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, 2001

[ ]     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: $1,404,216.

The aggregate market value of the Common Stock held by non-
affiliates as of March 28, 2002 was $10,289,296.  As of March 28,
2002, the registrant had 1,286,163 shares of Common Stock
outstanding.


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

<PAGE>
                    BRAUVIN NET LEASE V, INC.
                  2001 FORM 10-KSB ANNUAL REPORT

                              INDEX

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

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

Item 3. Legal Proceedings. . . . . . . . . . . . . . . . . . . . .  11

Item 4. Submission of Matters to a Vote of Security
        Holders. . . . . . . . . . . . . . . . . . . . . . . . . .  11

                             PART II

Item 5. Market for Common Equity and
        Related Stockholder Matters. . . . . . . . . . . . . . . .  12

Item 6. Management's Discussion and Analysis or Plan
        of Operation . . . . . . . . . . . . . . . . . . . . . . .  14

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

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

                             PART III

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

Item 10.Executive Compensation . . . . . . . . . . . . . . . . . .  22

Item 11.Security Ownership of Certain Beneficial Owners
        and Management . . . . . . . . . . . . . . . . . . . . . .  22

Item 12.Certain Relationships and Related Transactions . . . . . .  22

Item 13.Exhibits and Reports on Form 8-K . . . . . . . . . . . . .  24

Signatures . . . . . . . . . . . . . . . . . . . . . . . . . . . .  28




                   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's
intent is to acquire properties which are leased to creditworthy
corporate operators of nationally or regionally established
businesses, primarily in the retail and family restaurant sectors.
Substantially all of the leases are on a long-term "triple net"
basis generally requiring the corporate tenant to pay both base
annual rent with mandatory escalation clauses and all operating
expenses.  The Fund acquired one property during the year ended
December 31, 1994, five properties during the year ended December
31, 1995, two properties during the year ended December 31, 1996
and one property during the year ended December 31, 1997.  See Item
2, "Description of Properties."

   The advisory agreement provides for Brauvin Realty Advisors V,
L.L.C. (the "Advisor"), an affiliate of the Fund, to be the advisor
to the Fund.  The Fund registered the sale of up to 5,000,000
shares of common stock at $10.00 per share in an initial public
offering filed with the Securities and Exchange Commission
("Registration Statement") and the issuance of 500,000 shares
pursuant to the Fund's dividend reinvestment plan ("Reinvestment
Plan").  After the termination of the Offering, the Fund registered
the issuance of 200,000 shares under the Reinvestment Plan.  The
Reinvestment Plan 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, 2001, 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 95% of the Fund's taxable income, given the non-
cash nature of depreciation expense and the REIT qualification
requirements; (2) preservation of capital, through acquisition of
well located properties with leases on a long term "triple net"
basis to creditworthy corporate tenants; (3)increased income and
protection against inflation, through leases with mandatory rent
escalation clauses; and (4) capital appreciation, through the
potential increase in value of the properties.  There can be no
assurance that the foregoing objectives will be achieved.

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

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

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

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

Market Conditions/Competition

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

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

Item 2. Description of Properties.

Country Harvest Buffet Restaurant

   On November 21, 1994, the Fund purchased a 6,750 square foot
building and the underlying land which was occupied by a Country
Harvest Buffet restaurant (the "CHB Property") located in Lynnwood,
Washington (metropolitan Seattle), from an unaffiliated party, for
$900,000 plus closing costs.  The CHB Property 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.

On The Border Restaurant

   On January 9, 1995, the Fund purchased an 8,200 square foot
building and the underlying land which was occupied by an On The
Border restaurant (the "OTB Property") located in Stafford, Texas
(metropolitan Houston), from an unaffiliated party, for $1,340,000
plus closing costs.  The OTB Property is leased to On The Border
Corporation, a subsidiary of On The Border Cafes, Inc., under a
triple net, initial fifteen-year lease with two five-year extension
options which is guaranteed by Brinker Restaurant Corporation, an
affiliate of On The Border Cafes, Inc.  The lease requires a
minimum base rent each month in the amount of $12,292 plus periodic
increases beginning in the sixth lease year.  The tenant of the OTB
Property discontinued its operations on May 29, 1996.  Brinker
Texas, L.P., the property's lease guarantor (and a wholly-owned
subsidiary of Brinker International) has stated its intention to
honor the lease and cooperate with the Fund to cause the property
to be reoccupied.  Moreover, the adjacent highway was widened,
which has resulted in the condemnation of a portion of the frontage
of the parcel.  The monetary damages from this condemnation were
paid to HMG/Courtland Properties, the developer of the property
(the "Developer").  The Fund was compensated with an adjacent piece
of land owned by the Developer.  The Fund is working with Brinker
International, in order to locate a subtenant or facilitate the
sale of this location.  The Fund does not currently anticipate that
this situation will adversely affect the Fund's cash flow, as rent
is currently being paid on the lease.  A contract for the sale of
this property was signed on December 13, 2000 with an unaffiliated
third party, at a price of approximately $1,385,000, subject to the
purchaser's due diligence.  In the first quarter of 2001, this
contract was terminated by the potential purchaser.  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.  Subsequently, the Fund entered into a separate contract
with an unaffiliated third party for an amount of
$1,385,000(exclusive of an additional $200,000 tenant lease buyout
fee).  The buyer is currently conducting its due diligence.  There
is no assurance that this contract will be consummated.


Blockbuster Video

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

Chili's Restaurant

   On April 13, 1995, the Fund purchased a 6,100 square foot
building and the underlying land which was occupied by a Chili's
restaurant (the "Chili's Property") located in Birmingham, Alabama,
from an unaffiliated party, for $1,080,000 plus closing costs.  The
Chili's Property 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 remain
unchanged.

   Brinker has expressed a desire to close this facility and
exchange this property for a better performing property that
Brinker currently owns.  If this exchange occurs the base rent
would remain the same, but the percentage rent breakpoint would be
reduced by approximately $200,000 and the Fund's percentage of
revenue in excess of the breakpoint would be reduced from 6% to
4.75%.  The existing property does not generate any percentage
rent.  However, the Fund anticipates that the exchanged property
will generate percentage rents.  The fund presently is determining
whether this exchange is in its best interest and has not yet made
a determination.


Just For Feet

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

   On November 4, 1999, Just For Feet, Inc. filed for Chapter ll
bankruptcy protection in the United States Bankruptcy Court in
Wilmington, Delaware.  On January 27, 2000, Just for Feet, Inc.
announced that its previous efforts to negotiate a sale of the
assets, had been unsuccessful.  Just for Feet, Inc. has 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 should not affect the terms of the Just For
Feet lease.  Footstar is operating the property and continues to
timely make all ongoing rental payments to the Fund.  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.  Subsequently, the Fund received another offer from
another unaffiliated third party for the purchase of this property
at a price of $2,675,000.  The Fund is currently negotiating the
contract with this potential purchaser.

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.

   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.

   In the first quarter of 1999, General Rental discontinued its
operations.  Stanley Works is currently seeking a new subtenant for
this location.  The Fund does not currently anticipate that this
situation will adversely affect the Fund's cash flow, as rent is
currently being paid on the lease.


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.  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 and
surrounding businesses.  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.

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

   As of December 31, 2001, all the Fund's properties were fully
occupied with the exception of the On The Border Restaurant and the
Taylor Rental Facility.

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

Risk of Ownership

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

Item 3. Legal Proceedings.

   None.

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

   None.


<PAGE>

                             PART II

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

   At December 31, 2001 there were 716 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) 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, 2000:
                                          Annualized
Declaration      Record       Payment      Dividend
  Date(a)         Dates         Date        Rate        Amount

1/27/00   10/01/99-12/31/99    2/15/00       7.25%    $237,390
 5/4/00      1/1/00-3/31/00    5/15/00       7.25%     233,673
8/10/00      4/1/00-6/30/00    8/15/00       7.75%     250,600
11/9/00      7/1/00-9/30/00   11/15/00       7.75%     253,621
2/15/01    10/1/00-12/31/00    2/15/01       8.0%      262,106
5/10/01      1/1/01-3/31/01    5/15/01       8.0%      256,556
8/09/01      4/1/01-6/30/01    8/15/01       8.0%      256,528
11/15/01     7/1/01-9/30/01   11/15/01       8.0%      259,347(b)
1/24/02    10/1/01-12/31/01    2/15/02       8.25%     267,452

(a) Dividends were declared on a daily basis.
(b) Does not include a bonus distribution of $64,308.

   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% (95% for years prior to 2001) 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.
Discussions containing forward-looking statements may be found in
this section and in the section entitled "Description of Business."
Without limiting the foregoing, words such as "anticipates,"
"expects," "intends," "plans" and similar expressions are intended
to identify forward-looking statements.  These statements are
subject to a number of risks and uncertainties, including, without
limitation, tenant defaults, which could materially decrease the
Fund's rental income.  Actual results could differ materially from
those projected in the forward-looking statements.  The Fund
undertakes no obligation to update these forward-looking statements
to reflect future events or circumstances.

Liquidity and Capital Resources

    As of December 31, 2001, 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 REIT taxable income test

   The Fund is required, under the Code, to make distributions of
an amount not less than 95% of its REIT taxable income during the
year ended December 31, 2000 and 90% for the year ended December
31, 2001.  See Item 5 for detail on distributions made in 2001 and
2000.

   The amount required to have been paid for the year ended
December 31, 2000 approximated $810,000.

   The amount required to have been paid for the year ended
December 31, 2001 approximated $768,900.  In accordance with the
Fund's intent to maintain its qualification as a REIT under the
Code, the Fund intends to manage its dividend distributions to
approximate earnings during the year to which they relate.

Results of Operations - 2001 Compared to 2000

   Total income for the year ended December 31, 2001 was
approximately $1,404,000 of which $1,359,000 was rental income.
Total expenses were approximately $488,000 and net income was
approximately $916,000.

   Total income was approximately $1,404,000 in 2001 compared to
approximately $1,428,000 in 2000, a decrease of approximately
$24,000.  This decrease was due to a decrease in real estate tax
reimbursement income of $16,000 and a decrease in interest and
other income of $8,000.  Real estate tax reimbursement income
decreased in 2001 because a portion of the 1999 real estate tax
reimbursement income was included in 2000.  The 1999 tax bill was
received late and therefore not billed to the tenant until 2000.

   Total expenses incurred in 2001 were approximately $488,000,
compared to approximately $524,000 in 2000, a decrease of
approximately $35,000.  The decrease was due primarily to a $25,000
reduction in advisory fees, a $16,000 decrease in bad debt expense
and an $11,000 decrease in real estate tax expense partially offset
by an $18,000 increase in general and administrative expense.
Advisory fees decreased as a result of the modification in the fee
amount by the Board of Directors in February, 2001.  Bad debt
expense also decreased as a result of the Fund receiving payment in
2001 that management had estimated in 2000 to be uncollectible.
Real estate tax expense decreased corresponding with the decrease
in real estate tax reimbursement income.  These decreases in
expense were offset by an increase in general and administrative
expense primarily due to an increase of legal and other
professional fees of $31,000, offset by a decrease in state tax
expense of $15,000.


Results of Operations - 2000 Compared to 1999

   Total income for the year ended December 31, 2000, was
approximately $1,428,000 of which $1,359,000 was rental income.
Total expenses were approximately $524,000 and net income was
approximately $905,000.

   Total income was approximately $1,428,000 in 2000 compared to
approximately $1,361,000 in 1999, an increase of approximately
$67,000.  This increase was due to an increase in rental income of
$14,000 and an increase in interest and other income of $53,000.
The increase in rental income was due to increases in base rents at
several properties during 2000. The increase in interest and other
income was due to an increase in real estate tax reimbursement
income.

   Total expenses incurred in 2000 were approximately $524,000,
compared to approximately $492,000 in 1999, an increase of
approximately $32,000.  The increase was due primarily to an
increase in general and administrative expense and an increase in
bad debt expense.  General and administrative expenses increased
primarily as a result of an increase in real estate tax expense of
$38,000, which was partially offset by a decrease in legal and
professional fees of approximately $14,000.

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.

   On November 6, 2001 the Fund dismissed Deloitte & Touche LLP as
its independent accountant.  Deloitte & Touche LLP's report on the
financial statements for either of the past two years did not
contain an adverse opinion or disclaimer of opinion and was not
modified as to uncertainty, audit scope or accounting principles.
The decision to change the Fund's accountant was approved by the
Fund's Board of Directors to reduce the costs associated with the
audit.  In the Fund's fiscal years ended December 31, 1999 and 2000
and the subsequent interim period preceding the dismissal there
were no disagreements with Deloitte & Touche LLP on any matter of
accounting principles or practices, financial statement disclosure
or auditing scope or procedure that would have caused Deloitte &
Touche LLP to make reference to the matter in their report.  There
were no reportable events as that term is described in Item
304(a)(1)(iv)(B) of Regulation S-B.

   On November 7, 2001, the Fund engaged Altschuler, Melvoin and
Glasser LLP as its independent accountant.  The decision to engage
Altschuler, Melvoin and Glasser LLP was approved by the Board of
Directors.  Neither the Fund (nor someone on its behalf) consulted
Altschuler, Melvoin and Glasser LLP regarding: (i) the application
of accounting principles to a specific transaction, either
completed or proposed, or the type of audit opinion that might be
rendered on the Fund's financial statements; or (ii) any matter
that was either the subject of a disagreement or a reportable
event.

<PAGE>

                             PART III

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

The Board of Directors

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

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

   There are currently 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. Hugh K. Zwieg        Director
  Mr. Thomas E. Murphy     Treasurer and Chief Financial
                            Officer(Principal Accounting Officer)

   MR. JEROME J. BRAULT (age 68) 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 41) 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 52) has been a director of the Fund
since its offering.  Mr. Kobus became Chairman and President of
Hawthorn  Bank, Mundelein, Illinois in 1992.  Prior thereto, he was
Senior Vice President and Manager of the Financial Institution
Group at Exchange National Bank from 1983 to 1990.  Prior thereto
Mr. Kobus was a Vice President and Division Head (Commercial
Lending) of the American National Bank and Trust Company of
Chicago.  Throughout his career, Mr. Kobus has been responsible for
commercial loans in excess of $1.0 billion.  Mr. Kobus received a
B.S. in Mathematics from St. Procopius College, Lisle, Illinois in
1972 and an M.B.A. from the University of Chicago in 1979.

   MR. KENNETH S. NELSON (age 52) has been a director of the Fund
since its offering. Mr. Nelson is currently Senior Vice President
for Bank One NA and Director for Bank One Capital Markets, Inc. ,
where he has responsibility for Project Finance for Bank One NA's
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. HUGH K. ZWIEG (age 42) has been a director of the Fund
since its offering.  Mr. Zwieg is Senior Vice President of CMD
Corporation since 1989.  Mr. Zwieg is responsible for the placement
of all debt and equity capital and management of all institutional
relationships.  In addition, he oversees the financial structuring
of all CMD's investments and sales.  Prior thereto, Mr. Zwieg was
Vice President of Investment Management of Balcor Company, a real
estate investment subsidiary of Shearson Lehman, from 1987 to 1989,
where he managed a $500 million real estate portfolio with
responsibility for the operations, leasing, financing and sales
strategy for the properties.  During his tenure, he also worked in
the Special Projects Group, which was responsible for the
recapitalization  and workout of problem assets in Balcor's Equity
and Debt portfolios.  Mr. Zwieg began his career at the First
National Bank of Chicago where he was a commercial real estate loan
officer.  Mr. Zwieg received a B.B.A. in 1982 and an M.B.A. in
1983, both from the University of Wisconsin in Madison, Wisconsin.

    MR. THOMAS E. MURPHY (age 35) 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.  Prior to joining the Brauvin
organization he was in the accounting department of Zell/Merrill
Lynch and First Capital Real Estate Funds where he was responsible
for the preparation of the accounting and financial reporting for
several real estate limited partnerships and corporations.  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.

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, 2001, 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 2001 and 2000 was approximately $15,000
and $16,000, respectively.  Accordingly, disclosures typically
required by Item 402 of Regulation S-B are not applicable to the
Fund, as the Fund has no compensated executive officers.  See Item
12 "Certain Relationships and Related Transactions" for discussion
of the fees paid to the Advisor and its affiliates.

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

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

Item 12. Certain Relationships and Related Transactions.

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

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

   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 which
in 2001 and 2000 were $0 and $857, respectively.

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

   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.  The independent directors will continue to review
the advisory fee amount on an annual basis.

   Advisory fees of $149,997 and $175,000 were paid by the Fund in
2001 and 2000 respectively inclusive of amounts accrued in prior
years.  In addition, the Fund paid accrued Advisory Fees of $30,000
in 2001.

   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
$13,317 and $13,487 were incurred and payable by the Fund in 2001
and 2000 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
            *3(a)          Amended Articles of Incorporation of
                           Brauvin Net Lease V, Inc.
            *3(b)          By-laws of Brauvin Net Lease V, Inc.
            *4             Specimen Stock Certificate
            **10(a)        Advisory Agreement
            **10(b)        Assignment and Assumption Agreement
                           among Brauvin Realty Advisors V, Inc.,
                           Brauvin Realty Advisors V, L.L.C., the
                           Fund and Jerome Brault
            *10(c)         Agreement of Purchase and Sale between
                           Country Harvest Buffet Restaurants,
                           Inc. and Brauvin, Inc. on behalf of
                           the Fund dated November 11, 1994
            *10(d)         Lease between Country Harvest Buffet
                           Restaurants, Inc. and Brauvin, Inc. on
                           behalf of the Fund dated November 21,
                           1994
            *10(e)         Agreement of Purchase and Sale between
                           Bomasada Investment Group II, L.L.C.
                           ("Bomasada") and Brauvin, Inc. on
                           behalf of the Fund dated December 12,
                           1994 (with lease between Bomasada and
                           Blockbuster Videos, Inc. dated March
                           23, 1994 attached)
            *10(f)         Testing and Remediation License
                           Agreement between Bomasada and Diamond
                           Shamrock Stations, Inc. dated July 8,
                           1994
            *10(g)         Assignment of Shopping Center Lease by
                           and between Blockbuster Investment
                           Group II L.L.C. and the Fund dated
                           January 31, 1995
            *10(h)         Assignment of Testing and Remediation
                           License Agreement between Bomasada and
                           the Fund dated January 31, 1995.
            *10(i)         Agreement of Purchase and Sale between
                           HMG/Courtland Properties, Inc. ("HMG")
                           and Brauvin, Inc., on behalf of the
                           Fund dated December 19, 1994 (with
                           lease between Sugar Grove Investment
                           Associates, Ltd. and On The Border
                           Corporation dated as of January 25,
                           1993, including amendments, attached)
            *10(j)         Assignment and Assumption Agreement
                           (regarding On The Border Corporation
                           Lease) between HMG and the Fund dated
                           January 6, 1995.
            *10(k)         Contract for Sale and Purchase between
                           Chilly Land, Inc. and Brauvin, Inc. on
                           behalf of the Fund dated March 28,
                           1995.
            *10(l)         Assignment of Lease and Other Property
                           (regarding the Chili's Property)
                           between Chilly Land, Inc. and the Fund
                           dated April 13, 1995 (with the Lease
                           Agreement dated December 7, 1988
                           between Birmingham Retail Center
                           Associates, Ltd. and Sunstate Alabama
                           Restaurant Corporation, as amended by
                           letter agreements dated December 5,
                           1988 and February 15, 1989 attached).
            *10(m)         Agreement of Purchase and Sale between
                           KCBB, Inc. and Brauvin, Inc., on
                           behalf of the Fund dated December 15,
                           1994 (with lease between KCBB, Inc.
                           and Just For Feet, Inc. dated November
                           9, 1994 attached).
            *10(n)         Assignment of Lease (regarding Just
                           For Feet Lease) between Legacy Group
                           L.L.C. and Brauvin Net Lease V, Inc.
                           dated May 23, 1995.
            *10(o)         Agreement of Purchase and Sale between
                           Loves Park Development Corporation
                           ("Loves Park") and Brauvin, Inc., on
                           behalf of the Fund dated July 11, 1995
                           (with lease between Roscoe Development
                           Corporation (assignor to Loves Park)
                           and Video Watch, Inc. dated October 5,
                           1994 attached).
            *10(p)         Assignment of Lease (regarding Video
                           Watch) between Loves Park and Brauvin
                           Net Lease V, Inc. dated July 31, 1995.
            ***10(q)       Agreement of Purchase and Sale between
                           P. One Sioux Falls Investors, Inc.
                           and, Brauvin, Inc., on behalf of the
                           Fund dated February 12, 1996 (with
                           lease between P. One Sioux Falls
                           Investors, Inc. and Pier 1 Imports
                           (U.S.), Inc. dated June 5, 1995
                           attached).
            ***10(r)       Assignment and Assumption Agreement
                           between P. One Sioux Falls Investors,
                           Inc. and the Fund dated February 12,
                           1996.
            ***10(s)       Purchase and Sale Agreement between
                           Germantown Associates Limited
                           Partnership and Germantown Associates,
                           Inc., on behalf of the Fund dated
                           January 21, 1997 (with schedule of
                           leases between (1) Lewis J. Stowe, III
                           and Firestone Tire & Rubber Company
                           now known as Bridgestone/Firestone,
                           Inc. as amended dated September 25,
                           1986; and (2) Lewis J. Stowe, III and
                           Jiffy Lube of Pennsylvania, Inc., as
                           amended dated June 11, 1986.  Both
                           leases are attached)
            ***10(t)       Assignment and Assumption Agreement
                           between Germantown Associates Limited
                           Partnership and Germantown Associates,
                           Inc. dated January 21, 1997.
            ****16         Letter of Ernst & Young LLP dated
                           December 10, 1996
            21             Subsidiaries of the small business
                           issuer

        *Incorporated by reference from the exhibits filed with the
    Fund's registration statement (Registration No. 33-70550) on
    Form S-11 filed under the Securities Act of 1933.
    **Management Contract

    ***Incorporated by reference from 1996 Form 10K SB/A filed on
    June 19, 1997.
    ****Incorporated by reference from Exhibit 16 filed with the
    Fund's Form 8-K/A filed on December 12, 1996.

(b) Reports on Form 8-K.

    On November 6, 2001, the Fund dismissed Deloitte & Touche LLP
as its independent accountant.  Additionally on November 7, 2001
the Partnership engaged Altschuler, Melvoin and Glasser LLP as its
independent accountant.  This Form 8-K was dated November 6, 2001
and filed on November 14, 2001.


<PAGE>

                            SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the
Securities Exchange Act of 1934, the Registrant has duly caused
this report to be signed on its behalf by the undersigned,
thereunto duly authorized.


                              BRAUVIN NET LEASE V, INC.
                              (Registrant)


Date: 3/28/02              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
Jerome J. Brault
Chairman, President
and Chief Executive
Officer        3/28/02



/s/ Kenneth S. Nelson
Kenneth S. Nelson
Director 3/28/02


/s/ James L. Brault
James L. Brault
Director, Executive
Vice President and
Secretary   3/28/02



/s/ Gregory S. Kobus
Gregory S. Kobus
Director     3/28/02


/s/ Hugh K. Zwieg
Hugh K. Zwieg
Director     3/28/02


/s/ Thomas E. Murphy
Thomas E. Murphy
Treasurer and Chief
Financial Officer
(Principal
Accounting Officer)  3/28/02
<PAGE>




            INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

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

Independent Auditors' Report . . . . . . . . . . . . . . . . . . . .F-3

Consolidated Balance Sheet, December 31, 2001. . . . . . . . . . . .F-4

Consolidated Statements of Operations, for the years
  ended December 31, 2001 and 2000 . . . . . . . . . . . . . . . . .F-5

Consolidated Statements of Stockholders' Equity for the
  years ended December 31, 2001 and 2000 . . . . . . . . . . . . . .F-6

Consolidated Statements of Cash Flows for the years
 ended December 31, 2001 and 2000. . . . . . . . . . . . . . . . . .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.

<PAGE>

                INDEPENDENT AUDITORS' REPORT

To the Stockholders of
Brauvin Net Lease V, Inc.


We have audited the accompanying consolidated balance sheet of
Brauvin Net Lease V, Inc. and subsidiary as of December 31, 2001,
and the related consolidated statement of operations, stockholders'
equity and cash flows for the year then ended. 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 audit.

We conducted our audit in accordance with auditing standards
generally accepted in the United States of America. 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 audit provides a reasonable basis
for our opinion.

In our opinion, the 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,
2001, and the results of their operations and their cash flows for
the year then ended in conformity with accounting principles
generally accepted in the United States of America.

/s/ Altschuler, Melvoin and Glasser LLP


Chicago, Illinois
January 21, 2002, except as to note 5
which is as of March 12, 2002





INDEPENDENT AUDITORS' REPORT

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

We have audited the accompanying consolidated statement of
operations of Brauvin Net Lease V, Inc. and subsidiary for the year
ended December 31, 2000 and the related consolidated statements of
stockholders' equity and cash flows for the year ended December 31,
2000. These consolidated financial statements are the responsibility
of the Company's management.  Our responsibility is to express an
opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards
generally accepted in the United States of America.  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 audit provides a reasonable basis
for our opinion.

In our opinion, such consolidated financial statements present
fairly, in all material respects, the results of the operations and
the cash flows of Brauvin Net Lease V, Inc. and subsidiary for the
year ended December 31, 2000 in conformity with accounting
principles generally accepted in the United States of America.




/s/ Deloitte & Touche
Chicago, Illinois
February 16, 2001









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

                   CONSOLIDATED BALANCE SHEET

                                               December 31,
                                                    2001
ASSETS
Investment in real estate, at cost:
  Land                                          $ 3,979,586
  Buildings                                       7,632,199
                                                 11,611,785

  Less: Accumulated depreciation                 (1,201,424)
Net investment in real estate                    10,410,361

Cash and cash equivalents                           298,835
Tenant receivables                                   31,515
Deferred rent receivable                            403,661
Prepaid expenses                                      4,413

Total Assets                                    $11,148,785

LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Accounts payable and accrued
  expenses                                      $    29,107
Rents received in advance                            29,208
Due to affiliates                                    24,566
  Total Liabilities                                  82,881
Stockholders' Equity:
Preferred stock, $.01 par value,
  1,000,000 shares authorized;
  none issued                                            --
Common stock, $.01 par value,
  9,000,000 shares authorized;
  1,286,163 outstanding                              12,862
Additional paid-in capital                       11,526,203
Accumulated deficit                                (473,161)
  Total Stockholders' Equity                     11,065,904
Total Liabilities and Stockholders'
  Equity                                        $11,148,785

          See notes to consolidated financial statements.

<PAGE>

               CONSOLIDATED STATEMENTS OF OPERATIONS
                     Years ended December 31,


                                           2001           2000

INCOME
Rental                                  $1,359,027   $1,359,029
Other charges to tenants                    34,459       48,110
Interest and other                          10,730       21,267

  Total income                           1,404,216    1,428,406

EXPENSES
Directors fees                              15,000       16,000
Advisory fees                              149,997      175,000
Management fees                             13,317       13,487
General and administrative                  96,538       78,928
Real estate taxes                           27,386       38,517
Bad debt (recovery) expense                 (7,852)       7,852
Depreciation and amortization              193,763      193,763

  Total expenses                           488,149      523,547

Net Income                              $  916,067    $ 904,859
Net Income Per Share
 (based on weighted average shares
  outstanding of 1,290,339
  and 1,242,820, respectively
  for the years ended
  December 31, 2001 and
  2000--basic and diluted)              $     0.71    $    0.73






          See notes to consolidated financial statements.

<PAGE>

            CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
                Years Ended December 31, 2001 and 2000

                         Common Stock
                      Number                   Paid-in (Accumulated
                  of Shares       Amount      Capital     Deficit)    Total
Balance at
 January 1,
   2000          1,300,510   $13,005  $11,676,276   $(219,958) $11,469,323
Net income              --        --           --     904,859      904,859
Dividends               --        --           --    (975,284)    (975,284)
Issuance of stock,
net of selling
commissions and
other offering
costs of $28,836,
net of
liquidations            85         1      (36,560)         --      (36,559)

Balance at
 December 31,
  2000           1,300,595    13,006   11,639,716    (290,383)  11,362,339

Net income              --        --           --     916,067      916,067
Dividends               --        --           --  (1,098,845)  (1,098,845)
Liquidations of
  stock            (14,432)     (144)    (113,513)         --     (113,657)

Balance at
 December 31,
 2001            1,286,163   $12,862  $11,526,203   $(473,161) $11,065,904


*  Ordinary and non-taxable dividends amounted to $854,312 and $244,533
respectively for the year ended December 31, 2001.  Ordinary and non-taxable
dividends amounted to $853,039 and $122,245 respectively for the year ended
December 31, 2000.







            See notes to consolidated financial statements.

<PAGE>

               CONSOLIDATED STATEMENTS OF CASH FLOW
                     Years ended December 31,

                                                     2001       2000
Cash Flows From Operating Activities:
Net income                                       $   916,067  $ 904,859
Adjustments to reconcile net income to
net cash provided by operating activities:
Depreciation and amortization                        193,763    193,763
Bad debt (recovery) expense                           (7,852)     7,852
Changes in:
      Tenant receivables                             (10,712)   (16,877)
      Deferred rent receivable                       (26,156)   (27,823)
      Prepaid expenses                                (4,413)        --
      Accounts payable and accrued expenses           11,698      2,847
      Rents received in advance                      (23,625)   (19,880)
      Due to affiliates                              (30,263)      (179)

Net cash provided by operating activities          1,018,507  1,044,562

Cash Flows From Financing Activities:
Stock liquidations                                  (115,456)    (7,723)
Selling commissions and other
  offering costs                                       1,799    (28,836)
Dividends                                         (1,098,845)  (975,284)
Net cash used in
  financing activities                            (1,212,502)(1,011,843)
Net (decrease) increase in cash
  and cash equivalents                              (193,995)    32,719
Cash and cash equivalents at
  beginning of year                                  492,830    460,111
Cash and cash equivalents at end of year          $  298,835 $  492,830








          See notes to consolidated financial statements.

<PAGE>

           NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
         For the years ended December 31, 2001 and 2000

(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. Substantially
all of the leases are on a long-term "triple net" basis generally
requiring the corporate tenant to pay both base annual rent with
mandatory escalation clauses and all operating expenses. The Fund
acquired 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; and a Jiffy Lube and Firestone facility during the year
ended December 31, 1997.

   The advisory agreement provides for Brauvin Realty Advisors V,
L.L.C. (the "Advisor"), an affiliate of the Fund, to be the advisor
to the Fund.  The Fund registered the sale of up to 5,000,000 shares
of common stock at $10.00 per share in an initial public offering
filed with the Securities and Exchange Commission ("Registration
Statement") and the issuance of 500,000 shares pursuant to the
Fund's dividend reinvestment plan.  On August 8, 1994, the Fund sold
the minimum 120,000 shares required under its Registration Statement
and commenced its real estate activities.  The offering period for
the  sale of common stock terminated on February 25, 1996.  At
December 31, 2001, the Fund had sold 1,286,163 shares and the gross
proceeds raised were $12,881,903, net of liquidations of $663,172,
including $200,000 invested by the Advisor ("Initial Investment"),
before reduction for selling commissions and other offering costs.


SIGNIFICANT ACCOUNTING POLICIES

   Management's Use of Estimates

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

   Accounting Method

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

   Rental Income

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

   Federal Income Taxes

   For the years ended December 31, 2001 and 2000, the Fund
continued 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% (95%
for the 2000) of its taxable income to its stockholders and meets
certain asset and income tests as well as other requirements. The
Fund continues to qualify as a REIT and, accordingly, no provision
has been made for Federal income taxes in the financial statements.

   Consolidation of Subsidiary

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

   Investment in Real Estate

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

   The Fund had 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, 2001 or 2000.
Accordingly, no impairment loss has been recorded in the
accompanying financial statements for the years ended December 31,
2001 and 2000.

   Cash and Cash Equivalents

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

   Estimated Fair Value of Financial Instruments

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

   The fair value estimates presented herein are based on
information available to management as of December 31, 2001, but may
not necessarily be indicative of the amounts that the Fund could
realize in a current market exchange.  The use of different
assumptions and/or estimation methodologies may have a material
effect on the estimated fair value amounts.

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

   Reclassifications

   Certain items in the 2000 financial statements have been
reclassified to conform with the 2001 presentation.

   Recent Accounting Pronouncements

   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 adoption of SFAS 133 and SFAS 138
did not have an impact on the financial position, results of
operations and cash flows of the Fund.

   In June 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 June 2001, the FASB issued Statement of
Financial Accounting Standards No. 142, "Goodwill and Other
Intangible Assets" ("SFAS 142"), which is 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 recognized
intangibles as goodwill, reassessment of the useful lives of
existing recognized 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.

   In June 2001, the FASB issued Statement of Financial Accounting
Standards No. 143, "Accounting for Asset Retirement Obligations"
("SFAS 143"), which is effective for years beginning after June 15,
2002.  SFAS 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 is 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 (which was formerly covered by portions of
Accounting Principles Board Opinion No. 30).

   The Fund does not believe that the adoption of SFAS 141, 142,
143, or 144, will have a significant impact on its financial
statements.

(2)  RELATED PARTY TRANSACTIONS

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

   Pursuant to the terms of the Selling Agreement, Brauvin
Securities, Inc. ("BSI"), an affiliate of the Advisor, 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.

   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, 2001 and
2000 were as follows:

                                       2001                   2000

Advisory fees                         $149,997              $175,000
Dividend
 reinvestment fees                          --                   347
Management fees                         13,317                13,487
Nonaccountable fees                         --                   857
Reimbursable office expenses                --                 4,368

                                      $163,314              $194,059

   As of December 31, 2001 the amounts owed to affiliates are
$23,914 for advisory fees, and $652 for management fees.


(3)  DIVIDENDS

   Below is a table summarizing the dividends declared since
January 1, 2000:
                                          Annualized
 Declaration      Record       Payment      Dividend
   Date(a)        Dates          Date          Rate       Amount

  1/27/00   10/01/99-12/31/99    2/15/00       7.25%     $237,390
   5/4/00      1/1/00-3/31/00    5/15/00       7.25%      233,673
  8/10/00      4/1/00-6/30/00    8/15/00       7.75%      250,600
  11/9/00      7/1/00-9/30/00   11/15/00       7.75%      253,621
  2/15/01    10/1/00-12/31/00    2/15/01       8.0%       262,106
  5/10/01      1/1/01-3/31/01    5/15/01       8.0%       256,556
  8/09/01      4/1/01-6/30/01    8/15/01       8.0%       256,528
 11/15/01      7/1/01-9/30/01   11/15/01       8.0%       259,347(b)
  1/24/02    10/1/01-12/31/01    2/15/02       8.25%      267,452
(a) Dividends were declared on a daily basis.
(b) Does not include a bonus distribution of $64,308.

   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, 2001, there were approximately 68,797 shares
purchased through the Reinvestment Plan and approximately 69,204
shares liquidated.

   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% for tax years beginning in 2001 and 95% for years prior to
2001 of REIT taxable income of the Fund.  The Fund intends to make
quarterly distributions to satisfy all annual distribution
requirements.

   Effective February 13, 2001, the Board of Directors discontinued
the Dividend Reinvestment Plan.  Accordingly, all future dividends
will be paid in cash.

(4)   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, 2001:

     Year ending December 31:           2002     $ 1,343,467
                                        2003       1,359,020
                                        2004       1,368,092
                                        2005       1,235,229
                                        2006       1,041,728
                                  Thereafter       4,739,973
                                                 $11,087,509



(5)  SUBSEQUENT EVENT

  In January 2002, a contract for the sale of the On The Border
Restaurant 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.  Subsequently, the Fund received another offer
from another unaffiliated third party for the purchase of this
property.  The Fund entered into another contract with an
unaffiliated potential purchaser for an amount of
$1,385,000(exclusive of an additional $200,000 tenant lease buyout
fee).  The purchaser is currently conducting its due diligence and
there can be no assurance that this transaction will be consummated.

  Also in January 2002, the Fund signed a contract for the sale of
the Just For Feet property with an unaffiliated third party for  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.  Subsequently, the Fund received another offer from
another unaffiliated third party for the purchase of this property.
The Fund is currently negotiating the contract with this potential
purchaser for an amount of $2,675,000.


<PAGE>

                           Exhibit 21

              Subsidiaries of Small Business Issuer


                                   State of          Names under which
Subsidiary                    Incorporation   Subsidiary does business

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