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, 2006

                                       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]

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
<PAGE>
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, 2006, 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 was sold on January 20, 2006, resulting in a loss of approximately
$43,000. 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 properties, the vacant land and a
portion of Commercial Park West were sold in January 2006 and December 2006. The
Partnership still holds one out of three of the buildings at Commercial Park
West, which 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 Partnership entered into a Memorandum of Understanding Agreement
dated December 8, 2006. Under the terms of this agreement, $1,066,719 is payable
to an affiliate plus interest at a rate of 8% per annum, upon the sale of the
remaining building at Commercial Park West, 2327 Englert Drive, which is
currently being marketed for sale. The proceeds from the loan were used to repay
the existing mortgage on Commercial Park West in December 2006.

         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, 2006, 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, 2006 were employees of the
Corporate General Partner or its affiliates.
                                       2
<PAGE>
         The occupancy for Commercial Park West as of December 31, 2006, 2005
and 2004 was 97%, 58% and 50%, respectively.

         The percent of total Partnership revenue generated by each complex for
the last three years was as follows:

                                          2006             2005             2004
                                          ----             ----             ----

The Paddock Building                        -                -               1%
Commercial Park West                      100%             100%              95%
Inducon East                                -                -               3%
Inducon East Phase III                      -                -               1%

         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.
                                       3
<PAGE>
Changes in market or economic conditions may affect our business negatively

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

Terrorism could impair our business

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

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.
                                       4
<PAGE>
                                 Financing Risks

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

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

         o     the risk that our cash flow will be insufficient to meet required
               payments of principal and interest; and
         o     the risk that we will not be able to renew, repay or refinance
               our debt when it matures or that the terms of any renewal or
               refinancing will not be as favorable as the existing terms of
               that debt.

                                    Tax Risks

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

         Management believes that our operating partnership qualifies, and has
qualified since its formation as a partnership for federal income tax purposes
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
                                       5
<PAGE>
liens on contaminated sites in favor of the government for damages and costs it
incurs in connection with a contamination.

We may face risks related to mold and asbestos

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

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

         Environmental laws also govern the presence, maintenance and removal of
asbestos. Those laws require that owners or operators of buildings containing
asbestos:

         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
                                       6
<PAGE>
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
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, 2006:
<TABLE>
<CAPTION>
 Property Name
  and Location             General Character of Property                      Purchase Date
  ------------             -----------------------------                      -------------
<S>                        <C>                                                      <C>
Commercial Park West       Office complex consisting of one building           June 1991
  Durham, NC               totaling 34,997 square feet.
</TABLE>
Two of the three of the buildings of the office complex known as Commercial Park
West in Durham, North Carolina were sold in December 2006. The mortgage on the
buildings was paid off in the amount of $5,606,725 at the closing date with the
sales proceeds and an advance from an affiliate in the amount of $790,000. The
Transit Road land in Amherst, New York was also sold during the year in January
2006.

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

         As previously reported, the Partnership, as a nominal defendant, the
general partners of the Partnership and of affiliated public partnerships (the
                                       7
<PAGE>
"Realmark Partnerships") and the officers and directors of the Corporate General
Partner, as defendants, had been involved in a class action litigation at the
state court level regarding the payment of fees and other management issues.

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

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

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

         None.























                                        8

<PAGE>
                                     PART II

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

         There is currently no active trading market for the units of limited
partnership interest of the Partnership and it is not anticipated that any will
develop in the future. Accordingly, information as to the market value of a unit
at any given date is not available. As of December 31, 2006, 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 2006, 2005 and 2004.

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



























                                        9
<PAGE>
<TABLE>
<CAPTION>
ITEM 6:    SELECTED FINANCIAL DATA
-------    -----------------------

                                                       At or for the years ended December 31,
                                  ----------------------------------------------------------------------------------
                                         2006             2005            2004            2003           2002
                                  ----------------------------------------------------------------------------------
<S>                                    <C>                <C>             <C>            <C>            <C>
Balance sheet data

Net rental property                    $  1,218,137       5,891,292       5,850,471      15,064,503     14,845,800
Total assets                              1,248,564       6,233,361       6,391,160      17,056,942     17,633,554
Mortgage loans payable                            -       5,670,597       5,735,563      14,806,326     15,042,196
Partners' equity (deficit)                 (387,786)       (282,063)        293,479       1,106,270      2,167,003
                                  ==================================================================================
Operating data
Rental income                             1,236,456         848,057         754,198      2,250,321       4,012,027
Other income                                126,666          44,687         127,910         35,020         111,596
                                  ----------------------------------------------------------------------------------
Total revenue                             1,363,122         892,744         882,108      2,285,341       4,123,623
                                  ----------------------------------------------------------------------------------
Property operating costs                    725,233         728,546         902,913      1,425,385       1,866,451
Interest - affiliates                         5,043               -               -              -               -
Interest expense                            535,520         472,614         481,607      1,234,545       1,431,869
Administrative expenses                     290,956         267,126         562,949        686,144         863,779
Write-off of deferred
   mortgage costs                            84,781               -               -              -               -
                                  ----------------------------------------------------------------------------------
Total expenses                            1,641,533       1,468,286       1,947,469      3,346,074       4,162,099
                                  ----------------------------------------------------------------------------------
Net loss before gain on sale
   of property                             (278,411)       (575,542)     (1,065,361)    (1,060,733)        (38,476)
Gain on sale of property                    172,688               -         252,570              -       2,726,821
                                  ----------------------------------------------------------------------------------
Net income (loss)                      $   (105,723)       (575,542)       (812,791)    (1,060,733)      2,688,345
                                  ==================================================================================
Cash flow data
Net cash provided (used) by:
Operating activities                       (375,763)       (255,869)       (156,169)       213,092        (387,969)
Investing activities                      4,845,843         (40,821)        402,184        133,712       5,780,401
Financing activities                     (4,545,924)        372,534        (630,796)      (235,870)     (5,780,654)
                                  ----------------------------------------------------------------------------------
Net increase (decrease) in cash
and equivalents                             (75,844)         75,844        (384,781)       110,934        (388,222)
                                  ==================================================================================
Per limited partnership unit:
Net income (loss)                             (5.70)         (26.58)         (38.74)        (48.99)         116.44
Distributions                                     -               -               -              -           40.47
                                  ==================================================================================
</TABLE>








                                       10
<PAGE>
ITEM 7: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
------- -----------------------------------------------------------------------
        OF OPERATIONS.
        --------------

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

         Effective January 1, 2001, the Partnership's five commercial properties
and an apartment complex (Camelot East), have actively been marketed for sale.
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 loan payable in the amount of $437,500. In 2006,
the Partnership experienced a decrease in cash of approximately $76,000. The
mortgage was repaid with the sale of a portion of Commercial Park West and
proceeds from advances from affiliated parties, which amounted to $1,562,173 at
December 31, 2006. The Partnership made no distributions to partners in 2006,
2005 or 2004. 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 produced a net loss of
$105,723 compared to a net loss of $575,542 in 2005.

         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.

2006 as compared to 2005
------------------------

         As discussed previously, the Partnership has one remaining property,
Commercial Park West, which experienced an increase in rental income of
approximately 45% for the year ended December 31, 2006 as compared to 2005 due
to a small increase in occupancy and an increase in common area maintenance
revenue. Other income increased approximately $82,000 primarily due to a $54,000
lease buyout by a lessee for the remainder of the lease.

         Total expenses for the year ended December 31, 2006 increased
approximately $173,000 as compared to 2005, excluding the Sold Assets. The
property operations expenses at Commercial Park West remained fairly consistent.
Administrative expense and reimbursement to affiliated parties increased
                                       11
<PAGE>
approximately $30,000 due to an increase in portfolio management of
approximately $22,000 as a result of a change in allocation and by an increase
in management fees of $8,000, which correlates to the increase in rental income.
Interest expense increased approximately $63,000 due to $22,712 interest and
$75,000 loan fee paid to Acquest Development, LLC. The interest paid related to
a loan that was used to make renovations to CPW, payable upon the sale of CPW.

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.
         Total expenses for the year ended December 31, 2005 decreased
approximately $225,000 as compared to 2004, excluding the Sold Assets. The
property operations expenses 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.

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

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

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

         Listed under Item 15 of this report.

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

         None.

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

         The Partnership maintains a set of disclosure controls and procedures
designed to ensure that information required to be disclosed by the Partnership
in reports that it files or submits under the Exchange Act is recorded,
processed, summarized and reported within the time periods specified in
Securities and Exchange Commission rules and forms. 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
                                       12
<PAGE>
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.

                                   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, 2006, are listed below. Each
director is subject to election on an annual basis.
<TABLE>
<CAPTION>
                           Title of All Positions Held with
Name                       the Corporate General Partner             Year First Elected to Position
----                       -----------------------------             ------------------------------
<S>                        <C>                                                      <C>
Joseph M. Jayson           Chairman of the Board, President                         1979
                             and Treasurer

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

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

         Joseph M. Jayson, age 68, 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 44 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 44 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
                                       13
<PAGE>
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 25 years, Mr. Jayson and an affiliate have also engaged in
developmental drilling for gas and oil.

         Judith P. Jayson, age 66, 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 35 years and has extensive experience in the hiring and
training of property management personnel and in directing, developing and
implementing property management systems and programs. Mrs. Jayson, prior to
joining the firm in 1973, taught business in the Buffalo, New York High School
System. Mrs. Jayson graduated from St. Mary of the Woods College in Terre Haute,
Indiana, with a degree in Business Administration.

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, 2006. 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.
                                       14
<PAGE>
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, 2006. The general partners and the executive officers of the
Corporate General Partner, as of December 31, 2006, 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.

ITEM 13:  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
--------  ----------------------------------------------

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

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

Audit Engagement: Rotenberg & Co., LLP was engaged as the Partnership's
independent auditor for year 2006. Toski, Schaefer & Co., P.C. was engaged as
the Partnership's independent auditor for year 2005. All fees incurred for the
years ended December 31, 2006 and 2005 were approved by the Audit Committee.

Audit Fees: Audit fees for the quarterly reports on Form 10-Q by Rotenberg &
Co., LLP for the year ended December 31, 2006 amounted to $9,000. 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, 2006 and 2005 totaled $9,835 and $23,842,
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, 2006, and
2005. The fees for these services amounted to $3,460 and $1,871, respectively.

All Other Fees: None.

         The Audit Committee has set a policy that all fees incurred by the
Partnership for services performed by its independent auditors must be
pre-approved by the Audit Committee. All fees related to 2006 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.
                                       15
<PAGE>
         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 2006 and 2005, 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.

         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, 2006.

                                     PART IV
                                     -------

ITEM 15: EXHIBITS, FINANCIAL STATEMENTS, SCHEDULES, AND REPORTS ON FORM 8-K
-------- ------------------------------------------------------------------
<TABLE>
<CAPTION>
(a)      Consolidated Financial Statements                                             Page
---      ---------------------------------                                             ----
<S>                                                                                       <C>
         Independent Auditor's Report                                                   F-1
         Consolidated Balance Sheets as of December 31, 2006 and 2005                   F-2
         Consolidated Statements of Operations for the years ended
                  December 31, 2006, 2005 and 2004                                      F-3
         Consolidated Statements of Partners' Equity for the years
                  ended December 31, 2006, 2005 and 2004                                F-4
         Consolidated Statements of Cash Flows for the years ended
                  December 31, 2006, 2005 and 2004                                      F-5
         Notes to Consolidated Financial Statements                                     F-7

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

         (i)      Schedule III - Real Estate and Accumulated Depreciation               F-15
</TABLE>










                                       16
<PAGE>
         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)      Reports on Form 8-K
---      -------------------

         Current report on Form 8-K filed by the Partnership during and
         subsequent to the year ended December 31, 2006 to which this report is
         filed:

         Form 8-K report filed on December 6, 2006

(c)      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.

         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.









                                       17
<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 29, 2007
         -------------------                            ---------------
         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 29, 2007
         --------------------                             --------------
         JOSEPH M. JAYSON,                                    Date
         President, Treasurer and Director


         /s/ Judith P. Jayson                             March 29, 2007
         --------------------                             --------------
         JUDITH P. JAYSON,                                    Date
         Vice President and Director


























                                       18
<PAGE>
             REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
             -------------------------------------------------------


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


         We have audited the accompanying consolidated balance sheet of Realmark
Property Investors Limited Partnership - V and Subsidiaries ("the Company") as
of December 31, 2006, and the related consolidated statements of operations,
partners' equity, and cash flows for the year then ended. Our audit also
included the 2006 financial statement schedule listed in the index at Item 15.
These consolidated financial statements and the financial statement schedule are
the responsibility of the Company's management. Our responsibility is to express
an opinion on these consolidated financial statements and the financial
statement schedule based on our audit.

         We conducted our audit in accordance with the standards of the Public
Company Accounting Oversight Board (United States). Those standards require that
we plan and perform the audits to obtain reasonable assurance about whether the
consolidated financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the consolidated financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall consolidated financial statement
presentation. We believe that our audit provides 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,
2006, and the results of its operations and its cash flows for the year then
ended, in conformity with accounting principles generally accepted in the United
States of America. Also, in our opinion, the 2006 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
Company settled a class and derivative lawsuit in which it was involved. As a
result of this settlement, the Company 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/ Rotenberg & Co., LLP
------------------------
Rotenberg & Co., LLP
Rochester, New York
  March 29, 2007









                                       F-1

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

The Partners
Realmark Property Investors Limited
    Partnership - V:


We have audited the accompanying consolidated balance sheet of Realmark Property
Investors Limited Partnership - V and Subsidiaries as of December 31, 2005, and
the related consolidated statements of operations, partners' equity, and cash
flows for each of the years ended December 31, 2005 and 2004. 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
the results of their operations and their cash flows for each of the years ended
December 31, 2005 and 2004, 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-1a
<PAGE>
<TABLE>
<CAPTION>
               REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP - V
                                AND SUBSIDIARIES

                           Consolidated Balance Sheets
                           December 31, 2006 and 2005


                           Assets                                       2006           2005
                           ------                                       ----           ----
<S>                                                                 <C>              <C>
Property and equipment, at cost, all held for sale:
     Land and improvements                                          $   299,744      1,522,316
     Buildings and improvements                                       1,954,494      7,138,638
                                                                    -----------    -----------
                                                                      2,254,238      8,660,954
     Less accumulated depreciation                                   (1,036,101)    (2,769,662)
                                                                    -----------    -----------

                           Net property and equipment                 1,218,137      5,891,292

Cash and cash equivalents                                                    --         75,844
Accounts receivable                                                       2,455         27,256
Receivables from affiliated parties                                          --         18,725
Escrow deposits                                                              --         50,977
Deferred mortgage costs, less accumulated amortization
      $39,289 in 2005                                                        --         84,781
Other assets                                                             27,972         84,486
                                                                    -----------    -----------

                           Total assets                             $ 1,248,564      6,233,361
                                                                    ===========    ===========

         Liabilities and Partners' Equity

Liabilities:
     Payables to affiliated parties                                   1,562,173             --
     Mortgage loan payable                                                   --      5,670,597
     Accounts payable and accrued expenses                               38,847        269,411
     Loan payable                                                            --        437,500
     Accrued interest payable                                                --         39,406
Security deposits and prepaid rents                                      35,330         98,510
                                                                    -----------    -----------

                           Total liabilities                          1,636,350      6,515,424
                                                                    -----------    -----------

Partners' equity (deficit):
     General partners                                                  (193,362)      (207,459)
Limited partners                                                       (194,424)       (74,604)
                                                                    -----------    -----------

                           Total partners' equity                      (387,786)      (282,063)
                                                                    -----------    -----------

                           Total liabilities and partners' equity   $ 1,248,564      6,233,361
                                                                    ===========    ===========
</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, 2006, 2005 and 2004


                                                    2006           2005            2004
                                                    ----           ----            ----
<S>                                              <C>                <C>            <C>
Income:
     Rental                                      $ 1,236,456        848,057        754,198
     Interest and other                              126,666         44,687        127,910
                                                 -----------    -----------    -----------

                           Total income            1,363,122        892,744        882,108
                                                 -----------    -----------    -----------

Expenses:
     Property operations                             725,233        728,546        902,913
     Interest:
         Affiliated parties                            5,043
         Other                                       535,520        472,614        481,607
     Administrative:
         Affiliated parties                          172,866        143,006        260,657
         Other                                       118,090        124,120        302,292
     Write-off of deferred mortgage costs             84,781             --             --
                                                 -----------    -----------    -----------
                           Total expenses          1,641,533      1,468,286      1,947,469
                                                 -----------    -----------    -----------

Net loss before gain on sale of properties          (278,411)      (575,542)    (1,065,361)

Gain on sale of properties                           172,688             --        252,570
                                                 -----------    -----------    -----------

                           Net loss              $  (105,723)      (575,542)      (812,791)
                                                 ===========    ===========    ===========

Net loss per limited partnership unit            $     (5.70)        (26.58)        (38.74)
                                                 ===========    ===========    ===========


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, 2006, 2005 and 2004






                                                      General        Limited Partners
                                                      Partners       Units     Amount
                                                      --------       -----     ------
<S>                                                  <C>           <C>         <C>
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)

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

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

</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, 2006, 2005 and 2004

                                                                   2006             2005            2004
                                                                   ----             ----            ----
<S>                                                              <C>               <C>            <C>
Cash flows from operating activities:
     Net loss                                                    $  (105,723)      (575,542)      (812,791)
     Adjustments to reconcile net loss to net
         cash used in operating activities:
              Amortization                                             4,653          6,204         52,262
              Gain on sale of property                              (172,688)            --       (252,570)
              Changes in:
                  Accounts receivable                                 24,801         33,599        (13,642)
                  Receivables from affiliated parties                 18,725        107,057       (125,782)
                  Escrow deposits                                     50,977        171,467        866,838
                  Deferred mortgage costs                             80,128             --             --
                  Other assets                                        56,514        (43,863)       339,555
                  Accounts payable and accrued expenses             (230,564)        10,148        (65,550)
                  Accrued interest payable                           (39,406)          (452)       (58,483)
                  Security deposits and prepaid rents                (63,180)        35,513        (86,006)
                                                                 -----------    -----------    -----------

                         Net cash used in operating activities      (375,763)      (255,869)      (156,169)
                                                                 -----------    -----------    -----------

Cash flows from investing activities:
     Proceeds from sale of property                                5,323,348             --        825,876
Additions to property and equipment                                 (477,505)       (40,821)      (423,692)
                                                                 -----------    -----------    -----------

                         Net cash provided by (used in)
                               investing activities                4,845,843        (40,821)       402,184
                                                                 -----------    -----------    -----------

Cash flows from financing activities:
     Principal payments on mortgage loans                         (5,670,597)       (64,966)       (58,607)
     Payable to affiliated parties                                 1,562,173             --       (572,189)
     Proceeds (repayment of) from loan payable                      (437,500)       437,500             --
                                                                 -----------    -----------    -----------


                           Net cash provided by (used in)
                               financing activities               (4,545,924)       372,534       (630,796
                                                                 -----------    -----------    -----------

Net increase (decrease) in cash and equivalents                      (75,844)        75,844       (384,781)

Cash and equivalents at beginning of year                             75,844             --        384,781
                                                                 -----------    -----------    -----------

Cash and equivalents at end of year                              $        --         75,844             --
                                                                 ===========    ===========    ===========

Supplemental disclosure of cash flow information -
     cash paid during the year for interest                      $   659,707        473,066        540,090
                                                                 ===========    ===========    ===========
</TABLE>



See accompanying notes to consolidated financial statements.

                                       F-5
<PAGE>
<TABLE>
<CAPTION>
               REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP - V
                                AND SUBSIDIARIES
                Consolidated Statements of Cash Flows, Continued



                                                                       2006          2005              2004
                                                                       ----          ----              ----
<S>                                                                 <C>             <C>             <C>
Schedule of noncash transactions:
     Purchase price from sale of property                           $  6,042,000           -        10,850,000
     Advance from affiliated parties                                     790,000           -                 -
     Costs related to sale of property                                  (165,994)          -          (959,706)
     Repayment of loan payable                                          (250,000)          -                 -
     Repayment of mortgage payable                                    (5,606,725)          -                 -
     Assumption of mortgage payable                                            -           -        (9,012,156)
     Mortgage defeasance fee paid                                       (552,658)          -                 -
     Other noncash disbursements                                        (120,602)          -                 -
                                                                     ===========  ==========     =============
</TABLE>






































                                       F-6
<PAGE>
               REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP - V
                                AND SUBSIDIARIES

                   Notes to Consolidated Financial Statements
                        December 31, 2006, 2005 and 2004



(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 owns Camelot East Apartments, a
                    205 unit apartment complex located in Louisville, Kentucky,
                    acquired in 1988 for $6,328,363 and sold in 2002.

               (2)  Realmark Commercial, LLC that owns Commercial Park West, a
                    115,021 square foot office complex located in Durham, North
                    Carolina, acquired in 1991 for $5,773,633. Realmark
                    Commercial, LLC sold a portion of the office complex in 2006
                    (two of three buildings).

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

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

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

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

     (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, 2006, 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 2006, 2005, and 2004.

     (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.

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

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

     (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) 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, 2006.

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

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

              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
              since the taxable income or loss of the Partnership is reportable
              by the partners on their income tax returns. At December 31, 2006,
              net assets for financial reporting purposes were $10,262 less 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
     -------------------------

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

         o     Statement of Financial Accounting Standard ("SFAS") No. 155,
               "Accounting for Certain Hybrid Financial Instruments - an
               amendment of FASB Statement No. 133 and 140" ("SFAS 155").
         o     Statement of Financial Accounting Standard ("SFAS") No. 156,
               "Accounting for Servicing of Financial Assets - an amendment of
               FASB Statement No. 140" ("SFAS 156
         o     FIN 48, Accounting for Uncertainty in Income Taxes--an
               Interpretation of FASB Statement No. 109
         o     Statement of Financial Accounting Standard ("SFAS") No. 157,
               "Fair Value Measurements"
         o     Statement of Financial Accounting Standard ("SFAS") No. 158,
               "Employers' Accounting for Defined Benefit Pension and Other
               Postretirement Plans - an amendment of FASB Statements No. 87,
               88, 106, and 132(R)" ("SFAS 158")
         o     SEC Staff Accounting Bulletin No. 108 ("SAB 108") - guidance on
               Quantifying Financial Statement Misstatements
         o     Statement of Financial Accounting Standard ("SFAS") No. 159, "The
               Fair Value Option for Financial Assets and Financial Liabilities,
               including an amendment of FASB Statement No. 115".

     (m) Reclassifications
     ---------------------

         Reclassifications have been made to certain 2005 balances in order for
              them to conform to 2006 presentation.
                                      F-10
<PAGE>
               REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP - V
                                AND SUBSIDIARIES
              Notes to Consolidated Financial Statements, Continued


(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.

     The Partnership owned approximately 96 acres of vacant land in Amherst, New
         York being carried at cost of $417,473, at December 31, 2005. On
         January 20, 2006, the Partnership sold, to an unaffiliated entity, its
         investment in the vacant land for $425,000, resulting in a net loss of
         approximately $43,000 after related closing costs.

     On December 8, 2006, the Partnership sold two of the three buildings of
         the office complex known as Commercial Park West in Durham, North
         Carolina to an unaffiliated entity. The property was sold for a
         purchase price of $5,617,000, less costs related to the sale of
         $115,492, less a mortgage defeasance fee of $552,658, with a carrying
         value of $4,733,187, resulting in a gain on the sale of the property in
         the amount of $215,663. The mortgage was repaid in the amount of
         $5,606,725 with the net sales proceeds plus an advance from an
         affiliated entity in the amount of $790,000.

     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 property known as Commercial Park West amounted
         to $1,218,137 and $5,473,819 as of December 31, 2006 and 2005,
         respectively. Depreciation expense not recorded for the years ended
         December 31, 2006 and 2005 amounted to $294,000 and $295,000,
         respectively.

(4)  Mortgage Loan Payable
---  ---------------------

     The mortgage payable in the amount of $5,606,725 at the closing date was
         repaid in December 2006 related to the sale of two out of three of the
         buildings of the property known as Commercial Park West. The
         Partnership incurred a mortgage defeasance fee in the amount of
         $552,658 related to repayment of the mortgage. The mortgage payable
         amounted to $5,670,597 at December 31, 2005.
                                      F-11
<PAGE>
               REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP - V
                                AND SUBSIDIARIES

              Notes to Consolidated Financial Statements, Continued

(5)  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>
                                                                         2006             2005              2004
                                                                         ----             ----              ----
<S>                                                                    <C>                <C>               <C>
         Property management fees based on a percent-
              age (generally 6%) of rental income                      $  61,456          53,253            36,539

         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              111,410          89,753           224,118
                                                                       ---------        --------           -------

                                                                       $ 172,866         143,006           260,657
                                                                       =========        ========           =======
</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 2006 and 2005 and 11% in
         2004.

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

     Payable to affiliates amounted to $1,562,173 at December 31, 2006. Of this
         amount, $1,066,719 is payable to an affiliate under a Memorandum of
         Understanding Agreement dated December 8, 2006. Under the terms of this
         agreement, the Partnership agrees to repay this loan plus interest at a
         rate of 8% per annum, upon the sale of the remaining building at
         Commercial Park West, 2327 Englert Drive, which is currently being
         marketed for sale.

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

     According to the terms of the partnership agreement, the general partners
         are also allowed to collect a property disposition fee upon the sale of
         acquired properties. This fee is not to exceed the lesser of 50% of
         amounts customarily charged in arm's-length transactions by others
         rendering similar services for comparable properties, or 2.75% of the
         sales price. The property disposition fee is subordinate to payments to
         the limited partners of a cumulative annual return (not compounded)
         equal to 7% of their average adjusted capital balances and to repayment

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

              Notes to Consolidated Financial Statements, Continued

(5)  Related Party Transactions, Continued
---  -------------------------------------

         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.

(6)  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

                           2007                        $    211,166
                           2008                             121,848
                           2009                              12,600
                                                       ------------
                                                       $    345,614
                                                       ============
(7)  Settlement of Lawsuit
---  ---------------------

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

     On August 29, 2001, the parties entered into a Stipulation of Settlement
         (the "Settlement"). On October 4, 2001, the Court issued an "Order
         Preliminary Approving Settlement" (the "Hearing Order") and on November
         29, 2001, the Court issued an "Order and Final Judgment Approving
         Settlement and Awarding Fees and Expenses" and dismissing the
         complaints with prejudice. The Settlement provided, among other things,
         that all of the Realmark Partnerships' properties be disposed of. The
         general partners will continue to have primary authority to dispose of
         the Partnerships' properties. If either (i) the general partners have
         not sold or contracted to sell 50% of the Partnerships' properties (by
         value) by April 2, 2002 or (ii) the general partners have not sold or
         contracted to sell 100% of the Partnerships' properties by September
         29, 2002, then the primary authority to dispose of the Partnerships'
         properties will pass to a sales agent designated by plaintiffs' counsel
                                      F-13
<PAGE>
               REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP - V
                                AND SUBSIDIARIES

              Notes to Consolidated Financial Statements, Continued


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

         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.


































                                      F-14

<PAGE>
<TABLE>
<CAPTION>

                                                                   Schedule III
                                                                   ------------

               REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP - V
                                AND SUBSIDIARIES

                    Real Estate and Accumulated Depreciation
                                December 31, 2006


                              Initial Cost to
                                Partnership        Cost
                             -----------------  capitalized
 Property                                       subsequent to                     Buildings and           Accumulated
Description    Encumbrances  Land    Buildings   acquisition  Retirements  Land    improvements  Total   depreciation
-----------    ------------  ----   ----------   ------------ ------------ -----  -------------  -----   ------------
<S>                 <C>     <C>      <C>          <C>         <C>           <C>      <C>        <C>         <C>
 Commercial
   Park West
   Durham, NC       $ -     800,000  5,191,538    2,729,448   (6,466,748)   299,744  1,954,494  2,254,238   2,769,662

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

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

 Transit Road Land
   Amherst, NY                          -       12/88       1/06
                             -       ====       =====       ====
                    ----------

                    (1,733,561)
                    ==========

</TABLE>
*In accordance with Statement of Financial Accounting Standards No. 144, no
depreciation was recorded during the disposal period January 1, 2001 through
December 31, 2006.

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

                                      F-15
<PAGE>
                                                             Schedule III, Cont.
                                                             -------------------

               REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP - V
                                AND SUBSIDIARIES

                    Real Estate and Accumulated Depreciation
                        December 31, 2006, 2005 and 2004




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

(2)      A reconciliation of the carrying amount of land and buildings for the
         years ended December 31, 2006, 2005 and 2004 follows:

                                  2006          2005           2004
                                  ----          ----           ----

Balance at beginning of year   $ 8,660,954      8,620,133    24,128,875
Additions                          477,505         40,281            --
Dispositions (5)                (6,884,221)            --   (15,508,742)
                               -----------    -----------   -----------

Balance at end of year         $ 2,254,238      8,660,954     8,620,133
                               ===========    ===========   ===========

(3)      A reconciliation of accumulated depreciation for the years ended
         December 31, 2006, 2005 and 2004 is as follows:

                                  2006          2005            2004
                                  ----          ----            ----

Balance at beginning of year   $ 2,769,662      2,769,662     9,078,199
Dispositions (5)                (1,733,561)            --    (6,308,537)
                               -----------    -----------   -----------

Balance at end of year (4)     $ 1,036,101      2,769,662     2,769,662
                               ===========    ===========   ===========

(4)      Balance applies entirely to buildings and improvements.

(5)      Sale of Transit Road land in Amherst, New York and two of three
         buildings at Office Park known as Commercial Park West in Durham, North
         Carolina in 2006.












                                      F-16