INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of future annual mortgage maturities

Future annual mortgage maturities at December 31, 2024 are as follows:

	Hamilton		345		Hamilton		Hamilton on		Dexter
Period End	Essex 81		Franklin		Minuteman		Main Apts		Park		Total
12/31/2025	$	10,000,000	$	249,333	$	—	$	—	$	—	$	10,249,333
12/31/2026				259,155		—		—		—		259,155
12/31/2027		—		269,364		—		—		—		269,364
12/31/2028		—		7,465,040		—		—		125,000,000		132,465,040
12/31/2029		—				—		—		—		—
Thereafter		—		—		6,000,000		23,589,000		—		29,589,000
		10,000,000		8,242,892		6,000,000		23,589,000		125,000,000		172,831,892
Less: unamortized deferred financing costs		(10,342)		(23,305)		(54,898)		(234,856)		(220,795)		(544,196)
	$	9,989,658	$	8,219,587	$	5,945,102	$	23,354,144	$	124,779,205	$	172,287,696

2024

Summary of financial position and income statements relating to investment in unconsolidated joint ventures

Summary financial information as of December 31, 2024

				Hamilton									Hamilton			Hamilton
	Hamilton			Essex			345			Hamilton			Minuteman			on Main			Dexter
	Essex 81			Development			Franklin			1025			Apts			Apts			Park			Total
ASSETS
Rental Properties	$	5,004,114		$	2,580,701		$	4,157,090		$	71,763		$	3,922,243		$	13,644,999		$	70,572,004		$	99,952,914
Cash & Cash Equivalents		1,443,698			63,207			165,608			18,352			204,938			632,190			3,217,273			5,745,266
Rent Receivable		202,234			71,060			2,679			1,655			2,278			50,479			96,173			426,558
Real Estate Tax Escrow		74,949			—			37,432			—			27,577			—			—			139,958
Prepaid Expenses & Other Assets		312,911			35,021			78,348			515			60,979			241,814			2,609,805			3,339,393
Total Assets	$	7,037,906		$	2,749,989		$	4,441,157		$	92,285		$	4,218,015		$	14,569,482		$	76,495,255		$	109,604,089
LIABILITIES AND PARTNERS’ CAPITAL
Mortgage Notes Payable	$	9,989,658		$	—		$	8,219,587		$	—		$	5,945,102		$	23,354,144		$	124,779,205		$	172,287,696
Accounts Payable & Accrued Expense		297,308			4,000			82,623			3,332			53,813			305,519			700,072			1,446,667
Advance Rental Pmts & Security Deposits		372,656			—			262,266			—			167,307			509,294			3,229,774			4,541,297
Total Liabilities		10,659,622			4,000			8,564,476			3,332			6,166,222			24,168,957			128,709,051			178,275,660
Partners’ Capital		(3,621,716)			2,745,989			(4,123,319)			88,953			(1,948,207)			(9,599,475)			(52,213,796)			(68,671,571)
Total Liabilities and Capital	$	7,037,906		$	2,749,989		$	4,441,157		$	92,285		$	4,218,015		$	14,569,482		$	76,495,255		$	109,604,089
Partners’ Capital %—NERA		50	%		50	%		50	%		50	%		50	%		50	%		40	%
Investment in Unconsolidated Joint Ventures	$	—		$	1,372,994		$	—		$	44,477		$	—		$	—		$	—			1,417,470
Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures	$	(1,810,859)		$	—		$	(2,061,661)		$	—		$	(974,105)		$	(4,799,739)		$	(20,885,518)			(30,531,881)
Total Investment in Unconsolidated Joint Ventures (Net)																						$	(29,114,411)
Total units/condominiums
Apartments		48			—			40			—			42			148			409			687
Commercial		1			1			—			1			—			—			—			3
Total		49			1			40			1			42			148			409			690

Summary of income statement relating to investment in unconsolidated joint ventures

Summary financial information for the year ended December 31, 2024

			Hamilton						Hamilton		Hamilton
	Hamilton		Essex		345		Hamilton		Minuteman		on Main		Dexter
	Essex 81		Development		Franklin		1025		Apts		Apts		Park		Total
Revenues
Rental Income	$	1,965,371	$	241,884	$	1,797,556	$	103,239	$	1,425,224	$	4,146,753	$	17,124,460	$	26,804,487
Laundry and Sundry Income		11,914		—		—		—		—		50,589		192,558		255,061
		1,977,285		241,884		1,797,556		103,239		1,425,224		4,197,342		17,317,018		27,059,548
Expenses
Administrative		21,123		5,002		32,052		3,438		17,615		115,474		197,474		392,178
Depreciation and Amortization		466,653		11,709		346,729		3,264		335,460		1,094,296		3,720,244		5,978,355
Management Fees		78,958		9,157		70,511		4,199		56,955		172,193		359,051		751,024
Operating		425,064		—		79,274		174		114,546		469,818		1,317,364		2,406,240
Renting		36,554		—		28,812		116		17,260		121,291		123,415		327,448
Repairs and Maintenance		244,133		—		144,504		6,478		160,089		733,621		1,985,001		3,273,826
Taxes and Insurance		283,858		67,749		195,475		19,178		158,746		453,032		2,667,779		3,845,817
		1,556,343		93,617		897,357		36,847		860,671		3,159,725		10,370,328		16,974,888
Income Before Other Income		420,942		148,267		900,199		66,392		564,553		1,037,617		6,946,690		10,084,660
Other Income (Loss)
Interest Expense		(782,293)		—		(335,778)		—		(237,599)		(968,928)		(5,123,727)		(7,448,325)
Other(Expense)				—				—		—		75,665				75,665
Interest income		44,314		1,909		8,733		793		9,078		64,292		109,603		238,722
		(737,979)		1,909		(327,045)		793		(228,521)		(828,971)		(5,014,124)		(7,133,938)
Net (Loss) Income	$	(317,037)	$	150,176	$	573,154	$	67,185	$	336,032	$	208,646	$	1,932,566	$	2,950,722
Net (Loss) Income —NERA 50%	$	(158,519)	$	75,088	$	286,576	$	33,593	$	168,016	$	104,323				509,077
Net Income —NERA 40%													$	773,025		773,025
															$	1,282,102

2023

Summary of financial position and income statements relating to investment in unconsolidated joint ventures

Summary financial information as of December 31, 2023

				Hamilton									Hamilton			Hamilton
	Hamilton			Essex			345			Hamilton			Minuteman			on Main			Dexter
	Essex 81			Development			Franklin			1025			Apts			Apts			Park			Total
ASSETS
Rental Properties	$	5,403,706		$	2,583,190		$	4,481,606		$	75,027		$	4,190,275		$	12,493,492		$	73,179,575		$	102,406,871
Cash & Cash Equivalents		1,141,751			108,348			155,557			16,339			148,334			1,204,116			1,904,290			4,678,735
Rent Receivable		208,968			78,753			117			4,120			2,957			22,319			115,904			433,138
Real Estate Tax Escrow		75,475			—			29,290			—			34,998			136,711			—			276,474
Prepaid Expenses & Other Assets		320,627			44,182			73,604			505			50,327			227,421			2,494,734			3,211,400
Total Assets	$	7,150,527		$	2,814,473		$	4,740,174		$	95,991		$	4,426,891		$	14,084,059		$	77,694,503		$	111,006,618
LIABILITIES AND PARTNERS’ CAPITAL
Mortgage Notes Payable	$	9,975,869		$	—		$	8,452,812		$	—		$	5,936,919		$	16,889,299		$	124,714,582		$	165,969,481
Accounts Payable & Accrued Expense		141,743			3,000			64,335			3,486			50,990			352,780			742,749			1,359,083
Advance Rental Pmts& Security Deposits		337,593			20,660			304,499			735			173,222			500,103			3,033,534			4,370,346
Total Liabilities		10,455,205			23,660			8,821,646			4,221			6,161,131			17,742,182			128,490,865			171,698,910
Partners’ Capital		(3,304,678)			2,790,813			(4,081,472)			91,770			(1,734,240)			(3,658,123)			(50,796,362)			(60,692,292)
Total Liabilities and Capital	$	7,150,527		$	2,814,473		$	4,740,174		$	95,991			4,426,891		$	14,084,059		$	77,694,503		$	111,006,618
Partners’ Capital %—NERA		50	%		50	%		50	%		50	%		50	%		50	%		40	%
Investment in Unconsolidated Joint Ventures	$	—		$	1,395,406		$	—		$	45,885		$	—		$	—		$	—		$	1,441,291
Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures	$	(1,652,340)		$	—		$	(2,040,737)		$	—		$	(867,121)		$	(1,829,063)		$	(20,318,546)			(26,707,807)
Total Investment in Unconsolidated Joint Ventures (Net)																						$	(25,266,517)
Total units/condominiums
Apartments		48			—			40			—			42			148			409			687
Commercial		1			1			—			1			—			—			—			3
Total		49			1			40			1			42			148			409			690

Summary of income statement relating to investment in unconsolidated joint ventures

Summary financial information for the year ended December 31, 2023

			Hamilton						Hamilton		Hamilton
	Hamilton		Essex		345		Hamilton		Minuteman		on Main		Dexter
	Essex 81		Development		Franklin		1025		Apts		Apts		Park		Total
Revenues
Rental Income	$	1,831,196	$	241,884	$	1,709,429	$	98,734	$	1,334,250	$	3,879,734	$	16,461,345	$	25,556,572
Laundry and Sundry Income		3,691		—		115		—		—		23,163		137,498		164,467
		1,834,887		241,884		1,709,544		98,734		1,334,250		3,902,897		16,598,843		25,721,039
Expenses
Administrative		20,455		3,020		30,349		3,300		20,021		92,589		262,394		432,128
Depreciation and Amortization		470,253		11,709		346,856		3,264		339,605		1,065,353		3,685,524		5,922,564
Management Fees		72,806		10,489		67,116		4,011		53,347		152,943		338,355		699,067
Operating		284,173		—		89,139		807		105,254		455,086		1,279,434		2,213,893
Renting		61,559		—		52,686		13		5,801		54,856		107,250		282,165
Repairs and Maintenance		178,816		—		150,845		—		94,262		625,687		1,902,110		2,951,720
Taxes and Insurance		281,346		61,557		193,215		17,165		147,197		527,665		2,630,668		3,858,813
		1,369,408		86,775		930,206		28,560		765,487		2,974,179		10,205,735		16,360,350
Income Before Other Income		465,479		155,109		779,338		70,174		568,763		928,718		6,393,108		9,360,689
Other Income (Loss)
Interest Expense		(752,933)		—		(344,847)		—		(237,749)		(788,376)		(5,026,076)		(7,149,981)
Other Expenses		—		—		—		—		—		(213,240)		—		(213,240)
Interest income		6,830		375		1,593		161		2,592		7,376		11,861		30,788
		(746,103)		375		(343,254)		161		(235,157)		(994,240)		(5,014,215)		(7,332,433)
Net Income (Loss)	$	(280,624)	$	155,484	$	436,084	$	70,336	$	333,606	$	(65,522)	$	1,378,893	$	2,028,256
Net Income (Loss)—NERA 50%	$	(140,312)	$	77,741	$	218,041	$	35,167	$	166,802	$	(32,762)				324,677
Net Income —NERA 40%													$	551,556		551,556
															$	876,233

2022

Summary of financial position and income statements relating to investment in unconsolidated joint ventures

Summary financial information for the year ended December 31, 2022

				Hamilton									Hamilton			Hamilton
	Hamilton			Essex			345			Hamilton			Minuteman			on Main			Dexter
	Essex 81			Development			Franklin			1025			Apts			Apts			Park			Total
ASSETS
Rental Properties	$	5,829,640		$	2,585,680		$	4,810,934		$	78,291		$	4,467,772		$	13,456,133		$	75,907,107		$	107,135,557
Cash & Cash Equivalents		985,849			110,907			358,016			29,065			328,742			1,377,250			3,866,113			7,055,942
Rent Receivable		202,221			78,436			—			4,915			2,600			9,565			106,165			403,902
Real Estate Tax Escrow		74,423			—			27,771			—			34,842			130,911			—			267,947
Prepaid Expenses & Other Assets		321,912			53,316			111,018			493			26,238			186,990			2,288,330			2,988,297
Total Assets	$	7,414,045		$	2,828,339		$	5,307,739		$	112,764		$	4,860,194		$	15,160,849		$	82,167,715		$	117,851,645
LIABILITIES AND PARTNERS’ CAPITAL
Mortgage Notes Payable	$	9,962,080		$	—		$	8,676,945		$	—		$	5,928,736		$	16,873,248		$	124,649,959		$	166,090,968
Accounts Payable & Accrued Expense		165,576			43,000			84,025			23,329			162,623			556,239			2,012,851			3,047,643
Advance Rental Pmts& Security Deposits		310,443			—			269,326			—			171,680			463,963			2,950,161			4,165,573
Total Liabilities		10,438,099			43,000			9,030,296			23,329			6,263,039			17,893,450			129,612,971			173,304,184
Partners’ Capital		(3,024,054)			2,785,339			(3,722,557)			89,435			(1,402,845)			(2,732,601)			(47,445,256)			(55,452,539)
Total Liabilities and Capital	$	7,414,045		$	2,828,339		$	5,307,739		$	112,764		$	4,860,194		$	15,160,849		$	82,167,715		$	117,851,645
Partners’ Capital %—NERA		50	%		50	%		50	%		50	%		50	%		50	%		40	%
Investment in Unconsolidated Joint Ventures	$	—		$	1,392,670		$	—		$	44,718		$	—		$	—		$	—			1,437,387
Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures	$	(1,512,027)		$	—		$	(1,861,278)		$	—		$	(701,422)		$	(1,366,300)		$	(18,978,102)			(24,419,129)
																						$	(22,981,742)
Total units/condominiums
Apartments		48			—			40			—			42			148			409			687
Commercial		1			1			—			1			—			—			—			3
Total		49			1			40			1			42			148			409			690

Summary of income statement relating to investment in unconsolidated joint ventures

Summary financial information for the year ended December 31, 2022

			Hamilton						Hamilton		Hamilton
	Hamilton		Essex		345		Hamilton		Minuteman		on Main		Dexter
	Essex 81		Development		Franklin		1025		Apts		Apts		Park		Total
Revenues
Rental Income	$	1,640,480	$	296,313	$	1,516,329	$	102,802	$	1,212,854	$	3,644,802	$	15,136,724	$	23,550,304
Laundry and Sundry Income		17,652		—		245		—		—		77,589		135,607		231,093
		1,658,132		296,313		1,516,574		102,802		1,212,854		3,722,391		15,272,331		23,781,397
Expenses
Administrative		19,543		6,548		33,656		2,793		14,579		68,948		218,772		364,839
Depreciation and Amortization		478,538		11,709		346,793		3,264		338,919		1,081,096		3,768,367		6,028,686
Management Fees		75,216		11,468		59,715		4,160		48,548		146,115		316,813		662,035
Operating		229,528		—		76,108		1,344		129,232		400,489		1,167,733		2,004,434
Renting		25,926		—		32,332		—		9,873		51,327		91,041		210,499
Repairs and Maintenance		185,275		3,180		184,057		—		106,689		626,909		1,694,941		2,801,051
Taxes and Insurance		266,024		63,139		182,098		18,513		153,117		513,699		2,503,801		3,700,391
		1,280,050		96,044		914,759		30,074		800,957		2,888,583		9,761,468		15,771,935
Income Before Other Income		378,082		200,269		601,815		72,728		411,897		833,808		5,510,863		8,009,462
Other Income (Loss)
Interest Expense		(412,329)		—		(351,175)		—		(237,851)		(759,704)		(5,081,626)		(6,842,685)
Interest Income		—		—		—		—		—		(81,360)		—		(81,360)
		(412,329)		—		(351,175)		—		(237,851)		(841,064)		(5,081,626)		(6,924,045)
Net Income (Loss)	$	(34,247)	$	200,269	$	250,640	$	72,729	$	174,046	$	(7,256)	$	429,237	$	1,085,417
Net Income (Loss)—NERA 50%	$	(17,124)	$	100,134	$	125,320	$	36,365	$	87,023	$	(3,629)				328,089
Net Income —NERA 40%													$	171,695		171,695
															$	499,783