UNITED STATES
                SECURITIES AND EXCHANGE COMMISSION
                     Washington, D.C.  20549

                          FORM 10-KSB

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

             For the fiscal year ended December 31, 2003

[ ]     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 Exchange Act:

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

Securities registered pursuant to Section 12(g)of the Exchange 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 Exchange Act of 1934 during the past
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: $1,299,034.

The aggregate market value of the Common Stock held by non-
affiliates as of March 28, 2004 was $13,465,044.  As of March 28,
2004, the registrant had 1,286,163 shares of Common Stock
outstanding.


Transitional small business disclosure format (check one)
Yes ___ No  X .


                    BRAUVIN NET LEASE V, INC.
                  2003 FORM 10-KSB ANNUAL REPORT

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

Item 2. Description of Properties. . . . . . . . . . . . . . . . 6

Item 3. Legal Proceedings. . . . . . . . . . . . . . . . . . .  13

Item 4. Submission of Matters to a Vote of Security
        Holders. . . . . . . . . . . . . . . . . . . . . . . . .13

                             PART II
        Item 5. Market for Common Equity and
        Related Stockholder Matters. . . . . . . . . . . . . .  14

        Item 6. Management's Discussion and Analysis or Plan
        of Operation . . . . . . . . . . . . . . . . . . . . .  16

        Item 7. Consolidated Financial Statements. . . . . . . .22

        Item 8. Changes in and Disagreements with Accountants on
        Accounting and Financial Disclosure. . . . . . . . . .  22

Item 8a. Controls and Procedures . . . . . . . . . . . . . . .  22

                             PART III
Item 9. Directors, Executive Officers, Promoters and
        Control Persons; Compliance with Section 16(a)
        of the Exchange Act. . . . . . . . . . . . . . . . . .  24

Item 10. Executive Compensation  . . . . . . . . . . . . . . .  29

Item 11. Security Ownership of Certain Beneficial Owners
        and Management . . . . . . . . . . . . . . . . . . . .  29

Item 12. Certain Relationships and Related Transactions  . . .  30

Item 13. Exhibits and Reports on Form 8-K  . . . . . . . . . .  32

Item 14. Principal Accountant Fees and Services. . . . . . . .  35

Signatures . . . . . . . . . . . . . . . . . . . . . . . . . .  37


                     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 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 acquired
properties subject to leases with a Country Harvest Buffet
Restaurant during the year ended December 31, 1994; an On the
Border Restaurant, 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;  a Jiffy Lube and Firestone facility during the
year ended December 31, 1997;  a Golden Corral Restaurant during
the year ended December 31, 2002 and three Dollar General Stores
during the year ended December 31, 2003.  The On the Border
Restaurant, and the Just for Feet property were sold during the
year ended December 31, 2002. The Chili's Restaurant in Birmingham,
Alabama was exchanged for a similar property located in Tucker,
Georgia during the year ended December 31, 2002.

   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 was available for those stockholders who wished
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, 2003, the Fund had outstanding 1,286,163 shares and
the gross proceeds raised were $13,545,075, excluding liquidations
of $663,172, and including the $200,000 invested by the Advisor,
before reduction for selling commissions and other offering costs.

   In February 2001, the Board of Directors determined it was in
the best interest of the Fund to discontinue the Dividend
Reinvestment Plan.  Shareholder participation in the Plan had
declined to approximately 3.9% of the total number of investors in
the Fund.  The Board of Directors concluded that the significant
majority of shareholders would benefit from the termination through
the elimination of the potential for the dilution of existing
shareholders as well as the elimination of the costs associated
with the Plan.  Accordingly, effective February 13, 2001, the Board
of Directors terminated the Dividend Reinvestment Plan and all
future dividends will be paid in cash.

   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 90% 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.

   On November 6, 2003 the Board of Directors approved the
adoption of a Plan of Liquidation which, if approved by the
stockholders, contemplates the sale of all of the Fund's assets
within a twenty four month period.  The Company intends to seek the
ratification of the Plan of Liquidation from its stockholders at
the 2004 Annual Meeting of the Stockholders.  See "Adoption of a
Plan of Liquidation" below.

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.

   The following is a summary of the real estate and improvements
owned by the Fund at January 1, 2002 and subsequent transactions
related thereto.

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 was originally
leased to Country Harvest Buffet Restaurants, Inc. under a triple
net lease.  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. In January, 1998, the Fund agreed to
a sublease with another buffet restaurant, Moon Buffet.  Moon
Buffet opened for business mid-April 1998.  The Moon Buffet lease
is triple net, which requires monthly payments of minimum base rent
in the amount of $8,721 with periodic increases in rent beginning
in the third sublease year.  Under the Moon Buffet sublease no
percentage rental payments will be made to the Fund.  The Moon
Buffet lease is scheduled to expire in November, 2014.  At December
31, 2003, Moon Buffet is paying a monthly rental amount of $9,794
to the Fund.

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 was 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 was guaranteed by Brinker Restaurant Corporation, an
affiliate of On The Border Cafes, Inc.  The lease required 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) honored the lease and
cooperated with the Fund in order to locate a subtenant or
facilitate the sale of this location.   In the first quarter of
2002, a contract for the sale of this property was signed with an
unaffiliated third party.  The sale price was $1,585,000 and was
subject to the purchaser's due diligence. On February 20, 2002, the
potential purchaser terminated the sale contract. On April 29,
2002, the Fund sold the On The Border Restaurant property to an
unaffiliated third party for a sales price of $1,385,000 (exclusive
of an additional $200,000 tenant lease buyout fee). The net
proceeds received including the buyout was approximately
$1,475,000.

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.  At December 31, 2003,
the monthly rent for this property is $11,792.

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 was leased to Sunstate Ventures, Inc., a Chili's
restaurant franchisee, under a triple net lease, for an original
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.

   On October 1, 1996, the assets of Sunstate Ventures, Inc. were
purchased by Brinker Alabama, Inc. a wholly-owned subsidiary of
Brinker International, Inc. and the Chili's lease was assigned from
Sunstate Ventures, Inc. to Brinker Alabama, Inc.  The terms and
conditions of the original lease for this property remained
unchanged.

   In 2001, Brinker expressed a desire to close the Birmingham,
Alabama facility and exchange this property for a better performing
property that Brinker owned in Tucker, Georgia.  The Fund and
Brinker agreed to this exchange and in the second quarter of 2002,
the like kind property exchange was completed.  As a result of this
exchange the base rent will remain the same, but the percentage
rent breakpoint was reduced by approximately $200,000 and the
Fund's percentage of revenue in excess of the breakpoint was
reduced from 6% to 4.75%.  The Fund's expenses related to this
transaction were primarily related to legal and title fees.   These
expenses were recorded as general and administrative expenses.

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 was leased to Just For Feet, Inc., under a triple
net, twenty-year lease with two five-year extension options.  The
lease required a minimum base rent each month in the amount of
$19,630 plus periodic increases beginning in the sixth lease year.

   On November 4, 1999, Just For Feet, Inc. filed for Chapter ll
bankruptcy protection in the United States Bankruptcy Court in
Wilmington, Delaware.   Just for Feet, Inc. filed for Bankruptcy
Court approval to sell all or various parts of its assets in a
court-approved auction.  Following the auction, Just for Feet, Inc.
ceased operations.

   In March 2000, the Fund received notice that the lease for this
property was purchased by Footstar through the auction process.
This lease purchase did not affect the terms of the Just For Feet
lease.  Footstar operated the property and continued to make all
ongoing rental payments to the Fund on a timely basis.  In the
first quarter of 2001, the Fund signed a contract for the sale of
this property to an unaffiliated third party for approximately
$2,700,000, subject to the purchaser's due diligence.  This
contract was subsequently terminated.

   In the first quarter of 2002, the Fund signed another contract
with an unaffiliated third party for the sale of this property at
a sale price of $2,700,000 subject to the purchaser's due
diligence.  In March, 2002, the potential purchaser terminated the
sale contract.

   On May 16, 2002, The Fund sold the Just For Feet property to an
unaffiliated third party for a sales price of $2,675,000. The net
proceeds received was approximately $2,575,000.

Hollywood Entertainment

   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 was 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.  At December 31, 2003, the monthly rent for this
property is $9,000.

   In August 1995, Hollywood Entertainment Corporation acquired
Video Watch, Inc. and shortly thereafter converted the Video Watch
property to a Hollywood Video.  The terms and conditions of the
original lease for this property remain unchanged.


Pier 1 Imports

   On May 3, 1996, the Fund purchased a 10,834 square foot
building and the underlying land which was occupied by 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 Fund purchased a 5,000 square foot
building and the underlying land which was occupied by a 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 General Rental and
guaranteed by Stanley Works Corporation, under a triple net lease,
for a remaining term ending July 31, 2007.  The lease requires
General Rental to pay base rent each month in the amount of $5,811
with rent escalations every three years based upon 66% of CPI
increase.  At December 31, 2003, the monthly rent for this property
is $6,875.

   In the first quarter of 1999, General Rental discontinued its
operations.   The Fund does not anticipate that this situation will
adversely affect the Fund's cash flow, as rent has continued to be
paid on the lease.

   Stanley Works has secured a new subtenant for this location.
On October 16, 2002, a sublease was executed between The Stanley
Works, successor to General Rental Company, Inc.(Sublessor) and
Marine Max of Southeast Florida, LLC (Sublessee) and MarineMax Inc.
a Delaware corporation (Guarantor).



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"), both located in East Norriton
Township, Pennsylvania from an unaffiliated party for $1,450,000
plus closing costs.  The Firestone Facility was subject to an
existing lease 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. At December 31, 2003, the monthly
rent for this property is $9,650.

   In 2000, Bridgestone-Firestone, Inc. was in the process of a
national remodeling program for its retail stores, which included
painting, new counters, customer lounge and new merchandise display
fixtures and exterior painting. The program was completed in 2000
with an average expenditure of $50,000 per store.  Bridgestone-
Firestone, Inc. believes that its remodeling program will attract
new customers to its stores.

    The Jiffy Lube Facility was subject to an existing lease 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.  At December 31, 2003, the monthly rent for this
property is $7,950.

Golden Corral Restaurant

    On July 19, 2002,  with the approval of the Fund's Board of
Directors and in accordance with the Fund's acquisition guidelines,
the Fund purchased a 9,611 square foot restaurant building situated
on a two acre parcel located in Bradenton, Florida for
approximately $2,174,000 plus closing costs (the "Bradenton
Property").

   The Bradenton Property has been leased to Corral of Bradenton
LP, which operates a Golden Corral Restaurant, under a triple net
lease, for a remaining term ending October 19, 2019.  The lease
requires Corral of Bradenton LP to pay base rent each month in the
amount of $19,227 beginning August 1, 2002 and base rent in the
amount of $20,383 beginning November 1, 2002 with periodic rental
increases.  At December 31, 2003, the monthly rent for this
property is $20,383.

Dollar General

    On June 18, 2003,  with the approval of the Fund's Board of
Directors and in accordance with the Fund's acquisition guidelines,
the Fund purchased three Dollar General stores located in Lake
Charles, Houma  and Chauvin, Louisiana for approximately $940,000
plus closing costs.

   The Lake Charles property has been leased to Dolgencorp, Inc.
which operates a Dollar General store, under a triple net lease,
for a remaining term ending January 31, 2013.  The lease requires
Dolgencorp, Inc. to pay base rent each month in the amount of
$3,000.

   The Houma property has been leased to Dolgencorp, Inc. which
operates a Dollar General store, under a triple net lease, for a
remaining term ending February 28, 2013.  The lease requires
Dolgencorp, Inc. to pay base rent each month in the amount of
$3,000.


   The Chauvin property has been leased to Dolgencorp, Inc. which
operates a Dollar General store, under a triple net lease, for a
remaining term ending January 31, 2013.  The lease requires
Dolgencorp, Inc. to pay base rent each month in the amount of
$2,850.

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

   All the Fund's properties are being depreciated over 40 years
for financial reporting and 39 years for tax reporting.  The cost
basis for federal tax purposes of all the Fund's properties as of
December 31, 2003 is approximately $13,469,000.

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
that might otherwise be available for distribution.

Item 3. Legal Proceedings.

   None.


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

   None.



                             PART II

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

   At December 31, 2003 there were 722 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 could have been 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.  The Fund does not expect to
redeem any further shares as a result of the discontinuance of the
Dividend Reinvestment Plan as discussed below.

   In accordance with the Fund's original investment objective,
during the first quarter of 2000, the Board of Directors approved
a plan to have the Fund's shares listed on the OTC Bulletin Board
under the symbol "yyBNL".  Accordingly, the future price of all
additional shares of stock purchased (or redeemed, if any) under
the Dividend Reinvestment Plan will now be based on market
activity.  Specifically, the Board of Directors approved the
reinvestment price to be based on the weighted average of actual
trades in the 30 days prior to the end of each quarter, or to the
extent there is no activity, the average of the bid/ask price
during the period.

   Because the timing of the listing of the shares closely
coincided with the February 15, 2000 distribution, the Board of
Directors determined that the Dividend Reinvestment Plan should be
suspended for the February 15, 2000 distribution.  This was done to
give shareholders an opportunity to fully consider the current
changes in the Dividend Reinvestment Plan.

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

   In February 2001, the Board of Directors determined it was in
the best interest of the Fund to discontinue the Dividend
Reinvestment Plan.  Stockholder participation in the Plan had
declined to approximately 3.9% of the total number of investors in
the Fund.  The Board of Directors concluded that the significant
majority of stockholders would benefit from the termination through
the elimination of the potential for the dilution of existing
stockholders as well as the elimination of the costs associated
with the Plan.  Accordingly, effective February 13, 2001, the Board
of Directors terminated the Dividend Reinvestment Plan and all
future dividends will be paid in cash.

Transfer of Shares

   All shares are fully transferable, subject only to restrictions
that 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 since
January 1, 2002:

                                           Annualized
Declaration      Record        Payment      Dividend
 Date            Date           Date(a)     Rate          Amount
 1/24/02    10/1/01-12/31/01    2/15/02     8.25%        $267,452
 5/08/02      1/1/02-3/31/02    5/15/02     8.25%         261,639
 8/08/02      4/1/02-6/30/02    8/15/02    23.17%         745,000
11/12/02      7/1/02-9/30/02   11/15/02     5.44%         175,000
 1/23/03    10/1/02-12/31/02    1/30/03     6.94%         225,000
 5/08/03      1/1/03-3/31/03    5/15/03     8.00%         253,708
 8/07/03      4/1/03-6/30/03    8/15/03     7.46%         245,000
11/06/03      7/1/03-9/30/03   11/15/03     7.46%         245,000
 1/29/04    10/1/03-12/31/03    2/15/04     8.00%         259,347

(a) An $80,000 payment was made on 1/30/03 and a $145,000 payment
was made on 1/31/03, for a total amount of $225,000.

   In order to qualify as a REIT, the Fund is required to
distribute dividends to its stockholders in an amount at least
equal to 90% 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
Operation".

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

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.
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.

Liquidity and Capital Resources

    As of December 31, 2003, the Fund had received $11,539,065 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
$663,172.

Compliance with 90% REIT taxable income test

   The Fund is required, under the Internal Revenue Code, to make
distributions of an amount not less than 90% of its REIT taxable
income during the year.

Property sales

   On April 29, 2002, the Fund sold the On The Border Restaurant
property to an unaffiliated third party for a sales price of
$1,385,000 (exclusive of an additional $200,000 tenant lease buyout
fee).  The net proceeds received including the buyout was
approximately $1,475,000.

   On May 16, 2002, the Fund sold the Just For Feet property to an
unaffiliated third party for a sales price of $2,675,000.  The net
proceeds received was approximately $2,575,000.

   The Fund has replaced the sold properties in accordance with
the acquisition guidelines of the Fund.

Property purchases

   On July 19, 2002,  with the approval of the Fund's Board of
Directors and in accordance with the Fund's acquisition guidelines,
the Fund purchased a 9,611 square foot restaurant building situated
on a two acre parcel located in Bradenton, Florida for
approximately $2,174,000 plus closing costs (the "Bradenton
Property").

   The Bradenton Property has been leased to Corral of Bradenton
LP, which operates a Golden Corral Restaurant, under a triple net
lease, for a remaining term ending October 19, 2019.  The lease
requires Corral of Bradenton LP to pay base rent each month in the
amount of $19,227 beginning August 1, 2002 with periodic rental
increases starting November 1, 2002.

   On June 18, 2003,  with the approval of the Fund's Board of
Directors and in accordance with the Fund's acquisition guidelines,
the Fund purchased three Dollar General stores located in Lake
Charles, Houma  and Chauvin, Louisiana for approximately $940,000
plus closing costs.

   The Lake Charles property has been leased to Dolgencorp, Inc.
which operates a Dollar General store, under a triple net lease,
for a remaining term ending January 31, 2013.  The lease requires
Dolgencorp, Inc. to pay base rent each month in the amount of
$3,000.

   The Houma property has been leased to Dolgencorp, Inc. which
operates a Dollar General store, under a triple net lease, for a
remaining term ending February 28, 2013.  The lease requires
Dolgencorp, Inc. to pay base rent each month in the amount of
$3,000.

   The Chauvin property has been leased to Dolgencorp, Inc. which
operates a Dollar General store, under a triple net lease, for a
remaining term ending January 31, 2013.  The lease requires
Dolgencorp, Inc. to pay base rent each month in the amount of
$2,850.

Adoption of a Plan of Liquidation

   The Fund is a finite-life REIT and, in accordance with the
investment objectives and policies detailed in the Fund's
Prospectus and the Fund's organizational documents, the Fund
expected to sell all of its assets and liquidate after a period of
ownership from 7 to 9 years, beginning, generally, anytime between
2002 and 2004.  Further, the Fund is subject to increasing
administrative costs related to compliance with state and federal
regulatory requirements, including the costs of maintaining our
status as a publicly traded company, which are not economical given
the Fund's relatively small size.

   Accordingly, on November 6, 2003, the Board of Directors
unanimously approved a Plan of Liquidation and voted to recommend
that the stockholders approve the Plan of Liquidation.  The Fund
intends to seek approval of the Plan of Liquidation at the 2004
Annual Meeting of the Stockholders.  A copy of the Plan of
Liquidation is attached as Exhibit 2 to this Annual Report on Form
10-KSB.  The Plan of Liquidation provides that, if approved by
stockholders, the Fund will seek to sell all of its assets within
a twenty-four month period to an unaffiliated third party or
parties and, subject to payment of the Fund's liabilities,
distribute the net proceeds thereof to the stockholders, wind down
the Fund's business and dissolve.  To date, the Fund has not
entered into any binding contracts or letters of intent to sell any
of its properties and, therefore, the material terms of the
liquidation are still to be finally determined.

   As a result of the Board of Directors' approval of the Plan of
Liquidation, and in accordance with generally accepted accounting
principles, the Fund's financial statements for periods subsequent
to November 6, 2003 have been prepared on the liquidation basis of
accounting.  Accordingly, the carrying values of the assets are
presented at net realizable values and liabilities are presented at
estimated settlement amounts, including estimated costs associated
with carrying out the liquidation.  Preparation of the financial
statements on the liquidation basis of accounting requires
significant assumptions by management, including the estimate of
liquidation costs and the resolution of any contingent liabilities.
There may be differences between the assumptions and the actual
results because events and circumstances frequently do not occur as
expected.  Those differences, if any, could result in a change in
the net assets recorded in the consolidated statement of net assets
as of December 31, 2003.

Limitation on Total Operating Expenses

   For the twelve month period ended December 31, 2003, the Fund's
Total Operating Expenses exceeded the greater of 2% of the Average
Invested Assets of the Fund or 25% of the Fund's Net Income.  The
Independent Directors determined that the Fund's Total Operating
Expenses are  justifiable based on the gains that have been
achieved in prior periods and the redeployment of property sale
proceeds at slightly lower investment returns than the original
property investments.  In addition, the Independent Directors
discussed that as a result of carrying out the Plan of Liquidation
the Fund's Total Operating Expenses will likely exceed the stated
percentages as a result of a declining asset base and declining
revenues.  The Independent Directors will continue to review Total
Operating Expenses on a quarterly basis.

   For the purpose of the following analysis, 2002 and 2001
information is presented on the going concern basis before
reclassification of discontinued operations.

Results of Operations - 2003 Compared to 2002

   Total income for the year ended December 31, 2003 was
approximately $1,297,000 of which $1,251,000 was rental income.
Total expenses were approximately $537,000 and net loss was
approximately $287,000.

   Total income was approximately $1,297,000 in 2003 compared to
approximately $1,279,000 in 2002, an increase of approximately
$18,000.  This increase was due to an increase in rental income of
$243,000 offset by a decrease in lease termination fee income of
$200,000, a decrease in other charges to tenants of $17,000 and a
decrease in interest and other income of $8,000.

   Total expenses incurred in 2003 were approximately $537,000,
compared to approximately $598,000 in 2002, a decrease of
approximately $61,000.  The decrease was due primarily to a $43,000
reduction in advisory fees, a $17,000 decrease in real estate tax
expense a $2,000 decrease in depreciation and amortization and a
$1,000 increase in directors fees.  Real estate tax expense
decreased corresponding with the decrease in real estate tax
reimbursement income.

   Because the Fund's financial statements are presented on a
liquidating basis an adjustment to net assets in liquidation in the
amount of approximately $1,047,000 was recorded in the period from
November 7, 2003 to December 31, 2003.


Results of Operations - 2002 Compared to 2001

   Total income for the year ended December 31, 2002, was
approximately $1,279,000 of which $1,009,000 was rental income.
Total expenses were approximately $598,000 and net income was
approximately $1,311,000.

   Total income was approximately $1,279,000 in 2002 compared to
approximately $1,404,000 in 2001, a decrease of approximately
$125,000.  This decrease was due to a decrease in rental income of
$350,000 partially offset by an increase in lease termination fees
of $200,000, an increase in  real estate tax reimbursement income
of $22,000 and an increase in interest and other income of $3,000.
Rental income decreased primarily as a result of the sale of two
properties (On the Border in April and Just For Feet in May). The
increase in lease termination fee was a result of the lease buyout
fee related to the sale of On The Border Restaurant. Real estate
tax reimbursement income increased in 2002 proportionately with
real estate tax expense in 2002. Interest and other income
increased as a result of the increase in operating cash as a result
of the sale of the two properties.


   Total expenses incurred in 2002 were approximately $598,000,
compared to approximately $488,000 in 2001, an increase of
approximately $110,000.  The increase was due primarily to a
$71,000 increase in advisory fees, a $29,000 increase in general
and administrative expense, a $24,000 increase in real estate tax
expense and an $8,000 increase in bad debt expense.  These
increases were offset by a decrease in depreciation and
amortization in the amount of $22,000. Advisory fees increased as
a result of an additional advisory fee payment approved by the
Board of Directors in the fourth quarter of 2002.  General and
administrative increased primarily as a result of an increase in
salary expense of $8,000, an increase in legal and professional
fees of $5,000, an increase in insurance expense of $6,000, and an
increase in audit fees of $2,000.   Real estate tax expense
increased proportionately with real estate tax reimbursement
income.  Bad debt expense increased as a result of a recovery in
2001 of rents that had been estimated as uncollectible.
Depreciation and amortization expense decreased as a result of the
sale of the two properties.

Item 7. Consolidated Financial Statements.

   See Index to Consolidated 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.

   None.


Item 8a. Controls and Procedures


   Within 90 days prior to the date of this Annual Report, we
completed an evaluation, under the supervision and with the
participation of management, including our Chief Executive Officer
and Chief Financial Officer, of the effectiveness of the design and
operation of our disclosure controls and procedures pursuant to
Rule 13a-14 of the Securities Exchange Act of 1934. Based upon that
evaluation, the Chief Executive Officer and Chief Financial Officer
concluded that our disclosure controls and procedures were
effective as of the evaluation date.

   No significant changes were made to our internal controls or in
other factors that could significantly affect these controls
subsequent to the date of their evaluation.



                             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 five directors of the Fund, two of whom are
affiliates of the Advisor, three 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. Gregory S. Kobus     Director
  Mr. Kenneth S. Nelson    Director
  Mr. Michael K. Huff      Director
    Mr. Thomas E. Murphy     Treasurer and Chief Financial
                            Officer(Principal Accounting Officer)

   MR. JEROME J. BRAULT (age 70) 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 five 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.  He is a member and manager of Brauvin Real Estate
Funds, L.L.C. He is a member of Brauvin Capital Trust, L.L.C.  He
is the chief executive officer of Brauvin Capital Trust, Inc.  Mr.
Brault received a B.S. in Business from DePaul University, Chicago,
Illinois in 1959.

   MR. JAMES L. BRAULT (age 43) 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
a manager of Brauvin Capital Trust, L.L.C. and BA/Brauvin L.L.C.
He is an officer of various Brauvin entities, which act as the
general partners of five publicly registered real estate programs.
He is the president and a director of Brauvin Capital Trust, Inc.
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 its
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. GREGORY S. KOBUS (age 54) has been a director of the Fund
since its offering.  Mr. Kobus was the former Chairman and
President of Hawthorn  Bank, Mundelein, Illinois.  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 54) has been a director of the Fund
since its offering. Mr. Nelson is currently Director for Bank One
Capital Markets, Inc. , where he works with public real estate
company clients.  Mr. Nelson joined First Chicago NBD Corporation
the predecessor of Bank One in 1983 as vice president and manager
of its Washington, D.C. Real Estate Office.  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. MICHAEL K. HUFF (age 40) was appointed a director of the
Fund in November, 2002.  Mr. Huff is a senior vice president with
Trammell Crow Company's Investment Services Group, based in Dallas,
Texas.  Mr. Huff is responsible for the establishment and
maintenance of national capital source relationships and the
raising of equity capital and debt for real estate operating
companies.  In addition, Mr. Huff works on the disposition of
commercial real estate for local, regional and national clients.

   Prior to joining Trammell Crow, Mr. Huff was a vice president
for Jones Lang LaSalle's Chicago office, in their Capital Markets
Group.  During his career with Jones Lang LaSalle, Mr. Huff
completed transactions on real estate valued in  excess of $700
million.  Prior to joining Jones Lang LaSalle, Mr. Huff was a Large
Loan Officer with the real estate lending division of Nomura
Securities Inc., the Capital Company of America.  In 1998, Mr. Huff
underwrote over $1 billion of debt, closed over $400 million of
debt and worked on  three securitization offerings totalling nearly
$6 billion.

   Mr. Huff received a B.S. from Northwestern University, in
Industrial Engineering with a concentration in Computer Science.
Mr. Huff is a licensed real estate salesperson in Texas as well as
Illinois.

   MR. THOMAS E. MURPHY (age 37) is the treasurer and chief
financial officer of the Fund.  He is the chief financial officer
of various Brauvin entities, which act as general partners of five
publically registered real estate programs.  Mr. Murphy is also the
chief financial officer of Brauvin Management Company, Brauvin
Financial, Inc. and Brauvin Securities, Inc.  He is the treasurer,
chief financial officer and secretary  of Brauvin Capital Trust,
Inc.  He is responsible for the Fund's accounting and financial
reporting to regulatory agencies.  He joined the Brauvin
organization in July 1994.  Mr. Murphy received a B.S. in
Accounting from Northern Illinois University in 1988.  Mr. Murphy
is a Certified Public Accountant and is a member of the Illinois
Certified Public Accountants Society.

Board Audit Committee

   The audit committee of the Fund is comprised of Mr. Kobus, Mr.
Nelson and Mr. Huff, each of whom are independent directors.  The
audit committee does not have an "audit committee financial expert"
as that term is defined under the rules promulgated under the
Sarbanes-Oxley Act of 2002.  The Board of Directors determined that
an audit committee financial expert is not necessary because of the
substantial experience of the audit committee's members, as
detailed in the immediately preceding Section.  Each of these
members has an understanding of financial statements, experience
analyzing and evaluating financial statements that present a
breadth and level of complexity of accounting issues that are
generally comparable to the breadth and complexity of issues that
can reasonably be expected to be raised by the Fund's financial
statements, an understanding of internal controls and procedures
for financial reporting and an understanding of audit committee
functions.

Code of Ethics

  The Fund has adopted a code of ethics that applies to its
principal executive officer, principal financial officer, principal
accounting officer or controller and any other person performing a
similar function.  The Fund will provide a copy of its code of
ethics to any person without charge upon request.
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, 2003, 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 2003 and 2002 was
approximately $15,000 and $14,000, 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, was
entitled to placement charges of 5.50% of the gross proceeds of the
Fund's offering, all of which were reallowed to placement agents.
In addition, BSI was 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.

  Pursuant to the terms of the Advisory Agreement, the Fund
incurred or paid the Advisor 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 advisory fee, payable monthly, following the
termination of the offering and until the fifth anniversary of the
termination of the offering, in an amount equal to the greater of:
(i) .60% of gross proceeds, or (ii) $175,000.

  In February 2001, the independent directors reviewed the
Advisory Agreement, and modified the annual amount of the advisory
fee to $145,000.  The $145,000 represents approximately 1.4% of
invested assets. In 2003, the independent directors again reviewed
the Advisory Agreement, and the advisory fee was renewed for a one
year period at an annual amount of $145,000.

  In November, 2002, the independent directors approved a one
time payment of approximately $76,000 payable to the Advisor as an
additional advisory fee related to the acquisition of Golden
Corral. In June 2003, the independent directors approved a one-time
payment of approximately $32,900 payable to the Advisor as an
advisory fee in connection with the acquisition of Dollar General.

  Advisory fees of $177,896 and $221,084 were paid by the Fund
in 2003 and 2002 respectively inclusive of amounts accrued in prior
years.

  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
$13,426 and $13,343 were incurred by the Fund in 2003 and 2002
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
Thomas E. Murphy 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.

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
             2             Plan of Liquidation
            *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.
         ****10(u)         Agreement for Purchase and Sale
                           between JDN Realty Corporation, and
                           Brauvin, Inc., on behalf of the Fund
                           dated May 8, 2002.
            10(v)          Agreement for Purchase and Sale
                           between Houma Dollar Partners, LLC and
                           Brauvin, Inc., on behalf of the Fund
                           dated March 14, 2003.

            *****16        Letter of Ernst & Young LLP dated
                           December 10, 1996

            21             Subsidiaries of the small business
                           issuer

        *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 to 2002 Form 10-KSB filed on
    April 16,2003.
    *****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.

Item 14.  Principal Accountant Fees and Services

  The Board of Directors, upon recommendation of the Audit
Committee, has appointed Altschuler, Melvoin and Glasser LLP
("AMG")as principal accountants for the Fund for 2002 and 2003.
AMG has audited the Fund's financial statements for the years ended
December 31, 2003 and 2002.  AMG has not performed any other
services for the Fund.

  Audit Fees - The aggregate fees for each of the last two years
billed for professional services rendered for the audit of the
Fund's annual financial statements and reviews of interim financial
information included in Form 10-QSB aggregated $37,550 during 2003
and $35,500 during 2002.

  AMG has a continuing relationship with American Express Tax and
Business Services Inc. ("TBS") from which it leases staff who are
full time, permanent employees of TBS and through which its
partners provide non-audit services.  As a result of this
arrangement, AMG has no full time employees and, therefore, none of
the audit services performed were provided by permanent, full-time
employees of AMG.  AMG manages and supervises the audit engagement
and the audit staff and is exclusively responsible for the opinion
rendered in connection with its audit.  TBS has been engaged to
provide tax return preparation for the Fund.

  Other services, which do not include Financial Information System
Design and Implementation fees, have been provided by TBS.

  In accordance with audit committee policy, all services provided
by AMG and TBS are required to be pre-approved.

                            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:4/13/04               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        4/13/04
Jerome J. Brault         and Chief Executive
                         Officer


/s/ Kenneth S. Nelson    Director                   4/13/04
Kenneth S. Nelson


/s/ James L. Brault      Director, Executive        4/13/04
James L. Brault          Vice President and
                         Secretary


/s/ Gregory S. Kobus     Director                   4/13/04
Gregory S. Kobus


/s/ Michael K. Huff      Director                   4/13/04
Michael K. Huff


/s/ Thomas E. Murphy     Treasurer and Chief        4/13/04
Thomas E. Murphy         Financial Officer
                         (Principal
                          Accounting Officer)



           CERTIFICATE OF THE CHIEF EXECUTIVE OFFICER
                               OF
                    BRAUVIN NET LEASE V, INC.
I, Jerome J. Brault, Chief Executive Officer of the Fund, certify
that:

     1.   I have reviewed this annual report on Form 10-KSB of
     BRAUVIN NET LEASE V, INC;

     2.   Based on my knowledge, this report does not contain any
     untrue statement of material fact or omit to state a material
     fact necessary to make the statements made, in light of the
     circumstances under which such statements were made, not
     misleading with respect to the period covered by this report;

     3.   Based on my knowledge, the financial statements, and other
     financial information included in this report, fairly present
     in all material respects the consolidated financial condition,
     results of operations and statement of changes in net assets
     in liquidation of the small business issuer as of, and for,
     the periods presented in this report;

     4.   The small business issuer's other certifying officer and
     I are responsible for establishing and maintaining disclosure
     controls and procedures (as defined in Exchange Act Rules 13a-
     15(e) and 15d-15(e)) and internal control over financial
     reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-
     15(f)for the small business issue and have:

          a)  Designed such disclosure controls and procedures, or
              caused such disclosure controls and procedures to be
              designed under our supervision, to ensure that
              material information relating to the small business
              issuer, including its consolidated subsidiaries, is
              made known to us by others within those entities,
              particularly during the period in which this
              quarterly report is being prepared;

          b)  Designed such internal control over financial
              reporting, or caused such internal control over
              financial reporting to be designed under ourt
              supervision, to provide reasonable assurance
              regarding the reliability of financial reporting and
              the preparation of financial statements for external
              purposes in accordance with generally accepted
              accounting principles

          c)  Evaluated the effectiveness of the small business
              issuer's disclosure controls and procedures and
              presented in this report our conclusions about the
              effectiveness of the disclosure controls and
              procedures, as of the end of the period covered by
              this report based on such evaluation; and

          d)  Disclosed in this report any change in the small
              business issuer's internal control over financial
              reporting that occurred during the small business
              issuer's most recent fiscal quarter (the small
              business issuer's fourth quarter in the case of an
              annual report) that has materially affected, or is
              reasonably likely to materially affect, the small
              business issuer's internal control over financial
              reporting; and

     5.   The small business issuer's other certifying officer and I
     have disclosed, based on our most recent evaluation of
     internal control over financial reporting, to the small
     business issuer's auditors and the audit committee of small
     business issuer's board of directors (or persons performing
     the equivalent function):

          a)  All significant deficiencies and material weaknesses
              in the design or operation of internal control over
              financial reporting which are reasonably likely to
              aversely affect the small business issuer's ability
              to record, process, summarize and report financial
              information; and

          b)  Any fraud, whether or not material, that involves
              management or other employees who have a significant
              role in the small business issuer's internal controls
              over financial reporting.



                    BY:/s/ Jerome J. Brault
                       Jerome J. Brault
                       Chief Executive Officer

                    DATE: April 13, 2004




           CERTIFICATE OF THE CHIEF FINANCIAL OFFICER
                               OF
                    BRAUVIN NET LEASE V, INC.

I, Thomas E. Murphy, Chief Financial Officer of the Fund, certify
that:

     1.   I have reviewed this annual report on Form 10-KSB of
     Brauvin Net Lease V, Inc.;

     2.   Based on my knowledge, this report does not contain any
     untrue statement of material fact or omit to state a material
     fact necessary to make the statements made, in light of the
     circumstances under which such statements were made, not
     misleading with respect to the period covered by this report;

     3.   Based on my knowledge, the financial statements, and other
     financial information included in this report, fairly present
     in all material respects the consolidated financial condition,
     results of operations and statement of changes in net assets
     in liquidation of the small business issuer as of, and for,
     the periods presented in this report;

     4.   The small business issuer's other certifying officer and
     I are responsible for establishing and maintaining disclosure
     controls and procedures (as defined in Exchange Act Rules 13a-
     15(e) and 15d-15(e)) and internal control over financial
     reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-
     15(f)for the small business issue and have:

          a)  Designed such disclosure controls and procedures, or
              caused such disclosure controls and procedures to be
              designed under our supervision, to ensure that
              material information relating to the small business
              issuer, including its consolidated subsidiaries, is
              made known to us by others within those entities,
              particularly during the period in which this
              quarterly report is being prepared;

          b)  Designed such internal control over financial
              reporting, or caused such internal control over
              financial reporting to be designed under ourt
              supervision, to provide reasonable assurance
              regarding the reliability of financial reporting and
              the preparation of financial statements for external
              purposes in accordance with generally accepted
              accounting principles

          c)  Evaluated the effectiveness of the small business
              issuer's disclosure controls and procedures and
              presented in this report our conclusions about the
              effectiveness of the disclosure controls and
              procedures, as of the end of the period covered by
              this report based on such evaluation; and

          d)  Disclosed in this report any change in the small
              business issuer's internal control over financial
              reporting that occurred during the small business
              issuer's most recent fiscal quarter (the small
              business issuer's fourth quarter in the case of an
              annual report) that has materially affected, or is
              reasonably likely to materially affect, the small
              business issuer's internal control over financial
              reporting; and

     5.   The small business issuer's other certifying officer and I
     have disclosed, based on our most recent evaluation of
     internal control over financial reporting, to the small
     business issuer's auditors and the audit committee of small
     business issuer's board of directors (or persons performing
     the equivalent function):

          a)  All significant deficiencies and material weaknesses
              in the design or operation of internal control over
              financial reporting which are reasonably likely to
              aversely affect the small business issuer's ability
              to record, process, summarize and report financial
              information; and

          b)  Any fraud, whether or not material, that involves
              management or other employees who have a significant
              role in the small business issuer's internal controls
              over financial reporting.

                    BY:  BRAUVIN NET LEASE V, INC.

                    BY:/s/ Thomas E. Murphy
                    Thomas E. Murphy
                    Chief Financial Officer

                    DATE: April 13, 2004



                           Exhibit 99
                    SECTION 906 CERTIFICATION


The following statement is provided by the undersigned to accompany
the Annual Report on Form 10-KSB for the year ended December 31,
2003, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and
shall not be deemed filed pursuant to any provisions of the
Securities Exchange Act of 1934 or any other securities law:

Each of the undersigned certifies that the foregoing Report on Form
10-KSB fully complies with the requirements of Section 13(a) of the
Securities Exchange Act of 1934 (15 U.S.C. 78m) and that the
information contained in the Form 10-QSB fairly presents, in all
material respects, the financial condition and results of operations
of Brauvin Net Lease V, Inc.



                     /s/ Jerome J. Brault
                    Jerome J. Brault
                    Chief Executive Officer

                    DATE:     April 13, 2004


                     /s/ Thomas E. Murphy
                    Thomas E. Murphy
                    Chief Financial Officer

                    DATE:     April 13, 2004



            INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

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

Consolidated Statement of Net Assets in Liquidation,
 December 31, 2003 . . . . . . . . . . . . . . . . . . . . . .F-3

Consolidated Statement of Changes in Net Assets in
 Liquidation from November 7, 2003 to December 31, 2003
 (Liquidation Basis) . . . . . . . . . . . . . . . . . . . . .F-4

Consolidated Statements of Operations for the period
 November 7, 2003 to December 31, 2003 (Liquidation Basis);
 January 1, 2003 to November 6, 2003 (Going Concern Basis)
 and the year ended December 31, 2002 (Going Concern
 Basis). . . . . . . . . . . . . . . . . . . . . . . . . . . .F-5

Consolidated Statements of Stockholders' Equity for the
  period January 1, 2003 to November 6, 2003 and the
  year ended December 31, 2002 (Going Concern Basis) . . . . .F-6

Consolidated Statement of Cash Flows for the period from
 January 1, 2003 to November 6, 2003 and the year ended
 December 31, 2002 (Going Concern Basis) . . . . . . . . . . .F-7

Notes to Consolidated Financial Statements . . . . . . . . . .F-8


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



                INDEPENDENT AUDITORS' REPORT

To the Stockholders of
Brauvin Net Lease V, Inc.

We have audited the accompanying consolidated financial statements
of Brauvin Net Lease V, Inc. and subsidiary as of and for the years
ended December 31, 2003, and 2002, as listed in the index to the
consolidated financial statements.  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 auditing standards
generally accepted in the United States.  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.

As described in Note 1 to the consolidated financial statements, the
directors of Brauvin Net Lease V, Inc. approved a plan of
liquidation on November 6, 2003.  As a result, the Company changed
its basis of accounting for periods after November 6, 2003, from the
going concern basis to the liquidation basis.

In our opinion, the consolidated financial statements referred to
above present fairly, in all material respects, the consolidated
financial position of Brauvin Net Lease V, Inc. and subsidiary at
December 31, 2003, and the results of its operations and its cash
flows for period from January 1, 2003 to November 6, 2003 and the
year ended December 31, 2002, and the results of operations and the
changes in net assets in liquidation for the period November 7, 2003
to December 31, 2003, in conformity with accounting principles
generally accepted in the United States.

/s/ Altschuler, Melvoin and Glasser LLP
Chicago, Illinois
February 18, 2004

                    BRAUVIN NET LEASE V, INC.
                    (a Maryland corporation)

       CONSOLIDATED STATEMENT OF NET ASSETS IN LIQUIDATION
                       (LIQUIDATION BASIS)

                                                December 31,
                                                     2003
                                                ------------
ASSETS
Real estate held for sale                        $13,469,126
Cash and cash equivalents                            620,941
Tenant receivables                                     1,531
Prepaid expenses                                       6,559
                                                  ----------
Total Assets                                      14,098,157
                                                  ----------

LIABILITIES
Accounts payable and accrued
  expenses                                            38,494
Rents received in advance                             57,269
Deferred gain                                      3,793,484
Reserve for estimated costs
 of liquidation                                      510,000
Security deposits                                      9,794
Due to affiliates                                     17,556
                                                  ----------
  Total Liabilities                                4,426,597
                                                  ----------
Net Assets in Liquidation                        $ 9,671,560
                                                 ===========




          See notes to consolidated financial statements.

                    BRAUVIN NET LEASE V, INC.
                    (a Maryland Corporation)

 CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS IN LIQUIDATION
      FOR THE PERIOD NOVEMBER 7, 2003 TO DECEMBER 31, 2003
                       (LIQUIDATION BASIS)


Net assets at November 6, 2003
  (Going Concern Basis)                          $10,806,850

Income from operations                               157,142

Dividends                                           (245,000)

Adjustment to liquidation basis                   (1,047,432)
                                                 -----------
Net assets in liquidation at
  December 31, 2003                              $ 9,671,560
                                                 ===========













          See notes to consolidated financial statements.


                  BRAUVIN NET LEASE V, INC.
                   (a Maryland Corporation)

              CONSOLIDATED STATEMENTS OF OPERATIONS

                           (Liquidation  (Going Concern     (Going
                              Basis)         Basis)    Concern Basis)
                           November 7,    January 1,       For the
                              2003 to       2003 to      year ended
                           December 31,   November 6,   December 31,
                                2003         2003           2002
                           -----------   -----------    -----------
INCOME
Rental                      $  190,428   $1,061,063     $  834,815
Other charges to tenants        28,186       11,019         56,051
Interest and other                  --        6,022         13,698
                            ----------   ----------     ----------
   Total income                218,614    1,078,104        904,564
                            ----------   ----------     ----------
EXPENSES
Directors' fees                  4,800       10,200         14,000
Advisory fees                   21,749      156,147        221,084
Management fees                  2,375       11,051         11,603
General & administrative        22,021      103,255        125,075
Real estate taxes               10,527       23,788         51,612
Depreciation                        --      170,788        151,950
                            ----------   ----------     ----------
   Total expenses               61,472      475,229        575,324
                            ----------   ----------     ----------
Net income from continuing
 operations                    157,142      602,875        329,240
                            ----------   ----------     ----------
Discontinued Operations
 Operating income                   --           --        351,279
 Gain on sale of property           --           --        630,351
                            ----------   ----------     ----------
                                    --           --        981,630
                            ----------   ----------     ----------
Net income before adjustment
 to liquidation basis          157,142      602,875      1,310,870
Adjustment to
 liquidation basis          (1,047,432)          --             --
                            ----------   ----------     ----------
Net (loss)income            $ (890,290)  $  602,875     $1,310,870
                            ==========   ==========     ==========
Net(loss)income per share
 (Based on weighted average shares
 outstanding of 1,286,163):
Continuing operations       $    (0.69)  $     0.47     $     0.26
Discontinued operations             --           --           0.76
                             ---------   ----------     ----------
                            $    (0.69)  $     0.47     $     1.02
                            ==========   ==========     ==========

               See notes to consolidated financial statements.


                     BRAUVIN NET LEASE V, INC.
                      (a Maryland corporation)
          CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
  For the period January 1, 2003 to November 6, 2003 and the year
                      ended December 31, 2002
                       (Going Concern Basis)

            Common Stock
               Number                Paid-in   Accumulated
             of Shares    Amount    Capital    Deficit     Total
Balance at
 January 1,
   2002       1,286,163  $12,862  $11,526,203 $ (473,161) $11,065,904
Net income           --       --           --  1,310,870    1,310,870
Dividends            --       --           -- (1,449,091)  (1,449,091)
              ---------  -------  ----------- ----------  -----------
Balance at
 December 31,
  2002        1,286,163   12,862   11,526,203   (611,382)  10,927,683

Net income           --       --           --    602,875      602,875
Dividends            --       --           --   (723,708)    (723,708)
              ---------  -------  ----------- ----------- -----------
Balance at
 November 6,
  2003        1,286,163  $12,862  $11,526,203  $(732,215) $10,806,850
              =========  =======  ===========  =========  ===========






           See notes to consolidated financial statements.


                    BRAUVIN NET LEASE V, INC.
                    (a Maryland corporation)
               CONSOLIDATED STATEMENT OF CASH FLOW
                      (Going Concern Basis)
                                              January 1,    For the
                                               2003 to    Year Ended
                                             November 6,  December 31,
                                                 2003        2002
                                             ----------   -----------
Cash Flows From Operating Activities:
Net income                                     $602,875  $1,310,870
Adjustments to reconcile net income to
net cash provided by operating activities:
Depreciation and amortization                   170,788     172,938
Amortization of acquired above base              13,952       8,740
Gain on sale of property                             --    (630,351)
Changes in:
   Tenant receivables                            14,779      10,025
   Deferred rent receivable                     (26,042)    178,719
   Prepaid expenses                              (2,957)     (1,591)
   Accounts payable and accrued expenses         17,962         713
   Rents received in advance                    (11,824)     18,334
   Security deposits                              9,794          --
   Due to affiliates                             (1,016)    (23,399)
                                               --------  ----------
Net cash provided by operating activities       788,311   1,044,998
                                               --------  ----------
Cash Flows From Investing Activities:
Proceeds from the sale of property                   --   3,852,278
Purchase of intangible assets                   (75,000)   (266,000)
Purchase of property                           (881,568) (1,921,520)
                                               --------  ----------
Net cash (used in) provided by
 investing activities                          (956,568)  1,664,758
                                               --------  ----------
Cash Flows From Financing Activities:
Dividends                                      (724,310) (1,449,091)
                                               --------  ----------
Net cash used in financing activities          (724,310) (1,449,091)
                                               --------  ----------
Net (decrease)increase in cash
  and cash equivalents                         (892,567)  1,260,665
Cash and cash equivalents at
  beginning of period                         1,559,500     298,835
                                             ----------  ----------
Cash and cash equivalents at end of period     $666,933  $1,559,500
                                               ========  ==========

         See notes to consolidated financial statements.


                    BRAUVIN NET LEASE V, INC.
                    (a Maryland corporation)

           NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(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 acquired
properties subject to leases with a Country Harvest Buffet
Restaurant during the year ended December 31, 1994; an On the Border
Restaurant, 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;  a Jiffy Lube and Firestone facility during the year ended
December 31, 1997;  a Golden Corral Restaurant during the year ended
December 31, 2002; and three Dollar General stores during the year
ended December 31,, 2003.  The On the Border Restaurant, and the
Just for Feet property were sold during the year ended December 31,
2002. The Chili's Restaurant in Birmingham, Alabama was exchanged
for a similar property located in Tucker, Georgia during the year
ended December 31, 2002.

   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, 2003, the gross proceeds raised were $12,881,903, net
of liquidations of $663,172, and includes $200,000 invested by the
Advisor ("Initial Investment"), before reduction for selling
commissions and other offering costs.

    On November 6, 2003 the Board of Directors approved the adoption
of a plan of liquidation which contemplates the sale of all of the
Fund's assets within a twenty four month period.

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.

   Basis of Presentation

   As a result of the November 6, 2003 Board of Directors approval
of the plan of liquidation and, in accordance with generally
accepted accounting principles, the Fund's financial statements for
periods subsequent to November 6, 2003 have been prepared on the
liquidation basis of accounting.  Accordingly, the carrying values
of the assets are presented at their estimated net realizable values
and liabilities are presented at estimated settlement amounts,
including estimated costs associated with carrying out the
liquidation.  Preparation of financial statements on the liquidation
basis of accounting requires significant assumptions by management,
including the estimate of liquidation costs and the resolution of
any contingent liabilities.  There may be differences between the
assumptions and the actual results because events and circumstances
frequently do not occur as expected.  Those differences, if any,
could result in a change in the net assets recorded in the statement
of net assets as of December 31, 2003.

   Accounting Method

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

   Rental Income

   Prior to the preparation of the financial statements on the
liquidation basis of accounting, rental income was 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 were credited or charged, as applicable,
to deferred rent receivable.

   Federal Income Taxes

   The Fund intends to be treated as a REIT under 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
90% of its taxable income to its shareholders and meets certain
asset and income tests as well as other requirements. The Fund
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

   Prior to the preparation of the financial statements on the
liquidation basis of accounting, the rental properties were stated
at cost including acquisition costs.  Depreciation was recorded on
a straight-line basis over the estimated economic lives of the
properties, which approximated 40 years.

   Subsequent to the adoption of the liquidation basis of
accounting, the Fund adjusted its investment in real estate to
estimated net realizable value, which is recorded as real estate
held for sale.  Additionally, recording of depreciation was
suspended.

   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, 2003.
Accordingly, no impairment loss has been recorded in the
accompanying financial statements for the year ended December 31,
2003.

   In July 2001, the FASB issued Statement of Financial Accounting
Standards No. 141, "Business Combinations" ("SFAS 141").  SFAS 141
requires the purchase method of accounting for business combinations
initiated after June 30, 2001 and eliminates the pooling-of-
interests method.  In July 2001, the FASB issued Statement of
Financial Accounting Standards No. 142, "Goodwill and Other
Intangible Assets" ("SFAS 142"), which was effective January 1,
2002.  SFAS 142 requires, among other things, the discontinuance of
goodwill amortization.  In addition, the standard includes
provisions for the reclassification of certain existing intangibles,
reassessment of the useful lives of existing intangibles,
reclassification of certain intangibles out of previously reported
goodwill and the identification of reporting units for purposes of
assessing potential future impairments of goodwill.

   Implementation of SFAS 141 and 142 to the Company's acquisition
during year 2002 has resulted in the recognition of additional
intangible assets (acquired in place lease origination costs
aggregating $125,000 and an above market lease in the amount of
$141,000). The intangible assets were being amortized over the
remaining term of the acquired lease (7.3 years).  For the year
ended December 31, 2003, amortization expense includes $20,147 of
origination costs amortization and rental revenue has been charged
with $19,946 of amortization of the above market lease value.

   Application of SFAS 141 and 142 to future acquisitions, if any,
could result in the recognition, upon acquisition, of additional
intangible assets (acquired in place lease origination costs and
acquired above market leases) and liabilities (acquired below market
leases) which would be amortized over the remaining term of the
leases.

   In June 2001, the FASB issued Statement of Financial Accounting
Standards No. 143, "Accounting for Asset Retirement Obligations"
("SFAS 143"), which was effective for years beginning after June 15,
2002.  SFAS 143 requires recognition of a liability and associated
asset for the fair value of costs arising from legal obligations
associated with the retirement of tangible long-lived assets.  The
asset is to be allocated to expense over its estimated useful life.

   In August 2001, the FASB issued Statement of Financial
Accounting Standards No. 144, "Accounting for the Impairment or
Disposal of Long-Lived Assets" ("SFAS 144"), which was effective for
fiscal years beginning after December 15, 2001.  SFAS 144 supersedes
FASB Statement No. 121, "Accounting for the Impairment of Long-Lived
Assets and Long-Lived Assets to Be Disposed Of" ("SFAS 121").  SFAS
144 retains the recognition and measurement requirements of SFAS
121, but resolves significant SFAS 121 implementation issues.  In
addition, it applies to a segment of a business accounted for as a
discontinued operation.

   U.S. generally accepted accounting principles require that in
the period a component of an entity is either classified as held for
sale or disposed of, the statement of operations shall report the
results of operations of such components in "discontinued
operations" in the period in which they occur.  Accordingly the 2002
statement of operations reports as operating income from
discontinued operations the results of operations of the two
properties sold in 2002 (see Note 7) which consists of:

   Rental              $174,007
   Termination fee      200,000
                       --------
                        374,007

   Management fees        1,740
   Depreciation          20,988
                       --------
                         22,728
                       --------
                       $351,279
                       ========

   Certain amounts in the 2002 financial statements have been
restated to reflect discontinued operations without affecting
previously reported net income or stockholders' equity

   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.

   The Fund maintains its cash in bank deposit accounts, which at
times, may exceed federally insured limits.  The Fund has not
experienced any losses in such accounts.  Management believes the
Fund is not exposed to any significant credit risk related to cash
and cash equivalents.

   Tenant Receivable

   Rent receivables are comprised of (a) billed but uncollected
amounts due for monthly rents and other charges and (b) estimated
unbilled amounts due for tenant reimbursement of common area
maintenance charges and property taxes.  Receivables are recorded
at management's estimate of the amounts that will ultimately be
collected.  An allowance for doubtful accounts is based on specific
identification of uncollectible accounts (if any)  and the Fund's
historical collection experience.

   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, 2003, 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.

   In connection with the adoption of the liquidation basis of
accounting, assets were adjusted to their net realizable values and
liabilities were adjusted to estimated settlement amounts, which
approximate fair value at December 31, 2003.

   Derivatives and Hedging Instruments

   In June 1998, the Financial Accounting Standards Board ("FASB")
issued Statement of Financial Accounting Standards No. 133,
"Accounting for Derivative Instruments and Hedging Activities"
("SFAS 133"), which requires that all derivatives be recognized as
assets and liabilities in the balance sheet and be measured at fair
value.  SFAS 133 also requires changes in fair value of derivatives
to be recorded each period in current earnings or comprehensive
income depending on the intended use of the derivatives.  In June,
2000, the FASB issued SFAS 138, which amends the accounting and
reporting standards of SFAS 133 for certain derivatives and certain
hedging activities.  SFAS 133 and SFAS 138 were adopted by the Fund
effective January 1, 2001.  The Fund has no derivatives in 2003 and
2002.

   Recent Accounting Pronouncements

     In April 2002, FASB issued Statement of Financial Accounting
Standards No. 145, "Rescission of FASB Statements No. 4, 44,
Amendment of FASB No. 13, and Technical Corrections" ("SFAS 145").
Generally, the rescission of FASB No. 4, "Reporting Gains and Losses
from Extinguishment of Debt" would require that debt extinguishment
costs are to no longer be treated as extraordinary items.  The
amendment to FASB No. 13, "Accounting for Leases" requires sale-
leaseback accounting for certain lease modifications that have the
economic effects that are similar to sale-leaseback transactions.
This statement is generally effective for the year ending December
31, 2003.

     In November 2002, FASB issued FASB Interpretation No. 45,
"Guarantor's Accounting and Disclosure Requirements for Guarantees,
Including Indirect Guarantees of Indebtedness of Others" (FIN 45).
FIN 45 elaborates on the disclosures to be made by a guarantor in
its interim and annual financial statements about its obligations
under certain guarantees that it has issued and clarifies that a
guarantor is required to recognize, at inception of the guarantee,
a liability for the fair value of the obligation undertaken in
issuing the guarantee.  The initial recognition and measurement
provisions of FIN 45 are applicable to guarantees issued or modified
after December 31, 2002.  The disclosure requirements of FIN 45 are
effective for periods ending after December 15, 2002.

     In January 2003, FASB  issued interpretation No. 46,
"Consolidation of Variable Interest Entities" (FIN 46). FIN 46
addresses consolidation by business enterprises of certain variable
interest entities in which the equity investors do not have the
characteristics of a controlling financial interest or do not have
sufficient equity at risk for the entity to finance its activities
without additional subordinated financial support from other
parties.   This interpretation was revised in December 2003 and
shall, for calendar year end entities, be effective as of December
31, 2003 for "special purpose entities" (as defined) and as of
December 31, 2004 for all other entities.  The Fund does not own any
"special purpose entities" as defined.

   In May 2003, FASB issued Statement of Financial Accounting
Standards No. 150, "Accounting for Certain Financial Instruments
with the Characteristics of both Liabilities and Equity" ("SFAS
150"), which is effective for all financial instruments entered into
or modified after May 31, 2003, and is otherwise effective beginning
July 1, 2003. SFAS 150 establishes standards for how an issuer
classifies and measures certain financial instruments with
characteristics of both liabilities and equity.

   The adoption of SFAS  145 and 150  and FIN 45 and 46 has not had
a significant impact on the Fund's financial statements.


(2)  ADJUSTMENT TO LIQUIDATION BASIS

   On November 7, 2003, in accordance with the liquidation basis
of accounting, assets were adjusted to their estimated net
realizable values and liabilities were adjusted to their estimated
settlement amounts, including estimated costs associated with
carrying out the liquidation.  The net adjustment required to
convert from the going concern (historical cost) basis to the
liquidation basis of accounting was a decrease of $1,047,432 which
is included in the December 31, 2003 statement of changes in net
assets in liquidation.  Significant changes in the carrying value
of assets and liabilities are summarized as follows:

     Increase in real estate held for sale (a)       $ 3,793,484
     Write-off of deferred rent receivable              (253,568)
     Write-off of intangible assets                     (283,864)
     Increase in deferred gain on sale
       of real estate                                 (3,793,484)
     Estimated liquidation costs                        (510,000)
                                                     -----------
     Total adjustment to liquidation basis           $(1,047,432)
                                                     ===========
(a) Net of estimated closing costs.

(3)  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, was entitled
to placement charges of 5.50% of the gross proceeds of the Fund's
offering, all of which were reallowed to placement agents.  In
addition, BSI was 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.

   Pursuant to the terms of the Advisory Agreement, the Advisor was
entitled to a non-accountable expense allowance in an amount equal
to 2.5% of the cumulative 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 until the fifth anniversary of
the termination of the offering, 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.

   In February 2001, the independent directors reviewed the
Advisory Agreement, and modified the annual amount of the advisory
fee to $145,000.  The $145,000 represents approximately 1.4% of
invested assets. In 2002, the independent directors again reviewed
the Advisory Agreement, and the advisory fee was renewed for a one
year period at an annual amount of $145,000.  The independent
directors reviewed the terms of the agreement in May of 2003, and
renewed it on the same terms for one year.

   In November 2002, the independent directors approved a one- time
payment of approximately $76,000 payable to the Advisor as an
advisory fee in connection with the acquisition of Golden Corral.
In June, 2003, the independent directors approved a one-time payment
of approximately $32,900 payable to the Advisor as an advisory fee
in connection with the acquisition of Dollar General.

   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 that 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, 2003 and
2002 were as follows:

                                        2003              2002
                                      --------          --------
Advisory fees                         $177,896          $221,084
Reimbursable office expenses            32,914            12,669
Management fees                         13,426            13,343
                                      --------          --------
                                      $224,236          $247,096
                                      ========          ========

   As of December 31, 2003 the amount owed to affiliates is $17,556
of which $2,615 is for management fees the remaining amount is a
working capital advance that was repaid in January 2004.

(4)  DIVIDENDS

   Below is a table summarizing the dividends declared since
January 1, 2002:
                                         Annualized
Declaration      Record       Payment      Dividend
  Date           Dates           Date(a)    Rate       Amount
 1/24/02    10/1/01-12/31/01    2/15/02     8.25%     $267,452
 5/08/02      1/1/02-3/31/02    5/15/02     8.25%      261,639
 8/08/02      4/1/02-6/30/02    8/15/02    23.17%      745,000
11/12/02      7/1/02-9/30/02   11/15/02     5.44%      175,000
 1/23/03    10/1/02-12/31/02    1/30/03     6.94%      225,000
  5/8/03      1/1/03-3/31/03    5/15/03     8.00%      253,708
  8/7/03      4/1/03-6/30/03    8/15/03     7.46%      245,000
11/06/03      7/1/03-9/30/03   11/15/03     7.46%      245,000
 1/29/04    10/1/03-12/31/03    2/15/04     8.00%      259,347

(a) An $80,000 payment was made on 1/30/03 and a $145,000 payment
was made on 1/31/03 for a total payment of $225,000.

   A dividend reinvestment plan ("Reinvestment Plan") was available
to the stockholders so that stockholders, if they so elected, may
have their distributions from the Fund invested in shares.  Until
the third anniversary of the termination of the offering, 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 were  charged a service charge, in an amount equal
to 1% of their distributions, which was paid to an affiliate of the
Advisor to defray the administrative costs of the Reinvestment Plan.
At December 31, 2003 there were approximately 68,797 shares
purchased through the Reinvestment Plan.

   In accordance with the Fund's original investment objective,
during the first quarter of 2000, the Board of Directors approved
a plan to have the Fund's shares listed on the OTC Bulletin Board
under the symbol "yyBNL".

   In order to qualify as a REIT, the Fund is required to
distribute dividends to its stockholders in an amount at least equal
to 90% of REIT taxable income of the Fund.  The Fund intends to make
annual distributions to satisfy all annual distribution
requirements.

   Effective February 13, 2001, the Board of Directors discontinued
the Dividend Reinvestment Plan.  Subsequently, dividends have been
paid in cash.

(5)   OPERATING LEASES

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

   The following is a schedule of noncancellable future minimum
rental payments due to the Fund under operating leases of the Fund's
properties as of December 31, 2003:

     Year ending December 31:           2004     $ 1,284,538
                                        2005       1,129,043
                                        2006         947,750
                                        2007         808,776
                                        2008         740,850
                                   Thereafter      5,042,869
                                                 -----------
                                                  $9,953,826
                                                 ===========

     (6)  CHILI'S PROPERTY EXCHANGE

  In 2001, Brinker expressed a desire to close the facility located
in Birmingham, Alabama and exchange this property for a better
performing property that Brinker owned in Tucker, Georgia.  The Fund
and Brinker agreed to this exchange and in the second quarter of
2002, the like kind property exchange was completed.  As a result
of this exchange the base rent remains the same, but the percentage
rent breakpoint was reduced by approximately $200,000 and the Fund's
percentage of revenue in excess of the breakpoint was reduced from
6% to 4.75%.  The Fund's expenses related to this transaction were
primarily related to legal and title fees.  These expenses were
recorded as general and administrative expenses.

(7)  PROPERTY SALES

  On April 29, 2002, the Fund sold the On The Border Restaurant
property to an unaffiliated third party for a sales price of
$1,385,000 (exclusive of an additional $200,000 tenant lease buyout
fee).  The net proceeds received including the buyout was
approximately $1,475,000.

  On May 16, 2002, the Fund sold the Just For Feet property to an
unaffiliated third party for a sales price of $2,675,000.  The net
proceeds received was approximately $2,575,000.

(8)  PROPERTY ACQUISITION

  On July 19, 2002,  with the approval of the Fund's Board of
Directors and in accordance with the Fund's acquisition guidelines,
the Fund purchased a 9,611 square foot restaurant building situated
on a two acre parcel located in Bradenton, Florida for approximately
$2,174,000 plus closing costs (the "Bradenton Property").

  The Bradenton Property has been leased to Corral of Bradenton LP,
which operates a Golden Corral Restaurant, under a triple net lease,
for a remaining term ending October 19, 2019.  The lease requires
Corral of Bradenton LP to pay base rent each month in the amount of
$19,227 beginning August 1, 2002 with periodic rental increases
starting November 1, 2002.

  On June 18, 2003,  with the approval of the Fund's Board of
Directors and in accordance with the Fund's acquisition guidelines,
the Fund purchased three Dollar General stores located in Lake
Charles, Houma  and Chauvin, Louisiana for approximately $940,000
plus closing costs.

  The Lake Charles property has been leased to Dolgencorp, Inc.
which operates a Dollar General store, under a triple net lease, for
a remaining term ending January 31, 2013.  The lease requires
Dolgencorp, Inc. to pay base rent each month in the amount of
$3,000.

  The Houma property has been leased to Dolgencorp, Inc. which
operates a Dollar General store, under a triple net lease, for a
remaining term ending February 28, 2013.  The lease requires
Dolgencorp, Inc. to pay base rent each month in the amount of
$3,000.

  The Chauvin property has been leased to Dolgencorp, Inc. which
operates a Dollar General store, under a triple net lease, for a
remaining term ending January 31, 2013.  The lease requires
Dolgencorp, Inc. to pay base rent each month in the amount of
$2,850.

                            EXHIBIT 2

                    BRAUVIN NET LEASE V, INC.

                       PLAN OF LIQUIDATION

                        November 6, 2003


This Plan of Liquidation (the "Plan") is adopted for the
purpose of effecting the complete liquidation (the "Liquidation")
of Brauvin Net Lease V, Inc., a Delaware corporation ("BNLV"), in
accordance with BNLV's First Amended and Restated Articles of
Incorporation (the "Articles") in accordance with the following
steps:

1.    The Plan shall become effective (the "Effective Date")
on such date as shall be designated by the Board of Directors of
BNLV (the "Board").  On the Effective Date, the Board shall cause
BNLV to cease conducting business operations, except to the extent
necessary to preserve the value of its assets or to wind up its
business and affairs, and proceed to completely terminate and
liquidate in accordance with the Articles and the Internal Revenue
Code of 1986, as amended (the "Code").  BNLV may continue to operate
each of the real properties that it owns or controls, either
directly or indirectly, and may take actions consistent with the
normal day-to-day operations of those properties until the
liquidation is accomplished; provided that BNLV shall not acquire
any new properties.

2. The Board shall proceed to wind up BNLV's affairs and all
the rights and powers granted the Board under the Articles shall
continue until BNLV is terminated and liquidated in accordance with
the Articles.  The Board may delegate its duties hereunder to BNLV's
officers who, upon such delegation, are hereby authorized to sell
and otherwise to liquidate any and all of BNLV's assets and
properties and to pay, discharge or make adequate provision for the
payment of all of the known debts, liabilities and obligations of
BNLV.

3.    Distributions pursuant to this Plan may be made to
shareholders of BNLV ("Shareholders") in accordance with the
Articles in amounts and as determined by the Board, provided that
the Board believes that, at the time of any liquidating
distribution, any contingency reserve and the remaining assets of
BNLV are equal to or exceed BNLV's remaining liabilities (actual and
contingent) and expenses.

4.    Upon the final liquidating distribution as declared by
the Board, all issued and outstanding shares, and all certificates
representing such shares shall be deemed cancelled.

5.   BNLV's officers are hereby authorized and directed to file
such documents as are necessary to effect the Liquidation under
applicable law. The Board may, in its sole discretion, amend, modify
or terminate the Plan at any time.

6.    BNLV's officers are hereby authorized to perform, such
acts and take such steps as may be necessary or convenient to carry
out this Plan, including, but not limited to, executing and
delivering, on behalf of BNLV and in its name, or the names of its
wholly-owned or controlled subsidiaries and affiliates, any and all
documents and instruments as may be required to collect and
distribute the property and assets of BNLV in accordance with the
provisions of this Plan, and all such other and further instruments
as may be necessary to wind up its affairs in accordance with this
Plan.  The death, resignation, or other removal of any director or
officer of BNLV shall not impair the authority of the surviving or
remaining directors or officers (or any persons appointed as
substitutes therefor) to exercise any of the powers provided for in
this Plan.  Upon such death, resignation or other removal, the
surviving or remaining directors shall have the authority to fill
the vacancy or vacancies so created, but the failure to fill such
vacancy or vacancies shall not impair the authority of the surviving
or remaining directors or officers to exercise any of the powers
provided for in this Plan.

7.   BNLV shall reserve sufficient assets or obtain or maintain
such insurance as shall be necessary to provide the continued
indemnification of the members of the Board, officers and agents of
BNLV, and other parties whom BNLV has agreed to indemnify, to the
full extent provided by the Articles, any existing agreement and
applicable law.  At the discretion of the Board, such insurance may
include coverage for periods after the Liquidation.



                         EXHIBIT  10(v)
                 AGREEMENT OF PURCHASE AND SALE

AGREEMENT, made and entered into by and between Houma Dollar
Partners, LLC, having its principle office at 1202-C Kirkman Street,
St. Charles, Louisiana 70801 ("Seller"), and BRAUVIN, INC., an
Illinois corporation, or its assignee(s) or nominee(s), having its
principle office at 30 North LaSalle Street, Suite 3100, Chicago,
Illinois 60602 ("Purchaser").

     1.     Sale.  Seller agrees to sell and convey to Purchaser and
     Purchaser agrees to purchase from Seller, for the Purchase
     Price (hereinafter defined), and upon the terms and conditions
     herein set forth, that certain improved real estate completed
     by the architectural "as built" certified plans and
     specifications furnished or to be furnished to Purchaser and
     commonly known as 2110 Common Street, Lake Charles, Louisiana,
     5082 Highway 56, Chauvin, Louisiana, and 1829 Highway 316,
     Houma, Louisiana and consisting of:
          a.  Land.  That certain tracts of land which are
          described in Schedule 1(a), attached hereto and
          incorporated herein by this reference (the "Land"),
          together with all rights, easements and interests
          appurtenant thereto, including, but not limited to any
          streets or other public ways adjacent to the Land and
          owned by Seller and all water and mineral rights owned
          by Seller.
          b.  Improvements.  All buildings, improvements, fixtures
          (provided however that all trade fixtures and equipment
          of Lessee are excluded) and structures now or hereafter
          located on the Land, consisting of one (1) building
          having the square footage and such other related
          amenities and outdoor parking areas as set forth in the
          "as built" certified plans and specifications; and such
          other improvements and structures, if any, as are located
          on the Land and used in connection with the operation
          thereof collectively the "Improvements").
     The Land and the Improvements are sometimes hereinafter
     referred to as the "Property".

     2.  Purchase Price.

          a.  Purchase Price.  The purchase price (the "Purchase
          Price") to be paid to Seller by Purchaser for the
          Property shall be Nine Hundred Forty Thousand Dollars
          ($940,000.00).

          b.  Earnest Money Deposit.  Within two (2) business days
          after the expiration of the Investigation Period, and in
          such case this Agreement being a binding obligation,
          Purchaser shall deposit the sum of Thirty Thousand
          Dollars ($30,000.00) (the "Deposit") into an Escrow with
          Chicago Title Insurance Company (the "Escrowee"), to be
          held as earnest money in accordance with the terms
          hereof.  The Deposit shall be invested by the Title
          Company as Escrowee as directed by Purchaser and all
          interest earned on the Deposit shall be deemed for the
          benefit of Purchaser.  The Deposit and all interest
          thereon shall be applied against the Purchase Price at
          Closing or otherwise disbursed as provided in this
          Agreement.  In the event that the transaction
          contemplated by this Agreement fails to close solely due
          to Purchaser's default hereunder then Seller shall
          receive the Deposit and interest thereon as liquidated
          damages in lieu of any other remedies which might
          otherwise be available to Seller at law or in equity.

     3. Purchaser's Investigation of the Property.   Purchaser shall
     have thirty (30) business days from the Agreement Date (as
     defined in Section 16) during which to make a complete
     investigation of the Property ("Investigation Period").
     Seller shall furnish all due diligence items referenced in
     Section 3(a) and on Schedule 16 within fifteen (15) business
     days after mutual execution of this contract.  During the
     Investigation Period the Purchaser shall determine whether the
     physical and financial condition of the Property is, in the
     Purchaser's sole and absolute discretion, satisfactory for the
     operation and ownership in the manner and on the basis
     contemplated by the Purchaser.  Within one (1) business day
     following the expiration of the Investigation Period the
     Purchaser shall notify the Seller in writing as to whether
     Purchaser shall deem the Property satisfactory or not
     satisfactory ("Investigation Notification"); if Purchaser
     shall deem the Property not satisfactory, this Agreement and
     the rights and obligations of the parties hereto shall be
     deemed terminated and of no further force and effect as of the
     date of such Investigation Notification.  If Purchaser deems
     the Property satisfactory or fails to timely send the
     Investigation Notification, Purchaser shall be deemed not to
     have exercised its right to terminate this Agreement pursuant
     to this Section 3.  Notwithstanding the foregoing, Purchaser's
     investigation of the Property shall in no event and in no
     manner abrogate, diminish or affect the warranties and
     representations made by Seller herein below.

     Any information obtained by Purchaser that adversely
     influences the financial condition of the Tenant after the
     expiration of the Investigation Period and is delivered to
     Seller on or before thirty (30) days prior to the date of
     closing, in the Purchaser's sole and absolute discretion, may
     terminate this Agreement by written notice to Seller on or
     before fifteen (15) days prior to the date of closing and the
     rights and obligations of the parties hereto shall be of no
     further force or effect as of the date of such written notice.

   a.     In aid of Purchaser's Investigation and inspection of the
          Property, Seller agrees to reasonably cooperate with
          Purchaser with access to the Property.  Seller shall
          deliver copies of any and all title insurance policies,
          surveys, engineering studies (soils, hydrology,
          environmental), prior years tax bills, zoning information
          and other Records in Seller's possession or control.
          "Records" shall include all books and records of Seller
          in Seller's possession or control pertaining specifically
          to the Property and/or tenant and shall include, but not
          be limited to, the "as built" certified plans and
          specifications as hereinabove more specifically set
          forth, and the materials required to be provided under
          Section 5 hereof.

   b.     Purchaser agrees that all records and other information
          delivered to Purchaser by Seller shall be treated as
          confidential and shall be returned to Seller if this
          Agreement is terminated.  Purchaser does hereby indemnify
          Seller for any loss of damaged caused to the Property by
          Purchaser of Purchaser's agents during the Investigation
          Period, which indemnity shall survive the closing or any
          termination of this Agreement; and

   c.     During the time that this Agreement is a binding
          obligation of the Seller. Seller acknowledges that: (a)
          the termination right extended to Purchaser under this
          Section 3 does not relieve Seller of Seller's obligations
          under this Agreement; (b) Seller is bound under the terms
          of this Agreement not to enter into any contract or
          agreement for sale of the Property with any other person
          or entity; and (c) Seller is obligated to hold the
          Property off the market pending Purchaser's exercise or
          waiver of the termination right extended in this Section
          3.

     4.  Lease.  Seller hereby represents, warrant and covenants to
     Purchaser that (i) a lease for the Property (the "Lease") has
     been entered into with Dollar General Corporation ("Lessee")
     prior to the mutual execution of this Agreement, which is
     acceptable to Purchaser, in its reasonable discretion, a copy
     of which (including all amendments) is attached hereto as
     Schedule 4 and by this reference made a part hereof.


     5.     Title and Survey Matters

          (a)    Conveyance of Title.  Seller agrees to deliver to
          Purchaser a warranty deed conveying to the Purchaser
          title to the Land and Improvements of the Property free
          and clear of all claims, liens and encumbrances, except
          for the Lease and the Permitted Exceptions (as
          hereinafter defined).

          (b)    Title Commitment.  Within ten (10) business days
          from the Agreement Date, the Purchaser, at Purchaser's
          sole expense, obtain a commitment letter or binder
          ("Title Commitment") showing title to the Property in
          Seller, dated after the Agreement Date, and issued by
          Chicago Title Insurance Company (the "Title Company"),
          wherein the Title Company shall commit to issue to
          Brauvin Net Lease V, Inc. or assigns and successors as to
          the Property an Owner's Policy of Title Insurance,
          American Land Title Association ("ALTA") Form B
          marketability policy in the amount of the Purchase Price
          ("Title Policy").

          (c)    Survey.  Within ten (10) business days from the
          substantial completion of the Property, Seller, at its
          sole expense, shall deliver to Purchaser and Title
          Company an as-built survey (the "Survey") of the Property
          and the easements benefiting the Property over the lands
          of others prepared by a registered land surveyor or
          engineer, licensed in the state in which the Property is
          situated, certified (in such form as Purchaser shall
          reasonably require) to the Title Company and to Brauvin
          Net Lease V, Inc. and its lender, if any, in ALTA form.
          The Survey shall conform with the requirements of the
          Title Company to waive its survey exceptions from the
          Title Policy.

          (d)    Hazardous Materials Site Investigation.  Within ten
          (10) business days from the substantial completion of the
          Property, Seller shall, at its sole expense, cause am
          environmental consultant or engineer licensed ("Auditor")
          in the state of Louisiana to conduct a Phase 1 Hazardous
          Material Site Investigation ("Phase 1 Audit") or update
          of the existing Phase 1 Audit, given it is not dated more
          than 120 days prior to the date of closing, which Phase
          2 Audit shall complete the following tasks at the Site:

         (i)      Review available materials that could indicate
                  potential environmental impairment.  Such
                  material should include topographic maps, air
                  photos, boring logs and other references.

         (ii)     Conduct a physical site examination to include
                  an inspection for unusual land colorations,
                  odors, and physical irregularities as well as
                  underground or above-ground tanks, and an
                  evaluation of current land use.  Neighboring
                  land owners are to be contacted to determine
                  actual historical site use.

         (iii)    Contact local and state health and environmental
                  agencies to determine if any hazardous materials
                  incidents have occurred in the area, including
                  recorded or known landfill site, or the
                  occurrence of any hazardous material event
                  (spill, storage, discharge, etc.).

         (iv)     Adjacent properties are to be surveyed for
                  current land use conditions that may adversely
                  affect the subject property including:
                  underground or above-ground storage tanks,
                  manufacturing site, landfills, etc.

         (v)      A summary report will be prepared by the
                  Auditor, addressed, delivered and certified to
                  Brauvin Net Lease V, Inc. or assigns and
                  successors, within the above-stated time frame,
                  indicating the contacts made, data findings,
                  photographs, and other pertinent information and
                  recommendations for a detailed Phase 2 Hazardous
                  Materials Site Investigation ("Phase 2 Audit")
                  if significant evidence exists that hazardous
                  substances may have been released at or in close
                  proximity to the Property.  If a Phase 2 Audit
                  is recommended, Seller shall perform the
                  investigation during the Investigation Period or
                  shall terminate this Agreement and reimburse
                  Purchaser's out-of-pocket costs and each party
                  shall have no further liability to the other
                  hereunder.

          (e)    Defects and Cure.  The Title Commitment (together
          with all endorsements thereto and copies of all documents
          recorded with respect to the Property as hereinabove more
          specifically enumerated), Survey, and UCC searches, if
          performed as described in this Section 5, are
          collectively referred to as "Title Evidence".  If the
          Title Evidence discloses, with respect to the Survey,
          conditions which might materially adversely affect
          Purchaser or the Property, with respect to the Title
          Commitment, deficiencies in endorsements or matters other
          than the Permitted Exceptions or, with respect to the UCC
          searches, liens or claims not permitted hereunder and in
          respect of which Purchaser notifies Seller in writing
          within the Investigation Period or within ten (10)
          business days after receipt of the last of such Title
          Evidence, whichever shall last occur (hereinafter
          collectively referred to as the "Defects"), the Defects
          shall, as a condition of the Closing, be cured by the
          Seller or, with Purchaser's consent, endorsed over by the
          Title Company within ten (10) business days after
          Purchaser's written objections, as aforesaid, and the
          Closing shall thereafter take place either on the Closing
          Date hereinafter specified, or ten (10) business days
          after the last Defect is cured or endorsed over,
          whichever is later ("Cure Period").  If Seller fails to
          cure or cause the Title Company to endorse over all
          Defect(s), as aforesaid, this Agreement shall terminate
          without further action of the parties at the close of the
          tenth (10th) business day following the last permitted
          Cure Period except that, alternatively, Purchaser may, at
          its sole election upon written notice to Seller during
          the Cure Period, proceed to close this transaction and
          take title to the Property subject to the uncured Defects
          which the Title Company is incapable or unwilling to
          endorse over, as aforesaid, thereby accepting such
          Defects as Permitted Exceptions, and reduce the Purchase
          Price in an amount equal to the cost of curing any
          Defects which Seller is obligated to cure in accordance
          with the immediately succeeding sentence, without waiving
          its rights and remedies herein provided.  Notwithstanding
          anything herein contained to the contrary, Seller shall
          be obligated to cure a Defect only if (i) it is a lien
          placed on the Property on account of a claim against
          Seller, the removal of which can be affected by the
          payment of a definitive and ascertainable amount, or (ii)
          if the Defect is other than as set forth in (i), the cost
          thereof to cure will not exceed the sum of $10,000.
          Purchaser'?s failure to object to any defect, within the
          aforesaid period shall constitute Purchaser'?s acceptance
          of same.

     6.  Prorations and Adjustments.  The following items shall be
     prorated as of the Closing Date:  general real estate taxes
     accruing prior to the Lessee's obligation to pay same current
     rents, and expenditures required to complete any tenant
     improvements work required of the lessor under the Lease and
     incomplete on the Closing Date, together with any other items
     deemed reasonable and customary under the circumstances.
     Purchaser shall receive a credit at Closing equal to the
     security deposit, if any, required to be paid to the landlord
     pursuant to the terms of the Lease.

     7.  Representations and Warranties of Seller.  Seller hereby
     represents and warrants to Purchaser as to the following
     matters, each of which is so warranted to be true and correct
     as of the Agreement Date, and shall be deemed re-made at the
     Closing to be true and correct as of the Closing Date:

         a. Title Matters.  Seller has good and indefeasible fee
            simple title to the Property subject only to the
            Permitted Exceptions and the Lease.

         b. No Violations of Zoning and Other Laws.  The existing
            use and condition of the Property does not violate any
            zoning, building, health, fire or similar statute,
            ordinance, regulation or code and Seller has received
            no notice, written or otherwise, from any governmental
            agency alleging a violation of the foregoing.  The
            Property is or will be in full compliance with current
            zoning requirements, including, without limitation, all
            parking requirements, and is not a non-conforming or
            special use.  The Property as conveyed to Purchaser,
            shall include all rights to any off-site facilities
            necessary to ensure compliance with all zoning,
            building, health, fire, water use or sanitary, laws
            regulations and order.

         c. Pending and Threatened Litigation.  There are no
            pending threatened matters of litigation,
            administrative action or examination, claim or demand
            whatsoever relating to the Property.

         d. Eminent Domain, etc.  There is no pending, contemplated
            eminent domain, condemnation or other governmental
            taking of the Property or any part hereof.

         e. Access to Site; Utilities.  No fact or condition exists
            which would result in the termination impairment or
            access to the Property from public or private streets
            or ways adjoining the Property of which could result in
            discontinuation of presently available or otherwise
            necessary sewer, water, electric, gas, telephone or
            other utilities of services.

         f. Assessments.   There are no public improvements in the
            nature of off-site improvements, or otherwise, which
            have been ordered to be made and/or which have not
            heretofore been assessed and there are no special or
            general assessments not of record pending against or
            affecting the Property.

         g. Accuracy of Information.  All documents and material
            and Records being delivered or made available to
            Purchaser by Seller, other than title commitment and
            survey are true, accurate and complete and present the
            information purportedly set forth therein and do not
            fail to present any information or data which would be
            necessary in order to prevent the information contained
            therein from being misleading.

         h. Authority of Signatories:  No Breach of Other
            Agreements:  etc.  The execution, delivery of and
            performance under this Agreement is pursuant to
            authority validly and duly conferred upon the Seller
            and if other than an individual its signatory hereto.
            This Agreement constitutes a legal, valid, binding and
            enforceable contract on the part of the Seller.  The
            consummation of the transaction herein contemplated and
            the compliance by the Seller with the terms of this
            Agreement do not and will not conflict with or result
            in a breach of any of the terms or provisions, or
            constitute a default under, any agreement, arrangement,
            understanding, accord, document or instrument by which
            the Seller or the Property is bound; and will not and
            does not constitute a violation of any applicable law,
            rule, regulation, judgment, order or decree of any
            governmental instrumentality or court, domestic or
            foreign, to which Seller or the Property is subject or
            bound.

         i. Executory Agreements.  Except for the Lease, Seller is
            not a party to, and Property is not subject to, any
            contract or agreement of any kind whatsoever, written
            or oral, formal or informal, with respect thereto,
            other than this Agreement and the service contracts
            entered into by Lessee in the ordinary course of its
            business.  Purchaser shall not, by reason of entering
            into or closing under this Agreement, become subject to
            or bound by any agreement, contract, lease, license,
            invoice, bill undertaking or understanding which it
            shall not have previously agreed in writing to accept.

         j. Insurability of Property.  Neither Seller nor its
            agents have received any formal or informal notice from
            any insurance company of any defect or inadequacies in
            the Property or of any part thereof, which would
            adversely affect the availability or cost of insurance
            for the Property.

         k. Mechanic's Liens.  All bills and invoices for labor and
            material of any kind relating to the Property and
            contracted for by Seller have been paid in full or by
            the Closing Date will be paid in full, or sufficient
            amounts (as required by the Title Company and/or as
            otherwise required hereunder) to pay same will be
            deposited with the Title Company, as escrowee, at
            Closing, and there are or will be no mechanic's liens
            or other claims outstanding or available to any party
            in connection with the Property.

         l. Government Obligations.   There are no unperformed
            obligations relative to the Property outstanding to any
            governmental or quasi-governmental body or authority.

         m. Condition of Improvements.   The Improvements shall be
            constructed in accordance with the AIA Architectual
            plans and specifications provided Purchaser and made a
            part hereof and in a first class manner with good
            workmanship and materials.  Any material changes to the
            plans and specifications during the construction of the
            Improvements shall be provided to and approved by
            Purchaser.

         n. Utility Services.   The sewage, sanitation, plumbing,
            water retention and detention, refuse disposal and
            similar facilities in and on and/or servicing the
            Property are fully adequate to service the Property and
            Seller has received no notice of any violation of any
            governmental and environmental protection authorities?
            laws, rules, regulations and requirements.

         o. Soil Conditions and Flood Plain.  The Improvements on
            the Property, as and when built, were constructed in a
            manner compatible with the soil conditions at the time
            of construction and all necessary excavations, fill,
            footing, caissons or other installations were provided.
            The Property does not lie in a flood plain and were not
            built, in whole or in part, on a land-fill and the soil
            is not chemically contaminated as of the date of
            Closing.  If Purchaser becomes aware of contamination,
            Seller shall cause such contamination to be removed or
            shall terminate this Agreement and refund the Deposit.
            The Chauvin, LA store is located within a Flood Zone,
            and the Common Street store, Lake Charles, LA is
            located on or adjacent to an old clay pit.  See
            engineering survey or environmental report as deemed
            necessary.

         p. Easements.  The Property is adjacent to and has full
            and free access on, to and from public roads and ways,
            such that no private easements or agreements are
            necessary to afford access to or from the Property.

         q. Hazardous Substances.  No part of the Property contains
            asbestos.  During the period of Seller's ownership of
            the Property and at all times prior thereto, there were
            (a) no Hazardous Substances, as that term is herein
            defined, in, on or at the Site, (b) no spills,
            releases, discharges, or disposal of Hazardous
            Substances, in, on or onto the Property, (c) no spills
            or disposal of Hazardous Substances off the Property as
            a result of any construction on or operation and use of
            the Property; and there is (a) no presence of any
            equipment containing polychlorinated biphenyl ("PCB")
            and (b) no friable asbestos in use at or on the
            Property.

            In connection with Seller's ownership of the
            improvements and the operation and use of the Property,
            Seller represents and warrants that there has been and
            will be no failure to comply with any applicable local,
            state and federal environmental laws, regulations,
            ordinances and administrative and judicial orders
            relating to the generation, recycling, reuse,  sale,
            storage, handling, transport, and disposal of any
            Hazardous Substances.  "Hazardous Substances" shall
            mean any substance or material defined or designated as
            hazardous or toxic waste, hazardous or toxic material,
            a hazardous or toxic, substance, or other similar term
            by any federal, state or local environmental statute,
            regulation or ordinance.  If requested by Purchaser,
            Seller shall render a certificate in favor of Purchaser
            setting forth the matters set forth above.

            Seller agrees to indemnify and hold Purchaser and any
            lender of Purchaser harmless from and against any and
            all claims, demands, damages, losses, liens,
            liabilities, penalties, fines lawsuits or other
            proceedings, costs and expenses (including, without
            limitation, reasonable attorneys' fees) arising
            directly or indirectly from, out of, or in any way
            connected with (a) the presence of any Hazardous
            Substances on or off the Property or any portion
            thereof or (b) any violation of any local, state or
            federal environmental law, regulation, ordinance or
            administrative or judicial order relating to Hazardous
            Substances, attributable to events occurring before and
            after the Closing Date, and Seller covenants that it
            shall not create, store or release or allow the
            creation, storage or release of any Hazardous
            Substances on the Property.

         r. FIRPTA.  Seller is not a foreign person or entity under
            the Foreign Investment in Real Property Tax Act of
            1980, as amended, (the "Act") and no taxes or
            withholding under the Act shall be assessed against or
            imposed upon Purchaser in connection with the
            transaction contemplated by this Agreement.

         s. Lease.  The Lease is and will be the only lease
            demising any portion of the Property and has not been
            amended or modifies except as set forth in Schedule 4.
            The Lease does not contain any option or right of first
            refusal to purchase all or any part of the Property or
            to cancel or terminate the Lease prior to the end of
            its term, except as provided in the Lease.  If Lessee
            shall cancel or terminate this Lease prior to the
            Closing Date, the Purchaser, at its sole option may
            terminate this Agreement and the rights and obligations
            of the parties hereto shall be deemed terminated and of
            no further force and effect.  The Lessee has accepted
            and is occupying the Property.  The Lease shall be and
            at Closing will be in good standing and in full force
            and effect and no rights or interest of the lessor
            thereunder have been waived or released.  All of the
            lessor's obligations under the Lease have been or at
            Closing will have been satisfied and neither the lessor
            nor the Lessee are or will be in default under the
            Lease nor is Seller aware of any condition or
            circumstances which with the passage of time or giving
            of notice would constitute a default thereunder.
            Lessee is not entitled to any refund or reimbursement
            under the terms of the Lease.

         t. In the event of the breach of any warranty or
            representation made herein or elsewhere in this
            Agreement by Seller, Seller shall and does hereby
            agree, warrant and covenant to indemnify and hold
            Purchaser harmless from and against all losses,
            damages, liabilities, costs, expenses (including
            reasonable attorneys' fees), and charges which
            Purchaser may incur to which Purchaser may become
            subject as a direct or indirect consequence of such
            breach.

     8.  Covenants of Seller.  Seller hereby covenants and agrees with
     Purchaser that from the Agreement Date until the Closing Date,
     Seller shall construct and operate the Property or cause same
     to be constructed and operated in accordance with prudent
     management and operating standards and practices.  At the
     Closing, the Property shall be delivered to Purchaser in the
     manner as aforesaid.  Seller shall pay or cause to be paid on
     a prompt and timely basis all bills and discharge all
     obligations arising from the operating, management, repair and
     maintenance of the Property, as payments for same become due.
     Between the Agreement Date and the Closing Date, Purchaser
     shall have the continuing right from time to time to
     periodically inspect the Property and portions thereof upon
     reasonable notice to Seller to verify Seller's compliance with
     the foregoing undertakings, but no such inspections shall
     relieve Seller of its obligations hereunder or constitute any
     waiver by Purchaser hereunder.  Between the Agreement Date and
     Closing Date (i) Seller shall keep (or cause to be kept) the
     Property fully insured in accordance with prudent and
     customary practice, (ii) Seller shall not alienate, encumber
     or transfer the Property or any part thereof in favor of or to
     any party whomsoever (excepting herefrom the Lease), and (iii)
     Seller will neither execute any new lease nor renew or modify
     the Lease without Purchaser's prior written consent.

     9.  Closing and Related Matters.

          a. The Closing Date.

            (i) The purchase and sale of the Property (the
                "Closing") shall be on the date ("Closing Date")
                which is ten (10) business days after the
                expiration of the Investigation Period and Seller
                has delivered the premises to the tenant, subject,
                however, to the provisions contained in Section 5
                hereof and provided that:

                      1.)  Purchaser has received from Seller an
                           acceptable Level 1 Audit and/or Level 2
                           Audit required hereunder;

                      2.)  Purchaser has received a certificate
                           of occupancy, tenant is in possession
                           and occupying the Property and one
                           month's rent, even if prorated, has
                           been received; or

                      3.)  Purchaser has received from Seller an
                           MAI Appraisal of the Property, as built
                           and certified to the Purchaser, showing
                           thereon a market value not less than
                           the Purchase Price (the receipt of such
                           Appraisal being a condition precedent
                           to the consummation of the transaction
                           contemplated hereunder and which
                           Appraisal shall be prepared at the sole
                           cost of the Seller).  If Seller's
                           Appraisal secured for construction
                           financing supports the purchase price
                           and is less than (180) days old as of
                           the anticipated closing date, no update
                           shall be required, however, a
                           recertification or reliance letter
                           shall be delivered to Purchaser by
                           Seller prior to the end of the
                           Investigation Period.

            (ii)  Notwithstanding anything contained in this
                Agreement to the contrary, in the event the Closing
                has not occurred on or before ninety (90) days
                after the end of the Property's substantial
                completion date (including tenant's construction),
                then the Purchaser shall have the right and option
                to terminate this Agreement if the failure to close
                is due to Seller's fault, upon termination, receive
                reimbursement of all expenses incurred by
                Purchaser, including reasonable attorney's fees.

          b. Escrow Closing.  This transaction shall be closed
            through an escrow (the "Escrow") with the Title Company
            acting as Escrowee in accordance with escrow
            instructions letters of the parties' respective
            counsel.  The attorneys for Seller and Purchaser are
            authorized to execute all directions or communications
            thereunder.

          c. Seller's Duties at Closing.  At the Closing and on the
            Closing Date, Seller shall do or perform the following
            (unless otherwise notified, all documents to be
            delivered by Seller shall be deposited in the Escrow):

                 (i.) execute, acknowledge and deliver to Title
                 Company a warranty deed in recordable form dated
                 as of the Closing Date whereby the Property is
                 conveyed by Seller to Purchaser, subject only to
                 the Permitted Exceptions; the Seller to pay all
                 transfer, mortgage, and intangible taxes and
                 recording fees; existing mortgage to be paid off
                 at closing

                 (ii.) deliver to purchaser at least one (1) executed
                 originals of the Lease;

                 (iii.) execute and deliver to Purchaser an Assignment
                 of the Lease containing therein such mutual
                 indemnities as the parties' respective counsel
                 shall reasonably agree;

                 (iv.)  deliver to Purchaser a current estoppel
                 certificate (consistent with the Lease) addressed
                 to Purchaser from Lessee under the Lease stating
                 (a) that the Lessee has accepted and is occupying
                 the Property, (b) that the Lease has not been
                 modified or amended or if so describing same, (c)
                 that the Lease is in good standing and in full
                 force and effect, (d) that there are no defaults
                 of the landlord under the Lease, (e) that the
                 Lessee is not entitled to receive any concession
                 (rental or otherwise) or other similar
                 compensation in respect of the Property other
                 than as set forth in the Lease, (f) the amount of
                 any security deposit being held by the landlord
                 under the Lease, (g) that any construction of
                 tenant improvements required to be completed by
                 the landlord under the Lease has been
                 satisfactorily completed and all lien waivers
                 obtained, if applicable, (h) the date on which
                 rent payments commenced and that date to which
                 rent has been prepaid under the Lease, and (i)
                 the commencement and termination dates of the
                 Lease;

                 (v.) cause to be furnished and delivered to
                 Purchaser, at Purchaser's sole cost and expense
                 (except as otherwise hereinabove set forth), the
                 later-dated Title Commitment and endorsements in
                 accordance with Section 5(b);

                 (vi.) deliver sole and complete possession of the
                 Property to Purchaser, subject only to the
                 Permitted Exceptions and the Lease;

                 (vii.) deliver to Purchaser copies of all
                 certificates of occupancy, licenses, permits,
                 authorizations and approvals required by law and
                 issued by all governmental authorities having
                 jurisdiction over the Property, together with
                 copies of all certificates issued by any local
                 board of fire underwriters (or other body
                 exercising similar functions), if any, and the
                 copies of each bill for current real estate and
                 personal property taxes, together with proof of
                 payment thereof (if any of the same have been paid);

                 (viii.)  deliver the Insurance policies and/or
                 Certificates of Insurance, as the case may be, as
                 required by the Lease and showing thereon
                 Purchaser as an additional insured and the
                 certificate holder,

                 (ix.)  if in existence, deliver an Assignment of all
                 construction contracts and construction
                 warranties (including roof) with respect to the
                 Property together with any consents to the
                 assignment as may be necessary or required at
                 Seller's sole cost and expense; and

                 (x.) execute and deliver to Purchaser such other
                 documents or instruments as may be required under
                 this Agreement or, in the reasonable opinion of
                 counsel for Purchaser, may be necessary to
                 effectuate the Closing.

            d. Purchaser's Duties at Closing.  At the Closing and on
            the Closing Date, Purchaser shall deliver to the Title
            Company cashiers or certified checks (or wired funds)
            in the amount of the Purchase Price, plus or minus
            prorations, and execute and deliver to Seller such
            other documents or instruments as shall be reasonably
            required by counsel for Seller.

     10.    Destruction or Loss of Property.  If, between the
     Agreement Date and the Closing Date, all or any portion of the
     Property is damaged by fire or natural elements, or other
     causes beyond Seller's control and in respect of which the
     damage exceeds $25,000, or the Property or any portion thereof
     is taken or made subject to condemnation, eminent domain or
     other governmental acquisition proceedings, then at
     Purchaser's sole option, Purchaser may elect, upon written
     notice to Seller given any time prior to Closing, to terminate
     this Agreement or, alternatively, to proceed to close upon the
     assignment to it of Seller's interest to the insurance
     proceeds payable on account of any such damage or any
     condemnation award, the case may be. In the event of any
     damage caused by fire or natural elements or other causes
     beyond the Seller's control in an amount of $25,000 or less,
     the transaction contemplated hereby shall close only upon the
     assignment to Purchaser of Seller's interest in the insurance
     proceeds payable on account of any such damage and only if the
     Lease and the Lessee's obligations thereunder are not
     adversely impacted by such damage.

     11.    Default and Conditions Precedent to Closing.  In all
     events, the obligations of Purchaser to make the payments and
     to close this transaction are contingent upon: (i) title to
     the Property being shown as required by this Agreement or
     being accepted or deemed accepted by Purchaser; (ii) the
     conditions precedent to Closing provided for in this Agreement
     being satisfied (or, for any non-fulfilled condition(s), a
     written waiver of each by Purchaser); (iii) the
     representations and warranties of Seller contained in this
     Agreement being true and accurate or waived by Purchaser in
     writing as of the Closing Date; (iv) the financial condition
     of the Lessee being substantially the same as on the Agreement
     Date and (v) Seller having performed all of its covenants and
     otherwise having performed all of its obligations and
     fulfilled all of the conditions required of it in order to
     close.  In the event Purchaser becomes aware of a breach of
     any of Seller's representations or warranties or of Seller
     failing to perform all of its covenants or otherwise failing
     to perform all of its obligations and fulfill all of the
     conditions required of Seller in order to close, Purchaser
     may, at its sole option and after notifying Seller of the non-
     performance or breach and allowing the Seller ten (10)
     business days after delivery of said notice to Seller in which
     to cure said breach or non-performance: (a) elect to enforce
     the terms hereof by action for specific performance and deduct
     from the Purchase Price the cost of curing a Seller default or
     Defect that the Seller is otherwise obligated to cure
     hereunder amount not to exceed $10,000 or (b) terminate this
     Agreement and be entitled to a refund of the Deposit from the
     Escrowee and a refund of its fees, costs and expenses
     (including reasonable attorneys fees), but not in excess of
     $10,000, from Seller.  Purchaser waives any claim for damages
     against Seller.  Seller is obligated to cure all liens of a
     definite or ascertainable amount and other Defects not costing
     more than $10,000 to cure.

     12.    Binding Effect; Assignability.  This Agreement shall
     inure to the benefit of, and shall be binding upon, the
     successors and assigns of the parties hereto.  At or prior to
     Closing, Purchaser shall have the right to designate one or
     more partnerships, corporations or any other legal entity(ies)
     to act as its assignee(s) or nominee(s), and such entity shall
     thereafter be the party(ies) to which the Property shall be
     conveyed and which shall execute the closing documents.
     Seller agrees to look solely to and accept performance from
     such assignee(s) or nominee(s), and all references to
     "Purchaser" in this Agreement shall include said assignee(s)
     or nominee(s).

     13.    Brokerage.  Each party hereby represents and warrants to
     the other that, in connection with this transaction, no third-
     party broker or finder has been engaged or consulted by it
     with the exception of the Sellers representative, Reeves
     Development, LLC.  Reeves Development, LLC shall receive a
     brokerage commission equal to three percent (3%) of the sales
     price payable by the Seller.  Each party hereby defends,
     indemnifies and holds the other harmless against any and all
     claims of brokers, finders or the like, and against the claims
     of all third parties claiming any right to commission of
     compensation by or through acts of that party or that party's
     partners, agents or affiliates in connection with this
     Agreement.

     14.    Notices.  All notices, requests or other communications
     required or permitted under this Agreement shall be in writing
     and shall be affected by personal delivery, facsimile
     transmission or a nationally recognized overnight courier
     service by next business day delivery and shall be addressed
     as follows:

          If to Purchaser: Brauvin Net Lease V, Inc.
                           30 North LaSalle Street
                           Suite 3100
                           Chicago, IL  60602
                           Attn: Mr. Barry D. Bain, CCIM
                           Telephone:     (312) 759-7688
                           Facsimile:     (312) 759-7800

          With a copy to:  Patzik Frank & Samotny Ltd.
                           150 South Wacker Drive
                           Suite 900
                           Chicago, IL  60606
                           Attn: Mr. Allan L. Yusim, Esq.
                           Telephone:     (312) 551-8300
                           Facsimile:     (312) 551-1101

               If Seller:  Houma Dollar Partners, LLC
                           1202-C Kirkman Street
                           Lake Charles, LA  70601
                           Attn: Charles Reeves, Jr.
                           Telephone:     (337) 433-0200
                           Facsimile:     (337) 433-9040

          With a copy to:  Reeves Development LLC
                           C/O Jay Wood
                           1202-C Kirkman Street
                           Lake Charles, LA 70601
                           Telephone:  (337) 433-0200
                           Facsimile:  (337) 433-9040

     Each such notice or other communication will be deemed
     delivered (i) on the date delivered if by personal delivery,
     (ii) on the date of transmission prior to 5:00 PM if by
     written confirmed facsimile transmission, and (iii) on the
     date that it is delivered to a nationally recognized overnight
     courier service for next business day delivery by giving to
     the other party written notice thereof, the parties hereto and
     their respective successors and assigns will have the right
     from time to time and at any time during the term of this
     Agreement to change their respective address and each will
     have the right to specify as its address any other address.

     15.    Miscellaneous.

         a. Time is of the essence of this Agreement.

         b. A business day is a calendar day other than a Saturday,
          Sunday or a day upon which falls a nationally recognized
          legal holiday.

         c. This Agreement may be executed in counterparts, each of
          which shall constitute an original, but all together
          shall constitute one and the same Agreement.

         d. The parties agree that this Agreement and all questions
          of interpretation, construction and enforcement hereof,
          and all controversies hereunder, shall be governed by the
          applicable laws of the state of Louisiana.

         e. The terms, provisions, representations, warranties,
          covenants and indemnities made herein shall survive the
          Closing and delivery of the deeds and other instruments
          of conveyance for a period of one (1) year thereafter,
          except items or matters in which the seller has no
          control.

         f. The captions at the beginning of the several Sections,
          respectively, are for convenience in locating the
          context, but are not part of the context.

         g. In the event any term or provision of this Agreement
          shall be held illegal, invalid, unenforceable or
          inoperative as a matter of law, the remaining terms and
          provisions of the Agreement shall not be affected
          thereby, but each such term and provision shall be valid
          and shall remain in full force and effect.

         h. This Agreement and any Schedules attached hereto or
          required hereby embody the entire contract between the
          parties hereto with respect to the Property and supersede
          any and all prior agreements and understandings, written
          or oral, formal or informal.  No extensions, changes,
          modifications or amendments to or of this Agreement, of
          any kind whatsoever, shall be made or claimed by Seller
          or Purchaser, and no notices of any extension, change,
          modification or amendment made or claimed by Seller or
          Purchaser (except with respect to permitted unilateral
          waivers of conditions precedent by Purchaser) shall have
          any force or effect whatsoever unless the same shall be
          endorsed in writing and fully signed by Seller and
          Purchaser.

         i. If either Seller or Purchaser shall elect to bring a suit
          to enforce their respective rights under and by virtue of
          this Agreement, then the prevailing party in such action
          and/or in any appellate action thereafter shall be
          entitled to claim and be awarded all costs of litigation
          incurred in connection therewith including, without
          limitation, court costs and reasonable attorneys' fees.

     16.    Agreement Date.  The Agreement Date shall be the later to
     occur: (i) date of the mutual execution of this contract or
     (ii) complete delivery of the due diligence items requested in
     Section 3 herein and included in Section 16 attached.

  IN WITNESS WHEREOF, the Purchaser and Seller have each caused
  this Agreement to be duly executed as of the year and day written
  below their respective signatures.

  PURCHASER:                         SELLER:

  BRAUVIN, INC.                      HOUMA DOLLAR PARTNERS, LLC
   an Illinois corporation


  By: /s/ Barry D. Bain              By: /s/ Charles Reeves, Jr.
     Barry D. Bain, CCIM
     Senior Vice President           Its: Manager

Date:       March 14, 2003           Date:     March 11, 2003

                         SCHEDULE 1(a)

                        LEGAL DESCRIPTION

                           SCHEDULE 4

                          COPY OF LEASE

                           SCHEDULE 16

            DUE DILIGENCE ITEMS REQUIRED BY PURCHASER



  1.   The lease

  2.   Copy of the latest appraisal (if available);

  3.   An environmental report for the property (if available);

  4.   A complete set of "as built" certified plans (delivered
at closing);

  5.   Seller's existing survey;

  6.   Copy of the certificate of occupancy, to be delivered
prior to closing;

  7.   Certificate of the Insurance;

  8.   Current title policy/commitment;

  9.   Roof warranties and any other service contracts,

     10.    REA agreement, if applicable;

     11.    Latest Real Estate tax bills with assessment value (land
& building, if available);

     The above due diligence items shall be deemed given for the
     purpose of commencing the Investigation Period when Seller
     notifies Purchaser that it has given Purchaser all of the
     items which are in Seller's possession or control, and
     Purchaser actually has possession of said items.



                           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.