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, 2004

[ ] 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:
$1,345,675.

The  aggregate  market value of the Common  Stock  held  by  non-
affiliates as of March 28, 2005 was $12,024,711.  As of March 28,
2005,  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.
                 2004 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                                12

Item 4.  Submission of Matters to a Vote of Security
         Holders                                          12

                            PART II
Item 5.  Market for Common Equity and
         Related Stockholder Matters                      13

Item 6.  Management's Discussion and Analysis or Plan
         of Operation                                     15

Item 7.  Consolidated Financial Statements                19

Item 8.  Changes in and Disagreements with Accountants on
         Accounting and Financial Disclosure              19

Item 8a. Controls and Procedures                          20

Item 8b. Other Information                                20

                            PART III
Item 9.  Directors, Executive Officers, Promoters and
         Control Persons; Compliance with Section 16(a)
         of the Exchange Act                              21

Item 10. Executive Compensation                           26

Item 11. Security Ownership of Certain Beneficial Owners
         and Management                                   26

Item 12. Certain Relationships and Related Transactions   26

Item 13. Exhibits                                         28

Item 14. Principal Accountant Fees and Services           32

Signatures                                                34
                                2


                             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 Chili's Restaurant was sold  during  the
year ended December 31, 2004.

   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, 2004, 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 was  ratified  by  the
stockholders   on  June  30,  2004.   The  Plan  of   Liquidation
contemplates the sale of all of the Fund's assets within a twenty
four  month period.    See "Management's Discussion and  Analysis
or  Plan of Operation - Adoption of a Plan of Liquidation"  below
for more detailed information.

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 therefore.

   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, 2003 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,  2004,
Moon  Buffet is paying a monthly rental amount of $11,002 to  the
Fund.

   The Fund entered an agreement for the sale of the property  in
the  fourth  quarter of 2004.   However, the potential  purchases
terminated the contract during its due diligence period.  In  the
first quarter of 2005, the Fund entered another agreement for the
sale  of  the property.  The purchaser is currently  in  its  due
diligence period.

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 was  leased  to
Blockbuster Video, Inc. under a triple net, ten-year  lease  that
expired  in  2004.  The lease required a minimum base  rent  each
month  in the amount of $10,254 plus periodic increases beginning
in  the  sixth lease year.  The Fund has entered into a one  year
lease  extension with a December 2005 maturity.  At December  31,
2004, 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 remained 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.

   On  December 17, 2004 the Fund sold the Chili's Property to an
unaffiliated third party for the sales price of $1,535,000.   The
net proceeds received were approximately $1,527,000.

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, 2004, the monthly  rent  for  this
property is $9,333.

   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.

     In   January,  2005,  Hollywood  Entertainment   Corporation
exercised its five year extension option.

   The  Fund  has commenced marketing the property for  sale  and
has  received  initial  indications  of  interest.   However,  no
definitive agreement for sale has been reached at this time.

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.

   In  January  2005, the Fund and Pier 1 agreed to a  five  year
lease extension commencing in 2006 with two successive five  year
renewal options.

   In  the  first quarter of 2005, the Fund entered an  agreement
to  sell  the property to an unaffiliated third party.   However,
the  properties purchaser terminated the agreement during its due
diligence  period.  The Fund is currently marketing the  property
for sale.

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, 2004, 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).  Marine Max has vacated
the  property and has executed a sublease with a local  operator.
The sublease is currently being reviewed by the Stanley Works.

   The Fund has entered an agreement for sale of the property  to
an  unaffiliated third party.  The sale is subject  to  the  Fund
being  able  to  successfully terminate the  existing  lease  and
sublease.  The properties potential purchaser is currently in its
due diligence period.


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, 2004, the monthly rent for this property is $9,650.

   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, 2004, the monthly rent for this
property is $7,950.

   In  2004,  the  Fund  entered into  a  contract  to  sell  the
Firestone  and  Jiffy  Lube properties in one  transaction.   The
terms  of  the contract allowed the potential purchaser a  thirty
five day due diligence period and if the properties were accepted
by  the  potential purchaser closing would follow  within  thirty
days   thereafter.   This  potential  purchaser  terminated   the
agreement  during  its  due diligence period.   However,  in  the
fourth  quarter  the  Fund has entered a  contract  with  another
potential  purchaser of the Firestone and Jiffy Lube  properties.
The  terms of the contract allow the potential purchaser a thirty
two  day  due diligence period and if the properties are accepted
by  the  potential purchaser closing would follow  within  thirty
days thereafter.  The potential purchaser terminated the contract
during  its due diligence period. In the first quarter  or  2005,
the  Fund  entered an agreement to sell the property  to  another
unaffiliated  buyer.   The buyer had a due  diligence  period  to
investigate the property through March 14, 2005.

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, 2004, 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, 2004 is approximately $9,528,000.

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, 2004 there were 718 stockholders in the Fund.
Although  there is no established public trading market  for  the
shares  and  no assurance 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, 2003:

                                          Annualized
Declaration       Record       Payment     Dividend
   Date          Dates           Date(a)     Rate      Amount
--------    ---------------    --------    --------   --------
 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
 5/06/04      1/1/04-3/31/04    5/15/04      8.00%      255,827
 8/05/04      4/1/04-6/30/04    8/15/04      8.00%      255,657
11/04/04      7/1/04-9/30/04   11/15/04      8.00%      258,639
 1/27/05    10/1/04-12/31/04    1/31/05     53.07%    1,715,649

  (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.

       On  January 31, 2005 checks were issued in the  amount  of
       $266,437 and $1,449,212 for a total of $1,715,649.

   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, 2004, 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  December  17,  2004 the Fund sold the  Chili's  Restaurant
property  to  an  unaffiliated third party for a sales  price  of
$1,535,000.   The   net  proceeds  received  were   approximately
$1,526,000.

Property purchases

   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
Stockholders  voted  to approve the plan of  liquidation  at  the
Annual  Meeting  on  June  30, 2004.   The  Plan  of  Liquidation
provides that 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 entered
into  two  contracts  to sell three of its properties.   However,
since  agreement  for  the sale of the  majority  of  the  Fund's
properties have not yet been reached, 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, 2004.


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 2003 information  is
presented  on the going concern basis before reclassification  of
discontinued operations.


Results of Operations - 2004 Compared to 2003

   Total  income  for  the  year ended  December  31,  2004,  was
approximately  $1,346,000 of which $1,292,000 was rental  income.
Total  expenses  were approximately $153,000 and net  income  was
approximately $1,712,000.

   Total income was approximately $1,346,000 in 2004 compared  to
approximately  $1,297,000 in 2003, an increase  of  approximately
$49,000.   This increase was due to an increase in rental  income
of  $40,000, an increase in other charges to tenants  of  $13,000
offset  by  a  decrease in interest and other income  of  $4,000.
Rental  and  other charges to tenants increased  primarily  as  a
result of the acquisition of the Dollar General stores.

   Total  expenses incurred in 2004 were approximately  $153,000,
compared  to  approximately  $537,000  in  2003,  a  decrease  of
approximately  $384,000.   The  decrease  was  due  primarily  to
decrease  in  depreciation  and amortization  in  the  amount  of
$171,000,  a  $178,000  decrease  in  advisory  fees,  a  $27,000
decrease  in  general and administrative expense, a  decrease  in
directors  fees  of $15,000 offset by a $8,000 increase  in  real
estate  tax expense.  The decrease in advisory fees, general  and
administrative expenses and directors fees are a result of  these
expenses being reclassed against the reserve for liquidation.

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.

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.

Item 8b. Other Information

   None.



                            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 71) 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 three 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 44) 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 three 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 55) has been a director of the Fund
since   its   offering.    Mr.  Kobus  is   currently   a   Legal
Administrative    Specialist    with    the    Social    Security
Administration.   He  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 55) 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 41) 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 38) 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
three  publicly 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, 2004, 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  2004  and   2003   was
approximately  $15,000  and $15,000, 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.   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
2004  and  2005,  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 $144,996 and $177,896 were paid by the Fund
in  2004  and 2003 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 $13,167 and $13,426 were incurred by the Fund in 2004 and 2003
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.

(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 to 2003 Form 10-KSB filed on
     April 13, 2004.
     ******Incorporated by reference from Exhibit 16  filed  with
the       Fund's Form 8-K/A filed on December 12, 1996.



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 2003 and  2004.
AMG  has  audited the Fund's financial statements for  the  years
ended  December 31, 2004, 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  $37,000
during 2004 and $37,725 during 2003.

  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 and have  been  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:4/11/05                 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       4/11/05
Jerome J. Brault               and Chief Executive
                               Officer


/s/ Kenneth S. Nelson          Director                  4/11/05
Kenneth S. Nelson


/s/ James L. Brault            Director, Executive       4/11/05
James L. Brault                Vice President and
                               Secretary

/s/ Gregory S. Kobus           Director                  4/11/05
Gregory S. Kobus


/s/ Michael K. Huff            Director                  4/11/05
Michael K. Huff


/s/ Thomas E. Murphy           Treasurer and  Chief      4/11/05
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   our
              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 11, 2005






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

                    DATE: April 11, 2005






                           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, 2004, 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 11, 2005



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

                    DATE:     April 11, 2005




     INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

Report of Independent Registered Public Accounting Firm   F-2

Consolidated Statement of Net Assets in Liquidation,
 December 31, 2004                                        F-3

Consolidated Statement of Changes in Net Assets in
 Liquidation from January 1, 2004 to December 31, 2004
 (Liquidation Basis)                                      F-4

Consolidated Statement of Changes in Net Assets in
 Liquidation from November 7, 2003 to December 31, 2003
 (Liquidation Basis)                                      F-5

Consolidated Statements of Operations for the year ended
December 31, 2004 and November 7, 2003 to December 31,
2003 (Liquidation Basis) January 1, 2003 to November 6,
2003 (Going Concern Basis)                                F-6

Consolidated Statements of Stockholders' Equity for the period
January 1, 2003 to November 6, 2003 (Going
Concern Basis)                                            F-7

Consolidated Statement of Cash Flows for the period from
January 1, 2003 to November 6, 2003 (Going Concern Basis) F-8

Notes to Consolidated Financial Statements                F-9


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






     REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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, 2004, and 2003, 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 the standards of  the
Public Company Accounting Oversight Board (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, 2004, and the results of its operations and its cash
flows for period from January 1, 2003 to November 6, 2003 and the
results  of its operations and the changes in its net  assets  in
liquidation for the period November 7, 2003 to December 31,  2003
and  for  the  year ended December 31, 2004, in  conformity  with
accounting principles generally accepted in the United States.

/s/ Altschuler, Melvoin and Glasser LLP
Chicago, Illinois
January 20, 2005, except as to Note 4 which is dated January  31,
2005 and Note 8 which is dated March 3, 2005


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

       CONSOLIDATED STATEMENT OF NET ASSETS IN LIQUIDATION
                       (LIQUIDATION BASIS)

                                       December 31,
                                          2004
                                       -----------
ASSETS
Real estate held for sale              $12,050,020
Cash and cash equivalents                2,016,304
Tenant receivables                          28,275
Prepaid expenses                             6,521
                                       -----------
Total Assets                            14,101,120
                                       -----------

LIABILITIES
Accounts payable and accrued
  expenses                                  42,288
Rents received in advance                   43,228
Deferred gain                            3,386,442
Reserve for estimated costs
 of liquidation                            264,388
Security deposits                            9,794
Due to affiliates                            1,062
                                       -----------
  Total Liabilities                      3,747,202
                                       -----------
Net Assets in Liquidation              $10,353,918
                                       ===========


        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 JANUARY 1, 2004 TO DECEMBER 31, 2004
                       (LIQUIDATION BASIS)


Net assets at January 1, 2004
  (Liquidation Basis)                  $ 9,671,560

Income from operations                   1,192,513

Gain on sale of property                   519,315

Dividends                               (1,029,470)

                                       -----------
Net assets in liquidation at
  December 31, 2004                    $10,353,918
                                       ===========










        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   (Liquidation (Going Concern
                         Basis)         Basis)         Basis)
                        For the      November 7,     January 1,
                       Year ended      2003 to        2003 to
                       December 31,  December 31,   November 6,
                            2004         2003           2003
                         ---------    ----------    -----------
INCOME
Rental                   $1,291,840   $  190,428     $1,061,063
Other charges to tenants     52,290       28,186         11,019
Interest and other            1,545           --          6,022
                         ----------   ----------     ----------
   Total income           1,345,675      218,614      1,078,104
                         ----------   ----------     ----------
EXPENSES
Directors' fees                  --        4,800         10,200
Advisory fees                    --       21,749        156,147
Management fees              13,167        2,375         11,051
General & administrative     98,043       22,021        103,255
Real estate taxes            41,952       10,527         23,788
Depreciation                     --           --        170,788
                         ----------   ----------     ----------
   Total expenses           153,162       61,472        475,229
                         ----------   ----------     ----------
Net income from continuing
 operations               1,192,513      157,142        602,875

 Gain on sale of property   519,315           --             --
                         ----------   ----------     ----------
Net income before adjustment
 to liquidation basis     1,711,828      157,142        602,875
Adjustment to
 liquidation basis               --   (1,047,432)            --
                         ----------   ----------     ----------

Net (loss)income         $1,711,828   $ (890,290)    $  602,875
                         ==========   ==========     ==========
Net(loss)income per share
 (Based on weighted average
 shares outstanding of
 1,286,163)              $     1.33   $    (0.69)    $     0.47
                         ==========   ==========     ==========

          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
                       (Going Concern Basis)

               Common Stock
            Number               Paid-in    Accumulated
          of Shares    Amount    Capital      Deficit     Total
          ---------   -------  ----------   ---------  -----------
Balance at
 January 1,
  2003    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,
                                            2003 to
                                         November 6,
                                             2003
                                           --------
Cash Flows From Operating Activities:
Net income                                $ 602,875
Adjustments to reconcile net income to
net cash provided by operating activities:
Depreciation and amortization               170,788
Amortization of acquired above base          13,952
Changes in:
   Tenant receivables                        14,779
   Deferred rent receivable                 (26,042)
   Prepaid expenses                          (2,957)
   Accounts payable and accrued expenses     17,962
   Rents received in advance                (11,824)
   Security deposits                          9,794
   Due to affiliates                         (1,016)
                                          ---------
Net cash provided by operating activities   788,311
                                          ---------

Cash Flows From Investing Activities:
Purchase of intangible assets               (75,000)
Purchase of property                       (881,568)
                                          ---------
Net cash used in
 investing activities                      (956,568)
                                          ---------
Cash Flows From Financing Activities:
Dividends                                  (724,310)
                                          ---------
Net cash used in financing activities      (724,310)
                                          ---------
Net decrease in cash
  and cash equivalents                     (892,567)
Cash and cash equivalents at
  beginning of period                     1,559,500
Cash and cash equivalents at end          ---------
 of period                                $ 666,933
                                          =========
         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 Chili's Restaurant was sold  during  the
year ended December 31, 2004.

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, 2004, the gross
proceeds raised were $12,881,903, netof 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.   On
June  30,  2004  the  stockholders  also  approved  the  plan  of
liquidation.

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, 2004.

   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,  2004.
Accordingly,  no  impairment  loss  has  been  recorded  in   the
accompanying financial statements for the year ended December 31,
2004.

   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).

   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.

   The  Company  has  adopted Statement of  Financial  Accounting
Standards No. 144, "Accounting for the Impairment or Disposal  of
Long-Lived   Assets"  ("SFAS  144").   SFAS   144   retains   the
recognition  and measurement requirements of its predecessor  but
resolves  significant  implementation issues.   In  addition,  it
applies  to  a  segment  of  a  business  accounted  for   as   a
discontinued operation.

   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  judgment  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, 2004,  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, 2004.

   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 2004 and 2003.

   Recent Accounting Pronouncements

     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  for  calendar year end entities, is  effective  as  of
December  31, 2003 .  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  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  2004 and February 2005, 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,
2004 and 2003 were as follows:
                                 2004                  2003
                              ---------              --------
Advisory fees                  $144,996              $177,896
Reimbursable office expenses     16,200                32,914
Management fees                  13,167                13,426
                               --------              --------
                               $174,363              $224,236
                               ========              ========

   As  of  December  31, 2004 the amount owed  to  affiliates  is
$1,062, which is for management fees.


(4)  DIVIDENDS

   Below  is  a  table summarizing the dividends  declared  since
January 1, 2003:


                                          Annualized
Declaration      Record         Payment     Dividend
   Date          Dates           Date(a)     Rate      Amount
---------   ----------------    -------    --------  --------
 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
 5/06/04      1/1/04-3/31/04    5/15/04      8.00%     255,827
 8/05/04      4/1/04-6/30/04    8/15/04      8.00%     255,657
11/04/04      7/1/04-9/30/04   11/15/04      8.00%     258,639
 1/27/05    10/1/04-12/31/04    1/31/05     53.07%   1,715,649



  (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.
  On  January  31,  2005  checks were issued  in  the  amount  of
  $266,437 and $1,449,212 for a total of $1,715,649.

   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 had registered  200,000  shares  for
distribution solely in connection with the Reinvestment Plan.  At
December   31,  2004  there  were  approximately  68,797   shares
purchased  through the Reinvestment Plan. Effective February  13,
2001,   the   Board  of  Directors  discontinued   the   Dividend
Reinvestment  Plan.  Subsequently, dividends have  been  paid  in
cash.

   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.


(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, 2004:




     Year ending December 31: 2005      $1,004,044
                              2006         822,751
                              2007         683,777
                              2008         615,851
                              2009         630,157
                            Thereafter   4,333,078
                                        ----------
                                        $8,089,658
                                        ==========

(6)  PROPERTY SALES

  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.

  On  December 17, 2004, the Fund sold the Chili's property to an
unaffiliated  third party for a sales price of  $1,535,000.   The
net proceeds received was approximately $1,527,000.

(7)  PROPERTY ACQUISITION

  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.

(8)  SUBSEQUENT EVENT

  In January 2005, the Fund entered into an agreement to sell the
Jiffy  Lube and Firestone property to an unaffiliated buyer.   As
of  March  3,  2005,  the sale has not closed  and  there  is  no
assurance that the contemplated transaction will close.

  In  March 2005, the Fund entered into an agreement to sell  the
Country  Harvest/Moon Buffet property to an  unaffiliated  buyer.
As  of  March  3, 2005, the sale has not closed and there  is  no
assurance that the contemplated transaction will close.