Rental Properties

12 Months Ended

Dec. 31, 2024

Rental Properties [Abstract]

RENTAL PROPERTIES

NOTE 4 – RENTAL PROPERTIES

On December 31, 2024 and 2023, rental properties, net consisted of the following:

Description	Useful Life (Years)	December 31, 2024			December 31, 2023
Building and building improvements	5-39	$	10,332,213		$	9,258,431
Construction in progress	-		57,319			18,976
Land	-		5,578,015			3,353,378
Rental properties, at cost			15,967,547			12,630,785
Less: accumulated depreciation			(2,942,611	)		(2,590,261	)
Rental properties, net		$	13,024,936		$	10,040,524

Property Acquisitions

2024

Pursuant to the terms of the Agreement Regarding Purchase and Sale Contract and an Assignment and Assumption Agreement, on January 19, 2024, ZPRE Holdings completed the acquisition of its Ashland Avenue Property located in Chicago, Illinois for an aggregate cash purchase price of $1,585,878, including (i) $1,250,000, representing the Purchase Price, (ii) an assignment fees of $185,000, and (iii) closing costs, commissions, and fees customary to the acquisition of real estate of $150,878, which includes a $65,000 commission expense, a $79,634 sponsor fee, and other costs of $6,244.

On July 8, 2024 (the “Closing”), ZP Dysart acquired a property in Surprise AZ (the “Surprise Property”) from NWC Dysart & Bell LLC (“NWC”). Surprise Property is a tract or parcel of land containing approximately 1.114 acres, together with all improvements, buildings, leases, rights, easements, and appurtenances pertaining thereto. The Surprise Property was acquired for an aggregate purchase price of $1,712,541, which included (i) $1,100,000, representing the Purchase Price, (ii) reimbursement to NWC for onsite and offsite improvements of $492,022, and (iii) closing costs, commissions, and fees customary to the acquisition of real estate of $120,519.

For the years ended December 31, 2024 and 2023, depreciation of rental properties amounted to $352,351 and $375,553, respectively.