Balance Sheets (USD $)	Dec. 31, 2014	Dec. 31, 2013
ASSETS:
Cash	$ 259,935	$ 185,624
Discontinued operating assets	2,154,867	2,179,402
TOTAL	2,414,801	2,365,026
LIABILITIES:
Distribution due to Partners	151,515	151,515
Accrued Expenses	13,600	13,600
Discontinued operating liabilities	125,804	163,616
Total Liabilities	290,919	328,731
PARTNERS' EQUITY:
General Partners	(68,429)	(69,304)
Limited Partners	2,192,311	2,105,599
Total Partners' Equity	2,123,882	2,036,295
TOTAL	$ 2,414,801	$ 2,365,026

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General

12 Months Ended

Dec. 31, 2014

Notes to Financial Statements

General

1. GENERAL

DSI Realty Income Fund XI, a California Limited Partnership (the "Partnership"), has three general partners (DSI Properties, Inc., RJC Capital Management, LLC and JWC Capital Management, LLC. The general partners have made no capital contributions to the Partnership and are not required to make any capital contributions in the future. The Partnership has a maximum life of 50 years and was formed on December 7, 1988, under the California Uniform Limited Partnership Act for the primary purpose of acquiring and operating real estate.

DSI Properties, Inc. is an affiliate of Diversified Securities, Inc., a wholly-owned subsidiary of DSI Financial, Inc. The General Partners provide similar services to other partnerships. Through its public offering of Limited Partnership Units, Registrant sold twenty thousand (20,000) units of limited partnership interests aggregating Ten Million Dollars ($10,000,000). The General Partners have retained a one percent (1%) interest in all profits, losses and distributions (subject to certain conditions) without making any capital contribution to the Partnership. The General Partners are not required to make any capital contributions to the Partnership in the future.

The Partnership has entered into four joint venture arrangements with affiliates of Dahn Corporation ("Dahn"). The Partnership and its joint venture partners have acquired four mini-storage properties located in Whittier, California; Edgewater, New Jersey; Bloomingdale, Illinois; and Sterling Heights, Michigan. The properties were acquired from Dahn.

Under the terms of the property purchase agreements, the Partnership and its joint venture partners (Whittier Mini, Bloomingdale Mini, Edgewater Mini, and Sterling Heights Mini, each a California Limited Partnership and an affiliate of Dahn, and hereinafter referred to as the "Joint Venture Partners") own an undivided interest in the mini-storage facilities as follows:

                                                              Joint Venture
Mini-Storage Property         Partnership         Partner

Whittier, CA                            90%                  10%
Bloomingdale, IL                     90%                  10%
Edgewater, NJ                         85%                  15%
Sterling Heights, MI                 75%                   25%

The Joint Venture Partners have made no cash contributions to any of the joint ventures. Rather, each Joint Venture Partner's interest in each respective mini-storage property was obtained in consideration of a reduction in the purchase price of the property by Dahn. The Partnership has control over the business and operations of the mini-storage facilities (see Note 6).

Pursuant to the terms of each joint venture agreement, annual profits (before depreciation) of each joint venture will be allocated to the Joint Venture Partners on the basis of actual distributions received, while annual losses (before depreciation) are to be allocated in proportion to the ownership percentages as specified above. Cash distributions are to be made to each Joint Venture Partner based upon each Joint Venture Partner's ownership percentage. However, the Joint Venture Partners have subordinated their rights to any distributions to the Partnership's receipt of an annual, noncumulative, 8% return (7.75% for the Whittier Mini) from the operation of the joint ventures. Requirements under the subordination agreement were met during 2014 and 2013. A noncontrolling interest in real estate joint venture is recorded to the extent of any distributions due to the Joint Venture Partners. The Joint Venture Partners are also entitled to receive a percentage, based upon a pre-determined formula, of the net proceeds from the sale of the properties.

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Summary of Significant Accounting Policies (Details Narrative) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Accounting Policies [Abstract]
Allowance for uncollectable rental revenue	$ 22,432	$ 16,526
Advertising Expense	108,770	74,812
Net income allocated to noncontrolling interests	155,254	129,704
Distributions to noncontrolling interests	$ (155,254)	$ (129,704)

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Real Estate and Accumulated Depreciation - Real Estate and Accumulated Depreciation (Details) (USD $)	Dec. 31, 2014
Land
Whittier, CA	$ 845,000
Bloomingdale, IL	442,000
Edgewater, NJ	191,250
Sterling Heights, MI	416,000
Total	1,894,250
Building and Improvements
Whittier, CA	1,969,083
Bloomingdale, IL	1,579,879
Edgewater, NJ	2,400,712
Sterling Heights, MI	467,979
Total	6,417,653
Costs Subsequent To Acquition
Whittier, CA	34,025
Bloomingdale, IL	117,739
Edgewater, NJ	82,003
Sterling Heights, MI	74,333
Total	308,100
Land
Whittier, CA	845,000
Bloomingdale, IL	442,000
Edgewater, NJ	191,250
Sterling Heights, MI	416,000
Total	1,894,250
Buildings and Improvements
Whittier, CA	2,003,108
Bloomingdale, IL	1,697,618
Edgewater, NJ	2,482,715
Sterling Heights, MI	542,312
Total	6,725,753
Total
Whittier, CA	2,848,108
Bloomingdale, IL	2,139,618
Edgewater, NJ	2,673,965
Sterling Heights, MI	958,312
Total	8,620,003
Accumulated Depreciation
Whittier, CA	(2,004,013)
Bloomingdale, IL	(1,675,667)
Edgewater, NJ	(2,443,124)
Sterling Heights, MI	(534,868)
Total	$ (6,657,672)

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Property

12 Months Ended

Dec. 31, 2014

Notes to Financial Statements

Property

The total cost of property and accumulated depreciation were as follows as of December 31:
 

	2014	2013
Land	$ 1,894,250	$1,894,250
Buildings and improvements	6,725,753	6,725,753
Rental trucks	163,382	163,382
Total	8,783,385	8,783,385
Less accumulated depreciation	(6,821,054)	(6,811,180)
Property – net	$ 1,962,331	$ 1,972,205

The Sale for all properties was approved by the affirmative vote of the holders of approximately 54.5% of the outstanding units of limited partnership interests in the Fund (the “Units”) in accordance with the proxy statement of the Fund dated November 21, 2014. As of December 31, 2014 and 2013, all the properties have been classified as discontinued operation.

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Consolidated Statements of Income (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
REVENUES:
TOTAL	$ 0	$ 0
EXPENSES:
General and administrative	185,554	142,821
Total	185,554	142,821
LOSS FROM CONTINUING OPERATIONS	(185,554)	(142,821)
INCOME FROM DISCONTINUED OPERATIONS	1,034,455	836,004
NET INCOME	848,901	693,184
LESS: net income attributable to the non-controlling interest	155,254	129,704
NET INCOME ATTRIBUTABLE TO THE PARTNERSHIP	693,647	563,480
AGGREGATE INCOME ALLOCATED TO:
General partners	6,936	5,635
Limited partners	686,711	557,845
TOTAL	$ 693,647	$ 563,480
Weighted average limited partnership units outstanding	20,000	20,000
NET INCOME ATTRIBUTABLE TO THE PARTNERSHIP PER LIMITED PARTNERSHIP UNIT	34.34	27.89

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Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2014

Discontinued Operations and Disposal Groups [Abstract]

Balance Sheets

BALANCE SHEETS	2014	2013
ASSETS
Cash	$ 96,337	$ 98,228
Property, net	2,112,431	2,141,470
Uncollected rental revenue	115,631	142,247
Prepaid advertising	7,344	-
Other assets	71,476	57,024
TOTAL ASSETS OF DISCONTINUED OPERATIONS	$ 2,403,219	$ 2,438,969
LIABILITIES
Incentive management fee liability	305,918	342,035
Property management fee liability	310,895	309,146
Deferred income	43,402	51,461
Accrued expenses	13,654	17,462
Other liabilities	189,349	185,616
TOTAL LIABILITIES OF DISCONTINUED OPERATIONS	863,218	905,720
NET ASSETS OF DISCONTINUED OPERATIONS	$ 1,540,001	$ 1,533,249

Discontinued Operations

	For the year ended December 31,
	2014	2013
REVENUE	$2,999,167	$2,613,449
DEPRECIATION	29,039	31,875
OPERATING EXPENSES	1,169,558	1,289,341
GP’S INCENTIVE FEES	72,234	72,240
PROPERTY MANAGEMENT FEE	151,119	130,350
G&A EXPENSES	137,015	169,292
NET OPERATING INCOME FROM DISCONTINUED OPERATIONS	1,440,202	920,351
TOTAL INCOME FROM DISCONTINUED OPERATIONS	$1,440,202	$920,351

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Document and Entity Information (USD $)	12 Months Ended
	Dec. 31, 2014
Document And Entity Information
Entity Registrant Name	DSI Realty Income Fund XI
Entity Central Index Key	0000844048
Document Type	10-K
Document Period End Date	Dec. 31, 2014
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	No
Entity Filer Category	Smaller Reporting Company
Entity Public Float	$ 10,000,000
Entity Common Stock, Shares Outstanding	20,000
Document Fiscal Period Focus	Q4
Document Fiscal Year Focus	2014

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Real Estate and Accumulated Depreciation (Tables)

12 Months Ended

Dec. 31, 2014

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

Real Estate and Accumulated Depreciation

					Gross Carrying Amount
	Initial Cost			Costs	at December 31, 2014
Description	Acquisition Date	Land	Buildings and Improvements	Subsequent to Acquisition	Land	Buildings and Improvements	Total	Accumulated Depreciation
Whittier, CA	03/90	$ 845,000	$ 1,969,083	$ 34,025	$ 845,000	$ 2,003,108	$ 2,848,108	($2,004,013)
Bloomingdale, IL	01/91	442,000	1,579,879	117,739	442,000	1,697,618	2,139,618	($1,675,667)
Edgewater, NJ	09/90	191,250	2,400,712	82,003	191,250	2,482,715	2,673,965	($2,443,124)
Sterling Hts., MI	07/91	416,000	467,979	74,333	416,000	542,312	958,312	($534,868)
		$1,894,250	$6,417,653	$278,478	$1,894,250	$6,725,753	$8,620,003	($6,657,672)

Notes:

1. Depreciation expense is computed using the straight-line method over an estimated useful life of 20 years for the buildings.

2. There are no encumbrances.

3. The dissolution of the Fund was also approved by the affirmative vote of the holders of approximately 54.5% of the Units, which will occur following the sale of all Fund properties and the settlement of all accounts of the Fund.

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Consolidated Statements of Changes in Partners' Equity (USD $)	General Partners	Limited Partners	Noncontrolling Interest	Total
BALANCE, Beginning at Dec. 31, 2012	$ (68,878)	$ 2,147,753	$ 0	$ 2,078,875
Net Income Allocation	5,635	557,845	129,704	693,184
Distributions	6,060	600,000	129,704	735,764
BALANCE, Ending at Dec. 31, 2013				2,036,295
Net Income Allocation	6,936	686,711	155,254	848,901
Distributions	6,061	599,999	155,254	761,314
BALANCE, Ending at Dec. 31, 2014	$ (68,429)	$ 2,192,311	$ 0	$ 2,123,882

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Subsequent Events

12 Months Ended

Dec. 31, 2014

Subsequent Events [Abstract]

Subsequent Events

On January 9, 2015 the sale of all of the properties except Edgewater Park and Sterling Heights and related assets of DSI Realty Income Fund XI (the “Fund”) to affiliates of Smart Stop Self Storage (the “Sale”). The Sale was approved by the affirmative vote of the holders of approximately 54.5% of the outstanding units of limited partnership interests in the Fund (the “Units”) in accordance with the proxy statement of the Fund dated November 21, 2014. The Sale is expected to be completed within the next 60 days for an aggregate gross sale price of $10,820,000.

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Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2014

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Cash - The Partnership classifies its short-term investments purchased with an original maturity of three months or less as cash equivalents. As of December 31, 2014 the Partnership had no cash equivalents.

Uncollected Rental Revenue - The Partnership estimates the collectability of uncollected rental revenue on an ongoing basis by reviewing past-due monthly rents and assessing the current creditworthiness of each tenant.  Allowances are provided based on historical write-offs. Allowances on uncollected rental revenue as of December 31, 2014 and 2013 were $18,960and $22,432, respectively.

Property and Depreciation - Property is recorded at cost and is composed primarily of mini-storage facilities. Depreciation is provided using the straight-line method over an estimated useful life of 20 years for the facilities. Building improvements are depreciated over a five year period. Property under capital leases is amortized over the lesser of the lives of the respective leases or the estimated useful lives of the assets.

Income Taxes - No provision has been made for income taxes in the accompanying financial statements. The taxable income or loss of the Partnership is allocated to each partner in accordance with the terms of the Agreement of Limited Partnership. Each partner's tax status, in turn, determines the appropriate income tax for its allocated share of the Partnership's taxable income or loss.. For the year ended December 31, 2011 the Partnership changed the accounting method for federal income tax purposes from cash to accrual basis thereby eliminating the difference in the basis of the Partnership’s assets and liabilities between tax and the GAAP basis financial statements. The change in tax accounting method resulted in an adjustment to the limited partners’ capital account for tax purposes for the year ended December 31, 2011 only in order to coincide with the accounting method used to prepare the Partnership’s GAAP basis financial statements. Accordingly there were no differences for the year ended December 31, 2014.

Noncontrolling Interest - The Partnership reports noncontrolling interests in real estate joint ventures as a separate component within equity, in accordance with ASC 810-10 (formerly SFAS No. 160, "Noncontrolling Interests in Consolidated Financial Statements"). The net income allocated to noncontrolling interest for the year ended December 31, 2014 and 2013 was $155,254 and $129,704 respectively. Distributions were made to the Joint Venture Partners for the noncontrolling interest in real estate joint venture during the years ended December 31, 2014 and 2013 in the amount of $155,254 and $129,704, respectively. No amounts were due to Joint Venture partners at December 31, 2014 and 2013.

Revenues - Rental income, which is generally earned pursuant to month-to-month leases for storage space, as well as late charges and administrative fees, are recognized as earned. Promotional discounts reduce rental income over the promotional period. Ancillary revenues and interest and other income are recognized when earned.

Advertising Expense - Costs related to advertising in Yellow Pages are capitalized and amortized over 12 months. All other advertising costs are expensed as incurred. Advertising expense for the years ended December 31, 2014 and 2011 were $98,332 and $108,770 respectively.

Net Income per Limited Partnership Unit - Net income per limited partnership unit is computed by dividing net income allocated to the limited partners by the weighted average number of limited partnership units outstanding during each year.

Reclassifications - Certain amounts included in the accompanying financial statements for 2014 and 2013 have been reclassified to conform to the 2014 financial statement presentation. Balance sheet amounts for properties classified as held for sale have been reclassified as of December 31, 2014 and 2013. Statement of operations amounts for properties classified as discontinued operations have been reclassified for all periods presented. The discontinued operation is a component (or group of components) of the entity, the disposal of which would represent a strategic shift that has (or will have) a major effect on the entity’s operations and financial results, when such component (or group of components) have been disposed of or classified as held for sale. Through December 31, 2014, discontinued operations represent properties that we have either disposed of or have classified as held for sale if both the operations and cash flows of the property have been or will be eliminated from our ongoing operations as a result of the disposal transaction and if we will not have any significant continuing involvement in the operations of the property after the disposal transaction

Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the Partnership to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Impairment of Long-Lived Assets - The Partnership regularly reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. If the sum of the expected undiscounted future cash flow is less than the carrying amount of the asset, the Partnership would recognize an impairment loss to the extent the carrying value exceeded the fair value of the property. No impairment losses were required in 2014 or 2013.

Fair Value of Financial Instruments - ASC 825-10 (formerly SFAS 107, “Disclosures about Fair Value of Financial Instruments”) defines financial instruments and requires disclosure of the fair value of financial instruments held by the Partnership. For all financial instruments, including cash and cash equivalents, uncollected rent revenue, other assets, distributions due to partners, incentive management fee payable to general partners, property management fee payable, customer deposits, other liabilities and deferred income, carrying values approximate fair values because of the short maturity of those instruments.

Concentrations of Credit Risk - Financial instruments that potentially subject the Partnership to concentrations of credit risk consist primarily of cash and cash equivalents and uncollected rent revenue. The Partnership places its cash and cash equivalents with high credit quality institutions. Accounts at banks are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000. At December 31, 2014, the Partnership had balance of $9,935 in excess of insured limits. The Partnership performs ongoing evaluations of these institutions to limit its concentration of risk exposure. Management believes this risk is not significant due to the financial strength of the financial institutions utilized by the Partnership.

Comprehensive Income - The Partnership has adopted Accounting Standards Update 2011-05, Comprehensive Income (Topic 220): Presentation of Comprehensive Income. For the year ended December 31, 2014 and 2013 comprehensive income equaled net income, as the Partnership had no other comprehensive income. As of December 31, 2014 and 2013, accumulated other comprehensive income was $0.

Recent Accounting Pronouncements

The Partnership has reviewed all the recent accounting pronouncements issued to date of the issuance of these consolidated financial statements, and does not believe any of these pronouncements will have a material impact on the Partnership’s consolidated financial statements.

In April 2014, the FASB issued Accounting Standards Update 2014-08 (“ASU 2014-08”), which provides a revised definition of a discontinued operation. ASU 2014-08 requires additional disclosures for a discontinued operation and the disposal of an asset and component of the entity that is not a discontinued operation. Under ASU 2014-08, a discontinued operation is a component (or group of components) of the entity, the disposal of which would represent a strategic shift that has (or will have) a major effect on the entity’s operations and financial results, when such component (or group of components) have been disposed of or classified as held for sale. The amendments in the ASU should be applied prospectively and are effective for us beginning January 1, 2015, with early adoption permitted. We adopted this standard effective December 31, 2014.

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Property - Summary of Property and Equipment (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Property, net
Land	$ 1,894,250	$ 1,894,250
Buildings and improvements	6,725,753	6,725,753
Rental trucks under capital leases	163,382	163,382
Total	8,783,385	8,783,385
Less accumulated depreciation	6,821,054	6,811,180
Property - net	$ 1,962,331	$ 1,972,205

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Allocations of Profits and Losses (Details Narrative)	12 Months Ended
	Dec. 31, 2014
Notes to Financial Statements
General Partner Percentage	1.00%

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Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2014

Accounting Policies [Abstract]

Cash

Cash - The Partnership classifies its short-term investments purchased with an original maturity of three months or less as cash equivalents. As of December 31, 2014 the Partnership had no cash equivalents.

Uncollected Rental Revenue

Uncollected Rental Revenue - The Partnership estimates the collectability of uncollected rental revenue on an ongoing basis by reviewing past-due monthly rents and assessing the current creditworthiness of each tenant.  Allowances are provided based on historical write-offs. Allowances on uncollected rental revenue as of December 31, 2014 and 2013 were $22,432and $22,432, respectively.

Property and Depreciation

SCHEDULE III

REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2014
 

					Gross Carrying Amount
	Initial Cost			Costs	at December 31, 2014
Description	Acquisition Date	Land	Buildings and Improvements	Subsequent to Acquisition	Land	Buildings and Improvements	Total	Accumulated Depreciation
Whittier, CA	03/90	$ 845,000	$ 1,969,083	$ 34,025	$ 845,000	$ 2,003,108	$ 2,848,108	($2,004,013)
Bloomingdale, IL	01/91	442,000	1,579,879	117,739	442,000	1,697,618	2,139,618	($1,675,667)
Edgewater, NJ	09/90	191,250	2,400,712	82,003	191,250	2,482,715	2,673,965	($2,443,124)
Sterling Hts., MI	07/91	416,000	467,979	74,333	416,000	542,312	958,312	($534,868)
		$1,894,250	$6,417,653	$278,478	$1,894,250	$6,725,753	$8,620,003	($6,657,672)

Notes:

1. Depreciation expense is computed using the straight-line method over an estimated useful life of 20 years for the buildings.

2. There are no encumbrances.

3. The dissolution of the Fund was also approved by the affirmative vote of the holders of approximately 54.5% of the Units, which will occur following the sale of all Fund properties and the settlement of all accounts of the Fund.

Income Taxes

Income Taxes - No provision has been made for income taxes in the accompanying financial statements. The taxable income or loss of the Partnership is allocated to each partner in accordance with the terms of the Agreement of Limited Partnership. Each partner's tax status, in turn, determines the appropriate income tax for its allocated share of the Partnership's taxable income or loss.. For the year ended December 31, 2011 the Partnership changed the accounting method for federal income tax purposes from cash to accrual basis thereby eliminating the difference in the basis of the Partnership’s assets and liabilities between tax and the GAAP basis financial statements. The change in tax accounting method resulted in an adjustment to the limited partners’ capital account for tax purposes for the year ended December 31, 2011 only in order to coincide with the accounting method used to prepare the Partnership’s GAAP basis financial statements. Accordingly there were no differences for the year ended December 31, 2014.

Noncontrolling interests

Noncontrolling Interest - The Partnership reports noncontrolling interests in real estate joint ventures as a separate component within equity, in accordance with ASC 810-10 (formerly SFAS No. 160, "Noncontrolling Interests in Consolidated Financial Statements"). The net income allocated to noncontrolling interest for the year ended December 31, 2014 and 2013 was $155,254 and $129,704 respectively. Distributions were made to the Joint Venture Partners for the noncontrolling interest in real estate joint venture during the years ended December 31, 2014 and 2013 in the amount of $155,254 and $129,704, respectively. No amounts were due to Joint Venture partners at December 31, 2014 and 2013.

Revenues

Revenues - Rental income, which is generally earned pursuant to month-to-month leases for storage space, as well as late charges and administrative fees, are recognized as earned. Promotional discounts reduce rental income over the promotional period. Ancillary revenues and interest and other income are recognized when earned.

Advertising Expense

Advertising Expense - Costs related to advertising in Yellow Pages are capitalized and amortized over 12 months. All other advertising costs are expensed as incurred. Advertising expense for the years ended December 31, 2014 and 2013 were $98,332 and $108,770 respectively.

Net Income per Limited Partnership Unit

Net Income per Limited Partnership Unit - Net income per limited partnership unit is computed by dividing net income allocated to the limited partners by the weighted average number of limited partnership units outstanding during each year.

Reclasifications

Reclassifications - Certain amounts included in the accompanying financial statements for 2014 and 2013 have been reclassified to conform to the 2014 financial statement presentation. Balance sheet amounts for properties classified as held for sale have been reclassified as of December 31, 2014 and 2013. Statement of operations amounts for properties classified as discontinued operations have been reclassified for all periods presented. The discontinued operation is a component (or group of components) of the entity, the disposal of which would represent a strategic shift that has (or will have) a major effect on the entity’s operations and financial results, when such component (or group of components) have been disposed of or classified as held for sale. Through December 31, 2014, discontinued operations represent properties that we have either disposed of or have classified as held for sale if both the operations and cash flows of the property have been or will be eliminated from our ongoing operations as a result of the disposal transaction and if we will not have any significant continuing involvement in the operations of the property after the disposal transaction

Estimates

Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the Partnership to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Impairment of Long-Lived Assets

Impairment of Long-Lived Assets - The Partnership regularly reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. If the sum of the expected undiscounted future cash flow is less than the carrying amount of the asset, the Partnership would recognize an impairment loss to the extent the carrying value exceeded the fair value of the property. No impairment losses were required in 2014 or 2013.

Fair Value of Financial Instruments

Fair Value of Financial Instruments - ASC 825-10 (formerly SFAS 107, “Disclosures about Fair Value of Financial Instruments”) defines financial instruments and requires disclosure of the fair value of financial instruments held by the Partnership. For all financial instruments, including cash and cash equivalents, other assets, distributions due to partners, incentive management fee payable to general partners, property management fee payable, and customer deposits and other liabilities, carrying values approximate fair values because of the short maturity of those instruments.

Concentrations of Credit Risk

Concentrations of Credit Risk - Financial instruments that potentially subject the Partnership to concentrations of credit risk consist primarily of cash and cash equivalents and uncollected rent revenue. The Partnership places its cash and cash equivalents with high credit quality institutions. Accounts at banks are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000. At December 31, 2014, the Partnership had balance of $9,935 in excess of insured limits. The Partnership performs ongoing evaluations of these institutions to limit its concentration of risk exposure. Management believes this risk is not significant due to the financial strength of the financial institutions utilized by the Partnership.

Comprehensive Income

Comprehensive Income - The Partnership has adopted Accounting Standards Update 2011-05, Comprehensive Income (Topic 220): Presentation of Comprehensive Income. For the year ended December 31, 2014 and 2013 comprehensive income equaled net income, as the Partnership had no other comprehensive income. As of December 31, 2014 and 2013, accumulated other comprehensive income was $0.

Recent Accounting Pronoucements

The Partnership has reviewed all the recent accounting pronouncements issued to date of the issuance of these consolidated financial statements, and does not believe any of these pronouncements will have a material impact on the Partnership’s consolidated financial statements.

In April 2014, the FASB issued Accounting Standards Update 2014-08 (“ASU 2014-08”), which provides a revised definition of a discontinued operation. ASU 2014-08 requires additional disclosures for a discontinued operation and the disposal of an asset and component of the entity that is not a discontinued operation. Under ASU 2014-08, a discontinued operation is a component (or group of components) of the entity, the disposal of which would represent a strategic shift that has (or will have) a major effect on the entity’s operations and financial results, when such component (or group of components) have been disposed of or classified as held for sale. The amendments in the ASU should be applied prospectively and are effective for us beginning January 1, 2015, with early adoption permitted. We adopted this standard effective December 31, 2014.

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Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2014

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

Real Estate and Accumulated Depreciation

SCHEDULE III

REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2014
 

					Gross Carrying Amount
	Initial Cost			Costs	at December 31, 2014
Description	Acquisition Date	Land	Buildings and Improvements	Subsequent to Acquisition	Land	Buildings and Improvements	Total	Accumulated Depreciation
Whittier, CA	03/90	$ 845,000	$ 1,969,083	$ 34,025	$ 845,000	$ 2,003,108	$ 2,848,108	($2,004,013)
Bloomingdale, IL	01/91	442,000	1,579,879	117,739	442,000	1,697,618	2,139,618	($1,675,667)
Edgewater, NJ	09/90	191,250	2,400,712	82,003	191,250	2,482,715	2,673,965	($2,443,124)
Sterling Hts., MI	07/91	416,000	467,979	74,333	416,000	542,312	958,312	($534,868)
		$1,894,250	$6,417,653	$278,478	$1,894,250	$6,725,753	$8,620,003	($6,657,672)

Notes:

1. Depreciation expense is computed using the straight-line method over an estimated useful life of 20 years for the buildings.

2. There are no encumbrances.

3. The dissolution of the Fund was also approved by the affirmative vote of the holders of approximately 54.5% of the Units, which will occur following the sale of all Fund properties and the settlement of all accounts of the Fund.

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Discontinued Operations

12 Months Ended

Dec. 31, 2014

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

The Sale for all properties was approved by the affirmative vote of the holders of approximately 54.5% of the outstanding units of limited partnership interests in the Fund (the “Units”) in accordance with the proxy statement of the Fund dated November 21, 2014. As of December 31, 2014 and 2013, all the properties have been classified as discontinued operation.

The following table summarizes the balance sheets components that comprise discontinued operations:

BALANCE SHEETS	2013	2014
ASSETS
Cash	$ 84,087	$ 83,018
Property, net	1,972,205	1,962,331
Uncollected rental revenue	89,730	75,839
Prepaid advertising	-	-
Other assets	33,380	33,679
TOTAL ASSETS OF DISCONTINUED OPERATIONS	$ 2,179,402	$ 2,154,867
LIABILITIES
Incentive management fee liability	27,273	-
Property management fee liability	9,466	10,896
Deferred income	32,128	35,594
Accrued expenses	11,586	1,751
Other liabilities	83,164	81,064
TOTAL LIABILITIES OF DISCONTINUED OPERATIONS	163,616	125,805
NET ASSETS OF DISCONTINUED OPERATIONS	$ 2,015,786	$ 2,029,062

The following table summarizes the revenue and expense components that comprise discontinued operations:

	For the year ended December 31,
	2014	2013
REVENUE	$2,238,425	$2,068,128
EXPENSES	1,187,170	1,215,324
NET OPERATING INCOME FROM DISCONTINUED OPERATIONS	1,051,255	852,804
NET GAIN ON SALE OF DISCONTINUED OPERATIONS	-	-
TOTAL INCOME FROM DISCONTINUED OPERATIONS	$1,051,255	$852,804

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Property (Tables)

12 Months Ended

Dec. 31, 2014

Notes to Financial Statements

Summary of Property and Equipment

	2014	2013
Land	$ 1,894,250	$1,894,250
Buildings and improvements	6,725,753	6,725,753
Rental trucks	163,382	163,382
Total	8,783,385	8,783,385
Less accumulated depreciation	(6,821,054)	(6,811,180)
Property – net	$ 1,962,331	$ 1,972,205

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Related Party Transactions (Details Narrative) (USD $)	1 Months Ended	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2014	Dec. 31, 2013
Notes to Financial Statements
Management Fee Percentage		6.00%	6.00%
Management Fee		$ 133,275	$ 123,503
Payable To Dahn	10,896	10,896	9,466
Monthly Tax Fee to General Partner	$ 2,313	$ 27,756

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Discontinued Operations - Discontinued Operations (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Discontinued Operations and Disposal Groups [Abstract]
REVENUE	$ 2,238,425	$ 2,068,128
NET GAIN ON SALE OF DISCONTINUED OPERATIONS	0	0
TOTAL INCOME FROM DISCONTINUED OPERATIONS	$ 1,034,455	$ 836,004

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Consoldidated Statements of Cash Flows (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 848,901	$ 693,184
Less: Net income from discontinued operations	1,034,455	836,004
Net loss from continuing operating activities	(185,554)	(142,820)
Net cash provided by operating activities from continuing operations	185,554	142,820
Net cash provided by operating activities from discontinued operations	1,021,179	876,114
Net cash provided by operating activities	835,625	733,294
CASH FLOWS FROM FINANCING ACTIVITIES:
Distributions to partners	606,060	606,060
Distributions paid to non-controlling interests	(155,254)	(129,704)
Net cash used in financing activities	(761,314)	(735,764)
NET DECREASE IN CASH AND CASH EQUIVALENTS	74,311	(2,470)
CASH, AT BEGINNING OF YEAR	269,711	307,881
Cash from continuing components	185,624	188,094
Cash from discontinued components	83,018	119,787
CASH, AT END OF YEAR	342,953	269,711
Cash from continuing components	259,935	185,624
Cash from discontinued components	84,087	83,018
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest	0	0
NON CASH INVESTING AND FINANCING ACTIVITIES:
Distributions due partners included in partners' equity	$ 151,515	$ 151,515

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Business Segment Information

12 Months Ended

Dec. 31, 2014

Segment Reporting [Abstract]

Business Segment Information

5. BUSINESS SEGMENT INFORMATION

The following disclosure about segment reporting of the Partnership is made in accordance with the requirements of ASC 280-10 (formerly SFAS No. 131, "Disclosures About Segments of an Enterprise and Related Information") The Partnership operates in a single segment; storage facility operations, under which the Partnership rents its storage facilities to its customers on a need basis and charges rent on a predetermined rate.

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General (Details Narrative) (USD $)	12 Months Ended
	Dec. 31, 2014
Notes to Financial Statements
Limited Partnership Units Outstanding	20,000
Public Float	$ 10,000,000
General Partner Percent Ownership Percentage	1.00%