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Promissory Notes (Tables)
12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Schedule of Promissory Notes

The Company had the following promissory notes outstanding as of December 31, 2021 and 2020, respectively:

 

 

 

 

 

 

 

As of

December 31,

 

 

As of

December 31,

 

 

 

Interest Rate

 

Maturity Date

 

2021

 

 

2020

 

Promissory note issued for $3,407,391 by a financial institution. Note

   was issued on September 11, 2019 and prepaid without penalty

   upon the sale of the Walgreen-Cocoa, Florida property on August 31,

   2021 which was securing the note.

 

30-day LIBOR plus 225 basis points

 

9/11/2021

 

$

 

 

$

3,407,391

 

Promissory note issued for $1,286,664 by a financial institution,       interest only due monthly of approximately $3,800 until December 2023. Note was originally issued on January 15, 2015 and assumed and modified on November 30, 2020 and can be prepaid at any time without penalty.  Secured by out Tampa Sherwin-Williams property.

 

3.72% fixed rate after using SWAP whereas the loan is LIBOR plus 2.75%

 

8/10/2028

 

 

1,286,664

 

 

 

1,286,664

 

Promissory note issued for $1,275,000 by a financial institution. Note

   was issued on February 4, 2021 and can be prepaid at any time

   without penalty. Secured by our GSA-Manteo, North Carolina

   property.

 

Wall Street Journal Prime Rate with minimum of 3.25%

 

2/4/2023

 

 

1,275,000

 

 

 

 

Promissory note issued for $850,000 by a financial institution. Note

   was issued on April 21, 2021 and can be prepaid at any time without

   penalty. Secured by our Irby - Plant City, FL property.

 

Wall Street Journal Prime Rate minus 0.5% with minimum of 3.0% for the first 24 months; thereafter, weekly average yield on U.S. Treasury Securities adjusted to a constant maturity of three years on April 21, 2023, plus 2.75% with a minimum of 3.25%

 

12/31/2024

 

 

850,000

 

 

 

 

Promissory note issued for $2,350,000 by a financial institution. Note was issued on December 28, 2021 and can be prepaid at any time without penalty. Secured by our Best Buy - Grand Junction, CO property.

 

Wall Street Journal Prime Rate with minimum of 3.25%

 

12/28/2023

 

 

2,350,000

 

 

 

 

Promissory note issued for $8,260,000 by a financial institution,

   interest and principal payments due monthly of approximately

   $41,500. Note was issued on September 30, 2019 and can be

   prepaid at any time without penalty. Secured by our GSA/

   Maersk - Norfolk, Virginia property. The interest rate was

   reduced in March 2021 from 4.25% to 3.5%.

 

3.50%

 

9/30/2024

 

 

7,805,524

 

 

 

8,022,271

 

Promissory note issued for $5,216,749 by a financial institution,

   interest and principal payments due monthly of approximately

   $27,400. Note was originally issued on October 23, 2017 and

   modified on September 30, 2019 and can be prepaid at any

   time without penalty. Secured by our PRA - Norfolk, Virginia

   property. The interest rate was reduced in March 2021

   from 4.25% to 3.5%.

 

3.50%

 

10/23/2024

 

 

4,889,670

 

 

 

5,041,935

 

Promissory note issued for $1,900,000 to a Clearlake Preferred

   Member, secured by all of the personal and fixture property

   of the Operating Partnership, interest payments due monthly.

   Note was issued on December 16, 2019 and was prepaid without

   penalty on September 30, 2021.

 

10.00%

 

12/16/2021

 

 

 

 

 

1,100,000

 

Promissory note issued for $11,287,500 by a financial institution,

   interest only payment is approximately $39,000 and starting

   April 6, 2021, interest and principal payments due monthly of

   approximately $55,000. Note was issued on February 11, 2020.

   Secured by our Washington, DC, Tampa, FL and Huntsville, AL

   properties. It cannot be prepaid without a penalty.

 

4.17%

 

3/6/2030

 

 

11,150,130

 

 

 

11,287,500

 

Less: debt issuance costs, net

 

 

 

 

 

 

(637,693

)

 

 

(689,190

)

 

 

 

 

 

 

$

28,969,295

 

 

$

29,456,571

 

 

Schedule of Minimum Required Principal Payments

Minimum required principal payments on the Company’s debt as of December 31, 2021 are as follows:  

 

 

 

As of

December 31,

 

 

 

2021

 

2022

 

$

580,740

 

2023

 

 

4,240,446

 

2024

 

 

12,981,450

 

2025

 

 

251,011

 

2026

 

 

261,675

 

2027 and beyond

 

 

11,291,666

 

 

 

$

29,606,988