SB Partners 10-Q 13 Nov 18 2018 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information	9 Months Ended
	Sep. 30, 2018shares
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 Emerging Growth Company	false
Entity Small Business	false
Entity Common Stock, Shares Outstanding (in shares)	0
Document Type	10-Q
Document Period End Date	Sep. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3
Amendment Flag	false

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Assets:
Land	$ 470,000	$ 470,000
Buildings, furnishings and improvements	5,239,859	5,081,365
Less - accumulated depreciation	(2,204,141)	(2,084,846)
	3,505,718	3,466,519
Investment in Sentinel Omaha, LLC, net of reserve for fair value of $10,846,676 and $12,526,608 at September 30, 2018 and December 31, 2017, respectively	43,386,702	37,579,824
	46,892,420	41,046,343
Other Assets -
Cash and cash equivalents	1,343,903	1,449,927
Cash in escrow	509,965	504,778
Other	37,024	7,019
Total assets	48,783,312	43,008,067
Liabilities:
Loan payable, net of unamortized deferred finance costs of $0 and $7,279 at September 30, 2018 and December 31, 2017, respectively	5,693,876	5,719,311
Accounts payable	514,799	516,793
Tenant security deposit	102,813	101,414
Accrued expenses	3,286,792	2,922,943
Total liabilities	9,598,280	9,260,461
Partners' Equity (Deficit):
Limited partner - 7,753 units	39,198,414	33,761,689
General partner - 1 unit	(13,382)	(14,083)
Total partners' equity	39,185,032	33,747,606
Total liabilities and partners' equity	$ 48,783,312	$ 43,008,067

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Investment in Sentinel Omaha, LLC, reserve for fair value	$ 10,846,676	$ 12,526,608
Deferred finance costs	$ 0	$ 7,279
Limited partner - units (in shares)	7,753	7,753
General partner - units (in shares)	1	1

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenues:
Base rental income	$ 187,924	$ 182,393	$ 556,330	$ 539,937
Other rental income	87,041	87,452	261,123	262,356
Interest income	5,825	1,774	14,187	4,504
Total revenues	280,790	271,619	831,640	806,797
Expenses:
Real estate operating expenses	66,265	70,610	206,058	206,441
Amortization of deferred financing costs		5,460	7,279	16,380
Depreciation	39,765	39,345	119,295	118,035
Real estate taxes	30,467	30,881	91,401	92,644
Management fees	228,463	222,090	683,530	664,191
Other	32,320	32,730	93,529	97,035
Total expenses	397,280	401,116	1,201,092	1,194,726
Loss from operations	(116,490)	(129,497)	(369,452)	(387,929)
Equity in net income of investment	1,899,156	4,013,490	4,126,946	9,397,455
(Increase) decrease in reserve for value of investment	(379,831)	1,205,146	1,679,932	1,529,276
Net income	1,402,835	5,089,139	5,437,426	10,538,802
Income allocated to general partner	181	656	701	1,359
Income allocated to limited partners	$ 1,402,654	$ 5,088,483	$ 5,436,725	$ 10,537,443
Income per unit of limited partnership interest (basic and diluted)
Net income (in dollars per share)	$ 180.94	$ 656.41	$ 701.33	$ 1,359.32
Weighted Average Number of Units of Limited Partnership Interest Outstanding (in shares)	7,753	7,753	7,753	7,753

Consolidated Statements of Chan

Consolidated Statements of Changes in Partners' Equity (Deficit) (Unaudited) - 9 months ended Sep. 30, 2018 - 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, 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
Net income			5,436,725	5,436,725			701	701	5,437,426
Balance (in shares) at Sep. 30, 2018	7,753				1
Balance at Sep. 30, 2018	$ 119,968,973	$ (111,721,586)	$ 30,951,027	$ 39,198,414	$ 10,000	$ (26,364)	$ 2,982	$ (13,382)	$ 39,185,032

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Cash Flows From Operating Activities:
Net income	$ 1,402,835	$ 5,089,139	$ 5,437,426	$ 10,538,802
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in net (income) of investment	(1,899,156)	(4,013,490)	(4,126,946)	(9,397,455)
(Decrease) in reserve for value of investment	379,831	(1,205,146)	(1,679,932)	(1,529,276)
Depreciation and amortization			126,574	134,414
Net (increase) decrease in operating assets			(30,005)	4,763
Net (decrease) in accounts payable			(1,994)	(9,083)
Net increase in tenant security deposit			1,399	1,399
Net increase in accrued expenses			363,849	344,512
Net cash provided by operating activites			90,371	88,076
Cash Flows From Investing Activities:
Capital additions to real estate owned			(158,494)
Net cash (used in) investing activites			(158,494)
Cash Flows From Financing Activities:
Repayment of loan payable			(32,714)	(33,883)
Net cash (used in) financing activities			(32,714)	(33,883)
Net change in cash and cash equivalents and cash in escrow			(100,837)	54,193
Cash and cash equivalents and cash in escrow at beginning of period			1,954,705	1,828,342	$ 1,828,342
Cash and cash equivalents and cash in escrow at end of period	$ 1,853,868	$ 1,882,535	$ 1,853,868	$ 1,882,535	$ 1,954,705

Note 1 - Organization and Signi

Note 1 - Organization and Significant Accounting Policies	9 Months Ended
	Sep. 30, 2018
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" or the “Registrant”), have been engaged since April 1971 The consolidated financial statements included herein are unaudited; however, the information reflects all adjustments (consisting of normal recurring adjustments) that are, in the opinion of management, necessary to a fair presentation of the financial position, results of operations and cash flows for the interim periods. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations, although management believes that the disclosures are adequate to make the information presented not 10 The results of operations for the three nine September 30, 2018 not For a discussion of the significant accounting and financial reporting policies of the Partnership, refer to the Annual Report on Form 10–K December 31, 2017.

Note 2 - Reclassification

Note 2 - Reclassification	9 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Reclassifications [Text Block]	( 2 In November 2016, No. 2016 18, Restricted Cash 2016 18 2016 18 2016 18 December 15, 2017.

Note 3 - Investments in Real Es

Note 3 - Investments in Real Estate	9 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Real Estate Disclosure [Text Block]	( 3 As of September 30, 2018, September 30, 2018 December 31, 2017. No. of Year of Real Estate at Cost Type Prop. Acquisition Description 9/30/2018 12/31/2017 Industrial flex property 1 2002 60,345 sf $ 5,709,859 $ 5,551,365 Less: Accumulated depreciation (2,204,141 ) (2,084,846 ) Investment in real estate $ 3,505,718 $ 3,466,519 The Partnership’s wholly owned property located in Maple Grove, Minnesota is 100% 3% July 26, 2018, October 31, 2024. 3% $158,494 75% third

Note 4 - Assets Measured at Fai

Note 4 - Assets Measured at Fair Value	9 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block]	( 4 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 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 ● Level 2 ● Level 3 The following major categories of assets were measured at fair value as of September 30, 2018 December 31, 2017: Level 3: September 30, Significant 2018 Unobservable (Unaudited) Inputs Total Assets Investment in Sentinel Omaha, LLC ("Omaha") $ 54,233,378 $ 54,233,378 Reserve for fair value of investment (10,846,676 ) (10,846,676 ) Total assets $ 43,386,702 $ 43,386,702 Level 3: December 31, Significant 2017 Unobservable (Audited) 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 The following is a reconciliation of the beginning and ending balances for assets measured at fair value using significant unobservable inputs (Level 3 September 30, 2018 December 31, 2017: Investment in Reserve for Sentinel fair value Omaha, LLC of investment Total Balance at January 1, 2017 $ 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 Equity in net income of investment 4,126,946 - 4,126,946 Decrease in reserve - 1,679,932 1,679,932 Balance at September 30, 2018 $ 54,233,378 $ (10,846,676 ) $ 43,386,702 Omaha was precluded from making distributions to its investors until its unsecured loan was paid in full. Omaha’s unsecured loan which, as of December 31, 2017 $20,859,322, December 31, 2017. 2017, one June 30, 2018. December 31, 2017 30% December 31, 2017 25% first 2018, first March 31, 2018 20%.

Note 5 - Investment in Sentinel

Note 5 - Investment in Sentinel Omaha, LLC	9 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Equity Method Investments and Joint Ventures Disclosure [Text Block]	( 5 In 2007, $37,200,000 September 30, 2018 nine six 30% The following are the condensed financial statements ( 000’s September 30, 2018 December 31, 2017 nine September 30, 2018 2017. (Unaudited) (Audited) Balance Sheet September 30, 2018 December 31, 2017 Investment in real estate, net $ 303,800 $ 368,600 Other assets 16,916 10,556 Debt (135,485 ) (207,187 ) Other liabilities (4,453 ) (4,948 ) Member's equity $ 180,778 $ 167,021 (Unaudited) (Unaudited) Statement of Operations September 30, 2018 September 30, 2017 Rent and other income $ 25,739 $ 21,750 Real estate operating expenses (12,724 ) (11,094 ) Other expenses (4,036 ) (3,463 ) Net realized gains (losses) 9,940 (20,794 ) Net unrealized (losses) gains (5,162 ) 31,548 Net increase in net assets $ 13,757 $ 17,947

Note 6 - Loan Payable

Note 6 - Loan Payable	9 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Debt Disclosure [Text Block]	( 6 Loan payable consists of the following: Annual Net Carrying Amount Interest Installment Amount Due September 30, December 31, Property Rate Maturity Date Payments at Maturity 2018 2017 Bank Loan (a): Note B 0.000 % Apr-19 - $ 5,693,876 $ 5,693,876 $ 5,726,590 Less: unamortized finance costs - (7,279 ) Loan payable $ 5,693,876 $ 5,719,311 (a) On September 17, 2007, $22,000,000. April 29, 2011, 175 2011. 2015. 1 Note B in the amount of $5,693,876 April 29, 2018 three one 5% $1,335,833 September 18, 2015 not first no January 30, 2018, first one April 29, 2019, 2 Note B may may 7 October 19, 2018. 3 Until the Partnership’s obligations under Note B is 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 May 14, 2018, $32,714 May 26, 2017, $33,883 4 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 Note B remains outstanding. As of September 30, 2018 December 31, 2017, $3,286,792 $2,922,943, 5 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

Note 7 - Subsequent Event

Note 7 - Subsequent Event	9 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Subsequent Events [Text Block]	( 7 On October 4, 2018, one $4,000,000 October 30, 2018 $5,693,876 October 19, 2018 $4,000,000 $2,400,000, $510,000 $4,000,000. $4,000,000 $5,693,876. $1,693,876

Note 3 - Investments in Real _2

Note 3 - Investments in Real Estate (Tables)	9 Months Ended
	Sep. 30, 2018
Notes Tables
Schedule of Real Estate Properties [Table Text Block]	No. of Year of Real Estate at Cost Type Prop. Acquisition Description 9/30/2018 12/31/2017 Industrial flex property 1 2002 60,345 sf $ 5,709,859 $ 5,551,365 Less: Accumulated depreciation (2,204,141 ) (2,084,846 ) Investment in real estate $ 3,505,718 $ 3,466,519

Note 4 - Assets Measured at F_2

Note 4 - Assets Measured at Fair Value (Tables)	9 Months Ended
	Sep. 30, 2018
Notes Tables
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Table Text Block]	Level 3: September 30, Significant 2018 Unobservable (Unaudited) Inputs Total Assets Investment in Sentinel Omaha, LLC ("Omaha") $ 54,233,378 $ 54,233,378 Reserve for fair value of investment (10,846,676 ) (10,846,676 ) Total assets $ 43,386,702 $ 43,386,702 Level 3: December 31, Significant 2017 Unobservable (Audited) 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
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, 2017 $ 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 Equity in net income of investment 4,126,946 - 4,126,946 Decrease in reserve - 1,679,932 1,679,932 Balance at September 30, 2018 $ 54,233,378 $ (10,846,676 ) $ 43,386,702

Note 5 - Investment in Sentin_2

Note 5 - Investment in Sentinel Omaha, LLC (Tables)	9 Months Ended
	Sep. 30, 2018
Statement of Operations [Member]
Notes Tables
Real Estate Investment Financial Statements, Disclosure [Table Text Block]	(Unaudited) (Unaudited) Statement of Operations September 30, 2018 September 30, 2017 Rent and other income $ 25,739 $ 21,750 Real estate operating expenses (12,724 ) (11,094 ) Other expenses (4,036 ) (3,463 ) Net realized gains (losses) 9,940 (20,794 ) Net unrealized (losses) gains (5,162 ) 31,548 Net increase in net assets $ 13,757 $ 17,947
Balance Sheet [Member]
Notes Tables
Real Estate Investment Financial Statements, Disclosure [Table Text Block]	(Unaudited) (Audited) Balance Sheet September 30, 2018 December 31, 2017 Investment in real estate, net $ 303,800 $ 368,600 Other assets 16,916 10,556 Debt (135,485 ) (207,187 ) Other liabilities (4,453 ) (4,948 ) Member's equity $ 180,778 $ 167,021

Note 6 - Loan Payable (Tables)

Note 6 - Loan Payable (Tables)	9 Months Ended
	Sep. 30, 2018
Notes Tables
Schedule of Long-term Debt Instruments [Table Text Block]	Annual Net Carrying Amount Interest Installment Amount Due September 30, December 31, Property Rate Maturity Date Payments at Maturity 2018 2017 Bank Loan (a): Note B 0.000 % Apr-19 - $ 5,693,876 $ 5,693,876 $ 5,726,590 Less: unamortized finance costs - (7,279 ) Loan payable $ 5,693,876 $ 5,719,311

Note 3 - Investments in Real _3

Note 3 - Investments in Real Estate (Details Textual) - Maple Grove (Eagle Lake Business Center IV) [Member] - USD ($)	Jul. 26, 2018	Sep. 30, 2018
Operating Lease Tenant Leasing Percentage		100.00%
Operating Lease, Yearly Percentage Increase in Tenants Base Rent	3.00%	3.00%
Property Management Fee Revenue		$ 158,494
Property Management Fee, Percent Fee		75.00%

Note 3 - Investments in Real _4

Note 3 - Investments in Real Estate - Summary of Investments in Real Estate (Details)	9 Months Ended
	Sep. 30, 2018USD ($)ft²	Dec. 31, 2017USD ($)
Less: Accumulated depreciation	$ (2,204,141)	$ (2,084,846)
Investment in real estate	$ 3,505,718	3,466,519
Industrial Flex Property [Member]
No. of Prop.	1
Year of Acquisition	2,002
Description (Square Foot) | ft²	60,345
Investment in real estate, at cost	$ 5,709,859	5,551,365
Less: Accumulated depreciation	(2,204,141)	(2,084,846)
Investment in real estate	$ 3,505,718	$ 3,466,519

Note 4 - Assets Measured at F_3

Note 4 - Assets Measured at Fair Value (Details Textual) - USD ($)	Sep. 30, 2018	Mar. 31, 2018	Dec. 31, 2017
Sentinel Omaha LLC [Member]
Equity Method Investment, Ownership Percentage	30.00%		30.00%
Equity Method Investment, Fair Value, Reserve, Percent		20.00%	25.00%
Sentinel Omaha LLC [Member]
Unsecured Debt, Total			$ 20,859,322

Note 4 - Assets Measured at F_4

Note 4 - Assets Measured at Fair Value - Fair Value Measurement of Assets (Details) - USD ($)	Sep. 30, 2018	Dec. 31, 2017	Dec. 31, 2016
Reserve for fair value of investment	$ (10,846,676)	$ (12,526,608)
Total assets	43,386,702	37,579,824
Sentinel Omaha LLC [Member]
Investment in Sentinel Omaha, LLC ("Omaha")	54,233,378	50,106,432
Reserve for fair value of investment	(10,846,676)	(12,526,608)
Total assets	43,386,702	37,579,824
Fair Value, Inputs, Level 3 [Member] | Sentinel Omaha LLC [Member]
Investment in Sentinel Omaha, LLC ("Omaha")	54,233,378	50,106,432	$ 38,786,395
Reserve for fair value of investment	(10,846,676)	(12,526,608)
Total assets	$ 43,386,702	$ 37,579,824

Note 4 - Assets Measured at F_5

Note 4 - Assets Measured at Fair Value - Reconciliation of Assets Measured at Fair Value (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
(Decrease) in reserve for value of investment	$ 379,831	$ (1,205,146)	$ (1,679,932)	$ (1,529,276)
Sentinel Omaha LLC [Member]
Balance, Investment in Sentinel Omaha, LLC			50,106,432
Balance, Investment in Sentinel Omaha, LLC	54,233,378		54,233,378		$ 50,106,432
Fair Value, Inputs, Level 3 [Member] | Sentinel Omaha LLC [Member]
Balance, Investment in Sentinel Omaha, LLC			50,106,432	38,786,395	38,786,395
Equity in net income of investment, Investment in Sentinel Omaha, LLC			4,126,946		11,320,037
(Decrease) in reserve for value of investment
Balance, Investment in Sentinel Omaha, LLC	54,233,378		54,233,378		50,106,432
Balance, Reserve for fair value of investment			(12,526,608)	(13,575,238)	(13,575,238)
Decrease in reserve, Reserve for fair value of investment			1,679,932		1,048,630
Balance, Reserve for fair value of investment	(10,846,676)		(10,846,676)		(12,526,608)
Balance			37,579,824	$ 25,211,157	25,211,157
Equity in net income of investment			4,126,946		11,320,037
Decrease in reserve			1,679,932		1,048,630
Balance	$ 43,386,702		$ 43,386,702		$ 37,579,824

Note 5 - Investment in Sentin_3

Note 5 - Investment in Sentinel Omaha, LLC (Details Textual) - Sentinel Omaha LLC [Member]	Sep. 30, 2018	Dec. 31, 2017	Dec. 31, 2007USD ($)
Investment Owned, at Cost			$ 37,200,000
Number of Multifamily Properties	9
Number of Markets	6
Equity Method Investment, Ownership Percentage	30.00%	30.00%

Note 5 - Investment in Sentin_4

Note 5 - Investment in Sentinel Omaha, LLC - Balance Sheet (Details) - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Other assets	$ 37,024	$ 7,019
Debt	(5,693,876)	(5,719,311)
Sentinel Omaha LLC [Member]
Investment in real estate, net	303,800,000	368,600,000
Other assets	16,916,000	10,556,000
Debt	(135,485,000)	(207,187,000)
Other liabilities	(4,453,000)	(4,948,000)
Member's equity	$ 180,778,000	$ 167,021,000

Note 5 - Investment in Sentin_5

Note 5 - Investment in Sentinel Omaha, LLC - Statement of Operations (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Rent and other income	$ 280,790	$ 271,619	$ 831,640	$ 806,797
Real estate operating expenses	(66,265)	(70,610)	(206,058)	(206,441)
Other expenses	(32,320)	(32,730)	(93,529)	(97,035)
Net increase in net assets	$ 1,402,835	$ 5,089,139	5,437,426	10,538,802
Sentinel Omaha LLC [Member]
Rent and other income			25,739,000	21,750,000
Real estate operating expenses			(12,724,000)	(11,094,000)
Other expenses			(4,036,000)	(3,463,000)
Net realized gains (losses)			9,940,000	(20,794,000)
Net unrealized (losses) gains			(5,162,000)	31,548,000
Net increase in net assets			$ 13,757,000	$ 17,947,000

Note 6 - Loan Payable (Details

Note 6 - Loan Payable (Details Textual)		May 14, 2018USD ($)	May 26, 2017USD ($)	Apr. 29, 2011USD ($)	Sep. 30, 2018USD ($)		Sep. 30, 2017USD ($)	Dec. 31, 2017USD ($)	Sep. 17, 2007USD ($)
Long-term Debt, Total					$ 5,693,876			$ 5,719,311
Repayments of Unsecured Debt					32,714		$ 33,883
Notes Payable to Banks [Member]
Debt Instrument, Face Amount									$ 22,000,000
Management Fee Payable					3,286,792			2,922,943
Security Interest on Partnership's Property Maximum					5,000,000
Notes Payable to Banks [Member] | Note B [Member]
Debt Instrument, Face Amount	[1]				5,693,876
Long-term Debt, Total				$ 5,693,876	$ 5,693,876			$ 5,719,311
Original Maturity Date				Apr. 29, 2018	Apr. 30, 2019	[1]
Number of Extension Options				3
Term of Extension Options				1 year
Debt Instrument, Interest Rate, Stated Percentage				5.00%	0.00%	[1]
Interest Payable				$ 1,335,833
Repayments of Unsecured Debt		$ 32,714	$ 33,883
[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. On April 29, 2011, the Holder and the Partnership executed a new Loan Agreement ("Loan Agreement"). Registrant paid down a portion of the Loan using the net sales proceeds from the sale of 175 Ambassador Drive in 2011. Registrant made a further pay down, including fully retiring Note A, using the net sales proceeds from the sale of Lino Lakes in 2015. The terms of the remaining bank loan are: 1) Note B in the amount of $5,693,876 had a maturity date of April 29, 2018. The Partnership has three one-year options to extend the maturity date if certain conditions are satisfied. Note B previously accrued interest at an annual fixed rate of 5% but only until all interest and principal had been paid in full on Note A. Accrued interest related to Note B in the amount of $1,335,833 was paid off in full on September 18, 2015 using sales proceeds from the sale of Lino Lakes. Thereafter Note B does not accrue any interest. Except as discussed below, payments of principal are deferred until Registrant’s investment in Sentinel Omaha LLC pays distributions to the Partnership or the Partnership sells Eagle Lake Business Center IV or its investment in Omaha. Distributions from Omaha or net proceeds from the sale of Eagle IV or Omaha would be used first to pay the outstanding principal balance of Note B. If there are no distributions from Omaha prior to the Note B maturity, principal is due at maturity, subject to the above mentioned extensions. On January 30, 2018, the Partnership sent notice to Holder to exercise its first one year option to extend the maturity date to April 29, 2019, which Holder has acknowledged. 2) Note B may be voluntarily prepaid upon notice to the Holder, subject to certain requirements as to the application of payments. The Partnership's obligations under the Notes may be accelerated upon default. See Note 7 below regarding the early retirement of the Loan on October 19, 2018. 3) Until the Partnership's obligations under Note B is 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 May 14, 2018, the partnership paid $32,714 to the Holder to pay down a portion of the outstanding balance of Note B. On May 26, 2017, the partnership paid $33,883 to the Holder to pay down a portion of the outstanding balance of Note B. While the obligation under Note B is outstanding, the Partnership is precluded from making distributions to its partners. 4) 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 Note B remains outstanding. As of September 30, 2018 and December 31, 2017, $3,286,792 and $2,922,943, respectively of investment management fees have been accrued and are included in accrued expenses on the balance sheet. 5) As additional security for the Partnership's payment of its obligations under the Loan Agreement, the Partnership, through its wholly-owned subsidiary Eagle IV Realty, LLC, has executed a Mortgage, Security Agreement, Assignment of Leases and Rents and Fixture Financing Statement ("Eagle IV Security Agreement") and a Pledge Agreement ("Eagle IV Pledge Agreement") in favor of Holder. The Eagle IV Security Agreement provides Holder with a security interest on the Partnership’s property located in Maple Grove, Minnesota ("Eagle IV") of up to $5,000,000. The Eagle IV Pledge Agreement pledges to Holder the Partnership’s membership interest in Eagle IV Realty, LLC, the direct owner of Eagle IV. The Partnership has no other debt obligation secured by Eagle IV. The Loan Agreement also provides for a negative pledge on the Partnership's remaining property and investment.

Note 6 - Loan Payable - Summary

Note 6 - Loan Payable - Summary of Notes and Loans Payable (Details) - USD ($)		Apr. 29, 2011	Sep. 30, 2018		Dec. 31, 2017	Sep. 17, 2007
Less: unamortized finance costs			$ 0		$ (7,279)
Long-term Debt, Total			$ 5,693,876		5,719,311
Notes Payable to Banks [Member]
Long-term debt, At Maturity						$ 22,000,000
Notes Payable to Banks [Member] | Note B [Member]
Long-term debt, Interest Rate		5.00%	0.00%	[1]
Maturity Date		Apr. 29, 2018	Apr. 30, 2019	[1]
Long-term debt, At Maturity	[1]		$ 5,693,876
Long-term debt, Gross	[1]		5,693,876		5,726,590
Less: unamortized finance costs					(7,279)
Long-term Debt, Total		$ 5,693,876	$ 5,693,876		$ 5,719,311
[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. On April 29, 2011, the Holder and the Partnership executed a new Loan Agreement ("Loan Agreement"). Registrant paid down a portion of the Loan using the net sales proceeds from the sale of 175 Ambassador Drive in 2011. Registrant made a further pay down, including fully retiring Note A, using the net sales proceeds from the sale of Lino Lakes in 2015. The terms of the remaining bank loan are: 1) Note B in the amount of $5,693,876 had a maturity date of April 29, 2018. The Partnership has three one-year options to extend the maturity date if certain conditions are satisfied. Note B previously accrued interest at an annual fixed rate of 5% but only until all interest and principal had been paid in full on Note A. Accrued interest related to Note B in the amount of $1,335,833 was paid off in full on September 18, 2015 using sales proceeds from the sale of Lino Lakes. Thereafter Note B does not accrue any interest. Except as discussed below, payments of principal are deferred until Registrant’s investment in Sentinel Omaha LLC pays distributions to the Partnership or the Partnership sells Eagle Lake Business Center IV or its investment in Omaha. Distributions from Omaha or net proceeds from the sale of Eagle IV or Omaha would be used first to pay the outstanding principal balance of Note B. If there are no distributions from Omaha prior to the Note B maturity, principal is due at maturity, subject to the above mentioned extensions. On January 30, 2018, the Partnership sent notice to Holder to exercise its first one year option to extend the maturity date to April 29, 2019, which Holder has acknowledged. 2) Note B may be voluntarily prepaid upon notice to the Holder, subject to certain requirements as to the application of payments. The Partnership's obligations under the Notes may be accelerated upon default. See Note 7 below regarding the early retirement of the Loan on October 19, 2018. 3) Until the Partnership's obligations under Note B is 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 May 14, 2018, the partnership paid $32,714 to the Holder to pay down a portion of the outstanding balance of Note B. On May 26, 2017, the partnership paid $33,883 to the Holder to pay down a portion of the outstanding balance of Note B. While the obligation under Note B is outstanding, the Partnership is precluded from making distributions to its partners. 4) 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 Note B remains outstanding. As of September 30, 2018 and December 31, 2017, $3,286,792 and $2,922,943, respectively of investment management fees have been accrued and are included in accrued expenses on the balance sheet. 5) As additional security for the Partnership's payment of its obligations under the Loan Agreement, the Partnership, through its wholly-owned subsidiary Eagle IV Realty, LLC, has executed a Mortgage, Security Agreement, Assignment of Leases and Rents and Fixture Financing Statement ("Eagle IV Security Agreement") and a Pledge Agreement ("Eagle IV Pledge Agreement") in favor of Holder. The Eagle IV Security Agreement provides Holder with a security interest on the Partnership’s property located in Maple Grove, Minnesota ("Eagle IV") of up to $5,000,000. The Eagle IV Pledge Agreement pledges to Holder the Partnership’s membership interest in Eagle IV Realty, LLC, the direct owner of Eagle IV. The Partnership has no other debt obligation secured by Eagle IV. The Loan Agreement also provides for a negative pledge on the Partnership's remaining property and investment.

Note 7 - Subsequent Event (Deta

Note 7 - Subsequent Event (Details Textual) - Subsequent Event [Member] - Payoff Agreement [Member] - USD ($)	Oct. 19, 2018	Oct. 04, 2018
Debt Instrument, One-time Agreement Payment		$ 4,000,000
Long-term Debt, Gross		$ 5,693,876
Repayments of Debt	$ 4,000,000
Cash Held in Escrow	510,000
Gain (Loss) on Extinguishment of Debt, Total	1,693,876
Sentinel Omaha LLC [Member]
Proceeds from Equity Method Investment, Distribution	$ 2,400,000