MVP REIT 10-Q 16 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	May. 16, 2016
Document And Entity Information
Entity Registrant Name	MVP REIT, Inc.
Entity Central Index Key	1,546,609
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
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?	Yes
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		11,045,026
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2,016

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
ASSETS
Cash	$ 6,876,000	$ 10,511,000
Cash - restricted	1,117,000	1,133,000
Accounts receivable	32,000	42,000
Prepaid expenses	352,000	316,000
Deferred rental assets	178,000	159,000
Investments in real estate and fixed assets
Land and improvements	69,688,000	44,507,000
Building and improvements	49,837,000	43,010,000
Fixed assets	88,000	88,000
[us-gaap:PropertyPlantAndEquipmentGross]	119,613,000	87,605,000
Accumulated depreciation	(1,147,000)	(865,000)
Total investments in real estate and fixed assets, net	118,466,000	86,740,000
Deposits	200,000	$ 16,010,000
Due from related parties	27,000
Other assets	263,000	$ 140,000
Total assets	127,511,000	115,051,000
Liabilities
Accounts payable and accrued liabilities	1,062,000	462,000
Deferred revenue	$ 47,000	25,000
Due to related parties		7,000
Security deposits	$ 166,000	211,000
Notes payable, net of unamortized loan issuance cost of $806,000 and $534,000 at March 31, 2016 and December 31, 2015, respectively	39,384,000	28,177,000
Total liabilities	$ 40,659,000	$ 28,882,000
Equity
Preferred stock, $0.001 par value, 1,000,000 shares authorized, none issued and outstanding
Non-voting, non-participating convertible stock, $0.001 par value, 1,000 shares authorized, issued and outstanding as of March 31, 2016 and December 31, 2015	$ 11,000	$ 11,000
Common stock, $0.001 par value, 98,999,000 shares authorized, 11,068,479 and 11,002,902 shares issued and outstanding as of March 31. 2016 and December 31, 2015, respectively	11,000	11,000
Additional paid-in capital	96,187,000	97,277,000
Accumulated deficit	(14,465,000)	(12,925,000)
Total MVP REIT, Inc. Shareholders' Equity	81,733,000	84,363,000
Non-controlling interest - related party	5,119,000	1,806,000
Total equity	86,852,000	86,169,000
Total liabilities and equity	$ 127,511,000	$ 115,051,000
Non Voting Non Participating Convertible Stock
Equity
Non-voting, non-participating convertible stock, $0.001 par value, 1,000 shares authorized, issued and outstanding as of March 31, 2016 and December 31, 2015
Common stock, $0.001 par value, 98,999,000 shares authorized, 11,068,479 and 11,002,902 shares issued and outstanding as of March 31. 2016 and December 31, 2015, respectively

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Notes Payable, Unamortized Loan Issuance Cost	$ 806,000	$ 534,000
Preferred stock par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock par value	$ 0.001	$ 0.001
Common stock, shares authorized	98,999,000	98,999,000
Common stock, shares issued	11,068,479	11,002,902
Common stock, shares outstanding	11,068,479	11,002,902
Non Voting Non Participating Convertible Stock
Common stock par value	$ 0.001	$ 0.001
Common stock, shares authorized	1,000	1,000
Common stock, shares issued	1,000	1,000
Common stock, shares outstanding	1,000	1,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenues
Rental revenue	$ 1,893,000	$ 688,000
Total revenues	1,893,000	688,000
Operating expenses
General and administrative	387,000	204,000
Acquisition expenses	207,000	103,000
Acquisition expenses - related party	1,326,000	988,000
Operation and maintenance	820,000	88,000
Depreciation and amortization expenses	282,000	74,000
Total operating expenses	3,022,000	1,457,000
Loss from operations	(1,129,000)	(769,000)
Other income (expense)
Interest expense	(452,000)	$ (252,000)
Interest income	1,000
Total other expense	(451,000)	$ (252,000)
Loss from continuing operations	$ (1,580,000)	(1,021,000)
Discontinued operations, net of income taxes
Income from assets held for sale, net of income taxes		99,000
Total income from discontinued operations		$ 99,000
Provision for income taxes
Net loss	$ (1,580,000)	$ (922,000)
Net income (loss) attributable to non-controlling interest - related party	(40,000)	63,000
Net loss attributable to MVP REIT, Inc. common shareholders	$ (1,540,000)	$ (985,000)
Basic and diluted income (loss) per weighted average common share
Loss from continuing operations attributable to MVP REIT, Inc. common shareholders - basic and diluted	$ (0.15)	$ (0.22)
Income from discontinued operations	0	0.01
Net loss attributable to MVP REIT, Inc. common shareholders - basic and diluted	(0.15)	(0.21)
Distributions declared per common share	$ 0.15	$ 0.11
Weighted average common shares outstanding, basic	11,039,157	4,766,054

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Equity (Unaudited) - 3 months ended Mar. 31, 2016 - USD ($)	Convertible Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Non-controlling Interest Related Party	Total
Beginning Balance at Dec. 31, 2015		$ 11,000	$ 97,277,000	$ (12,925,000)	$ 1,806,000	$ 86,169,000
Balance (Shares) at Dec. 31, 2015	1,000	11,002,902				11,002,902
Distributions to noncontrolling interest					$ (39,000)	$ (39,000)
Issuance of common stock - DRIP			$ 621,000			621,000
Issuance of common stock - DRIP (Shares)		71,136
Non-controlling interest					$ 3,392,000	3,392,000
Redeemed shares			$ (49,000)			(49,000)
Redeemed shares (Shares)		(5,559)
Distributions			$ (1,662,000)			(1,662,000)
Net loss				$ (1,540,000)	$ (40,000)	(1,580,000)
Balance at Mar. 31, 2016		$ 11,000	$ 96,187,000	$ (14,465,000)	$ 5,119,000	$ 86,852,000
Balance (Shares) at Mar. 31, 2016	1,000	11,068,479				11,068,479

Condensed Consolidated Stateme6

Condensed Consolidated Statements Of Cash Flows (Unaudited) - USD ($)	3 Months Ended	9 Months Ended
	Mar. 31, 2016	Sep. 30, 2014
Cash flows from operating activities:
Net loss	$ (1,580,000)	$ (922,000)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation	282,000	74,000
Amortization of loan costs	18,000	20,000
Change in operating assets and liabilities:
Restricted cash	16,000	(329,000)
Prepaid expenses	(36,000)	1,000
Deferred rental assets	(19,000)	$ (144,000)
Accounts receivable	10,000
Other assets	(123,000)	$ (20,000)
Capitalized loan fees	(290,000)	3,000
Security deposits	$ (45,000)	61,000
Assets held for sale, net		4,000
Due to related parties	$ (34,000)	$ 70,000
Deferred revenue	22,000
Accounts payable and accrued liabilities	600,000	$ 271,000
Net cash used in operating activities	(1,179,000)	(911,000)
Cash flows from investing activities:
Purchase of investment in real estate	(32,008,000)	$ (12,741,000)
Deposits applied to purchase of investment in real estate	$ 15,810,000
Payment of deposits, net of deposits returned		$ (2,275,000)
Building improvements		(147,000)
Net cash used in investing activities	$ (16,198,000)	(15,163,000)
Cash flows from financing activities:
Proceeds from issuance of common stock, net commissions		$ 11,020,000
Proceeds from promissory note	$ 11,690,000
Capital contribution from noncontrolling interest - related party	3,392,000
Redeemed shares	(49,000)	$ (22,000)
Payments on notes payable	$ (211,000)	(189,000)
Payments on notes payable held for sale		(26,000)
Distribution to non - controlling interest	$ 621,000	148,000
Stockholders' distributions	(1,041,000)	(535,000)
Net cash provided by financing activities	13,742,000	10,248,000
NET CHANGE IN CASH	(3,635,000)	(5,826,000)
Cash and cash equivalents, beginning of period	10,511,000	13,812,000
Cash and cash equivalents, end of period	6,876,000	7,986,000
Supplemental disclosures of cash flows information:
Interest paid	452,000	212,000
Non-cash investing and financing activities:
Distributions - DRIP	621,000	148,000
Capitalized loan fees related to promissory note	$ 309,000	16,000
Debt assumed in acquisitions		$ 12,180,000

Organization, Proposed Business

Organization, Proposed Business Operations and Capitalization	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization, Proposed Business Operations and Capitalization	Note A — Organization, Business Operations and Capitalization Organization and Business MVP REIT, Inc. (the “Company” or “MVP”) was incorporated on April 3, 2012 as a Maryland corporation, and has elected to be taxed, and operates in a manner that will allow the Company to qualify as a real estate investment trust (“REIT”) for U.S. federal income tax purposes beginning with the taxable year ended December 31, 2013. Pursuant to its initial public offering (the “Offering”), which closed in September 2015, the Company issued 10,856,317 shares of its common stock for which it received net proceeds of approximately $97.0 million. Of this amount, approximately $19.5 million of shares were issued in consideration of the contribution of commercial properties to the Company. The Company has also registered up to $50 million for the issuance of common stock pursuant to a distribution reinvestment plan (the “DRIP”) under which common stockholders may elect to have their distributions reinvested in additional shares of common stock. The Company operates as a real estate investment trust (“REIT”). The Company is not a mutual fund or an investment company within the meaning of the Investment Company Act of 1940, nor is the Company subject to any regulation thereunder. As a REIT, the Company is required to have a December 31 fiscal year end. Among other requirements, REITs are required to satisfy certain gross income and asset tests, which may affect the composition of assets the Company acquires with the proceeds from its public offering. In addition, REITs are required to distribute to stockholders at least 90% of their annual REIT taxable income (computed without regard to the dividends paid deduction and excluding net capital gain). The Company’s investment strategy was originally to invest available net proceeds from its Offering in direct investments in real property and real estate secured loans that meet the Company’s investment objectives and strategies. In March 2014, the Company’s board of directors approved a plan to increase the focus of the Company’s investment strategy on parking and self-storage facilities located throughout the United States as the Company’s core assets. As part of this strategy, the Company exchanged office properties with affiliated entities to exchange all of its ownership interests in certain non-core assets (consisting of four office buildings) for all of the affiliated entities’ ownership interests in five parking facilities and one self-storage facility. The property exchanges were consummated on April 30, 2014. In June 2014, the Company’s board decided to further focus its efforts primarily on parking facilities. Additionally, during July and August, 2014, the Company sold its membership interest in the two remaining office buildings producing net rental income owned by the Company to Vestin Realty Mortgage I, Inc., a Maryland corporation and OTC Market-listed company (“VRM I”) and Vestin Realty Mortgage II, Inc., a Maryland corporation and Nasdaq-listed company (“VRM II”). The Company may, from time to time, invest in non-core assets, including investments in companies that manage real estate or mortgage investment companies; however, the Company has agreed that no more than 25% of the gross proceeds from the Offering will be used to invest in real properties other than parking facilities. As previously reported, on March 7, 2016, the Company’s board of directors approved taking all action necessary to list its common shares on the NASDAQ Global Market with view to providing a liquidity opportunity for its stockholders. While the Company intends to pursue listing on NASDAQ expeditiously, there can be no assurance as to if or when its listing application with be approved and its common stock will begin to trade on NASDAQ. As the Company proceeds with the application process, on May 5. 2016, its board of directors approved the suspension of the Company’s distribution reinvestment plan. All stockholders will continue to receive their full distributions which will now be paid in cash as opposed to additional shares of common stock for distribution reinvestment plan participants. The Company’s board of directors will consider a possible re-implementation of the distribution reinvestment plan in the future. Distributions On October 3, 2012, the Company confirmed that its board of directors had approved a plan for payment of initial monthly cash distributions of $0.045 per share. On January 25, 2013, the Company issued a press release announcing that its board of directors had approved an increase in its monthly distribution rate on its common shares to an annualized distribution rate of 6.2 percent, or $0.558 per share annually or $0.0465 monthly, assuming a purchase price of $9.00 per share. The distribution, previously 6 percent, increased beginning with the January 2013 distribution, paid to stockholders of record as of January 24, 2013 on February 10, 2013. On June 4, 2013, the Company issued a press release announcing that its board of directors has approved an increase in its monthly distribution rate on its common shares to an annualized distribution rate of 6.7 percent, assuming a purchase price of $9.00 per share or $0.05025 monthly. The Company anticipates paying future distributions monthly in arrears, with a record date on the 24th of each month and distributions paid on the 10th day of the following month (or the next business day if the 10th is not a business day). From inception through March 31, 2016, the Company has paid approximately $8.7 million in distributions including approximately $2.4 million in DRIP distributions to the Company’s stockholders, all of which have been paid from offering proceeds and constituted a return of capital. The Company may pay distributions from sources other than cash flow from operations, including proceeds from the Offering, the sale of assets, or borrowings. The Company has no limits on the amounts it may pay from such sources. If the Company continues to pay distributions from sources other than cash flow from operations, the funds available to the Company for investments would be reduced and the share value may be diluted. Estimated Value Per Share As previously reported on April 7, 2016, the Company’s board of directors determined an estimated net asset value of approximately $100.8 million or $9.14 per common share as of March 30, 2016. Shares in the initial public offering were sold at $9.00 per share. In determining an estimated value per share of the Company’s common stock, the Company’s board of directors relied upon information provided by MVP Realty Advisors, LLC, the Company’s advisor and the board’s experience with, and knowledge of, the Company’s real property and other assets. The Company is providing the estimated value per share to assist broker-dealers and stockholders pursuant to certain rules of the Financial Industry Regulatory Authority, Inc., or FINRA. The objective of the board of directors in determining the estimated value per share was to arrive at a value, based on recent available data, that it believed was reasonable based on methods that it deemed appropriate after consultation with the Advisor. Accordingly, the Company’s advisor performed the valuation of the Company’s common stock with Practice Guideline 2013-01, Valuations of Publicly Registered Non-Listed REITs Starting April 11, 2016, the NAV of $9.14 per common share will be used for purposes of effectuating permitted redemptions of our common stock and issuing shares pursuant to our distribution reinvestment plan if our board decides to re-implement our distribution reinvestment plan in the future. The Company’s sponsor is MVP Capital Partners, LLC (“MVPCP” or the “Sponsor”), an entity owned and managed by Michael V. Shustek, the Company’s Chairman and Chief Executive Officer. The Company’s advisor is MVP Realty Advisors, LLC (the “Advisor”). VRM II owns 60% of the Advisor, and the remaining 40% is owned by VRM I. Michael Shustek owns a significant majority of Vestin Mortgage, LLC, a Nevada limited liability company, which is the manager of VRM I, VRM II and Vestin Fund III (“VF III”). The Advisor is responsible for managing the Company’s affairs on a day-to-day basis and for identifying and making investments on the Company’s behalf pursuant to an advisory agreement between the Company and the Advisor (the “Advisory Agreement”). The Company is the sole member of its operating limited liability company, MVP Real Estate Holdings, LLC, a Nevada limited liability company (“REH”). Substantially all of the Company’s business is conducted through our wholly owned subsidiary REH. The operating agreement provides that REH is operated in a manner that enables the Company to (1) satisfy the requirements for being classified as a REIT for tax purposes, (2) avoid any federal income or excise tax liability, and (3) ensure that REH is not classified as a “publicly traded partnership” for purposes of Section 7704 of the Internal Revenue Code, which classification could result in REH being taxed as a corporation. Capitalization As of March 31, 2016 the Company had 11,068,479 shares of common stock issued and outstanding and 1,000 shares of non-voting, non-participating convertible stock, $0.001 par value, issued and outstanding (the “Convertible Stock”). Upon formation, the Company sold 22,222 shares of common stock to the Sponsor for $200,000. In addition, upon the commencement of our offering, we issued 1,000 shares of the Convertible Stock to our advisor. After giving effect to the release of waivers and waiver agreements executed in August and September of 2014, all of which were previously disclosed in Form 8-Ks and prospectus supplements, the Convertible Stock will convert into shares of our common stock representing 3.50% of the outstanding shares of our common stock immediately preceding the conversion if and when: (a) the Company has made total distributions on the then outstanding common shares equal to the invested capital attributable to those shares plus a 6.00% cumulative, non-compounded, annual pre-tax return on such invested capital; or (b) (i) the Company lists its common shares for trading on a national securities exchange and (ii) (x) the sum of the aggregate market value of the issued and outstanding common shares plus the aggregate amount of all distributions on the Company’s common shares exceeds (y) the sum of the aggregate capital contributed by investors (less any capital returned in the form of distributions) plus an amount equal to a 6% cumulative, pre-tax non-compounded annual return to investors; or (c) the advisory agreement is terminated or not renewed, but only if at the time of such termination or non-renewal, the requirements for conversion set forth in either of the immediately preceding clause (a) or (b) also shall have been satisfied. For purposes of such calculation, the market value of our outstanding common stock will be calculated based on the average market value of the shares of common stock issued and outstanding at listing over the 30 trading days beginning 180 days after the shares are first listed for trading on a national securities exchange. Pursuant to the DRIP, stockholders may elect to reinvest distributions by purchasing shares of common stock in lieu of receiving distributions. No dealer manager fees or selling commissions are paid with respect to shares purchased pursuant to the DRIP. Participants purchasing shares pursuant to the DRIP have the same rights and are treated in the same manner as if such shares were issued pursuant to the Offering. The board of directors may designate that certain cash or other distributions be excluded from the DRIP. The Company has the right to amend any aspect of the DRIP or terminate the DRIP with ten days’ notice to participants. Shares issued under the DRIP are recorded to equity in the accompanying balance sheets in the period distributions are declared. An investor’s participation in the DRIP will terminate automatically if the Company dishonors, or partially dishonors, any requests by such investor to redeem shares of its common stock in accordance with the Company’s share repurchase program. As of March 31, 2016, 271,031 common shares have been issued under the DRIP. In addition, the Company has a Share Repurchase Program (“SRP”) that may provide stockholders who generally have held their shares for at least one year an opportunity to sell their shares to the Company, subject to certain restrictions and limitations. On April 11, 2016, the Company established an estimated value per share of common stock of $9.14. The Company will repurchase shares at 100% of the estimated value per share. The number of shares to be repurchased during a calendar quarter is limited to the lesser of: (i) 2.0% of the number of shares of common stock outstanding on December 31 of the prior calendar year, and (ii) those repurchases that can be funded from the net proceeds of the sale of shares under the DRIP in the prior calendar year. The board of directors may also limit the amounts available for repurchase at any time at its sole discretion. The SRP will terminate if the shares of common stock are listed on a national securities exchange. Effective as of December 14, 2014, the Company has amended the SRP to provide that it will agree to satisfy all repurchase requests made in connection with the death or disability (as defined in the Code) of a stockholder in accordance with the terms of the SRP within 15 days following the Company’s receipt of such repurchase request or as soon as practicable thereafter. Redemption requests other than those made in connection with the death or disability (as defined in the Code) of a stockholder will continue to be repurchased as of March 31, June 30, September 30 and December 31 of each year in accordance with the terms of the SRP. As of the date of this filing, 58,869 shares have been redeemed and the Company has received additional requests for repurchase of 47,008 shares in the amount of approximately $147,144 which will be paid in July 2016. The SRP will be terminated if and when the Company’s common shares are listed on NASDAQ.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note B — Summary of Significant Accounting Policies Basis of Accounting The accompanying unaudited condensed consolidated financial statements of the Company are prepared by management on the accrual basis of accounting and in accordance with principles generally accepted in the United States of America (“GAAP”) for interim financial information as contained in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”), and in conjunction with rules and regulations of the SEC. Certain information and footnote disclosures required for annual financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, the unaudited condensed consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. The unaudited condensed consolidated financial statements include accounts and related adjustments, which are, in the opinion of management, of a normal recurring nature and necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the interim period. Operating results for the three months ended March 31, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. These unaudited condensed consolidated financial statements should be read in conjunction with the condensed consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. The condensed consolidated balance sheet as of December 31, 2015 contained herein has been derived from the audited consolidated financial statements as of December 31, 2015, but do not include all disclosures required by GAAP. Consolidation The Company’s unaudited condensed consolidated financial statements include its accounts and the accounts of its subsidiaries, REH and all of the following subsidiaries as well as the Company’s assets that were sold during 2015. All intercompany profits and losses, balances and transactions are eliminated in consolidation. MVP PF Ft. Lauderdale 2013, LLC MVP PF Memphis Court 2013, LLC MVP PF Memphis Poplar 2013, LLC MVP PF St. Louis 2013, LLC MVP PF Kansas City 2013, LLC Mabley Place Garage; LLC MVP Denver Sherman; LLC MVP Fort Worth Taylor, LLC MVP Milwaukee Old World, LLC MVP St. Louis Convention Plaza, LLC MVP Houston Saks Garage, LLC MVP St. Louis Lucas, LLC MVP Milwaukee Wells, LLC MVP Wildwood NJ Lot, LLC MVP Indianapolis City Park Garage, LLC MVP KC Cherry Lot, LLC MVP Indianapolis Washington Street Lot, LLC MVP Minneapolis Venture, LLC MVP Indianapolis Meridian, LLC MVP Milwaukee Clybourn, LLC MVP Milwaukee Arena, LLC MVP Clarksburg Lot, LLC MVP Denver 1935 Sherman, LLC MVP Bridgeport Fairfield, LLC Under accounting principles generally accepted in the United States of America (“GAAP”), the Company’s consolidated financial statements will also include the accounts of its consolidated subsidiaries and joint ventures in which the Company is the primary beneficiary, or in which the Company has a controlling interest. In determining whether the Company has a controlling interest in a joint venture and the requirement to consolidate the accounts of that entity, the Company’s management considers factors such as an entity’s purpose and design and the Company’s ability to direct the activities of the entity that most significantly impacts the entity’s economic performance, ownership interest, board representation, management representation, authority to make decisions, and contractual and substantive participating rights of the partners/members as well as whether the entity is a variable interest entity in which it will absorb the majority of the entity’s expected losses, if they occur, or receive the majority of the expected residual returns, if they occur, or both. Equity investments in which the Company exercises significant influence but does not control and is not the primary beneficiary are accounted for using the equity method. The Company's share of its equity method investees' earnings or losses is included in other income in the accompanying unaudited condensed consolidated statements of operations. Investments in which the Company is not able to exercise significant influence over the investee are accounted for under the cost method. Use of Estimates The preparation of financial statements in conformity with GAAP requires management 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. Management makes significant estimates regarding revenue recognition, purchase price allocations to record investments in real estate, and derivative financial instruments and hedging activities, as applicable. Concentration The Company has approximately eight tenants. One tenant, Standard Parking + (“SP+”), consists of more than 76% of the Company’s rental revenue. This tenant represents a concentration for the three months ended March 31, 2016 and 2015. Acquisitions The Company records the acquired tangible and intangible assets and assumed liabilities of acquisitions of all operating properties and those development and redevelopment opportunities that meet the accounting criteria to be accounted for as business combinations at fair value at the acquisition date. The Company assesses and considers fair value based on estimated cash flow projections that utilize available market information and discount and/or capitalization rates that the Company deems appropriate. Estimates of future cash flows are based on a number of factors including historical operating results, known and anticipated trends, and market and economic conditions. The acquired assets and assumed liabilities for an operating property acquisition generally include but are not limited to: land, buildings and improvements, construction in progress and identified tangible and intangible assets and liabilities associated with in-place leases, including tenant improvements, leasing costs, value of above-market and below-market operating leases and ground leases, acquired in-place lease values and tenant relationships, if any. The fair value of land is derived from comparable sales of land within the same submarket and/or region. The fair value of buildings and improvements, tenant improvements, and leasing costs are based upon current market replacement costs and other relevant market rate information. The fair value of the above-market or below-market component of an acquired in-place operating lease is based upon the present value (calculated using a market discount rate) of the difference between (i) the contractual rents to be paid pursuant to the lease over its remaining non-cancellable lease term and (ii) management's estimate of the rents that would be paid using fair market rental rates and rent escalations at the date of acquisition measured over the remaining non-cancellable term of the lease for above-market operating leases and the initial non-cancellable term plus the term of any below-market fixed rate renewal options, if applicable, for below-market operating leases. The amounts recorded for above-market operating leases are included in deferred leasing costs and acquisition-related intangibles, net on the balance sheet and are amortized on a straight-line basis as a reduction of rental income over the remaining term of the applicable leases. The amounts recorded for below-market operating leases are included in deferred revenue and acquisition-related liabilities, net on the balance sheet and are amortized on a straight-line basis as an increase to rental income over the remaining term of the applicable leases plus the term of any below-market fixed rate renewal options, if applicable. Our below-market operating leases generally do not include fixed rate or below-market renewal options. The fair value of acquired in-place leases is derived based on management's assessment of lost revenue and costs incurred for the period required to lease the “assumed vacant” property to the occupancy level when purchased. This fair value is based on a variety of considerations including, but not necessarily limited to: (1) the value associated with avoiding the cost of originating the acquired in-place leases; (2) the value associated with lost revenue related to tenant reimbursable operating costs estimated to be incurred during the assumed lease-up period; and (3) the value associated with lost rental revenue from existing leases during the assumed lease-up period. Factors considered by us in performing these analyses include an estimate of the carrying costs during the expected lease-up periods, current market conditions, and costs to execute similar leases. In estimating carrying costs, the Company includes real estate taxes, insurance and other operating expenses, and estimates of lost rental revenue during the expected lease-up periods based on current market demand at market rates. In estimating costs to execute similar leases, the Company considers leasing commissions, legal and other related expenses. The amount recorded for acquired in-place leases is included in deferred leasing costs and acquisition-related intangibles, net on the balance sheet and amortized as an increase to depreciation and amortization expense over the remaining term of the applicable leases. If a lease were to be terminated or if termination were determined to be likely prior to its contractual expiration (for example resulting from bankruptcy), amortization of the related unamortized in-place lease intangible would be accelerated. The determination of the fair value of any debt assumed in connection with a property acquisition is estimated by discounting the future cash flows using interest rates available for the issuance of debt with similar terms and remaining maturities. The determination of the fair value of the acquired tangible and intangible assets and assumed liabilities of operating property acquisitions requires us to make significant judgments and assumptions about the numerous inputs discussed above. The use of different assumptions in these fair value calculations could significantly affect the reported amounts of the allocation of our acquisition related assets and liabilities and the related amortization and depreciation expense recorded for such assets and liabilities. In addition, because the value of above and below market leases are amortized as either a reduction or increase to rental income, respectively, our judgments for these intangibles could have a significant impact on our reported rental revenues and results of operations. Costs directly associated with all operating property acquisitions and those development and redevelopment acquisitions that meet the accounting criteria to be accounted for as business combinations are expensed as incurred. During the three months ended March 31, 2016, the Company expensed approximately $1,326,000 of related party and $207,000 non-related party acquisition costs. Our acquisition expenses are directly related to our acquisition activity and if our acquisition activity was to increase or decrease, so would our acquisition costs. Costs directly associated with development acquisitions accounted for as asset acquisitions are capitalized as part of the cost of the acquisition. During the three months ended March 31, 2016, the Company did not capitalize any such acquisition costs. Impairment of Long Lived Assets When circumstances indicate the carrying value of a property may not be recoverable, the Company reviews the asset for impairment. This review is based on an estimate of the future undiscounted cash flows, excluding interest charges, expected to result from the property’s use and eventual disposition. These estimates consider factors such as expected future operating income, market and other applicable trends and residual value, as well as the effects of leasing demand, competition and other factors. If impairment exists, due to the inability to recover the carrying value of a property, an impairment loss is recorded to the extent that the carrying value exceeds the estimated fair value of the property for properties to be held and used. For properties held for sale, the impairment loss is the adjustment to fair value less estimated cost to dispose of the asset. These assessments have a direct impact on net income because recording an impairment loss results in an immediate negative adjustment to net income. Derivative Instruments The Company may use derivative financial instruments to hedge all or a portion of the interest rate risk associated with its borrowings. Certain techniques used to hedge exposure to interest rate fluctuations may also be used to protect against declines in the market value of assets that result from general trends in debt markets. The principal objective of such agreements is to minimize the risks and/or costs associated with the Company’s operating and financial structure as well as to hedge specific anticipated transactions. The Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Derivatives may also be designated as hedges of the foreign currency exposure of a net investment in a foreign operation. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain of its risk, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. The accounting for subsequent changes in the fair value of these derivatives depends on whether each has been designed and qualifies for hedge accounting treatment. If the Company elects not to apply hedge accounting treatment, any changes in the fair value of these derivative instruments is recognized immediately in gains (losses) on derivative instruments in the consolidated statement of operations. If the derivative is designated and qualifies for hedge accounting treatment, the change in the estimated fair value of the derivative is recorded in other comprehensive income (loss) to the extent that it is effective. Any ineffective portion of a derivative’s change in fair value will be immediately recognized in earnings. Cash The Company maintains the majority of its cash balances in a national financial institution located in Las Vegas, Nevada. The balances are insured by the Federal Deposit Insurance Corporation under the same ownership category up to at least $250,000. As of March 31, 2016 and December 31, 2015, the Company had approximately $5.0 million and approximately $9.1 million in excess of the federally-insured limits, respectively. Restricted Cash Restricted cash primarily consists of escrowed tenant improvement funds, real estate taxes, capital improvement funds, insurance premiums, and other amounts required to be escrowed pursuant to loan agreements. Revenue Recognition The Company’s revenues, which are derived primarily from rental income, include rents that each tenant pays in accordance with the terms of each lease reported on a straight-line basis over the initial term of the lease. Since some of the Company’s leases will provide for rental increases at specified intervals, straight-line basis accounting requires the Company to record a receivable, and include in revenues, unbilled rent receivables that the Company will only receive if the tenant makes all rent payments required through the expiration of the initial term of the lease. The Company may recognize interest income from loans on an accrual basis over the expected terms of the loans using the effective interest method. The Company may recognize fees, discounts, premiums, anticipated exit fees and direct cost over the terms of the loans as an adjustment to the yield. The Company may recognize fees on commitments that expire unused at expiration. The Company may recognize interest income from available-for-sale securities on an accrual basis over the life of the investment on a yield-to-maturity basis. The Company will continually review receivables related to rent and unbilled rent receivables and determine collectability by taking into consideration the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. In the event that the collectability of a receivable is in doubt, the Company will record an increase in the Company’s allowance for uncollectible accounts or record a direct write-off of the receivable in the Company’s consolidated statements of operations. Advertising Costs Advertising costs incurred in the normal course of operations are expensed as incurred. During the three months ended March 31, 2016 and 2015, the Company had no advertising costs. Investments in Real Estate and Fixed Assets Investments in real estate and fixed assets are stated at cost less accumulated depreciation. Depreciation is provided principally on the straight-line method over the estimated useful lives of the assets, which are primarily 3 to 40 years. The cost of repairs and maintenance is charged to expense as incurred. Expenditures for property betterments and renewals are capitalized. Upon sale or other disposition of a depreciable asset, cost and accumulated depreciation are removed from the accounts and any gain or loss is reflected in other income (expense). The Company periodically evaluates whether events and circumstances have occurred that may warrant revision of the estimated useful lives of fixed assets or whether the remaining balance of fixed assets should be evaluated for possible impairment. The Company uses an estimate of the related undiscounted cash flows over the remaining life of the fixed assets in measuring their recoverability. Investments in Real Estate Loans Subject to the restrictions on related-party transactions set forth in the Company’s charter, the Company may, from time to time, acquire or sell investments in real estate loans from or to the advisor or other related parties without a premium. The primary purpose is to either free up capital to provide liquidity for various reasons, such as loan diversification, or place excess capital in investments to maximize the use of our capital. Selling or buying loans allows us to diversify our loan portfolio within these parameters. Due to the short-term nature of the loans the Company makes and the similarity of interest rates in loans the Company normally would invest in, the fair value of a loan typically approximates its carrying value. Accordingly, discounts or premiums typically do not apply upon sales of loans and therefore, generally no gain or loss is recorded on these transactions, regardless of whether to a related or unrelated party. Investments in real estate loans are secured by deeds of trust or mortgages. Generally, our real estate loans require interest only payments with a balloon payment of the principal at maturity. The Company has both the intent and ability to hold real estate loans until maturity and therefore, real estate loans are classified and accounted for as held for investment and are carried at amortized cost. Loans sold to or purchased from affiliates are accounted for at the principal balance and no gain or loss is recognized by us or any affiliate. Loan-to-value ratios are initially based on appraisals obtained at the time of loan origination and are updated, when new appraisals are received or when management’s assessment of the value has changed, to reflect subsequent changes in value estimates. Such appraisals are generally dated within 12 months of the date of loan origination and may be commissioned by the borrower. The Company considers a loan to be impaired when, based upon current information and events, it believes it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. The Company’s impaired loans include troubled debt restructuring, and performing and non-performing loans in which full payment of principal or interest is not expected. The Company calculates an allowance required for impaired loans based on the present value of expected future cash flows discounted at the loan’s effective interest rate, or at the loan’s observable market price or the fair value of its collateral. Loans that have been modified from their original terms are evaluated to determine if the loan meets the definition of a Troubled Debt Restructuring (“TDR”) as defined by ASC 310-40. When the Company modifies the terms of an existing loan that is considered a TDR, it is considered performing as long as it is in compliance with the modified terms of the loan agreement. If the modification calls for deferred interest, it is recorded as interest income as cash is collected. Allowance for Loan Losses The Company will maintain an allowance for loan losses to the extent it makes investments in real estate loans for estimated credit impairment. The Company’s estimate of losses is based on a number of factors including the types and dollar amounts of loans in the portfolio, adverse situations that may affect the borrower’s ability to repay, prevailing economic conditions and the underlying collateral securing the loan. Additions to the allowance are provided through a charge to earnings and are based on an assessment of certain factors, which may indicate estimated losses on the loans. Actual losses on loans are recorded first as a reduction to the allowance for loan losses. Generally, subsequent recoveries of amounts previously charged off are recognized as income. Estimating allowances for loan losses requires significant judgment about the underlying collateral, including liquidation value, condition of the collateral, competency and cooperation of the related borrower and specific legal issues that affect loan collections or taking possession of the property. As a commercial real estate lender willing to invest in loans to borrowers who may not meet the credit standards of other financial institutional lenders, the default rate on our loans could be higher than those generally experienced in the real estate lending industry. The Company and the Advisor generally approve loans more quickly than other real estate lenders and, due to our expedited underwriting process; there is a risk that the credit inquiry performed will not reveal all material facts pertaining to a borrower and the security. Additional facts and circumstances may be discovered as the Company continues efforts in the collection and foreclosure processes. This additional information often causes management to reassess its estimates. Circumstances that may cause significant changes in our estimated allowance include, but are not limited to: · Declines in real estate market conditions, which can cause a decrease in expected market value; · Discovery of undisclosed liens for community improvement bonds, easements and delinquent property taxes; · Lack of progress on real estate developments after the Company advances funds. The Company customarily utilizes disbursement agents to monitor the progress of real estate developments and approve loan advances. After further inspection of the related property, progress on construction occasionally does not substantiate an increase in value to support the related loan advances; · Unanticipated legal or business issues that may arise subsequent to loan origination or upon the sale of foreclosed property; and · Appraisals, which are only opinions of value at the time of the appraisal, may not accurately reflect the value of the property. Organization, Offering and Related Costs Certain organization, offering and related costs, including legal, accounting, printing, marketing expenses and the salaries and direct expenses of the employees of the Advisor and its affiliates, have been incurred by the Advisor on behalf of the Company. After the Company reimbursed $100,000 of such costs, which has been paid to the Advisor, no additional reimbursements will be made unless the aggregate amount of such reimbursements does not exceed 0.75% of the gross offering proceeds as of the date of reimbursement. Prior to the commencement of our operations, such offering costs had been deferred and such deferred offering costs have been amortized to expense as offering costs over the 12 month period commenced January 1, 2013 through December 31, 2013, on a straight-line basis. Stock-Based Compensation The Company has a stock-based incentive award plan, which is accounted for under the guidance for share based payments. The expense for such awards will be included in general and administrative expenses and is recognized over the vesting period or when the requirements for exercise of the award have been met (See Note G — Stock-Based Compensation). Income Taxes The Company has elected, and operates in a manner that will allow the Company, to qualify to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended, commencing with the taxable year ended December 31, 2013. If the Company qualifies for taxation as a REIT, it generally will not be subject to federal corporate income tax to the extent it distributes all of its REIT taxable income to its stockholders, and so long as it distributes at least 90% of its REIT taxable income. REITs are subject to a number of other organizational and operational requirements. Even if the Company qualifies to be taxed as a REIT, it may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income. Per Share Data The Company calculates basic earnings per share by dividing net income for the period by weighted-average shares of its common stock outstanding for a respective period. Diluted earnings per share takes into account the effect of dilutive instruments, such as stock options and convertible stock, but uses the average share price for the period in determining the number of incremental shares that are to be added to the weighted-average number of shares outstanding. The Company had no outstanding common share equivalents during the three months ended March 31, 2016. In September 2012, upon the commencement of our offering, we issued 1,000 shares of convertible stock to our advisor. After giving effect to the release of waivers and waiver agreements executed in August and September of 2014, all of which were previously disclosed in Form 8-Ks and prospectus supplements, the convertible stock will convert into shares of our common stock representing 3.50% of the outstanding shares of our common stock immediately preceding the conversion if and when: (a) the Company has made total distributions on the then outstanding common shares equal to the invested capital attributable to those shares plus a 6.00% cumulative, non-compounded, annual pre-tax return on such invested capital; or (b) (i) the Company lists its common shares for trading on a national securities exchange and (ii) (x) the sum of the aggregate market value of the issued and outstanding common shares plus the aggregate amount of all distributions on the Company’s common shares exceeds (y) the sum of the aggregate capital contributed by investors (less any capital returned in the form of distributions) plus an amount equal to a 6% cumulative, pre-tax non-compounded annual return to investors; or (c) the advisory agreement is terminated or not renewed, but only if at the time of such termination or non-renewal, the requirements for conversion set forth in either of the immediately preceding clause (a) or (b) also shall have been satisfied. For purposes of such calculation, the market value of our outstanding common stock will be calculated based on the average market value of the shares of common stock issued and outstanding at listing over the 30 trading days beginning 180 days after the shares are first listed for trading on a national securities exchange. Reportable Segments The Company is currently authorized to operate two reportable segments, investments in real estate loans and investments in real property. As of March 31, 2016, the Company only operates in the investment in real property segment. Reclassifications In conjunction with the adoption of new accounting standards, certain debt or loan issuance costs for the three months ended March 31, 2015 as well as certain amounts as of December 31, 2015, have been reclassified to conform to the current year’s presentation. Accounting and Auditing Standards Applicable to “Emerging Growth Companies” The Company is an “emerging growth company” under the recently enacted JOBS Act. For as long as the Company remains an “emerging growth company,” which may be up to five fiscal years, the Company is not required to (1) comply with any new or revised financial accounting standards that have different effective dates for public and private companies until those standards would otherwise apply to private companies, (2) provide an auditor’s attestation report on management’s assessment of the effectiveness of internal control over financial reporting pursuant to Section 404 of the Sarbanes-Oxley Act, (3) comply with any new requirements adopted by the Public Company Accounting Oversight Board, or the PCAOB, requiring mandatory audit firm rotation or a supplement to the auditor’s report in which the auditor would be required to provide additional information about the audit and the financial statements of the issuer or (4) comply with any new audit rules adopted by the PCAOB after April 5, 2012, unless the SEC determines otherwise. The Company intends to take advantage of such extended transition period. Since the Company will not be required to comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for other public companies, the Company’s financial statements may not be comparable to the financial statements of companies that comply with public company effective dates. If the Company were to subsequently elect to instead comply with these public company effective dates, such election would be irrevocable pursuant to Section 107 of the JOBS Act. Non-controlling Interests The FASB issued authoritative guidance for non-controlling interests in December 2007, which establishes accounting and reporting standards for the non-controlling interest in a subsidiary and for the deconsolidation of a subsidiary. The guidance clarifies that a non-controlling interest in a subsidiary, which is sometimes referred to as an unconsolidated investment, is an ownership interest in the consolidated entity that should be reported as a component of equity in the consolidated financial statements. Among other requirements, the guidance requires consolidated net income to be reported at amounts attributable to both the parent and the non-controlling interest. It also requires disclosure, on the face of the consolidated income statement, of the amounts of consolidated net income attributable to the parent and to the non-controlling interest.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note C — Commitments and Contingencies Litigation In the ordinary course of business, the Company may become subject to litigation or claims. There are no material legal proceedings pending or known to be contemplated against the Company as of the filing date of this report. Environmental Matters In connection with the ownership and operation of real estate, the Company may potentially be liable for costs and damages related to environmental matters. During the Company’s due diligence of a property located in Milwaukee it was discovered that the soil and ground water at the subject property had been impacted by the site’s historical use as a printing press as well as neighboring property uses. As a result, the company has retained a local environmental engineer to seek a closure letter or similar certificate of no further action from the State of Wisconsin due to the Company’s use of the property as a parking lot. As of March 31, 2016, management does not anticipate a material adverse effect related to this environmental matter. Please see Note I Acquisitions

Investments in Real Estate

Investments in Real Estate	3 Months Ended
	Mar. 31, 2016
Banking and Thrift [Abstract]
Investments in Real Estate	Note D – Investments in Real Estate As of March 31, 2016 the Company has the following Investments in Real Estate: Property Location Date Acquired Property Type Investment Amount Size / Acreage # Spaces Retail /Office Square Ft. Ownership % Ft. Lauderdale 208 SE 6th St, Ft Lauderdale, FL 7/31/2013 Parking Lot / Office Bldg. $3,409,000 .75 acre 66 4,061 100% Memphis Court 216 Court St, Memphis, TN 8/28/2013 Parking Lot $194,000 .41 acre 37 N/A 100% Memphis Poplar 212 Poplar Ave, Memphis, TN 8/28/2013 Parking Lot $2,693,000 .86 acre 125 N/A 100% Kansas City 1130 Holmes St, Kansas City, MO 8/28/2013 Parking Lot $1,550,000 1.18 acres 164 N/A 100% St. Louis 1300 Spruce St, St. Louis, MO 9/4/2013 Parking Lot $4,137,000 1.22 acres 179 N/A 100% Mabley Place 400 Race Street, Cincinnati, OH 12/9/2014 Parking Facility $14,700,000 .91 acre 775 8,400 70% Denver Sherman 1963 Sherman Street, Denver, CO 1/26/2015 Parking Lot $585,000 .14 acre 28 N/A 100% Ft. Worth 814 Taylor Street, Fort Worth, Texas 3/16/2015 Parking Facility $23,336,000 1.18 acres 1,013 11,828 100% Milwaukee Old World 822 N. Old World Third Street, Milwaukee, WI 3/31/2015 Parking Lot $1,000,000 .27 acre 54 N/A 100% St. Louis Convention 1010 Convention Plaza , St. Louis, MO 5/31/2015 Parking Lot $2,575,000 1.26 acres 221 N/A 100% Houston Saks Garage 611 Fannin Street, Houston, Tx 5/28/2015 Parking Facility $8,380,000 .36 acre 265 5,000 100% St. Louis Lucas Lucas Ave, St. Louis, MO 6/29/2015 Parking Lot $3,463,000 1.07 acres 217 N/A 100% Milwaukee Wells 215 W. Wells Street, Milwaukee, WI 6/30/2015 Parking Lot $3,900,000 .95 acre 100 N/A 100% Wildwood NJ Lot I 400 East Magnolia Ave, Wildwood, NJ 7/10/2015 Parking Lot $970,000 .29 acre 29 N/A 100% Indy City Parking Garage 120 E. Washington Street, Indianapolis, IN 10/5/15 Parking Facility $10,500,000 .44 acre 370 N/A 100% KC Cherry Lot 1109 Cherry Street, Kansas City, MO 10/9/15 Parking Lot $515,000 .60 acre 84 N/A 100% Indy WA Street 301 E. Washington Street, Indianapolis, IN 10/29/15 Parking Lot $4,995,000 1.07 acres 150 N/A 100% Wildwood NJ Lot II 401 E. Glenwood Ave., Wildwood, NJ 12/16/15 Parking Lot $615,000 .31 acre 450 N/A 100% Minneapolis Venture 10h avenue and Hennepin, Minneapolis, MN 1/06/16 Parking Lot $15,495,000 4.46 acres 270 N/A 87% Indianapolis Meridian 239 S. Meridian Street, Indianapolis, IN 1/15/16 Parking Lot $1,550,000 .24 acre 39 N/A 100% Milwaukee Clybourn 412 E. Clybourn Street, Milwaukee, WI 1/20/16 Parking Lot $205,000 .055 acre 15 N/A 100% Milwaukee Arena 1124 North Old World Third Street, Milwaukee, WI 2/01/16 Parking Lot $3,900,000 1.10 acres 75 N/A 100% Clarksburg Lot 327 Washington Avenue, Clarksburg, WV 2/09/16 Parking Lot $620,000 .81 acres 94 N/A 100% Denver 1935 Sherman 1935 Sherman Street, Denver, CO 2/12/16 Parking Lot $2,438,000 .43 acres 72 N/A 76% Bridgeport Fairfield 314 Fairfield Avenue, Bridgeport, Connecticut 03/30/16 Parking Facility $7,800,000 1.01 acres 878 N/A 90% Fixed Assets $88,000 Total $119,613,000 Property Location Zoning Height Restriction Parking Tenant Lease Commencement Date Lease Term Ft. Lauderdale 208 SE 6th St, Ft Lauderdale, FL RAC-CC 150 Feet SP+ 02/01/14 5 yr. w/2 5 yr. ext. Memphis Court 216 Court St, Memphis, TN CBD Unlimited SP+ 03/14/12 2 Years remaining Memphis Poplar 212 Poplar Ave, Memphis, TN CBD Unlimited Best Park 03/01/14 5 yr. w/2 5 yr. ext. Kansas City 1130 Holmes St, Kansas City, MO B4-5 Unlimited SP+ 03/14/12 15 Years St. Louis 1300 Spruce St, St. Louis, MO I (CBD) 200 Feet SP+ 12/01/13 5 yr. w/2 5 yr. ext. Mabley Place 400 Race Street, Cincinnati, OH DD-A 510 Feet SP+ 12/09/14 10 Years Denver Sherman 1963 Sherman Street, Denver, CO CMX-16 200 Feet Denver SD 07/01/14 10 Years w/1 5 yr. ext. Ft. Worth 814 Taylor Street, Fort Worth, Texas CBD-H Unlimited SP+ 03/16/15 10 Years Milwaukee Old World 822 N. Old World Third Street, Milwaukee, WI C9-E 40 Feet SP+ 03/31/15 5 yr. w/1 5 yr. ext. St. Louis Convention 1010 Convention Plaza, St. Louis, MO I (CBD) 200 Feet SP+ 05/13/15 5 yr. w/1 5 yr. ext. Houston Saks Garage 611 Fannin Street, Houston, Tx N/A Unlimited iPark 05/28/15 10 yr. w/1 5 yr. ext. St. Louis Lucas Lucas Ave, St. Louis, MO I (CBD) 200 Feet SP+ 06/29/15 5 yr. w/1 5 yr. ext. Milwaukee Wells 215 W. Wells Street, Milwaukee, WI C9-E 40 Feet SP+ 06/30/15 10 Years Wildwood NJ Lot 400 East Magnolia Ave, Wildwood, NJ T/E 35 feet SP+ 1/1/16 5 yr. w/1 5 yr. ext. Indy City Parking Garage 120 E. Washington Street, Indianapolis, IN CDB-1 RC 5 Stories ABM 10/5/15 5 yr. w/1 5 yr. ext. KC Cherry Lot 1109 Cherry Street, Kansas City, MO UR Per Plan SP+ 10/9/15 5 yr. w/1 5 yr. ext. Indy WA Street 301 E. Washington Street, Indianapolis, IN CBD-2 Unlimited Denison 10/30/15 10 Years Wildwood NJ Lot II 401 E. Glenwood Ave., Wildwood, NJ T/E 35 feet SP+ 1/01/16 5 yr. w/1 5 yr. ext. Minneapolis Venture 10h avenue and Hennepin, Minneapolis, MN B4C-1 Unlimited SP+ 1/15/2016 5 yr. w/1 5 yr. ext. Indianapolis Meridian 239 S. Meridian Street, Indianapolis, IN CBD-2/RC Unlimited Denison Parking 1/20/2016 10 Years Milwaukee Clybourn 412 E. Clybourn Street, Milwaukee, WI C9F(A) 30 Feet Secure Parking USA 2/1/2016 5 Years Milwaukee Arena 1124 North Old World Third Street, Milwaukee, WI RED Unlimited SP+ 2/9/2016 5 yr. w/1 5 yr. ext. Clarksburg Lot 327 Washington Avenue, Clarksburg, WV BPO 60 Feet ABM 2/12/2016 5 Years Denver 1935 Sherman 1935 Sherman Street, Denver, CO CMX-16 200 Feet SP+ 3/30/2016 10 Years Bridgeport Fairfield 314 Fairfield Avenue, Bridgeport, Connecticut DVD-CORE 65 Feet SP+ 1/15/2016 10 Years

Related Party Transactions and

Related Party Transactions and Arrangements	3 Months Ended
	Mar. 31, 2016
Related Party Transactions [Abstract]
Related Party Transactions and Arrangements	Note E — Related Party Transactions and Arrangements The transactions described in this Note were approved by a majority of the Company’s board of directors (including a majority of the independent directors) not otherwise interested in such transaction as fair and reasonable to the Company and on terms and conditions no less favorable to the Company than those available from unaffiliated third parties. Accounting services Through February 29, 2016, the Company had an accounting services agreement with Strategix Solutions, LLC (“Strategix Solutions”), a Nevada limited liability company from which our CFO and other members of our accounting staff were employed. As of March 1, 2016, Ms. Gress and certain members of our accounting staff are no longer employed by Strategix Solutions and are now employed by our advisor. Ms. Gress and the accounting staff also provide accounting and financial reporting services to MVP REIT II, Inc. (“MVP REIT II”), VRM I, VRM II, and Fund III. During the three months ended March 31, 2016 and 2015, Strategix Solutions earned fees of approximately $2,000 and $5,000 respectively. Acquisition Expense During the three months ended March 31, 2016, JNL Parking, a brokerage and consulting company specializing in the parking industry and co-founded by the Company’s Chief Investment Officer and Chief Technology Officer, earned fees of approximately $0.2 million, for 1% commission on purchases. Ownership of Company Stock As of March 31, 2016, the Sponsor owned 22,222 shares of the Company’s outstanding common stock, VRM I owned 72,347 shares of the Company’s outstanding common stock, VF III owned 6,579 shares of the Company’s outstanding common stock, JNL Parking owned 59,701 shares of the Company’s outstanding common stock, Dan Huberty owned 9,239 shares of the Company’s outstanding common stock and the Advisor owned 1,000 shares of the Convertible Stock. See “Capitalization” under Note A Organization, Business Operations and Capitalization” Ownership of Interests of Advisor During April 2012, VRM II contributed $1,000 for a 40% interest in the Advisor. Mr. Shustek, through a wholly owned company named MVP Capital Partners, LLC (the “Sponsor”) contributed $1,500 for a 60% interest in the Advisor. As of June 30, 2013, VRM II and the Sponsor had loaned approximately $3.6 million and approximately $1.2 million, respectively, to the Advisor for purposes of funding the Company’s operations. On June 30, 2013, the Sponsor decided to forgive the full amount of its $1.2 million loan. VRM II has not forgiven the balance due from the Advisor. However the decision by the Sponsor to forgive the full amount of its loans created uncertainty as to when VRM II will be repaid the amounts loaned to the Advisor. Based on this uncertainty, VRM II determined to treat as fully impaired the balance of this note receivable. In December 2013, VRM II and the Sponsor entered into a membership interest transfer agreement, dated as of December 19, 2013, pursuant to which VRM II has acquired from the Seller an additional 20% of the membership interests of the Advisor. Concurrently therewith, the Sponsor and VRM I entered into a separate membership interest transfer agreement pursuant to which VRM I acquired the remaining 40% interest in the Advisor from the Sponsor. As a result, VRM II and VRM I now own 60% and 40%, respectively, of the aggregate membership interests of the Advisor. As of March 31, 2016, VRM I and VRM II had notes receivable from the Advisor of approximately $4.6 million and $12.8 million, respectively, which amount has been fully impaired. The Advisor’s ability to repay the sums due VRM I and VRM II will likely depend upon the success of the Company’s ability to successfully deploy the offering proceeds. Pursuant to the transfer agreements entered into in December 2013, neither VRM I nor VRM II paid any up-front consideration for the acquired interests, but each will be responsible for its proportionate share of future expenses of the Advisor. In recognition of the Sponsor’s substantial investment in the Advisor for which the Sponsor received no up-front consideration, the transfer agreements and the amended operating agreement of the Advisor further provide that once VRM I and VRM II have been repaid in full for any capital contributions to the Advisor or for any expenses advanced on the Advisor’s behalf (“Capital Investment”), and once they have received an annualized return on their Capital Investment of 7.5%, then the Sponsor will receive one-third of the net profits of the Advisor. Fees and Expenses Paid in Connection with the Offering The Company completed its initial public offering in September 2015. The Company appointed MVP American Securities (“MVP AS”), formerly known as Ashton Garnett Securities, LLC, an entity indirectly owned by our CEO and third-party selling agents to act as the selling agents for the offering. Broker Dealers received 3.00% of the gross offering proceeds sold in the offering, subject to reductions based on volume and for certain categories of purchasers. No selling commissions are payable on shares sold under the distribution reinvestment plan. Additionally, the Sponsor or its affiliates (other than MVP REIT, Inc.) paid up to an additional 5.25% of the gross offering proceeds for third party broker dealer commissions and due diligence expenses. Since the offering has terminated, the Company does not anticipate incurring any additional fees or expenses in connection with the offering. Certain organizational, offering and related costs will be incurred by the Advisor on behalf of the Company. After the Company has reimbursed $100,000 of such costs, which amount has been paid to the Advisor, no additional reimbursements will be made unless the aggregate amount of such reimbursements does not exceed 0.75% of the gross offering proceeds as of the date of reimbursement. Such reimbursable costs may include legal, accounting, printing and other offering expenses, including marketing, salaries and direct expenses of the Advisor’s employees and employees of the Advisor’s affiliates and others. Such reimbursable costs do not include any broker-dealer commissions paid by the Advisor in excess of the 3.00% paid by the Company, including any sponsor commissions or sponsor due diligence fees. Any reimbursement of the Advisor will not exceed actual expenses incurred by the Advisor. On November 1, 2013, the advisor forgave the reimbursement of the full amount of offering costs incurred. Fees and Expenses Paid in Connection With the Operations of the Company The Company has no paid employees. The Company has retained the Advisor to manage its affairs on a day-to-day basis. Pursuant to an amendment of the advisory agreement effective November 21, 2013, the Company will reimburse, no less than monthly, the Advisor for audit, accounting and legal fees, and other fees for professional services provided by third parties relating to the operations of the Company and all such fees incurred at the request, or on behalf of, the Board or any committee of the Board; provided, however, that the Advisor shall not be entitled to reimbursement by the Company for any personnel or related employment costs incurred by the Advisor or its affiliates in performing the services, including but not limited to salary and benefits of employees and overhead, until the first anniversary of (i) the listing of the Company’s shares on a national securities exchange or (ii) a merger, a sale of all or substantially all of the Company’s assets or another liquidity event transaction approved by the Company’s board. As of March 31, 2016, the aggregate amount of expense reimbursements waived by the Advisor was approximately $6.9 million. The Advisor must reimburse the Company at least quarterly for reimbursements paid to the Advisor in any four consecutive fiscal quarters to the extent that such reimbursements to the Advisor cause the Company’s total operating expenses to exceed the greater of (1) 2% of our average invested assets, which generally consists of the average book value of the Company’s real properties before deducting depreciation, bad debts or other non-cash reserves and the average book value of securities, or (2) 25% of the Company’s net income, which is defined as the Company’s total revenues less total expenses for any given period excluding reserves for depreciation, bad debts or other similar non-cash reserves, unless the independent directors have determined that such excess expenses were justified based on unusual and non-recurring factors. The Advisor does not currently owe any amounts to the Company under this provision. As the Company commences the reimbursement of the expenses to the Advisor, the Company will verify that such reimbursements do not exceed the limits identified above or, in the event of any excessive payments, will obtain reimbursements from the Advisor. The Advisor or its affiliates will receive an acquisition fee of 3.0% of the purchase price of any real estate or loan acquired at a discount, provided, however, the Company will not pay any fees when acquiring loans from its affiliates. During the three months ended March 31, 2016, MVP REIT paid approximately $1.3 million, in acquisition fees to the Advisor. The Advisor or its affiliates is entitled to receive a monthly asset management fee at an annual rate equal to 0.85% of the fair market value of (i) all assets then held by the Company or (ii) the Company’s proportionate share thereof in the case of an investment made through a joint venture or other co-ownership arrangement, excluding (only for clause (ii)) debt financing obtained by the Company or made available to the Company. The fair market value of real property shall be based on annual “AS-IS”, “WHERE-IS” appraisals, and the fair market value of real estate-related secured loans shall be equal to the face value of the such loan, unless it is non-performing, in which case the fair market value shall be equal to the book value of such loan. The asset management fee will be reduced to 0.75% if the Company is listed on a national securities exchange. While the Company intends to pursue listing on NASDAQ expeditiously, there can be no assurance as to if or when its listing application will be approved and its common stock will begin to trade on NASDAQ. Asset management fees for the three months ended March 31, 2016 and 2015 were approximately $0.2 million and $69,000, respectively. Notwithstanding the foregoing, no asset management fee will be paid or payable with respect to any mortgage assets held by us at this time. We will not pay any asset management fee on any of our mortgage assets unless we restructure our mortgage program in a manner consistent with the NASAA Mortgage Program Guidelines that would permit us to pay an asset management fee on our mortgage assets, including making available 84% of our capital contribution to invest in mortgages assets. We have no present intention to revise our investment strategy in a manner that would permit such payment under the NASAA Mortgage Program Guidelines, but may elect to do so in the future. If we do make such an election to restructure our mortgage program, then, subject to satisfaction of the requirements of the NASAA Mortgage Program Guidelines, we may pay our advisor or its affiliates an annual asset-based fee equal to 0.75% of the “Base Amount” (as defined in the NASAA Mortgage Program Guidelines) of the capital contributions, if any, committed to investments in mortgages and 0.5% of the capital contributions temporarily held while awaiting investments in mortgages, in addition to any other fees and compensation that is allowed under the NASAA Mortgage Program Guidelines. The advisory agreement currently provides for payment to our advisor of a monthly market-based fee for property management services of up to 6.00% of the gross revenues generated by our properties. The Advisor has irrevocably waived its rights to receive a property management fee with respect to any real property owned that are subject to triple net leases. As a result of this waiver, no property management fee will be paid on any real property owned that are subject to triple net leases pursuant to which the tenants pay all or a majority of all real estate taxes, building insurance, and maintenance expenses. The Advisor or its affiliates is entitled to receive a monthly debt financing fee at an annual rate equal to 0.25% of the aggregate debt financing obtained by the Company or made available to the Company, such as mortgage debt, lines of credit, and other term indebtedness, including refinancings. In the case of a joint venture, the Company pays this fee only on the Company’s pro rata share. Debt financing fees for the three months ended March 31, 2016 and 2015 were approximately $23,000, and $12,000, respectively. Disposition Fee For substantial assistance in connection with the sale of real property, as determined by the independent directors, the Company will pay the Advisor or its affiliate the lesser of (i) 3.00% of the contract sale price of the real property sold or (ii) 50% of the customary commission which would be paid to a third-party broker for the sale of a comparable property. The amount paid, when added to the sums paid to unaffiliated parties, may not exceed either the customary commission or an amount equal to 6.00% of the contract sales price. The disposition fee will be paid concurrently with the closing of any such disposition of all or any portion of any real property. The Company will not pay a disposition fee upon the maturity, prepayment, workout, modification or extension of a loan or other debt-related investment; provided, however, that the Advisor or its affiliates may receive an exit fee or a prepayment penalty paid by the borrower. If the Company takes ownership of a property as a result of a workout or foreclosure of a loan, the Company will pay a disposition fee upon the sale of such real property equal to 3.00% of the sales price. With respect to real property held in a joint venture, the foregoing commission will be reduced to a percentage reflecting the Company’s economic interest in the joint venture. There were no disposition fees earned by the Advisor for the three months ended March 31, 2016 and 2015. Fees and Expense Reimbursements Payable by Borrowers and Other Third Parties The Company or its affiliates may be entitled to late fees, loan servicing fees, loan extension and loan modification fees and other fees and expense reimbursement payable by borrowers and other third parties.

Dependency

Dependency	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Dependency	Note F —Dependency The Company has no employees and is dependent on the Advisor for services that are essential to the Company, including asset management services, supervision of the management and leasing of properties owned by the Company, asset acquisition and disposition decisions, as well as other administrative responsibilities for the Company including accounting services and investor relations. In the event that these companies are unable to provide the Company with the respective services, the Company will be required to find alternative providers of these services. In this regard, the Company notes that the Advisor has agreed to waive certain fees and expenses it otherwise would be entitled to under the Advisory Agreement as further described under “ Note E – Related Party Transactions and Arrangement

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2016
Equity [Abstract]
Stock-Based Compensation	Note G — Stock-Based Compensation Equity Incentive Plan The Company has adopted an equity incentive plan. The equity incentive plan offers certain individuals an opportunity to participate in the Company’s growth through awards in the form of, or based on, the Company’s common stock. The Company has no current intention to issue any awards under the equity incentive plan but may do so in the future in order to attract and retain qualified directors, officers, employees, and consultants. The equity incentive plan authorizes the granting of restricted stock, stock options, stock appreciation rights, restricted or deferred stock units, performance awards, dividend equivalents, other stock-based awards and cash-based awards to directors, employees and consultants of the Company selected by the board of directors for participation in the equity incentive plan. Stock options granted under the equity incentive plan will not exceed an amount equal to 10% of the outstanding shares of the Company’s common stock on the date of grant of any such stock options. Any stock options and stock appreciation rights granted under the equity incentive plan will have an exercise price or base price that is not less than the fair market value of the Company’s common stock on the date of grant. The board of directors, or the compensation committee of the board of directors, will administer the equity incentive plan, with sole authority to determine all of the terms and conditions of the awards, including whether the grant, vesting or settlement of awards may be subject to the attainment of one or more performance goals. No awards will be granted if the grant or vesting of the awards would jeopardize the Company’s status as a REIT under the Code or otherwise violate the ownership and transfer restrictions imposed under the Company’s charter. Unless otherwise determined by the board of directors, no award granted under the equity incentive plan will be transferable except through the laws of descent and distribution. The Company has authorized and reserved an aggregate maximum of 300,000 shares for issuance under the equity incentive plan. In the event of a transaction between the Company and its stockholders that causes the per-share value of common stock to change (including, without limitation, any stock dividend, stock split, spin-off, rights offering or large nonrecurring cash dividend), the share authorization limits under the equity incentive plan will be adjusted proportionately, and the board of directors must make such adjustments to the equity incentive plan and awards as it deems necessary, in its sole discretion, to prevent dilution or enlargement of rights immediately resulting from such transaction. In the event of a stock split, a stock dividend or a combination or consolidation of the outstanding shares of common stock into a lesser number of shares, the authorization limits under the equity incentive plan will automatically be adjusted proportionately and the shares then subject to each award will automatically be adjusted proportionately without any change in the aggregate purchase price. Unless otherwise provided in an award certificate or any special plan document governing an award, in the event of a corporate transaction (as defined in the Company’s equity incentive plan), if any award issued under the Company’s equity incentive plan is not assumed or replaced as part of the corporate transaction, then such portion of the award shall automatically become fully vested and exercisable and be released from any repurchase or forfeiture rights (other than repurchase rights exercisable at fair market value) immediately prior to the effective date of such corporation transaction, so long as the grantee’s continuous service has not terminated prior to such date. Unless otherwise provided in an award certificate or any special plan document governing an award, in the event of a change in control, each outstanding award issued automatically shall become fully vested and exercisable and be released from any repurchase or forfeiture rights (other than repurchase rights exercisable at fair market value), immediately prior to the effective date of such change in control, provided that the grantee’s continuous service has not terminated prior to such date. Under the equity incentive plan, a “corporate transaction” is defined to include (i) a merger or consolidation in which the Company is not the surviving entity; (ii) the sale of all or substantially all of the Company’s assets; (iii) the Company’s complete liquidation or dissolution; and (iv) acquisitions by any person of beneficial ownership of securities possessing more than 50% of the total combined voting power of the Company’s outstanding securities (but excluding any transactions determined by our administrator not to constitute a “corporate transaction”). Under the equity incentive plan, a “change in control” is defined generally as a change in ownership or control of the Company effected either through (i) acquisitions of securities by any person (or related group of persons) of securities possessing more than 50% of the total combined voting power of the Company’s outstanding securities pursuant to a tender offer or exchange offer that the Company’s directors do not recommend the Company’s stockholders accept; or (ii) a change in the composition of the board over a period of 12 months or less such that a majority of the Company’s board members will no longer serve as directors, by reason of one or more contested elections for board membership. The equity incentive plan will automatically expire on the tenth anniversary of the date on which it is approved by the board of directors and stockholders, unless extended or earlier terminated by the board of directors. The board of directors may terminate the equity incentive plan at any time. The expiration or other termination of the equity incentive plan will have no adverse impact on any award previously granted under the equity incentive plan. The board of directors may amend the equity incentive plan at any time, but no amendment will adversely affect any award previously granted, and no amendment to the equity incentive plan will be effective without the approval of the Company’s stockholders if such approval is required by any law, regulation or rule applicable to the equity incentive plan. In addition, no option, warrant or any other equity award will be issued under our equity incentive plan or otherwise to our advisor, our sponsor or any of their affiliates, if the issuance of any such award would result in a violation of any applicable NASAA REIT Guidelines, including the limitations imposed under the NASAA REIT Guidelines on our total operating expenses (after giving effect to the expense associated with such equity award). Please see “ Note E — Related Party Transactions and Arrangements

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2016
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	Note H – Recent Accounting Pronouncements In April 2015, the FASB issued ASU 2015-03, Imputation of Interest Simplifying the Presentation of Debt Issuance Costs ASU debt issuance costs to be presented in the balance sheet as a from the as In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting In March 2016, the FASB issued ASU No. 2016-07, Investments - Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2016
Business Combinations [Abstract]
Acquisitions	Note I - Acquisitions Minneapolis Venture On January 6, 2016, the Company along with MVP REIT II closed on the purchase of two parking lots located in Minneapolis for a purchase price of approximately $15.5 million in cash plus closing costs. The Company’s share of the purchase price is approximately $13.5 million plus closing costs and the Company will own. a 87.09% interest in the limited liability company. The first parking lot is located at 1022 Hennepin Avenue (the “Hennepin lot”). The Hennepin lot consists of approximately 90,658 square feet and has approximately 270 parking spaces. The second parking lot is located at 41 10th Street North (the “10th Street lot”). The 10th street lot consists of approximately 107,952 square feet and has approximately 185 parking spaces. Both the Hennepin lot and 10th Street lot will be leased by SP Plus, a Delaware parking operator, under a net lease agreement where MVP will be responsible for property taxes and SP Plus will pay for all insurance and maintenance costs. Indianapolis Meridian On January 15, 2016, the Company closed on the purchase of a parking lot for approximately $1.6 million in cash plus closing costs. The property is located at 239 S. Meridian Street, Indianapolis, Indiana. The parking lot consists of approximately 10,290 square feet and has approximately 39 parking spaces. The parking lot is leased to Denison Parking, Inc., an Indianapolis parking operator. Denison Parking, Inc. pays annual rent of $95,000 and pays all regular occurring maintenance expenses associated with the parking garage other than property taxes. In addition, the lease provides revenue participation with MVP receiving 60% of gross receipts over $155,000. The term of the lease is 10 years. Milwaukee Clybourn On January 20, 2016, the Company closed on the purchase of a parking lot for approximately $0.2 million in cash plus closing costs. The property is located at 412 E. Clybourn Street, Milwaukee, Wisconsin. The parking lot consists of 15 parking spaces and is leased to Secure Parking USA, LLC. The parking lot is leased to Secure Parking USA, Inc., an Indianapolis parking operator. Secure Parking USA, Inc. pays annual rent of $20,000 and pays all regular occurring maintenance expenses associated with the parking garage other than property taxes. In addition, the lease provides revenue participation with MVP receiving 75% of gross receipts over $45,000. The term of the lease is 5 years. Milwaukee Arena On February 1, 2016, the Company closed on the purchase of a parking lot for approximately $3.9 million in cash plus closing costs. The property is located at 1124 N. Old World Third Street, Milwaukee, Wisconsin. The Wisconsin parking lot consists of approximately 38,600 square feet and has 75 parking spaces. The Wisconsin parking lot is leased by SP Plus Corporation. The parking lot is leased by SP Plus Corporation (“SP Plus”), a national parking operator. SP Plus pays a first year annual lease payment of $200,000 with annual increases and pays all regular occurring maintenance expenses associated with the parking garage other than property taxes. In addition, the lease provides revenue participation with MVP receiving 70% of gross receipts over $325,000. The term of the lease is 5 years. Clarksburg Lot On February 9, 2016, the Company closed on the purchase of a parking lot for approximately $0.6 million in cash plus closing costs. The parking lot is located at 327 Washington Avenue, Clarksburg, West Virginia 26301. The parking lot is located at 327 Washington Avenue, Clarksburg, West Virginia 26301. The parking lot consists of approximately 35,000 square feet and has approximately 94 parking spaces. , under a net lease agreement where MVP is responsible for property taxes and ABM pays for all insurance and maintenance costs. ABM pays annual rent of $55,400. In addition, the lease provides revenue participation with MVP receiving 50% of gross receipts over $112,000. The term of the lease is for 5 years. Denver 1935 Sherman On February 12, 2016, the Company along with MVP REIT II, closed on the purchase of a parking lot for approximately $2.4 million in cash plus closing costs, 75.51% by MVP and 24.49% by MVP REIT II of which MVP’s share was approximately $1.8 million. The parking lot is located at 1935 Sherman Avenue, Denver, Colorado. The Denver parking lot consists of approximately 18,765 square feet and has approximately 72 parking spaces. , under a net lease agreement where MVP Denver is responsible for property taxes and SP Plus pays for all insurance and maintenance costs. SP Plus Corporation pays annual rent of $120,000. In addition, the lease provides revenue participation with MVP Denver receiving 70% of gross receipts over $160,000. The term of the lease is for 10 years. Bridgeport Fairfield On March 30, 2016, the Company along with MVP REIT II , through MVP Bridgeport Fairfield Garage, LLC, a Delaware limited liability company (“MVP Bridgeport”), an entity owned 90% by the Company and 10% by MVP REIT II, The parking garage is leased by SP Plus Corporation, a national parking operator, under a net lease agreement where MVP Bridgeport is responsible for property taxes above a $100,000 threshold, and SP Plus Corporation pays for insurance and maintenance costs. SP Plus Corporation pays annual rent of $400,000. In addition, the lease provides revenue participation with MVP Bridgeport receiving 65% of gross receipts over $775,000. The term of the lease is for 10 years. The following table is a summary of the acquisitions for the three months ended March 31, 2016: Assets Liabilities Land and Improvements Building and improvements Total assets acquired Notes Payable Assumed Net assets and liabilities acquired Minneapolis Venture $ 15,495,000 -- $ 15,495,000 $ -- $ 15,495,000 Indianapolis Meridian 1,550,000 -- 1,550,000 -- 1,550,000 Milwaukee Clybourn 205,000 -- 205,000 -- 205,000 Milwaukee Arena 3,900,000 -- 3,900,000 -- 3,900,000 Clarksburg Lot 620,000 -- 620,000 -- 620,000 Denver 1935 Sherman 2,438,000 -- 2,438,000 -- 2,438,000 Bridgeport Fairfield 972,000 6,828,000 7,800,000 -- 7,800,000 $ 25,180,000 $ 6,828,000 $ 32,008,000 $ -- $ 32,008,000 Pro forma results of the Company The following table of pro forma unaudited condensed consolidated results of operations of the Company for the three months ended March 31, 2016 and 2015, and assumes that the acquisitions were completed as of January 1, 2015. For the three months ended March 31, 2016 For the three months ended March 31, 2015 Revenues from continuing operations $ 2,035,000 $ 1,111,000 Net loss available to common stockholders $ (999,000) (398,000) Net loss available to common stockholders per share – basic $ (0.09) $ (0.08) Net loss available to common stockholders per share – diluted $ (0.09) $ (0.08) Revenue and expenses of acquisitions since acquisition dates included in the unaudited condensed consolidated statement of operations The following is a summary of the results of operations related to the net assets and liabilities acquired for the period from acquisition dates through March 31, 2016: Revenue $ 271,000 Expenses (558,000) Net loss $ (287,000)

Notes Payable

Notes Payable	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Notes Payable	Note J — Notes Payable During January 2014, the entities holding the four parking facilities (MVP PF Ft. Lauderdale 2013, LLC, MVP PF Memphis Court 2013, LLC, MVP PF Memphis Poplar 2013, LLC and MVP PF St. Louis 2013, LLC) issued a promissory note to Key Bank National Association for $4.3 million. This note bears an annual interest rate of 4.94%, is secured by four parking facilities, matures in February 2019 and is payable in monthly principal and interest payments of approximately $25,000. During December 2014, through the acquisition of Mabley Place, the Company issued a promissory note to Wells Fargo Bank for $9.0 million. This note bears an annual interest rate of 4.25%, is secured by the property, matures in December 2024 and is payable in monthly principal and interest payments of approximately $44,000. During March 2015, through the acquisition of Ft. Worth Taylor, the Company assumed a 10-year term loan with a balance of approximately $12.2 million, collateralized by real property located in Ft. Worth, Texas, matures in August 2021, bears an annual interest rate of 5.59%, and is payable in monthly installment payments of principal and interest totaling approximately $78,000. During August 2015, Houston Saks Garage issued a promissory note for approximately $3.7 million. The note is collateralized by real property located in Houston, Texas, bears an annual interest rate of 4.25%, and is payable in monthly installment payments of principal and interest totaling approximately $30,000, maturing in August 2025. During January 2016, Indy City Park and Indy WA Street issued a promissory note to KeyBank for $8,580,000. The note is secured by real property located in Indianapolis, Indiana. The loan has a term of 10 years and has an annual interest rate of 4.59% and is payable in monthly installment payments of principal and interest totaling approximately $46,000, maturing in January 2026. During January 2016, St. Louis Convention, St. Louis Lucas and KC Cherry issued a promissory note to KeyBank for $3,490,000 loan secured by real property located in St. Louis and Kansas City, Missouri. The loan has a term of 10 years and has an annual interest rate of 4.59% and is payable in monthly installment payments of principal and interest totaling approximately $20,000, maturing in January 2026. Total interest expense incurred for the three months ended March 31, 2016 and 2015 is $0.5 million and $0.2 million, respectively. Total loan amortization cost for the three months ended March 31, 2016 and 2015 is $18,000 and $20,000, respectively. As of March 31, 2016, future principal payments on the notes payable are as follows: 2016 $ 717,000 2017 908,000 2018 952,000 2019 4,711,000 2020 930,000 Thereafter 31,972,000 Total $ 40,190,000 As of March 31, 2016, the principal balances on notes payable are as follows: Property Location Current Loan Balance Interest Rate Loan Maturity D&O Policy $93,000 2.99% Ft. Lauderdale 208 SE 6th St, Ft Lauderdale, FL $1,481,000 4.94% 2/1/2019 Memphis Court 216 Court St, Memphis, TN $139,000 4.94% 2/1/2019 Memphis Poplar 212 Poplar Ave, Memphis, TN $1,247,000 4.94% 2/1/2019 Kansas City 1130 Holmes St, Kansas City, MO N/A N/A N/A St. Louis 1300 Spruce St, St. Louis, MO $1,242,000 4.94% 2/1/2019 Mabley Place 400 Race Street, Cincinnati, OH $8,804,000 4.25% 12/26/2024 Denver Sherman 1963 Sherman Street, Denver, CO N/A N/A N/A Ft. Worth 814 Taylor Street, Fort Worth, Texas $11,921,000 5.59% 8/1/2021 Milwaukee Old World 822 N. Old World Third Street, Milwaukee, WI N/A N/A N/A St. Louis Convention 1010 Convention Plaza , St. Louis, MO N/A N/A N/A Houston Saks Garage 611 Fannin Street, Houston, TX $3,596,000 4.25% N/A St. Louis Lucas Lucas Ave, St. Louis, MO $3,483,000 4.59% 2/1/2026 Milwaukee Wells 215 W. Wells Street, Milwaukee, WI N/A N/A N/A Wildwood NJ Lot 400 East Magnolia Ave, Wildwood, NJ N/A N/A N/A Indy Garage 120 E. Washington Street, Indianapolis, IN $8,184,000 4.59% 2/1/2026 KC Cherry Lot 1109 Cherry Street, Kansas City, MO N/A N/A N/A Indy Lot 301 E. Washington Street, Indianapolis, IN N/A N/A N/A Wildwood NJ Lot II 401 E. Glenwood Ave., Wildwood, NJ N/A N/A N/A Minneapolis Venture 10h avenue and Hennepin, Minneapolis, MN N/A N/A N/A Indianapolis Meridian 239 S. Meridian Street, Indianapolis, IN N/A N/A N/A Milwaukee Clybourn 412 E. Clybourn Street, Milwaukee, WI N/A N/A N/A Milwaukee Arena 1124 N. Old World Third Street, Milwaukee, WI N/A N/A N/A Clarksburg Lot 327 Washington Ave., Clarksburg WV N/A N/A N/A Denver 1935 Sherman 1935 Sherman Street, Denver, CO N/A N/A N/A Bridgeport Fairfield 314 Fairfield Ave., Bridgeport, CT N/A N/A N/A Less loan issuance costs ($806,000) Total $39,384,000

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2016
Subsequent Events [Abstract]
Subsequent Events	Note K — Subsequent Events The following subsequent events have been evaluated through the date of this filing with the SEC. On May 11, 2016, MVP REIT, Inc., (the “Company”) through a wholly owned entity it, along with MVP REIT II, Inc. (“MVP REIT II”), closed the purchase of all of the membership interests of an entity that owns a surface parking lot, for approximately $5.7 million in cash. The Company’s share of the purchase was approximately $2.8 million in cash plus closing costs and the Company will own a 49% interest in the entity. The surface parking lot is located at 1200-1240 W. 9th Street and W. 10th Street, Cleveland, Ohio (the “parking lot”). The parking lot consists of approximately 87,052 square feet with approximately 260 parking spaces. The parking lot is leased by SP Plus Corporation, a national parking operator, under a net lease agreement where MVP will be responsible for property taxes above a $120,000 threshold, and SP Plus Corporation will pay insurance and maintenance costs. SP Plus Corporation will pay annual rent of $330,000. In addition, the lease provides revenue participation with MVP receiving 70% of gross receipts over $650,000. The term of the lease will be for 5 years. On April 27, 2016, Minneapolis City Parking, LLC issued a promissory note to American National Insurance Company for $5.3 million loan secured by real property located in Minneapolis, Minnesota. The loan has a term of 10 years and has an interest rate of 4.5% and is payable in monthly installment payments of principal and interest totaling approximately $29,000, maturing in April 2026. Prior Periods Tax Returns Subsequent to the date of these condensed consolidated financial statements, the Company recently learned that incorrect information was included on its federal income tax returns for the years 2013 and 2014 with respect to its acquisition of ownership interests in six office buildings. In 2013, the ownership interests in six office buildings located in Las Vegas, Nevada (the “Interests”) were contributed to the Company by SERE Holdings, LLC (“Sere”) in exchange for newly issued shares of the Company’s common stock. In its tax returns, which were prepared by an outside tax accounting firm, the Company initially reported the contributions as nontaxable to Sere pursuant to Section 351(a) of the Internal Revenue Code (the “Code”). After a review by outside legal counsel and newly engaged, independent tax accountants, the Company has concluded that the contributions were ineligible for tax-free treatment under Section 351(a) of the Code. The Company has filed amended tax returns correcting the treatment of the contributions. Amendment of the tax returns will not result in any changes to the Company’s previously issued financial statements and related footnotes. In 2014, the Company exchanged the Interests for various parking properties. The Interests were valued at the Company’s cost for purposes of the exchange and the Company did not record any income or loss on the exchange. If the original contributions of the Interests had been nontaxable pursuant to Section 351(a), then the Company would have inherited the tax basis of Sere and disposition of the Interests in 2014 would have resulted in taxable income to the Company based on the difference between such tax basis and the value received by the Company upon disposition. After reviewing the matter with outside legal counsel and independent tax accountants, the Company has concluded that the original contributions were ineligible for tax-free treatment under Section 351(a), the Company’s tax basis was the value it paid for the Interests and the Company did not incur any taxable income upon disposition of the Interests. No assurances can be given that the Internal Revenue Service will agree with the Company’s conclusions. The Company terminated its engagement of the outside tax accounting firm which assisted in preparation of the tax returns with the incorrect information. The Company’s audit committee is reviewing this matter to determine, among other things, what if any internal control weaknesses may have contributed to the erroneous income tax filings.

Summary of Significant Accoun18

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Basis of Accounting	Basis of Accounting The accompanying unaudited condensed consolidated financial statements of the Company are prepared by management on the accrual basis of accounting and in accordance with principles generally accepted in the United States of America (“GAAP”) for interim financial information as contained in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”), and in conjunction with rules and regulations of the SEC. Certain information and footnote disclosures required for annual financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, the unaudited condensed consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. The unaudited condensed consolidated financial statements include accounts and related adjustments, which are, in the opinion of management, of a normal recurring nature and necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the interim period. Operating results for the three months ended March 31, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. These unaudited condensed consolidated financial statements should be read in conjunction with the condensed consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. The condensed consolidated balance sheet as of December 31, 2015 contained herein has been derived from the audited consolidated financial statements as of December 31, 2015, but do not include all disclosures required by GAAP.
Consolidation	Consolidation The Company’s unaudited condensed consolidated financial statements include its accounts and the accounts of its subsidiaries, REH and all of the following subsidiaries as well as the Company’s assets that were sold during 2015. All intercompany profits and losses, balances and transactions are eliminated in consolidation. MVP PF Ft. Lauderdale 2013, LLC MVP PF Memphis Court 2013, LLC MVP PF Memphis Poplar 2013, LLC MVP PF St. Louis 2013, LLC MVP PF Kansas City 2013, LLC Mabley Place Garage; LLC MVP Denver Sherman; LLC MVP Fort Worth Taylor, LLC MVP Milwaukee Old World, LLC MVP St. Louis Convention Plaza, LLC MVP Houston Saks Garage, LLC MVP St. Louis Lucas, LLC MVP Milwaukee Wells, LLC MVP Wildwood NJ Lot, LLC MVP Indianapolis City Park Garage, LLC MVP KC Cherry Lot, LLC MVP Indianapolis Washington Street Lot, LLC MVP Minneapolis Venture, LLC MVP Indianapolis Meridian, LLC MVP Milwaukee Clybourn, LLC MVP Milwaukee Arena, LLC MVP Clarksburg Lot, LLC MVP Denver 1935 Sherman, LLC MVP Bridgeport Fairfield, LLC Under accounting principles generally accepted in the United States of America (“GAAP”), the Company’s consolidated financial statements will also include the accounts of its consolidated subsidiaries and joint ventures in which the Company is the primary beneficiary, or in which the Company has a controlling interest. In determining whether the Company has a controlling interest in a joint venture and the requirement to consolidate the accounts of that entity, the Company’s management considers factors such as an entity’s purpose and design and the Company’s ability to direct the activities of the entity that most significantly impacts the entity’s economic performance, ownership interest, board representation, management representation, authority to make decisions, and contractual and substantive participating rights of the partners/members as well as whether the entity is a variable interest entity in which it will absorb the majority of the entity’s expected losses, if they occur, or receive the majority of the expected residual returns, if they occur, or both. Equity investments in which the Company exercises significant influence but does not control and is not the primary beneficiary are accounted for using the equity method. The Company's share of its equity method investees' earnings or losses is included in other income in the accompanying unaudited condensed consolidated statements of operations. Investments in which the Company is not able to exercise significant influence over the investee are accounted for under the cost method.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management 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. Management makes significant estimates regarding revenue recognition, purchase price allocations to record investments in real estate, and derivative financial instruments and hedging activities, as applicable.
Concentration	Concentration The Company has approximately eight tenants. One tenant, Standard Parking + (“SP+”), consists of more than 76% of the Company’s rental revenue. This tenant represents a concentration for the three months ended March 31, 2016 and 2015.
Acquisitions	Acquisitions The Company records the acquired tangible and intangible assets and assumed liabilities of acquisitions of all operating properties and those development and redevelopment opportunities that meet the accounting criteria to be accounted for as business combinations at fair value at the acquisition date. The Company assesses and considers fair value based on estimated cash flow projections that utilize available market information and discount and/or capitalization rates that the Company deems appropriate. Estimates of future cash flows are based on a number of factors including historical operating results, known and anticipated trends, and market and economic conditions. The acquired assets and assumed liabilities for an operating property acquisition generally include but are not limited to: land, buildings and improvements, construction in progress and identified tangible and intangible assets and liabilities associated with in-place leases, including tenant improvements, leasing costs, value of above-market and below-market operating leases and ground leases, acquired in-place lease values and tenant relationships, if any. The fair value of land is derived from comparable sales of land within the same submarket and/or region. The fair value of buildings and improvements, tenant improvements, and leasing costs are based upon current market replacement costs and other relevant market rate information. The fair value of the above-market or below-market component of an acquired in-place operating lease is based upon the present value (calculated using a market discount rate) of the difference between (i) the contractual rents to be paid pursuant to the lease over its remaining non-cancellable lease term and (ii) management's estimate of the rents that would be paid using fair market rental rates and rent escalations at the date of acquisition measured over the remaining non-cancellable term of the lease for above-market operating leases and the initial non-cancellable term plus the term of any below-market fixed rate renewal options, if applicable, for below-market operating leases. The amounts recorded for above-market operating leases are included in deferred leasing costs and acquisition-related intangibles, net on the balance sheet and are amortized on a straight-line basis as a reduction of rental income over the remaining term of the applicable leases. The amounts recorded for below-market operating leases are included in deferred revenue and acquisition-related liabilities, net on the balance sheet and are amortized on a straight-line basis as an increase to rental income over the remaining term of the applicable leases plus the term of any below-market fixed rate renewal options, if applicable. Our below-market operating leases generally do not include fixed rate or below-market renewal options. The fair value of acquired in-place leases is derived based on management's assessment of lost revenue and costs incurred for the period required to lease the “assumed vacant” property to the occupancy level when purchased. This fair value is based on a variety of considerations including, but not necessarily limited to: (1) the value associated with avoiding the cost of originating the acquired in-place leases; (2) the value associated with lost revenue related to tenant reimbursable operating costs estimated to be incurred during the assumed lease-up period; and (3) the value associated with lost rental revenue from existing leases during the assumed lease-up period. Factors considered by us in performing these analyses include an estimate of the carrying costs during the expected lease-up periods, current market conditions, and costs to execute similar leases. In estimating carrying costs, the Company includes real estate taxes, insurance and other operating expenses, and estimates of lost rental revenue during the expected lease-up periods based on current market demand at market rates. In estimating costs to execute similar leases, the Company considers leasing commissions, legal and other related expenses. The amount recorded for acquired in-place leases is included in deferred leasing costs and acquisition-related intangibles, net on the balance sheet and amortized as an increase to depreciation and amortization expense over the remaining term of the applicable leases. If a lease were to be terminated or if termination were determined to be likely prior to its contractual expiration (for example resulting from bankruptcy), amortization of the related unamortized in-place lease intangible would be accelerated. The determination of the fair value of any debt assumed in connection with a property acquisition is estimated by discounting the future cash flows using interest rates available for the issuance of debt with similar terms and remaining maturities. The determination of the fair value of the acquired tangible and intangible assets and assumed liabilities of operating property acquisitions requires us to make significant judgments and assumptions about the numerous inputs discussed above. The use of different assumptions in these fair value calculations could significantly affect the reported amounts of the allocation of our acquisition related assets and liabilities and the related amortization and depreciation expense recorded for such assets and liabilities. In addition, because the value of above and below market leases are amortized as either a reduction or increase to rental income, respectively, our judgments for these intangibles could have a significant impact on our reported rental revenues and results of operations. Costs directly associated with all operating property acquisitions and those development and redevelopment acquisitions that meet the accounting criteria to be accounted for as business combinations are expensed as incurred. During the three months ended March 31, 2016, the Company expensed approximately $1,326,000 of related party and $207,000 non-related party acquisition costs. Our acquisition expenses are directly related to our acquisition activity and if our acquisition activity was to increase or decrease, so would our acquisition costs. Costs directly associated with development acquisitions accounted for as asset acquisitions are capitalized as part of the cost of the acquisition. During the three months ended March 31, 2016, the Company did not capitalize any such acquisition costs.
Impairment of Long Lived Assets	Impairment of Long Lived Assets When circumstances indicate the carrying value of a property may not be recoverable, the Company reviews the asset for impairment. This review is based on an estimate of the future undiscounted cash flows, excluding interest charges, expected to result from the property’s use and eventual disposition. These estimates consider factors such as expected future operating income, market and other applicable trends and residual value, as well as the effects of leasing demand, competition and other factors. If impairment exists, due to the inability to recover the carrying value of a property, an impairment loss is recorded to the extent that the carrying value exceeds the estimated fair value of the property for properties to be held and used. For properties held for sale, the impairment loss is the adjustment to fair value less estimated cost to dispose of the asset. These assessments have a direct impact on net income because recording an impairment loss results in an immediate negative adjustment to net income.
Derivative Instruments	Derivative Instruments The Company may use derivative financial instruments to hedge all or a portion of the interest rate risk associated with its borrowings. Certain techniques used to hedge exposure to interest rate fluctuations may also be used to protect against declines in the market value of assets that result from general trends in debt markets. The principal objective of such agreements is to minimize the risks and/or costs associated with the Company’s operating and financial structure as well as to hedge specific anticipated transactions. The Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Derivatives may also be designated as hedges of the foreign currency exposure of a net investment in a foreign operation. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain of its risk, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. The accounting for subsequent changes in the fair value of these derivatives depends on whether each has been designed and qualifies for hedge accounting treatment. If the Company elects not to apply hedge accounting treatment, any changes in the fair value of these derivative instruments is recognized immediately in gains (losses) on derivative instruments in the consolidated statement of operations. If the derivative is designated and qualifies for hedge accounting treatment, the change in the estimated fair value of the derivative is recorded in other comprehensive income (loss) to the extent that it is effective. Any ineffective portion of a derivative’s change in fair value will be immediately recognized in earnings.
Cash	Cash The Company maintains the majority of its cash balances in a national financial institution located in Las Vegas, Nevada. The balances are insured by the Federal Deposit Insurance Corporation under the same ownership category up to at least $250,000. As of March 31, 2016 and December 31, 2015, the Company had approximately $5.0 million and approximately $9.1 million in excess of the federally-insured limits, respectively.
Restricted Cash	Restricted Cash Restricted cash primarily consists of escrowed tenant improvement funds, real estate taxes, capital improvement funds, insurance premiums, and other amounts required to be escrowed pursuant to loan agreements.
Revenue Recognition	Revenue Recognition The Company’s revenues, which are derived primarily from rental income, include rents that each tenant pays in accordance with the terms of each lease reported on a straight-line basis over the initial term of the lease. Since some of the Company’s leases will provide for rental increases at specified intervals, straight-line basis accounting requires the Company to record a receivable, and include in revenues, unbilled rent receivables that the Company will only receive if the tenant makes all rent payments required through the expiration of the initial term of the lease. The Company may recognize interest income from loans on an accrual basis over the expected terms of the loans using the effective interest method. The Company may recognize fees, discounts, premiums, anticipated exit fees and direct cost over the terms of the loans as an adjustment to the yield. The Company may recognize fees on commitments that expire unused at expiration. The Company may recognize interest income from available-for-sale securities on an accrual basis over the life of the investment on a yield-to-maturity basis. The Company will continually review receivables related to rent and unbilled rent receivables and determine collectability by taking into consideration the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. In the event that the collectability of a receivable is in doubt, the Company will record an increase in the Company’s allowance for uncollectible accounts or record a direct write-off of the receivable in the Company’s consolidated statements of operations.
Advertising Costs	Advertising Costs Advertising costs incurred in the normal course of operations are expensed as incurred. During the three months ended March 31, 2016 and 2015, the Company had no advertising costs.
Investments in Real Estate and Fixed Assets	Investments in Real Estate and Fixed Assets Investments in real estate and fixed assets are stated at cost less accumulated depreciation. Depreciation is provided principally on the straight-line method over the estimated useful lives of the assets, which are primarily 3 to 40 years. The cost of repairs and maintenance is charged to expense as incurred. Expenditures for property betterments and renewals are capitalized. Upon sale or other disposition of a depreciable asset, cost and accumulated depreciation are removed from the accounts and any gain or loss is reflected in other income (expense). The Company periodically evaluates whether events and circumstances have occurred that may warrant revision of the estimated useful lives of fixed assets or whether the remaining balance of fixed assets should be evaluated for possible impairment. The Company uses an estimate of the related undiscounted cash flows over the remaining life of the fixed assets in measuring their recoverability.
Investments in Real Estate Loans	Investments in Real Estate Loans Subject to the restrictions on related-party transactions set forth in the Company’s charter, the Company may, from time to time, acquire or sell investments in real estate loans from or to the advisor or other related parties without a premium. The primary purpose is to either free up capital to provide liquidity for various reasons, such as loan diversification, or place excess capital in investments to maximize the use of our capital. Selling or buying loans allows us to diversify our loan portfolio within these parameters. Due to the short-term nature of the loans the Company makes and the similarity of interest rates in loans the Company normally would invest in, the fair value of a loan typically approximates its carrying value. Accordingly, discounts or premiums typically do not apply upon sales of loans and therefore, generally no gain or loss is recorded on these transactions, regardless of whether to a related or unrelated party. Investments in real estate loans are secured by deeds of trust or mortgages. Generally, our real estate loans require interest only payments with a balloon payment of the principal at maturity. The Company has both the intent and ability to hold real estate loans until maturity and therefore, real estate loans are classified and accounted for as held for investment and are carried at amortized cost. Loans sold to or purchased from affiliates are accounted for at the principal balance and no gain or loss is recognized by us or any affiliate. Loan-to-value ratios are initially based on appraisals obtained at the time of loan origination and are updated, when new appraisals are received or when management’s assessment of the value has changed, to reflect subsequent changes in value estimates. Such appraisals are generally dated within 12 months of the date of loan origination and may be commissioned by the borrower. The Company considers a loan to be impaired when, based upon current information and events, it believes it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. The Company’s impaired loans include troubled debt restructuring, and performing and non-performing loans in which full payment of principal or interest is not expected. The Company calculates an allowance required for impaired loans based on the present value of expected future cash flows discounted at the loan’s effective interest rate, or at the loan’s observable market price or the fair value of its collateral. Loans that have been modified from their original terms are evaluated to determine if the loan meets the definition of a Troubled Debt Restructuring (“TDR”) as defined by ASC 310-40. When the Company modifies the terms of an existing loan that is considered a TDR, it is considered performing as long as it is in compliance with the modified terms of the loan agreement. If the modification calls for deferred interest, it is recorded as interest income as cash is collected.
Allowance for Loan Losses	Allowance for Loan Losses The Company will maintain an allowance for loan losses to the extent it makes investments in real estate loans for estimated credit impairment. The Company’s estimate of losses is based on a number of factors including the types and dollar amounts of loans in the portfolio, adverse situations that may affect the borrower’s ability to repay, prevailing economic conditions and the underlying collateral securing the loan. Additions to the allowance are provided through a charge to earnings and are based on an assessment of certain factors, which may indicate estimated losses on the loans. Actual losses on loans are recorded first as a reduction to the allowance for loan losses. Generally, subsequent recoveries of amounts previously charged off are recognized as income. Estimating allowances for loan losses requires significant judgment about the underlying collateral, including liquidation value, condition of the collateral, competency and cooperation of the related borrower and specific legal issues that affect loan collections or taking possession of the property. As a commercial real estate lender willing to invest in loans to borrowers who may not meet the credit standards of other financial institutional lenders, the default rate on our loans could be higher than those generally experienced in the real estate lending industry. The Company and the Advisor generally approve loans more quickly than other real estate lenders and, due to our expedited underwriting process; there is a risk that the credit inquiry performed will not reveal all material facts pertaining to a borrower and the security. Additional facts and circumstances may be discovered as the Company continues efforts in the collection and foreclosure processes. This additional information often causes management to reassess its estimates. Circumstances that may cause significant changes in our estimated allowance include, but are not limited to: · Declines in real estate market conditions, which can cause a decrease in expected market value; · Discovery of undisclosed liens for community improvement bonds, easements and delinquent property taxes; · Lack of progress on real estate developments after the Company advances funds. The Company customarily utilizes disbursement agents to monitor the progress of real estate developments and approve loan advances. After further inspection of the related property, progress on construction occasionally does not substantiate an increase in value to support the related loan advances; · Unanticipated legal or business issues that may arise subsequent to loan origination or upon the sale of foreclosed property; and · Appraisals, which are only opinions of value at the time of the appraisal, may not accurately reflect the value of the property.
Organization, Offering and Related Costs	Organization, Offering and Related Costs Certain organization, offering and related costs, including legal, accounting, printing, marketing expenses and the salaries and direct expenses of the employees of the Advisor and its affiliates, have been incurred by the Advisor on behalf of the Company. After the Company reimbursed $100,000 of such costs, which has been paid to the Advisor, no additional reimbursements will be made unless the aggregate amount of such reimbursements does not exceed 0.75% of the gross offering proceeds as of the date of reimbursement. Prior to the commencement of our operations, such offering costs had been deferred and such deferred offering costs have been amortized to expense as offering costs over the 12 month period commenced January 1, 2013 through December 31, 2013, on a straight-line basis.
Stock-Based Compensation	Stock-Based Compensation The Company has a stock-based incentive award plan, which is accounted for under the guidance for share based payments. The expense for such awards will be included in general and administrative expenses and is recognized over the vesting period or when the requirements for exercise of the award have been met (See Note G — Stock-Based Compensation).
Income Taxes	Income Taxes The Company has elected, and operates in a manner that will allow the Company, to qualify to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended, commencing with the taxable year ended December 31, 2013. If the Company qualifies for taxation as a REIT, it generally will not be subject to federal corporate income tax to the extent it distributes all of its REIT taxable income to its stockholders, and so long as it distributes at least 90% of its REIT taxable income. REITs are subject to a number of other organizational and operational requirements. Even if the Company qualifies to be taxed as a REIT, it may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income.
Per Share Data	Per Share Data The Company calculates basic earnings per share by dividing net income for the period by weighted-average shares of its common stock outstanding for a respective period. Diluted earnings per share takes into account the effect of dilutive instruments, such as stock options and convertible stock, but uses the average share price for the period in determining the number of incremental shares that are to be added to the weighted-average number of shares outstanding. The Company had no outstanding common share equivalents during the three months ended March 31, 2016. In September 2012, upon the commencement of our offering, we issued 1,000 shares of convertible stock to our advisor. After giving effect to the release of waivers and waiver agreements executed in August and September of 2014, all of which were previously disclosed in Form 8-Ks and prospectus supplements, the convertible stock will convert into shares of our common stock representing 3.50% of the outstanding shares of our common stock immediately preceding the conversion if and when: (a) the Company has made total distributions on the then outstanding common shares equal to the invested capital attributable to those shares plus a 6.00% cumulative, non-compounded, annual pre-tax return on such invested capital; or (b) (i) the Company lists its common shares for trading on a national securities exchange and (ii) (x) the sum of the aggregate market value of the issued and outstanding common shares plus the aggregate amount of all distributions on the Company’s common shares exceeds (y) the sum of the aggregate capital contributed by investors (less any capital returned in the form of distributions) plus an amount equal to a 6% cumulative, pre-tax non-compounded annual return to investors; or (c) the advisory agreement is terminated or not renewed, but only if at the time of such termination or non-renewal, the requirements for conversion set forth in either of the immediately preceding clause (a) or (b) also shall have been satisfied. For purposes of such calculation, the market value of our outstanding common stock will be calculated based on the average market value of the shares of common stock issued and outstanding at listing over the 30 trading days beginning 180 days after the shares are first listed for trading on a national securities exchange.
Reportable Segments	Reportable Segments The Company is currently authorized to operate two reportable segments, investments in real estate loans and investments in real property. As of March 31, 2016, the Company only operates in the investment in real property segment.
Reclassifications	Reclassifications In conjunction with the adoption of new accounting standards, certain debt or loan issuance costs for the three months ended March 31, 2015 as well as certain amounts as of December 31, 2015, have been reclassified to conform to the current year’s presentation.
Accounting and Auditing Standards Applicable to "Emerging Growth Companies"	Accounting and Auditing Standards Applicable to “Emerging Growth Companies” The Company is an “emerging growth company” under the recently enacted JOBS Act. For as long as the Company remains an “emerging growth company,” which may be up to five fiscal years, the Company is not required to (1) comply with any new or revised financial accounting standards that have different effective dates for public and private companies until those standards would otherwise apply to private companies, (2) provide an auditor’s attestation report on management’s assessment of the effectiveness of internal control over financial reporting pursuant to Section 404 of the Sarbanes-Oxley Act, (3) comply with any new requirements adopted by the Public Company Accounting Oversight Board, or the PCAOB, requiring mandatory audit firm rotation or a supplement to the auditor’s report in which the auditor would be required to provide additional information about the audit and the financial statements of the issuer or (4) comply with any new audit rules adopted by the PCAOB after April 5, 2012, unless the SEC determines otherwise. The Company intends to take advantage of such extended transition period. Since the Company will not be required to comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for other public companies, the Company’s financial statements may not be comparable to the financial statements of companies that comply with public company effective dates. If the Company were to subsequently elect to instead comply with these public company effective dates, such election would be irrevocable pursuant to Section 107 of the JOBS Act.
Non-controlling Interests	Non-controlling Interests The FASB issued authoritative guidance for non-controlling interests in December 2007, which establishes accounting and reporting standards for the non-controlling interest in a subsidiary and for the deconsolidation of a subsidiary. The guidance clarifies that a non-controlling interest in a subsidiary, which is sometimes referred to as an unconsolidated investment, is an ownership interest in the consolidated entity that should be reported as a component of equity in the consolidated financial statements. Among other requirements, the guidance requires consolidated net income to be reported at amounts attributable to both the parent and the non-controlling interest. It also requires disclosure, on the face of the consolidated income statement, of the amounts of consolidated net income attributable to the parent and to the non-controlling interest.

Investments in Real Estate (Tab

Investments in Real Estate (Tables)	3 Months Ended
	Mar. 31, 2016
Banking and Thrift [Abstract]
Schedule Of Real Estate Properties	Property Location Date Acquired Property Type Investment Amount Size / Acreage # Spaces Retail /Office Square Ft. Ownership % Ft. Lauderdale 208 SE 6th St, Ft Lauderdale, FL 7/31/2013 Parking Lot / Office Bldg. $3,409,000 .75 acre 66 4,061 100% Memphis Court 216 Court St, Memphis, TN 8/28/2013 Parking Lot $194,000 .41 acre 37 N/A 100% Memphis Poplar 212 Poplar Ave, Memphis, TN 8/28/2013 Parking Lot $2,693,000 .86 acre 125 N/A 100% Kansas City 1130 Holmes St, Kansas City, MO 8/28/2013 Parking Lot $1,550,000 1.18 acres 164 N/A 100% St. Louis 1300 Spruce St, St. Louis, MO 9/4/2013 Parking Lot $4,137,000 1.22 acres 179 N/A 100% Mabley Place 400 Race Street, Cincinnati, OH 12/9/2014 Parking Facility $14,700,000 .91 acre 775 8,400 70% Denver Sherman 1963 Sherman Street, Denver, CO 1/26/2015 Parking Lot $585,000 .14 acre 28 N/A 100% Ft. Worth 814 Taylor Street, Fort Worth, Texas 3/16/2015 Parking Facility $23,336,000 1.18 acres 1,013 11,828 100% Milwaukee Old World 822 N. Old World Third Street, Milwaukee, WI 3/31/2015 Parking Lot $1,000,000 .27 acre 54 N/A 100% St. Louis Convention 1010 Convention Plaza , St. Louis, MO 5/31/2015 Parking Lot $2,575,000 1.26 acres 221 N/A 100% Houston Saks Garage 611 Fannin Street, Houston, Tx 5/28/2015 Parking Facility $8,380,000 .36 acre 265 5,000 100% St. Louis Lucas Lucas Ave, St. Louis, MO 6/29/2015 Parking Lot $3,463,000 1.07 acres 217 N/A 100% Milwaukee Wells 215 W. Wells Street, Milwaukee, WI 6/30/2015 Parking Lot $3,900,000 .95 acre 100 N/A 100% Wildwood NJ Lot I 400 East Magnolia Ave, Wildwood, NJ 7/10/2015 Parking Lot $970,000 .29 acre 29 N/A 100% Indy City Parking Garage 120 E. Washington Street, Indianapolis, IN 10/5/15 Parking Facility $10,500,000 .44 acre 370 N/A 100% KC Cherry Lot 1109 Cherry Street, Kansas City, MO 10/9/15 Parking Lot $515,000 .60 acre 84 N/A 100% Indy WA Street 301 E. Washington Street, Indianapolis, IN 10/29/15 Parking Lot $4,995,000 1.07 acres 150 N/A 100% Wildwood NJ Lot II 401 E. Glenwood Ave., Wildwood, NJ 12/16/15 Parking Lot $615,000 .31 acre 450 N/A 100% Minneapolis Venture 10h avenue and Hennepin, Minneapolis, MN 1/06/16 Parking Lot $15,495,000 4.46 acres 270 N/A 87% Indianapolis Meridian 239 S. Meridian Street, Indianapolis, IN 1/15/16 Parking Lot $1,550,000 .24 acre 39 N/A 100% Milwaukee Clybourn 412 E. Clybourn Street, Milwaukee, WI 1/20/16 Parking Lot $205,000 .055 acre 15 N/A 100% Milwaukee Arena 1124 North Old World Third Street, Milwaukee, WI 2/01/16 Parking Lot $3,900,000 1.10 acres 75 N/A 100% Clarksburg Lot 327 Washington Avenue, Clarksburg, WV 2/09/16 Parking Lot $620,000 .81 acres 94 N/A 100% Denver 1935 Sherman 1935 Sherman Street, Denver, CO 2/12/16 Parking Lot $2,438,000 .43 acres 72 N/A 76% Bridgeport Fairfield 314 Fairfield Avenue, Bridgeport, Connecticut 03/30/16 Parking Facility $7,800,000 1.01 acres 878 N/A 90% Fixed Assets $88,000 Total $119,613,000 Property Location Zoning Height Restriction Parking Tenant Lease Commencement Date Lease Term Ft. Lauderdale 208 SE 6th St, Ft Lauderdale, FL RAC-CC 150 Feet SP+ 02/01/14 5 yr. w/2 5 yr. ext. Memphis Court 216 Court St, Memphis, TN CBD Unlimited SP+ 03/14/12 2 Years remaining Memphis Poplar 212 Poplar Ave, Memphis, TN CBD Unlimited Best Park 03/01/14 5 yr. w/2 5 yr. ext. Kansas City 1130 Holmes St, Kansas City, MO B4-5 Unlimited SP+ 03/14/12 15 Years St. Louis 1300 Spruce St, St. Louis, MO I (CBD) 200 Feet SP+ 12/01/13 5 yr. w/2 5 yr. ext. Mabley Place 400 Race Street, Cincinnati, OH DD-A 510 Feet SP+ 12/09/14 10 Years Denver Sherman 1963 Sherman Street, Denver, CO CMX-16 200 Feet Denver SD 07/01/14 10 Years w/1 5 yr. ext. Ft. Worth 814 Taylor Street, Fort Worth, Texas CBD-H Unlimited SP+ 03/16/15 10 Years Milwaukee Old World 822 N. Old World Third Street, Milwaukee, WI C9-E 40 Feet SP+ 03/31/15 5 yr. w/1 5 yr. ext. St. Louis Convention 1010 Convention Plaza, St. Louis, MO I (CBD) 200 Feet SP+ 05/13/15 5 yr. w/1 5 yr. ext. Houston Saks Garage 611 Fannin Street, Houston, Tx N/A Unlimited iPark 05/28/15 10 yr. w/1 5 yr. ext. St. Louis Lucas Lucas Ave, St. Louis, MO I (CBD) 200 Feet SP+ 06/29/15 5 yr. w/1 5 yr. ext. Milwaukee Wells 215 W. Wells Street, Milwaukee, WI C9-E 40 Feet SP+ 06/30/15 10 Years Wildwood NJ Lot 400 East Magnolia Ave, Wildwood, NJ T/E 35 feet SP+ 1/1/16 5 yr. w/1 5 yr. ext. Indy City Parking Garage 120 E. Washington Street, Indianapolis, IN CDB-1 RC 5 Stories ABM 10/5/15 5 yr. w/1 5 yr. ext. KC Cherry Lot 1109 Cherry Street, Kansas City, MO UR Per Plan SP+ 10/9/15 5 yr. w/1 5 yr. ext. Indy WA Street 301 E. Washington Street, Indianapolis, IN CBD-2 Unlimited Denison 10/30/15 10 Years Wildwood NJ Lot II 401 E. Glenwood Ave., Wildwood, NJ T/E 35 feet SP+ 1/01/16 5 yr. w/1 5 yr. ext. Minneapolis Venture 10h avenue and Hennepin, Minneapolis, MN B4C-1 Unlimited SP+ 1/15/2016 5 yr. w/1 5 yr. ext. Indianapolis Meridian 239 S. Meridian Street, Indianapolis, IN CBD-2/RC Unlimited Denison Parking 1/20/2016 10 Years Milwaukee Clybourn 412 E. Clybourn Street, Milwaukee, WI C9F(A) 30 Feet Secure Parking USA 2/1/2016 5 Years Milwaukee Arena 1124 North Old World Third Street, Milwaukee, WI RED Unlimited SP+ 2/9/2016 5 yr. w/1 5 yr. ext. Clarksburg Lot 327 Washington Avenue, Clarksburg, WV BPO 60 Feet ABM 2/12/2016 5 Years Denver 1935 Sherman 1935 Sherman Street, Denver, CO CMX-16 200 Feet SP+ 3/30/2016 10 Years

Acquisitions (Tables)

Acquisitions (Tables)	3 Months Ended
	Mar. 31, 2016
Business Combinations [Abstract]
Assets Acquired And Liabilities Assumed	Assets Liabilities Land and Improvements Building and improvements Total assets acquired Notes Payable Assumed Net assets and liabilities acquired Minneapolis Venture $ 15,495,000 -- $ 15,495,000 $ -- $ 15,495,000 Indianapolis Meridian 1,550,000 -- 1,550,000 -- 1,550,000 Milwaukee Clybourn 205,000 -- 205,000 -- 205,000 Milwaukee Arena 3,900,000 -- 3,900,000 -- 3,900,000 Clarksburg Lot 620,000 -- 620,000 -- 620,000 Denver 1935 Sherman 2,438,000 -- 2,438,000 -- 2,438,000 Bridgeport Fairfield 972,000 6,828,000 7,800,000 -- 7,800,000 $ 25,180,000 $ 6,828,000 $ 32,008,000 $ -- $ 32,008,000
Pro Forma Consolidated Results Of Operations	For the three months ended March 31, 2016 For the three months ended March 31, 2015 Revenues from continuing operations $ 2,035,000 $ 1,111,000 Net loss available to common stockholders $ (999,000) (398,000) Net loss available to common stockholders per share – basic $ (0.09) $ (0.08) Net loss available to common stockholders per share – diluted $ (0.09) $ (0.08)
Revenue And Expenses Of Acquisitions Included In Consolidated Statement Of Operations	Revenue $ 271,000 Expenses (558,000) Net loss $ (287,000)

Notes Payable (Tables)

Notes Payable (Tables)	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Future Principal Payments On The Notes Payable	2016 $ 717,000 2017 908,000 2018 952,000 2019 4,711,000 2020 930,000 Thereafter 31,972,000 Total $ 40,190,000
Schedule Of Debt	Property Location Current Loan Balance Interest Rate Loan Maturity D&O Policy $93,000 2.99% Ft. Lauderdale 208 SE 6th St, Ft Lauderdale, FL $1,481,000 4.94% 2/1/2019 Memphis Court 216 Court St, Memphis, TN $139,000 4.94% 2/1/2019 Memphis Poplar 212 Poplar Ave, Memphis, TN $1,247,000 4.94% 2/1/2019 Kansas City 1130 Holmes St, Kansas City, MO N/A N/A N/A St. Louis 1300 Spruce St, St. Louis, MO $1,242,000 4.94% 2/1/2019 Mabley Place 400 Race Street, Cincinnati, OH $8,804,000 4.25% 12/26/2024 Denver Sherman 1963 Sherman Street, Denver, CO N/A N/A N/A Ft. Worth 814 Taylor Street, Fort Worth, Texas $11,921,000 5.59% 8/1/2021 Milwaukee Old World 822 N. Old World Third Street, Milwaukee, WI N/A N/A N/A St. Louis Convention 1010 Convention Plaza , St. Louis, MO N/A N/A N/A Houston Saks Garage 611 Fannin Street, Houston, TX $3,596,000 4.25% N/A St. Louis Lucas Lucas Ave, St. Louis, MO $3,483,000 4.59% 2/1/2026 Milwaukee Wells 215 W. Wells Street, Milwaukee, WI N/A N/A N/A Wildwood NJ Lot 400 East Magnolia Ave, Wildwood, NJ N/A N/A N/A Indy Garage 120 E. Washington Street, Indianapolis, IN $8,184,000 4.59% 2/1/2026 KC Cherry Lot 1109 Cherry Street, Kansas City, MO N/A N/A N/A Indy Lot 301 E. Washington Street, Indianapolis, IN N/A N/A N/A Wildwood NJ Lot II 401 E. Glenwood Ave., Wildwood, NJ N/A N/A N/A Minneapolis Venture 10h avenue and Hennepin, Minneapolis, MN N/A N/A N/A Indianapolis Meridian 239 S. Meridian Street, Indianapolis, IN N/A N/A N/A Milwaukee Clybourn 412 E. Clybourn Street, Milwaukee, WI N/A N/A N/A Milwaukee Arena 1124 N. Old World Third Street, Milwaukee, WI N/A N/A N/A Clarksburg Lot 327 Washington Ave., Clarksburg WV N/A N/A N/A Denver 1935 Sherman 1935 Sherman Street, Denver, CO N/A N/A N/A Bridgeport Fairfield 314 Fairfield Ave., Bridgeport, CT N/A N/A N/A Less loan issuance costs ($806,000) Total $39,384,000

Investments in Real Estate (Det

Investments in Real Estate (Detail) - Schedule of Real Estate Properties	3 Months Ended
	Mar. 31, 2016USD ($)aft²
Ft. Lauderdale [Member]
Location	208 SE 6th St, Ft Lauderdale, FL
Date Acquired	Jul. 31, 2013
Property Type	Parking Lot / Office Bldg.
Investment Amount	$ 3,409,000
Size / Acreage (ac) / (sqft) | a	0.75
# Spaces / Units	66
Retail /Office (sq ft) | ft²	4,061
Ownership %	100.00%
Zoning	RAC-CC
Height Restriction	150 Feet
Parking Tenant	SP+
Lease Commencement Date	2/1/2014
Lease Term	5 yr. w/2 5 yr. ext.
Memphis Court [Member]
Location	216 Court St, Memphis, TN
Date Acquired	Aug. 28, 2013
Property Type	Parking Lot
Investment Amount	$ 194,000
Size / Acreage (ac) / (sqft) | a	0.41
# Spaces / Units	37
Ownership %	100.00%
Zoning	CBD
Height Restriction	Unlimited
Parking Tenant	SP+
Lease Commencement Date	3/14/2012
Lease Term	2 Years remaining
Memphis Poplar [Member]
Location	212 Poplar Ave, Memphis, TN
Date Acquired	Aug. 28, 2013
Property Type	Parking Lot
Investment Amount	$ 2,693,000
Size / Acreage (ac) / (sqft) | a	0.86
# Spaces / Units	125
Ownership %	100.00%
Zoning	CBD
Height Restriction	Unlimited
Parking Tenant	Best Park
Lease Commencement Date	3/1/2014
Lease Term	5 yr. w/2 5 yr. ext.
Kansas City [Member]
Location	1130 Holmes St, Kansas City, MO
Date Acquired	Aug. 28, 2013
Property Type	Parking Lot
Investment Amount	$ 1,550,000
Size / Acreage (ac) / (sqft) | a	1.18
# Spaces / Units	164
Ownership %	100.00%
Zoning	B4-5
Height Restriction	Unlimited
Parking Tenant	SP+
Lease Commencement Date	3/14/2012
Lease Term	15 Years
St. Louis [Member]
Location	1300 Spruce St, St. Louis, MO
Date Acquired	Sep. 4, 2013
Property Type	Parking Lot
Investment Amount	$ 4,137,000
Size / Acreage (ac) / (sqft) | a	1.22
# Spaces / Units	179
Ownership %	100.00%
Zoning	I (CBD)
Height Restriction	200 Feet
Parking Tenant	SP+
Lease Commencement Date	12/1/2013
Lease Term	5 yr. w/2 5 yr. ext.
Mabley Place [Member]
Location	400 Race Street, Cincinnati, OH
Date Acquired	Dec. 9, 2014
Property Type	Parking Facility
Investment Amount	$ 14,700,000
Size / Acreage (ac) / (sqft) | a	0.91
# Spaces / Units	775
Retail /Office (sq ft) | ft²	8,400
Ownership %	70.00%
Zoning	DD-A
Height Restriction	510 Feet
Parking Tenant	SP+
Lease Commencement Date	12/9/2014
Lease Term	10 Years
Denver Sherman [Member]
Location	1963 Sherman Street, Denver, CO
Date Acquired	Jan. 26, 2015
Property Type	Parking Lot
Investment Amount	$ 585,000
Size / Acreage (ac) / (sqft) | a	0.14
# Spaces / Units	28
Ownership %	100.00%
Zoning	CMX16
Height Restriction	200 Feet
Parking Tenant	Denver SD
Lease Commencement Date	7/1/2014
Lease Term	10 Years w/1 5 yr. ext.
Ft. Worth [Member]
Location	814 Taylor Street, Fort Worth, Texas
Date Acquired	Mar. 16, 2015
Property Type	Parking Facility
Investment Amount	$ 23,336,000
Size / Acreage (ac) / (sqft) | a	1.18
# Spaces / Units	1,013
Ownership %	100.00%
Zoning	CBD-H
Height Restriction	Unlimited
Parking Tenant	SP+
Lease Commencement Date	3/16/2015
Lease Term	10 Years
Milwaukee Old World [Member]
Location	822 N. Old World Third Street, Milwaukee, WI
Date Acquired	Mar. 31, 2015
Property Type	Parking Lot
Investment Amount	$ 1,000,000
Size / Acreage (ac) / (sqft) | a	0.27
# Spaces / Units	54
Ownership %	100.00%
Zoning	C9-E
Height Restriction	40 Feet
Parking Tenant	SP+
Lease Commencement Date	3/31/2015
Lease Term	5 yr. w/1 5 yr. ext.
St. Louis Convention [Member]
Location	1010 Convention Plaza , St. Louis, MO
Date Acquired	May 31, 2015
Property Type	Parking Lot
Investment Amount	$ 2,575,000
Size / Acreage (ac) / (sqft) | a	1.26
# Spaces / Units	221
Ownership %	100.00%
Zoning	I (CBD)
Height Restriction	200 Feet
Parking Tenant	SP+
Lease Commencement Date	5/13/2015
Lease Term	5 yr. w/1 5 yr. ext.
Houston Saks Garage [Member]
Location	611 Fannin Street, Houston, Tx
Date Acquired	May 28, 2015
Property Type	Parking Facility
Investment Amount	$ 8,380,000
Size / Acreage (ac) / (sqft) | a	0.36
# Spaces / Units	265
Ownership %	100.00%
Zoning	N/A
Height Restriction	Unlimited
Parking Tenant	iPark
Lease Commencement Date	5/28/2015
Lease Term	10 yr. w/1 5 yr. ext.
St. Louis Lucas [Member]
Location	Lucas Ave, St. Louis, MO
Date Acquired	Jun. 29, 2015
Property Type	Parking Lot
Investment Amount	$ 3,463,000
Size / Acreage (ac) / (sqft) | a	1.07
# Spaces / Units	217
Ownership %	100.00%
Zoning	I (CBD)
Height Restriction	200 Feet
Parking Tenant	SP+
Lease Commencement Date	6/29/2015
Lease Term	5 yr. w/1 5 yr. ext.
Milwaukee Wells [Member]
Location	215 W. Wells Street, Milwaukee, WI
Date Acquired	Jun. 30, 2015
Property Type	Parking Lot
Investment Amount	$ 3,900,000
Size / Acreage (ac) / (sqft) | a	0.95
# Spaces / Units	100
Ownership %	100.00%
Zoning	C9-E
Height Restriction	40 Feet
Parking Tenant	SP+
Lease Commencement Date	6/30/2015
Lease Term	10 Years
Wildwood NJ Lot [Member]
Location	400 East Magnolia Ave, Wildwood, NJ
Date Acquired	Jul. 10, 2015
Property Type	Parking Lot
Investment Amount	$ 970,000
Size / Acreage (ac) / (sqft) | a	0.29
# Spaces / Units	29
Ownership %	100.00%
Zoning	T/E
Height Restriction	35 feet
Parking Tenant	SP+
Lease Commencement Date	1/1/2016
Lease Term	5 yr. w/1 5 yr. ext.
Indy City Parking Garage [Member]
Location	120 E. Washington Street, Indianapolis, IN
Date Acquired	Oct. 5, 2015
Property Type	Parking Facility
Investment Amount	$ 10,500,000
Size / Acreage (ac) / (sqft) | a	0.44
# Spaces / Units	370
Ownership %	100.00%
Zoning	CDB-1 RC
Height Restriction	5 Stories
Parking Tenant	ABM
Lease Commencement Date	10/5/2015
Lease Term	5 yr. w/1 5 yr. ext.
KC Cherry Lot [Member]
Location	1109 Cherry Street, Kansas City, MO
Date Acquired	Oct. 9, 2015
Property Type	Parking Lot
Investment Amount	$ 515,000
Size / Acreage (ac) / (sqft) | a	0.6
# Spaces / Units	84
Ownership %	100.00%
Zoning	UR
Height Restriction	Per Plan
Parking Tenant	SP+
Lease Commencement Date	10/9/2015
Lease Term	5 yr. w/1 5 yr. ext.
Indy WA Street [Member]
Location	301 E. Washington Street, Indianapolis, IN
Date Acquired	Oct. 29, 2015
Property Type	Parking Lot
Investment Amount	$ 4,995,000
Size / Acreage (ac) / (sqft) | a	1.07
# Spaces / Units	150
Ownership %	100.00%
Zoning	CBD2
Height Restriction	Unlimited
Parking Tenant	Denison
Lease Commencement Date	10/30/2015
Lease Term	10 Years
Wildwood NJ Lot II [Member]
Location	401 E. Glenwood Ave., Wildwood, NJ
Date Acquired	Dec. 16, 2015
Property Type	Parking Lot
Investment Amount	$ 615,000
Size / Acreage (ac) / (sqft) | a	0.31
# Spaces / Units	450
Ownership %	100.00%
Zoning	T/E
Height Restriction	35 feet
Parking Tenant	SP+
Lease Commencement Date	1/1/2016
Lease Term	5 yr. w/1 5 yr. ext.
Minneapolis Venture [Member]
Location	10h avenue and Hennepin, Minneapolis, MN
Date Acquired	Jan. 6, 2016
Property Type	Parking Lot
Investment Amount	$ 15,495,000
Size / Acreage (ac) / (sqft) | a	4.46
# Spaces / Units	270
Ownership %	87.00%
Zoning	B4C-1
Height Restriction	Unlimited
Parking Tenant	SP+
Lease Commencement Date	1/15/2016
Lease Term	5 yr. w/1 5 yr. ext.
Indianapolis Meridian [Member]
Location	239 S. Meridian Street, Indianapolis, IN
Date Acquired	Jan. 15, 2016
Property Type	Parking Lot
Investment Amount	$ 1,550,000
Size / Acreage (ac) / (sqft) | a	0.24
# Spaces / Units	39
Ownership %	100.00%
Zoning	CBD-2/RC
Height Restriction	Unlimited
Parking Tenant	Denison Parking
Lease Commencement Date	1/20/2016
Lease Term	10 Years
Milwaukee Clybourn [Member]
Location	412 E. Clybourn Street, Milwaukee, WI
Date Acquired	Jan. 20, 2016
Property Type	Parking Lot
Investment Amount	$ 205,000
Size / Acreage (ac) / (sqft) | a	0.055
# Spaces / Units	15
Ownership %	100.00%
Zoning	C9F(A)
Height Restriction	30 Feet
Parking Tenant	Secure Parking USA
Lease Commencement Date	2/1/2016
Lease Term	5 Years
Milwaukee Arena [Member]
Location	1124 North Old World Third Street, Milwaukee, WI
Date Acquired	Feb. 1, 2016
Property Type	Parking Lot
Investment Amount	$ 3,900,000
Size / Acreage (ac) / (sqft) | a	1.1
# Spaces / Units	75
Ownership %	100.00%
Zoning	RED
Height Restriction	Unlimited
Parking Tenant	SP+
Lease Commencement Date	2/9/2016
Lease Term	5 yr. w/1 5 yr. ext.
Clarksburg Lot [Member]
Location	327 Washington Avenue, Clarksburg, WV
Date Acquired	Feb. 9, 2016
Property Type	Parking Lot
Investment Amount	$ 620,000
Size / Acreage (ac) / (sqft) | a	0.81
# Spaces / Units	94
Ownership %	100.00%
Zoning	BPO
Height Restriction	60 Feet
Parking Tenant	ABM
Lease Commencement Date	2/12/2016
Lease Term	5 Years
Denver 1935 Sherman [Member]
Location	1935 Sherman Street, Denver, CO
Date Acquired	Feb. 12, 2016
Property Type	Parking Lot
Investment Amount	$ 2,438,000
Size / Acreage (ac) / (sqft) | a	0.43
# Spaces / Units	72
Ownership %	76.00%
Zoning	CMX16
Height Restriction	200 Feet
Parking Tenant	SP+
Lease Commencement Date	3/30/2016
Lease Term	10 Years
Bridgeport Fairfield [Member]
Location	314 Fairfield Avenue, Bridgeport, Connecticut
Date Acquired	Mar. 30, 2016
Property Type	Parking Facility
Investment Amount	$ 7,800,000
Size / Acreage (ac) / (sqft) | a	1.01
# Spaces / Units	878
Ownership %	90.00%
Zoning	DVD-CORE
Height Restriction	65 Feet
Parking Tenant	SP+
Lease Commencement Date	1/15/2016
Lease Term	10 Years
Fixed Assets [Member]
Investment Amount	$ 88,000
Total [Member]
Investment Amount	$ 119,613,000

Acquisitions (Detail) - Assets

Acquisitions (Detail) - Assets Acquired And Liabilities Assumed	Mar. 31, 2016USD ($)
Assets
Land and improvements	$ 25,180,000
Building and improvements	6,828,000
Total assets acquired	$ 32,008,000
Liabilities
Notes Payable Assumed
Net assets and liabilities acquired	$ 32,008,000
Minneapolis Venture [Member]
Assets
Land and improvements	$ 15,495,000
Building and improvements
Total assets acquired	$ 15,495,000
Liabilities
Notes Payable Assumed
Net assets and liabilities acquired	$ 15,495,000
Indianapolis Meridian [Member]
Assets
Land and improvements	$ 1,550,000
Building and improvements
Total assets acquired	$ 1,550,000
Liabilities
Notes Payable Assumed
Net assets and liabilities acquired	$ 1,550,000
Milwaukee Clybourn [Member]
Assets
Land and improvements	$ 205,000
Building and improvements
Total assets acquired	$ 205,000
Liabilities
Notes Payable Assumed
Net assets and liabilities acquired	$ 205,000
Milwaukee Arena [Member]
Assets
Land and improvements	$ 3,900,000
Building and improvements
Total assets acquired	$ 3,900,000
Liabilities
Notes Payable Assumed
Net assets and liabilities acquired	$ 3,900,000
Clarksburg Lot [Member]
Assets
Land and improvements	$ 620,000
Building and improvements
Total assets acquired	$ 620,000
Liabilities
Notes Payable Assumed
Net assets and liabilities acquired	$ 620,000
Denver 1935 Sherman [Member]
Assets
Land and improvements	$ 2,438,000
Building and improvements
Total assets acquired	$ 2,438,000
Liabilities
Notes Payable Assumed
Net assets and liabilities acquired	$ 2,438,000
Bridgeport Fairfield [Member]
Assets
Land and improvements	972,000
Building and improvements	6,828,000
Total assets acquired	$ 7,800,000
Liabilities
Notes Payable Assumed
Net assets and liabilities acquired	$ 7,800,000

Acquisitions (Detail) - Pro For

Acquisitions (Detail) - Pro Forma Consolidated Results Of Operations - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Business Combinations [Abstract]
Revenues from continuing operations	$ 2,035,000	$ 1,111,000
Net loss available to common stockholders	$ (999,000)	$ (398,000)
Net loss available to common stockholders per share - basic	$ (0.09)	$ (0.08)
Net loss available to common stockholders per share - diluted	$ (0.09)	$ (0.08)

Acquisitions (Detail) - Revenue

Acquisitions (Detail) - Revenue And Expenses Of Acquisitions Included In Consolidated Statement Of Operations	3 Months Ended
	Mar. 31, 2016USD ($)
Business Combinations [Abstract]
Revenue	$ 271,000
Expenses	(558,000)
Net Income	$ (287,000)

Notes Payable (Detail) - Future

Notes Payable (Detail) - Future Principal Payments On The Notes Payable	Mar. 31, 2016USD ($)
2016 [Member]
Principal Payments	$ 717,000
2017 [Member]
Principal Payments	908,000
2018 [Member]
Principal Payments	952,000
2019 [Member]
Principal Payments	4,711,000
2020 [Member]
Principal Payments	930,000
Thereafter [Member]
Principal Payments	31,972,000
Total [Member]
Principal Payments	$ 40,190,000

Notes Payable (Detail) - Schedu

Notes Payable (Detail) - Schedule of Debt - USD ($)	1 Months Ended				3 Months Ended
	Aug. 31, 2015	Mar. 31, 2015	Dec. 31, 2014	Jan. 31, 2014	Mar. 31, 2016
Loan Maturity	Aug. 31, 2025	Aug. 31, 2021	Dec. 31, 2024	Feb. 28, 2019
Ft. Lauderdale [Member]
Location					208 SE 6th St, Ft Lauderdale, FL
Current Loan Balance					$ 1,481,000
Interest Rate					4.94%
Loan Maturity					Feb. 1, 2019
Memphis Court [Member]
Location					216 Court St, Memphis, TN
Current Loan Balance					$ 139,000
Interest Rate					4.94%
Loan Maturity					Feb. 1, 2019
Memphis Poplar [Member]
Location					212 Poplar Ave, Memphis, TN
Current Loan Balance					$ 1,247,000
Interest Rate					4.94%
Loan Maturity					Feb. 1, 2019
Kansas City [Member]
Location					1130 Holmes St, Kansas City, MO
St. Louis [Member]
Location					1300 Spruce St, St. Louis, MO
Current Loan Balance					$ 1,242,000
Interest Rate					4.94%
Loan Maturity					Feb. 1, 2019
Mabley Place [Member]
Location					400 Race Street, Cincinnati, OH
Current Loan Balance					$ 8,804,000
Interest Rate					4.25%
Loan Maturity					Dec. 26, 2024
Denver Sherman [Member]
Location					1963 Sherman Street, Denver, CO
Ft. Worth [Member]
Location					814 Taylor Street, Fort Worth, Texas
Current Loan Balance					$ 11,921,000
Interest Rate					5.59%
Loan Maturity					Aug. 1, 2021
Milwaukee Old World [Member]
Location					822 N. Old World Third Street, Milwaukee, WI
St. Louis Convention [Member]
Location					1010 Convention Plaza , St. Louis, MO
Houston Saks Garage [Member]
Location					611 Fannin Street, Houston, TX
Current Loan Balance					$ 3,596,000
Interest Rate					4.25%
St. Louis Lucas [Member]
Location					Lucas Ave, St. Louis, MO
Current Loan Balance					$ 3,483,000
Interest Rate					4.59%
Loan Maturity					Feb. 1, 2026
Milwaukee Wells [Member]
Location					215 W. Wells Street, Milwaukee, WI
Wildwood NJ Lot [Member]
Location					400 East Magnolia Ave, Wildwood, NJ
Indy Garage [Member]
Location					120 E. Washington Street, Indianapolis, IN
Current Loan Balance					$ 8,184,000
Interest Rate					4.59%
Loan Maturity					Feb. 1, 2026
KC Cherry Lot [Member]
Location					1109 Cherry Street, Kansas City, MO
Indy Lot [Member]
Location					301 E. Washington Street, Indianapolis, IN
Wildwood NJ Lot II [Member]
Location					401 E. Glenwood Ave., Wildwood, NJ
Minneapolis Venture [Member]
Location					10h avenue and Hennepin, Minneapolis, MN
Indianapolis Meridian [Member]
Location					239 S. Meridian Street, Indianapolis, IN
Milwaukee Clybourn [Member]
Location					412 E. Clybourn Street, Milwaukee, WI
Milwaukee Arena [Member]
Location					1124 N. Old World Third Street, Milwaukee, WI
Clarksburg Lot [Member]
Location					327 Washington Ave., Clarksburg WV
Denver 1935 Sherman [Member]
Location					1935 Sherman Street, Denver, CO
Bridgeport Fairfield [Member]
Location					314 Fairfield Ave., Bridgeport, CT
Less loan issuance costs [Member]
Current Loan Balance					$ (806,000)
Total [Member]
Current Loan Balance					$ 39,384,000

Organization, Proposed Busine28

Organization, Proposed Business Operations and Capitalization (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Date of Incorporation	Apr. 3, 2012
Incorporation State	Maryland
Year End	taxable year ended December 31, 2013
Initial Offering Period	On September 25, 2012, the Company commenced its initial public offering
Common Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Date Commenced Operations, after Minimum Offering Met	Dec. 11, 2012
Proceeds from Issuance of Common Stock	$ 97,000,000
Share Value Used to Buy Property	19,500,000
Registered Amount for DRIP	$ 50,000,000
Shares Outstanding	11,068,479
Preferred stock, shares outstanding	0	0
Non Voting Non Participating Convertible Stock
Common Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001

Summary of Significant Accoun29

Summary of Significant Accounting Policies (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Accounting Policies [Abstract]
Acquisition expenses - related party	$ 1,326,000	$ 988,000
Acquisition expenses	207,000	$ 103,000
Federally Insured Amount Limit	250,000		$ 250,000
Cash In Excess Of The Federally Insured Limits	$ 5,000,000		$ 9,100,000
Advertising Costs

Related Party Transactions an30

Related Party Transactions and Arrangements (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Commissions	$ 207,000	$ 103,000
Common stock, shares outstanding	11,068,479		11,002,902
Acquisition Fees Paid	$ 18,000	20,000
Asset Management Fees	200,000	69,000
Debt Financing Fees	$ 23,000	$ 12,000
Non Voting Non Participating Convertible Stock
Common stock, shares outstanding	1,000		1,000
JNL Parking [Member]
Commissions	$ 200,000
Common stock, shares outstanding	59,701
Sponsor [Member]
Common stock, shares outstanding	22,222
VRM I [Member]
Common stock, shares outstanding	72,347
VF III [Member]
Common stock, shares outstanding	6,579
Dan Huberty [Member]
Common stock, shares outstanding	9,239
Advisor [Member]
Acquisition Fees Paid	$ 1,300,000
Disposition Fees
Advisor [Member] | Non Voting Non Participating Convertible Stock
Common stock, shares outstanding	1,000
Chief Financial Officer [Member] | Strategix Solutions [Member]
Accounting Services	$ 2,000	$ 5,000

Dependency (Details Narrative)

Dependency (Details Narrative)	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Collaborative Arrangement Nature And Purpose	The Company has no employees and is dependent on the Advisor for services that are essential to the Company, including asset management services, supervision of the management and leasing of properties owned by the Company, asset acquisition and disposition decisions, as well as other administrative responsibilities for the Company including accounting services and investor relations.

Stock-Based Compensation (Detai

Stock-Based Compensation (Details Narrative)	3 Months Ended
	Mar. 31, 2016shares
Equity [Abstract]
Stock Options Granted Percentage Limit	10.00%
Aggregate Maximum Number of Shares Under Incentive Plan	300,000

Acquisitions (Details Narrative

Acquisitions (Details Narrative)	3 Months Ended
	Mar. 31, 2016USD ($)ft²	Mar. 31, 2015USD ($)
Rental revenue	$ 1,893,000	$ 688,000
Minneapolis Venture [Member] | Hennepin Lot [Member]
Date of Acquisition	Jan. 6, 2016
Purchase Price Shared	$ 15,500,000
Purchase Price	$ 13,500,000
Percentage Owned	87.09%
Size / Acreage (ac) / (sqft) | ft²	90,658
# Spaces / Units	270
Lease Arrangement	Both the Hennepin lot and 10th Street lot will be leased by SP Plus, a Delaware parking operator, under a net lease agreement where MVP will be responsible for property taxes and SP Plus will pay for all insurance and maintenance costs.
Minneapolis Venture [Member] | 2nd Lot [Member]
Size / Acreage (ac) / (sqft) | ft²	107,952
# Spaces / Units	185
Indianapolis Meridian [Member]
Date of Acquisition	Jan. 15, 2016
Purchase Price	$ 1,600,000
Size / Acreage (ac) / (sqft) | ft²	10,290
# Spaces / Units	39
Rental revenue	$ 95,000
Lease Arrangement	Denison Parking, Inc. pays annual rent of $95,000 and pays all regular occurring maintenance expenses associated with the parking garage other than property taxes. In addition, the lease provides revenue participation with MVP receiving 60% of gross receipts over $155,000. The term of the lease is 10 years.
Milwaukee Clybourn [Member]
Date of Acquisition	Jan. 20, 2016
Purchase Price	$ 200,000
# Spaces / Units	15
Rental revenue	$ 20,000
Lease Arrangement	Secure Parking USA, Inc. pays annual rent of $20,000 and pays all regular occurring maintenance expenses associated with the parking garage other than property taxes. In addition, the lease provides revenue participation with MVP receiving 75% of gross receipts over $45,000. The term of the lease is 5 years.
Milwaukee Arena [Member]
Date of Acquisition	Feb. 1, 2016
Purchase Price	$ 3,900,000
Size / Acreage (ac) / (sqft) | ft²	38,600
# Spaces / Units	75
Lease Arrangement	The parking lot is leased by SP Plus Corporation ("SP Plus"), a national parking operator. SP Plus pays a first year annual lease payment of $200,000 with annual increases and pays all regular occurring maintenance expenses associated with the parking garage other than property taxes. In addition, the lease provides revenue participation with MVP receiving 70% of gross receipts over $325,000. The term of the lease is 5 years.
Clarksburg Lot [Member]
Date of Acquisition	Feb. 9, 2016
Purchase Price	$ 600,000
Size / Acreage (ac) / (sqft) | ft²	35,000
# Spaces / Units	94
Rental revenue	$ 55,400
Lease Arrangement	The parking lot is leased by ABM Parking Services Inc. ("ABM"), a national parking operator, under a net lease agreement where MVP is responsible for property taxes and ABM pays for all insurance and maintenance costs. ABM pays annual rent of $55,400. In addition, the lease provides revenue participation with MVP receiving 50% of gross receipts over $112,000. The term of the lease is for 5 years.
Denver 1935 Sherman [Member]
Date of Acquisition	Feb. 12, 2016
Purchase Price Shared	$ 2,400,000
Purchase Price	$ 1,800,000
Percentage Owned	75.51%
Size / Acreage (ac) / (sqft) | ft²	18,765
# Spaces / Units	72
Rental revenue	$ 120,000
Lease Arrangement	The Denver parking lot is leased by SP Plus Corporation, under a net lease agreement where MVP Denver is responsible for property taxes and SP Plus pays for all insurance and maintenance costs. SP Plus Corporation pays annual rent of $120,000. In addition, the lease provides revenue participation with MVP Denver receiving 70% of gross receipts over $160,000. The term of the lease is for 10 years.
Denver 1935 Sherman [Member] | MVP REIT II [Member]
Percentage Owned	24.49%
Bridgeport Fairfield [Member]
Date of Acquisition	Mar. 30, 2016
Purchase Price Shared	$ 7,800,000
Purchase Price	$ 7,000,000
# Spaces / Units	878
Retail Space | ft²	4,349
Rental revenue	$ 400,000
Lease Arrangement	The parking garage is leased by SP Plus Corporation, a national parking operator, under a net lease agreement where MVP Bridgeport is responsible for property taxes above a $100,000 threshold, and SP Plus Corporation pays for insurance and maintenance costs. SP Plus Corporation pays annual rent of $400,000. In addition, the lease provides revenue participation with MVP Bridgeport receiving 65% of gross receipts over $775,000. The term of the lease is for 10 years.

Notes Payable (Details Narrativ

Notes Payable (Details Narrative) - USD ($)	1 Months Ended					3 Months Ended
	Jan. 31, 2016	Aug. 31, 2015	Mar. 31, 2015	Dec. 31, 2014	Jan. 31, 2014	Mar. 31, 2016	Mar. 31, 2015
Notes Payable
Amount		$ 3,700,000	$ 12,200,000	$ 9,000,000	$ 4,300,000		$ 12,200,000
Term			10 years
Interest		4.25%	5.59%	4.25%	4.94%		5.59%
Collateral		collateralized by real property located in Houston, Texas	collateralized by real property located in Ft. Worth, Texas	secured by the property	secured by four parking facilities
Periodic Payment		$ 30,000	$ 78,000	$ 44,000	$ 25,000
Frequency of Periodic Payment		monthly	monthly	monthly	monthly
Maturity Date		Aug. 31, 2025	Aug. 31, 2021	Dec. 31, 2024	Feb. 28, 2019
Interest expense						$ 500,000	$ 200,000
Loan Amortization Cost						$ 18,000	$ 20,000
Keybank Promissory Note (1) [Member]
Notes Payable
Amount	$ 8,580,000
Term	10 years
Interest	4.59%
Collateral	secured by the following properties in Indianapolis: 110-120 E. Washington Street, and 301 E. Washington Street
Periodic Payment	$ 46,000
Frequency of Periodic Payment	monthly
Maturity Date	Jan. 31, 2026
Keybank Promissory Note (2) [Member]
Notes Payable
Amount	$ 3,490,000
Term	10 years
Interest	4.59%
Collateral	secured by the following properties in Missouri: 1010 Convention Plaza, St. Louis, 901, 909, 925 Lucas Avenue and 900, 908, 910 & 916 Convention Plaza, St. Louis and 1109 Cherry Street, Kansas City
Periodic Payment	$ 20,000
Frequency of Periodic Payment	monthly
Maturity Date	Dec. 31, 2026

Subsequent Events (Details Narr

Subsequent Events (Details Narrative)	May. 11, 2016	Apr. 27, 2016	May. 16, 2016
Date of Event	Apr. 27, 2016	May 11, 2016
Description	On April 27, 2016, Minneapolis City Parking, LLC issued a promissory note to American National Insurance Company for $5.3 million loan secured by real property located in Minneapolis, Minnesota. The loan has a term of 10 years and has an interest rate of 4.5% and is payable in monthly installment payments of principal and interest totaling approximately $29,000, maturing in April 2026.	On May 11, 2016, MVP REIT, Inc., (the "Company") through a wholly owned entity it, along with MVP REIT II, Inc. ("MVP REIT II"), closed the purchase of all of the membership interests of an entity that owns a surface parking lot, for approximately $5.7 million in cash. The Company's share of the purchase was approximately $2.8 million in cash plus closing costs and the Company will own a 49% interest in the entity. The surface parking lot is located at 1200-1240 W. 9th Street and W. 10th Street, Cleveland, Ohio (the "parking lot"). The parking lot consists of approximately 87,052 square feet with approximately 260 parking spaces. The parking lot is leased by SP Plus Corporation, a national parking operator, under a net lease agreement where MVP will be responsible for property taxes above a $120,000 threshold, and SP Plus Corporation will pay insurance and maintenance costs. SP Plus Corporation will pay annual rent of $330,000. In addition, the lease provides revenue participation with MVP receiving 70% of gross receipts over $650,000. The term of the lease will be for 5 years.
Prior Periods Tax Returns [Member]
Description			Prior Periods Tax Returns Subsequent to the date of these condensed consolidated financial statements, the Company recently learned that incorrect information was included on its federal income tax returns for the years 2013 and 2014 with respect to its acquisition of ownership interests in six office buildings. In 2013, the ownership interests in six office buildings located in Las Vegas, Nevada (the "Interests") were contributed to the Company by SERE Holdings, LLC ("Sere") in exchange for newly issued shares of the Company's common stock. In its tax returns, which were prepared by an outside tax accounting firm, the Company initially reported the contributions as nontaxable to Sere pursuant to Section 351(a) of the Internal Revenue Code (the "Code"). After a review by outside legal counsel and newly engaged, independent tax accountants, the Company has concluded that the contributions were ineligible for tax-free treatment under Section 351(a) of the Code. The Company has filed amended tax returns correcting the treatment of the contributions. Amendment of the tax returns will not result in any changes to the Company's previously issued financial statements and related footnotes. In 2014, the Company exchanged the Interests for various parking properties. The Interests were valued at the Company's cost for purposes of the exchange and the Company did not record any income or loss on the exchange. If the original contributions of the Interests had been nontaxable pursuant to Section 351(a), then the Company would have inherited the tax basis of Sere and disposition of the Interests in 2014 would have resulted in taxable income to the Company based on the difference between such tax basis and the value received by the Company upon disposition. After reviewing the matter with outside legal counsel and independent tax accountants, the Company has concluded that the original contributions were ineligible for tax-free treatment under Section 351(a), the Company's tax basis was the value it paid for the Interests and the Company did not incur any taxable income upon disposition of the Interests. No assurances can be given that the Internal Revenue Service will agree with the Company's conclusions. The Company terminated its engagement of the outside tax accounting firm which assisted in preparation of the tax returns with the incorrect information. The Company's audit committee is reviewing this matter to determine, among other things, what if any internal control weaknesses may have contributed to the erroneous income tax filings.