FORM 10-K

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
(Mark One)

     (X)  ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF
          THE SECURITIES EXCHANGE ACT OF 1934 (FEE REQUIRED)
 
                  For the Fiscal Year Ended December 31, 1996

     ( )  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D)
          OF THE SECURITIES EXCHANGE ACT OF 1934.  (NO FEE
          REQUIRED)

                         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
Suite 21-B
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 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. Yes X  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)


                       DOCUMENTS INCORPORATED BY REFERENCE
        See Item 14 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 1985, 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  limited
partners.  As of December  31, 1996,  the  Partnership  owned six (6)  apartment
complexes totaling 972 units, a 65,334 square foot office/warehouse  building in
Nashville,  Tennessee,  a 115,021  square foot office  complex in Durham,  North
Carolina,  and a 50% interest in a joint venture in an office/warehouse  complex
in Amherst,  New York. The Partnership also owns a 50% joint venture interest in
another office/warehouse complex in Amherst, New York.

     The business of the  Partnership is not seasonal.  As of December 31, 1996,
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,  1996 were  employees  of the  Corporate  General  Partner  or its
affiliates.

     The  Partnership's  objectives  are to (1) provide a return of capital plus
capital gains from the sale of appreciated properties; (2) provide partners with
cash distributions until properties are sold; (3) preserve and protect partners'
capital and (4) achieve a build-up of equity  through the  reduction of mortgage
loans.

     The occupancy  for each complex as of December 31, 1996,  1995 and 1994 was
as follows:

                                           1996        1995       1994
                                           ----        ----       ----

Williamsburg North                          88%        92 %       92 %
Fountains                                   89%        97 %       96 %
Camelot                                     97%        98 %       98 %
O'Hara                                      92%        95 %       95 %
Wayne Estates                               93%        96 %       96 %
Jackson Park                                97%        99 %       98 %
The Paddock                                 89%        100 %      90 %
Commercial Park West                        99%        98 %       97 %



                                       2

<PAGE>


     The percentage of total Partnership  revenue generated from each complex as
of December 31, 1996, 1995 and 1994 was as follows:

                                           1996        1995       1994
                                           ----        ----       ----

Williamsburg North                          14%        14 %       14 %
Fountains                                   17%        17 %       17 %
Camelot                                     18%        18 %       18 %
O'Hara                                       7%         7 %        7 %
Wayne Estates                               12%        12 %       12 %
Jackson Park                                 8%         8 %        8 %
The Paddock                                  5%         5 %        5 %
Commercial Park West                        19%        19 %       19 %



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

The  following  is a  list  of  residential  apartment  complexes  owned  by the
Partnership at December 31, 1996:

<TABLE>
<CAPTION>

Property Name
  and Location             General Character of Property                     Purchase Date
  ------------             -----------------------------                     -------------
<S>                        <C>                                               <C>   
Williamsburg North Apts.   Apartment complex; 16 buildings on 10 acres.      December 1987
  Columbus, IN             192 units.  The outstanding mortgage balance
                           at  December   31,   1996  was   $1,846,372,
                           maturing July 1997, with monthly payments of
                           $18,213, including interest at 10.445%.

The Fountains Apts.        Apartment complex; 10 buildings on 20 acres.      February 1988
  Westchester, OH          215 units.  The mortgage has an outstanding
                           balance of  $3,454,767  at December 31, 1996
                           and calls for  monthly  payments of $32,829,
                           including  interest at 9.815%.  The mortgage
                           was  originally  due  February  1, 1997;  no
                           extension has been made, and the mortgage is
                           payable on demand.

Camelot East Apts.         Apartment complex; 23 buildings on 6 acres;       May 1988
  Louisville, KY           205 units.

O'Hara Apts.               Apartment complex; 12 buildings on 9 acres;       June 1988
  Greenville, SC           100 units.

Wayne Estates Apts.        Apartment complex; 17 buildings on 10 acres;      July 1988
  Huber Heights, OH        158 units.









                                       3

<PAGE>


ITEM 2:   PROPERTIES (Con't.)
-------   -------------------

Property Name
  and Location             General Character of Property                     Purchase Date
  ------------             -----------------------------                     -------------

     Camelot East Apartments,  O'Hara  Apartments and Wayne Estates  Apartments  mortgages
were refinanced in 1994 into one mortgage held in the name of Realmark Property  Investors
Limited  Partnership-V.  The  outstanding  mortgage  balance  at  December  31,  1996  was
$8,070,319,  allocated $4,107,792 to Camelot East,  $1,315,463 to O'Hara and $2,647,064 to
Wayne Estates.  The loan matures  October 1998 with monthly  payments of $74,968,  bearing
interest at 10%.

Jackson Park              Apartment complex; 102 units.  The                 April 1989
  Seymour, IN             outstanding mortgage balance at December
                          31, 1996 was  $1,237,578,  maturing  October
                          2000  with  monthly   payments  of  $14,140,
                          including interest at 12.375%.

     The above  apartment  complexes  are being  managed for the  Partnership  by Realmark
Corporation, an affiliate of the General Partner.

     The following is a list of commercial properties owned by the Partnership at December
31, 1996:

The Paddock Building      Office/Warehouse Building; 65,334 square           May 1987
  Nashville, TN           feet.  The property is currently managed by
                          a  third  party.  Realmark  Corporation,  an
                          affiliate of the Corporate  General Partner,
                          closely   monitors   the   operations.   The
                          outstanding mortgage balance at December 31,
                          1996 was $1,690,505.  The mortgage  provides
                          for monthly  payments  of $18,301  including
                          interest at 8.75% and matures June 1998.  In
                          addition,  a $180,000,  10% demand note with
                          monthly interest payments of $1,500.

Commercial Park West      Office complex; 3 buildings totaling               June 1991
  Durham, NC              115,021 square feet.  The property is
                          managed  by a  third  party,  with  Realmark
                          Corporation,  an affiliate of the  Corporate
                          General  Partner,   closely  monitoring  the
                          operations. The outstanding mortgage balance
                          at   December   31,   1996  was   $4,858,051
                          providing for annual  principal and interest
                          payments of $516,012  including  interest at
                          10%. The mortgage matures June 2001.
















                                            4

<PAGE>


ITEM 2:   PROPERTIES (Con't.)
-------   -------------------

Property Name
  and Location           General Character of Property                       Purchase Date
  ------------           -----------------------------                       -------------

Inducon - East           Office/warehouse complex; 6 buildings on            April 1987
  Joint Venture          15 acres; approximately 150,000 sq. ft of
  Amherst, NY            rentable space.  The venture has three bonds
                         payable   in  the   amount  of   $2,931,564,
                         $684,859 and $2,975,000 at December 31, 1996
                         with  interest at 10.25%,  10.25% and 9.45%,
                         respectively.  These bonds  mature  November
                         1999,   November  1999  and  December  1999,
                         respectively.  The  Partnership  holds a 50%
                         joint venture interest.

Inducon - East Phase III The development consists of one 25,200 sq. ft.     September 1992
  Joint Venture          building on 4.2 acres of land.  Additionally,
  Amherst, NY            construction on a second building measuring
                         approximately 21,300 sq. ft. was completed
                         in 1996.  The Venture has a demand loan
                         with an outstanding balance of $622,077 at
                         December 31, 1996, providing for monthly principal
                         and interest payments of $14,888 at a rate of prime
                         plus 1.5% with a five year amortization.  The
                         Partnership holds a 50% joint venture interest.
</TABLE>


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

     The Partnership is not a party to, nor is any of the Partnership's property
the subject of, any material pending legal proceedings.


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

     None.

 














                                           5

<PAGE>


                                          PART II

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

     There is currently no  established  trading market for the units of Limited
Partnership  Interest of the Partnership and it is not anticipated that any will
develop in the future.

     There were no  Partnership  distributions  for the years ended December 31,
1996 and 1995.  Partnership  distributions  for the year ended December 31, 1994
totaled $108,268 or $5.00 per limited partnership unit.

     As of  December  31,  1996,  there  were 2,264  record  holders of units of
Limited Partnership Interest.



































                                            6

<PAGE>

ITEM 6:  SELECTED FINANCIAL DATA

<TABLE>
<CAPTION>
                                       Realmark Properties Investors Limited Partnership-V

                             Year Ended      Year Ended      Year Ended      Year Ended      Year Ended
                            Dec. 31, 1996   Dec. 31, 1995   Dec. 31, 1994   Dec. 31, 1993   Dec. 31, 1992
                            -------------   -------------   -------------   -------------   -------------
<S>                          <C>             <C>             <C>             <C>             <C>         
Total assets                 $ 26,050,643    $ 27,477,303    $ 29,432,301    $ 29,925,512    $ 31,709,073
                             ============    ============    ============    ============    ============

Notes payable and
  long-term obligations      $ 21,337,592    $ 21,606,473    $ 21,918,069    $ 21,165,091    $ 21,440,659
                             ============    ============    ============    ============    ============
_________________________________________________________________________________________________________

Revenue                      $  7,012,767    $  7,213,894    $  6,799,739    $  6,309,766    $  6,026,205

Expenses                        7,919,987       8,782,511       7,745,256       7,115,460       7,057,069
                             ------------    ------------    ------------    ------------    ------------

Loss before allocated
  loss from joint ventures       (907,220)     (1,568,617)       (945,517)       (805,694)     (1,030,864)

Loss from Joint Ventures         (354,921)       (394,263)       (338,372)       (280,969)       (309,681)
                             ------------    ------------    ------------    ------------    ------------

Net loss                     ($ 1,262,141)   ($ 1,962,880)   ($ 1,283,889)   ($ 1,086,663)   ($ 1,340,545)
                             ============    ============    ============    ============    ============
_________________________________________________________________________________________________________

Net cash provided by
  operating activities       $    825,354    $    402,933    $     81,380    $    689,790    $    584,815

Principal payments on
  long-term debt net of
  proceeds from debt
  financing                      (268,881)       (311,596)        752,978        (275,568)       (143,808)
                             ------------    ------------    ------------    ------------    ------------

Net cash provided by
  operating activities
  less principal
  payments on
  long-term debt             $    556,473    $     91,337    $    834,358    $    414,222    $    441,007
                             ============    ============    ============    ============    ============
_________________________________________________________________________________________________________

Loss per limited
  partnership unit           ($     58.29)   ($     90.65)   ($     59.30)   ($     50.19)   ($     61.91)
                             ============    ============    ============    ============    ============

Distributions per limited
  partnership unit           $       --      $       --      $       5.00    $      18.75    $      15.00
                             ============    ============    ============    ============    ============

Weighted average number
  of limited partnership
  units outstanding              21,002.8        21,002.8        21,002.8        21,002.8        21,002.8
                             ============    ============    ============    ============    ============

</TABLE>








                                        7

<PAGE>

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

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

     The  Partnership  had success  during the year ended  December  31, 1996 in
controlling expenses, the result of which can be seen in the almost 36% decrease
in the  loss for the  year.  Occupancy  levels  decreased  through  much of 1996
causing a decrease in revenues,  but  management  feels  confident that with the
improvements being made to the properties,  as well as those planned,  that this
situation  will  turn  around in the  coming  year.  Cash  flow from  operations
improved significantly over that of the two previous years; this additional cash
flow is  being  used to  fund  capital  improvements  at the  properties  in the
partnership.

     Management has implemented corrective action plans in response to the going
concern  considerations  discussed  in  Note  13 to  the  financial  statements.
Management is attempting to refinance some properties in this  Partnership,  and
is close to  finalizing a deal as of the date of this writing.  The  refinancing
will  also  improve  cash flow in the  Partnership.  Management  feels  that the
refinancing  of several  properties in the  Partnership  and/or the sale of such
properties will affect the future viability of the Partnership.

     Management  also has  plans to  improve  the  financial  operations  of the
Partnership  through tighter cash management by way of the closer  monitoring of
expenses such as payroll, advertising and maintenance, which have typically been
the expenses that have increased from year to year. Additionally, tighter credit
policies have been put into place as a means of avoiding the collection problems
which the properties incurred during the past several years.

     Accounts  receivable - affiliates  totaled $17,233 and $147,846 at December
31, 1996 and 1995,  respectively.  The outstanding  balance is in the process of
being reimbursed.

     The Partnership  made no distributions in the years ended December 31, 1996
and 1995.  Management  hopes to make a  distribution  in the coming year, but at
this date, all available  cash is being utilized to fund necessary  improvements
to the properties.


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

     For the year ended December 31, 1996, the  Partnership  incurred a net loss
of $1,262,141 or $58.29 per limited  partnership  unit. This is a large decrease
from the year ended December 31, 1995 when the loss incurred totaled  $1,962,880
or $90.65 per  limited  partnership  unit,  and it is more in line with the loss
which  resulted in 1994 totaling  $1,283,889  or $59.30 per limited  partnership
unit.

     Partnership   revenues  for  the  year  ended  December  31,  1996  totaled
$7,012,767,  consisting of rental income of $6,661,327  and other income,  which
includes interest,  laundry income, and other miscellaneous sources of income of
$351,440.  The decrease in rental  revenue from that of the previous year is the
result of decreasing  occupancies at several of the residential complexes in the
Partnership,  such as  Williamsburg  North  and The  Fountains;  occupancy  also
dropped  at The  Paddock,  which was 100%  occupied  as of  December  31,  1995.
Commercial  Park West,  Camelot East and Jackson Park were three of the stronger
performers  at the end of 1996.  In order to limit  vacancies  and improve  cash
collections,  management  continues to offer  incentive  programs,  such as free
months rent or discounted  rents for signed leases.  Even when such a program is
successful,  however,  it does result in a short-term decrease in revenues until
full rent is paid.  Rental revenues in the year ended December 31, 1995 amounted
to $6,826,595 and in the year ended December 31, 1994 totaled $6,478,373.

                                        8

<PAGE>

ITEM 7:   MANAGEMENT'S DISCUSSION AND ANALYSIS OF
-------   ---------------------------------------
          FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Con't.)
          ------------------------------------------------------

Results of Operations (Con't.):
-------------------------------

     Partnership   expenses  for  the  year  ended  December  31,  1996  totaled
$7,919,987, a considerable decrease over the expenses of the year ended December
31, 1995 which were  $8,782,511,  yet a slight increase over those of 1994 which
totaled $7,745,256.  The decrease can be attributed to lower property operations
costs  and  administrative  costs  paid  to  affiliates  incurred  during  1996.
Throughout  the year,  decreases  were seen in  payroll  and  associated  costs,
repairs and  maintenance  expenses  and  contracted  services.  Additionally,  a
decrease in accounting and portfolio management expenses was responsible for the
decline in  administrative  costs paid to affiliates.  Management has focused on
closely monitoring expenses and identifying ways of controlling and cutting them
through utility savings  devices,  increasing  in-house  maintenance  work, etc.
Other expenses remained fairly constant as compared to the previous year.

     The  Partnership  expects  to incur  slightly  higher  property  operations
expenses  in the coming  year due to the costs  associated  with  preparing  the
residential  units for new  tenants  (i.e.  cleaning,  painting,  appliance  and
carpeting  costs).  Although this work is necessary in order to increase  rental
revenue(s)  generated,  management  continues to keep in mind that  expenditures
must be closely monitored so as not to hurt the cash flow from operations of the
Partnership.  One  means of  controlling  such  expenses  has been  management's
success at obtaining  large price  discounts on paint,  carpeting and appliances
through negotiations with large national companies such as Whirlpool.

     Inducon - East Joint Venture  generated a net loss of $328,299 for the year
ended  December  31, 1996 as  compared  to the loss which  resulted in the years
ended  December 31, 1995 and 1994 of $439,442  and  $413,223,  respectively.  In
accordance  with the joint  venture  agreement,  95% of the income or losses are
passed through to the Partnership and the remaining 5% is allocated to the other
joint venture partner.

     Inducon - East Phase III Joint Venture  generated a net loss of $45,302 for
the year ended December 31, 1996 as compared to the income which resulted in the
years ended December 31, 1995 and 1994 of $24,428 and $57,042,  respectively. In
accordance  with the joint  venture  agreement,  95% of the income or losses are
passed through to the Partnership and the remaining 5% is allocated to the other
joint venture partner.

     For the year ended  December 31,  1996,  the tax basis loss was $721,465 or
$33.32 per limited  partnership  unit  compared to a tax loss of  $1,412,223  or
$65.22  per  unit  for the  year  ended  December  31,  1995  and a tax  loss of
$1,073,110 or $49.56 per limited  partnership  unit for the year ended  December
31, 1994.


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

     Listed under Item 14 of the report.


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

     None.

                                        9

<PAGE>
                                    PART III

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

     The Partnership, as an entity, does not have any directors or officers. The
Individual General Partner of the Partnership is Joseph M. Jayson. The directors
and executive officers of Realmark Properties, Inc., the Partnership's Corporate
General Partner, as of March 1, 1997, are listed below. Each director is subject
to election on an annual basis.

                            Title of All Positions                Year First
Name                        Held With the Company             Elected Director
----                        ---------------------             ----------------

Joseph M. Jayson             President and Director                   1979

Judith P. Jayson             Vice President and Director              1979

Michael J. Colmerauer        Secretary


     Joseph M. Jayson,  President and Director of Realmark Properties,  Inc. and
Judith P. Jayson, Vice President and Director of Realmark Properties,  Inc., 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 58, is Chairman and Director and sole stockholder of
J.M.  Jayson  &  Company,   Inc.  and  certain  of  its  affiliated   companies:
Westmoreland   Capital   Corporation,   Oilmark   Corporation  and  U.S.  Energy
Development  Corporation.  In addition,  Mr. Jayson is President and Director of
Realmark Corporation and Realmark Properties, Inc., wholly owned subsidiaries of
J.M.  Jayson &  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  is a member of the
Investment Advisory Board of the Corporate General Partner.  Mr. Jayson has been
engaged  in real  estate  business  for the  last 34  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 34 years been engaged in various aspects
of real estate brokerage  investment.  He brokered  residential  properties from
1962 to 1964,  commercial  and investment  properties  from 1964 to 1967, and in
1967, left commercial  real estate to form his own investment  firm.  Since that
time, Mr. Jayson and J.M. Jayson & Company, Inc. have formed, or participated in
various ways, in forming over 30 real estate related limited  partnerships.  For
the past  sixteen  years,  Mr.  Jayson and J.M.  Jayson & Company,  Inc.  and an
affiliate have also engaged in developmental drilling for gas and oil.

                                       10

<PAGE>

ITEM 10:  DIRECTORS AND EXECUTIVE OFFICERS OF THE
--------  ---------------------------------------
          REGISTRANT. (Con't.)
          --------------------
  
     Judith P.  Jayson,  age 57, is  currently  Vice-President  and  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.  Mrs. Jayson is the wife of
Joseph M. Jayson, the Individual General Partner.

     Michael J. Colmerauer, 39, is Secretary and in-house legal counsel for J.M.
Jayson & Company,  Inc., Realmark  Corporation,  Realmark  Properties,  Inc. and
other companies  affiliated with the General Partners.  He received a Bachelor's
Degree (BA) from Canisius  College in 1980 and a Juris  Doctors  (J.D.) from the
University of Tulsa in 1983. Mr. Colmerauer is a member of the American and Erie
County Bar  Association  and has been  employed by the Jayson group of companies
for the last 13 years.



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) for its fiscal years ended
December 31, 1996, 1995 or 1994; 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 years ended December 31, 1996,
1995 or 1994.





















                                       11

<PAGE>

ITEM 11:  EXECUTIVE COMPENSATION. (Con't.)
--------  --------------------------------

     The following  table sets forth for the years ended December 31, 1996, 1995
and 1994 the compensation  paid by the Partnership,  directly or indirectly,  to
affiliates of the General Partners:

<TABLE>
<CAPTION>
  Entity Receiving                     Type of
      Compensation                  Compensation           1996           1995           1994
      ------------                  ------------           ----           ----           ----
<S>                                                     <C>           <C>           <C>       
US Capital Corp.             Refinancing services       $    -        $    18,311   $   82,500
                                                        ----------   ------------   ----------
(An affiliate of the
General Partners)

Realmark Properties, Inc.
(The Corporate
General Partner)             Partner distributions           -            -              3,248
                                                        ----------   ------------   ----------

                             Reimbursement for
                             allocated partnership
                             administration expenses:
                               Investor Services Fees       12,699         10,116       29,568
                               Brokerage                    34,571         22,255       37,309
                               Portfolio Management
                                 & Accounting Fees         271,526        501,531      344,723

                             Partnership Mgmt. Fees         56,100         31,969       33,150

Realmark Corporation         Property Management Fees      365,877        492,487      358,202
                             Computer Service Fees          20,592         20,592       19,986
                                                        ----------   ------------   ----------
                                                           761,365      1,078,950      822,938
                                                        ----------   ------------   ----------

                             Total                      $  761,365   $  1,097,261   $  908,686
                                                        ==========   ============   ==========
</TABLE>
                               INSERT COMPENSATION

     The  Corporate  General  Partner is  entitled to a  continuing  Partnership
Management  Fee  equal  to 7% of net cash  flow as  defined  in the  Partnership
Agreement.  The General Partners are also entitled to 3% of Distributable  Cash,
as defined in the  Partnership  Agreement (no such amounts were  distributed for
the years ended  December 31, 1996 and 1995;  this amount totaled $3,248 for the
year ended December 31, 1994) and to certain expense reimbursements with respect
to Partnership operations.

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

     Since the conditions  described above have not been met, no disposition fee
was paid or accrued on the sale of Pelham East.

     The General  Partners may also be entitled to 13% of any remaining  sale or
refinancing  proceeds  after  payments to the Limited  Partners  pursuant to the
terms outlined in the Partnership Agreement.


                                       13

<PAGE>

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

     No person owns of record or beneficially more than five percent (5%) of the
units of Limited Partnership Interest of the Partnership.  The General Partners,
as of December 31, 1996, owned three (3) units of Limited Partnership Interest.



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

     No transactions  have occurred between the Partnership and the officers and
directors of Realmark Properties,  Inc. All transactions between the Partnership
and Realmark  Properties,  Inc. (the  Corporate  General  Partner) and any other
affiliated organization are described in Item 11 of this report and in Note 4 to
the Financial Statements.














































                                       13

<PAGE>


ITEM 14:  EXHIBITS, FINANCIAL STATEMENTS, SCHEDULES AND
--------  ---------------------------------------------
          REPORTS ON FORM 8-K.
          --------------------

     (a)  Financial Statements and Schedules.
          -----------------------------------

          FINANCIAL STATEMENTS                                             PAGE
          --------------------                                             ----

          (i)   Independent Auditors' Report                                15

          (ii)  Balance Sheets at December 31, 1996 and 1995                16

          (iii) Statements of Operations for the years ended
                 December 31, 1996, 1995 and 1994                           17

          (iv)  Statements of Partners' Capital (Deficit) for the
                 years ended December 31, 1996, 1995 and 1994               18

          (v)   Statements of Cash Flows for the years ended
                 December 31, 1996, 1995 and 1994                           19

          (vi)  Notes to Financial Statements                            20 - 34

          FINANCIAL STATEMENT SCHEDULES
          -----------------------------

          (i)  Schedule III - Real Estate and Accumulated Depreciation   35 - 36

          (ii) Schedule IV - Mortgage Loans on Real Estate                 37

     All other  schedules  are omitted  because they are not  applicable  or the
required information is shown in the financial statements or the notes thereto.

     (b)  Reports on Form 8-K
          -------------------

               None

     (c)  Exhibits
          --------

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

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

               (c)  Partnership   Agreement   included  with  the   Registration
                    Statement  of the  Registrant  as filed and amended to date,
                    incorporated herein by reference.

               (b)  Joint  Venture  Agreements  as filed  and  amended  to date,
                    incorporated herein by reference.

                                       14

<PAGE>


INDEPENDENT AUDITORS' REPORT


The Partners
Realmark Property Investors Limited Partnership-V

We have audited the accompanying  balance sheets of Realmark Property  Investors
Limited  Partnership-V  as of  December  31,  1996  and  1995,  and the  related
statements of operations,  partners' capital (deficit),  and cash flows for each
of the three  years in the period  ended  December  31,  1996.  Our audits  also
included the financial statement schedules listed in the index at Item 14. These
financial statements and financial statement schedules are the responsibility of
the  General  Partners.  Our  responsibility  is to  express  an  opinion on the
financial statements and the financial statement schedules based on our audits.

We  conducted  our  audits  in  accordance  with  generally   accepted  auditing
standards. Those standards require that we plan and perform the audits to obtain
reasonable assurance about whether the financial statements are free of material
misstatement.  An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements.  An audit also includes
assessing the accounting  principles used and significant  estimates made by the
General  Partners,  as  well  as  evaluating  the  overall  financial  statement
presentation.  We believe  that our audits  provide a  reasonable  basis for our
opinion.

In our  opinion,  such  financial  statements  present  fairly,  in all material
respects,   the  financial  position  of  Realmark  Property  Investors  Limited
Partnership-V  at December  31, 1996 and 1995 and the results of its  operations
and its cash flows for each of the three years in the period ended  December 31,
1996 in conformity with generally accepted accounting  principles.  Also, in our
opinion, such financial statement schedules,  when considered in relation to the
basic  financial  statements  taken as a whole,  present  fairly in all material
respects the information set forth therein.

The  accompanying  financial  statements  have been  prepared  assuming that the
Partnership  will  continue as a going  concern.  As discussed in Note 13 to the
financial statements, the Partnership has two mortgages due in 1997 which raises
substantial doubt about its ability to continue as a going concern. Management's
plans  concerning  these  matters are also  described in Note 13. The  financial
statements do not include any adjustments  that might result from the outcome of
this uncertainty.




DELOITTE & TOUCHE, LLP
Buffalo, New York
April 4, 1997
















                                       15

<PAGE>

                REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP-V
                                 BALANCE SHEETS
                           DECEMBER 31, 1996 AND 1995
<TABLE>
<CAPTION>

Assets                                                               1996            1995
------                                                           ------------    ------------
<S>                                                              <C>             <C>    
Property, at cost:
  Land                                                           $  2,221,900    $  2,221,900
  Buildings                                                        29,491,904      29,191,450
  Furniture, fixtures and equipment                                 2,430,000       2,430,000
                                                                 ------------    ------------
                                                                   34,143,804      33,843,350
  Less accumulated depreciation                                    12,087,478      10,689,782
                                                                 ------------    ------------
      Property, net                                                22,056,326      23,153,568

Investments in real estate joint ventures                           1,939,576       2,294,497

Investment in land                                                    373,282         373,282

Cash                                                                  800,741         453,883
Accounts receivable, net of allowance for doubtful accounts of
  $541,099 and $377,812 in 1996 and 1995, respectively                 19,588          51,596
Accounts receivable - affiliates                                       17,233         147,846
Mortgage escrow                                                       483,107         574,577
Mortgage costs, net of accumulated amortization
  of $364,296 and $259,823 in 1996 and 1995, respectively             230,581         295,280
Other assets                                                          130,209         132,774
                                                                 ------------    ------------

           Total Assets                                          $ 26,050,643    $ 27,477,303
                                                                 ============    ============

Liabilities and Partners' Capital
---------------------------------

Liabilities:
  Mortgages and note payable                                     $ 21,337,592    $ 21,606,473
  Accounts payable and accrued expenses                               874,387         769,432
  Interest payable                                                    177,135         179,518
  Security deposits and prepaid rents                                 366,976         365,186
                                                                 ------------    ------------
           Total Liabilities                                       22,756,090      22,920,609
                                                                 ------------    ------------

Partners' capital (deficit):
  General partners                                                   (459,529)       (421,665)
  Limited partners                                                  3,754,082       4,978,359
                                                                 ------------    ------------
           Total Partners' Capital                                  3,294,553       4,556,694
                                                                 ------------    ------------

           Total Liabilities and Partners' Capital               $ 26,050,643    $ 27,477,303
                                                                 ============    ============
</TABLE>





                        See notes to financial statements
  
                                       16

<PAGE>

                REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP-V
                            STATEMENTS OF OPERATIONS
              FOR THE YEARS ENDED DECEMBER 31, 1996, 1995 AND 1994
<TABLE>
<CAPTION>

                                                     1996           1995           1994
                                                 -----------    -----------    -----------
<S>                                              <C>            <C>            <C>   
Income:
  Rental                                         $ 6,661,327    $ 6,826,595    $ 6,478,373
  Interest and other                                 351,440        387,299        321,366
                                                 -----------    -----------    -----------
  Total income                                     7,012,767      7,213,894      6,799,739
                                                 -----------    -----------    -----------

Expenses:
  Property operations                              2,994,570      3,528,715      2,842,609
  Interest                                         2,160,419      2,153,643      2,127,202
  Depreciation and amortization                    1,533,249      1,545,222      1,611,670
  Administrative:
    Paid to affiliates                               761,365      1,078,950        822,938
    Other                                            470,384        475,981        340,837
                                                 -----------    -----------    -----------
  Total expenses                                   7,919,987      8,782,511      7,745,256
                                                 -----------    -----------    -----------

Loss before allocated loss from joint venture       (907,220)    (1,568,617)      (945,517)

Allocated loss from joint ventures                  (354,921)      (394,263)      (338,372)
                                                 -----------    -----------    -----------

Net loss                                         ($1,262,141)   ($1,962,880)   ($1,283,889)
                                                 ===========    ===========    ===========

Loss per limited partnership unit                ($    58.29)   ($    90.65)   ($    59.30)
                                                 ===========    ===========    ===========


Distributions per limited partnership unit       $      --      $      --      $      5.00
                                                 ===========    ===========    ===========

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






                        See notes to financial statements













                                       17

<PAGE>

                REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP-V
                    STATEMENTS OF PARTNERS' CAPITAL (DEFICIT)
              FOR THE YEARS ENDED DECEMBER 31, 1996, 1995 AND 1994


                                         General           Limited Partners  
                                         Partners          ----------------     
                                          Amount          Units        Amount
                                          ------          -----        ------

Balance, January 1, 1994              ($  321,014)       21,002.8   $ 8,232,745

Distributions to Partners                  (3,248)         --          (105,020)

Net loss                                  (38,517)         --        (1,245,372)
                                      -----------      --------     -----------

Balance, December 31, 1994               (362,779)       21,002.8     6,882,353

Net loss                                  (58,886)         --        (1,903,994)
                                      -----------      --------     -----------

Balance, December 31, 1995               (421,665)       21,002.8     4,978,359

Net loss                                  (37,864)         --        (1,224,277)
                                      -----------      --------     -----------

Balance, December 31, 1996            ($  459,529)       21,002.8   $ 3,754,082
                                      ===========      ========     ===========






                         See notes to financial statements





























                                       18

<PAGE>

                REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP-V
                            STATEMENTS OF CASH FLOWS
              FOR THE YEARS ENDED DECEMBER 31, 1996, 1995 AND 1994
<TABLE>
<CAPTION>
                                                             1996           1995           1994
                                                          -----------    -----------    -----------
<S>                                                       <C>            <C>            <C>    
Cash Flows from operating activities:
  Net loss                                                ($1,262,141)   ($1,962,880)   ($1,283,889)
  Adjustments to reconcile net loss to net cash
    provided by operating activities:
    Depreciation and amortization                           1,533,249      1,545,222      1,611,670
    Net loss from joint ventures                              354,921        394,263        338,372
  Changes in operating assets and liabilities:
    Accounts receivable                                        32,008         63,131        (20,844)
    Mortgage escrow                                            91,470         42,261       (438,107)
    Other assets                                              (28,516)         1,458       (271,790)
    Accounts payable and accrued expenses                     104,956        338,081         10,401
    Interest payable                                           (2,383)        (2,079)         8,388
    Security deposits and prepaid rents                         1,790        (16,524)       127,179
                                                          -----------    -----------    -----------
Net cash provided by operating activities:                    825,354        402,933         81,380
                                                          -----------    -----------    -----------

Cash flows from investing activities:
  Accounts receivable - affiliates                            130,613          1,087         50,493
  Property acquisitions                                      (300,454)       (83,610)      (306,971)
  Proceeds from note receivable                                  --          250,000           --
  Contributions to joint venture (net of distributions)          --             --         (472,082)
                                                          -----------    -----------    -----------
Net cash (used in) provided by investing activities          (169,841)       167,477       (728,560)
                                                          -----------    -----------    -----------

Cash flows from financing activities:
  Distributions to partners                                      --             --         (108,268)
  Principal payments on mortgages                            (268,881)      (311,596)    (7,497,022)
  Mortgage costs related to refinancing                       (39,774)       (31,144)       (54,739)
  Mortgage proceeds                                              --             --        8,250,000
                                                          -----------    -----------    -----------
Net cash (used in) provided by financing activities          (308,655)      (342,740)       589,971
                                                          -----------    -----------    -----------

Net increase (decrease) in cash                               346,858        227,670        (57,209)

Cash - beginning of year                                      453,883        226,213        283,422
                                                          -----------    -----------    -----------

Cash - end of year                                        $   800,741    $   453,883    $   226,213
                                                          ===========    ===========    ===========
</TABLE>






                        See notes to financial statements







                                        19


<PAGE>

                REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP-V
                          NOTES TO FINANCIAL STATEMENTS
              FOR THE YEARS ENDED DECEMBER 31, 1996, 1995 AND 1994



1.   FORMATION AND OPERATION OF PARTNERSHIP:
     ---------------------------------------

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

     In July 1986,  the  Partnership  commenced the public  offering of units of
limited partnership  interest.  Other than matters relating to organization,  it
had no business  activities and,  accordingly,  had not incurred any expenses or
earned any income  until the first  interim  closing  (minimum  closing)  of the
offering,  which  occurred on December 5, 1986.  All items of income and expense
arose  subsequent  to this date.  As of December  31,  1987,  20,999.8  units of
limited partnership  interest were sold and outstanding,  excluding 3 units held
by an affiliate of the General Partners.  The offering terminated on October 31,
1987 with gross  offering  proceeds of  $20,999,800.  The General  Partners  are
Realmark Properties,  Inc., the Corporate General Partner, and Joseph M. Jayson,
the Individual General Partner. Joseph M. Jayson 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 (See Note 4).

     The  partnership  agreement  also  provides  that  distribution  of  funds,
revenues,  costs and expenses arising from partnership activities,  exclusive of
any sale or  refinancing  activities,  are to be  allocated  97% to the  limited
partners and 3% to the general partners.

     Net income or loss and proceeds arising from a sale or refinancing shall be
distributed  first to the limited partners in amounts  equivalent to a 7% return
on the average of their adjusted capital contributions,  then an amount equal to
their  capital  contributions,  then an amount equal to an  additional 5% of the
average of their  adjusted  capital  contributions  after the corporate  general
partner  receives a 2.75% property  disposition  fee, then to all partners in an
amount equal to their respective  positive capital balances and, finally, in the
ratio of 87% to the limited partners and 13% to the general partners.



















                                       20

<PAGE>


                 REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP-V
                           NOTES TO FINANCIAL STATEMENTS
                FOR THE YEARS ENDED DECEMBER 31, 1996, 1995 AND 1994
                                    (Continued)

2.   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
     -------------------------------------------

     (a)  Use of Estimates
          ----------------

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

     (b)  Property and Depreciation
          -------------------------

     Depreciation is provided using the straight-line  method over the estimated
useful lives of the  respective  assets and totaled  $1,397,696,  $1,419,825 and
$1,498,519 for the years ended December 31, 1996,  1995 and 1994,  respectively.
The estimated useful lives of the Partnership's assets range from 5 to 25 years.
Expenditures  for  maintenance  and repairs  are  expensed  as  incurred;  major
renewals and betterments are  capitalized.  The Accelerated Cost Recovery System
and Modified Accelerated Cost Recovery System are used to calculate depreciation
expense for tax purposes.

     (c)  Rental Income
          -------------

     Leases  for  residential  properties  have  terms  of  one  year  or  less.
Commercial  leases  have  terms  of from  one to six  years.  Rental  income  is
recognized on the straight line method over the term of the lease.

     (d)  Investments in Real Estate Joint Ventures
          -----------------------------------------

     The  investments  in real estate joint  ventures are  accounted  for on the
equity method.

     (e)  Cash
          ----

     For purposes of reporting  cash flows,  cash includes the following  items:
cash on hand; cash in checking; and money market savings.

     (f)  Mortgage Costs
          --------------

     Mortgage costs incurred in obtaining  property mortgage financing have been
deferred and are being amortized over the terms of the respective mortgages.












                                       21

<PAGE>


                REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP-V
                          NOTES TO FINANCIAL STATEMENTS
              FOR THE YEARS ENDED DECEMBER 31, 1996, 1995 AND 1994
                                   (Continued)


3.   ACQUISITION AND DISPOSITIONS OF RENTAL PROPERTY:
     ------------------------------------------------

     In April 1987,  the  Partnership  acquired a 50% interest in Inducon - East
Joint Venture, a 150,000 square foot  office/warehouse  located in Amherst,  New
York. The Partnership contributed $2,414,592 of capital to the joint venture.

     In May 1987, the Partnership  acquired a 65,334 square foot office building
(the Paddock Building) located in Nashville,  Tennessee, for a purchase price of
$3,163,324, which included $148,683 in acquisition fees.

     In December 1987,  the  Partnership  acquired a 192 unit apartment  complex
(Williamsburg  North)  located in  Columbus,  Indiana  for a  purchase  price of
$3,525,692, which included $285,369 in acquisition fees.

     In February 1988,  the  Partnership  acquired a 215 unit apartment  complex
(The Fountains) located in Westchester, Ohio for a purchase price of $5,293,068,
which included $330,155 in acquisition fees.

     In May 1988, the Partnership  acquired a 100 unit apartment complex (Pelham
East) located in Greenville, South Carolina, for a purchase price of $2,011,927,
which included $90,216 in acquisition  fees. In March 1990, the Partnership sold
the 100 unit apartment  complex for a sale price of $2,435,000 which generated a
net gain for financial statement purposes of $572,562.

     In May 1988, the Partnership acquired a 205 unit apartment complex (Camelot
East) located in Louisville,  Kentucky for a purchase price of $6,328,363, which
included $362,540 in acquisition fees.

     In June  1988,  the  Partnership  acquired  a 100  unit  apartment  complex
(O'Hara)  located  in  Greenville,  South  Carolina,  for a  purchase  price  of
$2,529,390, which included $498,728 in acquisition fees.

     In July 1988, the Partnership  acquired a 158 unit apartment complex (Wayne
Estates)  located in Huber  Heights,  Ohio,  for a purchase price of $4,250,013,
which included $793,507 in acquisition fees.

     In April  1989,  the  Partnership  acquired  a 102 unit  apartment  complex
(Jackson  Park) located in Seymour,  Indiana for a purchase price of $1,911,585,
which included $111,585 in acquisition fees.

















                                       22

<PAGE>


                  REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP
                           NOTES TO FINANCIAL STATEMENTS
                FOR THE YEARS ENDED DECEMBER 31, 1996, 1995 AND 1994
                                    (Continued)


3.   ACQUISITION AND DISPOSITIONS OF RENTAL PROPERTY (Con't.):
     ---------------------------------------------------------

     In June 1991, the Partnership acquired a 115,021 square foot office complex
(Commercial Park West) located in Durham,  North Carolina,  for a purchase price
of $5,773,633, which included $273,663 in acquisition fees.

     In September  1992,  Inducon East - Phase III Joint Venture (the "Phase III
Venture") was formed  pursuant to an agreement  dated  September 8, 1992 between
the  Partnership and Inducon  Corporation.  The primary purpose of the Phase III
Venture  is  to  acquire  land  and  construct   office/warehouse  buildings  as
income-producing  property.  The  development,  located  in  Amherst,  New York,
consists of 4.2 acres of land and two buildings measuring  approximately  25,200
and 21,300 square feet,  respectively.  As of December 31, 1995,  both buildings
had been fully constructed and placed in service.

4.   RELATED PARTY TRANSACTIONS:
     ---------------------------

     The corporate  general partner and its affiliates earned the following fees
and commissions as provided for in the partnership agreement for the years ended
December 31, 1996, 1995 and 1994:


<TABLE>
<CAPTION>
                                                                      1996           1995          1994
                                                                   -----------    ----------    ----------
<S>                                                               <C>             <C>           <C>    
Refinancing  services  equal to 1% of loan balance
at time service is rendered                                       $      -        $   18,311    $  82,500

Partnership  management  fee - equal  to 7% of the
net cash flow of the partnership as defined in the
partnership agreement                                                  56,100         31,969       33,150

Reimbursement    for   allocated    administrative
expenses   of  the   corporate   general   partner
including  payroll,  legal,  rent,   depreciation,
printing, audit, travel and communications related
to partnership accounting,  partner communications
and property marketing                                                 318,796        533,902     411,600

Computer   service  charges  based  on  number  of
apartment units                                                         20,592         20,592      19,986

Property  management  fees  computed  at 3 - 6% of
gross  monthly   rental   receipts  on  properties
managed                                                                365,877        492,487     358,202
                                                                    ----------    -----------   ---------  
                                                                       761,365      1,078,950     822,938
                                                                    ----------    -----------   ---------
                                                                    $  761,365    $ 1,097,261   $ 905,438
                                                                    ==========    ===========   =========
</TABLE>








                                       23

<PAGE>

                REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP-V
                          NOTES TO FINANCIAL STATEMENTS
              FOR THE YEARS ENDED DECEMBER 31, 1996, 1995 AND 1994
                                   (Continued)


4.   RELATED PARTY TRANSACTIONS (Con't.):
     ------------------------------------

     Partnership  accounting and portfolio  management fees,  investor  services
fees and  brokerage  fees are  allocated  based on total  assets,  the number of
partners,  and number of units,  respectively.  In addition to the above,  other
property  specific  expenses,  such as payroll,  benefits,  etc.  are charged to
property operations on the Statement of Operations.

     The General Partners are also allowed to collect a property disposition fee
upon sale of acquired properties. This fee is not to exceed the lesser of 50% of
amounts  customarily  charged in arm's-length  transactions by others  rendering
similar  services for  comparable  properties  or 2.75% of the sales price.  The
property disposition fee is subordinate to payments to the Limited Partners of a
cumulative  annual return (not compounded) equal to 7% of their average adjusted
capital  balances and to repayment to the Limited Partners of an amount equal to
their original capital  contributions.  Since these  conditions  described above
have not been met,  no  disposition  fees were  paid or  accrued  on the sale of
Pelham East.

     Accounts  receivable  -  affiliates  totaled  $17,233  and  $147,846  as of
December 31, 1996 and 1995, respectively.


5.   INVESTMENT IN LAND:
     -------------------

     The Partnership owns approximately 96 acres of vacant land in Amherst,  New
York.  The  investment  balance of  $373,282  as of  December  31, 1996 and 1995
approximates its fair market value.


6.   MORTGAGES AND NOTE PAYABLE:
     ---------------------------

     The Partnership has the following mortgages and notes payable:

The Paddock Building
--------------------

     An 8.75%  mortgage with a balance of $1,690,505  and $1,764,345 at December
31,  1996 and 1995,  respectively,  which  provides  for  annual  principal  and
interest payments of $219,612 payable in equal monthly installments with a final
payment of $1,589,511  due in June 1998.  Also, a 10% demand note payable with a
balance of $180,000 and $166,787 as of December 31, 1996 and 1995, respectively,
providing for monthly interest payments of $1,500.













                                       24

<PAGE>


                 REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP-V
                           NOTES TO FINANCIAL STATEMENTS
                FOR THE YEARS ENDED DECEMBER 31, 1996, 1995 AND 1994
                                    (Continued)


6.   MORTGAGES AND NOTES PAYABLE (Con't.):
     -------------------------------------

The Williamsburg North Apartments
---------------------------------

     A 10.445%  mortgage with a balance of $1,846,372 and $1,870,673 at December
31,  1996 and 1995,  respectively,  which  provides  for  annual  principal  and
interest payments of $218,556 payable in equal monthly installments with a final
payment of $1,833,241 due on July 1, 1997.

The Fountains Apartments
------------------------

     A 9.815%  mortgage with a balance of $3,454,767  and $3,506,826 at December
31,  1996 and 1995,  respectively,  which  provides  for  annual  principal  and
interest payments of $393,948 payable in equal monthly installments with a final
payment of $3,450,193  due on February 1, 1997. No extension has been made,  and
the mortgage is payable on demand.

Camelot East Apartments, O'Hara Apartments, Wayne Estates Apartments
--------------------------------------------------------------------

     A 10% mortgage with a balance of $8,070,319  and $8,158,075 at December 31,
1996 and 1995, respectively, allocated $4,107,792 to Camelot East, $1,315,463 to
O'Hara and  $2,647,064 to Wayne Estates at December 31, 1996.  The loan provides
for annual principal and interest  payments of $899,616 payable in equal monthly
installments with the remaining balance of $7,894,059 due October 1998.

Jackson Park
------------

     A 12.375%  mortgage  note with a balance of  $1,237,578  and  $1,253,047 at
December 31, 1996 and 1995,  respectively,  which provides for annual  principal
and interest  payments of $169,680 payable in equal monthly  installments with a
final payment of $1,159,223 due on October 1, 2000.

Commercial Park West
--------------------

     A mortgage with a balance of $4,858,051 and $4,886,720 at December 31, 1996
and 1995, respectively.  The mortgage provided for annual principal and interest
payments through June 1996 at a rate of 9.25%. On July 1, 1996, interest changed
to 10%, with annual principal and interest payments of $516,012 payable in equal
monthly installments. The remaining balance of $4,691,234 is due June 2001.

The mortgage  notes are secured by the individual  apartment  complexes to which
they relate.

The Partnership's mortgages and note payable are of a non-recourse nature.









                                       25

<PAGE>


                 REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP-V
                           NOTES TO FINANCIAL STATEMENTS
                FOR THE YEARS ENDED DECEMBER 31, 1996, 1995 AND 1994
                                    (Continued)

6.   MORTGAGES AND NOTES PAYABLE (Con't.):
     -------------------------------------

     The aggregate maturities of mortgages and note payable for each of the next
five years and thereafter are as follows:

   Year                                       Amount

1997                                      $   5,737,559
1998                                          9,608,213
1999                                             60,978
2000                                          1,220,551
2001                                          4,710,291
                                          -------------   
TOTAL                                     $  21,337,592
                                          =============


7.   FAIR VALUE OF FINANCIAL INSTRUMENTS:
     ------------------------------------

     Statement of Financial  Accounting  Standards  No. 107 requires  disclosure
about fair  value of certain  financial  instruments.  The fair  values of cash,
accounts receivable, accounts receivable - affiliates, accounts payable, accrued
expenses  and deposit  liabilities  approximate  the  carrying  value due to the
short-term nature of these instruments.

     Management has estimated  that the fair values of the mortgages  payable on
Williamsburg North Apartments and The Fountains Apartments approximate their
carrying values as they are due and payable in 1997.

     Management  has  estimated  fair  values of the  mortgages  payable  on the
following properties based on currently available rates:

                                                    Approximate       Carrying
Property                                             Fair Value         Value
--------                                             ----------         -----

Camelot East Apartments, O'Hara Apartments,        $  8,345,000    $  8,070,319
   Wayne Estates Apartments                                            
Jackson Park                                          1,395,000       1,237,578
Commercial Park West                                  5,153,000       4,858,051


     The fair value of the mortgage  and note  payable on The Paddock  cannot be
determined because it is uncertain if comparable  estimates could be obtained in
the current market due to  significant  impending  vacancies  anticipated at the
property.















                                       26

<PAGE>


                REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP-V
                          NOTES TO FINANCIAL STATEMENTS
              FOR THE YEARS ENDED DECEMBER 31, 1996, 1995 AND 1994
                                   (Continued)


8.   INCOME TAXES:
     -------------

     No provision has been made for income taxes since the income or loss of the
partnership is to be included in the tax returns of the individual partners.

     The tax  returns  of the  Partnership  are  subject to  examination  by the
Federal and state taxing  authorities.  Under federal and state income tax laws,
regulations and rulings,  certain types of transactions  may be accorded varying
interpretations and, accordingly,  reported Partnership amounts could be changed
as a result of any such examination.

     Partners'  capital as of December 31, 1996,  1995 and 1994,  as reported in
the balance sheet, and as reported for tax return purposes, is as follows:

<TABLE>
<CAPTION>
                                                   1996            1995            1994
                                              ------------    ------------    ------------
<S>                                           <C>             <C>             <C>         
Partners' Capital - Balance Sheet             $  3,294,553    $  4,556,694    $  6,519,574

Add to (deduct from):
  Accumulated difference in depreciation         1,635,883       1,383,929       1,039,080
  Difference in investment in Joint Venture        429,468         316,176         208,758
  Syndication fees                               2,352,797       2,352,797       2,352,797
  Accumulated difference in amortization
    of organization costs                           21,738          21,738          21,738
  Other nondeductible expenses                     434,017         258,583         160,193
                                              ------------    ------------    ------------
Partners' Capital - tax return purposes       $  8,168,456    $  8,889,917    $ 10,302,140
                                              ============    ============    ============

     The  reconciliation of net loss for the years ended December 31, 1996, 1995
and 1994 as reported in the  statement  of  operations,  and as reported for tax
return purposes, is as follows:

                                                   1996            1995            1994
                                              ------------    ------------    ------------
<S>                                           <C>             <C>             <C>  
Net loss -
  Statement of operations                     $ (1,262,141)   $ (1,962,880)   $ (1,283,889)

Add to (deduct from):
  Difference in depreciation                       251,954         344,849         315,683
  Difference in investment in
    joint venture                                  113,292         107,418         105,527
  Other nondeductible expenses                     175,430          98,390        (210,431)
                                              ------------    ------------    ------------  
Net loss - tax return purposes                $   (721,465)   $ (1,412,223)   $ (1,073,110)
                                              ============    ============    ============
</TABLE>







                                       27

<PAGE>

                REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP-V
                          NOTES TO FINANCIAL STATEMENTS
              FOR THE YEARS ENDED DECEMBER 31, 1996, 1995 AND 1994
                                   (Continued)


9.   INVESTMENTS IN JOINT VENTURES
     -----------------------------

     Inducon-East  Joint  Venture  (the  "Venture")  was formed  pursuant  to an
agreement dated April 22, 1987 between the Partnership and Curtlaw  Corporation,
a New York corporation (the  "Corporation").  The primary purpose of the Venture
was to acquire land and construct office/warehouse buildings as income-producing
property.  The development  consists of two parcels of land being  approximately
8.4 acres for Phase I and 6.3 acres for Phase II.  Phase I  consists  of two (2)
buildings  of  approximately  38,000  and 52,000  square  feet,  while  Phase II
consists of four (4) buildings totaling  approximately  75,000 square feet, with
each building being approximately 19,000 square feet. At December 31, 1995, both
buildings  in Phase I and all four  buildings  in  Phase II had been  placed  in
service.

     The Partnership has contributed  capital of $2,744,901 to the Venture.  The
remaining  funds  needed  to  complete  Phase  I came  from  $3,950,000  taxable
industrial  revenue  bonds  which the  Venture  received  in 1989.  The  Venture
completed the  financing of the Phase II project with an  additional  $3,200,000
taxable industrial revenue bond.

     The total cost of Phase I and Phase II were  approximately  $4,425,000  and
$4,600,000, respectively.

     The Joint Venture Agreement provides for the following:

     Ownership of the Joint Venture is divided  equally  between the Partnership
and the Corporation. The Joint Venture agreement provides that income and losses
will be allocated 95% to the  Partnership  and 5% to the  Corporation.  Net cash
flow  from  the  Joint  Venture  is to be  distributed  to the  partnership  and
Corporation in accordance with the terms of the Joint Venture Agreement.





























                                       28

<PAGE>


                REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP-V
                          NOTES TO FINANCIAL STATEMENTS
              FOR THE YEARS ENDED DECEMBER 31, 1996, 1995 AND 1994
                                   (Continued)


9.   INVESTMENTS IN JOINT VENTURES (Con't.):

     A summary of the assets,  liabilities and partners'  capital of the Inducon
East  Joint  Venture as of  December  31,  1996 and 1995 and the  results of its
operations for the years ended December 31, 1996, 1995 and 1994 is as follows:


                          INDUCON - EAST JOINT VENTURE
                                 BALANCE SHEETS
                           December 31, 1996 and 1995

Assets                                                   1996           1995
------                                               -----------    -----------

Land, at cost                                        $   500,100    $   500,100
Land improvements                                        435,769        435,769
Buildings                                              8,427,982      8,427,089
                                                     -----------    -----------
                                                       9,363,851      9,362,958
Less accumulated depreciation                          2,517,641      2,110,752
                                                     -----------    -----------
           Property net                                6,846,210      7,252,206

Cash                                                        --          123,643
Mortgage costs net of accumulated amortization of
  $338,263 and $294,752                                  107,036        140,365
Other assets                                             201,297        117,502
                                                     -----------    -----------

           Total Assets                              $ 7,154,543    $ 7,633,716
                                                     ===========    ===========

Liabilities and Partners' Capital
---------------------------------

Liabilities:
  Cash overdraft                                     $     7,915    $      --
  Bonds payable                                        6,591,423      6,705,044
  Accounts payable and accrued expenses                  283,157        297,691
  Amounts due affiliates                                  96,312        126,946
                                                     -----------    -----------
           Total liabilities                           6,978,807      7,129,681
                                                     -----------    -----------

Partners' Capital (Deficit):
  The Partnership                                        310,561        622,445
  The Corporation                                       (134,825)      (118,410)
                                                     -----------    -----------
           Total Partner's Capital                       175,736        504,035
                                                     -----------    -----------

Total Liabilities and Partner's Capital              $ 7,154,543    $ 7,633,716
                                                     ===========    ===========





                                       29

<PAGE>

                REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP-V
                          NOTES TO FINANCIAL STATEMENTS
              FOR THE YEARS ENDED DECEMBER 31, 1996, 1995 AND 1994
                                   (Continued)

9.   INVESTMENT IN JOINT VENTURES (Con't.):
     --------------------------------------

                          INDUCON - EAST JOINT VENTURE
                            STATEMENTS OF OPERATIONS
              For the Years Ended December 31, 1996, 1995 and 1994

                                         1996           1995           1994
                                      -----------    -----------    -----------
Income:
  Rental                              $ 1,417,963    $ 1,319,591    $ 1,206,127
  Interest and other                        6,159          6,511          8,650
                                      -----------    -----------    -----------
  Total Income                          1,424,122      1,326,102      1,214,777
                                      -----------    -----------    -----------

Expenses:
  Property operations                     359,998        460,494        316,897
  Interest                                659,497        672,149        687,748
  Depreciation and amortization           489,395        488,073        481,092
  Administrative:
    Affiliates                             63,104         98,639         60,570
    Other                                 180,427         46,189         81,693
                                      -----------    -----------    -----------
  Total Expenses                        1,752,421      1,765,544      1,628,000
                                      -----------    -----------    -----------

Loss from operations                  ($  328,299)   ($  439,442)   ($  413,223)
                                      ===========    ===========    ===========

Allocation of net loss:
  The Partnership                     ($  311,884)   ($  417,470)   ($  392,562)
  The Corporation                         (16,415)       (21,972)       (20,661)
                                      -----------    -----------    -----------

Total                                 ($  328,299)   ($  439,442)   ($  413,223)
                                      ===========    ===========    ===========

     A reconciliation of the investments in Inducon - East Joint Venture:

<TABLE>
<CAPTION>
                                                       1996           1995           1994
                                                   -----------    -----------    -----------
<S>                                                <C>            <C>            <C>        
Investment in joint venture at beginning of year   $   622,445    $ 1,039,915    $ 1,102,168
Capital contributions                                     --             --          330,309
Allocation of net loss                                (311,884)      (417,470)      (392,562)
                                                   -----------    -----------    -----------

Investment in joint venture at end of year         $   310,561    $   622,445    $ 1,039,915
                                                   ===========    ===========    ===========
</TABLE>

     Inducon East Phase III Joint  Venture (the "Phase III  Venture") was formed
pursuant to an agreement dated September 8, 1992 between the Partnership and the
Corporation. The Primary purpose of the Phase III Venture is to acquire land and
construct   office/warehouse   buildings  as  income-producing   property.   The
development  consists of 4.2 acres of land and two buildings with  approximately
25,200 and 21,300 square feet, respectively. The first building measuring 25,200
square  feet was  placed in  service  during  1994.  Construction  on the second
building was completed during 1995.


                                       30

<PAGE>


                REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP-V
                          NOTES TO FINANCIAL STATEMENTS
              FOR THE YEARS ENDED DECEMBER 31, 1996, 1995 AND 1994
                                   (Continued)



9.   INVESTMENT IN JOINT VENTURES (Con't.):
     --------------------------------------

     The Partnership has  contributed  $1,582,316 to the Phase III Venture.  The
remaining   funds  needed  to  complete   construction   came  from  a  $750,000
construction  loan.  The balance of this loan at December  31, 1996 and 1995 was
$622,077 and $619,779, respectively.

     The Total cost of the Phase III venture was approximately $2,450,000.

     The Joint Venture Agreement provides for the following:

     Ownership of the Joint Venture is divided  equally  between the Partnership
and the Corporation. The Joint Venture agreement provides that income and losses
be allocated 95% to the  Partnership  and 5% to the  Corporation.  Net cash flow
from the Joint Venture is to be distributed to the  partnership  and Corporation
in accordance with the terms of the Joint Venture Agreement.









































                                       31

<PAGE>


                REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP-V
                          NOTES TO FINANCIAL STATEMENTS
              FOR THE YEARS ENDED DECEMBER 31, 1996, 1995 AND 1994
                                   (Continued)


9.   INVESTMENT IN JOINT VENTURES (Con't.):

     A summary of the assets, liabilities and partners' capital of the Phase III
Venture as of December 31, 1996 and 1995 and the results of its  operations  for
the years ended December 31, 1996, 1995 and 1994 is as follows:

                     INDUCON - EAST PHASE III JOINT VENTURE
                                 BALANCE SHEETS
                           December 31, 1996 and 1995
<TABLE>
<CAPTION>

Assets                                                         1996         1995
------                                                       ----------   ----------
<S>                                                         <C>          <C>  
Property, at cost:
Land                                                        $  141,400   $  141,400
Building                                                     2,465,057    2,300,806
                                                            ----------   ----------
                                                             2,606,457    2,442,206
Less accumulated depreciation                                  164,743      100,426
                                                            ----------   ----------
           Property net                                      2,441,714    2,341,780

Accounts receivable                                              1,149        3,665
Accounts receivable - affiliates                               116,475      117,805
Prepaid expenses                                                 2,204        5,346
Deferred financing costs, net of accumulated amortization
  of $17,314 and $7,870                                         35,589       39,352
Leasing commissions, net of accumulated amortization
  of $38,547 and $23,289                                        42,942       46,207
                                                            ----------   ----------

           Total Assets                                     $2,640,073   $2,554,155
                                                            ==========   ==========

Liabilities and Partners' Capital

Liabilities:
  Cash overdraft                                            $  272,928   $  130,584
  Construction loan payable                                    622,077      619,779
  Accounts payable and accrued expenses                        113,597      127,019
                                                            ----------   ----------
           Total liabilities                                 1,008,602      877,382
                                                            ----------   ----------

Partners' Capital:
  The Partnership                                            1,629,015    1,672,051
  The Corporation                                                2,456        4,722
                                                            ----------   ----------
           Total Partner's Capital                           1,631,471    1,676,773
                                                            ----------   ----------

           Total Liabilities and Partner's Capital          $2,640,073   $2,554,155
                                                            ==========   ==========
</TABLE>



                                       32

<PAGE>


                REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP-V
                          NOTES TO FINANCIAL STATEMENTS
              FOR THE YEARS ENDED DECEMBER 31, 1996, 1995 AND 1994
                                   (Continued)


9.   INVESTMENT IN JOINT VENTURES (Con't.):
     --------------------------------------

                     INDUCON - EAST PHASE III JOINT VENTURE
                            STATEMENTS OF OPERATIONS
              For the Years Ended December 31, 1996, 1995 and 1994

                                                 1996          1995         1994
                                            ---------     ---------    ---------

Income:
  Rental                                    $ 268,202     $ 196,478    $ 150,190
  Interest and other income                    28,731        22,430       17,544
                                            ---------     ---------    ---------
  Total Income                                296,933       218,908      167,734
                                            ---------     ---------    ---------

Expenses:
  Property operations                         213,758       110,090       48,653
  Depreciation and amortization                89,019        68,244       47,119
  Administrative:
    Affiliates                                 24,119         6,299        7,510
    Other                                      15,339         9,847        7,410
                                            ---------     ---------    ---------
  Total Expenses                              342,235       194,480      110,692
                                            ---------     ---------    ---------

Net (loss) income                           ($ 45,302)    $  24,428    $  57,042
                                            =========     =========    =========

Allocation of net (loss) income:
  The Partnership                           ($ 43,037)    $  23,207    $  54,190
  Other Joint Venturer                         (2,265)        1,221        2,852
                                            ---------     ---------    ---------

Total                                       ($ 45,302)    $  24,428    $  57,042
                                            =========     =========    =========

     A reconciliation of the  Partnership's  investment in the Phase III Venture
is as follows:

<TABLE>
<CAPTION>
                                                      1996           1995          1994
                                                   -----------    -----------   -----------
<S>                                                <C>            <C>           <C>        
Investment in joint venture at beginning of year   $ 1,672,052    $ 1,648,845   $ 1,452,883
Capital contributions                                     --             --         141,772
Allocation of net income                               (43,037)        23,207        54,190
                                                   -----------    ----------    -----------     
Investment in joint venture at end of year         $ 1,629,015    $ 1,672,052   $ 1,648,845
                                                   ===========    ===========   ===========
</TABLE>






                                       33

<PAGE>


                REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP-V
                          NOTES TO FINANCIAL STATEMENTS
              FOR THE YEARS ENDED DECEMBER 31, 1996, 1995 AND 1994
                                   (Continued)


10.  LEASES:
     -------

     In connection  with the commercial  properties  owned,  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:

Year                                               Amount
----                                               ------

1997                                            $ 1,307,716
1998                                                899,688
1999                                                673,582
2000                                                517,994
2001                                                242,814




11.  SUPPLEMENTAL SCHEDULE OF CASH FLOW INFORMATION:
     -----------------------------------------------

                                         1996            1995            1994
                                         ----            ----            ----

Cash paid for interest                $2,162,802      $2,155,722      $2,118,814
                                      ==========      ==========      ==========

12.  RECLASSIFICATIONS:
    ------------------

     Certain  reclassifications  have  been  made to 1995 and 1994  balances  to
conform to the classifications used for 1996 balances.


13.  GOING CONCERN:
     --------------

     The mortgages on Williamsburg North Apartments and the Fountains Apartments
totaling  $1,846,372 and $3,454,767,  respectively  are due and payable in 1997.
This raises  substantial doubt about the Partnership's  ability to continue as a
going  concern.  Management  is currently  in  negotiations  to  refinance  both
mortgages.











                                       34

<PAGE>

SCHEDULE III

<TABLE>
<CAPTION>
                                                         REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP-V
                                                             REAL ESTATE AND ACCUMULATED DEPRECIATION
                                                                        DECEMBER 31, 1996

                                        Initial Cost to                                 Gross amounts at which                    
                                          Partnership               Cost              Carried at Close of Period                  
                                ----------------------------     Capitalized  ------------------------------------     (3)(4)     
                                                                Subsequent to       (1)        (2)        (1)(2)     Accumulated 
Property Description      Encumbrances    Land      Buildings    Acquisition        Land     Buildings     Total     Depreciation
<S>                       <C>          <C>          <C>          <C>          <C>          <C>          <C>          <C>         
The Paddock Building
  Nashville, TN           $ 1,870,505  $   261,000  $ 2,902,324  $   236,431  $   261,000  $ 3,138,755  $ 3,399,755  $ 1,217,742 
                                                                                                                                 
Williamsburg North Apts                                                                                                          
  Columbus, OH              1,846,372      161,250    2,884,442       35,069      161,250    2,919,511    3,080,761    1,050,039 
                                                                                                                                 
The Fountain Apartments                                                                                                          
  Westchester, OH           3,454,767      247,400    4,508,167       83,986      247,400    4,592,153    4,839,553    1,652,720 
                                                                                                                                 
Camelot Apartments                                                                                                               
  Louisville, KY            4,107,792      297,250    5,518,613       31,885      297,250    5,550,498    5,847,748    1,915,173 
                                                                                                                                 
O'Hara Apartments                                                                                                                
  Greenville, SC            1,315,463      100,000    1,931,940      327,593      100,000    2,259,533    2,359,533      698,888 
                                                                                                                                 
Wayne Estates                                                                                                                    
  Huber Heights, OH         2,647,064      175,000    3,173,378      326,508      175,000    3,499,886    3,674,886    1,118,288 
                                                                                                                                 
Jackson Park                                                                                                                     
  Seymour, IN               1,237,578      180,000    1,462,027      153,700      180,000    1,615,727    1,795,727      454,942 
                                                                                                                                 
Commercial Park West                                                                                                             
  Durham, NC                4,858,051      800,000    5,191,538      724,303      800,000    5,915,841    6,715,841    1,531,828 
                          -----------  -----------  -----------  -----------  -----------  -----------  -----------  ----------- 
                                                                                                                                 
Total                     $21,337,592  $ 2,221,900  $27,572,429  $ 1,919,475  $ 2,221,900  $29,491,904  $31,713,804  $ 9,639,620 
                          ===========  ===========  ===========  ===========  ===========  ===========  ===========  =========== 
                                                                                            
Inducon - East JV                                                                                                                
  Amherst, NY             $ 6,591,423  $   177,709  $      -     $ 9,186,142  $   500,100  $ 8,863,751  $ 9,363,851  $ 2,517,641 
                          ===========  ===========  ===========  ===========  ===========  ===========  ===========  =========== 
                                                                                                                                 
Inducon - East Phase III JV                                                                                                      
  Amherst, NY             $   622,077  $   141,400  $      -     $ 2,465,057  $  141,400   $ 2,465,057  $ 2,606,457  $   164,743 
                          ===========  ===========  ===========  ===========  ===========  ===========  ===========  =========== 
________________________________________________________________________________________________________________________________ 

                                           Life on Which                  
                                             Depreciation   
                                              In Latest     
                                               Statement    
                                 Date of     Of Operations  
Property Description           Construction   Is Computed   
<S>                               <C>          <C>   
The Paddock Building                                        
  Nashville, TN                   5/87         25 Years     
                                                            
Williamsburg North Apts                                     
  Columbus, OH                    2/87         25 Years     
                                                            
The Fountain Apartments                                     
  Westchester, OH                 2/88         25 Years     
                                                            
Camelot Apartments                                          
  Louisville, KY                  5/88         25 Years     
                                                            
O'Hara Apartments                                           
  Greenville, SC                  6/88         25 Years     
                                                            
Wayne Estates                                               
  Huber Heights, OH               7/88         25 Years     
                                                            
Jackson Park                                                
  Seymour, IN                     4/89         25 Years     
                                                            
Commercial Park West                                        
  Durham, NC                      6/91         25 Years     
                                                            
Total                                                       
                                                            
Inducon - East JV                                           
  Amherst, NY                     4/87         25 Years     
                                                            
Inducon - East Phase III JV                                 
  Amherst, NY                     9/92         25 Years     
                               
</TABLE>

                                       35

<PAGE>


SCHEDULE III
    (Continued)

                REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP-V
                    REAL ESTATE AND ACCUMULATED DEPRECIATION
                                DECEMBER 31, 1996


(1)  Cost for Federal income tax purposes is $31,713,804.

(2)  A reconciliation of the carrying amount of land and buildings for the years
     ended December 31, 1996, 1995 and 1994 follows:

                                                     Partnership Properties
                                                 1996        1995        1994
                                             ----------- ----------- -----------

Balance at beginning of period               $31,413,350 $31,329,740 $31,022,769
  Additions                                      300,454      83,610     306,971

Balance at end of period                     $31,713,804 $31,413,350 $31,329,740
                                             =========== =========== ===========

                                                   Joint Venture Properties
                                                 1996        1995        1994
                                             ----------- ----------- -----------

Balance at beginning of period               $11,805,164 $10,989,647 $10,685,101
  Additions                                      165,144     815,517     304,546

Balance at end of period                     $11,970,308 $11,805,164 $10,989,647
                                             =========== =========== ===========

(3)  A reconciliation  of accumulated  depreciation for the years ended December
     31, 1996, 1995 and 1994 follows:
                                                     Partnership Properties
                                                 1996        1995        1994
                                             ----------- ----------- -----------

Balance at beginning of period               $ 8,257,160 $ 6,968,497 $ 5,748,552
  Additions charged to cost and expenses
    during the period                          1,382,460   1,288,663   1,219,945

Balance at end of period (4)                 $ 9,639,620 $ 8,257,160 $ 6,968,497
                                             =========== =========== ===========

                                                   Joint Venture Properties
                                                 1996        1995        1994
                                             ----------- ----------- -----------

Balance at beginning of period               $ 2,211,178 $ 1,746,750 $ 1,338,053
  Additions charged to cost and expenses
    during the period                            471,206     464,428     408,697

Balance at end of period (4)                 $ 2,682,384 $ 2,211,178 $ 1,746,750
                                             =========== =========== ===========


(4)  Balance applies entirely to buildings and improvements.



                                       36

<PAGE>

SCHEDULE IV
-----------
                REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP-V
                          MORTGAGE LOANS ON REAL ESTATE
                                DECEMBER 31, 1996
                
<TABLE>
<CAPTION>
                                                                                                               Principal     
                                                                                                                Amount of    
                               Final                                                             Carrying    Loan Subject to 
                    Interest  Maturity                                             Face Amount   Amount of     Delinquent   
       Description  Rate        Date       Periodic Payment Term     Prior Liens   of Mortgage   Mortgage      Principal or  
       -----------  ----        ----       ---------------------     -----------   -----------   --------       Interest
                                                                                                             ---------------     

<S>                  <C>      <C>       <C>                          <C>           <C>           <C>         <C>               
Second Mortgage,     9%       05/01/95  Interest payable quarterly,  First         $ 250,000     $      0         None
on Pelham East                             principal payment due     Mortgage
Apartment in                                    at maturity          on Pelham
Greenville, South                                                    East
Carolina


Reconciliation of the carrying amount of mortgage loans on real estate.

                                                 1995              1994
                                             ----------          ----------
                                             <C>                 <C>
Balance at beginning of period               $  250,000          $  250,000

Deductions during period:
  Collections of principal                      250,000               -
                                             ----------          ---------- 
Balance at close of period                   $        0          $  250,000
                                             ==========          ==========

</TABLE>








































                                        37
<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                               4/11/97 
         -------------------------------------------       ---------------     
            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: /s/ Joseph M. Jayson                              4/11/97       
         --------------------------------------------       ---------------
            JOSEPH M. JAYSON, President                     Date
            Principal Executive Officer and Director

          /s/ Michael J. Colmerauer                         4/11/97  
         --------------------------------------------       ---------------
            MICHAEL J. COLMERAUER,                          Date
            Secretary


































                                       38

<PAGE>


     Supplemental  Information  to be Furnished  with Reports Filed  Pursuant to
     ---------------------------------------------------------------------------
Section 15(d) of the Act by  Registrants  Which Have Not  Registered  Securities
--------------------------------------------------------------------------------
Pursuant to Section 12 of the Act.
----------------------------------

     The form  10-K is sent to  security  holders.  No other  annual  report  is
distributed.  No  proxy  statement,  form of proxy  or  other  proxy  soliciting
material was sent to any of the  registrant's  security  holders with respect to
any annual or other meeting of security holders.





















































                                       39