<PAGE>                          
                        UNITED STATES
                SECURITIES AND EXCHANGE COMMISSION
                     Washington, D.C.  20549
                                 
                          FORM 10-KSB


[X] Annual Report Pursuant to Section 13 or 15(d) of the Securities
    Exchange Act of  1934.

   For the fiscal year ended   December 31, 1997                

[ ] Transition Report Pursuant to Section 13 or 15(d) of the
    Securities Exchange Act of 1934.

   For the transition period from       N/A     to     N/A      


   Commission File Number 0-28332


                     BRAUVIN NET LEASE V, INC.                            
       (Name of small business issuer as specified in its charter)


              Maryland                        36-3913066        
   (State or other jurisdiction of         (I.R.S. Employer
    incorporation or organization)        Identification No.)


   30 North LaSalle Street, Chicago, Illinois         60602     
    (Address of principal executive offices)        (Zip Code)


                        (312) 759-7660                          
         (Issuer's telephone number, including area code)
   

   Securities registered pursuant to Section 12(b) of the Act:

                                     Name of each exchange on
   Title of each class                   which registered    
         None                                   N/A            

  
   Securities registered pursuant to Section 12(g)of the Act:

            Common Stock, par value - $.01 per share
                        (Title of Class)

Check whether the issuer (1) filed all reports required to be filed
by Section 13 or 15(d) of the Securities Exchange Act of 1934
during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days. Yes   X 
No        .

Check if there is no disclosure of delinquent filers in response to
Item 405 of Regulation S-B is contained in this form, and no
disclosure will be contained, to the best of registrant's
knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-KSB or any
amendment to this Form 10-KSB.  [X]

State issuer's revenues for its most recent fiscal year $1,359,923.

The aggregate market value of the Common Stock held by non-
affiliates as of March 30, 1998 was $12,751,691.  As of March 30,
1998, the registrant had 1,275,169 shares of Common Stock
outstanding.

Transitional small business disclosure formate (check one)
Yes ___ No  X .
<PAGE>                    
                      BRAUVIN NET LEASE V, INC.
                  1997 FORM 10-KSB ANNUAL REPORT

                              INDEX

                              PART I
                                                              Page
Item 1. Description of Business. . . . . . . . . . . . . . . . . . . 3

Item 2. Description of Properties. . . . . . . . . . . . . . . . . . 5

Item 3. Legal Proceedings. . . . . . . . . . . . . . . . . . . . . . 9

Item 4. Submission of Matters to a Vote of Security
        Holders. . . . . . . . . . . . . . . . . . . . . . . . . . . 9

                             PART II
Item 5. Market for Common Equity and 
        Related Stockholder Matters. . . . . . . . . . . . . . . .  10

Item 6. Management's Discussion and Analysis or Plan
        of Operation . . . . . . . . . . . . . . . . . . . . . . .  12

Item 7. Consolidated Financial Statements. . . . . . . . . . . . .  16

Item 8. Changes in and Disagreements with Accountants on
        Accounting and Financial Disclosure. . . . . . . . . . . .  16

                             PART III
Item 9. Directors, Executive Officers, Promoters and 
        Control Persons; Compliance with Section 16(a) of
        the Exchange Act . . . . . . . . . . . . . . . . . . . . .  18

Item 10.Executive Compensation . . . . . 22

Item 11.Security Ownership of Certain Beneficial Owners
        and Management . . . . . . . . . . . . . . . . . . . . . .  23

Item 12.Certain Relationships and Related Transactions . . . . .  23

Item 13.Exhibits and Reports on Form 8-K . . . . . . . . . . . .  25

Signatures . . . . . . . . . . . . . . . . . . . . . . . . . . . .  29
<PAGE>                    
                     BRAUVIN NET LEASE V, INC.
                     (a Maryland corporation)

                              PART I

Item 1. Description of Business.
  
General

  Brauvin Net Lease V, Inc. (the "Fund") is a Maryland corporation
formed on October 14, 1993, which operates as a real estate
investment trust ("REIT") under federal tax laws. The Fund has
intended to acquire properties which are leased to creditworthy
corporate operators of nationally or regionally established
businesses, primarily in the retail and family restaurant sectors.
Substantially all of the leases are on a long-term "triple net"
basis generally requiring the corporate tenant to pay both base
annual rent with mandatory escalation clauses and all operating
expenses.  The Fund acquired one property during the year ended
December 31, 1994, five properties during the year ended December
31, 1995, two properties during the year ended December 31, 1996
and one property during the year ended December 31, 1997.  See Item
2, "Description of Properties." 

  The advisory agreement provides for Brauvin Realty Advisors V,
L.L.C. (the "Advisor"), an affiliate of the Fund, to be the advisor
to the Fund.  The Fund registered the sale of up to 5,000,000
shares of common stock at $10.00 per share in an initial public
offering filed with the Securities and Exchange Commission 
("Registration Statement") and the issuance of 500,000 shares
pursuant to the Fund's dividend reinvestment plan ("Reinvestment
Plan").  After the termination of the Offering, the Fund registered
the issuance of 200,000 shares under the Reinvestment Plan.  The
Reinvestment Plan is available for those stockholders who wish to
participate pursuant to which stockholders may cause dividends from
the Fund to be automatically reinvested in additional shares.  On
August 8, 1994, the Fund sold the minimum (120,000) shares required
under its Registration Statement and commenced its real estate
activities.  The offering period for the sale of common stock
terminated on February 25, 1996 after the Fund had raised
$12,865,680 in gross proceeds with an additional $133,861 of shares
purchased by stockholders through the Reinvestment Plan, including
$200,000 invested by the Advisor ("Initial Investment"), before
reduction for  selling commissions and other offering costs.  At
December 31, 1997, the Fund had outstanding 1,290,269 shares and
the gross proceeds raised were $13,264,021, net of liquidations of
$361,340, including the $200,000 invested by the Advisor, before
reduction for  selling commissions and other offering costs. 

  The Fund's structure and business were designed to provide
stockholders:  (1) cash distributions beginning in the first
quarter of operations in amounts that exceed taxable income, and in
no event less than 95% of the Fund's taxable income, given the non-
cash nature of depreciation expense and the REIT qualification
requirements; (2) preservation of capital, through acquisition of
well located properties with leases on a long term "triple net"
basis to creditworthy corporate tenants; (3)increased income and
protection against inflation, through leases with mandatory rent
escalation clauses; and  (4) capital appreciation, through the
potential increase in value of the properties.  There can be no
assurance that the foregoing objectives will be achieved.

  The Fund qualifies as a REIT under Sections 856-860 of the
Internal Revenue Code, as amended (the "Code"). In order to
qualify, the Fund is required to distribute substantially all of
its taxable income to its stockholders and meet certain asset and
income tests as well as certain other requirements.

  The Fund has no employees other than its officers who do not
receive compensation from the Fund.

  The Fund intends to sell its properties not later than seven to
nine years after their acquisition and distribute the net proceeds
and other cash to the stockholders.

  The terms of the transactions between the Fund and the Advisor
and its affiliates are set forth in Item 12 below, to which
reference is hereby made for a description of such terms and
transactions.

Market Conditions/Competition

  Prior to the acquisition of the Fund's properties the Fund had
competed with many other entities engaged in real estate investment
activities to acquire property, some of which had greater resources
than the Fund.  In addition, the number of entities and the amount
of funds available for investment in properties of a type suitable
for investment by the Fund may have resulted in increased
competition for such investments and possibly increased the prices
paid therefor.

  As it is anticipated that the leases at the Fund's properties
will entitle the Fund to participate in gross receipts of lessees
above fixed minimum amounts, the success of the Fund will depend in
part on the ability of those lessees to compete with similar
businesses in  their respective vicinities.  The Fund's business is
not seasonal.

Item 2. Description of Properties.

Country Harvest Buffet Restaurant

  On November 21, 1994, the Fund purchased a 6,750 square foot
building and the underlying land which was occupied by a Country
Harvest Buffet restaurant (the "CHB Property") located in Lynnwood,
Washington (metropolitan Seattle), from an unaffiliated party, for
$900,000 plus closing costs.  The CHB Property is leased to Country
Harvest Buffet Restaurants, Inc. under a triple net twenty-year
lease, with two ten-year extension options.  The lease requires a
minimum base rent each month in the amount of $8,438 plus periodic
increases beginning in the sixth lease year.  The tenant
discontinued operations in mid-June 1997 as a result of new
competition from a new and larger buffet restaurant opening in the
immediate area.  The tenant continued to pay its rent on a timely
basis through the end of 1997.  The Fund has approved a new
subtenant and is in the process of finalizing the terms of the
sublease.  Subsequent to December 31, 1997 Country Harvest Buffet
Restaurants, Inc. filed for protection from its creditors under
Chapter 11 of the United States Bankruptcy Code.  Country Harvest
Buffet has not notified the Fund of its intentions to either accept
or reject this lease. 

On The Border Restaurant

  On January 9, 1995, the Fund purchased an 8,200 square foot
building and the underlying land which was occupied by an On The
Border restaurant (the "OTB Property") located in Stafford, Texas
(metropolitan Houston), from an unaffiliated party, for $1,340,000
plus closing costs.  The OTB Property is leased to On The Border
Corporation, a subsidiary of On The Border Cafes, Inc., under a
triple net, initial fifteen-year lease with two five-year extension
options which is guaranteed by Brinker Restaurant Corporation, an
affiliate of On The Border Cafes, Inc.  The lease requires a
minimum base rent each month in the amount of $12,292 plus periodic
increases beginning in the sixth lease year.  The tenant of the OTB
Property discontinued its operations on May 29, 1996.  Brinker
Texas, L.P., the property's lease guarantor (and a wholly-owned
subsidiary of Brinker International) has stated its intention to
honor the lease and cooperate with the Fund to cause the property
to be reoccupied.  Moreover, the adjacent highway is in the process
of being widened which has resulted in the condemnation of a
portion of the frontage of the parcel.  The damages will be paid to
HMG/Courtland Properties (the "Developer").  The Fund will be
compensated with an adjacent piece of land owned by the Developer. 
The Fund is working with Brinker International, in order to locate
a subtenant for this location.  The Fund does not currently
anticipate that this situation will adversely affect the Fund's
cash flow, as rent is currently being paid on the lease.

Blockbuster Video

  On January 31, 1995, the Fund purchased a 6,515 square foot
building and the underlying land which was occupied by a
Blockbuster Video store (the "BBV Property") located in Lakewood,
Colorado (metropolitan Denver), from an unaffiliated party, for
$1,120,000 plus closing costs.  The BBV Property is leased to
Blockbuster Video, Inc. under a triple net, ten-year lease with
three five-year extension options.  The lease requires a minimum
base rent each month in the amount of $10,254 plus periodic
increases beginning in the sixth lease year.

Chili's Restaurant

  On April 13, 1995, the Fund purchased a 6,100 square foot
building and the underlying land which was occupied by a Chili's
restaurant (the "Chili's Property") located in Birmingham, Alabama,
from an unaffiliated party, for $1,080,000 plus closing costs.  The
Chili's Property is leased to Sunstate Ventures, Inc., a Chili's
restaurant franchisee, under a triple net lease, for a remaining
term of approximately fourteen years with two five-year extension
options.  The lease requires a minimum base rent each month in the
amount of $10,417.


Just For Feet

  On June 15, 1995, the Fund purchased a 15,000 square foot
building and the underlying land which was occupied by a Just For
Feet store (the "Feet Property") located in Independence, Missouri,
from an unaffiliated party, for $2,141,400 plus closing costs.  The
Feet Property is leased to Just For Feet, Inc., under a triple net,
twenty-year lease with two five-year extension options.  The lease
requires a minimum base rent each month in the amount of $19,630
plus periodic increases beginning in the sixth lease year.

Video Watch

  On July 31, 1995, the Fund purchased an 8,000 square foot
building and the underlying land which was occupied by a Video
Watch store (the "Video Property") located in Beloit, Wisconsin,
from an unaffiliated party, for $830,000 plus closing costs.  The
Video Property is leased to Video Watch, Inc. ("Video Watch"),
under a triple net, ten-year lease with one five-year extension
option.  The lease requires a minimum base rent each month in the
amount of $8,000 plus periodic increases beginning in the third
lease year.

Pier 1 Imports

  On May 3, 1996, the Company purchased the land and a 10,834
square foot building underlying a Pier 1 Imports store (the "Pier
1 Property"), located in Sioux Falls, South Dakota from P. One
Sioux Falls Investors, Inc., an unaffiliated party, for $1,375,000
plus closing costs.  The Pier 1 Property has been leased to Pier 1
Imports, Inc. ("Pier 1"), under a triple net, ten-year lease ending
February 28, 2006.  The lease requires Pier 1 to pay a minimum base
rent each month in the amount of $13,046.  

Taylor Rental

  On November 22, 1996, the Company purchased the land and a 5,000
square foot building underlying the Taylor Rental Facility (the
"Taylor Property") located in Jacksonville, Florida, from an
unaffiliated party, for $650,000 plus closing costs.  The Taylor
Property has been leased to Stanley Works Corporation ("Stanley
Works"), under a triple net lease, for a remaining term ending July
31, 2007.  The lease requires Stanley Works to pay base rent each
month in the amount of $5,811 with rent escalations every three
years based upon 66% of CPI increase.

Jiffy Lube & Firestone

  On February 20, 1997, effective as of January 22, 1997, the Fund, 
through a wholly-owned subsidiary intended to qualify as a
qualified REIT subsidiary, purchased two buildings consisting of a
6,580 square foot building and the underlying land which was
occupied by a Firestone Tire & Service Center facility (the
"Firestone Facility") and a 2,440 square foot building and the
underlying land which was occupied by a Jiffy Lube oil change
facility (the "Jiffy Lube Facility"), located in East Norriton
Township, Pennsylvania from an unaffiliated party for $1,450,000
plus closing costs.  The Firestone Facility has been leased to
Bridgestone/Firestone Inc. ("Firestone") under a triple net lease
(except the landlord is responsible for structural, roof and
exterior repairs) for an initial term of 25 years ending January
31, 2013 which requires Firestone to pay a minimum base rent each
month in the amount of $7,975 plus periodic increases and
percentage rent.  The Jiffy Lube Facility has been leased to Jiffy
Lube International of Maryland, Inc. ("Jiffy Lube") under a triple
net lease for an initial term of 20 years ending May 8, 2007 which
requires Jiffy Lube to pay a minimum base rent each month in the
amount of $6,570 plus periodic increases and percentage rent.

  In the opinion of management, the Fund has provided for adequate
insurance coverage of its real estate investment properties.

  As of December 31, 1997 all the Funds properties are fully
occupied with the exception of the Country Harvest Buffet and the
On The Border Restaurant.

  All the Funds properties are being depreciated over 40 years for
financial reporting and 39 years for tax reporting.  The federal
tax basis of all the Funds properties is approximately $11,528,400.

Risk of Ownership

  The possibility exists that tenants of the Fund's properties as
well as lease guarantors, if any, may be unable to fulfill their
obligations pursuant to the terms of their leases, including making
base rent or percentage rent payments to the Fund. Such a default
by the tenants or a premature termination of any one of the leases 
could have an adverse effect on the financial position of the Fund. 
Furthermore, the Fund may be unable to successfully locate a
substitute tenant due to the fact that these buildings have been
designed or built primarily to house a particular type of
operation. Thus, the properties may not be readily marketable to a
new tenant without substantial capital improvements or remodeling.
Such improvements may require expenditure of funds which might
otherwise be available for distribution.

Item 3. Legal Proceedings.

  None.

Item 4. Submission of Matters to a Vote of Security Holders.

  None.
<PAGE>                             
                                PART II

Item 5. Market for the Issuer's Common Equity and Related
        Stockholder Matters.

  At December 31, 1997 there were 712 stockholders in the Fund. 
Although there is no established public trading market for the
shares and no assurance exists that there will be a public market
for the shares, shares may be redeemed or transferred as discussed
below.

Redemption of Shares

  After the termination of the offering, any stockholder (excluding
the Advisor or its affiliates who may not sell the shares
represented by the initial investment while the Advisor remains the
advisor to the Fund but who may transfer the shares to an
affiliate) who acquired or received shares directly from the Fund
or the Reinvestment Plan (such shares, for so long as owned by the
original holder, are called "Eligible Shares") may present such
Eligible Shares to the Fund for redemption at any time subject to
the availability of proceeds in accordance with the procedures
outlined in the Fund's Prospectus.  Subject to the conditions
described in the Fund's Prospectus, the Fund is required to redeem
such Eligible Shares presented for redemption for cash to the
extent it has sufficient net proceeds ("Reinvestment Proceeds")
from the sale of shares under the Reinvestment Plan.  There is no
assurance that there will be investment proceeds available for
redemption and, accordingly, an investor's shares may not be
redeemed.  The full amount of Reinvestment Proceeds for any quarter
will be used to redeem Eligible Shares presented for redemption for
the following quarter.  If the full amount of Reinvestment Proceeds
available for redemption for any given quarter exceeds the amount
necessary for such redemptions, the remaining amount may be held
for subsequent redemptions or may be invested by the Fund in
additional properties as described in the Fund's Prospectus.  If
the full amount of Reinvestment Proceeds available for redemption
for any given quarter is insufficient to make all the requested
redemptions, the Fund will redeem the Eligible Shares presented for
redemption on a first come basis.  As of March 29, 1998, the Fund
has received completed redemption requests for approximately
$163,400 that have not yet been redeemed by the Fund due to
insufficient Reinvestment Plan proceeds.

  Upon presentment of Eligible Shares to the Fund for redemption,
the redemption price will be the offering price per Eligible Share
($10.00 per share) from the termination of the offering until the
third anniversary of the termination of the Offering (February
25,199) and thereafter at a price determined on the basis of the
annual valuation of the Fund assets.  The Board of Directors, in
their sole discretion, may determine, prior to listing the shares
for trading on an exchange or market, that it is appropriate to pay
a higher or lower price than described above.  In determining
whether a price adjustment is appropriate, the Board of Directors
would consider a variety of factors, including whether the Fund's
net book value is substantially less than a share valuation based
on the Fund's present and historic dividend rates and underlying
value of the properties.  Any such price adjustment will be made
with respect to all shares redeemed during the period the price
adjustment is in effect.  The Board of Directors will announce any
price adjustment and the time period of its effectiveness as part
of its regular communications with stockholders.  Any shares
acquired pursuant to a redemption will be retired and no longer
available for issuance by the Fund.  Once the shares are listed for
trading on an exchange or included for quotation on a formal
market, whether prior to or subsequent to the third anniversary of
the termination of the offering, the redemption price will be the
market price of the shares on such exchange or market and no price
adjustment will be made.

  The Board of Directors, in their sole discretion, may amend or
suspend the plan at any time they determine, that such is in the
best interest of the Fund.

Transfer of Shares

  All shares are fully transferable, subject only to restrictions
which would cause loss of REIT status.  However, each person
acquiring shares must comply with the procedures in the Prospectus
prior to any share transfer being recorded on the books and records
of the Fund.  
        
Dividends

Below is a table summarizing the dividends declared:
        
                                              Annualized 
Declaration      Record         Payment        Dividend
  Date(a)         Dates          Date            Rate             Amount 
  1/25/96    10/1/95-12/31/95    2/15/96           7%            $196,106
  5/2/96      1/1/96-3/31/96     5/15/96           7%             216,247
  8/1/96      4/1/96-6/30/96     8/15/96           7%             227,068
 10/31/96      7/1/96-9/30/96   11/15/96           7%             229,532
  1/31/97    10/1/96-12/31/96    2/15/97           7%             229,517
  5/8/97      1/1/97-3/31/97     5/15/97           7%             224,034
  8/7/97      4/1/97-6/30/97     8/15/97           7%             224,907
 11/6/97      7/1/97-9/30/97    11/15/97           7%             227,999
 1/29/98    10/1/97-12/31/97     2/15/98           7%             227,354

(a) Dividends were declared on a daily basis.

   In order to qualify as a REIT, the Fund is required to
distribute dividends to its Stockholders in an amount at least
equal to 95% of REIT taxable income of the Fund.  The Fund intends
to make quarterly distributions to satisfy all annual distribution
requirements.  See "Management's Discussion and Analysis or Plan of
Operations".

Item 6. Management's Discussion and Analysis or Plan of Operations.

General

   Certain statements in this Annual Report that are not historical
fact constitute "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995.  Discussions
containing forward-looking statements may be found in this section
and in the section entitled "Business."  Without limiting the
foregoing, words such as "anticipates," "expects," "intends,"
"plans" and similar expressions are intended to identify forward-
looking statements.  These statements are subject to a number of
risks and uncertainties, including, without limitation, tenant
defaults which could materially decrease the Fund's rental income. 
Actual results could differ materially from those projected in the
forward-looking statements.  The Fund undertakes no obligation to
update these forward-looking statements to reflect future events or
circumstances. 

Year 2000

   In 1997, the Fund initiated the conversion from its existing
accounting software to a program that is year 2000 compliant. 
Management has determined that the year 2000 issue will not pose
significant operational problems for its computer system.  All
costs associated with this conversion are being expensed as
incurred, and are not material.

   Also in 1997, management of the Fund initiated formal
communications with all of its significant third party vendors,
service providers and financial institutions to determine the
extent to which the Fund is vulnerable to those third parties
failure to remedy their own year 2000 issue.  There can be no
guarantee that the systems of these third parties will be timely
converted and would not have an adverse effect on the Fund. 

Liquidity and Capital Resources

    As of December 31, 1997, the Fund had received $11,652,323 in
connection with the sale of shares, net of selling commissions and
other offering costs, including $200,000 paid by the Advisor for a
share of stock as disclosed in the Prospectus and liquidations of
$361,340.  The Fund acquired one property during the year ended
December 31, 1994 for $900,000 plus closing costs, acquired five
properties during the year ended December 31, 1995 for $6,511,400
plus closing costs, acquired two properties during the year ended
December 31, 1996 for $2,025,000 plus closing costs and acquired
one property during the year ended December 31, 1997 for $1,450,000
plus closing costs.  For more details on the properties purchased 
see Item 2. 

   Upon the acquisition of the property purchased during the year
ended December 31, 1997, the Fund has invested all the proceeds of
the offering allocable to investments in real estate.   The Fund
has no material capital commitments.  In the opinion of management
of the Fund, each property is adequately covered by insurance.

Compliance with 95% REIT taxable income test

   The Fund is required, under the Code, to make distributions of
an amount not less than 95% of its REIT taxable income during the
year.  See Item 5 for detail on distributions made in 1997 and
1996. 

   The amount required to have been paid for the year ended
December 31, 1996 approximated $730,000.  As permitted by the Code,
certain designated distributions were made by the Fund during 1997
in respect of 1996 to satisfy the distribution requirement under
the Code for 1996.  

   The amount required to have been paid for the year ended
December 31, 1997 approximated $679,000. In accordance with the
Fund's intent to maintain its qualification as a REIT under the
Code, the Fund intends to manage its dividend distributions to
approximate earnings during the year to which they relate.

Results of Operations - 1997 Compared to 1996

   Results of operations for the year ended December 31, 1997
reflected rental income of approximately $1,332,000.  Total rental
income for the eight properties held for the entire year ended
December 31, 1997 was approximately $1,139,000.  Total income was
approximately $1,360,000 which consisted primarily of rental
income.  Total expenses were approximately $540,000 and net income
was approximately $820,000.

   Total income was approximately $1,360,000 in 1997 compared to
approximately $1,201,000 in 1996, an increase of approximately
$159,000.  This increase was due primarily to the number of
properties increasing from six in the beginning of 1996 to nine by
the end of 1997.

   Total expenses incurred in 1997 were approximately $540,000
compared to approximately $483,000 in 1996, an increase of
approximately $57,000.  The increase was due primarily to increased
expenses such as depreciation in the amount of approximately
$38,000 as a result of the increase in the number of properties
owned increased from six in the beginning of 1996 to nine by the
end of 1997.  Other expenses, such as advisory fees, increased
approximately $17,000.  Pursuant to the terms of the Advisory
Agreement, following the termination of the offering on February
25, 1996, the Advisor was entitled to an annual advisory fee
payable monthly, in an amount equal to the greater of:  (i) .60% of
gross proceeds, or (ii) $175,000.  Accordingly, the Advisory fee is
$175,000 annually.

   The tenant of the Country Harvest property discontinued
operations in mid-June 1997 as a result of new competition from a
new and larger buffet restaurant opening in the immediate area. 
The tenant continued to pay its rent on a timely basis through the
end of 1997.  The Fund has approved a new subtenant and is in the
process of finalizing the terms of the sublease.  Subsequent to
December 31, 1997 Country Harvest Buffet Restaurants, Inc. filed
for protection from its creditors under Chapter 11 of the United
States Bankruptcy Code.  Country Harvest Buffet has not notified
the Fund of its intentions to either accept or reject this lease. 

   The tenant of the On The Border Property discontinued its
operations on May 29, 1996.  Brinker Texas, L.P., the property's
lease guarantor (and a wholly-owned subsidiary of Brinker
International) has stated its intention to honor the lease and
cooperate with the Fund to cause the property to be reoccupied. 
Moreover, the adjacent highway is in the process of being widened
which has resulted in the condemnation of a portion of the frontage
of the parcel.  The damages will be paid to HMG/Courtland
Properties, Inc (the "Developer").  The Fund will be compensated
with an adjacent piece of land owned by the Developer.  The Fund is
working with Brinker International, in order to locate a subtenant
for this location.  The Fund does not currently anticipate that
this situation will adversely affect the Fund's cash flow, as rent
is currently paid on the lease.

Results of Operations - 1996 Compared to 1995

   Results of operations for the year ended December 31, 1996
reflected rental income of approximately $1,025,000.  Total rental
income for the six properties held for the entire year ended
December 31, 1996 was approximately $916,000.  Total income was
approximately $1,201,000 which consisted primarily of rental income
and interest income earned on subscriptions invested in interest
bearing accounts.  Total expenses were approximately $483,000 and
net income was approximately $718,000.

   Total income was approximately $1,201,000 in 1996 compared to
approximately $762,000 in 1995, an increase of approximately
$439,000.  This increase was due primarily to the number of
properties increasing from one in the beginning of 1995 to eight by
the end of 1996.

   Total expenses incurred in 1996 were approximately $483,000
compared to approximately $268,000 in 1995, an increase of
approximately $215,000.  The increase was due primarily to advisory
fees increasing approximately $103,000 which was based upon a
percentage of proceeds from the offering as described in
Prospectus.  Other expenses have increased such as depreciation in
the amount of approximately $51,000 due to the increased number of
properties which were held for the entire year during 1996.

Item 7. Consolidated Financial Statements.

   See Index to Consoldated Financial Statements on Page F-1 of
this Annual Report on Form 10-KSB for financial statements where
applicable.  

Item 8. Changes in and Disagreements with Accountants on Accounting
        and Financial Disclosure.

   On December 6, 1996, the Fund dismissed Ernst & Young LLP as its
independent accountant.  Ernst & Young LLP's report on the
financial statements for either of the past two years did not
contain an adverse opinion or disclaimer of opinion and was not
modified as to uncertainty, audit scope or accounting principles. 
The decision to change the Fund's accountant was made at the
recommendation of the Directors to reduce the costs associated with
the audit.  In the Fund's fiscal years ended 1994 and 1995 and the
subsequent interim period preceding the dismissal there were no
disagreements with Ernst & Young LLP on any matter of accounting
principles or practices, financial statement disclosure or audit
scope or procedure which would have caused Ernst & Young LLP to
make reference to the matter in their report.  There were no
reportable events as that term is described in Item
304(a)(1)(iv)(B) of Regulation S-B.

   On December 6, 1996, the Fund engaged Deloitte & Touche LLP as
its independent accountant.  The decision to engage Deloitte &
Touche LLP was made following consideration by the Directors. 
Neither the Fund (nor someone on its behalf) consulted Deloitte &
Touche LLP regarding:  (i) the application of accounting principles
to a specific transaction, either completed or proposed, or the
type of audit opinion that might be rendered on the Fund's
financial statements; or (ii) any matter that was either the
subject of a disagreement or a reportable event.

<PAGE>
                             PART III

Item 9. Directors, Executive Officers, Promoters and Control
        Persons; Compliance with Section 16(a) of the Exchange Act.

The Board of Directors

   The Board of Directors is responsible for the management and
control of the affairs of the Fund and has retained the Advisor to
manage the Fund's day-to-day activities including responsibilities
with respect to, among other things, the acquisition or disposition
of properties.

   The Fund's Articles and By-Laws provide for not fewer than three
directors, a majority of whom must be independent directors.  Each
of the directors will serve for a one-year term and will be elected
annually.

   There are currently six directors of the Fund, two of whom are
affiliates of the Advisor, four of whom are independent directors. 
The Board of Directors has established written policies on
investments and borrowing as necessary to supplement the provisions
in the Articles and monitors the administrative procedures,
investment operations and performance of the Fund and the Advisor
to ensure that such policies are carried out.  The Fund follows the
policies on investments and borrowing set forth in the Fund's
prospectus unless the policies are modified through an amendment of
the Articles.  The independent directors are responsible for
reviewing the investment policies of the Fund not less often than
annually and with sufficient frequency to determine that the
policies being followed are in the best interests of the
stockholders.  The Articles provide that each director shall have
had at least three years of relevant experience demonstrating the
knowledge and experience required to successfully acquire and
manage the type of assets being acquired by the Fund.  In addition,
at least one of the independent directors shall have had three
years of relevant real estate experience.  For purposes hereof,
relevant real estate experience shall mean actual direct experience
by the director in acquiring or managing the type of real estate to
be acquired by the Fund for his or her own account or as an agent.

   A vacancy in the Board of Directors created by the death,
resignation or incapacity of a director or by an increase in the
number of Directors (within the limits referred to above) may be
filled by the vote of a majority of the remaining directors.  With
respect to a vacancy created by the death, resignation or
incapacity of an independent director, the remaining independent
directors shall nominate a replacement.  Vacancies occurring as a
result of the removal of a director by stockholders shall be filled
by a majority vote of the stockholders.  Any director may resign at
any time and may be removed by the holders of at least a majority
of the outstanding shares (with or without cause).

The Directors and Officers of the Fund are:

  Name                       Position(s) with the Fund
  Mr. Jerome J. Brault       Chairman of the Board of Directors,
                             President and Chief Executive
                             Officer
  Mr. James L. Brault        Director, Executive Vice President
                             and Secretary
  Mr. Jeff A. Jacobson       Director
  Mr. Gregory S. Kobus       Director
  Mr. Kenneth S. Nelson      Director
  Mr. Hugh K. Zwieg          Director
  Mr. B. Allen Aynessazian   Chief Financial Officer(Principal
                             Accounting Officer)

  MR. JEROME J. BRAULT (age 64) is chairman of the board of
directors, president and chief executive officer of the Fund and
the Advisor.  Mr. Brault has been a director since the offering of
the Fund.  Mr. Brault is a majority shareholder of the Advisor. 
Since 1979, he has been a shareholder, president and a director of
Brauvin/Chicago, Ltd.  He is an officer, director and one of the
principal shareholders of various Brauvin entities, which act as
the general partners of seven publicly registered real estate
programs.  He is an officer, director and one of the principal
shareholders of Brauvin Associates, Inc., Brauvin Management
Company, Brauvin Advisory Services, Inc. and Brauvin Securities,
Inc., Illinois companies engaged in the real estate and securities
businesses.  Mr. Brault received a B.S. in Business from DePaul
University, Chicago, Illinois in 1959.

  MR. JAMES L. BRAULT (age 37) is a director, executive vice
president, secretary and responsible for the overall operations of
the Fund, the Advisor and other affiliates of the Advisor.  Mr.
Brault has been a director since the offering of the Fund.  He is
an officer of various Brauvin entities, which act as the general
partners of seven publicly registered real estate programs.  Mr.
Brault is executive vice president, assistant secretary and
responsible for the overall operations of Brauvin Management
Company.  Prior to joining the Brauvin organization in May 1989, he
was a Vice President of the Commercial Real Estate Division of the
First National Bank of Chicago ("First Chicago"), based in their
Washington, D.C. office.  Mr. Brault joined First Chicago in 1983
and his responsibilities included the origination and management of
commercial real estate loans, as well as the direct management of
a loan portfolio in excess of $160.0 million.  Mr. Brault received
a B.A. in Economics from Williams College, Williamstown,
Massachusetts in 1983 and an M.B.A. in Finance and Investments from
George Washington University, Washington, D.C. in 1987.  Mr. Brault
is the son of Mr. Jerome J. Brault.

  MR. JEFF A. JACOBSON (age 36) is a director of the Fund.  Mr.
Jacobson is currently a Managing Director of Security Capital
Global Stategic Group Incorporated a wholly owned affiliate of
Security Capital Group Incorporated.  Prior to joining Securities
Capital Group in September 1997, Mr. Jacobson was a Managing
Director responsible for fixed income investment activities at
LaSalle Partners Limited, an international institutional and
corporate real estate investment manager and services provider
headquartered in Chicago, Illinois.  Mr. Jacobson joined LaSalle
Partners in 1986 and worked at LaSalle through 1988 when he joined
the Jacobson Group, a family owned real estate development company
located in Naples, Florida.  Mr. Jacobson returned to LaSalle
Partners in 1990.   Mr. Jacobson received a B.A. in Economics from
Stanford University in 1984 and a M.A. from the Food Research
Institute of Stanford University, Palo Alto, California in 1984.

  MR. GREGORY S. KOBUS (age 48) is a director of the Fund.  Mr.
Kobus became Chairman and President of Hawthorn  Bank, Mundelein,
Illinois in 1992.  Prior thereto, he was Senior Vice President and
Manager of the Financial Institution Group at Exchange National
Bank from 1983 to 1990.  Prior thereto Mr. Kobus was a Vice
President and Division Head (Commercial Lending) of the American
National Bank and Trust Company of Chicago.  Throughout his career,
Mr. Kobus has been responsible for commercial loans in excess of
$1.0 billion.  Mr. Kobus received a B.S. in Mathematics from St.
Procopius College, Lisle, Illinois in 1972 and an M.B.A. from the
University of Chicago in 1979.

  MR. KENNETH S. NELSON (age 48) is a director of the Fund. Mr.
Nelson is currently Managing Director and head of Corporatein Real
Estate for First Chicago NBD Corporation.  Mr. Nelson joined First
Chicago NBD Corporation in 1983 as vice president and manager of
its Washington, D.C. Real Estate Office where he was involved in
over $2.0 billion in financial transactions.  Prior to joining
First Chicago NBD Corporation, Mr. Nelson was with Mellon Bank N.A.
for ten years holding various management and lending positions in
its Mortgage Banking and Commercial Real Estate Departments.  Mr.
Nelson holds a B.A. in Mathematical Economics from Colgate
University and an M.B.A. from Wharton School of Business,
University of Pennsylvania.

  MR. HUGH K. ZWIEG (age 38) is a director of the Fund.  Mr. Zwieg
is Senior Vice President of CMD Corporation since 1989.  Mr. Zwieg
is responsible for the placement of all debt and equity capital and
management of all institutional relationships.  In addition, he
oversees the financial structuring of all CMD's investments and
sales.  Prior thereto, Mr. Zwieg was Vice President of Investment
Management of Balcor Company, a real estate investment subsidiary
of Shearson Lehman, from 1987 to 1989, where he managed a $500
million real estate portfolio with responsibility for the
operations, leasing, financing and sales strategy for the
properties.  During his tenure, he also worked in the Special
Projects Group, which was responsible for the recapitalization  and
workout of problem assets in Balcor's Equity and Debt portfolios. 
Mr. Zwieg began his career at the First National Bank of Chicago
where he was a commercial real estate loan officer.  Mr. Zwieg
received a B.B.A. in 1982 and an M.B.A. in 1983, both from the
University of Wisconsin in Madison, Wisconsin.

    MR. B. ALLEN AYNESSAZIAN (age 33) is the Treasurer and Chief
Financial Officer of the Fund, the Advisor and other affiliates of
the Advisor.  He is the Chief Financial Officer of various Brauvin
entities, which act as the General Partners of seven publicly
registered real estate programs.  He is responsible for the overall
financial accounting of Brauvin Management Company, Brauvin
Financial, Inc. and related partnerships.  He is responsible for
the Fund's accounting and financial reporting to regulatory
agencies.  He joined the Brauvin organization in August 1996. 
Prior to that time, he was the Chief Financial Officer of
Giordano's Enterprises, a privately held, 40-restaurant, family-
style pizza chain in the Chicago metropolitan area where he worked
since 1989.  While at Giordano's, Mr. Aynessazian was responsible
for all accounting functions, lease negotiations and financings of
new restaurants, equipment and general corporate debt.  From 1987
to 1989, Mr. Aynessazian worked in the accounting compliance and
tax department of KPMG Peat Marwick.  Mr. Aynessazian is a
certified public accountant.

Section 16(a) Beneficial Ownership Reporting Compliance

  Under Section 16(a) of the Securities Exchange Act of 1934, as
amended, the Fund's directors and executive officers are required
to report their initial ownership of stock and any subsequent
change in such ownership to the Securities and Exchange Commission
and to the Fund (such requirements hereinafter referred to as
"Section 16(a) filing requirements").  Specific time deadlines for
the Section 16(a) filing requirements have been established.

  To the Fund's knowledge, and based solely upon a review of the
copies of such reports furnished to the Fund, and upon written
representations that no other reports were required, during the
fiscal year ended December 31, 1997, all Section 16(a) filing
requirements applicable to its officers and directors were complied
with.

Item 10. Executive Compensation.

  The Fund is managed by the Advisor pursuant to the terms of the
Advisory Agreement as defined in the Prospectus and does not pay
compensation to its officers.  Each of the Independent Directors
receives annual compensation of $5,000.  Aggregate compensation
paid to directors during 1997 and 1996 was approximately $23,000
and $22,000, respectively. Accordingly, disclosures typically
required by Item 402 of Regulation S-B are not applicable to the
Fund, as the Fund has no compensated executive officers.  See Item
12 "Certain Relationships and Related Transactions" for discussion
of the fees paid to the Advisor and its affiliates.

Item 11. Security Ownership of Certain Beneficial Owners and              
         Management.

  No person or group is known by the Fund to own beneficially more
than 5% of the outstanding shares.  The Advisor owns one share of
the Fund.  Other than the beneficial ownership of such share which
certain directors who own interests in the Advisor may be deemed to
own, none of the officers and directors of the Fund owns any
shares.  No officer or director of the Fund possesses a right to
acquire beneficial ownership of shares.

Item 12.  Certain Relationships and Related Transactions.

  The Fund is required to pay certain fees to the Advisor or its
affiliates pursuant to various agreements set forth in the
Prospectus and described below.

  Pursuant to the terms of the Selling Agreement, Brauvin
Securities, Inc. ("BSI"), an affiliate of the Advisor, is entitled
to placement charges of 5.50% of the gross proceeds of the Fund's
offering, all of which will be reallowed to placement agents.  In
addition, BSI is entitled to a marketing and due diligence expense
allowance fee equal to 0.50% of the gross proceeds to reimburse
marketing and due diligence expenses, some portion of which may be
reallowed to placement agents.  The Fund (was reimbursed) or paid
placement charges of $(6,867) and $80,803, and was (reimbursed) or
paid marketing and due diligence expense allowance fees of $(615)
and $12,042, in 1997 and 1996, respectively, to BSI.  

  Pursuant to the terms of the Prospectus, the Advisor was
reimbursed $137,666 in 1997 for certain expenses related to the
costs of sales and informational meetings.

  Pursuant to the terms of the Advisory Agreement, the Fund paid
the Advisor a non-accountable expense allowance in an amount equal
to 2.5% of the gross proceeds of the offering which in 1997 and
1996 were $3,536 and $34,489, respectively.

  Pursuant to the terms of the Advisory Agreement, the Advisor is
entitled to receive acquisition fees for services rendered in
connection with the selection or acquisition of any property
however designated as real estate commissions, selection fees,
development fees, or any fees of a similar nature.  Such
acquisition fees may not exceed the lesser of (a) such compensation
as is customarily charged in arm's-length transactions by others
rendering similar services as an ongoing business in the same
geographic locale and for comparable properties or (b) 3.5% of the
gross proceeds of the Fund's offering.  The Fund will also
reimburse the Advisor an amount estimated to be 0.75% of the gross
proceeds of the offering in connection with any expenses attendant
to the acquisition of properties whether or not acquired.
Acquisition fees of $16,678 and $141,000, and acquisition expenses
of $5,913 and $46,742, were paid by the Fund in 1997 and 1996,
respectively, to the Advisor.

  Pursuant to the terms of the Advisory Agreement, the Advisor is
entitled to an advisory fee, payable monthly, following the
termination of the offering, in an amount equal to the greater of:
(i) .60% of gross proceeds, or (ii) $175,000.  Advisory fees of
$175,000 were paid by the Fund in 1997 for the year ended December
31, 1997.  Advisory fees of $104,439 were paid by the Fund in 1996
and $53,914 attriutable to 1996 were accrued on the Fund's books at
December 31, 1996.

  Pursuant to the terms of the Management Agreement, Brauvin
Management Company ("BMC"), an affiliate of the Advisor, provided
leasing and re-leasing services to the Fund in connection with the
management of Fund's properties.  The property management fee
payable to an affiliate of the Advisor shall not exceed the lesser
of: (a) fees which are competitive for similar services in the
geographical area where the properties are located; or (b) 1% of
the gross revenues of each property.  Property management fees of
$11,865 and $9,521 were paid by the Fund in 1997 and 1996
respectively, to BMC.

  Messrs. Jerome J. Brault and James L. Brault are the managers of
the Advisor.  Messrs. Jerome J. Brault, James L. Brault and B.
Allen Aynessazian are officers of BSI and BMC.  In addition, Mr.
Jerome J. Brault has a controlling interest and Mr. James L. Brault
has a nominal interest in the Advisor.  Mr. Jerome  J. Brault also
has a 50% ownership interest in BSI and an interest in BMC. 
<PAGE>
Item 13. Exhibits and Reports on Form 8-K.

(a) Exhibits required by the Securities and Exchange Commission
    Regulation S-B, Item 601:

               Exhibit No. Description
               *3(a)       Amended Articles of Incorporation of
                           Brauvin Net Lease V, Inc.
               *3(b)       By-laws of Brauvin Net Lease V, Inc.
               *4          Specimen Stock Certificate
               **10(a)     Advisory Agreement
               **10(b)     Assignment and Assumption Agreement
                           among Brauvin Realty Advisors V, Inc.,
                           Brauvin Realty Advisors V, L.L.C., the
                           Fund and Jerome Brault
               *10(c)      Agreement of Purchase and Sale between
                           Country Harvest Buffet Restaurants,
                           Inc. and Brauvin, Inc. on behalf of
                           the Fund dated November 11, 1994
               *10(d)      Lease between Country Harvest Buffet
                           Restaurants, Inc. and Brauvin, Inc. on
                           behalf of the Fund dated November 21,
                           1994
               *10(e)      Agreement of Purchase and Sale between
                           Bomasada Investment Group II, L.L.C.
                           ("Bomasada") and Brauvin, Inc. on
                           behalf of the Fund dated December 12,
                           1994 (with lease between Bomasada and
                           Blockbuster Videos, Inc. dated March
                           23, 1994 attached)
               *10(f)      Testing and Remediation License
                           Agreement between Bomasada and Diamond
                           Shamrock Stations, Inc. dated July 8,
                           1994
               *10(g)      Assignment of Shopping Center Lease by
                           and between Blockbuster Investment
                           Group II L.L.C. and the Fund dated
                           January 31, 1995
               *10(h)      Assignment of Testing and Remediation
                           License Agreement between Bomasada and
                           the Fund dated January 31, 1995.
               *10(i)      Agreement of Purchase and Sale between
                           HMG/Courtland Properties, Inc. ("HMG")
                           and Brauvin, Inc., on behalf of the
                           Fund dated December 19, 1994 (with
                           lease between Sugar Grove Investment
                           Associates, Ltd. and On The Border
                           Corporation dated as of January 25,
                           1993, including amendments, attached)
               *10(j)      Assignment and Assumption Agreement
                           (regarding On The Border Corporation
                           Lease) between HMG and the Fund dated
                           January 6, 1995.
               *10(k)      Contract for Sale and Purchase between
                           Chilly Land, Inc. and Brauvin, Inc. on
                           behalf of the Fund dated March 28,
                           1995.
               *10(l)      Assignment of Lease and Other Property
                           (regarding the Chili's Property)
                           between Chilly Land, Inc. and the Fund
                           dated April 13, 1995 (with the Lease
                           Agreement dated December 7, 1988
                           between Birmingham Retail Center
                           Associates, Ltd. and Sunstate Alabama
                           Restaurant Corporation, as amended by
                           letter agreements dated December 5,
                           1988 and February 15, 1989 attached).
               *10(m)      Agreement of Purchase and Sale between
                           KCBB, Inc. and Brauvin, Inc., on
                           behalf of the Fund dated December 15,
                           1994 (with lease between KCBB, Inc.
                           and Just For Feet, Inc. dated November
                           9, 1994 attached).
               *10(n)      Assignment of Lease (regarding Just
                           For Feet Lease) between Legacy Group
                           L.L.C. and Brauvin Net Lease V, Inc.
                           dated May 23, 1995.
               *10(o)      Agreement of Purchase and Sale between
                           Loves Park Development Corporation
                           ("Loves Park") and Brauvin, Inc., on
                           behalf of the Fund dated July 11, 1995
                           (with lease between Roscoe Development
                           Corporation (assignor to Loves Park)
                           and Video Watch, Inc. dated October 5,
                           1994 attached).
               *10(p)      Assignment of Lease (regarding Video
                           Watch) between Loves Park and Brauvin
                           Net Lease V, Inc. dated July 31, 1995.
               ***10(q)    Agreement of Purchase and Sale between
                           P. One Sioux Falls Investors, Inc.
                           and, Brauvin, Inc., on behalf of the
                           Fund dated February 12, 1996(with
                           lease between P. One Sioux Falls
                           Investors, Inc. and Pier 1 Imports     
                           (U.S.), Inc. dated June 5, 1995
                           attached).
               ***10(r)    Assignment and Assumption Agreement
                           between P. One Sioux Falls Investors,
                           Inc. and the Fund dated February 12, 
                           1996.
               ***10(s)    Purchase and Sale Agreement between
                           Germantown Associates Limited 
                           Partnership and Germantown    
                           Associates, Inc., on behalf of
                           the Fund dated January 21, 1997 (with 
                           schedule of leases between (1) Lewis 
                           J. Stowe, III and Firestone Tire & 
                           Rubber Company now known as 
                           Bridgestone/Firestone, Inc. 
                           as amended dated September 25, 1986; and 
                           (2) Lewis J. Stowe, III and Jiffy 
                           Lube of Pennsylvania, Inc., as 
                           amended dated June 11, 1986.  Both 
                           leases are attached).
               ***10(t)    Assignment and Assumption Agreement
                           between Germantown Associates 
                           Limited Partnership and Germantown 
                           Associates, Inc. dated January 21, 
                           1997.
               ****16      Letter of Ernst & Young LLP dated 
                           December 10, 1996
               21          Subsidiaries of the small business 
                           issuer
               23          Independent Auditors' Consent
               27          Financial Data Schedule

    *Incorporated by reference from the exhibits filed with the
    Fund's registration statement (Registration No. 33-70550) on
    Form S-11 filed under the Securities Act of 1933.
    **Management Contract
    ***Incorporated by reference from 1996 Form 10K SB/A filed on         
    June 19, 1997.
    ****Incorporated by reference from Exhibit 16 filed with the          
    Fund's Form 8-K/A filed on December 12, 1996.

(b) Reports on Form 8-K.

    None.

<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.


                              BRAUVIN NET LEASE V, INC.
                              (Registrant)


Date: 3/31/98              By:  /s/ Jerome J. Brault             
                                Jerome J. Brault, 
                                Chairman, President
                                and Chief Executive Officer

Pursuant to the requirements of the Securities Exchange Act of
1934, this report has been signed below by the following persons on
behalf of the Registrant and in the capacities and on the dates
indicated.

Signature               Title                           Date

/s/ Jerome J. Brault    Chairman, President             3/31/98 
Jerome J. Brault        and Chief Executive             
                        Officer
                        
                                                        


/s/ Jeff A. Jacobson                                             
Jeff A. Jacobson        Director                        3/31/98


/s/ Kenneth S. Nelson                                            
Kenneth S. Nelson       Director                        3/31/98


/s/ James L. Brault                                              
James L. Brault         Director, Executive             3/31/98
                        Vice President and
                        Secretary                      


/s/ Gregory S. Kobus                                             
Gregory S. Kobus        Director                        3/31/98


/s/ Hugh K. Zwieg                                                
Hugh K. Zwieg           Director                        3/31/98


/s/ B. Allen Aynessazian                                       
B. Allen Aynessazian    Chief Financial                 3/31/98
                        Officer (Principal
                        Accounting Officer)

<PAGE>

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS 

Independent Auditors' Report   . . . . . . . . . . . . . . . . . . .F-2

Consolidated Balance Sheet, December 31, 1997. . . . . . . . . . . .F-3

Consolidated Statements of Operations, for the years
  ended December 31, 1997 and 1996 . . . . . . . . . . . . . . . . .F-4

Consolidated Statements of Stockholders' Equity for the  
  years ended December 31, 1997 and 1996 . . . . . . . . . . . . . .F-5

Consolidated Statements of Cash Flows for the years
 ended December 31, 1997 and 1996. . . . . . . . . . . . . . . . . .F-6

Notes to Consolidated Financial Statements . . . . . . . . . . . . .F-7


All other schedules provided for in Item 13(a) of Form 10-KSB are
either not required, not applicable, or immaterial.

<PAGE>
                 INDEPENDENT AUDITORS' REPORT

To the Stockholders of 
Brauvin Net Lease V, Inc.
Chicago, Illinois

We have audited the accompanying consolidated balance sheet of
Brauvin Net Lease V, Inc. as of December 31, 1997, and the related
consolidated statements of operations, stockholders' equity and cash
flows for the years ended December 31, 1997 and 1996.  These
consolidated financial statements are the responsibility of the
Company's management.  Our responsibility is to express an opinion
on these consolidated financial statements based on our audits.

We conducted our audits in accordance with generally accepted
auditing standards.  Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement.  An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements.  An audit also includes
assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial
statement presentation.  We believe that our audits provide a
reasonable basis for our opinion. 

In our opinion, such consolidated financial statements present
fairly, in all material respects, the financial position of Brauvin
Net Lease V, Inc. at December 31, 1997, and the results of their
operations and their cash flows for the years ended December 31,
1997 and 1996 in conformity with generally accepted accounting
principles.  

/s/ Deloitte & Touche LLP

Chicago, Illinois
February 7, 1998







<PAGE>
                   BRAUVIN NET LEASE V, INC.
                    (a Maryland corporation)
                                 
                   CONSOLIDATED BALANCE SHEET

                                              December 31,
                                                 1997     
ASSETS
Investment in real estate, at cost:
  Land                                         $3,979,586 
  Buildings                                     7,548,856 
                                               11,528,442 
  Less: Accumulated depreciation                 (426,458)
Net investment in real estate                  11,101,984 
Cash and cash equivalents                         303,412 
Tenant receivables                                    395
Deferred rent receivable                          188,824
Organization costs (net of
  accumulated amortization of
  $26,833)                                          8,167
Total Assets                                  $11,602,782

LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Accounts payable and accrued
  expenses                                        $20,638
Rents received in advance                          41,403
Due to affiliates                                  54,883
Total Liabilities                                 116,924

Stockholders' Equity:
Preferred stock, $.01 par value,
  1,000,000 shares authorized;
  none issued 
Common stock, $.01 par value,
  9,000,000 shares authorized;
  1,290,269 outstanding                            12,903
Additional paid-in capital                     11,639,420
Accumulated deficit                              (166,465)
Total Stockholders' Equity                     11,485,858
Total Liabilities and Stockholders' 
  Equity                                      $11,602,782

                See notes to financial statements.
<PAGE>
               CONSOLIDATED STATEMENTS OF OPERATIONS
                     Years ended December 31,

                                            1997         1996          
INCOME
Rental                                   $1,331,713  $1,025,198           
Interest and other                           28,210     175,305           

  Total income                            1,359,923   1,200,503           

EXPENSES
Directors fees                               23,225      21,998           
Advisory fees                               175,000     158,353           
Management fees                              11,865       9,521           
General and administrative                  105,950      92,967           
Acquisition costs                            33,211      46,742           
Depreciation and amortization               190,902     152,951           

  Total expenses                            540,153     482,532           

Net Income                                $ 819,770   $ 717,971           
Net Income Per Share                                                   
 (based on average shares
  outstanding of 1,274,855
  and 1,257,919, respectively
  for the years ended
  December 31, 1997 and 1996)             $    0.64   $   0.57            















                 See notes to financial statements
<PAGE>
          CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
              Years Ended December 31, 1997 and 1996
                                                  Retained
                               Common Stock       Earnings
                     Number            Paid-in  (Accumulated
                    of Shares  Amount    Capital   Deficit)    Total 
Balance at
 January 1, 1996   1,167,802 $11,678  $10,709,007 $  71,204  $10,791,889
Net income                --      --           --   717,971      717,971
Dividends                 --      --           --  (868,953)    (868,953)
Issuance of stock, 
 net of selling
 commissions and
 other offering
 costs of $128,012,
 net of 
 liquidations        128,383   1,284    1,154,537        --    1,155,821

Balance at
 December 31, 
 1996              1,296,185  12,962   11,863,544   (79,778)  11,796,728
Net income                --      --           --   819,770      819,770
Dividends                 --      --           --  (906,457)    (906,457)
Issuance of stock, 
 net of selling 
 commissions and
 other offering
 costs of $165,026,
 net of 
 liquidations          (5,916)   (59)    (224,124)       --     (224,183)

Balance at
 December 31,1997   1,290,269 $12,903 $11,639,420 $(166,465) $11,485,858

Ordinary and non-taxable dividends amounted to $714,575 and $191,882,
respectively for the year ended December 31, 1997.  Ordinary and non-
taxable dividends amounted to $768,872 and $100,081 for the year ended
December 31, 1996.


                See notes to financial statements
<PAGE>
                 CONSOLIDATED STATEMENTS OF CASH FLOW
                       Years ended December 31,

                                                    1997              1996
Cash Flows From Operating Activities:
Net income                                             $819,770   $ 717,971
Adjustments to reconcile net income to 
net cash provided by operating activities:
Amortization of organization costs                        7,000       7,000
Depreciation                                            183,902     145,951
Acquisition costs charged off                            33,211      46,742
Increase in tenant receivables                              (17)       (378)
Increase in deferred rent receivables                  (104,260)    (84,564)
Decrease in prepaid expenses                              3,001       2,998
(Decrease) increase in accounts
  payable and accrued expenses                           (1,146)      3,284
(Decrease) increase in rent
  received in advance                                    (8,170)     30,281
Increase in due to affiliates                               950      53,914
Net cash provided by operating activities               934,241     923,199

Cash Flows From Investing Activities:
Purchase of properties                               (1,525,289) (2,164,007)
Acquisition costs                                            --     (80,142) 
Cash used in investing activities                    (1,525,289) (2,244,149)

Cash Flows From Financing Activities:
Issuance of stock, net of liquidations                  (59,157)  1,283,833
Selling commissions and other
  offering costs                                       (165,026)   (127,334)
Dividends                                              (906,457)   (868,953)
Net cash (used in) provided 
  by financing activities                            (1,130,640)    287,546

Net decrease in cash and cash 
  equivalents                                        (1,721,688) (1,033,404)
Cash and cash equivalents at 
  beginning of year                                   2,025,100   3,058,504
Cash and cash equivalents at end of year             $  303,412  $2,025,100

                     See notes to financial statements.
<PAGE>
             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
           For the years ended December 31, 1997 and 1996

(1)  ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

  Organization

  Brauvin Net Lease V, Inc. (the "Fund") is a Maryland corporation
formed on October 14, 1993, which operates as a real estate
investment trust ("REIT") under federal tax laws.  The Fund has
acquired properties that are leased to creditworthy corporate
operators of nationally or regionally established businesses
primarily in the retail and family restaurant sectors. All of the
leases are on a long-term "triple net" basis generally requiring
the corporate tenant to pay both base annual rent with mandatory
escalation clauses and all operating expenses. The Fund aquired
properties subject to leases with a Country Harvest Buffet
Restaurant during the year ended December 31, 1994; an On the
Border Restuarant, a Blockbuster Video, a Chili's Restaurant, a
Just for Feet and a Video Watch during the year ended December 31,
1995; a Pier 1 Imports and a Taylor Rental during the year ended
December 31, 1996; and a Jiffy Lube and Firestone facility during
the year ended December 31, 1997.

  The advisory agreement provides for Brauvin Realty Advisors V,
L.L.C. (the "Advisor"), an affiliate of the Fund, to be the advisor
to the Fund.  The Fund registered the sale of up to 5,000,000
shares of common stock at $10.00 per share in an initial public
offering filed with the Securities and Exchange Commission
("Registration Statement") and the issuance of 500,000 shares
pursuant to the Fund's dividend reinvestment plan.  On August 8,
1994, the Fund sold the minimum 120,000 shares required under its
Registration Statement and commenced its real estate activities. 
The offering period for the  sale of common stock terminated on
February 25, 1996.  At December 31, 1997, the Fund had sold
1,290,269 shares and the gross proceeds raised were $13,264,021,
net of liquidations of $361,340, including $200,000 invested by the
Advisor ("Initial Investment"), before reduction for  selling
commissions and other offering costs. 

SIGNIFICANT ACCOUNTING POLICIES

  Management's Use of Estimates

  The preparation of financial statements in conformity with
generally accepted accounting principles requires management to
make estimates and assumptions that affect the reported amounts of
assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the
reported amounts of revenues and expenses during the reporting
period.  Actual results could differ from these estimates.

     Accounting Method

     The accompanying consolidated financial statements have been
prepared using the accrual method of accounting.

     Rental Income

     Rental income is recognized on a straight line basis over the
life of the related leases.  Differences between rental income
earned and amounts due per the respective lease agreements are
credited or charged, as applicable, to deferred rent receivable.

     Federal Income Taxes

     For the years ended December 31, 1997 and 1996, the Fund
continued to be treated as a REIT under the Internal Revenue Code
Sections 856-860.  A REIT will generally not be subject to federal
income taxation to the extent that it distributes at least 95% of
its taxable income to its shareholders and meets certain asset and
income tests as well as other requirements. The REIT continues to
qualify as a real estate investment trust and, accordingly, no
provision has been made for Federal income taxes in the financial
statements.


     Consolidation of Subsidiary

     The Fund owns a 100% interest in one qualified REIT subsidiary,
Germantown Associates, Inc., which owns one Firestone/JiffyLube
property.  The accompanying financial statements have consolidated
100% of the assets, liabilities, operations and stockholder's
equity of Germantown Associates, Inc.  All significant intercompany
accounts have been eliminated.

     Investment in Real Estate

     The Fund's rental properties are stated at cost including
acquisition costs.  Depreciation is recorded on a straight-line
basis over the estimated economic lives of the properties which
approximate 40 years.

     In 1995, the Fund adopted Statement of Financial Accounting
Standards No. 121, "Accounting for the Impairment of Long-Lived
Assets" (SFAS 121).  The Fund has performed an analysis of its
long-lived assets, and the Fund's management determined that there
were no events or changes in circumstances that indicated that the
carrying amount of the assets may not be recoverable at December
31, 1997 or 1996.  Accordingly, no impairment loss has been
recorded in the accompanying financial statements for the years
ended December 31, 1997 and 1996.

     Cash and Cash Equivalents

     Cash and cash equivalents include all highly liquid  instruments
with an original maturity within three months from date of purchase
and approximate their fair value. 

     Estimated Fair Value of Financial Instruments

     Disclosure of the estimated fair value of financial instruments
is made in accordance with the requirements of Statement of
Financial Accounting Standards No. 107, "Disclosure About Fair
Value of Financial Instruments."  The estimated fair value amounts
have been determined by using available market information and
appropriate valuation methodologies.  However, considerable
judgement is necessarily required in interpreting market data to
develop estimates of fair value.  

     The fair value estimates presented herein are based on
information available to management as of December 31, 1997, but
may not necessarily be indicative of the amounts that the Fund
could realize in a current market exchange.  The use of different
assumptions and/or estimation methodologies may have a material
effect on the estimated fair value amounts. 

     The carrying amounts of the following items are reasonable
estimates of fair value: cash and cash equivalents; accounts
payable and accrued expense; rents received in advance; and due to
affiliates.

     Organization Costs

     Organization costs represent costs incurred in connection with
the organization and formation of the Fund.  Organization costs are
amortized over a period of five years using the straight line
method.

(2)  RELATED PARTY TRANSACTIONS

     The Fund is required to pay certain fees to the Advisor or its
affiliates pursuant to various agreements set forth in the
Prospectus and described below.

     Pursuant to the terms of the Selling Agreement, Brauvin
Securities, Inc. ("BSI"), an affiliate of the Advisor, is entitled
to placement charges of 5.50% of the gross proceeds of the Fund's
offering, all of which will be reallowed to placement agents.  In
addition, BSI is entitled to a marketing and due diligence expense
allowance fee equal to 0.50% of the gross proceeds to reimburse
marketing and due diligence expenses, some portion of which may be
reallowed to placement agents.  

     In 1997, pursuant to the terms of the Prospectus, the Advisor was
reimbursed for certain expenses related to the costs of sales and
informational meetings.

     Pursuant to the terms of the Advisory Agreement, the Advisor is
entitled to a non-accountable expense allowance in an amount equal
to 2.5% of the gross proceeds of the offering.

     Pursuant to the terms of the Advisory Agreement, the Advisor is
entitled to receive acquisition fees for services rendered in
connection with the selection or acquisition of any property
however designated as real estate commissions, selection fees,
development fees, or any fees of a similar nature.  Such
acquisition fees may not exceed the lesser of (a) such compensation
as is customarily charged in arm's-length transactions by others
rendering similar services as an ongoing business in the same
geographic locale and for comparable properties or (b) 3.5% of the
gross proceeds of the Fund's offering.  The Fund will also
reimburse the Advisor an amount estimated to be 0.75% of the gross
proceeds of the offering in connection with any expenses attendant
to the acquisition of properties whether or not acquired.

     Pursuant to the terms of the Advisory Agreement, the Advisor is
entitled to an annual advisory fee, payable monthly, in an amount
equal to 0.60% of the gross proceeds during the offering. Following
the termination of the offering, the annual advisory fee is an
amount equal to the greater of:  (i) .60% of gross proceeds, or
(ii) $175,000.

     Pursuant to the terms of the Management Agreement, Brauvin
Management Company ("BMC"), an affiliate of the Advisor, provides
leasing and re-leasing services to the Fund in connection with the
management of Fund's properties.  The property management fee
payable to an affiliate of the Advisor shall not exceed the lesser
of:  (a) fees which are competitive for similar services in the
geographical area where the properties are located; or (b) 1% of
the gross revenues of each property.

     Fees, commissions and other expenses incurred and payable to the
Advisor or its affiliates for the years ended December 31, 1997,
and 1996 were as follows:

                                     1997             1996     
Selling commissions
  (reimbursement)                      $(6,867)     $ 79,631                  
Costs of sales and
 informational meetings                137,666            --
Due diligence (reimbursement)
  fees                                    (615)       12,268                  
Advisory fees                          175,000       158,353                  
Dividend
 reinvestment fees                       1,448         1,651                  
Management fees                         11,865         9,521                  
Nonaccountable fees                      3,536        36,114                  
Acquisition fees 
 and expenses                           22,591       172,500            
                                      $344,624     $ 470,038            

  As of December 31, 1997 the Fund made all payments to affiliates except
for $53,913 for advisory fees and $970 for management fees. 

(3)  DIVIDENDS

  Below is a table summarizing the dividends declared:

                                          Annualized
 Declaration      Record       Payment      Dividend
   Date(a)         Dates         Date         Rate       Amount 
  1/25/96    10/1/95-12/31/95    2/15/96          7%    $196,106
   5/2/96      1/1/96-3/31/96    5/15/96          7%     216,247
   8/1/96      4/1/96-6/30/96    8/15/96          7%     227,068
 10/31/96      7/1/96-9/30/96   11/15/96          7%     229,532
  1/31/97    10/1/96-12/31/96    2/15/97          7%     229,517
   5/8/97      1/1/97-3/31/97    5/15/97          7%     224,034
   8/7/97      4/1/97-6/30/97    8/15/97          7%     224,907
  11/6/97      7/1/97-9/30/97   11/15/97          7%     227,999
  1/29/98    10/1/97-12/31/97    2/15/98          7%     227,354

(a) Dividends were declared on a daily basis.

   The dividend reinvestment plan ("Reinvestment Plan") is
available to the stockholders so that stockholders, if they so
elect, may have their distributions from the Fund invested in
shares.  The price per share purchased through the Reinvestment
Plan shall equal $10 per share with the purchase of partial shares
allowed.  The Fund has registered 200,000 shares for distribution
solely in connection with the Reinvestment Plan.  Funds raised
through the Reinvestment Plan will be utilized to:  (i) purchase
shares from existing stockholders who have notified the Fund of
their desire to sell their shares or held for subsequent
redemptions; or (ii) purchase additional properties. The
stockholders electing to participate in the Reinvestment Plan will
be charged a service charge, in an amount equal to 1% of their
distributions, which will be paid to an affiliate of the Advisor to
defray the administrative costs of the Reinvestment Plan. At
December 31, 1997, there were approximately 39,833 shares purchased
through the Reinvestment Plan and approximately 36,134 shares
liquidated.


  In order to qualify as a REIT, the Fund is required to distribute
dividends to its Stockholders in an amount at least equal to 95% of
REIT taxable income of the Fund.  The Fund intends to make
quarterly distributions to satisfy all annual distribution
requirements.

(4)  OPERATING LEASES

  The Fund's rental income is principally obtained from tenants
through rental payments provided under triple net noncancelable
operating leases.  The leases provide for a base minimum annual
rent and increases in rent such as through participation in gross
sales above a stated level.

  The following is a schedule of noncancelable future minimum
rental payments due to the Fund under operating leases of the
Fund's properties as of December 31, 1997:

     Year ending December 31:           1998     $ 1,258,053
                                        1999       1,285,017
                                        2000       1,323,948               
                                        2001       1,325,613
                                        2002       1,333,001
                                    Thereafter     9,506,799
                                                 $16,032,431


<PAGE>
Exhibit 21

Subsidiaries of Small Business Issuer

                                State of         Names under which
Subsidiary                    Incorporation   Subsidiary does business

Germantown                         Illinois          Montgomery County
Associates, Inc.                                      Associates, Inc.

<PAGE>
                           EXHIBIT 23

INDEPENDENT AUDITORS' CONSENT

We consent to the incorporation by reference in Registration
Statement No. 333-03899 of Brauvin Net Lease V, Inc. on Form S-3
of our report dated February 7, 1998 appearing in the Annual
Report on Form 10-KSB of Brauvin Net Lease V, Inc. for the year
ended December 31, 1997.


/s/ Deloitte & Touche LLP


Chicago, Illinois
February 7, 1998


<PAGE>