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

                                    FORM 10-K

[X]      ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
         EXCHANGE ACT OF 1934

                   For the Fiscal Year Ended December 31, 2008

                                       or

[ ]      TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
         AND EXCHANGE ACT OF 1934

                    For the transition period from ___ to ___

                         Commission File Number 0-16561

               REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP - V
               ---------------------------------------------------
             (Exact Name of Registrant as specified in its Charter)

         Delaware                                        16-1275925
   --------------------                       --------------------------------
   (State of Formation)                      (IRS Employer Identification No.)

                2350 North Forest Road Getzville, New York 14068
                ------------------------------------------------
                     (Address of Principal Executive Office)

Registrant's Telephone Number:                              (716) 636-9090
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act: Units of Limited
                                                            Partnership Interest

Indicate by check mark if the registrant is a well-known seasoned issuer, as
defined in Rule 405 of the Securities Act.
         [  ] Yes                  [X] No

Indicate by check mark if the registrant is not required to file reports
pursuant to Section 13 or Section 15(d) of the Act.
         [  ] Yes                  [X] No

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

Indicate by a check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of the registrant's knowledge, in definitive proxy or information
statements incorporated by reference in part III of this Form 10-K or any
amendment to this Form 10-K.
         [X]


<PAGE>
Indicate by a check mark whether the registrant is a large accelerated filer, an
accelerated filer, or a non-accelerated filer. See definition of "accelerated
filer" in Rule 12b-2 of the Exchange Act. (Check one):
 [ ] Large accelerated filer   [ ] Accelerated filer   [X] Non-accelerated filer

Indicate by a check mark whether the registrant is a shell company (as defined
in Rule 12b-2 of the Act).
         [  ] Yes                  [X] No

                       DOCUMENTS INCORPORATED BY REFERENCE
        See Item 15 for a list of all documents incorporated by reference

<PAGE>
                                     PART I
                                     ------

ITEM 1: BUSINESS
----------------

         The Registrant, Realmark Property Investors Limited Partnership - V
(the "Partnership"), is a Delaware limited partnership organized in 1986,
pursuant to an Agreement and Certificate of Limited Partnership (the
"Partnership Agreement"), under the Revised Delaware Uniform Limited Partnership
Act. The Partnership's General Partners are Realmark Properties, Inc. (the
"Corporate General Partner"), a Delaware corporation, and Joseph M. Jayson (the
"Individual General Partner").

         The Registrant commenced the public offering of its limited partnership
units, registered with the Securities and Exchange Commission under the
Securities Act of 1933, as amended, on July 14, 1986, and concluded the offering
on October 31, 1987, having raised a total of $20,999,800 before deducting sales
commissions and expenses of the offering.

         The Partnership's primary business and its only industry segment is to
own and operate income-producing real property for the benefit of its partners.
At December 31, 2008 and 2007, the Partnership, either directly or through
limited liability, wholly owned subsidiary companies, owned a 35,000 square foot
building in Durham, North Carolina (Commercial Park West).

         The business of the Partnership is not seasonal and it competes on the
basis of rental rates and property operations with similar types of properties
in vicinities in which the Partnership's properties are located. The Partnership
has no real property investments located outside the United States. The
Partnership does not segregate revenue or assets by geographic region, since, in
management's view, such a presentation would not be significant to an
understanding of the Partnership's business or financial results taken as a
whole. As of December 31, 2008, the Partnership did not directly employ any
persons in a full-time position. All persons who regularly rendered services on
behalf of the Partnership through December 31, 2008 were employees of the
Corporate General Partner or its affiliates.

         The occupancy for Commercial Park West as of December 31, 2008, 2007
and 2006 was 52%, 89% and 97%, respectively.

         The percent of total Partnership revenue generated by Commercial Park
West was 100% for 2008, 2007 and 2006.

         This annual report contains certain forward-looking statements
concerning the Partnership's current expectations as to future results. Words
such as "believes", "forecasts", "intends", "possible", "expects", "estimates",
"anticipates" or "plans" and similar expressions are intended to identify
forward-looking statements. Such statements may not ultimately turn out to be
accurate due to, among other things, economic or market conditions or the
failure of the Partnership to sell an investment which is under contract.










                                        2
<PAGE>
ITEM 1A:  RISK FACTORS
--------  ------------

         Investors or potential investors in Realmark Property Investors Limited
Partnership - V should carefully consider the risks described below. These risks
are not the only ones we face. Additional risks of which we are presently
unaware or that we currently consider immaterial may also impair our business
operations and hinder our financial performance, including our ability to make
distributions to our investors. We have organized our summary of these risks
into five subsections:

         o       real estate related risks;
         o       financing risks;
         o       tax risks;
         o       environmental and other legal risks; and
         o       risks for investors.

         This section includes forward-looking statements.

                            Real Estate Related Risks

We face substantial competition

         All of our properties are located in developed areas where we face
substantial competition from other properties and from other real estate
companies that own or may develop or renovate competing properties. The number
of competitive properties and real estate companies could have a material
adverse effect on our ability to rent our properties and the rents we charge. In
addition, the activities of these competitors and these factors could:

         o       decrease the rental rates that we would be able to charge in
                 the absence of such direct competition; and
         o       reduce the occupancy rates that we would otherwise be able to
                 achieve.

         The factors could materially and adversely affect the value of our
portfolio, our results of operations and our ability to pay amounts due on our
debt and distributions to our investors.

Changes in market or economic conditions may affect our business negatively

         General economic conditions and other factors beyond our control may
adversely affect real property income and capital appreciation. We are unable to
determine the precise effect that the performance of the worldwide or United
States economies will have on us or on the value of our property.

Terrorism could impair our business

         Terrorist attacks and other acts of violence or war could have a
material adverse effect on our business and operating results. Attacks that
directly affect one or more of our commercial properties could significantly
affect our ability to operate those properties and impair our ability to achieve
the results we expect. Our insurance coverage may not cover any losses caused by
a terrorist attack. In addition, the adverse effects that such violent acts and
threats of future attacks could have on the United States economy could
similarly have a material adverse effect on our business and results of
operations.




                                        3
<PAGE>
Our commercial and office tenants may go bankrupt or be unable to make lease
payments

         Our operating revenues from our commercial and office properties depend
on entering into leases with and collecting rents from tenants. Economic
conditions may adversely affect tenants and potential tenants in our market and,
accordingly, could affect their ability to pay rents and possibly to occupy
their space. Tenants may experience bankruptcies and various bankruptcy laws may
reject those leases or terminate them. If leases expire or end, replacement
tenants may not be available upon acceptable terms and conditions. In addition,
if the market rental rates are lower than the previous contractual rates, our
cash flows and net income could suffer a negative impact. As a result, if a
significant number of our commercial or office tenants fail to pay their rent
due to bankruptcy, weakened financial condition or otherwise, it would
negatively affect our financial performance.

Real estate properties are illiquid and may be difficult to sell, particularly
in a poor market environment

         Real estate investments are relatively illiquid, which tends to limit
our ability to react promptly to changes in economic or other market conditions.
Our ability to dispose of assets in the future will depend on prevailing
economic and market conditions.

Losses from natural catastrophes may exceed our insurance coverage

         We carry comprehensive liability, fire, flood, extended coverage and
rental loss insurance on our properties, which we believe is customary in amount
and type for real property assets. Some losses, however, generally of a
catastrophic nature, such as losses from floods, may be subject to limitations.
We may not be able to maintain our insurance at a reasonable cost or in
sufficient amounts to protect us against potential losses. Further, our
insurance costs could increase in future periods. If we suffer a substantial
loss, our insurance coverage may not be sufficient to pay the full current
market value or current replacement value of the lost investment. Inflation,
changes in building codes and ordinances, environmental considerations and other
factors also might make it impractical to use insurance proceeds to replace a
damaged or destroyed property.

                                 Financing Risks

We may be unable to refinance our existing debt or we may only be able to do so
on unfavorable terms

         We are subject to the normal risks associated with debt financing,
including:

         o       the risk that our cash flow will be insufficient to meet
                 required payments of principal and interest; and

         o       the risk that we will not be able to renew, repay or refinance
                 our debt when it matures or that the terms of any renewal or
                 refinancing will not be as favorable as the existing terms of
                 that debt.

                                    Tax Risks

Our operating partnership may fail to be treated as a partnership for federal
income tax purposes

         Management believes that our operating partnership qualifies, and has
qualified since its formation as a partnership for federal income tax purposes
                                        4
<PAGE>
and not as a publicly traded partnership taxable as a corporation. We can
provide no assurance, however, that the IRS will not challenge the treatment of
the operating partnership as a partnership for federal income tax purposes or
that a court would not sustain such a challenge. If the IRS were successful in
treating the operating partnership as a corporation for federal income tax
purposes, then the taxable income of the operating partnership would be taxable
at regular corporate income tax rates.

                       Environmental and Other Legal Risks

We may have liability under environmental laws

         Under federal, state and local environmental laws, ordinances and
regulations, we may be required to investigate and clean up the effects of
releases of hazardous or toxic substances or petroleum products at our
properties, regardless of our knowledge or responsibility, simply because of our
current or past ownership or operation of the real estate. Therefore, we may
have liability with respect to properties we have already sold. If environmental
problems arise, we may have to take extensive measures to remedy the problems,
which could adversely affect our cash flow and our ability to pay distributions
to our investors because:

         o        we may have to pay for property damage and for investigation
                  and clean-up costs incurred in connection with the
                  contamination;
         o        the law typically imposes clean-up responsibility and
                  liability regardless of whether the owner or operator knew of
                  or caused the contamination;
         o        even if more than one person may be responsible for the
                  contamination, each person who shares legal liability under
                  the environmental laws may be held responsible for all of the
                  clean-up costs; and
         o        governmental entities or other third parties may sue the owner
                  or operator of a contaminated site for damages and costs.

         These costs could be substantial and in extreme cases could exceed the
value of the contaminated property. The presence of hazardous or toxic
substances or petroleum products and the failure to remediate that contamination
properly may materially and adversely affect our ability to borrow against, sell
or rent an affected property. In addition, applicable environmental laws create
liens on contaminated sites in favor of the government for damages and costs it
incurs in connection with a contamination.

We may face risks related to mold and asbestos

         Recently, there has been an increasing number of lawsuits against
owners and managers of properties alleging personal injury and property damage
caused by the presence of mold in real estate.

         Some of these lawsuits have resulted in substantial monetary judgments
or settlements. Although our insurance policy currently does not exclude
mold-related claims, we cannot provide any assurance that we will be able to
obtain coverage in the future for those claims at a commercially reasonable
price or at all. The presence of significant mold could expose us to liability
to tenants and others if allegations regarding property damage, health concerns
or similar claims arise.

         Environmental laws also govern the presence, maintenance and removal of
asbestos. Those laws require that owners or operators of buildings containing
asbestos:
                                       5
<PAGE>
         o        properly manage and maintain the asbestos;
         o        notify and train those who may come into contact with
                  asbestos; and
         o        undertake special precautions, including removal or other
                  abatement, if asbestos would be disturbed during renovation or
                  demolition of a building.

         Those laws may impose fines and penalties on building owners or
operators who fail to comply with these requirements and may allow others to
seek recovery from owners or operators for personal injury associated with
exposure to asbestos fibers.

Failure to comply with the Americans with Disabilities Act or other similar laws
could result in substantial costs

         A number of federal, state and local laws and regulations (including
the Americans with Disabilities Act) may require modifications to existing
buildings or restrict certain renovations by requiring improved access to such
buildings by disabled persons and may require other structural features that add
to the cost of buildings under construction. Legislation or regulations adopted
in the future may impose further burdens or restrictions on us with respect to
improved access by disabled persons. The costs of compliance with these laws and
regulations may be substantial , and restrictions on construction or completion
of renovations may limit implementation of our investment strategy in certain
instances or reduce overall returns on our investments, which could have a
material adverse effect on us and our ability to pay distributions to investors
and to pay amounts due on our debt.

                               Risks for Investors

We do not pay regular distributions, and we do not anticipate making any
distributions to investors for the indefinite future, other than in the winding
down of the Partnership

         Unlike other Partnerships that pay regular distributions, we have not
paid regular distributions, and we presently have no plans to pay regular
distributions. Since 2001, we have paid distributions only out of the proceeds
of property sales as a result of the winding down of the Partnership.

ITEM 1B: UNRESOLVED STAFF COMMENTS
----------------------------------

         None.

ITEM 2: PROPERTIES
------------------

         The following is a list of properties owned by the Partnership at
December 31, 2008:
<TABLE>
<CAPTION>
Property Name
 and Location                      General Character of Property                                Purchase Date
 ------------                      -----------------------------                                -------------
<S>                                 <C>                                                                <C>
Commercial Park West                Office complex consisting of one building                     June 1991
  Durham, NC                        totaling 34,997 square feet.
</TABLE>

Two of the three buildings in the office complex known as Commercial Park West
in Durham, North Carolina were sold in December 2006. The mortgage on the
                                        6
<PAGE>
buildings was paid off in the amount of $5,606,725 at the closing date with the
sales proceeds and an advance from an affiliate in the amount of $790,000. The
Transit Road land in Amherst, New York was also sold in January 2006.

ITEM 3: LEGAL PROCEEDINGS
-------------------------

         As previously reported, the Partnership, as a nominal defendant, the
general partners of the Partnership and of affiliated public partnerships (the
"Realmark Partnerships") and the officers and directors of the Corporate General
Partner, as defendants, had been involved in a class action litigation at the
state court level regarding the payment of fees and other management issues.

         On August 29, 2001, the parties entered into a Stipulation of
Settlement (the "Settlement"). On October 4, 2001, the Court issued an "Order
Preliminary Approving Settlement" (the "Hearing Order") and on November 29,
2001, the Court issued an "Order and Final Judgment Approving Settlement and
Awarding Fees and Expenses" and dismissing the complaints with prejudice. The
Settlement provided, among other things, that all of the Realmark Partnerships'
properties be disposed of. The general partners will continue to have primary
authority to dispose of the Partnerships' properties. If either (i) the general
partners have not sold or contracted to sell 50% of the Partnerships' properties
(by value) by April 2, 2002 or (ii) the general partners have not sold or
contracted to sell 100% of the Partnerships' properties by September 29, 2002,
then the primary authority to dispose of the Partnerships' properties will pass
to a sales agent designated by plaintiffs' counsel and approved by the Court. On
October 4, 2002, the Court appointed a sales agent to work with the general
partners to continue to sell the Partnership's remaining properties.

         The settlement also provided for the payment by the Partnerships of
fees to the plaintiffs' attorneys. These payments, which are not calculable at
this time but may be significant, are payable out of the proceeds from the sale
of all of the properties owned by all of the Realmark Partnerships, following
the sale of the last of these properties in each partnership. Plaintiffs'
counsel will receive 15% of the amount by which the sales proceeds distributable
to limited partners in each partnership exceeds the value of the limited
partnership units in each partnership (based on the weighted average of the
units' trading prices on the secondary market as reported by Partnership
Spectrum for the period May through June 2001). In no event may the increase on
which the fees are calculated exceed 100% of the market value of the units as
calculated above.

ITEM 4:  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
-------  ---------------------------------------------------

         None.















                                       7
<PAGE>
                                     PART II
                                     -------

ITEM 5:  MARKET FOR REGISTRANT'S UNITS OF LIMITED PARTNERSHIP INTEREST
-------  -------------------------------------------------------------

         There is currently no active trading market for the units of limited
partnership interest of the Partnership and it is not anticipated that any will
develop in the future. Accordingly, information as to the market value of a unit
at any given date is not available. As of December 31, 2008, there were 1,909
record holders of units of limited partnership interest.

         The Partnership is a limited partnership and, accordingly, does not pay
dividends. It does, however, make distributions of cash to its partners. The
partnership agreement provides for the distribution to the partners of net cash
flow from operations. In connection with the pending sale of the Partnership's
properties (Item 3), it is anticipated that there will be no future
distributions of net cash flow from operations. All future distributions of net
cash from sales proceeds will be distributed, to the extent available, 100% to
the limited partners until there has been a return of the limited partner's
capital contribution plus an amount sufficient to provide a 7%, not compounded,
return on their adjusted capital contributions for all years following the
termination of the offering of the units. It is anticipated that there will not
be sufficient cash flow from the sale of the Partnership's remaining properties
to provide this return to the limited partners. There were no distributions to
partners made in 2008, 2007 and 2006.

         The gain on the sale of the properties will be allocated in the same
proportions as distributions of distributable cash from sale proceeds
(anticipated to be 100% to the limited partners). In the event there is no
distributable cash from sale proceeds, taxable income will be allocated 87% to
the limited partners and 13% to the general partners. Any tax loss arising from
a sale will be allocated 97% to the limited partners and 3% to the general
partners. The above is subject to tax laws that were applicable at the time of
the formation of the Partnership and may be adjusted due to subsequent changes
in the Internal Revenue Code.























                                        8

<PAGE>
<TABLE>
<CAPTION>
ITEM 6:  SELECTED FINANCIAL DATA
-------  -----------------------

                                                       At or for the years ended December 31,
                                  ----------------------------------------------------------------------------------
                                         2008             2007            2006            2005           2004
                                  ----------------------------------------------------------------------------------
<S>                                      <C>              <C>             <C>             <C>            <C>
Balance sheet data
Net rental property               $       1,218,137       1,218,137       1,218,137       5,891,292      5,850,471
Total assets                              1,261,636       1,231,862       1,248,564       6,233,361      6,391,160
Mortgage loans payable                            -               -               -       5,670,597      5,735,563
Partners' equity (deficit)                 (763,568)       (625,170)       (387,786)       (282,063)       293,479
                                  ==================================================================================
Operating data
Rental income                               468,993         473,450       1,236,456         848,057        754,198
Other income                                    350           5,004         126,666          44,687        127,910
                                  ----------------------------------------------------------------------------------
Total revenue                               469,343         478,454       1,363,122         892,744        882,108
                                  ----------------------------------------------------------------------------------
Property operating costs                    325,024         341,457         725,233         728,546        902,913
Interest - affiliates                             -               -           5,043               -              -
Interest expense                            107,370         104,401         535,520         472,614        481,607
Administrative expenses                     175,347         269,980         290,956         267,126        562,949
Write-off of deferred
   mortgage costs                                 -               -          84,781               -              -
                                  ----------------------------------------------------------------------------------
Total expenses                              607,741         715,838       1,641,533       1,468,286      1,947,469
                                  ----------------------------------------------------------------------------------
Net loss before gain on sale               (138,398)       (237,384)       (278,411)       (575,542)    (1,065,361)
   of property
Gain on sale of property                          -               -         172,688               -        252,570
                                  ----------------------------------------------------------------------------------
Net income (loss)                 $        (138,398)       (237,384)       (105,723)       (575,542)      (812,791)
                                  ==================================================================================
Cash flow data
Net cash provided (used) by:
Operating activities                        (24,243)        (53,503)       (375,763)       (255,869)      (156,169)
Investing activities                              -               -       4,845,843         (40,821)       402,184
Financing activities                         24,243          53,503      (4,545,924)        372,534       (630,796)
                                  ----------------------------------------------------------------------------------
Net increase (decrease) in cash
and equivalents                                   -               -         (75,844)         75,844       (384,781)
                                  ==================================================================================
Per limited partnership unit:
Net income (loss)                             (6.39)         (10.96)          (5.70)         (26.58)        (38.74)
Distributions                                     -               -               -               -              -
                                  ==================================================================================
</TABLE>










                                        9
<PAGE>
ITEM 7: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
------- -----------------------------------------------------------------------
        OF OPERATIONS.
        --------------

Liquidity and Capital Resources:
--------------------------------

         Effective January 1, 2001, the Partnership's real estate has actively
been marketed for sale. The partnership has held no cash equivalents since 2006,
when a mortgage was repaid with proceeds from the sale of a portion of
Commercial Park West and proceeds from advances from affiliated parties which
amounted to $1,639,919 and $1,615,676 at December 31, 2008 and 2007,
respectively. The Partnership made no distributions to partners in 2008, 2007,
or 2006. In accordance with the settle of the lawsuit (Item 3), it is
anticipated that with the sale of the remaining properties, the Partnership may
be in position to make distributions to the limited partners. These
distributions will be reduced by the amount of fees payable to the plaintiffs'
legal counsel in connection with the settle agreement (Item 3), any outstanding
liabilities and any mortgage prepayment penalties incurred with regard to the
sale of the Partnership's properties.

         Limited partners should be aware that it is possible that they will
receive an allocation of income from gain on sale of properties on which they
will be required to pay income taxes and there is no assurance that
distributions from the sale of the properties will be sufficient to satisfy
these obligations.

         Except as described above and in the consolidated financial statements,
the general partner is not aware of any trends or events, commitments or
uncertainties that may impact liquidity in a material way.

Results of Operations:
----------------------

         The results of operations of the Partnership produced a net loss of
$138,398 in 2008 compared to a net loss of $237,384 in 2007.

         Inflation has been consistently low during the periods presented in the
consolidated financial statements and, as a result, has not had a significant
effect on the operations of the Partnership or its properties.

2008 as compared to 2007
------------------------

         As discussed previously, the Partnership has one remaining property,
Commercial Park West, which experienced a decrease in rental income of
approximately 1% for the year ended December 31, 2008 as compared to 2007. Other
income also decreased approximately $5,000.

         Total expenses for the year ended December 31, 2008 decreased
approximately $108,000 as compared to 2007. Property operations decreased
approximately $16,000 due to a decrease in payroll and employee benefits of
$30,000, repair and maintenance of $7,000 and utilities of $2,000, offset by an
increase of contracted services of $19,000 and property taxes of $4,000.
Administrative expense and reimbursement to affiliated parties decreased
approximately $95,000 due to decrease in legal fees, advertising, professional
fees and licensing and permits. Interest expense increased approximately $3,000.




                                       10
<PAGE>
2007 as compared to 2006
------------------------

         As discussed previously, the Partnership has one remaining property,
Commercial Park West, which experienced a decrease in rental income of
approximately 60% for the year ended December 31, 2007 as compared to 2006 due
to the sale of two of three buildings in the Park. Other income also decreased
approximately $121,000 primarily due to the sale of two of the Commercial Park
West buildings in 2006.

         Total expenses for the year ended December 31, 2007 decreased
approximately $926,000 as compared to 2006 due to the sale of the two of the
three buildings as stated above. The property operations expenses at Commercial
Park West decreased approximately $384,000 due to a decrease in replacements,
insurance, real estate taxes, utilities, payroll etc. Administrative expense and
reimbursement to affiliated parties decreased approximately $20,000 due to
decrease in legal fees, advertising, professional fees and licensing and
permits. Interest expense decreased approximately $431,000 due to a decrease in
mortgage principal.

ITEM 7A: QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
-------- ----------------------------------------------------------

         The Partnership invests only in short term money market instruments, in
amounts in excess of daily working cash requirements. The rates of earnings on
those investments increase or decrease in line with the general movement of
interest rates. The mortgage loans on the Partnership's properties are fixed
rate and therefore, are not subject to market risk.

ITEM 8:  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
-------  -------------------------------------------

         Listed under Item 15 of this report.

ITEM 9: CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
------- ---------------------------------------------------------------
        FINANCIAL DISCLOSURE
        --------------------

         None.

ITEM 9A: CONTROLS AND PROCEDURES
-------- -----------------------

         The Partnership maintains a set of disclosure controls and procedures
designed to ensure that information required to be disclosed by the Partnership
in reports that it files or submits under the Exchange Act is recorded,
processed, summarized and reported within the time periods specified in
Securities and Exchange Commission rules and forms. An evaluation was carried
out under the supervision and with the participation of the Partnership's
management, including the Partnership's Individual General Partner and Principal
Financial Officer, of the effectiveness of the Partnership's disclosure controls
and procedures as of the end of the period covered by this annual report. Based
on that evaluation, the Partnership's Individual General Partner and Principal
Financial Officer concluded that the Partnership's disclosure controls and
procedures were not effective as of such period end. Management will endeavor to
enhance the Partnership's disclosure controls and procedures to cause them to
become effective.

                                       11
<PAGE>
         Management's Annual Report on Internal Control over Financial
Reporting. Management of the Partnership is responsible for establishing and
maintaining adequate internal control over reporting in accordance with Exchange
Act Rules 13a-15(f) and 15d-15(f). Management conducted an evaluation of the
Partnership's internal control over financial reporting based on the framework
and criteria established in Internal Control -Integrated Framework, issued by
the Committee of Sponsoring Organizations of the Treadway Commission. Based on
that evaluation, management concluded that the Partnership's internal control
over financial reporting was not effective as of December 31, 2008.

         Because of the Partnership's small size and limited financial
resources, there is a limited number of persons, including the Individual
General Partner and Principal Financial Officer, dealing with all general
administrative and financial matters. While management utilizes outside
resources when necessary, this lack of segregation of duties constitutes a
material weakness in financial reporting. At this time, management has decided
that given the risks associated with this lack of segregation of duties, the
potential benefit of adding additional personnel to clearly segregate duties
does not justify the expenses associated with such benefit. Management will
periodically review this matter and may make modifications, including adding
additional personnel, it determines appropriate.

         Our management, including the Individual General Partner and Principal
Financial Officer, does not expect that the Partnership's internal control over
financial reporting will prevent or detect all error and all fraud. A control
system, no matter how well designed and operated, can provide only reasonable,
not absolute, assurance that the control system's objectives will be met. The
design of a control system must reflect the fact that there are resource
constraints, and the benefits of controls must be considered relative to their
costs. Further, because of the inherent limitations in all controls systems, no
evaluation of controls, can provide absolute assurance that misstatements due to
error or fraud will not occur or that all control issues and instances of fraud,
if any, within the company have been detected. These inherent limitations
include the realities that judgments in decision-making can be faulty and that
breakdowns can occur because of simple error or mistake. Controls can also be
circumvented by the individual acts of some persons, by collusion of two or more
people, or by management override of the controls. The design of any system of
controls is based in part on certain assumptions about the likelihood of future
events, and there can be no assurance that any design will succeed in achieving
its stated goals under all potential future conditions. Projections of any
evaluation of controls effectiveness to future periods are subject to risks.
Over time, controls may become inadequate because of changes in conditions or
deterioration in the degree of compliance with policies or procedures.

         This annual report does not include an attestation report of the
Partnership's registered public accounting firm regarding internal control over
financial reporting. Management's report was not subject to attestation by the
Partnership's registered public accounting firm pursuant to temporary rules of
the SEC that permit the Partnership to provide only management's report in this
annual report.

ITEM 9B: OTHER INFORMATION
--------------------------

         None.
                                       12
<PAGE>
                                    PART III
                                    --------

ITEM 10: DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
-----------------------------------------------------------

         The Partnership, as an entity, does not have any directors or officers.
The Individual General Partner of the Partnership is Joseph M. Jayson. The
directors and executive officers of Realmark Properties, Inc., the Partnership's
Corporate General Partner, as of December 31, 2008, are listed below. Each
director is subject to election on an annual basis.
<TABLE>
<CAPTION>
                            Title of All Positions Held with
Name                        the Corporate General Partner           Year First Elected to Position
----                        -----------------------------           ------------------------------
<S>                         <C>                                                     <C>
Joseph M. Jayson           Chairman of the Board, President                         1979
                             and Treasurer

Judith P. Jayson           Vice President and Director                              1979
</TABLE>
         Joseph M. Jayson and Judith P. Jayson are married to each other.

         The Directors and Executive Officers of the Corporate General Partner
and their principal occupations and affiliations during the last five years or
more are as follows:

         Joseph M. Jayson, age 70, is Chairman, Director and sole stockholder of
J. M. Jayson and Company, Inc. and certain of its affiliated companies: U.S.
Apartments LLC, Westmoreland Capital Corporation, Oilmark Corporation and U.S.
Energy Development Corporation. In addition, Mr. Jayson is Chairman of Realmark
Corporation, Chairman, President and Treasurer of Realmark Properties, Inc.,
wholly-owned subsidiaries of J. M. Jayson and Company, Inc. and co-general
partner of Realmark Property Investors Limited Partnership, Realmark Property
Investors Limited Partnership-II, Realmark Property Investors Limited
Partnership-III, Realmark Property Investors Limited Partnership-V, and Realmark
Property Investors Limited Partnership-VI A. Mr. Jayson has been in the real
estate business for the last 46 years and is a Certified Property Manager as
designated by the Institute of Real Estate Management ("I.R.E.M."). Mr. Jayson
received a B.S. Degree in Education in 1961 from Indiana University, a Masters
Degree from the University of Buffalo in 1963, and has served on the educational
faculty of the Institute of Real Estate Management. Mr. Jayson has for the last
46 years been engaged in various aspects of real estate brokerage and
investment. He brokered residential properties from 1962 to 1964, commercial
investment properties from 1964 to 1967, and in 1967 left commercial real estate
to form his own investment firm. Since that time, Mr. Jayson and J. M. Jayson &
Company, Inc. have formed or participated in various ways with forming over 30
real estate related limited partnerships. For the past 27 years, Mr. Jayson and
an affiliate have also engaged in developmental drilling for gas and oil.

         Judith P. Jayson, age 68, is currently Vice President and a Director of
Realmark Properties, Inc. She is also a Director of the property management
affiliate, Realmark Corporation. Mrs. Jayson has been involved in property
management for the last 37 years and has extensive experience in the hiring and
training of property management personnel and in directing, developing and
implementing property management systems and programs. Mrs. Jayson, prior to
joining the firm in 1973, taught business in the Buffalo, New York High School
System. Mrs. Jayson graduated from St. Mary of the Woods College in Terre Haute,
Indiana, with a degree in Business Administration.
                                      13
<PAGE>
Audit Committee
---------------

         The Partnership has a separately-designated standing audit committee
established in accordance with Section 3(a)(58)(A) of the Exchange Act. The
members of the audit committee are Joseph M. Jayson and Duane Neyman, CPA.

Audit Committee Financial Expert
--------------------------------

         The Directors and Executive Officers of the Corporate General Partner
have determined that Duane Neyman, CPA is an audit committee financial expert as
defined by Item 401(h) of Regulation S-K of the Securities Exchange Act of 1934,
as amended (the "Exchange Act"). Mr. Neyman is not independent within the
meaning of Item 7(d)(3)(iv) of Schedule 14A of the Exchange Act due to limited
circumstances, namely that the Partnership is small in size and there is limited
personnel. Mr. Neyman is not independent as a result of being a former employee
of an affiliate of the Corporate General Partner.

Code of Ethics
--------------

         The Partnership has adopted a code of ethics for the partners,
principal financial officer, and employees of the Corporate General Partner or
its affiliates who render services on behalf of the Partnership. The Partnership
will provide to any person without charge, upon request, a copy of the code of
ethics which is available from:

         Realmark Property Investors Limited Partnership - V
         Attention:  Investor Relations
         2350 North Forest Road
         Getzville, New York 14068

ITEM 11: EXECUTIVE COMPENSATION
-------------------------------

         No direct remuneration was paid or payable by the Partnership to
directors and officers (since it has no directors or officers), nor was any
direct remuneration paid or payable by the Partnership to directors or officers
of Realmark Properties, Inc., the Corporate General Partner and sponsor, for the
year ended December 31, 2008. The Corporate General Partner and its affiliate,
Realmark Corporation, are entitled to fees and to certain expense reimbursements
with respect to Partnership operations, as set forth in item 13 hereof and in
the notes to the consolidated financial statements.

ITEM 12: SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
-----------------------------------------------------------------------

         No person is known to the Partnership to own of record or beneficially,
more than 5% of the units of limited partnership interests of the Partnership,
except for affiliates of the general partners that own 1,642.3 units of limited
partnership interest amounting to approximately 7.8% of the Partnership interest
at December 31, 2008. The general partners and the executive officers of the
Corporate General Partner, as of December 31, 2008, owned 17 units of limited
partnership interest. The general partners and affiliates will receive their
proportionate share, as limited partners, of any distributable proceeds from the
sale of the properties.


                                       14
<PAGE>
ITEM 13: CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
-------------------------------------------------------

         The properties of the Partnership's subsidiaries are managed by
Realmark Corporation, an affiliate of the Partnership's corporate general
partner, for a fee of generally 5% of annual net rental income of the
properties. Realmark Corporation and the Corporate General Partner are also
reimbursed for disbursements made on behalf of the Partnership. Those
transactions are further described, and quantified, in the note to the
consolidated financial statements entitled "Related Party Transactions".

ITEM 14: PRINCIPAL ACCOUNTING FEES AND SERVICES
-----------------------------------------------

Audit Engagement: Rotenberg & Co., LLP was engaged as the Partnership's
independent auditor for years 2008 and 2007. All fees incurred for the years
ended December 31, 2008 and 2007 were approved by the Audit Committee.

Audit Fees: Audit fees for the audit of the Partnership's annual financial
statements included in the Partnership's annual report on Form 10-K and those
financial statements included in the Partnerships quarterly reports on Form 10-Q
by Rotenberg & Co. for the years ended December 31, 2008 and 2007 totaled to
$18,000 and $27,000, respectively.

Audit-Related Fees:  None.

Tax Fees: The Partnership engaged Toski, Schaefer & Co., P.C. to provide tax
filing and compliance services during the years ended December 31, 2008, and
2007. The fees for these services amounted to $5,435 and $5,435 respectively.

All Other Fees:  None.

         The Audit Committee has set a policy that all fees incurred by the
Partnership for services performed by its independent auditors must be
pre-approved by the Audit Committee. All fees related to 2008 were pre-approved
by the Audit Committee.

         The Audit Committee oversees the Partnership's financial reporting
process. Management has the primary responsibility for the financial statements
and the financial reporting process, including the systems of internal controls.
In fulfilling its oversight responsibilities, the Audit Committee reviewed the
audited financial statements with management, including a discussion of the
quality, not just the acceptability, of the accounting principles, the
reasonableness of significant judgments and the clarity of disclosures in the
financial statements.

         The Audit Committee has the sole authority to retain and terminate the
Partnership's independent auditors and approves all fees paid to the independent
auditors. During 2008 and 2007, the Audit Committee reviewed with the
independent auditors, who are responsible for expressing an opinion on the
conformity of those audited financial statements with generally accepted
accounting principles, their judgments as to the quality, not just the
acceptability, of the Partnership's accounting principles and such other matters
as are required to be discussed with the Audit Committee under generally
accepted auditing standards. In addition, the Audit Committee has discussed with
the independent auditors the auditors' independence from management and the
Partnership, including the matters in the written disclosures required by the
Independence Standards Board, and considered the scope and type of non-audit
services provided by the auditor when reviewing the compatibility of those
non-audit services with the auditors' independence.
                                       15
<PAGE>
         The Audit Committee discussed with the Partnership's independent
auditors the overall scope and plans for their audit. The Audit Committee meets
with the independent auditors to discuss the results of their examination, their
evaluations of the Partnership's internal controls, and the overall quality of
the Partnership's financial reporting.

         In reliance on the reviews and discussions referred to above, the Audit
Committee recommended to the General Partners (and the General Partners have
approved) that the audited financial statements be included in the annual report
on Form 10-K for the year ended December 31, 2008.


















































                                       16
<PAGE>
                                     PART IV
                                     -------

ITEM 15: EXHIBITS, FINANCIAL STATEMENTS, AND SCHEDULES
------------------------------------------------------
<TABLE>
<CAPTION>
<S>                                                                                    <C>
(a)      Consolidated Financial Statements                                             Page
---      ---------------------------------                                             ----

         Independent Auditor's Report                                                   F-1
         Consolidated Balance Sheets as of December 31, 2008 and 2007                   F-2
         Consolidated Statements of Operations for the years ended
                  December 31, 2008, 2007 and 2006                                      F-3
         Consolidated Statements of Partners' Equity for the years
                  ended December 31, 2008, 2007 and 2006                                F-4
         Consolidated Statements of Cash Flows for the years ended
                  December 31, 2008, 2007 and 2006                                      F-5-6
         Notes to Consolidated Financial Statements                                     F-7

         FINANCIAL STATEMENT SCHEDULE
         ----------------------------

         (i)      Schedule III - Real Estate and Accumulated Depreciation               F-17
</TABLE>
         All other schedules are omitted because they are not applicable or the
         required information is shown in the consolidated financial statements
         or the notes thereto.

(b)      Exhibits
---      --------

         2. Plan of acquisition, reorganization, arrangement, liquidation, or
            succession

            (a) Stipulation of Settlement Agreement dated August 29, 2001 is
                incorporated herein by reference.

            (b) Order and Final Judgment Approving Settlement and Awarding Fees
                and Expenses dated November 29, 2001 is incorporated herein by
                reference.

         4. Instruments defining the rights of security holder, including
            indentures

            (a) First Amended and Restated Agreement and Certificate of Limited
                Partnership filed with the Registration Statement of the
                Registrant Form S-11, filed February 28, 1986, and subsequently
                amended, is incorporated herein by reference.

         10.  Material Contracts

            (a) Property Management Agreement with Realmark Corporation included
                with the Registration Statement, Form S-11, of the Registrant as
                filed and amended to date, is incorporated herein by reference.

         14. Code of Ethics filed December 31, 2003 is incorporated herein by
             reference.

                                       17
<PAGE>
         21. Subsidiaries of the Partnership is filed herewith.

         31. Certification Pursuant to Rule 13a-14(a), as Adopted Pursuant to
             Section 302 of the Sarbanes-Oxley Act of 2002, is filed herewith.

         32. Certification Pursuant to 18 U.S.C. Section 1350, as Adopted
             Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, is filed
             herewith.



















































                                       18
<PAGE>
                                   SIGNATURES
                                   ----------

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

REALMARK PROPERTY INVESTORS
LIMITED PARTNERSHIP - V


By:      /s/Joseph M. Jayson                                     March 31, 2009
         --------------------                                    --------------
         JOSEPH M. JAYSON,                                            Date
         Individual General Partner

         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.

By:      REALMARK PROPERTIES, INC.
         Corporate General Partner

         /s/ Joseph M. Jayson                                    March 31, 2009
         --------------------                                    --------------
         JOSEPH M. JAYSON,                                            Date
         President, Treasurer and Director


         /s/ Judith P. Jayson                                    March 31, 2009
         --------------------                                    --------------
         JUDITH P. JAYSON,                                            Date
         Vice President and Director


























                                       19


<PAGE>
             REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM




To the Partners
Realmark Property Investors Limited Partnership - V
Getzville, New York


         We have audited the accompanying consolidated balance sheets of
Realmark Property Investors Limited Partnership - V ("the Company") as of
December 31, 2008 and 2007, and the related consolidated statements of
operations, partners' equity, and cash flows for each of the three years ending
December 31, 2008. Our audit also included the 2008 financial statement schedule
in the index at item 15. Realmark Property Investors Limited Partnership - V's
management is responsible for these consolidated financial statements. 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 audits to obtain reasonable assurance about whether the
financial statements are free of material misstatement. The company is not
required to have, nor were we engaged to perform, an audit of its internal
control over financial reporting. Our audit included consideration of internal
control over financial reporting as a basis for designing audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the company's internal control over financial
reporting. Accordingly, we express no such opinion. An audit also includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements, assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.

         In our opinion, the consolidated financial statements referred to above
present fairly, in all material respects, the financial position of Realmark
Property Investors Limited Partnership - V as of December 31, 2008 and 2007, and
the results of its operations and its cash flows for each of the three years
ending December 31 2008, in conformity with accounting principles generally
accepted in the United States of America. Also, in our opinion, the 2008
financial statement schedule, when considered in relation to the basic financial
statements taken as a whole, presents fairly, in all material respects, the
information set forth therein.


/s/ Rotenberg & Co., LLP
------------------------
    Rotenberg & Co., LLP

Rochester, New York
March 31, 2009








                                       F-1
<PAGE>
<TABLE>
<CAPTION>
               REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP - V
                           Consolidated Balance Sheets
                           December 31, 2008 and 2007


                           Assets                                                   2008          2007
                           ------                                                   ----          ----
<S>                                                                              <C>                <C>
Property and equipment, at cost, all held for sale:
     Land                                                                        $   299,744        299,744
     Buildings and improvements                                                    1,954,494      1,954,494
                                                                                 -----------    -----------

                                                                                   2,254,238      2,254,238
     Less accumulated depreciation                                                (1,036,101)    (1,036,101)
                                                                                 -----------    -----------

                           Net property and equipment                              1,218,137      1,218,137

Accounts receivable                                                                   36,771          2,939
Other assets                                                                           6,728         10,786
                                                                                 -----------    -----------

                           Total assets                                          $ 1,261,636      1,231,862
                                                                                 ===========    ===========

         Liabilities and Partners' Equity
         --------------------------------

Liabilities:
     Payables to affiliated parties                                                1,639,919      1,615,676
     Accounts payable and accrued expenses                                           180,989        121,564
     Accrued interest payable                                                        169,008         84,504
     Security deposits and prepaid rents                                              35,288         35,288
                                                                                 -----------    -----------

                           Total liabilities                                       2,025,204      1,857,032
                                                                                 -----------    -----------

Partners' equity (deficit):
     General partners                                                               (204,636)      (200,484)
     Limited partners                                                               (558,932)      (424,686)
                                                                                 -----------    -----------

                           Total partners' equity (deficit)                         (763,568)      (625,170)
                                                                                 -----------    -----------

                           Total liabilities and partners' equity                $ 1,261,636      1,231,862
                                                                                 ===========    ===========
</TABLE>










See accompanying notes to consolidated financial statements.

                                       F-2
<PAGE>
<TABLE>
<CAPTION>
               REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP - V
                      Consolidated Statements of Operations
                  Years ended December 31, 2008, 2007 and 2006


                                                                       2008          2007          2006
                                                                       ----          ----          ----
<S>                                                                 <C>              <C>         <C>
Income:
     Rental                                                         $  468,993       473,450     1,236,456
     Interest and other                                                    350         5,004       126,666
                                                                    ----------    ----------    ----------

                           Total income                                469,343       478,454     1,363,122
                                                                    ----------    ----------    ----------

Expenses:
     Property operations                                               325,024       341,457       725,233
     Interest:
         Affiliated parties                                                 --            --         5,043
         Other                                                         107,370       104,401       535,520
     Administrative:
         Affiliated parties                                             69,525        95,622       172,866
         Other                                                         105,822       174,358       118,090
     Write-off of deferred mortgage costs                                   --            --        84,781
                                                                    ----------    ----------    ----------

                           Total expenses                              607,741       715,838     1,641,533
                                                                    ----------    ----------    ----------

Net loss before gain on sale of properties                            (138,398)     (237,384)     (278,411)

Gain on sale of properties                                                  --            --       172,688
                                                                    ----------    ----------    ----------

                           Net loss                                 $ (138,398)     (237,384)     (105,723)
                                                                    ==========    ==========    ==========

Net loss per limited partnership unit                               $    (6.39)       (10.96)        (5.70)
                                                                    ==========    ==========    ==========

Weighted average number of limited partnership
     units outstanding                                                21,002.8      21,002.8      21,002.8
                                                                    ==========    ==========    ==========
</TABLE>










See accompanying notes to consolidated financial statements.

                                       F-3
<PAGE>
               REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP - V
                   Consolidated Statements of Partners' Equity
                  Years ended December 31, 2008, 2007 and 2006


<TABLE>
<CAPTION>

                                                  General       Limited Partners
                                                  Partners     Units       Amount
                                                  --------     -----       ------
<S>                                              <C>          <C>          <C>
Balances at December 31, 2005                    $(207,459)   21,002.8     (74,604)

Net income (loss)                                   14,097          --    (119,820)
                                                 ---------    --------   ---------

Balances at December 31, 2006                     (193,362)   21,002.8    (194,424)

Net loss                                            (7,122)         --    (230,262)
                                                 ---------    --------   ---------

Balances at December 31, 2007                     (200,484)   21,002.8    (424,686)

Net loss                                            (4,152)         --    (134,246)
                                                 ---------    --------   ---------

Balances at December 31, 2008                    $(204,636)   21,002.8    (558,932)
                                                 =========    ========   =========
</TABLE>

























See accompanying notes to consolidated financial statements.

                                       F-4
<PAGE>
<TABLE>
<CAPTION>
               REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP - V
                      Consolidated Statements of Cash Flows
                  Years ended December 31, 2008, 2007 and 2006

                                                                  2008             2007          2006
                                                                  ----             ----          ----
<S>                                                              <C>             <C>           <C>
Cash flows from operating activities:
     Net loss                                                    $ (138,398)     (237,384)     (105,723)
     Adjustments to reconcile net loss to net
         cash used in operating activities:
              Amortization                                               --            --         4,653
              Gain on sale of property                                   --            --      (172,688)
              Changes in:
                  Accounts receivable                               (33,832)         (484)       24,801
                  Receivables from affiliated parties                    --            --        18,725
                  Escrow deposits                                        --            --        50,977
                  Deferred mortgage costs                                --            --        80,128
                  Other assets                                        4,058        17,186        56,514
                  Accounts payable and accrued expenses              59,425        82,717      (230,564)
                  Accrued interest payable                           84,504        84,504       (39,406)
                  Security deposits and prepaid rents                    --           (42)      (63,180)
                                                                 ----------    ----------    ----------

                         Net cash used in operating activities      (24,243)      (53,503)     (375,763)
                                                                 ----------    ----------    ----------

Cash flows from investing activities:
     Proceeds from sale of property                                      --            --     5,323,348
     Additions to property and equipment                                 --            --      (477,505)
                                                                 ----------    ----------    ----------

                         Net cash provided by investing
                               activities                                --            --     4,845,843
                                                                 ----------    ----------    ----------

Cash flows from financing activities:
     Principal payments on mortgage loans                                --            --    (5,670,597)
     Payables to affiliated parties                                  24,243        53,503     1,562,173
     Proceeds (repayment of) from loan payable                           --            --      (437,500)
                                                                 ----------    ----------    ----------

                           Net cash provided by (used in)
                               financing activities                  24,243        53,503    (4,545,924)
                                                                 ----------    ----------    ----------

Net increase (decrease) in cash and equivalents                          --            --       (75,844)

Cash and equivalents at beginning of year                                --            --        75,884
                                                                 ----------    ----------    ----------

Cash and equivalents at end of year                              $       --            --            --
                                                                 ==========    ==========    ==========

Supplemental disclosure of cash flow information -
     cash paid during the year for interest                      $   22,866        19,897       659,707
                                                                 ==========    ==========    ==========
</TABLE>
See accompanying notes to consolidated financial statements.
                                       F-5
<PAGE>
<TABLE>
<CAPTION>
               REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP - V
                Consolidated Statements of Cash Flows, Continued



                                                                       2008              2007              2006
                                                                       ----              ----              ----
<S>                                                             <C>                 <C>                   <C>
Schedule of noncash transactions:
     Gross proceeds from sale of property                       $              -                -         6,042,000
     Advance from affiliated parties                                           -                -           790,000
     Costs related to sale of property                                         -                -          (156,994)
     Repayment of loan payable                                                 -                -          (250,000)
     Repayment of mortgage payable                                             -                -        (5,606,725)
     Mortgage defeasance fee paid                                              -                -          (552,658)
     Other non cash transactions                                               -                -          (120,602)
                                                                ================    =============    ==============
</TABLE>








































                                       F-6
<PAGE>
               REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP - V
                   Notes to Consolidated Financial Statements
                        December 31, 2008, 2007 and 2006

(1)   Formation and Operation of Partnership
---   --------------------------------------

      Realmark Property Investors Limited Partnership - V (the Partnership) is a
      Delaware limited partnership formed on February 28, 1986, to invest in a
      diversified portfolio of income-producing real estate investments.

      In 1986 and 1987, the Partnership sold, through a public offering,
      21,002.8 units of limited partnership interest for $20,999,800. The
      general partners are Realmark Properties, Inc. (the Corporate General
      Partner) and Joseph M. Jayson (the Individual General Partner) who is the
      sole shareholder of J.M. Jayson & Company, Inc. Realmark Properties, Inc.
      is a wholly-owned subsidiary of J.M. Jayson & Company, Inc.

      Under the partnership agreement, the general partners and their affiliates
      can receive compensation for services rendered and reimbursement for
      expenses incurred on behalf of the Partnership (note 4).

(2)   Summary of Significant Accounting Policies
---   ------------------------------------------

      (a) Basis of Accounting and Consolidation
      -----------------------------------------

      The accompanying consolidated financial statements have been prepared on
      the accrual basis of accounting in accordance with accounting principles
      generally accepted in the United States of America and include the
      accounts of the Partnership and its two subsidiaries that are
      wholly-owned:

      (1) Realmark Camelot, LLC, a dormant company.

      (2) Realmark Commercial, LLC that owns a 35,000 square foot building in
          Commercial Park West located in Durham, North Carolina.

      (b) Estimates
      -------------

      The preparation of financial statements in conformity with generally
      accepted accounting principles requires management to make estimates and
      assumptions that affect certain reported amounts and disclosures.
      Accordingly, actual results could differ from those estimates.














                                       F-7
<PAGE>
               REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP - V
              Notes to Consolidated Financial Statements, Continued


(2)   Summary of Significant Accounting Policies, Continued
---   -----------------------------------------------------

      (c) Property and Equipment
      --------------------------

      Property and equipment are recorded at cost. Depreciation is provided
      using the straight-line method over the estimated useful lives of the
      assets, from 5 to 25 years. Significant improvements are capitalized,
      while expenditures for maintenance, repairs and replacements are charged
      to expense as incurred. Upon disposal of depreciable property, the
      appropriate property accounts are reduced by the related costs and
      accumulated depreciation and gains and losses are reflected in the
      consolidated statements of operations.

      The Partnership reviews long-lived assets for impairment whenever events
      or changes in circumstances indicate that the carrying amount of the
      assets may not be recoverable. In determining whether there is an
      impairment of long-lived assets, the Partnership compares the sum of the
      expected future net cash flows (undiscounted and without interest charges)
      to the carrying amount of the assets. At December 31, 2008, no impairment
      in value has been recognized.

      The Partnerships' policy is to consider a property to be held for sale or
      disposition when the Partnership has committed to a plan to sell or
      dispose of such property and active marketing activity has commenced or is
      expected to commence in the near term or the Partnership has concluded
      that it may dispose of the property by no longer funding operating
      deficits or debt service requirements of the property thus allowing the
      lender to realize upon its security. Any properties identified as "held
      for sale or disposition" are no longer depreciated. The remaining property
      was for sale in 2008, 2007, and 2006. Results of operations for property
      actively marketed for sale is recorded in continuing operations.

      (d) Cash and Equivalents
      ------------------------

      Cash and equivalents include money market accounts and any highly liquid
      debt instruments purchased with a maturity of three months or less.


      (e) Rental Income
      -----------------

      Rental income is recognized as earned according to the terms of the
      leases. Leases for residential properties are generally for periods of one
      year or less, payable monthly. Commercial leases are generally for periods
      of one to five years. Delinquent residential property rent is not
      recorded.








                                       F-8
<PAGE>
               REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP - V
              Notes to Consolidated Financial Statements, Continued

(2)   Summary of Significant Accounting Policies, Continued
---   -----------------------------------------------------

      (f) Per Unit Data
      -----------------

      Per limited partnership unit data is based on the weighted average number
      of limited partnership units outstanding for the year.

      (g) Fair Value of Financial Instruments
      ---------------------------------------

      The fair value of the Partnership's financial instruments approximated
      their carrying values at December 31, 2008.

      (h) Income Allocation and Distributable Cash Flow
      -------------------------------------------------

      The partnership agreement provides that income not arising from sale and
      refinancing activities and all partnership losses are to be allocated 97%
      to the limited partners and 3% to the general partners. Partnership income
      arising from sale or refinancing activities is allocated in the same
      proportion as distributions of distributable cash from sale proceeds. In
      the event there is no distributable cash from sale proceeds, taxable
      income will be allocated 87% to the limited partners and 13% to the
      general partners. The above is subject to tax laws that were applicable at
      the time of the formation of the Partnership and may be adjusted due to
      subsequent changes in the Internal Revenue Code.

      The partnership agreement also provides for the distribution to the
      partners of net cash flow from operations. In connection with the pending
      sale of the Partnership's properties (note 6), it is anticipated that
      there will be no future distributions of net cash flow from operations.
      Sale or refinancing proceeds are distributed to the extent available, 100%
      to the limited partners until there has been a return of the limited
      partners capital contribution plus an amount sufficient to provide a 7%,
      not compounded, return on their adjusted capital contributions for all
      years following the termination of the offering of the units. It is
      anticipated that there will not be sufficient cash flow from the sale of
      the Partnership's remaining properties to provide this return to the
      limited partners.

      (i) Income Taxes
      ----------------

      No income taxes are included in the consolidated financial statements
      since the taxable income or loss of the Partnership is reportable by the
      partners on their income tax returns. At December 31, 2008, net assets for
      financial reporting purposes were $10,262 less than the tax bases of the
      net assets.

      (j) Segment Information
      -----------------------

      The Partnership's operating segments all involve the ownership and
      operation of income-producing real property, and are aggregated into one
      reporting segment.

                                       F-9
<PAGE>
               REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP - V
              Notes to Consolidated Financial Statements, Continued

(2)   Summary of Significant Accounting Policies, Continued
---   -----------------------------------------------------

      (k) Recent Pronouncements
      -------------------------

      The Partnership does not believe that the following recent pronouncements
      have a material effect on its financial position, results of operations or
      cash flows:

      o   FIN 48, "Accounting for Uncertainty in Income Taxes -an Interpretation
          of FASB Statement No. 109."
      o   Statement of Financial Accounting Standard ("SFAS") No. 157, "Fair
          Value Measurements."
      o   Statement of Financial Accounting Standard ("SFAS") No. 159, "The Fair
          Value Option for Financial Assets and Financial Liabilities, including
          an amendment of FASB Statement No. 115."
      o   Statement of Financial Accounting Standard ("SFAS") No. 141 (R),
          "Business Combinations."
      o   Statement of Financial Accounting Standard ("SFAS") No. 160,
          "Noncontrolling Interest in Consolidated Financial Statements - an
          amendment of ARB No. 51."
      o   Statement of Financial Accounting Standard ("SFAS") No. 161,
          "Disclosures about Derivative Instruments and Hedging Activities - an
          amendment of FASB Statement No. 133."
      o   Statement of Financial Accountant Standard ("SFAS") N0. 163,
          "Accounting for Financial Guarantee Insurance Contracts - an
          interpretation of FASB Statement No. 60."

(3)   Investments in Real Estate
---   --------------------------

      The carrying value of the property known as Commercial Park West amounted
      to $1,218,137 as of December 31, 2008 and 2007. Depreciation expense not
      recorded amounted to $80,198 for each of the years ended December 31, 2008
      and 2007.






















                                      F-10
<PAGE>
               REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP - V
              Notes to Consolidated Financial Statements, Continued

(4)   Related Party Transactions
---   --------------------------

      The Corporate General Partner and its affiliates earn fees, principally
      for property and partnership management and are reimbursed for services
      rendered to the Partnership, as provided for in the partnership agreement.
      A summary of those items follows:
<TABLE>
<CAPTION>
                                                                          2008             2007              2006
                                                                          ----             ----              ----
<S>                                                                     <C>                <C>               <C>
         Property management fees based on a percent-
              age (generally 6%) of rental income                       $ 26,110           28,394            61,456

         Reimbursement for costs of services to the
              Partnership that include investor relations,
              marketing of properties, professional fees,
              communications, supplies, accounting, printing,
              postage and other items                                     43,415           67,228           111,410
                                                                        --------           ------           -------
                                                                        $ 69,525           95,622           172,866
                                                                        ========           ======           =======
</TABLE>
      In addition to the above, other property specific expenses such as
      payroll, benefits, etc. are charged to property operations on the
      Partnership's consolidated statements of operations. Payables to
      affiliated parties are payable on demand and bear interest at 8% in 2008,
      2007 and 2006.

      Payable to Affiliated Parties
      -----------------------------

      Payable to affiliates amounted to $1,639,919 and $1,615,676 at December
      31, 2008 and 2007, respectively. Of this amount, $1,066,719 is payable to
      an affiliate under a Memorandum of Understanding Agreement dated December
      8, 2006. Under the terms of this agreement, the Partnership agrees to
      repay this loan plus interest at a rate of 8% per annum, upon the sale of
      the remaining building at Commercial Park West, 2327 Englert Drive, which
      is currently being marketed for sale.

      Property Disposition Fees
      -------------------------

      According to the terms of the partnership agreement, the general partners
      are also allowed to collect a property disposition fee upon the sale of
      acquired properties. This fee is not to exceed the lesser of 50% of
      amounts customarily charged in arm's-length transactions by others
      rendering similar services for comparable properties, or 2.75% of the
      sales price. The property disposition fee is subordinate to payments to
      the limited partners of a cumulative annual return (not compounded) equal
      to 7% of their average adjusted capital balances and to repayment to the
      limited partners of an amount equal to their capital contributions. Since
      these conditions described above have not been met, no disposition fees
      have been paid or accrued on properties sold in prior years.
                                      F-11
<PAGE>
               REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP - V
              Notes to Consolidated Financial Statements, Continued

      Distributions
      -------------

      J. M. Jayson and Company, Inc. is an affiliated company in which the
      Individual General Partner is the Chairman, Director, and sole
      stockholder. J. M. Jayson and Company, Inc. owned 1,642.3 units of limited
      partnership interest.

      J. M. Jayson and Company, Inc. is an affiliated company in which the
      Individual General Partner is the Chairman, Director, and sole
      stockholder. J. M. Jayson and Company, Inc. owned 1,642.3 units of limited
      partnership interest.

(5)   Leases
---   ------

      In connection with its commercial property, the Partnership has entered
      into lease agreements with terms of one to three years. Minimum future
      rentals to be received for each of the next three years, under
      noncancelable operating leases are as follows:

                           2009                            $   250,155
                           2010                                178,569
                           2011                                 17,425
                                                           -----------
                                                           $   446,149
                                                           ===========

(6)   Settlement of Lawsuit
---   ---------------------

      As previously reported, the Partnership, as a nominal defendant, the
      general partners of the Partnership and of affiliated public partnerships
      (the "Realmark Partnerships") and the officers and directors of the
      Corporate General Partner, as defendants, had been involved in a class
      action litigation at the state court level regarding the payment of fees
      and other management issues.

      On August 29, 2001, the parties entered into a Stipulation of Settlement
      (the "Settlement"). On October 4, 2001, the Court issued an "Order
      Preliminary Approving Settlement" (the "Hearing Order") and on November
      29, 2001, the Court issued an "Order and Final Judgment Approving
      Settlement and Awarding Fees and Expenses" and dismissing the complaints
      with prejudice. The Settlement provided, among other things, that all of
      the Realmark Partnerships' properties be disposed of. The general partners
      will continue to have primary authority to dispose of the Partnerships'
      properties. If either (i) the general partners have not sold or contracted
      to sell 50% of the Partnerships' properties (by value) by April 2, 2002 or
      (ii) the general partners have not sold or contracted to sell 100% of the
      Partnerships' properties by September 29, 2002, then the primary authority
      to dispose of the Partnerships' properties will pass to a sales agent
      designated by plaintiffs' counsel and approved by the Court. On October 4,
      2002, the Court appointed a sales agent to work with the general partners
      to continue to sell the Partnerships' remaining properties.

                                      F-12
<PAGE>
               REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP - V
              Notes to Consolidated Financial Statements, Continued

(6)   Settlement of Lawsuit, Continued
---   --------------------------------

      The settlement also provided for the payment by the Partnerships of fees
      to the plaintiffs' attorneys. These payments, which are not calculable at
      this time but may be significant, are payable out of the proceeds from the
      sale of all of the properties owned by all of the Realmark Partnerships,
      following the sale of the last of these properties in each partnership.
      Plaintiffs' counsel will receive 15% of the amount by which the sales
      proceeds distributable to limited partners in each partnership exceeds the
      value of the limited partnership units in each partnership (based on the
      weighted average of the units' trading prices on the secondary market as
      reported by Partnership Spectrum for the period May through June 2001). In
      no event may the increase on which the fees are calculated exceed 100% of
      the market value of the units as calculated above.










































                                      F-13

<PAGE>
<TABLE>
<CAPTION>
                                                                                               Schedule III
                                                                                               ------------
              REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP - V
                                AND SUBSIDIARIES

                    Real Estate and Accumulated Depreciation
                                December 31, 2008



                                Initial Cost to         Cost
                                  Partnership       capitalized
  Property                      ---------------     subsequent to                       Buildings and
Description      Encumbrances   Land   Buildings     acquisition   Retirements  Land     improvements   Total
-----------      ------------   ----   ---------     -----------   -----------  ----     ------------   -----
<S>                  <C>     <C>      <C>            <C>          <C>         <C>        <C>         <C>
Commercial
  Park West
  Durham, NC         $ -     800,000  5,191,538      2,729,448    (6,466,748) 299,744    1,954,494   2,254,238

Transit Road Land
  Amherst, NY          -     234,000          -        183,473      (417,473)       -            -           -
                     ---   ---------  ---------      ---------    ----------  -------   ----------   ---------
                     $ -   1,034,000  5,191,538      2,912,921    (6,884,221) 299,744    1,954,494   2,254,238
                     ===   =========  =========      =========    ==========  =======    =========   =========
</TABLE>
(RESTUBBED TABLE)
<TABLE>
<CAPTION>
                                                    Date
                   Accumulated                       of          Date        Date
                   depreciation*  Retirements   construction   acquired      sold
                   -------------  -----------   ------------   --------      ----
<S>                 <C>           <C>              <C>             <C>       <C>
Commercial
  Park West
  Durham, NC        2,769,662     (1,733,561)      1991            6/91      12/06(1)

Transit Road Land
  Amherst, NY               -              -          -           12/88       1/06
                    ---------    -----------
                    2,769,662     (1,733,561)
                    =========     ==========
</TABLE>
*In accordance with Statement of Financial Accounting Standards No. 144, no
depreciation was recorded during the disposal period January 1, 2001 through
December 31, 2008.

(1)    Two of the three buildings in office complex known as Commercial Park
       West were sold. One of the buildings is still held for sale (2327 Englert
       Drive). There is no mortgage on the last property held for sale as the
       mortgage was paid off with proceeds from the sale of the two buildings
       and an advance from an affiliate.







                                      F-14

<PAGE>
<TABLE>
<CAPTION>
                                                                                           Schedule III, Cont.
                                                                                           -------------------

               REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP - V
                    Real Estate and Accumulated Depreciation
                        December 31, 2008, 2007 and 2006

(1) Cost for Federal income tax purposes is $2,254,238

(2) A reconciliation of the carrying amount of land and buildings for the years
    ended December 31, 2008, 2007 and 2006 follows:

                                                                       2008               2007              2006
                                                                       ----               ----              ----
<S>                                                                 <C>                 <C>               <C>
         Balance at beginning of year                               $  2,254,238        2,254,238         8,660,954
         Additions                                                             -                -           477,505
         Dispositions (5)                                                      -                -        (6,884,221)
                                                                    ------------        ---------       -----------
         Balance at end of year                                     $  2,254,238        2,254,238         2,254,238
                                                                    ============        =========       ===========
</TABLE>
(3) A reconciliation of accumulated depreciation for the years ended December
    31, 2008, 2007 and 2006 is as follows:
<TABLE>
<CAPTION>
                                                                       2008               2007              2006
                                                                       ----               ----              ----
<S>                                                                 <C>                 <C>               <C>
         Balance at beginning of year                               $  1,036,101        1,036,101         2,769,662
         Dispositions (5)                                                      -                -        (1,733,561)
                                                                    ------------        ---------         ---------
         Balance at end of year (4)                                 $  1,036,101        1,036,101         1,036,101
                                                                    ============        =========         =========
</TABLE>
(4) Balance applies entirely to buildings and improvements.

(5) Sale of Transit Road land in Amherst, New York and two out of three
    buildings at Office Park known as Commercial Park West in Durham, North
    Carolina.



















                                      F-15