SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
-----------------------
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(D) of the Securities Exchange
Act of 1934
Date of Report (Date of Earliest Event Reported) May 21, 1997
FLORIDA INCOME FUND II, LTD. PARTNERSHIP
--------------------------------
(Exact Name of Registrant as Specified in its Charter)
OHIO 33-04345 33-1168320
- --------------- ------------------- -----------
(State or Other (Commission file number) (IRS Employer
Jurisdiction of ID Number)
Incorporation)
12800 University Drive, Ste 675, Ft. Myers, FL 33907
-------------------------------------------------------
(Address of Principal Executive Offices (Zip Code)
Registrant's telephone number, including area code (941) 481-2011
---------------
N/A
-----------------------------------------------------------
Former Name or Former Address, if Changes Since Last Report
<PAGE>
<PAGE>
TABLE OF CONTENTS
ITEM 2
ACQUISITION OR DISPOSITION OF ASSETS
ITEM 5
HISTORICAL SUMMARY OF GROSS REVENUES AND
CERTAIN DIRECT OPERATING EXPENSES
EXHIBIT 99.1
SELLERS CLOSING STATEMENT
SIGNATURES
Page 2<PAGE>
<PAGE>
ITEM 2 - FORM 8-K
ACQUISITION OR DISPOSITION OF ASSETS
SALE OF BROADWAY MEDICAL CENTER
The Partnership made a capital distribution as a result of the sale
of Broadway Medical Center, a 15,379 sq. ft. medical office
building located in Fort Myers, to RY Court Properties, Inc. on May
21, 1997 at a price of $600,000 before certain purchaser credits.
The purchaser was not affiliated with the Partnership or its
general partner. It is a Florida Corporation under the control of
a tenant in the property.
Credits to the purchaser included a credit for prior above market
rents in the amount of $60,000 and credits totaling $11,500 for
certain deferred property maintenance.
Costs of sale totaled $39,950 which included a real estate sales
commission of $32,400, title insurance fees of $3,350 and a
property transfer tax of $4,200.
The property was free and clear of debt. A special capital cash
distribution of $498,000 or $46.74 per investment unit was
distributed to the limited partners on May 21, 1997.
Pursuant to the information required by Article 11 of Regulation S-
X, if the Partnership had disposed of the property on March 31,
1997, the effect on the Partnership's unaudited balance sheet of
the same date would have been a decrease in net asset value of
$1,081,124, a decrease in other liabilities of $6,135 and a
decrease in net worth of $576,534. This net worth would then be
further reduced by $498,000 as a result of the special capital cash
distribution to the limited partners.
If this sale had occurred on January 1, 1997, the effect on the
unaudited income statement for the three months ended march 31,
1997 would have been a decrease in revenue by $51,069, a decrease
in operating expenses by $10,262, a decrease in other non-operating
expenses by $3,354, and a decrease in depreciation expense by
$8,877. All of the foregoing adjustments would have resulted in a
decrease in net income of $28,576.
Included in this report is a historical summary of property's gross
revenues and certain direct operating expenses for the twelve month
periods ending 12/31/96, 12/31/95 and 12/31/94. Also included is
a summary of the Seller's Closing Statement.
Page 3<PAGE>
<PAGE>
<TABLE>
<CAPTION> BROADWAY MEDICAL CENTER
HISTORICAL SUMMARY OF GROSS REVENUES AND
CERTAIN DIRECT OPERATING EXPENSES
12/31/96 12/31/95 12/31/94
<S> <C> <C> <C>
GROSS REVENUES
Rental Income
and other 235,591 248,672 264,414
Total Revenue 235,591 248,672 264,414
CERTAIN DIRECT
OPERATING EXPENSES
Maintenance 5,034 8,723 9,622
Utilities 11,843 8,652 9,103
Administrative 11,678 15,300 15,710
Real Estate Taxes 13,152 18,596 23,055
Insurance 4,399 5,531 5,153
Landlord Costs 3,020 1,476 306
_______ _______ _______
TOTAL CERTAIN DIRECT 49,126 58,278 62,949
OPERATING EXPENSES
EXCESS OF GROSS 186,465 190,394 201,465
REVENUES OVER CERTAIN
DIRECT OPERATING
EXPENSES
</TABLE>
Page 4<PAGE>
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15 (d) of the
Securities Exchange Act of 1934, the Registrant has duly caused
this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
FLORIDA INCOME FUND II, LTD PARTNERSHIP
(REGISTRANT)
June 4, 1997
/S/ LAWRENCE A. RAIMONDI
- ----------------------------------
LAWRENCE A. RAIMONDI
PRESIDENT AND DIRECTOR, AND CEO
MARINER CAPITAL MANAGEMENT, INC.
(PRINCIPAL EXECUTIVE OFFICER)
/S/ JOE K. BLACKETER
- ----------------------------------
JOE K. BLACKETER
SECRETARY/TREASURER
MARINER CAPITAL MANAGEMENT, INC.
(PRINCIPAL FINANCIAL AND ACCOUNTING OFFICER)
Page 5
Exhibit 99.1
Seller's Closing Statement
Seller: Florida Income Fund II, Ltd. Partnership
Buyer: RY Court Properties, Inc.
Property: Broadway Medical Center
Selling Price $600,000.00
Rent Credits & Misc. Reductions $ 17,687.88
-----------
$617,687.88
Settlement Charges $ 39,950.00
Maintenance Credit $ 7,500.00
Termite Damage Credit $ 4,000.00
Rent Credits $ 2,954.38
County Tax Pro Ration $ 4,828.53
Prior Rent Credit $ 60,000.00
-----------
Total Reductions $119,232.91
Cash Paid to Seller $498,454.97
