SB Partners 10-K 28 Mar 17 2016 FY Annual report Financial data

Document And Entity Information

Document And Entity Information $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)shares
Document Information [Line Items]
Entity Registrant Name	SB PARTNERS
Entity Central Index Key	87,047
Trading Symbol	sbp
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, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Assets:
Land	$ 470,000	$ 470,000
Buildings, furnishings and improvements	5,016,185	5,016,185
Less - accumulated depreciation	(1,927,326)	(1,769,982)
	3,558,859	3,716,203
Investment in Sentinel Omaha, LLC, net of reserve for fair value of $13,575,238 and $14,445,826 at December 31, 2016 and 2015, respectively	25,211,157	14,445,826
	28,770,016	18,162,029
Other Assets -
Cash and cash equivalents	1,327,197	1,206,899
Restricted Cash and Cash Equivalents		200,000
Cash in escrow	501,145	500,244
Other	7,363	13,887
Total assets	30,605,721	20,083,059
Liabilities:
Loan payable, net of unamortized deferred finance costs of $29,118 and $50,956 as of December 31, 2016 and 2015, respectively	5,731,355	5,935,932
Accounts payable	419,755	370,209
Tenant security deposit	98,616	95,818
Accued expenses	2,460,857	2,019,239
Total liabilities	8,710,583	8,421,198
Partners' Equity (Deficit):
Limited partner - 7,753 units	21,910,750	11,678,793
General partner - 1 unit	(15,612)	(16,932)
Total partners' equity	21,895,138	11,661,861
Total liabilities and partners' equity	$ 30,605,721	$ 20,083,059

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Investment in Sentinel Omaha, LLC, reserve for fair value	$ 13,575,238	$ 14,445,826
Deferred finance costs	$ 29,118	$ 50,956
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, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenues:
Base rental income	$ 702,768	$ 662,991	$ 629,951
Other rental income	352,952	351,743	456,391
Interest on short-term investments and other	3,624	1,353	961
Total revenues	1,059,344	1,016,087	1,087,303
Expenses:
Real estate operating expenses	286,536	314,306	334,195
Interest on loan payable		365,183	508,197
Amortization of deferred financing costs	21,840	21,838	40,437
Depreciation	157,344	138,926	126,683
Real estate taxes	126,662	125,449	130,661
Management fees	867,859	875,788	869,228
Other	131,157	153,473	160,464
Total expenses	1,591,398	1,994,963	2,169,865
Loss from operations	(532,054)	(978,876)	(1,082,562)
Equity in net income of investment	9,894,743	22,142,099	5,080,602
Adjustment to reserve for value of investment	870,588	(7,696,273)	(5,080,602)
Income (loss) from continuing operations	10,233,277	13,466,950	(1,082,562)
Income from discontinued operations		400,958	207,283
Net gain on sale of investment in real estate property		3,569,246
Net income	10,233,277	17,437,154	(875,279)
Income (loss) allocated to general partner	1,320	2,249	(113)
Income (loss) allocated to limited partners	$ 10,231,957	$ 17,434,905	$ (875,166)
Income (loss) per unit of limited partnership interest (basic and diluted)
Income (loss) from continuing operations (in dollars per share)	$ 1,319.91	$ 1,737	$ (139.63)
Income from discontinued operations (including gain on sale) (in dollars per share)		512.09	26.74
Net income (loss) (in dollars per share)	$ 1,319.91	$ 2,249.09	$ (112.89)
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, 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)
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
Net income (loss)			10,231,957	10,231,957			1,320	1,320	10,233,277
Balance (in shares) at Dec. 31, 2016	7,753				1
Balance at Dec. 31, 2016	$ 119,968,973	$ (111,721,586)	$ 13,663,363	$ 21,910,750	$ 10,000	$ (26,364)	$ 752	$ (15,612)	$ 21,895,138

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Cash Flows From Operating Activities:
Net income (loss)	$ 10,233,277	$ 17,437,154	$ (875,279)
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	(9,894,743)	(22,142,099)	(5,080,602)
Adjustment of reserve for fair value of investment	(870,588)	7,696,273	5,080,602
Depreciation and amortization	179,184	162,732	522,695
Net decrease (increase) in other assets	6,524	17,408	(2,816)
Net increase (decrease) in accounts payable	49,546	52,216	(71,353)
Net increase in tenant security deposit	2,798	2,798	2,798
Net increase (decrease) in accrued expenses	441,617	(663,791)	747,160
Net cash provided by (used in) operating activites	147,615	(1,006,555)	323,205
Cash Flows From Investing Activities:
Net proceeds from sale of investment in real estate property		15,595,492
Interest earned on cash in escrow	(902)	(50)	(50)
Capital additions to real estate owned		(149,213)
Net cash provided by (used in) investing activites	(902)	15,446,229	(50)
Cash Flows From Financing Activities:
Repayment of mortgage note in discontinued operations		(10,000,000)
Repayment of loan payable	(226,415)	(3,966,148)	(13,973)
Decrease (increase) in restricted cash	200,000	(200,000)
Net cash (used in) financing activities	(26,415)	(14,166,148)	(13,973)
Net change in cash and cash equivalents	120,298	273,526	309,182
Cash and cash equivalents at beginning of year	1,206,899	933,373	624,191
Cash and cash equivalents at end of year	1,327,197	1,206,899	933,373
Supplemental disclosure of cash flow information:
Cash paid during the year for interest		$ 1,881,719	$ 784,030

Note 1 - Organization and Signi

Note 1 - Organization and Significant Accounting Policies	12 Months Ended
	Dec. 31, 2016
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) SB Partners, a New York limited partnership, and its subsidiaries (collectively, the "Partnership"), have been engaged since April 1971 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% (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, 2016 (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 (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 6 7) (h) Tenant leases at the multifamily properties owned by Omaha generally have terms of one tenants. tenant one (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 (l) The Partnership is engaged in only one

Note 2 - Changes in Accounting

Note 2 - Changes in Accounting Method	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	(2) G METHOD In April 2015, 2015 3, Simplifying the Presentation of Debt Issuance Costs 2015 3), 2015 3 2015 3 December 15, 2015. The consolidated balance sheets for the periods ended December 31, 2016 December 31, 2015

Note 3- Investment Management A

Note 3- Investment Management Agreement	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Investment Management Agreement [Text Block]	(3) 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% 0.5% The management fee amounted to $867,859, $875,788 $869,228 December 31, 2016, 2015, 2014, 2016, 2015 2014, $441,618, $449,548 $442,988, $2,460,857 $2,019,239 December 31, 2016 2015, In addition, the General Partner is entitled to 25% No December 31, 2016, 2015 2014.

Note 4 - Investments in Real Es

Note 4 - Investments in Real Estate	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Real Estate Disclosure [Text Block]	( 4) During 2016 and 2015 2015, 5). December 31, 2016 2015: Real Estate at Cost No. of Year of Type Prop. Acquisition Description 12/31/16 12/31/15 Industrial flex property 1 2002 60,345sf $ 5,486,185 $ 5,486,185 Less: accumulated depreciation (1,927,326 ) (1,769,982 ) Net book value $ 3,558,859 $ 3,716,203

Note 5 - Real Estate Transactio

Note 5 - Real Estate Transaction	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Real Estate Held for Sale [Text Block]	( 5) On September 17, 2015, $16,050,000 $10,000,000 hip’s loan (see Note 8). $12,026,246 $3,569,246 $454,508. $454,508 $80,250 $15,296,036. December 31, 2015 2014

Note 6 - Assets Measured at Fai

Note 6 - Assets Measured at Fair Value	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Fair Value, Measurement Inputs, Disclosure [Text Block]	( 6) 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 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 ● Level 1 measurement date for identical unrestricted assets or liabilities; ● Level 2 quoted prices in less active dealer or broker markets; ● Level 3 The following major categories of assets were measured at fair value during the year ended December 31, 2016 2015: Level 3: Significant Unobservable 2016 Inputs Total Assets Investment in Sentinel Omaha, LLC $ 38,786,395 $ 38,786,395 Reserve for fair value of investment (13,575,238 ) (13,575,238 ) Total assets $ 25,211,157 $ 25,211,157 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 The following is a reconciliation of the beginning and ending balances for assets measured at fair value using significant unobservable inputs (Level 3) ended December 31, 2016 2015: Investment in Reserve for Sentinel fair value Omaha, LLC of investment Total Balance at January 1, 2015 $ 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 Equity in net income of investment 9,894,743 - 9,894,743 Decrease in reserve - 870,588 870,588 Balance at December 31, 2016 $ 38,786,395 $ (13,575,238 ) $ 25,211,157 On September 30, 2015, six September 30, 2015, ’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 2015 December 31, 2015 30% December 31, 2015 50% 7). 2016, 2016. December 31, 2017. one June 30, 2018. Registrant as of the year ended December 31, 2016 30% December 31, 2016 35%

Note 7 - Investment in Sentinel

Note 7 - Investment in Sentinel Omaha, LLC	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Equity Method Investments and Joint Ventures Disclosure [Text Block]	( 7) I n 2007, $37,200,000 thirty December 31, 2016 14 10 10 With respect to its investment in Omaha, the Registrant elected to adopt Accounting Standards Codification Topic 825. The following are the audited condensed financial statements (000’s December 31, 2016 2015 three December 31, 2016. Balance Sheet 2016 2015 Investment in real estate properties, at fair value $ 378,460 $ 355,615 Other assets 10,749 13,552 Debt (254,913 ) (267,674 ) Other liabilities (5,008 ) (5,187 ) Members' equity $ 129,288 $ 96,306 Statement of Operations 2016 2015 2014 Rent and other income $ 44,266 $ 41,850 $ 39,125 Real estate operating expenses (21,062 ) (20,221 ) (18,871 ) Other expenses (6,825 ) (11,601 ) (10,225 ) Net unrealized gains 16,603 63,779 6,907 Net income $ 32,982 $ 73,807 $ 16,936 Determination of the fair value of Omaha involves numerous estimates and subjec tive 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 Estimated fair value calculations were prepared by Omaha's management utilizing Level 3 T he 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 The mortgage notes payable are all variable rate loans at December 31, 2016; The following table shows quantitative information about significant unobservable inputs related to Level 3 December 31, 2016 (000’s Fair Valuation Unobservable Range Value Techniques Inputs (Weighted Average) Investment in real estate properties $ 378,460 Discounted cash flows (DCF) Discount rate 6.75% - 9.00% (7.66%) Capitalization rate 5.25% - 6.5% (5.93%) DCF Term (years) 10 years

Note 8 - Loan Payable

Note 8 - Loan Payable	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Debt Disclosure [Text Block]	( 8) Loan payable consists of the following: Net Carrying Amount Annual December 31, Interest Rate Installment Amount Due Property Rate Maturity Date Payments at Maturity 2016 2015 Loan payable: Bank Loan (a): Note B 5,760,473 5,986,888 Less: unamortized finance costs (29,118 ) (50,956 ) $ 5,731,355 $ 5,935,932 (a) On September 17, 2007, $22,000,000, October 1, 2008 1.95%. April 29, 2011, 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, $10,069,570. 175 ’s legal and appraisal tenant The remaining outstanding obligation in the amount of $10,069,570 two 2) Note A which had a balance of $3,768,751 September 18, 2015 . 3) No te B in the amount of $5,760,473 April 29, 2018 . three 1 5% $1,335,833 September 18, 2015 first 4) Note B may ip’s obligations under Note B may 5) Until the Partnersh ip’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. On September 17, 2015, $200,000 March 15, 2016, March 2016, $200,000 May 16, 2016, $26,415 twelve April 30, 2016. May 28, 2015, $24,715 twelve April 30, 2015. 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 Note B remains outstanding. As of December 31, 2016 2015, $2,460,857 $2,019,239, 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. Scheduled pri ncipal payments on the loan payable are as follows: 2017 $ - 2018 5,760,473 2019 - 2020 - 2021 - Thereafter - Total $ 5,760,473

Note 9 - Quarterly Financial In

Note 9 - Quarterly Financial Information (Unaudited)	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Quarterly Financial Information [Text Block]	( 9) Net Income (Loss) per Unit of Revenues from Limited Equity Continuing Net Income Partnership Income (Loss) Operations (Loss) Interest on Investment Year ended December 31, 2016 First Quarter $ 262,312 $ 833,979 $ 107.57 $ 1,972,800 Second Quarter 262,781 1,517,735 195.76 3,289,592 Third Quarter 266,304 2,315,680 298.68 4,872,219 Fourth Quarter 267,947 5,565,883 717.90 (239,868 ) 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

Note 10 - Federal Income Tax In

Note 10 - Federal Income Tax Information (Unaudited)	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Income Tax Disclosure [Text Block]	( 10) A reconciliation of net income (loss) for financial reporting purposes to net income (loss) for Federal income tax reporting purposes is as follows: For the Years Ended December 31, 2016 2015 2014 Net income (loss) for financial reporting purposes $ 10,233,277 $ 17,437,154 $ (875,279 ) 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 - Difference between tax and financial statement equity in net income/loss of investment (8,999,145 ) (14,750,473 ) (247,710 ) Difference between accrued investment management fees, mortgage interest and partnership administrative expenses recognized for tax purposes 481,619 (619,789 ) 791,155 Difference between tax and financial statement depreciation 7,424 (230,508 ) 20,879 Net income (loss) for Federal income tax reporting purposes $ 1,723,175 $ 2,585,508 $ (310,955 ) Net ordinary income (loss) for Federal income tax reporting purposes $ 1,723,175 $ (1,043,005 ) $ (310,955 ) Net capital (Sec. 1231) gain for Federal income tax reporting purposes - 3,628,513 - $ 1,723,175 $ 2,585,508 $ (310,955 ) Weighted average number of units of limited partnership interest outstanding 7,753 7,753 7,753 As of Decem ber 31, 2016 2015, $30,604,120 $19,724,176 $8,739,701 $8,472,154

Note 11 - Management Services

Note 11 - Management Services	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Management Services [Text Block]	(1 1) 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, 2016, 2015 2014 to $53,242, $117,004 $131,120, Registrant ’s wholly owned property located in Maple Grove, Minnesota is 100% tenant July 31, 2015. February 12, 2015, tenant October 31, 2019. $63,948 On September 17, 2015, $10,000,000 $80,250 During 2012 1 2016, 2015 2014 $ 54,000 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 2016, 2015, 2014,

Note 12 - Fair Value of Financi

Note 12 - Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Financial Instruments Disclosure [Text Block]	(1 2) The Partnership ’s financial instruments include cash, cash equivalents and a loan payable. The carrying amount of cash, cash equivalents and loan payable are reasonable estimates of fair value. Loan payable has been valued based on the maturity date and zero

Note 13 - Commitments and Conti

Note 13 - Commitments and Contingencies	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	(1 3) 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 tenant one December 31, 2016 $ 724,142 2017; $746,117, 2018, $638,353 2019, $ 0 2020 2021. tenant 100% July 31, 2019 March 2015. tenant twelve Pursuant to the original investment agreement, the Partnership may $3,720,000 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, 2016
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, 2016 Column A Column B Column C Column D 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 $ 1,927,326 SB PARTNERS SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - CONTINUED DECEMBER 31, 2016 Column A Column G Column H Column I Life on which Depreciation in Latest Statement Date of Date of Operations Description Construction Acquired is Computed (in years) INDUSTRIAL FLEX Minnesota - Maple Grove (Eagle Lake Business Center IV) 2000 Jun 2002 7 to 39 NOTES TO SCHEDULE III: 2016 2015 2014 (a) Reconciliation of amounts shown in Column E: Balance at beginning of year $ 5,486,185 $ 20,633,009 $ 20,633,009 Additions - Cost of improvements 0 149,212 0 Deductions - Sales 0 (15,296,036 ) 0 Balance at end of year $ 5,486,185 $ 5,486,185 $ 20,633,009 (b) Reconciliation of amounts shown in Column F: Balance at beginning of year $ 1,769,982 $ 4,900,846 $ 4,420,952 Additions - Depreciation expense for the year 157,344 138,926 479,894 Deductions - Sales 0 (3,269,790 ) 0 $ 1,927,326 $ 1,769,982 $ 4,900,846 (c) Aggregate cost basis for Federal income tax reporting purposes $ 5,151,797 $ 5,151,797 $ 20,124,541 (d) Accumulated depreciation for Federal income tax reporting purposes $ 1,958,045 $ 1,845,433 $ 5,513,791

Note 1 - Organization and Sig21

Note 1 - Organization and Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2016
Notes Tables
Property, Plant and Equipment [Table Text Block]	(in years) Buildings and Improvements 5 to 40 Furnishings 5 to 7

Note 4 - Investments in Real 22

Note 4 - Investments in Real Estate (Tables)	12 Months Ended
	Dec. 31, 2016
Notes Tables
Schedule of Real Estate Properties [Table Text Block]	Real Estate at Cost No. of Year of Type Prop. Acquisition Description 12/31/16 12/31/15 Industrial flex property 1 2002 60,345sf $ 5,486,185 $ 5,486,185 Less: accumulated depreciation (1,927,326 ) (1,769,982 ) Net book value $ 3,558,859 $ 3,716,203

Note 6 - Assets Measured at F23

Note 6 - Assets Measured at Fair Value (Tables)	12 Months Ended
	Dec. 31, 2016
Notes Tables
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Table Text Block]	Level 3: Significant Unobservable 2016 Inputs Total Assets Investment in Sentinel Omaha, LLC $ 38,786,395 $ 38,786,395 Reserve for fair value of investment (13,575,238 ) (13,575,238 ) Total assets $ 25,211,157 $ 25,211,157 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
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, 2015 $ 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 Equity in net income of investment 9,894,743 - 9,894,743 Decrease in reserve - 870,588 870,588 Balance at December 31, 2016 $ 38,786,395 $ (13,575,238 ) $ 25,211,157

Note 7 - Investment in Sentin24

Note 7 - Investment in Sentinel Omaha, LLC (Tables)	12 Months Ended
	Dec. 31, 2016
Statement of Operations [Member]
Notes Tables
Real Estate Investment Financial Statements, Disclosure [Table Text Block]	Statement of Operations 2016 2015 2014 Rent and other income $ 44,266 $ 41,850 $ 39,125 Real estate operating expenses (21,062 ) (20,221 ) (18,871 ) Other expenses (6,825 ) (11,601 ) (10,225 ) Net unrealized gains 16,603 63,779 6,907 Net income $ 32,982 $ 73,807 $ 16,936
Balance Sheet [Member]
Notes Tables
Real Estate Investment Financial Statements, Disclosure [Table Text Block]	Balance Sheet 2016 2015 Investment in real estate properties, at fair value $ 378,460 $ 355,615 Other assets 10,749 13,552 Debt (254,913 ) (267,674 ) Other liabilities (5,008 ) (5,187 ) Members' equity $ 129,288 $ 96,306
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 $ 378,460 Discounted cash flows (DCF) Discount rate 6.75% - 9.00% (7.66%) Capitalization rate 5.25% - 6.5% (5.93%) DCF Term (years) 10 years

Note 8 - Loan Payable (Tables)

Note 8 - Loan Payable (Tables)	12 Months Ended
	Dec. 31, 2016
Notes Tables
Schedule of Long-term Debt Instruments [Table Text Block]	Net Carrying Amount Annual December 31, Interest Rate Installment Amount Due Property Rate Maturity Date Payments at Maturity 2016 2015 Loan payable: Bank Loan (a): Note B 5,760,473 5,986,888 Less: unamortized finance costs (29,118 ) (50,956 ) $ 5,731,355 $ 5,935,932
Schedule of Maturities of Long-term Debt [Table Text Block]	2017 $ - 2018 5,760,473 2019 - 2020 - 2021 - Thereafter - Total $ 5,760,473

Note 9 - Quarterly Financial 26

Note 9 - Quarterly Financial Information (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2016
Notes Tables
Quarterly Financial Information [Table Text Block]	Net Income (Loss) per Unit of Revenues from Limited Equity Continuing Net Income Partnership Income (Loss) Operations (Loss) Interest on Investment Year ended December 31, 2016 First Quarter $ 262,312 $ 833,979 $ 107.57 $ 1,972,800 Second Quarter 262,781 1,517,735 195.76 3,289,592 Third Quarter 266,304 2,315,680 298.68 4,872,219 Fourth Quarter 267,947 5,565,883 717.90 (239,868 ) 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

Note 10 - Federal Income Tax 27

Note 10 - Federal Income Tax Information (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2016
Notes Tables
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	For the Years Ended December 31, 2016 2015 2014 Net income (loss) for financial reporting purposes $ 10,233,277 $ 17,437,154 $ (875,279 ) 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 - Difference between tax and financial statement equity in net income/loss of investment (8,999,145 ) (14,750,473 ) (247,710 ) Difference between accrued investment management fees, mortgage interest and partnership administrative expenses recognized for tax purposes 481,619 (619,789 ) 791,155 Difference between tax and financial statement depreciation 7,424 (230,508 ) 20,879 Net income (loss) for Federal income tax reporting purposes $ 1,723,175 $ 2,585,508 $ (310,955 ) Net ordinary income (loss) for Federal income tax reporting purposes $ 1,723,175 $ (1,043,005 ) $ (310,955 ) Net capital (Sec. 1231) gain for Federal income tax reporting purposes - 3,628,513 - $ 1,723,175 $ 2,585,508 $ (310,955 ) Weighted average number of units of limited partnership interest outstanding 7,753 7,753 7,753

Schedule III - Real Estate an28

Schedule III - Real Estate and Accumulated Depreciation (Tables)	12 Months Ended
	Dec. 31, 2016
Notes Tables
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land and Buildings and Improvements[Table Text Block]	SB PARTNERS SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2016 Column A Column B Column C Column D 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 $ 1,927,326
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired [Table Text Block]	SB PARTNERS SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - CONTINUED DECEMBER 31, 2016 Column A Column G Column H Column I Life on which Depreciation in Latest Statement Date of Date of Operations Description Construction Acquired 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]	NOTES TO SCHEDULE III: 2016 2015 2014 (a) Reconciliation of amounts shown in Column E: Balance at beginning of year $ 5,486,185 $ 20,633,009 $ 20,633,009 Additions - Cost of improvements 0 149,212 0 Deductions - Sales 0 (15,296,036 ) 0 Balance at end of year $ 5,486,185 $ 5,486,185 $ 20,633,009 (b) Reconciliation of amounts shown in Column F: Balance at beginning of year $ 1,769,982 $ 4,900,846 $ 4,420,952 Additions - Depreciation expense for the year 157,344 138,926 479,894 Deductions - Sales 0 (3,269,790 ) 0 $ 1,927,326 $ 1,769,982 $ 4,900,846 (c) Aggregate cost basis for Federal income tax reporting purposes $ 5,151,797 $ 5,151,797 $ 20,124,541 (d) Accumulated depreciation for Federal income tax reporting purposes $ 1,958,045 $ 1,845,433 $ 5,513,791

Note 1 - Organization and Sig29

Note 1 - Organization and Significant Accounting Policies (Details Textual) shares in Thousands	12 Months Ended
	Dec. 31, 2016shares
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage	100.00%
Number of Operating Segments	1
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0

Note 1 - Organization and Sig30

Note 1 - Organization and Significant Accounting Policies - Estimated Useful Lives of Related Properties (Details)	12 Months Ended
	Dec. 31, 2016
Building and Building Improvements [Member] | Minimum [Member]
Estimated useful life of related properties (Year)	5 years
Building and Building Improvements [Member] | Maximum [Member]
Estimated useful life of related properties (Year)	40 years
Furniture and Fixtures [Member] | Minimum [Member]
Estimated useful life of related properties (Year)	5 years
Furniture and Fixtures [Member] | Maximum [Member]
Estimated useful life of related properties (Year)	7 years

Note 3- Investment Management31

Note 3- Investment Management Agreement (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2015	Dec. 31, 2014
Property Management Fee, Percent Fee	2.00%
Management Fee Percentage Other Than Real Estate	0.50%
Management Fee Expense	$ 867,859		$ 875,788	$ 869,228
Percentage of Cash Distribution in Excess of Annual Distribution	25.00%
Cash Distribution in Excess of Annual Distribution	$ 0	$ 0		0
Accounts Payable and Accrued Liabilities [Member]
Deferred Compensation Arrangement with Individual, Recorded Liability	441,618	449,548	449,548	442,988
Accrued Expenses [Member]
Deferred Compensation Arrangement with Individual, Recorded Liability	2,460,857	2,019,239	$ 2,019,239
General Partner [Member]
Management Fee Expense	$ 867,859	$ 875,788		$ 869,228

Note 4 - Investments in Real 32

Note 4 - Investments in Real Estate - Summary of Investments in Real Estate (Details)	12 Months Ended
	Dec. 31, 2016USD ($)ft²	Dec. 31, 2015USD ($)	Sep. 17, 2015USD ($)
Real Estate Investment Property, at Cost			$ 15,296,036
Less: accumulated depreciation	$ (1,927,326)	$ (1,769,982)
Net book value	$ 3,558,859	3,716,203
Industrial Flex Property [Member]
Industrial flex property	1
Industrial flex property	2,002
Industrial flex property (Square Foot) | ft²	60,345
Real Estate Investment Property, at Cost	$ 5,486,185	$ 5,486,185

Note 5 - Real Estate Transact33

Note 5 - Real Estate Transaction (Details Textual) - USD ($)	Sep. 17, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2015	Dec. 31, 2014
Property, Plant and Equipment, Disposals	$ 16,050,000
Repayments of Long-term Debt	10,000,000		$ 10,000,000
Real Estate Held-for-sale	12,026,246
Gains (Losses) on Sales of Investment Real Estate	3,569,246		$ 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 6 - Assets Measured at F34

Note 6 - Assets Measured at Fair Value (Details Textual)	Dec. 31, 2016	Sep. 30, 2015
Number of Refinanced Properties		6
Equity Method Investment, Ownership Percentage	30.00%

Note 6 - Assets Measured at F35

Note 6 - Assets Measured at Fair Value - Fair Value Measurement of Assets (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Reserve for fair value of investment	$ (13,575,238)	$ (14,445,826)
Total assets	25,211,157	14,445,826
Sentinel Omaha LLC [Member]
Investment in Sentinel Omaha, LLC	38,786,395	28,891,652
Reserve for fair value of investment	(13,575,238)	(14,445,826)
Total assets	25,211,157	14,445,826
Fair Value, Inputs, Level 3 [Member] | Sentinel Omaha LLC [Member]
Investment in Sentinel Omaha, LLC	38,786,395	28,891,652	$ 6,749,553
Reserve for fair value of investment	(13,575,238)	(14,445,826)
Total assets	$ 25,211,157	$ 14,445,826

Note 6 - Assets Measured at F36

Note 6 - Assets Measured at Fair Value - Reconciliation of Assets Measured at Fair Value (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Increase in reserve, Reserve for fair value of investment	$ (870,588)
Decrease in reserve, Reserve for fair value of investment	870,588
Sentinel Omaha LLC [Member]
Balance, Investment in Sentinel Omaha, LLC	28,891,652
Balance, Investment in Sentinel Omaha, LLC	38,786,395	$ 28,891,652
Fair Value, Inputs, Level 3 [Member] | Sentinel Omaha LLC [Member]
Balance, Investment in Sentinel Omaha, LLC	28,891,652	6,749,553
Balance, Reserve for fair value of investment	(14,445,826)	(6,749,553)
Balance	14,445,826
Equity in net income of investment, Investment in Sentinel Omaha, LLC	9,894,743	22,142,099
Increase in reserve, Reserve for fair value of investment		(7,696,273)
Balance, Investment in Sentinel Omaha, LLC	38,786,395	28,891,652
Balance, Reserve for fair value of investment	(13,575,238)	(14,445,826)
Balance	$ 25,211,157	14,445,826
Decrease in reserve, Reserve for fair value of investment		$ 7,696,273

Note 7 - Investment in Sentin37

Note 7 - Investment in Sentinel Omaha, LLC (Details Textual) - Sentinel Omaha LLC [Member]	Dec. 31, 2016	Dec. 31, 2007USD ($)
Investment Owned, at Cost		$ 37,200,000
Number of Multifamily Properties	14
Number of Markets	10

Note 7 - Investment in Sentin38

Note 7 - Investment in Sentinel Omaha, LLC - Balance Sheet (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Investment in real estate properties, at fair value	$ 378,460,000	$ 355,615,000
Other assets	7,363	13,887
Debt	(5,731,355)	(5,935,932)
Members' equity	129,288,000	96,306,000
Sentinel Omaha LLC [Member]
Other assets	10,749,000	13,552,000
Debt	(254,913,000)	(267,674,000)
Other liabilities	$ (5,008,000)	$ (5,187,000)

Note 7 - Investment in Sentin39

Note 7 - Investment in Sentinel Omaha, LLC - Statement of Operations (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2015	Dec. 31, 2014
Rent and other income	$ 267,947	$ 266,304	$ 262,781	$ 262,312	$ 261,768	$ 257,345	$ 248,489	$ 248,485	$ 1,059,344		$ 1,016,087	$ 1,087,303
Real estate operating expenses									(286,536)		(314,306)	(334,195)
Other expenses									(131,157)		(153,473)	(160,464)
Net unrealized gains									16,603,000	$ 63,779,000		6,907,000
Net income									10,233,277	17,437,154	$ 17,437,154	(875,279)
Sentinel Omaha LLC [Member]
Rent and other income									44,266,000	41,850,000		39,125,000
Real estate operating expenses									(21,062,000)	(20,221,000)		(18,871,000)
Other expenses									(6,825,000)	(11,601,000)		(10,225,000)
Net income									$ 32,982,000	$ 73,807,000		$ 16,936,000

Note 7 - Investment in Sentin40

Note 7 - Investment in Sentinel Omaha, LLC - Significant Unobservable Inputs Related to Fair Value Measurement (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Investment in real estate properties	$ 378,460	$ 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 (Year)	10 years
Fair Value, Inputs, Level 3 [Member] | Weighted Average [Member]
Investment in real estate properties	5.93%
Real Estate [Member] | Fair Value, Inputs, Level 3 [Member]
Investment in real estate properties	$ 378,460
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	9.00%
Real Estate [Member] | Fair Value, Inputs, Level 3 [Member] | Weighted Average [Member]
Investment in real estate properties	7.66%

Note 8 - Loan Payable (Details

Note 8 - Loan Payable (Details Textual)	May 16, 2016USD ($)	Sep. 17, 2015USD ($)	May 28, 2015USD ($)	Apr. 29, 2011USD ($)	Sep. 17, 2007USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2016USD ($)		Dec. 31, 2015USD ($)		Dec. 31, 2014USD ($)	Sep. 18, 2015USD ($)
Repayments of Unsecured Debt							$ 226,415		$ 3,966,148		$ 13,973
Long-term Debt							5,731,355		5,935,932
Long-term Debt, Gross							5,760,473
Restricted Cash and Cash Equivalents									200,000
Repayments of Long-term Debt		$ 10,000,000							10,000,000
Lino Lakes [Member]
Restricted Cash and Cash Equivalents		$ 200,000
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			$ 5,731,355		5,935,932
Debt Instrument, Interest Rate, Stated Percentage							0.00%
Management Fee Payable							$ 2,460,857		2,019,239
Security Interest on Partnership's Property Maximum							5,000,000
Notes Payable to Banks [Member] | Note A [Member]
Long-term Debt												$ 3,768,751
Repayments of Long-term Debt			$ 24,715
Notes Payable to Banks [Member] | Note B [Member]
Long-term Debt, Gross							$ 5,760,473	[1]	$ 5,986,888	[1]		5,760,473
Number of Extension Options							3
Term of Extension Options							1 year
Debt Instrument, Interest Rate, Stated Percentage							5.00%
Interest Payable												$ 1,335,833
Repayments of Long-term Debt	$ 26,415					$ 200,000
Original Maturity Date							Apr. 29, 2018
Notes Payable to Banks [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate					1.95%
[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 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:

Note 8 - Loan Payable - Summary

Note 8 - Loan Payable - Summary of Notes and Loans Payable (Details) - USD ($)		Dec. 31, 2016		Dec. 31, 2015		Sep. 18, 2015	Apr. 29, 2011
Long-term debt, gross		$ 5,760,473
Less: unamortized finance costs		(29,118)		$ (50,956)
Long-term debt		5,731,355		5,935,932
Notes Payable to Banks [Member]
Less: unamortized finance costs	[1]	(29,118)		(50,956)
Long-term debt		5,731,355		5,935,932			$ 10,069,570
Notes Payable to Banks [Member] | Note B [Member]
Long-term debt, gross		$ 5,760,473	[1]	$ 5,986,888	[1]	$ 5,760,473
[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 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:

Note 8 - Loan Payable - Princip

Note 8 - Loan Payable - Principal Payments on Mortgage Note and Unsecured Loan Payable (Details)	Dec. 31, 2016USD ($)
2,018	$ 5,760,473
Total	$ 5,760,473

Note 9 - Quarterly Financial 44

Note 9 - Quarterly Financial Information (Unaudited) - Summarized Quarterly Financial Data (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2015	Dec. 31, 2014
Rent and other income	$ 267,947	$ 266,304	$ 262,781	$ 262,312	$ 261,768	$ 257,345	$ 248,489	$ 248,485	$ 1,059,344		$ 1,016,087	$ 1,087,303
First Quarter, Net Income (Loss)	$ 5,565,883	$ 2,315,680	$ 1,517,735	$ 833,979	$ 4,104,438	$ 13,601,839	$ (128,399)	$ (140,724)
Net income (loss) (in dollars per share)	$ 717.90	$ 298.68	$ 195.76	$ 107.57	$ 529.40	$ 1,754.40	$ (16.56)	$ (18.15)	$ 1,319.91		$ 2,249.09	$ (112.89)
First Quarter, Equity Income (Loss) on Investment	$ (239,868)	$ 4,872,219	$ 3,289,592	$ 1,972,800	$ 8,521,652	$ 11,337,038	$ 1,130,278	$ 1,153,131	$ 9,894,743	$ 22,142,099	$ 22,142,099	$ 5,080,602

Note 10 - Federal Income Tax 45

Note 10 - Federal Income Tax Information (Unaudited) (Details Textual) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Partnership Assets for Tax Basis	$ 30,604,120	$ 19,724,176
Partnership Liabilities for Tax Basis	$ 8,739,701	$ 8,472,154

Note 10 - Federal Income Tax 46

Note 10 - Federal Income Tax Information (Unaudited) - Reconciliation of Net Income (Loss) of Financial Reporting to Net Income (Loss) for Federal Income Tax Reporting (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2015	Dec. 31, 2014
Net income (loss)	$ 10,233,277	$ 17,437,154	$ 17,437,154	$ (875,279)
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
Difference between tax and financial statement equity in net income/loss of investment	(8,999,145)	(14,750,473)		(247,710)
Difference between accrued investment management fees, mortgage interest and partnership administrative expenses recognized for tax purposes	481,619	(619,789)		791,155
Difference between tax and financial statement depreciation	7,424	(230,508)		20,879
Net income (loss) for Federal income tax reporting purposes	1,723,175	2,585,508		(310,955)
Net ordinary income (loss) for Federal income tax reporting purposes	1,723,175	(1,043,005)		(310,955)
Net capital (Sec. 1231) gain for Federal income tax reporting purposes		$ 3,628,513
Weighted Average Number of Units of Limited Partnership Interest Outstanding (in shares)	7,753	7,753	7,753	7,753

Note 11 - Management Services (

Note 11 - Management Services (Details Textual) - USD ($)	Sep. 17, 2015	Jul. 31, 2015	Feb. 12, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2016
Service Management Costs					$ 117,004	$ 131,120	$ 53,242
Operating Lease Tenant Leasing Percentage		100.00%
Payments for Lease Commissions			$ 63,948
Repayments of Long-term Debt	$ 10,000,000				10,000,000
Sales Commissions and Fees	$ 80,250
Asset Management Fees				54,000	54,000	54,000
Asset Management Costs				$ 0	$ 0	$ 0

Note 12 - Fair Value of Finan48

Note 12 - Fair Value of Financial Instruments (Details Textual) xbrli-pure in Thousands	Dec. 31, 2016
Notes Payable to Banks [Member]
Debt Instrument, Interest Rate, Stated Percentage	0.00%

Note 13 - Commitments and Con49

Note 13 - Commitments and Contingencies (Details Textual) - USD ($)	Jul. 31, 2015	Dec. 31, 2016
Operating Leases, Future Minimum Payments Due, Next Twelve Months		$ 724,142
Operating Leases, Future Minimum Payments, Due in Two Years		746,117
Operating Leases, Future Minimum Payments, Due in Three Years		638,353
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
Maple Grove (Eagle Lake Business Center IV) [Member]
Operating Lease Tenant Leasing Percentage		100.00%

Schedule III - Real Estate an50

Schedule III - Real Estate and Accumulated Depreciation - Real Estate and Accumulated Depreciation Initial Cost (Details) - Industrial Flex Minnesota [Member] - Maple Grove (Eagle Lake Business Center IV) [Member]	Dec. 31, 2016USD ($)
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 an51

Schedule III - Real Estate and Accumulated Depreciation - Real Estate and Accumulated Depreciation Gross Amount (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Accumulated depreciation	$ 1,927,326	$ 1,769,982	$ 4,900,846	$ 4,420,952
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	$ 1,927,326

Schedule III - Real Estate an52

Schedule III - Real Estate and Accumulated Depreciation - 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, 2016
Minimum [Member]
Life on which depreciation in latest statement of operations is computed (Year)	7 years
Maximum [Member]
Life on which depreciation in latest statement of operations is computed (Year)	39 years

Schedule III - Real Estate an53

Schedule III - Real Estate and Accumulated Depreciation - Real Estate and Accumulated Depreciation Reconciliation (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Reconciliation of amounts shown in Column E:
Balance	$ 5,486,185	$ 20,633,009	$ 20,633,009
Cost of improvements	0	149,212	0
Sales	0	(15,296,036)	0
Balance	5,486,185	5,486,185	20,633,009
Reconciliation of amounts shown in Column F:
Balance	1,769,982	4,900,846	4,420,952
Depreciation expense for the year	157,344	138,926	479,894
Sales	0	(3,269,790)	0
	1,927,326	1,769,982	4,900,846
Aggregate cost basis for Federal income tax reporting purposes	5,151,797	5,151,797	20,124,541
Accumulated depreciation for Federal income tax reporting purposes	$ 1,958,045	$ 1,845,433	$ 5,513,791