SB Partners 10-K 29 Mar 16 2015 FY Annual report Financial data

Document And Entity Information

Document And Entity Information	12 Months Ended
	Dec. 31, 2015USD ($)shares
Entity Registrant Name	SB Partners
Entity Central Index Key	87,047
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares) | shares	0
Entity Public Float | $	$ 0
Document Type	10-K
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Assets:
Land	$ 470,000	$ 470,000
Buildings, furnishings and improvements	5,016,185	4,866,973
Less - accumulated depreciation	(1,769,982)	(1,631,056)
	$ 3,716,203	3,705,917
Real estate held for sale		$ 12,026,246
Investment in Sentinel Omaha, LLC, net of reserve for fair value of $14,445,826 and $6,749,554 at December 31, 2015 and 2014, respectively	$ 14,445,826
	18,162,029	$ 15,732,163
Other Assets -
Cash and cash equivalents	1,206,899	$ 933,373
Restricted cash	200,000
Cash in escrow	500,244	$ 500,194
Other assets	$ 64,843	83,508
Other assets in discontinued operations		22,549
Total assets	$ 20,134,015	17,271,787
Liabilities:
Loan payable	$ 5,986,888	9,953,036
Mortgage note in discontinued operations		10,000,000
Accounts payable	$ 370,209	292,993
Tenant security deposits	95,818	93,021
Accued expenses	$ 2,019,239	2,683,030
Other liabilities in discontinued operations		25,000
Total liabilities	$ 8,472,154	23,047,080
Partners' Equity (Deficit):
Limited partner - 7,753 units	11,678,793	(5,756,112)
General partner - 1 unit	(16,932)	(19,181)
Total partners' equity (deficit)	11,661,861	(5,775,293)
Total liabilities and partners' equity (deficit)	$ 20,134,015	$ 17,271,787

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Investment in Sentinel Omaha, LLC, reserve for fair value	$ 14,445,826	$ 6,749,554
Limited partner - units (in shares)	7,753	7,753
General partner - units (in shares)	1	1

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenues:
Base rental income	$ 662,991	$ 629,951	$ 608,579
Other rental income	351,743	456,391	287,103
Interest on short-term investments and other	1,353	961	360
Total revenues	1,016,087	1,087,303	896,042
Expenses:
Real estate operating expenses	314,306	334,195	346,159
Interest on loan payable	365,183	508,197	504,261
Depreciation and amortization	160,764	167,120	189,649
Real estate taxes	125,449	130,661	127,190
Management fees	875,788	869,228	857,041
Other	153,473	160,464	149,453
Total expenses	1,994,963	2,169,865	2,173,753
Loss from operations	(978,876)	(1,082,562)	(1,277,711)
Equity in net income of investment	22,142,099	5,080,602	1,668,952
Reserve for value of investment	(7,696,273)	(5,080,602)	(1,668,952)
Income (loss) from continuing operations	13,466,950	(1,082,562)	(1,277,711)
Income from discontinued operations	400,958	$ 207,283	$ 174,472
Net gain on sale of investment in real estate property	3,569,246
Net income (loss)	17,437,154	$ (875,279)	$ (1,103,239)
Income (loss) allocated to general partner	2,249	(113)	(142)
Income (loss) allocated to limited partners	$ 17,434,905	$ (875,166)	$ (1,103,097)
Income (loss) per unit of limited partnership interest (basic and diluted)
Income (loss) from continuing operations (in dollars per share)	$ 1,737	$ (139.63)	$ (164.80)
Income from discontinued operations (including gain on sale) (in dollars per share)	512.09	26.74	22.50
Net income (loss) (in dollars per share)	$ 2,249.09	$ (112.89)	$ (142.30)
Weighted Average Number of Units of Limited Partnership Interest Outstanding (in shares)	7,753	7,753	7,753

Consolidated Statements of Chan

Consolidated Statements of Changes in Partners' Equity (Deficit) - USD ($)	Limited Partner [Member]Units of Partnership [Member]	Limited Partner [Member]Cumulative Cash Distributions [Member]	Limited Partner [Member]Retained Earnings [Member]	Limited Partner [Member]	General Partner [Member]Units of Partnership [Member]	General Partner [Member]Cumulative Cash Distributions [Member]	General Partner [Member]Retained Earnings [Member]	General Partner [Member]	Total
Balance (in shares) at Dec. 31, 2012	7,753				1
Balance at Dec. 31, 2012	$ 119,968,973	$ (111,721,586)	$ (12,025,236)	$ (3,777,849)	$ 10,000	$ (26,364)	$ (2,562)	$ (18,926)
Net income (loss)			(1,103,097)	(1,103,097)			(142)	(142)	$ (1,103,239)
Balance (in shares) at Dec. 31, 2013	7,753				1
Balance at Dec. 31, 2013	$ 119,968,973	$ (111,721,586)	(13,128,333)	(4,880,946)	$ 10,000	$ (26,364)	(2,704)	(19,068)
Net income (loss)			(875,166)	(875,166)			(113)	(113)	(875,279)
Balance (in shares) at Dec. 31, 2014	7,753				1
Balance at Dec. 31, 2014	$ 119,968,973	$ (111,721,586)	(14,003,499)	(5,756,112)	$ 10,000	$ (26,364)	(2,817)	(19,181)	(5,775,293)
Net income (loss)			17,434,905	17,434,905			2,249	2,249	17,437,154
Balance (in shares) at Dec. 31, 2015	7,753				1
Balance at Dec. 31, 2015	$ 119,968,973	$ (111,721,586)	$ 3,431,406	$ 11,678,793	$ 10,000	$ (26,364)	$ (568)	$ (16,932)	$ 11,661,861

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash Flows From Operating Activities:
Net income (loss)	$ 17,437,154	$ (875,279)	$ (1,103,239)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Net gain on sale of investment in real estate property	(3,569,246)
Equity in net income of investment	(22,142,099)	$ (5,080,602)	$ (1,668,952)
Reserve for fair value of investment	7,696,273	5,080,602	1,668,952
Depreciation and amortization	162,732	522,695	545,223
Net decrease (increase) in operating assets	17,408	(2,816)	678
Net increase (decrease) in accounts payable	52,216	(71,353)	125,535
Net increase in tenant security deposits	2,798	2,798	2,798
Net (decrease) increase in accrued expenses	(663,791)	747,160	733,682
Net cash provided by (used in) operating activites	(1,006,555)	$ 323,205	$ 304,677
Cash Flows From Investing Activities:
Net proceeds from sale of investment in real estate property	15,595,492
Interest earned on capital reserve escrow acount	(50)	$ (50)	$ (60)
Capital additions to real estate owned	(149,213)		(66,845)
Net cash provided by (used in) investing activites	15,446,229	$ (50)	$ (66,905)
Cash Flows From Financing Activities:
Repayment of mortgage note in discontinued operations	(10,000,000)
Repayment of loan payable	(3,966,148)	$ (13,973)	$ (16,455)
Increase in restricted cash	200,000
Net cash (used in) financing activities	(14,166,148)	$ (13,973)	$ (16,455)
Net change in cash and cash equivalents	273,526	309,182	221,317
Cash and cash equivalents at beginning of year	933,373	624,191	402,874
Cash and cash equivalents at end of year	1,206,899	933,373	624,191
Supplemental disclosure of cash flow information:
Cash paid during the year for interest	$ 1,881,719	$ 784,030	$ 784,261

Note 1 - Organization and Signi

Note 1 - Organization and Significant Accounting Policies	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]	SB PARTNERS Notes to Consolidated Financial Statements (1) ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES SB Partners, a New York limited partnership, and its subsidiaries (collectively, the "Partnership"), have been engaged since April 1971 in acquiring, operating, and holding for investment a varying portfolio of real estate interests. SB Partners Real Estate Corporation (the "General Partner") serves as the general partner of the Partnership. The significant accounting and financial reporting policies of the Partnership are as follows: (a) The accompanying consolidated financial statements include the accounts of SB Partners and its subsidiaries. All significant intercompany accounts and transactions have been eliminated. The consolidated financial statements are prepared using the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America. Revenues are recognized as earned and expenses are recognized as incurred. The preparation of financial statements in conformity with such principles 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. (b) In connection with the mortgage financing on certain of its properties, the Partnership placed the assets and liabilities of the properties into single asset limited partnerships, limited liability companies or land trusts which hold title to the properties. The Partnership has effective control over such entities and holds 100% of the beneficial interest. Accordingly, the financial statements of these subsidiaries are consolidated with those of the Partnership. (c) Depreciation of buildings, furnishings and improvements is computed using the straight-line method of depreciation, based upon the estimated useful lives of the related properties, as follows: (in years) Buildings and Improvements 5 to 40 Furnishings 5 to 7 Investments in real estate are carried at historical cost and reviewed periodically for impairment. Expenditures for maintenance and repairs are expensed as incurred. Expenditures for improvements, renewals and betterments, which increase the useful life of the real estate, are capitalized. Upon retirement or sale of property, the related cost and accumulated depreciation are removed from the accounts. Amortization of deferred financing and refinancing costs is computed by amortizing the cost on a straight-line basis over the terms of the related mortgage notes. (d) Real estate properties are regularly evaluated on a property by property basis to determine if it is appropriate to write down carrying values to recognize an impairment of value. Impairment is determined by calculating the sum of the estimated undiscounted future cash flows including the projected undiscounted future net proceeds from the sale of the property. In the event such sum is less than the net carrying value of the property, the property will be written down to estimated fair value. Based on the Partnership’s long-term hold strategy for its investments in real estate, the carrying value of its property at December 31, 2015 is estimated to be fully realizable. (e) Real estate held for sale is carried at the lower of cost or fair value less selling costs. Upon determination that a property is held for sale, depreciation of such property is no longer recorded. (f) For financial reporting purposes, the Partnership considers all highly liquid, short-term investments with original maturities of three months or less when purchased to be cash equivalents. From time to time, the Partnership has on deposit at financial institutions amounts that exceed current federal deposit insurance limitations. The Partnership has not experienced any losses in such accounts and does not believe it is exposed to any significant credit risk on cash and cash equivalents. (g) The Partnership accounts for its investment in Sentinel Omaha, LLC at fair value. Determination of the fair value of Omaha involves numerous estimates and subjective judgments that are subject to change in response to current and future economic and market conditions, including, among other things, demand for residential apartments, competition, and operating cost levels such as labor, energy costs and real estate taxes. Judgments regarding these factors are not subject to precise quantification or verification and may change from time to time as economic and market factors change. (see Notes 5 and 6) (h) Tenant leases at the multifamily properties owned by Omaha generally have terms of one year or less. Rental income at the multifamily properties is recognized when earned pursuant to the terms of the leases with tenants. Tenant leases at the industrial flex and warehouse distribution properties have terms that exceed one year. Rental income at the industrial flex and warehouse distribution properties is recognized on a straight-line basis over the terms of the leases. (i) Gains on sales of investments in real estate are recognized in accordance with accounting principles generally accepted in the United States of America applicable to sales of real estate which require minimum levels of initial and continuing investment by the purchaser, and certain other tests be met, prior to the full recognition of profit at the time of the sale. When the tests are not met, gains on sales are recognized on either the installment or cost recovery methods. (j) Each partner is individually responsible for reporting its share of the Partnership's taxable income or loss. Accordingly, no provision has been made in the accompanying consolidated financial statements for Federal, state or local income taxes. (k) Net income per unit of partnership interest has been computed based on the weighted average number of units of partnership interest outstanding during each year. There were no potentially dilutive securities outstanding during each year. (l) The Partnership is engaged in only one industry segment, real estate investment, and therefore information regarding industry segments is not applicable and is not included in these consolidated financial statements.

Note 2- Investment Management A

Note 2- Investment Management Agreement	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Investment Management Agreement [Text Block]	(2) INVESTMENT MANAGEMENT AGREEMENT The Partnership entered into a management agreement with the General Partner. Under the terms of this agreement, the General Partner is responsible for the acquisition, management and disposition of all investments, as well as performance of the day-to-day administrative operations and provision of office space for the Partnership. For these services, the General Partner receives a management fee equal to 2% of the average amount of capital invested in real estate plus cumulative mortgage amortization payments, and 0.5% of capital not invested in real estate, as defined in the partnership agreement. The management fee amounted to $875,788, $869,228 and $857,041 for the years ended December 31, 2015, 2014, and 2013, respectively. Of the amounts earned in 2015, 2014 and 2013, $449,548, $442,988 and $430,618, respectively has been deferred while the obligations under the Loan Agreement are outstanding. The deferred amounts are included in accrued expenses on the balance sheet as of December 31, 2015 and 2014. In addition, the General Partner is entitled to 25% of cash distributions in excess of the annual distribution preference, as defined in the partnership agreement. No such amounts were due for the years ended December 31, 2015, 2014 or 2013.

Note 3 - Investments in Real Es

Note 3 - Investments in Real Estate	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Real Estate Disclosure [Text Block]	(3) INVESTMENTS IN REAL ESTATE During 2015 and 2014, the Partnership owned an industrial flex property in Maple Grove, Minnesota and a warehouse distribution property in Lino Lakes, Minnesota (see note 4). The following is the cost basis and accumulated depreciation of the real estate investments owned by the Partnership as of December 31, 2015 and 2014: Real Estate at Cost No. of Year of Type Prop. Acquisition Description 12/31/15 12/31/14 Industrial flex property 1 2002 60,345 sf $ 5,486,185 $ 5,336,973 Less: accumulated depreciation (1,769,982 ) (1,631,056 ) Net book value $ 3,716,203 $ 3,705,917 Real estate held for sale: Warehouse distribution property 1 2005 226,000 sf $ - $ 12,026,246

Note 4 - Real Estate Transactio

Note 4 - Real Estate Transaction	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Real Estate Held for Sale [Text Block]	(4) REAL ESTATE TRANSACTION During February 2015 the Partnership initiated a sales effort for Lino Lakes, its warehouse distribution property located in Lino Lakes, MN. On September 17, 2015, the Partnership sold Lino Lakes for $16,050,000 in an all cash transaction. The net proceeds from the sale were used, in part, to retire the mortgage note of $10,000,000 that had been secured by the property and to pay down the Partnership’s loan (see Note 7). The carrying value at the time of the sale was $12,026,246 which resulted in a net gain for financial reporting purposes of $3,569,246 after closing costs of $454,508. The closing costs of $454,508 included a sale commission of $80,250 paid to an affiliate of the general partner. The historical cost of the property at the time of the sale was $15,296,036. The assets and liabilities for this property at December 31, 2014 are reflected as assets and liabilities from discontinued operations in the accompanying consolidated balance sheets and the results of operations for the years ended December 31, 2015, 2014 and 2013 are reflected as income from discontinued operations in the accompanying consolidated statements of operations.

Note 5 - Assets Measured at Fai

Note 5 - Assets Measured at Fair Value	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Fair Value, Measurement Inputs, Disclosure [Text Block]	(5) ASSETS MEASURED AT FAIR VALUE The accounting guidance for Fair Value Measurements establishes a framework for measuring fair value that includes a hierarchy used to classify the inputs used in determining fair value. The hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three levels. The level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level of input that is significant to the fair value measurement. Fair value is defined as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous market for that asset or liability. The fair value is calculated based on the assumptions that market participants would use in pricing the asset or liability, not on assumptions specific to the entity. The three levels of fair value hierarchy are described below: ● Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical unrestricted assets or liabilities; ● Level 2 - Quoted prices in active markets for similar assets and liabilities or quoted prices in less active dealer or broker markets; ● Level 3 - Prices or valuations that require inputs that are both significant to the fair value measurement and are unobservable. The following major categories of assets were measured at fair value during the year ended December 31, 2015 and 2014: Level 3: Significant Unobservable 2015 Inputs Total Assets Investment in Sentinel Omaha, LLC $ 28,891,652 $ 28,891,652 Reserve for fair value of investment (14,445,826 ) (14,445,826 ) Total assets $ 14,445,826 $ 14,445,826 Level 3: Significant Unobservable 2014 Inputs Total Assets Investment in Sentinel Omaha, LLC $ 6,749,554 $ 6,749,554 Reserve for fair value of investment (6,749,554 ) (6,749,554 ) Total assets $ - $ - The following is a reconciliation of the beginning and ending balances for assets measured at fair value using significant unobservable inputs (Level 3) during the years ended December 31, 2015 and 2014: Investment in Reserve for Sentinel fair value Omaha, LLC of investment Total Balance at January 1, 2014 $ 1,668,951 $ (1,668,951 ) $ - Equity in net income of investment 5,080,602 - 5,080,602 Increase in reserve - (5,080,602 ) (5,080,602 ) Balance at December 31, 2014 6,749,553 (6,749,553 ) - Equity in net income of investment 22,142,099 - 22,142,099 Increase in reserve - (7,696,273 ) (7,696,273 ) Balance at December 31, 2015 $ 28,891,652 $ (14,445,826 ) $ 14,445,826 On September 30, 2015, Omaha refinanced six properties which had been encumbered by a single secured credit facility with a high fixed interest rate. Previously, a refinancing of the secured credit facility would have required significant prepayment penalties which made a refinancing cost prohibitive. On September 30, 2015, the prepayment penalties were reduced enough that combined with stronger valuation rates, each property’s borrowing capacity was sufficient to support a new separate mortgage with enough combined proceeds to pay off the credit facility and the prepayment penalties. The six new mortgages have lower interest rates although the new interest rates are floating rates, subject to changes in the credit markets. Omaha is precluded from making distributions to its investors until its unsecured loan is paid in full. However, based on a review of the 2015 property operations and applying the terms of the new mortgages and barring any unforeseen downturn in the real estate and capital markets, Registrant anticipates Omaha has a more likely than not chance to improve the operations of the real estate assets, sell the assets at values sufficient to pay off the mortgages and after paying off the unsecured bank loan, make distributions to its investors for a portion of the original capital invested. Therefore, Registrant as of the year ended December 31, 2015 has recognized a value in the Omaha investment equal to Registrant’s 30% portion of the equity reported on Omaha’s balance sheet as of December 31, 2015 less a 50% reserve (see Note 6).

Note 6 - Investment in Sentinel

Note 6 - Investment in Sentinel Omaha, LLC	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Equity Method Investments and Joint Ventures Disclosure [Text Block]	(6) INVESTMENT SENTINEL OMAHA, LLC In 2007, the Registrant made an investment in the amount of $37,200,000 representing a thirty percent ownership interest in Sentinel Omaha, LLC (“Omaha”). Omaha is a real estate investment company which as of December 31, 2015 owns 14 multifamily properties in 10 markets. Omaha is an affiliate of the Partnership’s general partner. The Omaha annual audited financial statements are filed as an exhibit to the Partnership’s annual Form 10-K filed with the SEC. With respect to its investment in Omaha, the Registrant elected to adopt Accounting Standards Codification Topic 825. Accordingly, the investment is presented at fair value. Adoption was elected, in part, because the audited financial statements of Omaha are presented at fair value and it was believed that a similar presentation would best reflect the value of the Registrant’s investment from its inception. The following are the audited condensed financial statements (000’s omitted) of Omaha as of December 31, 2015 and 2014 and for each of the three years in the period ended December 31, 2015. Balance Sheet 2015 2014 Investment in real estate properties, at fair value $ 355,615 $ 283,300 Other assets 13,552 11,707 Debt (267,674 ) (267,495 ) Other liabilities (5,187 ) (5,013 ) Members' equity $ 96,306 $ 22,499 Statement of Operations 2015 2014 2013 Rent and other income $ 41,850 $ 39,125 $ 39,179 Real estate operating expenses (20,221 ) (18,871 ) (20,070 ) Other expenses (11,601 ) (10,225 ) (13,187 ) Net unrealized gains 63,779 6,907 26,691 Net realized (losses) - - (25,871 ) Net income $ 73,807 $ 16,936 $ 6,742 Determination of the fair value of Omaha involves numerous estimates and subjective judgments that are subject to change in response to current and future economic and market conditions, including, among other things, demand for residential apartments, competition, and operating cost levels such as labor, energy costs, real estate taxes and market interest rates. Judgments regarding these factors are not subject to precise quantification or verification and may change from time to time as economic and market factors change. Estimated fair value calculations were prepared by Omaha's management utilizing Level 3 inputs. The investment in Omaha is not consolidated because other investors have substantive ownership and participative rights regarding Omaha’s operations and therefore control does not vest in the Registrant. Were the Partnership deemed to control Omaha, it would have to be consolidated and therefore would impact the financial statements and related ratios. The values of real estate properties have been prepared giving consideration to the income and sales comparison approaches of estimating property value. The income approach estimates an income stream for a property and discounts this income plus a reversion (presumed sale) into a present value at a risk adjusted rate. Yield rates and growth assumptions utilized in this approach are derived from market transactions as well as other financial and industry data. The sales comparison approach compares recent transactions to the appraised property. Adjustments are made for dissimilarities which typically provide a range of value. Generally, the income approach carries the most weight in the value reconciliation. Omaha’s real estate properties are classified within Level 3 of the valuation hierarchy. The mortgage notes payable are all variable rate loans at December 31, 2015; therefore they are reported at amortized cost. The following table shows quantitative information about significant unobservable inputs related to Level 3 fair value measurement used at December 31, 2015 (000’s omitted): Fair Valuation Unobservable Range Value Techniques Inputs (Weighted Average) Investment in real estate properties $ 355,615 Discounted cash flows (DCF) Discount rate 6.75% - 10.0% (7.79%) Capitalization rate 5.25% - 6.5% (5.91%) DCF Term (years) 10

Note 7 - Mortgage Note and Unse

Note 7 - Mortgage Note and Unsecured Loan Payable	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Debt Disclosure [Text Block]	(7) MORTGAGE NOTE AND LOAN PAYABLE Mortgage note and loan payable consist of the following non-recourse first liens: Net Carrying Amount Annual December 31, Interest Installment Amount Due Property Rate Maturity Date Payments at Maturity 2015 2014 Loan payable: Bank Loan (b): Note A 0 3,953,036 Note B 5,986,888 6,000,000 $ 5,986,888 $ 9,953,036 Mortgage note in discontinued operations: Lino Lakes (a) 5.80 % October, 2015 $ 580,000 $ 10,000,000 $ 0 $ 10,000,000 (a) Annual installment payments include interest only. The mortgage was repaid in full in September 2015 in connection with the sale of Lino Lakes. (b) On September 17, 2007, the Partnership entered into a bank loan (the “Loan”) with a bank (“Holder”) in the amount of $22,000,000, which matured on October 1, 2008 and provided for interest only monthly payments based upon LIBOR plus 1.95%. On April 29, 2011, the Holder of the unsecured credit facility and the Partnership executed a new Loan Agreement (“Loan Agreement”) on the following terms: 1) In connection with the execution of the Loan Agreement, the Partnership was required to make an immediate payment to Holder of $11,930,430, reducing the balance due under the unsecured credit facility to $10,069,570. The payment was made from proceeds resulting from the sale of 175 Ambassador Drive. Additional proceeds from the sale were used to pay Holder’s legal and appraisal costs and to fund a reserve account for future tenant improvement and leasing costs, as needed. The remaining outstanding obligation in the amount of $10,069,570 was divided into two notes (“Note A” and “Note B;” together, the “Notes”). 2) Note A which had a balance of $3,768,751 as of September 18, 2015 was paid off in full using proceeds from the sale of Lino Lakes. 3) Note B in the amount of $5,986,888 has a maturity date of April 29, 2018. The Partnership has three 1-year options to extend the maturity date if certain conditions are satisfied. Note B previously accrued interest at an annual fixed rate of 5% but only until all interest and principal had been paid in full on Note A. Accrued interest related to Note B in the amount of $1,335,833 was paid off in full on September 18, 2015 using sales proceeds from the sale of Lino Lakes. Thereafter Note B does not accrue any interest. Except as discussed below, payments of principal are deferred until Registrant’s investment in Sentinel Omaha LLC (“Omaha”) pays distributions to the Partnership or the Partnership sells Eagle Lake Business Center IV or its investment in Omaha. Distributions from Omaha or net proceeds from the sale of Eagle IV or Omaha would be used first to pay the outstanding principal balance of Note B. If there are no distributions from Omaha prior to the Note B maturity, principal is due at maturity, subject to the above mentioned extensions. As of December 31, 2015 and 2014, $0 and $1,113,339, respectively of Note B interest has been accrued and is included in accrued expenses on the balance sheet. 4) The Note B may be voluntarily prepaid upon notice to the Holder, subject to certain requirements as to the application of payments. The Partnership’s obligations under the Note B may be accelerated upon default. 5) Until the Partnership’s obligations under the Note B are satisfied in full, the Partnership is required to pay a portion of its net operating income (after payment of certain permitted expenses), and the net proceeds from the sale, transfer or refinancing of its remaining properties and investments, toward Note B while retaining the other portion to increase cash reserves. During May 2015 and May 2014, the Partnership paid $9,570 and $13,973, respectively to the Holder to pay down a portion of the outstanding balance of Note A. The proceeds represented excess net operating income, as defined, for the years ended April 30, 2015 and 2014. While the obligations under Note B are outstanding the Partnership is precluded from making distributions to its partners. 6) The Partnership, its general partner and the Holder also entered into a Management Subordination Agreement accruing a portion of the investment management fee payable by the Partnership to its general partner so long as the Notes remain outstanding. As of December 31, 2015 and 2014, $2,019,239 and $1,569,691, respectively of investment management fees have been accrued and are included in accrued expenses on the balance sheet. 7) As additional security for the Partnership’s payment of its obligations under the Loan Agreement, the Partnership, through its wholly-owned subsidiary Eagle IV Realty, LLC, has executed a Mortgage, Security Agreement, Assignment of Leases and Rents and Fixture Financing Statement (“Eagle IV Security Agreement”) and a Pledge Agreement (“Eagle IV Pledge Agreement”) in favor of Holder. The Eagle IV Security Agreement provides Holder with a security interest on the Partnership’s property located in Maple Grove, Minnesota (“Eagle IV”) of up to $5,000,000. The Eagle IV Pledge Agreement pledges to Holder the Partnership’s membership interest in Eagle IV Realty, LLC, the direct owner of Eagle IV. The Partnership has no other debt obligation secured by Eagle IV. The Loan Agreement also provides for a negative pledge on the Partnership’s remaining properties and investments. Scheduled principal payments on the loan payable are as follows: 2016 - 2017 - 2018 5,986,888 2019 - 2020 - Thereafter - Total $ 5,986,888

Note 8 - Quarterly Financial In

Note 8 - Quarterly Financial Information (Unaudited)	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Quarterly Financial Information [Text Block]	(8) QUARTERLY FINANCIAL INFORMATION (UNAUDITED) Revenues from Continuing Operations Net Income (Loss) Net Income (Loss) per Unit of Limited Partnership Interest Equity Income on Investment Year ended December 31, 2015 First Quarter $ 248,485 $ (140,724 ) $ (18.15 ) $ 1,153,131 Second Quarter 248,489 (128,399 ) (16.56 ) 1,130,278 Third Quarter 257,345 13,601,839 1,754.40 11,337,038 Fourth Quarter 261,768 4,104,438 529.40 8,521,652 Year ended December 31, 2014 First Quarter $ 228,308 $ (284,283 ) $ (36.67 ) $ 604,883 Second Quarter 292,709 (205,732 ) (26.53 ) 854,900 Third Quarter 279,544 (196,189 ) (25.30 ) 1,435,648 Fourth Quarter 286,742 (189,075 ) (24.39 ) 2,185,171

Note 9 - Federal Income Tax Inf

Note 9 - Federal Income Tax Information (Unaudited)	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Income Tax Disclosure [Text Block]	(9) FEDERAL INCOME TAX INFORMATION (UNAUDITED) A reconciliation of net income (loss) for financial reporting purposes to net income (loss) for Federal income tax reporting purposes is as follows:in For the Years Ended December 31, 2015 2014 2013 Net income (loss) for financial reporting purposes $ 17,437,154 $ (875,279 ) $ (1,103,239 ) Adjustment to net loss on sale of investment in real estate property to reflect differences between tax and financial reporting bases of assets and liabilities 749,124 - 2,758,177 Difference between tax and financial statement equity in net loss of investment (14,750,473 ) (247,710 ) (8,773,783 ) Difference between accrued investment management fees, mortgage interest and partnership administrative expenses recognized for tax purposes (619,789 ) 791,155 774,618 Difference between tax and financial statement depreciation (230,508 ) 20,879 (15,450 ) Net income (loss) for Federal income tax reporting purposes $ 2,585,508 $ (310,955 ) $ (6,359,677 ) Net ordinary loss for Federal income tax reporting purposes $ (1,043,005 ) $ (310,955 ) $ (1,356,740 ) Net capital (Sec. 1231) gain (loss) for Federal income tax reporting purposes 3,628,513 - (5,002,937 ) $ 2,585,508 $ (310,955 ) $ (6,359,677 ) Weighted average number of units of limited partnership interest outstanding 7,753 7,753 7,753 As of December 31, 2015 and 2014, the tax bases of the Partnership's assets and liabilities were approximately $19,724,176 and $14,488,665 of assets, and $8,472,154 and $23,047,080 of liabilities, respectively.

Note 10 - Management Services

Note 10 - Management Services	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Management Services [Text Block]	(10) MANAGEMENT SERVICES Certain affiliates of the General Partner oversee the management and operation of various real estate properties, including those owned by the Partnership. Services performed by affiliates are billed at actual or allocated cost, percentage of revenues or net equity. For the years ended December 31, 2015, 2014 and 2013 billings to the Partnership amounting to $117,004, $131,120 and $128,139, respectively, and are included in real estate operating expenses. Registrant’s wholly owned property located in Maple Grove, Minnesota is 100% leased to a single tenant whose lease was scheduled to expire July 31, 2015. On February 12, 2015, Registrant and the tenant executed an extension of the lease to October 31, 2019. An affiliate of the General Partner was paid a leasing commission of $63,948 for the lease extension. On September 17, 2015, Registrant completed the sale of the warehouse distribution property. Sales proceeds were used to pay selling expenses, retire the $10,000,000 mortgage encumbering the property and pay down a portion of the Registrant’s bank loan. Closing expenses includes a sale commission of $80,250 paid to an affiliate of the General Partner. In November 2012 an affiliate of the General Partner commenced maintaining and updating the investor database and preparing the tax K-1 forms and related schedules which previously had been prepared by an unaffiliated company. The fee charged by the affiliate for the similar service is lower than the fee previously charged by the unaffiliated company. Fees charged for 2015, 2014 and 2013 were $54,000 each year. In connection with the mortgage financing of certain properties, the respective lenders required the Partnership to place the assets and liabilities of these properties into single asset limited partnerships which hold title to these properties. A trust company affiliated with the General Partner holds the general partner interest in each single asset limited partnership as trustee for the Partnership. For its services, the affiliate is paid an annual fee, which aggregated $0 in 2015, 2014, and 2013, respectively, and is based upon the trust company's standard rate schedule.

Note 11 - Fair Value of Financi

Note 11 - Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Financial Instruments Disclosure [Text Block]	(11) FAIR VALUE OF FINANCIAL INSTRUMENTS The Partnership’s financial instruments include cash, cash equivalents, a mortgage note and a loan payable. The carrying amount of cash and cash equivalents are reasonable estimates of fair value. Mortgage note and loan payable have been valued by discounting future payments required under the terms of the obligations at rates currently available to the Partnership for debt with similar maturities, terms and underlying collateral. The fair value of the mortgage note in discontinued operations and loan payable is estimated to be $5,986,888 and $19,953,036 at December 31, 2015 and 2014, respectively.

Note 12 - Commitments and Conti

Note 12 - Commitments and Contingencies	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	(12) COMMITMENTS AND CONTINGENCIES The Partnership is a party to certain actions directly arising from its normal business operations. While the ultimate outcome is not presently determinable with certainty, the Partnership believes that the resolution of these matters will not have a material adverse effect on its financial statements. The Partnership leases its property to a tenant under an operating lease agreement, which require the tenant to pay all or part of certain operating and other expenses of the property. The minimum future rentals to be received in respect of non-cancelable commercial operating leases with unexpired terms in excess of one year as of December 31, 2015 are $702,770 for 2016; $417,135 for 2017; and $0 for 2018, 2019 and 2020. These amounts include the minimum rents from the tenant leasing 100% of the space at Eagle Lake IV. The maturity date of this lease was extended to July 31, 2019 under an extension signed in March 2015. However, the tenant has a right to terminate the lease after July 31, 2017 after paying a termination penalty. Neither the minimum rents after July 31, 2017 nor the early termination penalty is included in the aforementioned amounts. Pursuant to the original investment agreement, the Partnership may be called upon to contribute, in cash, an additional $3,720,000 to the capital of Omaha, as and when required, as determined by the Manager. In addition, the Partnership shall not have any liability to restore any negative balance in its capital account. Should a default occur by Omaha on its unsecured credit facility, the lender would not have any recourse to the Partnership and will look solely to Omaha’s membership interest in Sentinel White Plains LLC. Sentinel White Plains LLC is a wholly owned subsidiary of Sentinel Omaha LLC and holds the assets and liabilities of the Omaha properties through wholly owned single asset limited partnerships or limited liability companies.

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Text Block]	SB PARTNERS SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2015 Column C Column D Column A Column B Initial Cost to the Registrant Costs Capitalized Buildings and Subsequent Description Encumbrances Land Improvements Total to Acquisition INDUSTRIAL FLEX Minnesota - Maple Grove (Eagle Lake Business Center IV) $ - $ 470,000 $ 5,016,185 $ 5,486,185 $ 772,801 Column A Column E Column F Gross amount at which Carried at End of Year (Notes a & c) Accumulated Buildings and Depreciation Description Land Improvements Total (Notes b & d) INDUSTRIAL FLEX Minnesota - Maple Grove (Eagle Lake Business Center IV) $ 470,000 $ 5,016,185 $ 5,486,185 $ 1,769,982 SB PARTNERS SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - CONTINUED DECEMBER 31, 2015 Column A Column G Column H Column I Description Date of Construction Date Acquired Life on which Depreciation in Latest Statement of Operations is Computed (in years) INDUSTRIAL FLEX Minnesota - Maple Grove (Eagle Lake Business Center IV) 2000 Jun 2002 7 to 39 NOTES TO SCHEDULE III: 2015 2014 2013 (a) Reconciliation of amounts shown in Column E: Balance at beginning of year $ 20,633,009 $ 20,633,009 $ 20,566,164 Additions - Cost of improvements 149,212 0 66,845 Deductions - Sales (15,296,036 ) 0 0 Balance at end of year $ 5,486,185 $ 20,633,009 $ 20,633,009 (b) Reconciliation of amounts shown in Column F: Balance at beginning of year $ 4,900,846 $ 4,420,952 $ 3,931,815 Additions - Depreciation expense for the year 138,926 479,894 489,137 Deductions - Sales (3,269,790 ) 0 0 $ 1,769,982 $ 4,900,846 $ 4,420,952 (c) Aggregate cost basis for Federal income tax reporting purposes $ 5,151,797 $ 20,124,541 $ 20,124,541 (d) Accumulated depreciation for Federal income tax reporting purposes $ 1,845,433 $ 5,513,791 $ 5,061,514

Note 1 - Organization and Sig20

Note 1 - Organization and Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2015
Notes Tables
Property, Plant and Equipment [Table Text Block]	(in years) Buildings and Improvements 5 to 40 Furnishings 5 to 7

Note 3 - Investments in Real 21

Note 3 - Investments in Real Estate (Tables)	12 Months Ended
	Dec. 31, 2015
Notes Tables
Schedule of Real Estate Properties [Table Text Block]	Real Estate at Cost No. of Year of Type Prop. Acquisition Description 12/31/15 12/31/14 Industrial flex property 1 2002 60,345 sf $ 5,486,185 $ 5,336,973 Less: accumulated depreciation (1,769,982 ) (1,631,056 ) Net book value $ 3,716,203 $ 3,705,917 Real estate held for sale: Warehouse distribution property 1 2005 226,000 sf $ - $ 12,026,246

Note 5 - Assets Measured at F22

Note 5 - Assets Measured at Fair Value (Tables)	12 Months Ended
	Dec. 31, 2015
Notes Tables
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Table Text Block]	Level 3: Significant Unobservable 2015 Inputs Total Assets Investment in Sentinel Omaha, LLC $ 28,891,652 $ 28,891,652 Reserve for fair value of investment (14,445,826 ) (14,445,826 ) Total assets $ 14,445,826 $ 14,445,826 Level 3: Significant Unobservable 2014 Inputs Total Assets Investment in Sentinel Omaha, LLC $ 6,749,554 $ 6,749,554 Reserve for fair value of investment (6,749,554 ) (6,749,554 ) Total assets $ - $ -
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	Investment in Reserve for Sentinel fair value Omaha, LLC of investment Total Balance at January 1, 2014 $ 1,668,951 $ (1,668,951 ) $ - Equity in net income of investment 5,080,602 - 5,080,602 Increase in reserve - (5,080,602 ) (5,080,602 ) Balance at December 31, 2014 6,749,553 (6,749,553 ) - Equity in net income of investment 22,142,099 - 22,142,099 Increase in reserve - (7,696,273 ) (7,696,273 ) Balance at December 31, 2015 $ 28,891,652 $ (14,445,826 ) $ 14,445,826

Note 6 - Investment in Sentin23

Note 6 - Investment in Sentinel Omaha, LLC (Tables)	12 Months Ended
	Dec. 31, 2015
Income Approach Valuation Technique [Member]
Notes Tables
Fair Value Inputs, Assets, Quantitative Information [Table Text Block]	Fair Valuation Unobservable Range Value Techniques Inputs (Weighted Average) Investment in real estate properties $ 355,615 Discounted cash flows (DCF) Discount rate 6.75% - 10.0% (7.79%) Capitalization rate 5.25% - 6.5% (5.91%) DCF Term (years) 10
Statement of Operations [Member]
Notes Tables
Real Estate Investment Financial Statements, Disclosure [Table Text Block]	Statement of Operations 2015 2014 2013 Rent and other income $ 41,850 $ 39,125 $ 39,179 Real estate operating expenses (20,221 ) (18,871 ) (20,070 ) Other expenses (11,601 ) (10,225 ) (13,187 ) Net unrealized gains 63,779 6,907 26,691 Net realized (losses) - - (25,871 ) Net income $ 73,807 $ 16,936 $ 6,742
Balance Sheet [Member]
Notes Tables
Real Estate Investment Financial Statements, Disclosure [Table Text Block]	Balance Sheet 2015 2014 Investment in real estate properties, at fair value $ 355,615 $ 283,300 Other assets 13,552 11,707 Debt (267,674 ) (267,495 ) Other liabilities (5,187 ) (5,013 ) Members' equity $ 96,306 $ 22,499

Note 7 - Mortgage Note and Un24

Note 7 - Mortgage Note and Unsecured Loan Payable (Tables)	12 Months Ended
	Dec. 31, 2015
Notes Tables
Schedule of Long-term Debt Instruments [Table Text Block]	Net Carrying Amount Annual December 31, Interest Installment Amount Due Property Rate Maturity Date Payments at Maturity 2015 2014 Loan payable: Bank Loan (b): Note A 0 3,953,036 Note B 5,986,888 6,000,000 $ 5,986,888 $ 9,953,036 Mortgage note in discontinued operations: Lino Lakes (a) 5.80 % October, 2015 $ 580,000 $ 10,000,000 $ 0 $ 10,000,000
Schedule of Maturities of Long-term Debt [Table Text Block]	2016 - 2017 - 2018 5,986,888 2019 - 2020 - Thereafter - Total $ 5,986,888

Note 8 - Quarterly Financial 25

Note 8 - Quarterly Financial Information (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2015
Notes Tables
Schedule of Quarterly Financial Information [Table Text Block]	Revenues from Continuing Operations Net Income (Loss) Net Income (Loss) per Unit of Limited Partnership Interest Equity Income on Investment Year ended December 31, 2015 First Quarter $ 248,485 $ (140,724 ) $ (18.15 ) $ 1,153,131 Second Quarter 248,489 (128,399 ) (16.56 ) 1,130,278 Third Quarter 257,345 13,601,839 1,754.40 11,337,038 Fourth Quarter 261,768 4,104,438 529.40 8,521,652 Year ended December 31, 2014 First Quarter $ 228,308 $ (284,283 ) $ (36.67 ) $ 604,883 Second Quarter 292,709 (205,732 ) (26.53 ) 854,900 Third Quarter 279,544 (196,189 ) (25.30 ) 1,435,648 Fourth Quarter 286,742 (189,075 ) (24.39 ) 2,185,171

Note 9 - Federal Income Tax I26

Note 9 - Federal Income Tax Information (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2015
Notes Tables
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	For the Years Ended December 31, 2015 2014 2013 Net income (loss) for financial reporting purposes $ 17,437,154 $ (875,279 ) $ (1,103,239 ) Adjustment to net loss on sale of investment in real estate property to reflect differences between tax and financial reporting bases of assets and liabilities 749,124 - 2,758,177 Difference between tax and financial statement equity in net loss of investment (14,750,473 ) (247,710 ) (8,773,783 ) Difference between accrued investment management fees, mortgage interest and partnership administrative expenses recognized for tax purposes (619,789 ) 791,155 774,618 Difference between tax and financial statement depreciation (230,508 ) 20,879 (15,450 ) Net income (loss) for Federal income tax reporting purposes $ 2,585,508 $ (310,955 ) $ (6,359,677 ) Net ordinary loss for Federal income tax reporting purposes $ (1,043,005 ) $ (310,955 ) $ (1,356,740 ) Net capital (Sec. 1231) gain (loss) for Federal income tax reporting purposes 3,628,513 - (5,002,937 ) $ 2,585,508 $ (310,955 ) $ (6,359,677 ) Weighted average number of units of limited partnership interest outstanding 7,753 7,753 7,753

Schedule III - Real Estate an27

Schedule III - Real Estate and Accumulated Depreciation (Tables)	12 Months Ended
	Dec. 31, 2015
Notes Tables
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land and Buildings and Improvements[Table Text Block]	Column C Column D Column A Column B Initial Cost to the Registrant Costs Capitalized Buildings and Subsequent Description Encumbrances Land Improvements Total to Acquisition INDUSTRIAL FLEX Minnesota - Maple Grove (Eagle Lake Business Center IV) $ - $ 470,000 $ 5,016,185 $ 5,486,185 $ 772,801
SEC Schedule III, Real Estate and Accumulated Depreciation, Gross Amounts [Table Text Block]	Column A Column E Column F Gross amount at which Carried at End of Year (Notes a & c) Accumulated Buildings and Depreciation Description Land Improvements Total (Notes b & d) INDUSTRIAL FLEX Minnesota - Maple Grove (Eagle Lake Business Center IV) $ 470,000 $ 5,016,185 $ 5,486,185 $ 1,769,982
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired [Table Text Block]	Column A Column G Column H Column I Description Date of Construction Date Acquired Life on which Depreciation in Latest Statement of Operations is Computed (in years) INDUSTRIAL FLEX Minnesota - Maple Grove (Eagle Lake Business Center IV) 2000 Jun 2002 7 to 39
SEC Schedule III, Real Estate and Accumulated Depreciation, Reconciliation [Table Text Block]	2015 2014 2013 (a) Reconciliation of amounts shown in Column E: Balance at beginning of year $ 20,633,009 $ 20,633,009 $ 20,566,164 Additions - Cost of improvements 149,212 0 66,845 Deductions - Sales (15,296,036 ) 0 0 Balance at end of year $ 5,486,185 $ 20,633,009 $ 20,633,009 (b) Reconciliation of amounts shown in Column F: Balance at beginning of year $ 4,900,846 $ 4,420,952 $ 3,931,815 Additions - Depreciation expense for the year 138,926 479,894 489,137 Deductions - Sales (3,269,790 ) 0 0 $ 1,769,982 $ 4,900,846 $ 4,420,952 (c) Aggregate cost basis for Federal income tax reporting purposes $ 5,151,797 $ 20,124,541 $ 20,124,541 (d) Accumulated depreciation for Federal income tax reporting purposes $ 1,845,433 $ 5,513,791 $ 5,061,514

Note 1 - Organization and Sig28

Note 1 - Organization and Significant Accounting Policies (Details Textual)	12 Months Ended
	Dec. 31, 2015shares
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage	100.00%
Number of Operating Segments	1

Note 1 - Estimated Useful Lives

Note 1 - Estimated Useful Lives of Related Properties (Details)	12 Months Ended
	Dec. 31, 2015
Building and Building Improvements [Member] | Minimum [Member]
Estimated useful life of related properties	5 years
Building and Building Improvements [Member] | Maximum [Member]
Estimated useful life of related properties	40 years
Furniture and Fixtures [Member] | Minimum [Member]
Estimated useful life of related properties	5 years
Furniture and Fixtures [Member] | Maximum [Member]
Estimated useful life of related properties	7 years

Note 2- Investment Management30

Note 2- Investment Management Agreement (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
General Partner [Member]
Management Fee Expense	$ 875,788	$ 869,228	$ 857,041
Accounts Payable and Accrued Liabilities [Member]
Deferred Compensation Arrangement with Individual, Recorded Liability	449,548	442,988	430,618
Cash Distribution in Excess of Annual Distribution	$ 0	0	0
Property Management Fee, Percent Fee	2.00%
Management Fee Percentage Other Than Real Estate	0.50%
Management Fee Expense	$ 875,788	$ 869,228	$ 857,041
Percentage of Cash Distribution in Excess of Annual Distribution	25.00%

Note 3 - Investments in Real 31

Note 3 - Investments in Real Estate - Summary of Investments in Real Estate (Details)	12 Months Ended
	Dec. 31, 2015USD ($)ft²	Dec. 31, 2014USD ($)
Industrial Flex Property [Member]
Industrial flex property	1
Industrial flex property	2,002
Industrial flex property | ft²	60,345
Real Estate Investment Property, at Cost	$ 5,486,185	$ 5,336,973
Warehouse Distribution Properties [Member]
Industrial flex property	1
Industrial flex property	2,005
Industrial flex property | ft²	226,000
Real Estate Investment Property, at Cost		12,026,246
Less: accumulated depreciation	$ (1,769,982)	(1,631,056)
Net book value	$ 3,716,203	$ 3,705,917

Note 4 - Real Estate Transact32

Note 4 - Real Estate Transaction (Details Textual) - USD ($)	Sep. 17, 2015	May. 30, 2015	May. 30, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Property, Plant and Equipment, Disposals	$ 16,050,000
Repayments of Long-term Debt	10,000,000	$ 9,570	$ 13,973	$ 10,000,000
Real Estate Held-for-sale	12,026,246				$ 12,026,246
Gains (Losses) on Sales of Investment Real Estate	3,569,246			$ 3,569,246
Closing Costs	454,508
Sales Commissions and Fees	80,250
Real Estate Investment Property, at Cost	$ 15,296,036

Note 5 - Assets Measured at F33

Note 5 - Assets Measured at Fair Value (Details Textual)	Dec. 31, 2015	Sep. 30, 2015
Number of Refinanced Properties		6
Equity Method Investment, Ownership Percentage	30.00%

Note 5 - Fair Value Measurement

Note 5 - Fair Value Measurement of Assets (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Fair Value, Inputs, Level 3 [Member] | Sentinel Omaha LLC [Member]
Investment in Sentinel Omaha, LLC	$ 28,891,652	$ 6,749,553
Reserve for fair value of investment	(14,445,826)	$ (6,749,554)
Total assets	14,445,826
Sentinel Omaha LLC [Member]
Investment in Sentinel Omaha, LLC	28,891,652	$ 6,749,554
Reserve for fair value of investment	(14,445,826)	$ (6,749,554)
Total assets	14,445,826
Reserve for fair value of investment	(14,445,826)	$ (6,749,554)
Total assets	$ 14,445,826

Note 5 - Reconciliation of Asse

Note 5 - Reconciliation of Assets Measured at Fair Value (Details) - Sentinel Omaha LLC [Member] - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Fair Value, Inputs, Level 3 [Member]
Balance	$ 6,749,553	$ 1,668,951
Balance	6,749,553	1,668,951
Equity in net income of investment	22,142,099	5,080,602
Increase in reserve	(7,696,273)	(5,080,602)
Balance	28,891,652	6,749,553
Balance	14,445,826	6,749,553
Balance	14,445,826
Balance	6,749,554
Balance	$ 28,891,652	$ 6,749,554

Note 6 - Investment in Sentin36

Note 6 - Investment in Sentinel Omaha, LLC (Details Textual)	Dec. 31, 2015	Dec. 31, 2007USD ($)
Sentinel Omaha LLC [Member]
Investment Owned, at Cost		$ 37,200,000
Equity Method Investment, Ownership Percentage		30.00%
Number of Multifamily Properties	14
Number of Markets	10
Equity Method Investment, Ownership Percentage	30.00%

Note 6 - Investment in Sentin37

Note 6 - Investment in Sentinel Omaha, LLC - Balance Sheet (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Sentinel Omaha LLC [Member]
Other assets	$ 13,552,000	$ 11,707,000
Debt	(267,674,000)	(267,495,000)
Other liabilities	(5,187,000)	(5,013,000)
Investment in real estate properties, at fair value	355,615,000	283,300,000
Other assets	64,843	83,508
Debt	(5,986,888)
Members' equity	$ 96,306,000	$ 22,499,000

Note 6 - Investment in Sentin38

Note 6 - Investment in Sentinel Omaha, LLC - Statement of Operations (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Sentinel Omaha LLC [Member]
Rent and other income	$ 41,850,000	$ 39,125,000	$ 39,179,000
Real estate operating expenses	(20,221,000)	(18,871,000)	(20,070,000)
Other expenses	(11,601,000)	(10,225,000)	(13,187,000)
Net income (loss)	73,807,000	16,936,000	6,742,000
Rent and other income	1,016,087	1,087,303	896,042
Real estate operating expenses	(314,306)	(334,195)	(346,159)
Other expenses	(153,473)	(160,464)	(149,453)
Net unrealized gains	$ 63,779,000	$ 6,907,000	26,691,000
Net realized (losses)			(25,871,000)
Net income (loss)	$ 17,437,154	$ (875,279)	$ (1,103,239)

Note 6 - Significant Unobservab

Note 6 - Significant Unobservable Inputs Related to Fair Value Measurement (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)
Real Estate [Member] | Fair Value, Inputs, Level 3 [Member] | Minimum [Member]
Investment in real estate properties	6.75%
Real Estate [Member] | Fair Value, Inputs, Level 3 [Member] | Maximum [Member]
Investment in real estate properties	10.00%
Real Estate [Member] | Fair Value, Inputs, Level 3 [Member] | Weighted Average [Member]
Investment in real estate properties	7.79%
Real Estate [Member] | Fair Value, Inputs, Level 3 [Member]
Investment in real estate properties, at fair value	$ 355,615
Fair Value, Inputs, Level 3 [Member] | Minimum [Member]
Investment in real estate properties	5.25%
Fair Value, Inputs, Level 3 [Member] | Maximum [Member]
Investment in real estate properties	6.50%
Investment in real estate properties	10 years
Fair Value, Inputs, Level 3 [Member] | Weighted Average [Member]
Investment in real estate properties	5.91%
Investment in real estate properties, at fair value	$ 355,615

Note 7 - Mortgage Note and Un40

Note 7 - Mortgage Note and Unsecured Loan Payable (Details Textual)	Sep. 17, 2015USD ($)	Apr. 29, 2011USD ($)	Sep. 17, 2007USD ($)	May. 30, 2015USD ($)	May. 30, 2014USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)		Dec. 31, 2013USD ($)	Sep. 18, 2015USD ($)
Note B [Member] | Notes Payable to Banks [Member]
Original Maturity Date						Apr. 29, 2018
Long-term Debt						$ 5,986,888	$ 6,000,000	[1]
Number of Extension Options						3
Term of Extension Options						1 year
Debt Instrument, Interest Rate, Stated Percentage						5.00%
Interest Payable						$ 0	1,113,339			$ 1,335,833
Note A [Member] | Notes Payable to Banks [Member]
Long-term Debt							3,953,036	[1]		$ 3,768,751
Notes Payable to Banks [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate			1.95%
Notes Payable to Banks [Member]
Debt Instrument, Face Amount			$ 22,000,000
Repayments of Unsecured Debt		$ 11,930,430
Long-term Debt		$ 10,069,570					9,953,036	[1]
Management Fee Payable						2,019,239	1,569,691
Security Interest on Partnership's Property Maximum						5,000,000
Repayments of Unsecured Debt						3,966,148	$ 13,973		$ 16,455
Long-term Debt						5,986,888
Repayments of Long-term Debt	$ 10,000,000			$ 9,570	$ 13,973	$ 10,000,000
[1]	On September 17, 2007, the Partnership entered into a bank loan (the "Loan") with a bank ("Holder") in the amount of $22,000,000, which matured on October 1, 2008. On April 29, 2011, the Partnership and Holder executed the new loan agreement ("Loan Agreement") on the following terms: 1) In connection with the execution of the Loan Agreement, the Partnership was required to make an immediate payment to Holder of $11,930,430, reducing the balance due under the unsecured credit facility to $10,069,570. The payment was made from proceeds resulting from the sale of 175 Ambassador Drive. Additional proceeds from the sale were used to pay Holder's legal and appraisal costs and to fund a reserve account for future tenant improvement and leasing costs, as needed. The remaining outstanding obligation in the amount of $10,069,570 was divided into two notes ("Note A" and "Note B;" together, the "Notes"). 2) Note A which had a balance of $3,768,751 as of September 18, 2015 was paid off in full using proceeds from the sale of Lino Lakes. 3) Note B in the amount of $5,986,888 has a maturity date of April 29, 2018. The Partnership has three 1-year options to extend the maturity date if certain conditions are satisfied. Note B previously accrued interest at an annual fixed rate of 5% but only until all interest and principal had been paid in full on Note A. Accrued interest related to Note B in the amount of $1,335,833 was paid off in full on September 18, 2015 using sales proceeds from the sale of Lino Lakes. Thereafter Note B does not accrue any interest. Payments of principal are deferred until Registrant's investment in Sentinel Omaha LLC ("Omaha") pays distributions to the Partnership or the Partnership sells Eagle Lake Business Center IV or its investment in Omaha. Distributions from Omaha or net proceeds from the sale of Eagle IV or Omaha would be used first to pay the outstanding principal balance of Note B. If there are no distributions from Omaha prior to the Note B maturity, principal is due at maturity, subject to the above mentioned extensions. As of September 30, 2015 and December 31, 2014, $0 and $1,113,339, respectively of Note B interest has been accrued and is included in accrued expenses on the balance sheet. 4) Note B may be voluntarily prepaid upon notice to the Holder, subject to certain requirements as to the application of payments. The Partnership's obligations under the Notes may be accelerated upon default. 5) Until the Partnership's obligations under Note B are satisfied in full, the Partnership is required to pay a portion of its net operating income (after payment of certain permitted expenses), and the net proceeds from the sale, transfer or refinancing of its remaining properties and investments, toward Note B while retaining the other portion to increase cash reserves. While the obligations under Note B are outstanding the Partnership is precluded from making distributions to its partners. 6) The Partnership, its general partner and the Holder also entered into a Management Subordination Agreement accruing a portion of the investment management fee payable by the Partnership to its general partner so long as the Notes remain outstanding. As of September 30, 2015 and December 31, 2014, $1,906,840 and 1,569,691, respectively of investment management fees have been accrued and are included in accrued expenses on the balance sheet.

Note 7 - Mortgage Note and Un41

Note 7 - Mortgage Note and Unsecured Loan Payable - Summary of Notes and Loans Payable (Details) - USD ($)		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014
Notes Payable to Banks [Member] | Note A [Member]
Long-term Debt	[1]		$ 3,953,036
Notes Payable to Banks [Member] | Note B [Member]
Long-term Debt		$ 5,986,888	6,000,000	[1]
Debt Instrument, Interest Rate, Stated Percentage		5.00%
Notes Payable to Banks [Member]
Long-term Debt	[1]		9,953,036
Mortgages [Member] | Lino Lakes [Member]
Long-term Debt		$ 10,000,000	$ 10,000,000
Debt Instrument, Interest Rate, Stated Percentage		5.80%
Long-term debt	[2]	$ 580,000
Debt Instrument, Face Amount		0
Long-term Debt		$ 5,986,888
[1]	On September 17, 2007, the Partnership entered into a bank loan (the "Loan") with a bank ("Holder") in the amount of $22,000,000, which matured on October 1, 2008. On April 29, 2011, the Partnership and Holder executed the new loan agreement ("Loan Agreement") on the following terms: 1) In connection with the execution of the Loan Agreement, the Partnership was required to make an immediate payment to Holder of $11,930,430, reducing the balance due under the unsecured credit facility to $10,069,570. The payment was made from proceeds resulting from the sale of 175 Ambassador Drive. Additional proceeds from the sale were used to pay Holder's legal and appraisal costs and to fund a reserve account for future tenant improvement and leasing costs, as needed. The remaining outstanding obligation in the amount of $10,069,570 was divided into two notes ("Note A" and "Note B;" together, the "Notes"). 2) Note A which had a balance of $3,768,751 as of September 18, 2015 was paid off in full using proceeds from the sale of Lino Lakes. 3) Note B in the amount of $5,986,888 has a maturity date of April 29, 2018. The Partnership has three 1-year options to extend the maturity date if certain conditions are satisfied. Note B previously accrued interest at an annual fixed rate of 5% but only until all interest and principal had been paid in full on Note A. Accrued interest related to Note B in the amount of $1,335,833 was paid off in full on September 18, 2015 using sales proceeds from the sale of Lino Lakes. Thereafter Note B does not accrue any interest. Payments of principal are deferred until Registrant's investment in Sentinel Omaha LLC ("Omaha") pays distributions to the Partnership or the Partnership sells Eagle Lake Business Center IV or its investment in Omaha. Distributions from Omaha or net proceeds from the sale of Eagle IV or Omaha would be used first to pay the outstanding principal balance of Note B. If there are no distributions from Omaha prior to the Note B maturity, principal is due at maturity, subject to the above mentioned extensions. As of September 30, 2015 and December 31, 2014, $0 and $1,113,339, respectively of Note B interest has been accrued and is included in accrued expenses on the balance sheet. 4) Note B may be voluntarily prepaid upon notice to the Holder, subject to certain requirements as to the application of payments. The Partnership's obligations under the Notes may be accelerated upon default. 5) Until the Partnership's obligations under Note B are satisfied in full, the Partnership is required to pay a portion of its net operating income (after payment of certain permitted expenses), and the net proceeds from the sale, transfer or refinancing of its remaining properties and investments, toward Note B while retaining the other portion to increase cash reserves. While the obligations under Note B are outstanding the Partnership is precluded from making distributions to its partners. 6) The Partnership, its general partner and the Holder also entered into a Management Subordination Agreement accruing a portion of the investment management fee payable by the Partnership to its general partner so long as the Notes remain outstanding. As of September 30, 2015 and December 31, 2014, $1,906,840 and 1,569,691, respectively of investment management fees have been accrued and are included in accrued expenses on the balance sheet.
[2]	Annual installment payments include interest only. The mortgage note was retired on September 17, 2015 in conjunction with the sale of Lino Lakes.

Note 7 - Principal Payments on

Note 7 - Principal Payments on Mortgage Note ans Unsecured Loan Payable (Details)	Dec. 31, 2015USD ($)
2,018	$ 5,986,888
Total	$ 5,986,888

Note 8 - Summarized Quarterly F

Note 8 - Summarized Quarterly Financial Data (Details) - USD ($)	3 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014
Rent and other income	$ 261,768	$ 257,345	$ 248,489	$ 248,485	$ 286,742	$ 279,544	$ 292,709	$ 228,308
First Quarter	$ 4,104,438	$ 13,601,839	$ (128,399)	$ (140,724)	$ (189,075)	$ (196,189)	$ (205,732)	$ (284,283)
First Quarter (in dollars per share)	$ 529.40	$ 1,754.40	$ (16.56)	$ (18.15)	$ (24.39)	$ (25.30)	$ (26.53)	$ (36.67)
Equity in net income of investment	$ 8,521,652	$ 11,337,038	$ 1,130,278	$ 1,153,131	$ 2,185,171	$ 1,435,648	$ 854,900	$ 604,883

Note 9 - Federal Income Tax I44

Note 9 - Federal Income Tax Information (Unaudited) (Details Textual) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Partnership Assets for Tax Basis	$ 19,724,176	$ 14,488,665
Partnership Liabilities for Tax Basis	$ 8,472,154	$ 23,047,080

Note 9 - Reconciliation of Net

Note 9 - Reconciliation of Net (Loss) of Financial Reporting Purposes to Net (Loss) for Federal Income Tax Reporting Purposes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Net income (loss) for financial reporting purposes	$ 17,437,154	$ (875,279)	$ (1,103,239)
Adjustment to net loss on sale of investment in real estate property to reflect differences between tax and financial reporting bases of assets and liabilities	749,124		2,758,177
Difference between tax and financial statement equity in net loss of investment	(14,750,473)	$ (247,710)	(8,773,783)
Difference between accrued investment management fees, mortgage interest and partnership administrative expenses recognized for tax purposes	(619,789)	791,155	774,618
Difference between tax and financial statement depreciation	(230,508)	20,879	(15,450)
Net income (loss) for Federal income tax reporting purposes	2,585,508	(310,955)	(6,359,677)
Net ordinary loss for Federal income tax reporting purposes	(1,043,005)	$ (310,955)	(1,356,740)
Net capital (Sec. 1231) gain (loss) for Federal income tax reporting purposes	3,628,513		(5,002,937)
	$ 2,585,508	$ (310,955)	$ (6,359,677)
Weighted average number of units of limited partnership interest outstanding (in shares)	7,753	7,753	7,753

Note 10 - Management Services (

Note 10 - Management Services (Details Textual) - USD ($)	Sep. 17, 2015	Jul. 31, 2015	Feb. 12, 2015	May. 30, 2015	May. 30, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Asset Management Fees						$ 54,000	$ 54,000	$ 54,000
Asset Management Costs						0	0	0
Service Management Costs						117,004	$ 131,120	$ 128,139
Operating Lease Tenant Leasing Percentage		100.00%
Payments for Lease Commissions			$ 63,948
Repayments of Long-term Debt	$ 10,000,000			$ 9,570	$ 13,973	$ 10,000,000
Sales Commissions and Fees	$ 80,250

Note 11 - Fair Value of Finan47

Note 11 - Fair Value of Financial Instruments (Details Textual) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Debt Instrument, Fair Value Disclosure	$ 5,986,888	$ 19,953,036

Note 12 - Commitments and Con48

Note 12 - Commitments and Contingencies (Details Textual) - USD ($)	Jul. 31, 2015	Dec. 31, 2015
Maple Grove (Eagle Lake Business Center IV) [Member]
Operating Lease Tenant Leasing Percentage		100.00%
Operating Leases, Future Minimum Payments Due, Next Twelve Months		$ 702,770
Operating Leases, Future Minimum Payments, Due in Two Years		417,135
Operating Leases, Future Minimum Payments, Due in Three Years		0
Operating Leases, Future Minimum Payments, Due in Four Years		0
Operating Leases, Future Minimum Payments, Due in Five Years		0
Operating Lease Tenant Leasing Percentage	100.00%
Additional Capital Investment to be Made		$ 3,720,000

Schedule III - Real Estate an49

Schedule III - Real Estate and Accumulated Depreciation Initial Cost (Details) - Industrial Flex Minnesota [Member] - Maple Grove (Eagle Lake Business Center IV) [Member]	Dec. 31, 2015USD ($)
Initial cost, land	$ 470,000
Initial cost, buildings and improvements	5,016,185
Initial cost	5,486,185
Cost capitalized subsequent to acquistion	$ 772,801

Schedule III - Real Estate an50

Schedule III - Real Estate and Accumulated Depreciation Gross Amount (Details)	Dec. 31, 2015USD ($)
Industrial Flex Minnesota [Member] | Maple Grove (Eagle Lake Business Center IV) [Member]
Carrying amount, land	$ 470,000
Carrying amount, buildings and improvements	5,016,185
Carrying amount, total	5,486,185
Accumulated depreciation	1,769,982
Accumulated depreciation	$ 1,769,982

Schedule III - Real Estate an51

Schedule III - Real Estate and Accumulated Depreciation Date Acquired (Details) - Industrial Flex Minnesota [Member] - Maple Grove (Eagle Lake Business Center IV) [Member]	12 Months Ended
	Dec. 31, 2015
Minimum [Member]
Life on which depreciation in latest statement of operations is computed	7 years
Maximum [Member]
Life on which depreciation in latest statement of operations is computed	39 years

Schedule III - Real Estate an52

Schedule III - Real Estate and Accumulated Depreciation Reconciliation (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
(a) Reconciliation of amounts shown in Column E:
Balance at beginning of year	$ 20,633,009	$ 20,633,009	$ 20,566,164
Cost of improvements	149,212	0	66,845
Sales	(15,296,036)	0	0
Balance at end of year	5,486,185	20,633,009	20,633,009
(b) Reconciliation of amounts shown in Column F:
Balance at beginning of year	4,900,846	4,420,952	3,931,815
Depreciation expense for the year	138,926	479,894	489,137
Sales	(3,269,790)	0	0
	1,769,982	4,900,846	4,420,952
(c) Aggregate cost basis for Federal income tax reporting purposes	5,151,797	20,124,541	20,124,541
(d) Accumulated depreciation for Federal income tax reporting purposes	$ 1,845,433	$ 5,513,791	$ 5,061,514