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, 2005
                                             -----------------
                                       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, 2005, the Partnership, either directly or through limited
liability, wholly owned subsidiary companies, owned a 115,000 square foot office
complex in Durham, North Carolina (Commercial Park West). Additionally, at
December 31, 2005, the Partnership owned 96 acres of vacant land in Amherst, New
York, which subsequently was sold on January 20, 2006, resulting in a loss of
approximately $6,000. On February 9, 2004, the Partnership sold The Paddock
Building, Inducon East (Phase I and Phase II), and Inducon East Phase III, to an
unaffiliated entity. The sale was for cash of $1,665,000 along with a note from
the buyer in the amount of $185,000 and assumption of approximately $9,000,000
of outstanding mortgage loans, resulting in a net gain of approximately
$500,000. However, this does not necessarily mean that cash proceeds will be
available for distribution in an amount equal to the gain. The remaining
property, Commercial Park West, is currently being actively marketed for sale.

         It is anticipated that the Partnership will be entering into a sales
contract in the near future (one to six months) which will be subject to sales
conditions which are customary for sales contracts and there is no assurance
that the sale will be consummated.

         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, 2005, 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, 2005 were employees of the
Corporate General Partner or its affiliates.

         The occupancy for each complex as of December 31 was as follows:

                                       2005             2004           2003
                                       ----             ----           ----
The Paddock Building                     -                -             75%
Commercial Park West                    58%              50%            38%
Inducon East                             -                -             52%
Inducon East Phase III                   -                -             82%
                                        2
<PAGE>
         The percent of total Partnership revenue generated by each complex for
the last three years was as follows:

                                       2005             2004            2003
                                       ----             ----            ----
The Paddock Building                     -                1%             12%
Commercial Park West                   100%              95%             34%
Inducon East                             -                3%             35%
Inducon East Phase III                   -                1%             19%

         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.

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
                                        3
<PAGE>
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.

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:
                                        4
<PAGE>
         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
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.

                                        5
<PAGE>
         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:

         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.

We face risks in complying with Section 404 of the Sarbanes-Oxley Act of 2002

         To comply with Section 404 of the Sarbanes-Oxley Act of 2002, we must
furnish a report by our management on our internal controls over financial
reporting with our annual report on Form 10-K for our fiscal year ending
December 31, 2007. The report will contain, among other matters, an assessment
of the effectiveness of our internal control over financial reporting as of the
end of that fiscal year, including a statement as to whether or not our internal
control over financial reporting is effective. This assessment must include
disclosure of any material weaknesses in our internal control over financial
reporting. Material weakness in internal controls over financial reporting is
defined as "a significant deficiency, or a combination of significant
deficiencies, that results in more than a remote likelihood that a material
misstatement of the annual or interim financial statements will not be prevented
or detected." The report will also contain a statement that our auditors have
issued an attestation report on management's assessment of our internal
controls.

         Testing of our internal controls will begin no later than the second
quarter of fiscal 2007. This testing will include documenting our procedures and
an analysis of the segregation of duties. In the course of our evaluation and
testing of internal controls, we may identify areas for improvement in the
documentation, design and effectiveness of our internal controls, and these
areas of improvement may be material. We may elect or be required to disclose
those weaknesses before we have remediated them. We cannot assure you that we
will not discover material weaknesses in the course of our testing and be
required to disclose them. Given the risks inherent in the design and operation
of internal controls over financial reporting, we can provide no assurance
regarding our conclusions, or regarding the conclusions of our independent
auditor, as of December 31, 2007 with respect to the effectiveness of our
internal controls over financial reporting.

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
                                        6
<PAGE>
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, 2005:
<TABLE>
<CAPTION>
 Property Name
  and Location             General Character of Property                                Purchase Date
  ------------             -----------------------------                                -------------
<S>                        <C>                                                           <C>
Commercial Park West       Office complex of 3 buildings totaling                        June 1991
  Durham, NC               115,021 square feet, securing an 8.07% mortgage
                           with a balance at December 31, 2005 of
                           $5,670,597,  maturing in 2029.
</TABLE>
Transit Road Land 96 acres of land zoned for general business/ December 1988
Amherst, New York retail and multi-family use.

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'
                                        7
<PAGE>
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.
                                     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, 2005, 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 2005, 2004 and 2003.

         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
                                        8
<PAGE>
<TABLE>
<CAPTION>
the formation of the Partnership and may be adjusted due to subsequent changes
in the Internal Revenue Code.

ITEM 6:    SELECTED FINANCIAL DATA
-------    -----------------------

                                                       At or for the years ended December 31,
                                  ----------------------------------------------------------------------------------
                                       2005              2004              2003            2002           2001
                                  ----------------------------------------------------------------------------------
<S>                               <C>                  <C>               <C>            <C>              <C>
BALANCE SHEET DATA
Net rental property               $   5,891,292        5,850,471         15,064,503     14,845,800       18,051,974
Total assets                          6,233,361        6,391,160         17,056,942     17,633,554       20,818,089
Mortgage loans payable                5,670,597        5,735,563         14,806,326     15,042,196       19,972,850
Partners' equity (deficit)             (282,063)         293,479          1,106,270      2,167,003          328,658
                                  ==================================================================================
OPERATING DATA
Rental income                           848,057          754,198          2,250,321      4,012,027        5,055,735
Other income                             44,687          127,910             35,020        111,596          158,899
                                  ----------------------------------------------------------------------------------
Total revenue                           892,744          882,108          2,285,341      4,123,623        5,214,634
                                  ----------------------------------------------------------------------------------
Property operating costs                728,546          902,913          1,425,385      1,866,451        2,204,230
Interest expense                        472,614          481,607          1,234,545      1,431,869        1,643,099
Administrative expenses                 267,126          562,949            686,144        863,779          967,651
                                  ----------------------------------------------------------------------------------
Total expenses                        1,468,286        1,947,469          3,346,074      4,162,099        4,814,980
                                  ----------------------------------------------------------------------------------
Income (loss) before gain on
  sale of property                     (575,542)      (1,065,361)        (1,060,733)       (38,476)         399,654
Gain on sale of property                      -          252,570                  -      2,726,821                -
                                  ----------------------------------------------------------------------------------
Net income (loss)                 $    (575,542)         812,791         (1,060,733)     2,688,345          399,654
                                  ==================================================================================
CASH FLOW DATA
Net cash provided (used) by:
Operating activities                   (255,869)        (728,358)           213,092       (387,969)         230,276
Investing activities                    (40,821)         402,184            133,712      5,780,401         (279,477)
Financing activities                    372,534          (58,607)          (235,870)    (5,780,654)        (251,030)
                                  ----------------------------------------------------------------------------------
Net increase (decrease) in cash
  and equivalents                 $      75,844         (384,781)           110,934       (388,222)        (300,231)
                                  ==================================================================================
PER LIMITED PARTNERSHIP UNIT:
Net income (loss)                 $      (26.58)          (38.74)            (48.99)        116.44            18.46
Distributions                     $           -                -                  -          40.47                -
                                  ==================================================================================
</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, management began formally marketing all
remaining properties in the Partnership for sale. Although the Partnership
experienced an increase in cash of approximately $111,000 for the year ended
December 31, 2003, the Partnership continued to experience difficulties
generating sufficient cash to cover its financial obligations without relying on
money from related parties. The Partnership experienced a decrease in cash of
approximately $385,000 in 2004, and again relied on cash from related parties in
order to provide sufficient cash flow to meet the Partnership's operating
obligations. In 2005, the Partnership experienced an increase in cash of
approximately $76,000 due primarily to proceeds from a $437,500 loan payable.
The Partnership made no distributions to partners in 2005, 2004 or 2003. In
accordance with the settlement of the lawsuit (Item 3), it is anticipated that
with the sale of the remaining properties, the Partnership may be in a 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 settlement 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, excluding Inducon East,
Inducon East Phase II and the Paddock Building (the "Sold Assets") which were
sold in February 2004 produced a net loss of $575,542 for the year ended
December 31, 2005. The results compare to a net loss excluding the Sold Assets
of $957,568 in 2004, and a net loss, excluding the Sold Assets of $759,647 in
2003.

         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.

2005 as compared to 2004
------------------------

         As discussed previously, the Partnership has one remaining property,
Commercial Park West, which experienced an increase in rental income of
approximately 12% for the year ended December 31, 2005 as compared to 2004 due
to an small increase in occupancy and an increase in common area maintenance
revenue. Other income increased approximately $33,000 primarily due to
reimbursement for capital expenditures.
                                       10
<PAGE>
         Total expenses for the year ended December 31, 2005 decreased
approximately $225,000 as compared to 2004, excluding the Sold Assets. The
property operations expense at Commercial Park West remained fairly consistent.
Other administrative expenses decreased approximately $103,000 due to decreases
in legal fees, advertising, professional fees and licensing and permits.
Administrative expense and reimbursement to affiliated parties decreased
approximately $118,000 due to a decrease in portfolio management of
approximately $125,000 as a result of a change in allocation offset by an
increase in management fees of $7,000, which correlates to the increase in
rental income. Interest expense decreased approximately $9,000 due to a decrease
in mortgage principal.

2004 as compared to 2003
------------------------

         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, 2004 as compared to 2003.

         Total expenses for the year ended December 31, 2004 increased
approximately $192,000 as compared to 2003, excluding the Sold Assets. The
property operations expenses at Commercial Park West increased approximately
$212,000 due to increases in payroll of approximately $120,000, utilities of
$16,000 contracted repairs and maintenance of approximately $71,000 and real
estate taxes of approximately $5,000. Other administrative expenses increased
$50,000 due to increases in legal expenses of approximately $15,000, advertising
of approximately $12,000, travel and entertainment of $9,000 and other
administrative expenses of $14,000. The increase in overall expenses was set off
by decreases in administrative expense and reimbursement to affiliates of
approximately $64,000 due to a decrease in portfolio reimbursed expenses.
Interest expense also decreased $6,000 due to a decrease in the principal
balance on the Commercial Park West mortgage.

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

                                       11
<PAGE>
Securities and Exchange Commission rules and forms. Within the 90-day period
prior to the filing of this report, 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. Based on that evaluation, the Partnership's Individual General
Partner and Principal Financial Officer concluded that the Partnership's
disclosure controls and procedures are effective.

         Subsequent to the date of their most recent evaluation, there have been
no significant changes in the Partnership's internal control over financial
reporting or in other factors that could significantly affect the internal
control over financial reporting.

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, 2005, 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>
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 67, 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-IV, Realmark
Property Investors Limited Partnership-V, Realmark Property Investors Limited
Partnership-VI A, and Realmark Property Investors Limited Partnership-VI B. Mr.
Jayson has been in the real estate business for the last 43 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 43 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 24 years, Mr. Jayson and an affiliate have also engaged in
developmental drilling for gas and oil.

         Judith P. Jayson, age 65, 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 34 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
                                       13
<PAGE>
System. Mrs. Jayson graduated from St. Mary of the Woods College in Terre Haute,
Indiana, with a degree in Business Administration.

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 an 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, 2005. 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, 2005. The general partners and the executive officers of the
Corporate General Partner, as of December 31, 2005, 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: Toski, Schaefer & Co., P.C. was engaged as the Partnership's
independent auditor for years 2005 and 2004. All fees incurred for the years
ended December 31, 2005 and 2004 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 Partnership's quarterly reports on Form
10-Q by Toski, Schaefer & Co., P.C. for the years ended December 31, 2005 and
2004 totaled $22,000 and $42,000, 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, 2005, and
2004. The fees for these services amounted to $5,435 each year.

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 2005 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 2005 and 2004, 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, 2005.



















































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

ITEM 15: EXHIBITS, FINANCIAL STATEMENTS, SCHEDULES
-------- -----------------------------------------
<TABLE>
<CAPTION>
(a)      Consolidated Financial Statements                                             Page
         ---------------------------------                                             ----
<S>                                                                                     <C>
         Independent Auditor's Report                                                   F-1
         Consolidated Balance Sheets as of December 31, 2005 and 2004                   F-2
         Consolidated Statements of Operations for the years ended
           December 31, 2005, 2004 and 2003                                             F-3
         Consolidated Statements of Partners' Equity for the years
           ended December 31, 2005, 2004 and 2003                                       F-4
         Consolidated Statements of Cash Flows for the years ended
           December 31, 2005, 2004 and 2003                                             F-5
         Notes to Consolidated Financial Statements                                     F-6

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

         (i) Schedule III - Real Estate and Accumulated Depreciation                   F-14
</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.

         21. Subsidiaries of the Partnership is filed herewith.

                                       17
<PAGE>
         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, 2006
         --------------------                                 --------------
         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, 2006
         --------------------                                 --------------
         JOSEPH M. JAYSON,                                         Date
         President, Treasurer and Director


         /s/ Judith P. Jayson                                 March 31, 2006
         --------------------                                 --------------
         JUDITH P. JAYSON,                                         Date
         Vice President and Director




























                                       19
<PAGE>
                          INDEPENDENT AUDITOR'S REPORT
                          ----------------------------

The Partners
Realmark Property Investors Limited
    Partnership - V:


We have audited the accompanying consolidated balance sheets of Realmark
Property Investors Limited Partnership - V and Subsidiaries as of December 31,
2005 and 2004, and the related consolidated statements of operations, partners'
equity, and cash flows for each of the three years in the period ended December
31, 2005. Our audits also included the financial statement schedule listed in
the index at Item 15. These consolidated financial statements and the financial
statement schedule are the responsibility of the general partners. Our
responsibility is to express an opinion on the consolidated financial statements
and the financial statement schedule based on our audits.

We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. The Partnership 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 Partnership'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 and Subsidiaries as of December 31, 2005 and
2004, and the results of their operations and their cash flows for each of the
three years in the period ended December 31, 2005, in conformity with accounting
principles generally accepted in the United States of America. Also, in our
opinion, the 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.

As discussed in note 8 to the consolidated financial statements, the Partnership
settled a class and derivative lawsuit in which it was involved. As a result of
this settlement, the Partnership is currently in the process of winding up its
operations and disposing of its investments. It is anticipated that this process
will take place within the next twelve months.



                                                /s/ TOSKI, SCHAEFER & CO., P.C.
                                                -------------------------------
                                                TOSKI, SCHAEFER & CO., P.C.
Williamsville, New York
March 31, 2006




                                       F-1
<PAGE>
<TABLE>
<CAPTION>
               REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP - V
                                AND SUBSIDIARIES

                           Consolidated Balance Sheets
                           December 31, 2005 and 2004


                           Assets                                                              2005           2004
                           ------                                                              ----           ----
<S>                                                                                        <C>              <C>
Property and equipment, at cost, all held for sale:
     Land and improvements                                                                 $ 1,522,316      1,522,316
     Buildings and improvements                                                              7,138,638      7,097,817
                                                                                           -----------    -----------
                                                                                             8,660,954      8,620,133
     Less accumulated depreciation                                                           2,769,662      2,769,662
                                                                                           -----------    -----------

                           Net property and equipment                                        5,891,292      5,850,471

Cash and cash equivalents                                                                       75,844             --
Accounts receivable                                                                             27,256         60,855
Receivables from affiliated parties                                                             18,725        125,782
Escrow deposits                                                                                 50,977        222,444
Deferred mortgage costs, less accumulated amortization
     of $39,289 in 2005 and $33,085 in 2004                                                     84,781         90,985
Other assets                                                                                    84,486         40,623
                                                                                           -----------    -----------

                           Total assets                                                    $ 6,233,361      6,391,160
                                                                                           ===========    ===========

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

Liabilities:
     Mortgage loans payable                                                                  5,670,597      5,735,563
     Accounts payable and accrued expenses                                                     269,411        259,263
     Loan payable                                                                              437,500             --
     Accrued interest payable                                                                   39,406         39,858
Security deposits and prepaid rents                                                             98,510         62,997
                                                                                           -----------    -----------

                           Total liabilities                                                 6,515,424      6,097,681
                                                                                           -----------    -----------

Partners' equity (deficit):
     General partners                                                                         (207,459)      (190,193)
Limited partners                                                                               (74,604)       483,672
                                                                                           -----------    -----------

                           Total partners' equity                                             (282,063)       293,479
                                                                                           -----------    -----------

                           Total liabilities and partners' equity                          $ 6,233,361      6,391,160
</TABLE>

          See accompanying notes to consolidated financial statements.

                                       F-2
<PAGE>
<TABLE>
<CAPTION>
               REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP - V
                                AND SUBSIDIARIES

                      Consolidated Statements of Operations
                  Years Ended December 31, 2005, 2004 and 2003





                                                     2005          2004           2003
                                                     ----          ----           ----
<S>                                              <C>                <C>          <C>
Income:
     Rental                                      $   848,057        754,198      2,250,321
     Interest and other                               44,687        127,910         35,020
                                                 -----------    -----------    -----------

                           Total income              892,744        882,108      2,285,341
                                                 -----------    -----------    -----------

Expenses:
     Property operations                             728,546        902,913      1,425,385
     Interest                                        472,614        481,607      1,234,545
     Administrative:
         Affiliated parties                          143,006        260,657        407,729
         Other                                       124,120        302,292        278,415
                                                 -----------    -----------    -----------

                           Total expenses          1,468,286      1,947,469      3,346,074
                                                 -----------    -----------    -----------

Loss before gain on sale of properties              (575,542)    (1,065,361)    (1,060,733)

Gain on sale of properties                                --        252,570             --
                                                 -----------    -----------    -----------

                           Net loss              $  (575,542)      (812,791)    (1,060,733)
                                                 ===========    ===========    ===========

Net loss per limited partnership unit            $    (26.58)        (38.74)        (48.99)
                                                 ===========    ===========    ===========


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

                   Consolidated Statements of Partners' Equity
                  Years Ended December 31, 2005, 2004 and 2003






                                                                 General        Limited Partners
                                                                 Partners      Units      Amount
                                                                 --------      -----      ------
<S>                                                             <C>           <C>         <C>
Balances at December 31, 2002                                   $ (159,244)   21,002.8    2,326,247

Net loss                                                           (31,822)         --   (1,028,911)
                                                                ----------    --------   ----------

Balances at December 31, 2003                                     (191,066)   21,002.8    1,297,336

Net income (loss)                                                      873          --     (813,664)
                                                                ----------    --------   ----------

Balances at December 31, 2004                                     (190,193)   21,002.8      483,672

Net loss                                                           (17,266)         --     (558,276)
                                                                ----------    --------   ----------

Balances at December 31, 2005                                   $ (207,459)   21,002.8      (74,604)
                                                                ==========    ========   ==========
</TABLE>
























          See accompanying notes to consolidated financial statements.

                                       F-4
<PAGE>
<TABLE>
<CAPTION>
               REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP - V
                                AND SUBSIDIARIES

                      Consolidated Statements of Cash Flows
                  Years ended December 31, 2005, 2004 and 2003

                                                                           2005          2004          2003
                                                                           ----          ----          ----
<S>                                                                     <C>             <C>         <C>
Cash flows from operating activities:
     Net loss                                                           $ (575,542)     (812,791)   (1,060,733)
     Adjustments to reconcile net loss to net cash
         provided by (used in) operating activities:
              Amortization                                                   6,204        52,262        89,617
              Gain on sale of property                                          --      (252,570)           --
              Changes in:
                  Accounts receivable                                       33,599       (13,642)       60,702
                  Receivables from affiliated parties                      107,057      (125,782)       33,177
                  Escrow deposits                                          171,467       866,838       415,266
                  Other assets                                             (43,863)      339,555         7,487
                  Accounts payable and accrued expenses                     10,148       (65,550)      128,626
                  Payable to affiliated parties                                 --      (572,189)      572,189
                  Accrued interest payable                                    (452)      (58,483)        8,702
                  Security deposits and prepaid rents                       35,513       (86,006)      (41,941)
                                                                        ----------    ----------    ----------
                           Net cash provided by (used in)
                               operating activities                       (255,869)     (728,358)      213,092
                                                                        ----------    ----------    ----------
Cash flows from investing activities:
     Proceeds from sale of property                                             --       825,876            --
     Additions to property and equipment                                   (40,821)     (423,692)     (166,288)
     Payments on note receivable                                                --            --       300,000
                                                                        ----------    ----------    ----------
                           Net cash provided by (used in)
                               investing activities                        (40,821)      402,184       133,712
                                                                        ----------    ----------    ----------
Cash flows from financing activities:
     Principal payments on mortgage loans                                  (64,966)      (58,607)     (235,870)
     Proceeds from loan payable                                            437,500            --            --
                                                                        ----------    ----------    ----------
                           Net cash provided by (used in)
                               financing activities                        372,534       (58,607)     (235,870)
                                                                        ----------    ----------    ----------

Net increase (decrease) in cash and equivalents                             75,844      (384,781)      110,934
Cash and equivalents at beginning of year                                       --       384,781       273,847
                                                                        ----------    ----------    ----------
Cash and equivalents at end of year                                     $   75,844            --       384,781
                                                                        ==========    ==========    ==========
Supplemental disclosure of cash flow information:
     Cash paid during the year for interest                             $  473,066       540,090     1,181,106
                                                                        ==========    ==========    ==========
     Property and equipment financed by
         accounts payable                                               $       --            --        55,482
                                                                        ==========    ==========    ==========

</TABLE>
          See accompanying notes to consolidated financial statements.

                                       F-5
<PAGE>
               REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP - V
                                AND SUBSIDIARIES

                   Notes to Consolidated Financial Statements
                        December 31, 2005, 2004 and 2003


(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 6).

(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 that owned Camelot East Apartments, a 205
               unit apartment complex located in Louisville, Kentucky, which was
               sold in 2002.

          (2)  Realmark Commercial, LLC that owns Commercial Park West, a
               115,021 square foot office complex located in Durham, North
               Carolina.

         In addition, the Partnership owned four commercial properties. These
         properties, which were sold in February 2004, are as follows:

                           *  The Paddock Building
                           *  Inducon East - Phase I
                           *  Inducon East - Phase II
                           *  Inducon East - Phase III

         In consolidation, all intercompany accounts and transactions have been
         eliminated.

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

         The preparation of financial statements in conformity with generally
         accepted accounting principles requires management to make estimates
                                       F-6
<PAGE>
               REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP - V
                                AND SUBSIDIARIES

              Notes to Consolidated Financial Statements, Continued


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

     (b) Estimates, Continued)
     --- ---------------------

         and assumptions that affect certain reported amounts and disclosures.
         Accordingly, actual results could differ from those estimates.

     (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, 2005, 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 2005, 2004, and 2003.

     (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) Deferred Mortgage Costs
     --- -----------------------

         Costs incurred in obtaining mortgage financing are deferred and
         amortized using the straight-line method over the life of the
         respective mortgage.

                                        F-7
<PAGE>
               REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP - V
                                AND SUBSIDIARIES

              Notes to Consolidated Financial Statements, Continued

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

    (f) 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.

     (g) Per Unit Data
     --- -------------

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

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

         The fair value of the Partnership's financial instruments approximated
         their carrying values at December 31, 2005.

     (i) 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 8), 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.

     (j) Income Taxes
     --- ------------

         No income taxes are included in the consolidated financial statements
                                       F-8
<PAGE>
               REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP - V
                                AND SUBSIDIARIES

              Notes to Consolidated Financial Statements, Continued


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

     (j) Income Taxes, Continued)
     --- ------------------------

         since the taxable income or loss of the Partnership is reportable by
         the partners on their income tax returns. At December 31, 2005, net
         assets for financial reporting purposes were $98,526 more than the tax
         bases of the net assets.

     (k) 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.

     (l) Recent Pronouncements
     -------------------------

         In May 2005, the FASB issued SFAS No. 154, "Accounting Changes and
         Error Corrections - A Replacement of APB Opinion No. 20 and FASB
         Statement No. 3" ("SFAS No. 154"). SFAS No. 154 requires the
         retrospective application to prior periods' financial statements of
         changes in accounting principle, unless it is impracticable to
         determine either the period-specific effects or cumulative effect of
         the accounting change. SFAS No. 154 also requires that a change in
         depreciation, amortization, or depletion method for long-lived
         non-financial assets be accounted for as a change in accounting
         estimate affected by a change in accounting principle. SFAS No. 154 is
         effective for accounting changes and corrections of errors made in
         fiscal years beginning after December 15, 2005 and the Partnership will
         adopt this provision, as applicable, during fiscal year 2006.
         Management anticipates that the adoption of SFAS No. 154 will have no
         effect on its financial statements.

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

     On January 1, 2002, the Partnership adopted SFAS No. 144, "Accounting for
     the Impairment or Disposal of Long-Lived Assets." SFAS No. 144 establishes
     the accounting and reporting standards for the impairment or disposal of
     long-lived assets by requiring those assets to be measured at the lower of
     depreciated cost or fair value less selling costs, whether reported in
     continuing operations or in discontinued operations. The adoption of this
     standard did not have a material effect on the Partnership's consolidated
     financial position or results of operations for the year ended December 31,
     2002.

     On February 9, 2004, the Partnership sold The Paddock Building, Inducon
     East (Phase I and II), and Inducon East Phase III to an unaffiliated entity
     for cash of $1,665,000, a $185,000 note from the purchaser, and assumption
     of approximately $9,000,000 of outstanding mortgage loans, and recognized a
     related gain on the sale amounting to approximately $500,000.
                                       F-9
<PAGE>
               REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP - V
                                AND SUBSIDIARIES

              Notes to Consolidated Financial Statements, Continued


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

     The Partnership owns approximately 96 acres of vacant land in Amherst, New
     York carried at its cost of $417,473.

     All of the properties were classified as property held for sale prior to
     the adoption of SFAS No. 144 and continue to be actively marketed for sale.
     Accordingly their results of operations have been recorded in continuing
     operations.

     The carrying value of the assets as of December 31, 2005, and the property
     net loss and depreciation expense not recorded for the year ended December
     31, 2005 is as follows:
<TABLE>
<CAPTION>
                                                                                                        Depreciation
                                                                                                           expense
                                                                 Carrying value           Net               not
                  Property                                          of assets             loss             recorded
                  --------                                          ---------             ----             --------
<S>                                                              <C>                     <C>               <C>
            Commercial Park West                                 $   5,473,819           445,980           295,000
                                                                     =========           =======           =======
</TABLE>
(4)  Mortgage Loan Payable
---  ---------------------

     Mortgage loan payable at December 31, 2005 and 2004 is as follows:
<TABLE>
<CAPTION>
                                                                       Total             Balance
                                          Interest                    monthly          December 31,
         Property collateral                rate         Maturity     payment      2005            2004
         -------------------                ----         --------     -------      ----            ----
<S>                                         <C>             <C>       <C>       <C>              <C>
         Commercial Park West               8.07%           2029      $ 44,319  $ 5,670,597      5,735,563
                                                                                  =========      =========
</TABLE>
     The aggregate maturities of the mortgages for each of the five years
     following 2005 and thereafter, assuming principal payments are not
     accelerated are as follows:

                           2006                              $       70,564
                           2007                                      76,559
                           2008                                      83,064
                           2009                                      90,121
                           2010                                      97,777
                        Thereafter                                5,252,512
                                                             --------------

                                                             $    5,670,597
                                                             ==============

                                      F-10
<PAGE>
               REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP - V
                                AND SUBSIDIARIES

              Notes to Consolidated Financial Statements, Continued

(5)  Loan Payable
---  ------------

     At December 31, 2005, the Partnership had a loan payable to an unaffiliated
     entity amounting to $437,500. The loan bears interest at the rate of 8% per
     annum and is due on the one year anniversary of the loan (December 29,
     2006) or the sale of the premises known as Commercial Park West. The
     Partnership agreed that it will also pay the lender, out of the proceeds of
     the sale of Commercial Park West, additional consideration, amounting to
     $150,000 as a result of the enhancement of value of said property. This
     additional consideration will not bear interest. In connection with the
     sale of 96 acres of vacant land to the lender on January 20, 2006 (note 9),
     $250,000 of this loan was repaid.

(6)  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>
                                                                         2005              2004              2003
                                                                         ----              ----              ----
<S>                                                                   <C>                  <C>              <C>
         Property management fees based on a percent-
              age (generally 6%) of rental income                     $   53,253           36,539           127,276

         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                                                 89,753          224,118           280,453
                                                                      ----------         --------           -------

                                                                      $  143,006          260,657           407,729
                                                                      ==========         ========           =======
</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. On January 1, 2005, the interest
     rates on related party transactions was adjusted from 11% to 8%.
     Receivables from and payables to affiliated parties are payable on demand
     and bear interest at 8% in 2005 and 11% in 2004.

     Loan placement fees are paid or accrued to an affiliate of the general
     partners. The fee is calculated at 1% of the mortgage loan amounts. No such
     fees were paid during the years ended December 31, 2005, 2004, and 2003.

     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

                                      F-11
<PAGE>
               REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP - V
                                AND SUBSIDIARIES

              Notes to Consolidated Financial Statements, Continued

     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.

     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 and received its proportionate share of distributable proceeds
     amounting to $66,465 in December 2002 from the sale of Camelot East
     Apartments.

(7)  Leases
---  ------

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

                           2006                          $     1,072,331
                           2007                                  794,209
                           2008                                  639,175
                           2009                                  310,673
                           2010                                  114,782
                                                              ==========

(8)  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
                                      F-12
<PAGE>
               REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP - V
                                AND SUBSIDIARIES

              Notes to Consolidated Financial Statements, Continued

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

     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.

     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.

(9)  Subsequent Event
---  ----------------

     On January 20, 2006, the Partnership sold, to an unaffiliated entity, its
     investment in 96 acres of vacant land in Amherst, New York for $425,000.
     The sale resulted in a loss of approximately $6,000.




























                                      F-13
<PAGE>
<TABLE>
<CAPTION>
                                             Schedule III
                                             ------------

                            REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP - V
                                             AND SUBSIDIARIES

                                 Real Estate and Accumulated Depreciation
                                             December 31, 2005


                                         Initial Cost to                            Gross amounts at which
                                           Partnership                            Carried at Close of period
                                    --------------------------       Cost         --------------------------
                                                   Buildings     capitalized                 Buildings
 Property                             Land and        and       subsequent to   Land and        and                 Accumulated
Description           Encumbrances  improvements  improvements   acquisition  improvements  improvements   Total    depreciation
-----------           ------------  ------------  ------------   -----------  ------------  ------------   -----    ------------
<S>                    <C>               <C>        <C>            <C>          <C>           <C>         <C>         <C>
Commercial Park West
    Durham, NC         $  5,670,597      800,000    5,191,538      2,251,943    1,104,843     7,138,638   8,243,481   2,769,662

Transit Road Land
    Amherst, NY                   -      234,000            -        183,473      417,473             -     417,473           -
                       ------------    ---------    ---------     ----------    - -------     ---------   ---------   ---------

                       $  5,670,597    1,034,000    5,191,538      2,435,416    1,522,316     7,138,638   8,660,954   2,769,662
                       ============    =========    =========     ==========    =========     =========   =========   =========
</TABLE>
(RESTUBBED TABLE)
<TABLE>
<CAPTION>
                                                             Life
                                                           on which
                                                         depreciation
                                                           in latest
                                     Date                 statement of
 Property                             of         Date     operations
Description                      construction  acquired   is computed
-----------                      ------------  --------   -----------
                                     <C>          <C>          <C>
Commercial Park West
    Durham, NC                       1991         6/91            - *

Transit Road Land
    Amherst, NY                         -        12/88            -
                                    =====        =====         ====
</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, 2005.









                                      F-14
<PAGE>
                               Schedule III, Cont.

               REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP - V
                                AND SUBSIDIARIES

                    Real Estate and Accumulated Depreciation
                        December 31, 2005, 2004 and 2003


(1)  Cost for Federal income tax purposes is $8,660,954

(2)  A reconciliation of the carrying amount of land and buildings for the years
     ended December 31, 2005, 2004 and 2003 follows:
<TABLE>
<CAPTION>
                                                                       2005              2004               2003
                                                                       ----              ----               ----
<S>                                                                 <C>                <C>               <C>
         Balance at beginning of year                               $  8,620,133       24,128,875        23,910,172
         Additions                                                        40,821                -           218,703
         Dispositions (5)                                                      -      (15,508,742)                -
                                                                    ------------      -----------        ----------

         Balance at end of year                                     $  8,660,954        8,620,133        24,128,875
                                                                    ============      ===========        ==========
</TABLE>
(3)  A reconciliation of accumulated depreciation for the years ended December
     31, 2005, 2004 and 2003 is as follows:
<TABLE>
<CAPTION>
                                                                        2005             2004              2003
                                                                        ----             ----              ----
<S>                                                                 <C>                <C>               <C>
         Balance at beginning of year                               $  2,769,662       9,078,199         9,078,199
         Dispositions (5)                                                      -      (6,308,537)                -
                                                                    ------------      ----------        ----------

         Balance at end of year (4)                                 $  2,769,662       2,769,662         9,078,199
                                                                    ============       =========        ==========
</TABLE>
(4)  Balance applies entirely to buildings and improvements.

(5)  Sale of The Paddock Building, Inducon East Phase I, Inducon East Phase II
     and Inducon East Phase III in 2004.

















                                      F-15