SB Partners 10-K 28 Mar 18 2017 FY Annual report Financial data

Document And Entity Information

Document And Entity Information $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)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, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	FY
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Assets:
Land	$ 470,000	$ 470,000
Buildings, furnishings and improvements	5,081,365	5,016,185
Less - accumulated depreciation	(2,084,846)	(1,927,326)
	3,466,519	3,558,859
Investment in Sentinel Omaha, LLC, net of reserve for fair value of $12,526,608 and $13,575,238 at December 31, 2017 and 2016, respectively	37,579,824	25,211,157
	41,046,343	28,770,016
Other Assets -
Cash and cash equivalents	1,449,927	1,327,197
Cash in escrow	504,778	501,145
Other	7,019	7,363
Total assets	43,008,067	30,605,721
Liabilities:
Loan payable, net of unamortized deferred finance costs of $7,279 and $29,118 as of December 31, 2017 and 2016, respectively	5,719,311	5,731,355
Accounts payable	516,793	419,755
Tenant security deposit	101,414	98,616
Accued expenses	2,922,943	2,460,857
Total liabilities	9,260,461	8,710,583
Partners' Equity (Deficit):
Limited partner - 7,753 units	33,761,689	21,910,750
General partner - 1 unit	(14,083)	(15,612)
Total partners' equity	33,747,606	21,895,138
Total liabilities and partners' equity	$ 43,008,067	$ 30,605,721

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Investment in Sentinel Omaha, LLC, reserve for fair value	$ 12,526,608	$ 13,575,238
Deferred finance costs	$ 7,279	$ 29,118
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, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenues:
Base rental income	$ 724,140	$ 702,768	$ 662,991
Other rental income	349,818	352,952	351,743
Interest on short-term investments and other	7,177	3,624	1,353
Total revenues	1,081,135	1,059,344	1,016,087
Expenses:
Real estate operating expenses	281,796	286,536	314,306
Interest on loan payable			365,183
Amortization of deferred financing costs	21,839	21,840	21,838
Depreciation	157,520	157,344	138,926
Real estate taxes	123,525	126,662	125,449
Management fees	888,325	867,859	875,788
Other	124,329	131,157	153,473
Total expenses	1,597,334	1,591,398	1,994,963
Loss from operations	(516,199)	(532,054)	(978,876)
Equity in net income of investment	11,320,037	9,894,743	22,142,099
Adjustment to reserve for value of investment	1,048,630	870,588	(7,696,273)
Income from continuing operations	11,852,468	10,233,277	13,466,950
Income from discontinued operations			400,958
Net gain on sale of investment in real estate property			3,569,246
Net income	11,852,468	10,233,277	17,437,154
Income allocated to general partner	1,529	1,320	2,249
Income allocated to limited partners	$ 11,850,939	$ 10,231,957	$ 17,434,905
Income per unit of limited partnership interest (basic and diluted)
Income from continuing operations (in dollars per share)	$ 1,528.76	$ 1,319.91	$ 1,737
Income from discontinued operations (including gain on sale) (in dollars per share)			512.09
Net income (in dollars per share)	$ 1,528.76	$ 1,319.91	$ 2,249.09
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, 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) for the year			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)
Net income (loss) for the year			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
Net income (loss) for the year			11,850,939	11,850,939			1,529	1,529	11,852,468
Balance (in shares) at Dec. 31, 2017	7,753				1
Balance at Dec. 31, 2017	$ 119,968,973	$ (111,721,586)	$ 25,514,302	$ 33,761,689	$ 10,000	$ (26,364)	$ 2,281	$ (14,083)	$ 33,747,606

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Cash Flows From Operating Activities:
Net increase in net assets	$ 11,852,468	$ 10,233,277	$ 17,437,154
Adjustments to reconcile net income 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	(11,320,037)	(9,894,743)	(22,142,099)
Adjustment of reserve for fair value of investment	(1,048,630)	(870,588)	7,696,273
Depreciation and amortization	179,359	179,184	162,732
Net decrease in other assets	344	6,524	17,408
Net increase in accounts payable	97,038	49,546	52,216
Net increase in tenant security deposit	2,798	2,798	2,798
Net increase (decrease) in accrued expenses	462,086	441,617	(663,791)
Net cash provided by (used in) operating activites	225,426	147,615	(1,006,555)
Cash Flows From Investing Activities:
Net proceeds from sale of investment in real estate property			15,595,492
Interest earned on cash in escrow	(3,633)	(902)	(50)
Capital additions to real estate owned	(65,180)		(149,213)
Net cash provided by (used in) investing activites	(68,813)	(902)	15,446,229
Cash Flows From Financing Activities:
Repayment of mortgage note in discontinued operations			(10,000,000)
Repayment of loan payable	(33,883)	(226,415)	(3,966,148)
Decrease (increase) in restricted cash		200,000	(200,000)
Net cash (used in) financing activities	(33,883)	(26,415)	(14,166,148)
Net change in cash and cash equivalents	122,730	120,298	273,526
Cash and cash equivalents at beginning of year	1,327,197	1,206,899	933,373
Cash and cash equivalents at end of year	1,449,927	1,327,197	1,206,899
Supplemental disclosure of cash flow information:
Cash paid during the year for interest			$ 1,881,719

Note 1 - Organization and Signi

Note 1 - Organization and Significant Accounting Policies	12 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]	( 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, 2017 (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 (f) For financial reporting purposes, the Partnership considers all highly liquid, short-term investments with original maturities of three not not (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 may 5 6 (h) Tenant leases at the multifamily properties owned by Omaha generally have terms of one 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 (j) Each partner is individually responsible for reporting its share of the Partnership's taxable income or loss. Accordingly, no (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 not not

Note 2 - Investment Management

Note 2 - Investment Management Agreement	12 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Investment Management Agreement [Text Block]	( 2 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% not The management fee amounted to $888,325, $867,859 $875,788 December 31, 2017, 2016, 2015, 2017, 2016 2015, $462,086, $441,618 $449,548, $2,922,943 $2,460,857 December 31, 2017 2016, In addition, the General Partner is entitled to 25% No December 31, 2017, 2016 2015.

Note 3 - Investments in Real Es

Note 3 - Investments in Real Estate	12 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Real Estate Disclosure [Text Block]	( 3 During 2017 and 2016 December 31, 2017 2016: Real Estate at Cost No. of Year of Type Prop. Acquisition Description 12/31/17 12/31/16 Industrial flex property 1 2002 60,345 sf $ 5,551,365 $ 5,486,185 Less: accumulated depreciation (2,084,846 ) (1,927,326 ) Net book value $ 3,466,519 $ 3,558,859

Note 4 - Real Estate Transactio

Note 4 - Real Estate Transaction	12 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Real Estate Held for Sale [Text Block]	( 4 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. The results of operations for the year ended December 31, 2015

Note 5 - Assets Measured at Fai

Note 5 - Assets Measured at Fair Value	12 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Fair Value, Measurement Inputs, Disclosure [Text Block]	( 5 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 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, 2017 2016: Level 3: Significant Unobservable 2017 Inputs Total Assets Investment in Sentinel Omaha, LLC $ 50,106,432 $ 50,106,432 Reserve for fair value of investment (12,526,608 ) (12,526,608 ) Total assets $ 37,579,824 $ 37,579,824 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 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, 2017 2016: Investment in Reserve for Sentinel fair value Omaha, LLC of investment Total Balance at January 1, 2016 $ 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 Equity in net income of investment 11,320,037 - 11,320,037 Decrease in reserve - 1,048,630 1,048,630 Balance at December 31, 2017 $ 50,106,432 $ (12,526,608 ) $ 37,579,824 Omaha is precluded from making distributions to its investors until its unsecured loan is paid in full. As of December 31, 2015, not December 31, 2015 30% December 31, 2015 50% 2016, 2016 2017. December 31, 2016 30% December 31, 2016 35% December 31, 2017 $20,859,322 December 31, 2017. 2017 one June 30, 2018.During second 2017 three 2018. first first 2018, two third For the year ended December 31, 2017 10.2% e in real estate values. Omaha the net operating income from its remaining portfolio to be flat during 2018 2017. one As noted earlier, d uring 2017 one 0.7164% December 2016 1.4925% December 2017. 2017 4.10% 4.15% 2017 4.35% 4.50% 2017. 2018 not may Registrant has only one 100% October 31, 2019. twelve 3% If the tenant does not no receives distributions from Sentinel Omaha. Registrant may not 30% two 30% 2017, 35% 25%.

Note 6 - Investment in Sentinel

Note 6 - Investment in Sentinel Omaha, LLC	12 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Equity Method Investments and Joint Ventures Disclosure [Text Block]	( 6 I n 2007, $37,200,000 thirty December 31, 2017 11 8 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, 2017 2016 three December 31, 2017. Balance Sheet 2017 2016 Investment in real estate properties, at fair value $ 368,600 $ 378,460 Other assets 10,556 10,749 Debt (207,187 ) (254,913 ) Other liabilities (4,948 ) (5,008 ) Members' equity $ 167,021 $ 129,288 Statement of Operations 2017 2016 2015 Rent and other income $ 41,488 $ 44,266 $ 41,850 Real estate operating expenses (20,230 ) (21,062 ) (20,221 ) Other expenses (7,106 ) (6,825 ) (11,601 ) Net unrealized gains 44,074 16,603 63,779 Net realized losses (20,492 ) - - Net increase in net assets $ 37,734 $ 32,982 $ 73,807 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 may Estimated fair value was determined utilizing Level 3 2 T he investment in Omaha is not not 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, 2017; The following table shows quantitative information about significant unobservable inputs related to Level 3 December 31, 2017 ( 000’s Fair Valuation Unobservable Range Value Techniques Inputs (Weighted Average) Investment in real estate properties $ 368,600 Discounted cash flows (DCF) Discount rate 6.50% - 8.00% (7.18%) Capitalization rate 5.00% - 6.25% (5.78%) DCF Term (years) 10

Note 7 - Loan Payable

Note 7 - Loan Payable	12 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Debt Disclosure [Text Block]	( 7 ) LOAN PAYABLE Loan payable consists of the following: Net Carrying Amount December 31, Property 2017 2016 Loan payable: Bank Loan (a): Note B 5,726,590 5,760,473 Less: unamortized finance costs (7,279 ) (29,118 ) $ 5,719,311 $ 5,731,355 (a) On September 17, 2007, $22,000,000, October 1, 2008 1.95%. April 29, 2011, 175 2011 2015. 1 No te B in the amount of $5,726,590 April 29, 2018. three 1 5% $1,335,833 September 18, 2015 not 2 proceeds from the sale of Eagle IV or Omaha would be used first no . On January 30, 2018, first one April 29, 2019, which Holder has acknowledged. 3 Note B may may 4 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, no March 2016, $200,000 May 26, 2017, $33,883 twelve April 30, 2017. May 26, 2016, $26,415 twelve April 30, 2016. 5 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, 2017 2016, $2,922,942 $2,460,857, 6 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. no Scheduled pri ncipal payments on the loan payable are as follows: 2018 $ - 2019 5,726,590 2020 - 2021 - 2022 - Thereafter - Total $ 5,726,590

Note 8 - Quarterly Financial In

Note 8 - Quarterly Financial Information (Unaudited)	12 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Quarterly Financial Information [Text Block]	( 8 Revenues from Net Income per Equity in Net Continuing Unit of Limited Income (Loss) of Year ended December 31, 2017 Operations Net Income Partnership Interest Investment First Quarter $ 267,378 $ 2,114,101 $ 272.68 $ 3,449,898 Second Quarter 267,800 3,335,567 430.23 1,934,067 Third Quarter 271,619 5,089,139 656.41 4,013,490 Fourth Quarter 274,338 1,313,661 169.44 1,922,582 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 )

Note 9 - Federal Income Tax Inf

Note 9 - Federal Income Tax Information (Unaudited)	12 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Income Tax Disclosure [Text Block]	( 9 A reconciliation of net income for financial reporting purposes to net income (loss) for Federal income tax reporting purposes is as follows: For the Years Ended December 31, 2017 2016 2015 Net income for financial reporting purposes $ 11,852,468 $ 10,233,277 $ 17,437,154 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 (12,538,521 ) (8,999,145 ) (14,750,473 ) Difference between accrued investment management fees, mortgage interest and partnership administrative expenses recognized for tax purposes 502,085 481,619 (619,789 ) Difference between tax and financial statement depreciation 7,788 7,424 (230,508 ) Net income (loss) for Federal income tax reporting purposes $ (176,180 ) $ 1,723,175 $ 2,585,508 Net ordinary income (loss) for Federal income tax reporting purposes $ 1,681,612 $ 1,723,175 $ (1,043,005 ) Net capital (Sec. 1231) gain (loss) for Federal income tax reporting purposes (1,857,792 ) - 3,628,513 $ (176,180 ) $ 1,723,175 $ 2,585,508 Weighted average number of units of limited partnership interest outstanding 7,753 7,753 7,753 As of Decem ber 31, 2017 2016, $43,029,724 $30,604,120 $9,267,740 $8,739,701

Note 10 - Management Services

Note 10 - Management Services	12 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Management Services [Text Block]	( 1 0 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, 2017, 2016 20 15 to $54,311, $53,242 $117,004, On September 17, 2015, $10,000,000 $80,250 During 2012 1 2017, 2016 2015 $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 2017, 2016, 2015,

Note 11 - Fair Value of Financi

Note 11 - Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Financial Instruments Disclosure [Text Block]	( 1 1 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 12 - Commitments and Conti

Note 12 - Commitments and Contingencies	12 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	( 1 2 The Partnership is a party to certain actions directly arising from its normal business operations. While the ultimate outcome is not not The Partnership leases its property to a tenant under an operating lease agreement, which requires 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 December 31, 2017 $746,117 2018 $638,353 2019. 100% July 31, 2019 March 2015. twelve not Pursuant to the original investment agreement, the Partnership may $3,720,000 not Should a default occur by Omaha on its unsecured credit facility, the lender would not

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Text Block]	SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2017 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 $ 4,243,385 $ 4,713,385 $ 837,981 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 $ 5,081,365 $ 5,551,365 $ 2,084,846 Column A Column G Column H Column I Life on which Depreciation in Latest Statement of Operations Description Date of Construction Date 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: 2017 2016 2015 (a) Reconciliation of amounts shown in Column E: Balance at beginning of year $ 5,486,185 $ 5,486,185 $ 20,633,009 Additions - Cost of improvements 65,180 0 149,212 Deductions - Sales 0 0 (15,296,036 ) Balance at end of year $ 5,551,365 $ 5,486,185 $ 5,486,185 (b) Reconciliation of amounts shown in Column F: Balance at beginning of year $ 1,927,326 $ 1,769,982 $ 4,900,846 Additions - Depreciation expense for the year 157,520 157,344 138,926 Deductions - Sales 0 0 (3,269,790 ) $ 2,084,846 $ 1,927,326 $ 1,769,982 (c) Aggregate cost basis for Federal income tax reporting purposes $ 5,216,977 $ 5,151,797 $ 5,151,797 (d) Accumulated depreciation for Federal income tax reporting purposes $ 2,070,468 $ 1,958,045 $ 1,845,433

Note 1 - Organization and Sig20

Note 1 - Organization and Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2017
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, 2017
Notes Tables
Schedule of Real Estate Properties [Table Text Block]	Real Estate at Cost No. of Year of Type Prop. Acquisition Description 12/31/17 12/31/16 Industrial flex property 1 2002 60,345 sf $ 5,551,365 $ 5,486,185 Less: accumulated depreciation (2,084,846 ) (1,927,326 ) Net book value $ 3,466,519 $ 3,558,859

Note 5 - Assets Measured at F22

Note 5 - Assets Measured at Fair Value (Tables)	12 Months Ended
	Dec. 31, 2017
Notes Tables
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Table Text Block]	Level 3: Significant Unobservable 2017 Inputs Total Assets Investment in Sentinel Omaha, LLC $ 50,106,432 $ 50,106,432 Reserve for fair value of investment (12,526,608 ) (12,526,608 ) Total assets $ 37,579,824 $ 37,579,824 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
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, 2016 $ 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 Equity in net income of investment 11,320,037 - 11,320,037 Decrease in reserve - 1,048,630 1,048,630 Balance at December 31, 2017 $ 50,106,432 $ (12,526,608 ) $ 37,579,824

Note 6 - Investment in Sentin23

Note 6 - Investment in Sentinel Omaha, LLC (Tables)	12 Months Ended
	Dec. 31, 2017
Statement of Operations [Member]
Notes Tables
Real Estate Investment Financial Statements, Disclosure [Table Text Block]	Statement of Operations 2017 2016 2015 Rent and other income $ 41,488 $ 44,266 $ 41,850 Real estate operating expenses (20,230 ) (21,062 ) (20,221 ) Other expenses (7,106 ) (6,825 ) (11,601 ) Net unrealized gains 44,074 16,603 63,779 Net realized losses (20,492 ) - - Net increase in net assets $ 37,734 $ 32,982 $ 73,807
Balance Sheet [Member]
Notes Tables
Real Estate Investment Financial Statements, Disclosure [Table Text Block]	Balance Sheet 2017 2016 Investment in real estate properties, at fair value $ 368,600 $ 378,460 Other assets 10,556 10,749 Debt (207,187 ) (254,913 ) Other liabilities (4,948 ) (5,008 ) Members' equity $ 167,021 $ 129,288
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 $ 368,600 Discounted cash flows (DCF) Discount rate 6.50% - 8.00% (7.18%) Capitalization rate 5.00% - 6.25% (5.78%) DCF Term (years) 10

Note 7 - Loan Payable (Tables)

Note 7 - Loan Payable (Tables)	12 Months Ended
	Dec. 31, 2017
Notes Tables
Schedule of Long-term Debt Instruments [Table Text Block]	Net Carrying Amount December 31, Property 2017 2016 Loan payable: Bank Loan (a): Note B 5,726,590 5,760,473 Less: unamortized finance costs (7,279 ) (29,118 ) $ 5,719,311 $ 5,731,355
Schedule of Maturities of Long-term Debt [Table Text Block]	2018 $ - 2019 5,726,590 2020 - 2021 - 2022 - Thereafter - Total $ 5,726,590

Note 8 - Quarterly Financial 25

Note 8 - Quarterly Financial Information (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2017
Notes Tables
Quarterly Financial Information [Table Text Block]	Revenues from Net Income per Equity in Net Continuing Unit of Limited Income (Loss) of Year ended December 31, 2017 Operations Net Income Partnership Interest Investment First Quarter $ 267,378 $ 2,114,101 $ 272.68 $ 3,449,898 Second Quarter 267,800 3,335,567 430.23 1,934,067 Third Quarter 271,619 5,089,139 656.41 4,013,490 Fourth Quarter 274,338 1,313,661 169.44 1,922,582 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 )

Note 9 - Federal Income Tax I26

Note 9 - Federal Income Tax Information (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2017
Notes Tables
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	For the Years Ended December 31, 2017 2016 2015 Net income for financial reporting purposes $ 11,852,468 $ 10,233,277 $ 17,437,154 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 (12,538,521 ) (8,999,145 ) (14,750,473 ) Difference between accrued investment management fees, mortgage interest and partnership administrative expenses recognized for tax purposes 502,085 481,619 (619,789 ) Difference between tax and financial statement depreciation 7,788 7,424 (230,508 ) Net income (loss) for Federal income tax reporting purposes $ (176,180 ) $ 1,723,175 $ 2,585,508 Net ordinary income (loss) for Federal income tax reporting purposes $ 1,681,612 $ 1,723,175 $ (1,043,005 ) Net capital (Sec. 1231) gain (loss) for Federal income tax reporting purposes (1,857,792 ) - 3,628,513 $ (176,180 ) $ 1,723,175 $ 2,585,508 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, 2017
Notes Tables
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land and Buildings and Improvements[Table Text Block]	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 $ 4,243,385 $ 4,713,385 $ 837,981
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 $ 5,081,365 $ 5,551,365 $ 2,084,846
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired [Table Text Block]	Column A Column G Column H Column I Life on which Depreciation in Latest Statement of Operations Description Date of Construction Date 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: 2017 2016 2015 (a) Reconciliation of amounts shown in Column E: Balance at beginning of year $ 5,486,185 $ 5,486,185 $ 20,633,009 Additions - Cost of improvements 65,180 0 149,212 Deductions - Sales 0 0 (15,296,036 ) Balance at end of year $ 5,551,365 $ 5,486,185 $ 5,486,185 (b) Reconciliation of amounts shown in Column F: Balance at beginning of year $ 1,927,326 $ 1,769,982 $ 4,900,846 Additions - Depreciation expense for the year 157,520 157,344 138,926 Deductions - Sales 0 0 (3,269,790 ) $ 2,084,846 $ 1,927,326 $ 1,769,982 (c) Aggregate cost basis for Federal income tax reporting purposes $ 5,216,977 $ 5,151,797 $ 5,151,797 (d) Accumulated depreciation for Federal income tax reporting purposes $ 2,070,468 $ 1,958,045 $ 1,845,433

Note 1 - Organization and Sig28

Note 1 - Organization and Significant Accounting Policies (Details Textual) shares in Thousands	12 Months Ended
	Dec. 31, 2017shares	Dec. 31, 2016shares	Dec. 31, 2015shares
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage	100.00%
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0	0	0
Number of Operating Segments	1

Note 1 - Organization and Sig29

Note 1 - Organization and Significant Accounting Policies - Estimated Useful Lives of Related Properties (Details)	12 Months Ended
	Dec. 31, 2017
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 2 - Investment Managemen30

Note 2 - Investment Management Agreement (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Property Management Fee, Percent Fee	2.00%
Management Fee Percentage Other Than Real Estate	0.50%
Management Fee Expense	$ 888,325	$ 867,859	$ 875,788
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	462,086	441,618	449,548
Accrued Expenses [Member]
Deferred Compensation Arrangement with Individual, Recorded Liability	2,922,943	2,460,857
General Partner [Member]
Management Fee Expense	$ 888,325	$ 867,859	$ 875,788

Note 3 - Investments in Real 31

Note 3 - Investments in Real Estate - Summary of Investments in Real Estate (Details)	12 Months Ended
	Dec. 31, 2017USD ($)ft²	Dec. 31, 2016USD ($)	Sep. 17, 2015USD ($)
Real Estate Investment Property, at Cost			$ 15,296,036
Less: accumulated depreciation	$ (2,084,846)	$ (1,927,326)
Net book value	$ 3,466,519	3,558,859
Industrial Flex Property [Member]
No. of Prop.	1
Year of Acquisition	2,002
Description (Square Foot) | ft²	60,345
Real Estate Investment Property, at Cost	$ 5,551,365	$ 5,486,185

Note 4 - Real Estate Transact32

Note 4 - Real Estate Transaction (Details Textual) - USD ($)	Sep. 17, 2015	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
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
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)	12 Months Ended
	Dec. 31, 2017USD ($)	Dec. 31, 2016	Mar. 31, 2018	Sep. 30, 2017	Dec. 31, 2015
Equity Method Investment, Ownership Percentage		30.00%			30.00%
Operating Lease Tenant Leasing Percentage	100.00%
Sentinel Omaha LLC [Member]
Unsecured Debt	$ 20,859,322
Increase in Real Estate Values, Percentage	10.20%
Sentinel Omaha LLC [Member] | Minimum [Member] | Multifamily [Member] | Fixed Rate Residential Mortgage [Member]
Mortgage Loans on Real Estate, Interest Rate	4.35%	4.10%
Sentinel Omaha LLC [Member] | Maximum [Member] | Multifamily [Member] | Fixed Rate Residential Mortgage [Member]
Mortgage Loans on Real Estate, Interest Rate	4.50%	4.15%
Sentinel Omaha LLC [Member] | London Interbank Offered Rate (LIBOR) [Member] | Weighted Average [Member]
Debt Instrument, Basis Spread on Variable Rate	1.4925%	0.7164%
Sentinel Omaha LLC [Member] | Daytona, Florida [Member]
Number of Properties Sold				1
Sentinel Omaha LLC [Member] | Fayetteville, North Carolina [Member] | Subsequent Event [Member]
Number of Properties Sold			2

Note 5 - Assets Measured at F34

Note 5 - Assets Measured at Fair Value - Fair Value Measurement of Assets (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Reserve for fair value of investment	$ (12,526,608)	$ (13,575,238)
Total assets	37,579,824	25,211,157
Sentinel Omaha LLC [Member]
Investment in Sentinel Omaha, LLC	50,106,432	38,786,395
Reserve for fair value of investment	(12,526,608)	(13,575,238)
Total assets	37,579,824	25,211,157
Fair Value, Inputs, Level 3 [Member] | Sentinel Omaha LLC [Member]
Investment in Sentinel Omaha, LLC	50,106,432	38,786,395	$ 28,891,652
Reserve for fair value of investment	(12,526,608)	(13,575,238)
Total assets	$ 37,579,824	$ 25,211,157

Note 5 - Assets Measured at F35

Note 5 - Assets Measured at Fair Value - Reconciliation of Assets Measured at Fair Value (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Adjustment of reserve for fair value of investment	$ (1,048,630)	$ (870,588)	$ 7,696,273
Sentinel Omaha LLC [Member]
Balance, Investment in Sentinel Omaha, LLC	38,786,395
Balance, Investment in Sentinel Omaha, LLC	50,106,432	38,786,395
Fair Value, Inputs, Level 3 [Member] | Sentinel Omaha LLC [Member]
Balance, Investment in Sentinel Omaha, LLC	38,786,395	28,891,652
Equity in net income of investment, Investment in Sentinel Omaha, LLC	11,320,037	9,894,743
Adjustment of reserve for fair value of investment
Balance, Investment in Sentinel Omaha, LLC	50,106,432	38,786,395	28,891,652
Balance, Reserve for fair value of investment	(13,575,238)	(14,445,826)
Decrease in reserve, Reserve for fair value of investment	1,048,630	870,588
Balance, Reserve for fair value of investment	(12,526,608)	(13,575,238)	(14,445,826)
Balance	25,211,157	14,445,826
Equity in net income of investment	11,320,037	9,894,743
Decrease in reserve	1,048,630	870,588
Balance	$ 37,579,824	$ 25,211,157	$ 14,445,826

Note 6 - Investment in Sentin36

Note 6 - Investment in Sentinel Omaha, LLC (Details Textual)	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2007USD ($)
Equity Method Investment, Ownership Percentage		30.00%	30.00%
Sentinel Omaha LLC [Member]
Investment Owned, at Cost				$ 37,200,000
Equity Method Investment, Ownership Percentage				30.00%
Number of Multifamily Properties	11
Number of Markets	8

Note 6 - Investment in Sentin37

Note 6 - Investment in Sentinel Omaha, LLC - Balance Sheet (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Other assets	$ 7,019	$ 7,363
Debt	(5,719,311)	(5,731,355)
Sentinel Omaha LLC [Member]
Investment in real estate properties, at fair value	368,600,000	378,460,000
Other assets	10,556,000	10,749,000
Debt	(207,187,000)	(254,913,000)
Other liabilities	(4,948,000)	(5,008,000)
Members' equity	$ 167,021,000	$ 129,288,000

Note 6 - Investment in Sentin38

Note 6 - Investment in Sentinel Omaha, LLC - Statement of Operations (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Rent and other income	$ 274,338	$ 271,619	$ 267,800	$ 267,378	$ 267,947	$ 266,304	$ 262,781	$ 262,312	$ 1,081,135	$ 1,059,344	$ 1,016,087
Real estate operating expenses									(281,796)	(286,536)	(314,306)
Other expenses									(124,329)	(131,157)	(153,473)
Net increase in net assets									11,852,468	10,233,277	17,437,154
Sentinel Omaha LLC [Member]
Rent and other income									41,488,000	44,266,000	41,850,000
Real estate operating expenses									(20,230,000)	(21,062,000)	(20,221,000)
Other expenses									(7,106,000)	(6,825,000)	(11,601,000)
Net unrealized gains									44,074,000	16,603,000	63,779,000
Net realized losses									(20,492,000)
Net increase in net assets									$ 37,734,000	$ 32,982,000	$ 73,807,000

Note 6 - Investment in Sentin39

Note 6 - Investment in Sentinel Omaha, LLC - Significant Unobservable Inputs Related to Fair Value Measurement (Details) $ in Millions	12 Months Ended
	Dec. 31, 2017USD ($)
Investment in real estate properties (Year)	10 years
Fair Value, Inputs, Level 3 [Member] | Minimum [Member]
Investment in real estate properties	5.00%
Fair Value, Inputs, Level 3 [Member] | Weighted Average [Member]
Investment in real estate properties	5.81%
Real Estate [Member] | Fair Value, Inputs, Level 3 [Member]
Investment in real estate properties, at fair value	$ 368.6
Real Estate [Member] | Fair Value, Inputs, Level 3 [Member] | Minimum [Member]
Investment in real estate properties	6.50%
Real Estate [Member] | Fair Value, Inputs, Level 3 [Member] | Weighted Average [Member]
Investment in real estate properties

Note 7 - Loan Payable (Details

Note 7 - Loan Payable (Details Textual)	Dec. 31, 2017USD ($)	May 26, 2017USD ($)	May 26, 2016USD ($)	Sep. 17, 2015USD ($)	Sep. 17, 2007USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Sep. 18, 2015USD ($)	Sep. 16, 2015
Long-term Debt	$ 5,719,311						$ 5,719,311	$ 5,731,355
Repayments of Long-term Debt				$ 10,000,000					$ 10,000,000
Repayments of Unsecured Debt							$ 33,883	226,415	$ 3,966,148
Lino Lakes [Member]
Restricted Cash and Cash Equivalents				$ 200,000
Notes Payable to Banks [Member]
Debt Instrument, Face Amount					$ 22,000,000
Debt Instrument, Interest Rate, Stated Percentage	0.00%						0.00%
Management Fee Payable	$ 2,922,942						$ 2,922,942	2,460,857
Security Interest on Partnership's Property Maximum	5,000,000						5,000,000
Notes Payable to Banks [Member] | Note B [Member]
Long-term Debt	$ 5,719,311						$ 5,719,311	$ 5,731,355		$ 5,726,590
Number of Extension Options	3						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
Repayments of Unsecured Debt		$ 33,883
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%

Note 7 - Loan Payable - Summary

Note 7 - Loan Payable - Summary of Notes and Loans Payable (Details) - USD ($)		Dec. 31, 2017	Dec. 31, 2016	Sep. 18, 2015
Long-term debt, gross		$ 5,726,590
Less: unamortized finance costs		(7,279)	$ (29,118)
Loan payable, net of unamortized deferred finance costs of $7,279 and $29,118 as of December 31, 2017 and 2016, respectively		5,719,311	5,731,355
Notes Payable to Banks [Member] | Note B [Member]
Long-term debt, gross	[1]	5,726,590	5,760,473
Less: unamortized finance costs		(7,279)	(29,118)
Loan payable, net of unamortized deferred finance costs of $7,279 and $29,118 as of December 31, 2017 and 2016, respectively		$ 5,719,311	$ 5,731,355	$ 5,726,590
[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"). Registrant paid down a portion of the bank loan using the net sales proceeds from the sale of 175 Ambassador Drive in 2011 and a further pay down using the net sales proceeds from the sale of Lino Lakes in 2015. The terms of the remaining bank loan are:

Note 7 - Loan Payable - Princip

Note 7 - Loan Payable - Principal Payments on Mortgage Note and Unsecured Loan Payable (Details)	Dec. 31, 2017USD ($)
2,018
2,019	5,726,590
2,020
2,021
2,022
Thereafter
Total	$ 5,726,590

Note 8 - Quarterly Financial 43

Note 8 - Quarterly Financial Information (Unaudited) - Summarized Quarterly Financial Data (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Rent and other income	$ 274,338	$ 271,619	$ 267,800	$ 267,378	$ 267,947	$ 266,304	$ 262,781	$ 262,312	$ 1,081,135	$ 1,059,344	$ 1,016,087
First Quarter, Net Income (Loss)	$ 1,313,661	$ 5,089,139	$ 3,335,567	$ 2,114,101	$ 5,565,883	$ 2,315,680	$ 1,517,735	$ 833,979
First Quarter, Net Income (Loss) per Unit of Limited Partnership Interest (in dollars per share)	$ 169.44	$ 656.41	$ 430.23	$ 272.68	$ 717.90	$ 298.68	$ 195.76	$ 107.57	$ 1,528.76	$ 1,319.91	$ 2,249.09
First Quarter, Equity Income (Loss) on Investment	$ 1,922,582	$ 4,013,490	$ 1,934,067	$ 3,449,898	$ (239,868)	$ 4,872,219	$ 3,289,592	$ 1,972,800	$ 11,320,037	$ 9,894,743	$ 22,142,099

Note 9 - Federal Income Tax I44

Note 9 - Federal Income Tax Information (Unaudited) (Details Textual) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Partnership Assets for Tax Basis	$ 43,029,724	$ 30,604,120
Partnership Liabilities for Tax Basis	$ 9,267,740	$ 8,739,701

Note 9 - Federal Income Tax I45

Note 9 - 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, 2017	Dec. 31, 2016	Dec. 31, 2015
Net increase in net assets	$ 11,852,468	$ 10,233,277	$ 17,437,154
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	(12,538,521)	(8,999,145)	(14,750,473)
Difference between accrued investment management fees, mortgage interest and partnership administrative expenses recognized for tax purposes	502,085	481,619	(619,789)
Difference between tax and financial statement depreciation	7,788	7,424	(230,508)
Net income (loss) for Federal income tax reporting purposes	(176,180)	1,723,175	2,585,508
Net ordinary income (loss) for Federal income tax reporting purposes	1,681,612	1,723,175	(1,043,005)
Net capital (Sec. 1231) gain (loss) for Federal income tax reporting purposes	(1,857,792)		3,628,513
	$ (176,180)	$ 1,723,175	$ 2,585,508
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	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Service Management Costs		$ 54,311	$ 53,242	$ 117,004
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 11 - Fair Value of Finan47

Note 11 - Fair Value of Financial Instruments (Details Textual) xbrli-pure in Thousands	Dec. 31, 2017
Notes Payable to Banks [Member]
Debt Instrument, Interest Rate, Stated Percentage	0.00%

Note 12 - Commitments and Con48

Note 12 - Commitments and Contingencies (Details Textual)	12 Months Ended
	Dec. 31, 2017USD ($)
Operating Leases, Future Minimum Payments Due, Next Twelve Months	$ 746,117
Operating Leases, Future Minimum Payments, Due in Two Years	$ 638,353
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 an49

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, 2017USD ($)
Initial cost, land	$ 470,000
Initial cost, buildings and improvements	4,243,385
Initial cost	4,713,385
Cost capitalized subsequent to acquistion	$ 837,981

Schedule III - Real Estate an50

Schedule III - Real Estate and Accumulated Depreciation - Real Estate and Accumulated Depreciation Gross Amount (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Accumulated depreciation	$ 2,084,846	$ 1,927,326	$ 1,769,982	$ 4,900,846
Industrial Flex Minnesota [Member] | Maple Grove (Eagle Lake Business Center IV) [Member]
Carrying amount, land	470,000
Carrying amount, buildings and improvements	5,081,365
Carrying amount, total	5,551,365
Accumulated depreciation	$ 2,084,846

Schedule III - Real Estate an51

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, 2017
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 an52

Schedule III - Real Estate and Accumulated Depreciation - Real Estate and Accumulated Depreciation Reconciliation (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
(a) Reconciliation of amounts shown in Column E:
Balance	$ 5,486,185	$ 5,486,185	$ 20,633,009
Cost of improvements	65,180	0	149,212
Sales	0	0	(15,296,036)
Balance	5,551,365	5,486,185	5,486,185
(b) Reconciliation of amounts shown in Column F:
Balance	1,927,326	1,769,982	4,900,846
Depreciation expense for the year	157,520	157,344	138,926
Sales	0	0	(3,269,790)
	2,084,846	1,927,326	1,769,982
(c) Aggregate cost basis for Federal income tax reporting purposes	5,216,977	5,151,797	5,151,797
(d) Accumulated depreciation for Federal income tax reporting purposes	$ 2,070,468	$ 1,958,045	$ 1,845,433