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

                                    FORM 10-K

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

                   For the Fiscal Year Ended December 31, 2007

                                       or

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

                    For the transition period from ___ to ___

                         Commission File Number 0-16561

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

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

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

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


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

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

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

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

Indicate by a check mark whether the registrant is a large accelerated filer, an

<PAGE>
accelerated filer, or a non-accelerated filer. See definition of "accelerated
filer" in Rule 12b-2 of the Exchange Act. (Check one):
[ ] Large accelerated filer   [ ] Accelerated filer   [X] Non-accelerated filer

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


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

<PAGE>
                                     PART I
                                     ------

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

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

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

         The Partnership's primary business and its only industry segment is to
own and operate income-producing real property for the benefit of its partners.
At December 31, 2007 and 2006, the Partnership, either directly or through
limited liability, wholly owned subsidiary companies, owned a 115,000 square
foot office complex in Durham, North Carolina (Commercial Park West).
Additionally, at December 31, 2005, the Partnership owned 96 acres of vacant
land (Transit Road land) in Amherst, New York, which was sold on January 20,
2006, resulting in a loss of approximately $43,000. On February 9, 2004, the
Partnership sold The Paddock Building, Inducon East (Phase I and Phase II), and
Inducon East Phase III, to an unaffiliated entity. The sale was for cash of
$1,665,000 along with a note from the buyer in the amount of $185,000 and
assumption of approximately $9,000,000 of outstanding mortgage loans, resulting
in a net gain of approximately $500,000. However, this does not necessarily mean
that cash proceeds will be available for distribution in an amount equal to the
gain. The remaining properties, a portion of Commercial Park West and the vacant
land were sold in December 2006 and January 2006. The Partnership still holds
one out of three of the buildings at Commercial Park West, which is currently
being actively marketed for sale.

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

         The business of the Partnership is not seasonal and it competes on the
basis of rental rates and property operations with similar types of properties
in vicinities in which the Partnership's properties are located. The Partnership
has no real property investments located outside the United States. The
Partnership does not segregate revenue or assets by geographic region, since, in
management's view, such a presentation would not be significant to an
understanding of the Partnership's business or financial results taken as a
whole. As of December 31, 2007, 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, 2007 were employees of the
Corporate General Partner or its affiliates.

         The occupancy for Commercial Park West as of December 31, 2007, 2006
and 2005 was 89%, 97% and 58%, respectively.

         The percent of total Partnership revenue generated by Commercial Park
West was 100% for 2007, 2006 and 2005.
                                       2
<PAGE>
         This annual report contains certain forward-looking statements
concerning the Partnership's current expectations as to future results. Words
such as "believes", "forecasts", "intends", "possible", "expects", "estimates",
"anticipates" or "plans" and similar expressions are intended to identify
forward-looking statements. Such statements may not ultimately turn out to be
accurate due to, among other things, economic or market conditions or the
failure of the Partnership to sell an investment which is under contract.

ITEM 1A:  RISK FACTORS
--------  ------------

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

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

         This section includes forward-looking statements.

                            Real Estate Related Risks

We face substantial competition

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

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

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

Changes in market or economic conditions may affect our business negatively

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

Terrorism could impair our business

         Terrorist attacks and other acts of violence or war could have a
material adverse effect on our business and operating results. Attacks that
directly affect one or more of our commercial properties could significantly
affect our ability to operate those properties and impair our ability to achieve

                                        3
<PAGE>
the results we expect. Our insurance coverage may not cover any losses caused by
a terrorist attack. In addition, the adverse effects that such violent acts and
threats of future attacks could have on the United States economy could
similarly have a material adverse effect on our business and results of
operations.

Our commercial and office tenants may go bankrupt or be unable to make lease
payments

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

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

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

Losses from natural catastrophes may exceed our insurance coverage

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

                                 Financing Risks

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

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

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

                                        4
<PAGE>
                                    Tax Risks

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

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

                       Environmental and Other Legal Risks

We may have liability under environmental laws

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

         o     we may have to pay for property damage and for investigation and
               clean-up costs incurred in connection with the contamination;

         o     the law typically imposes clean-up responsibility and liability
               regardless of whether the owner or operator knew of or caused the
               contamination;

         o     even if more than one person may be responsible for the
               contamination, each person who shares legal liability under the
               environmental laws may be held responsible for all of the
               clean-up costs; and

         o     governmental entities or other third parties may sue the owner or
               operator of a contaminated site for damages and costs.

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

We may face risks related to mold and asbestos

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

         Some of these lawsuits have resulted in substantial monetary judgments
or settlements. Although our insurance policy currently does not exclude
                                       5
<PAGE>
mold-related claims, we cannot provide any assurance that we will be able to
obtain coverage in the future for those claims at a commercially reasonable
price or at all. The presence of significant mold could expose us to liability
to tenants and others if allegations regarding property damage, health concerns
or similar claims arise.

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

         o     properly manage and maintain the asbestos;

         o     notify and train those who may come into contact with asbestos;
               and

         o     undertake special precautions, including removal or other
               abatement, if asbestos would be disturbed during renovation or
               demolition of a building.

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

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

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

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

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

         A number of federal, state and local laws and regulations (including
the Americans with Disabilities Act) may require modifications to existing
                                       6
<PAGE>
buildings or restrict certain renovations by requiring improved access to such
buildings by disabled persons and may require other structural features that add
to the cost of buildings under construction. Legislation or regulations adopted
in the future may impose further burdens or restrictions on us with respect to
improved access by disabled persons. The costs of compliance with these laws and
regulations may be substantial , and restrictions on construction or completion
of renovations may limit implementation of our investment strategy in certain
instances or reduce overall returns on our investments, which could have a
material adverse effect on us and our ability to pay distributions to investors
and to pay amounts due on our debt.

                               Risks for Investors

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

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

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

         None.

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

         The following is a list of properties owned by the Partnership at
December 31, 2007:
<TABLE>
<CAPTION>
Property Name
and Location                      General Character of Property                           Purchase Date
------------                      -----------------------------                           -------------
<S>                               <C>                                                      <C>
Commercial Park West              Office complex consisting of one building                June 1991
  Durham, NC                      totaling 34,997 square feet.
</TABLE>
Two of the three buildings in the office complex known as Commercial Park West
in Durham, North Carolina were sold in December 2006. The mortgage on the
buildings was paid off in the amount of $5,606,725 at the closing date with the
sales proceeds and an advance from an affiliate in the amount of $790,000. The
Transit Road land in Amherst, New York was also sold in January 2006.

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

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

         On August 29, 2001, the parties entered into a Stipulation of
Settlement (the "Settlement"). On October 4, 2001, the Court issued an "Order
Preliminary Approving Settlement" (the "Hearing Order") and on November 29,
2001, the Court issued an "Order and Final Judgment Approving Settlement and
                                       7
<PAGE>
Awarding Fees and Expenses" and dismissing the complaints with prejudice. The
Settlement provided, among other things, that all of the Realmark Partnerships'
properties be disposed of. The general partners will continue to have primary
authority to dispose of the Partnerships' properties. If either (i) the general
partners have not sold or contracted to sell 50% of the Partnerships' properties
(by value) by April 2, 2002 or (ii) the general partners have not sold or
contracted to sell 100% of the Partnerships' properties by September 29, 2002,
then the primary authority to dispose of the Partnerships' properties will pass
to a sales agent designated by plaintiffs' counsel and approved by the Court. On
October 4, 2002, the Court appointed a sales agent to work with the general
partners to continue to sell the Partnership's remaining properties.

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

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

         None.
































                                        8
<PAGE>
                                     PART II
                                     -------

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

         There is currently no active trading market for the units of limited
partnership interest of the Partnership and it is not anticipated that any will
develop in the future. Accordingly, information as to the market value of a unit
at any given date is not available. As of December 31, 2007, there were 1,909
record holders of units of limited partnership interest.

         The Partnership is a limited partnership and, accordingly, does not pay
dividends. It does, however, make distributions of cash to its partners. The
partnership agreement provides for the distribution to the partners of net cash
flow from operations. In connection with the pending sale of the Partnership's
properties (Item 3), it is anticipated that there will be no future
distributions of net cash flow from operations. All future distributions of net
cash from sales proceeds will be distributed, to the extent available, 100% to
the limited partners until there has been a return of the limited partner's
capital contribution plus an amount sufficient to provide a 7%, not compounded,
return on their adjusted capital contributions for all years following the
termination of the offering of the units. It is anticipated that there will not
be sufficient cash flow from the sale of the Partnership's remaining properties
to provide this return to the limited partners. There were no distributions to
partners made in 2007, 2006 and 2005.

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

























                                        9
<PAGE>
ITEM 6:  SELECTED FINANCIAL DATA
-------  -----------------------
<TABLE>
<CAPTION>
                                                   At or for the years ended December 31,
                                  -----------------------------------------------------------------------
                                     2007             2006          2005           2004          2003
                                  -----------------------------------------------------------------------
<S>                               <C>              <C>            <C>            <C>           <C>
Balance sheet data
Net rental property               $ 1,218,137      1,218,137      5,891,292      5,850,471     15,064,503
Total assets                        1,231,862      1,248,564      6,233,361      6,391,160     17,056,942
Mortgage loans payable                     --             --      5,670,597      5,735,563     14,806,326
                                  -----------------------------------------------------------------------
Partners' equity (deficit)           (625,170)      (387,786)      (282,063)       293,479      1,106,270
                                  =======================================================================
Operating data
Rental income                         473,450      1,236,456        848,057        754,198      2,250,321
Other income                            5,004        126,666         44,687        127,910         35,020
                                  -----------------------------------------------------------------------
Total revenue                         478,454      1,363,122        892,744        882,108      2,285,341
                                  -----------------------------------------------------------------------
Property operating costs              341,457        725,233        728,546        902,913      1,425,385

Interest - affiliates                      --          5,043             --             --             --
Interest expense                      104,401        535,520        472,614        481,607      1,234,545

Administrative expenses               269,980        290,956        267,126        562,949        686,144
Write-off of deferred
  mortgage costs                           --         84,781             --             --             --
                                  -----------------------------------------------------------------------
Total expenses                        715,838      1,641,533      1,468,286      1,947,469      3,346,074
                                  -----------------------------------------------------------------------
Net loss before gain on sale
  of property                        (237,384)      (278,411)      (575,542)    (1,065,361)    (1,060,733)

Gain on sale of property                   --        172,688             --        252,570             --
                                  -----------------------------------------------------------------------
Net income (loss)
                                  $  (237,384)      (105,723)      (575,542)      (812,791)    (1,060,733)
                                  =======================================================================
Cash flow data
Net cash provided (used) by:
Operating activities                  (53,503)      (375,763)      (255,869)      (156,169)       213,092
Investing activities                       --      4,845,843        (40,821)       402,184        133,712
Financing activities                   53,503     (4,545,924)       372,534       (630,796)      (235,870)
                                  -----------------------------------------------------------------------
Net increase (decrease) in cash
  and equivalents                          --        (75,844)        75,844       (384,781)       110,934
                                  =======================================================================
Per limited partnership unit:

Net income (loss)                      (10.96)         (5.70)        (26.58)        (38.74)        (48.99)

Distributions                              --             --             --             --             --
                                  =======================================================================
</TABLE>






                                       10

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

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

         Effective January 1, 2001, the Partnership's five commercial properties
and an apartment complex (Camelot East), have actively been marketed for sale.
In 2006, the Partnership experienced a decrease in cash of approximately
$76,000. The mortgage was repaid with the sale of a portion of Commercial Park
West and proceeds from advances from affiliated parties which amounted to
$1,615,676 and $1,562,173 at December 31, 2007 and 2006, respectively. The
Partnership made no distributions to partners in 2007, 2006, or 2005. In
accordance with the settle of the lawsuit (Item 3), it is anticipated that with
the sale of the remaining properties, the Partnership may be in position to make
distributions to the limited partners. These distributions will be reduced by
the amount of fees payable to the plaintiffs' legal counsel in connection with
the settle agreement (Item 3), any outstanding liabilities and any mortgage
prepayment penalties incurred with regard to the sale of the Partnership's
properties.

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

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

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

         The results of operations of the Partnership produced a net loss of
$237,384 in 2007 compared to a net loss of $105,723 in 2006.

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

2007 as compared to 2006
------------------------

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

         Total expenses for the year ended December 31, 2007 decreased
approximately $926,000 as compared to 2006 due to the sale of the two of the
three buildings as stated above. The property operations expenses at Commercial
Park West decreased approximately $384,000 due to a decrease in replacements,
insurance, real estate taxes, utilities, payroll etc. Administrative expense and
reimbursement to affiliated parties decreased approximately $20,000 due to
decrease in legal fees, advertising, professional fees and licensing and
                                       11
<PAGE>
permits. Interest expense decreased approximately $431,000 due to a decrease in
mortgage principal.

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

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

         Total expenses for the year ended December 31, 2006 increased
approximately $173,000 as compared to 2005, excluding the Sold Assets. The
property operations expenses at Commercial Park West remained fairly consistent.
Administrative expense and reimbursement to affiliated parties increased
approximately $30,000 due to an increase in portfolio management of
approximately $22,000 as a result of a change in allocation and by an increase
in management fees of $8,000, which correlates to the increase in rental income.
Interest expense increased approximately $63,000 due to $23,000 interest and
$40,000 loan fee paid to Acquest Development, LLC. The interest paid related to
a loan that was used to make renovations to CPW, payable upon the sale of CPW.

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

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

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

         Listed under Item 15 of this report.

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

         None.

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

         The Partnership maintains a set of disclosure controls and procedures
designed to ensure that information required to be disclosed by the Partnership
in reports that it files or submits under the Exchange Act is recorded,
processed, summarized and reported within the time periods specified in
Securities and Exchange Commission rules and forms. Within the 90-day period
prior to the filing of this report, an evaluation was carried out under the
supervision and with the participation of the Partnership's management,
including the Partnership's Individual General Partner and Principal Financial
Officer, of the effectiveness of the Partnership's disclosure controls and
procedures. Based on that evaluation, the Partnership's Individual General
Partner and Principal Financial Officer concluded that the Partnership's
disclosure controls and procedures are effective.
                                       12
<PAGE>
         Subsequent to the date of their most recent evaluation, there have been
no significant changes in the Partnership's internal control over financial
reporting or in other factors that could significantly affect the internal
control over financial reporting.

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

         None.




















































                                       13
<PAGE>
                                    PART III
                                    --------

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

         The Partnership, as an entity, does not have any directors or officers.
The Individual General Partner of the Partnership is Joseph M. Jayson. The
directors and executive officers of Realmark Properties, Inc., the Partnership's
Corporate General Partner, as of December 31, 2007, are listed below. Each
director is subject to election on an annual basis.
<TABLE>
<CAPTION>
                           Title of All Positions Held with
Name                       the Corporate General Partner             Year First Elected to Position
----                       -----------------------------             ------------------------------
<S>                        <C>                                                   <C>
Joseph M. Jayson           Chairman of the Board, President                      1979
                             and Treasurer

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

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

         Joseph M. Jayson, age 69, is Chairman, Director and sole stockholder of
J. M. Jayson and Company, Inc. and certain of its affiliated companies: U.S.
Apartments LLC, Westmoreland Capital Corporation, Oilmark Corporation and U.S.
Energy Development Corporation. In addition, Mr. Jayson is Chairman of Realmark
Corporation, Chairman, President and Treasurer of Realmark Properties, Inc.,
wholly-owned subsidiaries of J. M. Jayson and Company, Inc. and co-general
partner of Realmark Property Investors Limited Partnership, Realmark Property
Investors Limited Partnership-II, Realmark Property Investors Limited
Partnership-III, Realmark Property Investors Limited Partnership-V, and Realmark
Property Investors Limited Partnership-VI A. Mr. Jayson has been in the real
estate business for the last 45 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
45 years been engaged in various aspects of real estate brokerage and
investment. He brokered residential properties from 1962 to 1964, commercial
investment properties from 1964 to 1967, and in 1967 left commercial real estate
to form his own investment firm. Since that time, Mr. Jayson and J. M. Jayson &
Company, Inc. have formed or participated in various ways with forming over 30
real estate related limited partnerships. For the past 26 years, Mr. Jayson and
an affiliate have also engaged in developmental drilling for gas and oil.

         Judith P. Jayson, age 67, is currently Vice President and a Director of
Realmark Properties, Inc. She is also a Director of the property management
affiliate, Realmark Corporation. Mrs. Jayson has been involved in property
management for the last 36 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.
                                       14
<PAGE>
Audit Committee
---------------

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

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

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

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

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

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

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

         No direct remuneration was paid or payable by the Partnership to
directors and officers (since it has no directors or officers), nor was any
direct remuneration paid or payable by the Partnership to directors or officers
of Realmark Properties, Inc., the Corporate General Partner and sponsor, for the
year ended December 31, 2007. The Corporate General Partner and its affiliate,
Realmark Corporation, are entitled to fees and to certain expense reimbursements
with respect to Partnership operations, as set forth in item 13 hereof and in
the notes to the consolidated financial statements.

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

         No person is known to the Partnership to own of record or beneficially,
more than 5% of the units of limited partnership interests of the Partnership,
except for affiliates of the general partners that own 1,642.3 units of limited
partnership interest amounting to approximately 7.8% of the Partnership interest
at December 31, 2007. The general partners and the executive officers of the
Corporate General Partner, as of December 31, 2007, owned 17 units of limited
partnership interest. The general partners and affiliates will receive their
proportionate share, as limited partners, of any distributable proceeds from the
sale of the properties.

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

             The properties of the Partnership's subsidiaries are managed by
                                       15
<PAGE>
Realmark Corporation, an affiliate of the Partnership's corporate general
partner, for a fee of generally 5% of annual net rental income of the
properties. Realmark Corporation and the Corporate General Partner are also
reimbursed for disbursements made on behalf of the Partnership. Those
transactions are further described, and quantified, in the note to the
consolidated financial statements entitled "Related Party Transactions".

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

Audit Engagement: Rotenberg & Co., LLP was engaged as the Partnership's
independent auditor for years 2007 and 2006. All fees incurred for the years
ended December 31, 2007 and 2006 were approved by the Audit Committee.

Audit Fees: Audit fees for the audit of the Partnership's annual financial
statements included in the Partnership's annual report on Form 10-K and those
financial statements included in the Partnerships quarterly reports on Form 10-Q
by Rotenberg & Co. for the years ended December 31, 2007 and 2006 totaled to
$27,000 and $9,000, respectively.

Audit-Related Fees:  None.

Tax Fees: The Partnership engaged Toski, Schaefer & Co., P.C. to provide tax
filing and compliance services during the years ended December 31, 2007, and
2006. The fees for these services amounted to $5,435 and $3,460, respectively.

All Other Fees:  None.

         The Audit Committee has set a policy that all fees incurred by the
Partnership for services performed by its independent auditors must be
pre-approved by the Audit Committee. All fees related to 2007 were pre-approved
by the Audit Committee.

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

         The Audit Committee has the sole authority to retain and terminate the
Partnership's independent auditors and approves all fees paid to the independent
auditors. During 2007 and 2006, the Audit Committee reviewed with the
independent auditors, who are responsible for expressing an opinion on the
conformity of those audited financial statements with generally accepted
accounting principles, their judgments as to the quality, not just the
acceptability, of the Partnership's accounting principles and such other matters
as are required to be discussed with the Audit Committee under generally
accepted auditing standards. In addition, the Audit Committee has discussed with
the independent auditors the auditors' independence from management and the
Partnership, including the matters in the written disclosures required by the
Independence Standards Board, and considered the scope and type of non-audit
services provided by the auditor when reviewing the compatibility of those
non-audit services with the auditors' independence.

         The Audit Committee discussed with the Partnership's independent
auditors the overall scope and plans for their audit. The Audit Committee meets
with the independent auditors to discuss the results of their examination, their

                                       16

<PAGE>
evaluations of the Partnership's internal controls, and the overall quality of
the Partnership's financial reporting.

         In reliance on the reviews and discussions referred to above, the Audit
Committee recommended to the General Partners (and the General Partners have
approved) that the audited financial statements be included in the annual report
on Form 10-K for the year ended December 31, 2007.





















































                                       17
<PAGE>
                                     PART IV
                                     -------

ITEM 15: EXHIBITS, FINANCIAL STATEMENTS, AND SCHEDULES
-------- ---------------------------------------------
<TABLE>
<CAPTION>
(a)      Consolidated Financial Statements                                             Page
         ---------------------------------                                             ----
<S>                                                                                     <C>
         Independent Auditor's Report                                                   F-1
         Consolidated Balance Sheets as of December 31, 2007 and 2006                   F-2
         Consolidated Statements of Operations for the years ended
           December 31, 2007, 2006 and 2005                                             F-3
         Consolidated Statements of Partners' Equity for the years
           ended December 31, 2007, 2006 and 2005                                       F-4
         Consolidated Statements of Cash Flows for the years ended
           December 31, 2007, 2006 and 2005                                             F-5
         Notes to Consolidated Financial Statements                                     F-7

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

         (i) Schedule III - Real Estate and Accumulated Depreciation                    F-15
</TABLE>
         All other schedules are omitted because they are not applicable or the
         required information is shown in the consolidated financial statements
         or the notes thereto.

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

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

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

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

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

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

         10. Material Contracts

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

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


                                       18
<PAGE>
         21. Subsidiaries of the Partnership is filed herewith.

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

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



















































                                       19
<PAGE>
                                   SIGNATURES
                                   ----------

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

REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP - V


By:      /s/ Joseph M. Jayson                               March 28, 2008
         ---------------------------------                  --------------
         JOSEPH M. JAYSON,                                       Date
         Individual General Partner

         Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following persons on behalf of the
Registrant and in the capacities and on the dates indicated.

By:      REALMARK PROPERTIES, INC.
         Corporate General Partner

         /s/ Joseph M. Jayson                               March 28, 2008
         ---------------------------------                  --------------
         JOSEPH M. JAYSON,                                       Date
         President, Treasurer and Director


         /s/ Judith P. Jayson                               March 28, 2008
         ---------------------------------                  --------------
         JUDITH P. JAYSON,                                       Date
         Vice President and Director




























                                       20
<PAGE>
             REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
             -------------------------------------------------------



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


         We have audited the accompanying consolidated balance sheets of
Realmark Property Investors Limited Partnership - V and Subsidiaries ("the
Company") as of December 31, 2007 and 2006, and the related consolidated
statements of operations, partners' equity, and cash flows for the years then
ended. Our audit also included the 2007 financial statement schedule in the
index at item 15. Realmark Property Investors Limited Partnership - V and
Subsidiaries' management is responsible for these consolidated financial
statements. Our responsibility is to express an opinion on these consolidated
financial statements based on our audits.

         We conducted our audits in accordance with the standards of the Public
Company Accounting Oversight Board (United States). Those standards require that
we plan and perform the audits to obtain reasonable assurance about whether the
consolidated financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the consolidated financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall consolidated financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.

         In our opinion, the consolidated financial statements referred to above
present fairly, in all material respects, the financial position of Realmark
Property Investors Limited Partnership - V and Subsidiaries as of December 31,
2007 and 2006, and the results of its operations and its cash flows for the
years then ended, in conformity with accounting principles generally accepted in
the United States of America. Also, in our opinion, the 2007 financial statement
schedule, when considered in relation to the basic financial statements taken as
a whole, presents fairly, in all material respects, the information set forth
therein.


/s/ Rotenberg & Co., LLP
------------------------
Rotenberg & Co., LLP
Rochester, New York
  April 9, 2008












                                      F-1A
<PAGE>
                          INDEPENDENT AUDITOR'S REPORT
                          ----------------------------

The Partners
Realmark Property Investors Limited
    Partnership - V:


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

We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. The Partnership is not required to
have, nor were we engaged to perform, an audit of its internal control over
financial reporting. Our audit included consideration of internal control over
financial reporting as a basis for designing audit procedures that are
appropriate in the circumstances but not for the purpose of expressing an
opinion on the effectiveness of the Partnership's internal control over
financial reporting. Accordingly, we express no such opinion. An audit also
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above present
fairly and the results of their operations and their cash flows of Realmark
Property Investors Limited Partnership - V and Subsidiaries as of December 31,
2005, in conformity with accounting principles generally accepted in the United
States of America. Also, in our opinion, the financial statement schedule, when
considered in relation to the basis financial statements taken as a whole,
presents fairly in all material respects the in formation set forth therein.

As discussed in note 6 to the consolidated financial statements, the Partnership
settled a class and derivative lawsuit in which it was involved. As a result of
this settlement, the Partnership is currently in the process of winding up its
operations and disposing of its investments. It is anticipated that this process
will take place within the next twelve months.



Williamsville, New York
March 31, 2006










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

                           Consolidated Balance Sheets
                           December 31, 2007 and 2006


                           Assets                                                     2007          2006
                           ------                                                     ----          ----
<S>                                                                               <C>                <C>
Property and equipment, at cost, all held for sale:
     Land and improvements                                                        $   299,744        299,744
     Buildings and improvements                                                     1,954,494      1,954,494
                                                                                  -----------    -----------

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

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

Accounts receivable                                                                     2,939          2,455
Other assets                                                                           10,786         27,972
                                                                                  -----------    -----------

                           Total assets                                           $ 1,231,862      1,248,564
                                                                                  ===========    ===========

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

Liabilities:
     Payables to affiliated parties                                                 1,615,676      1,562,173
     Accounts payable and accrued expenses                                            121,564         38,847
     Accrued interest payable                                                          84,504             --
     Security deposits and prepaid rents                                               35,288         35,330
                                                                                  -----------    -----------

                           Total liabilities                                        1,857,032      1,636,350
                                                                                  -----------    -----------

Partners' equity (deficit):
     General partners                                                                (200,484)      (193,362)
     Limited partners                                                                (424,686)      (194,424)
                                                                                  -----------    -----------

                           Total partners' equity (deficit)                          (625,170)      (387,786)
                                                                                  -----------    -----------

                           Total liabilities and partners' equity                 $ 1,231,862      1,248,564
                                                                                  ===========    ===========
</TABLE>











See accompanying notes to consolidated financial statements.

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

                      Consolidated Statements of Operations
                  Years ended December 31, 2007, 2006 and 2005



                                                                      2007         2006           2005
                                                                      ----         ----           ----
<S>                                                                <C>            <C>             <C>
Income:
     Rental                                                        $  473,450     1,236,456       848,057
     Interest and other                                                 5,004       126,666        44,687
                                                                   ----------    ----------    ----------

                           Total income                               478,454     1,363,122       892,744
                                                                   ----------    ----------    ----------

Expenses:
     Property operations                                              341,457       725,233       728,546
     Interest:
         Affiliated parties                                                --         5,043            --
         Other                                                        104,401       535,520       472,614
     Administrative:
         Affiliated parties                                            95,622       172,866       143,006
         Other                                                        174,358       118,090       124,120
     Write-off of deferred mortgage costs                                  --        84,781            --
                                                                   ----------    ----------    ----------

                           Total expenses                             715,838     1,641,533     1,468,286

Net loss before gain on sale of properties                           (237,384)     (278,411)     (575,542)

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

                           Net loss                                $ (237,384)     (105,723)     (575,542)
                                                                   ==========    ==========    ==========

Net loss per limited partnership unit                              $   (10.96)        (5.70)       (26.58)
                                                                   ==========    ==========    ==========

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













See accompanying notes to consolidated financial statements.

                                       F-3
<PAGE>
<TABLE>
<CAPTION>
               REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP - V
                                AND SUBSIDIARIES

                   Consolidated Statements of Partners' Equity
                  Years ended December 31, 2007, 2006 and 2005






                                                       General       Limited Partners
                                                       Partners      Units      Amount
                                                       --------      -----      ------
<S>                                                   <C>            <C>        <C>
Balances at December 31, 2004                         $(190,193)   21,002.8     483,672

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

Balances at December 31, 2005                          (207,459)   21,002.8     (74,604)

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

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

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

Balances at December 31, 2007                         $(200,484)   21,002.8    (424,686)
                                                      =========    ========   =========
</TABLE>






















See accompanying notes to consolidated financial statements.

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

                      Consolidated Statements of Cash Flows
                  Years ended December 31, 2007, 2006 and 2005

                                                                     2007         2006           2005
                                                                     ----         ----           ----
<S>                                                              <C>             <C>           <C>
Cash flows from operating activities:
     Net loss                                                    $ (237,384)     (105,723)     (575,542)
     Adjustments to reconcile net loss to net
       cash used in operating activities:
              Amortization                                               --         4,653         6,204
              Gain on sale of property                                   --      (172,688)           --
              Changes in:
                  Accounts receivable                                  (484)       24,801        33,599
                  Receivables from affiliated parties                    --        18,725       107,057
                  Escrow deposits                                        --        50,977       171,467
                  Deferred mortgage costs                                --        80,128            --
                  Other assets                                       17,186        56,514       (43,863)
                  Accounts payable and accrued expenses              82,717      (230,564)       10,148
                  Accrued interest payable                           84,504       (39,406)         (452)
                  Security deposits and prepaid rents                   (42)      (63,180)       35,513
                                                                 ----------    ----------    ----------
                         Net cash used in operating activities      (53,503)     (375,763)     (255,869)
                                                                 ----------    ----------    ----------
Cash flows from investing activities:
     Proceeds from sale of property                                      --     5,323,348           --
     Additions to property and equipment                                 --      (477,505)      (40,821)
                                                                 ----------    ----------    ----------
                         Net cash provided by (used in)
                           investing activities                          --     4,845,843       (40,821)
                                                                 ----------    ----------    ----------
Cash flows from financing activities:
     Principal payments on mortgage loans                                --    (5,670,597)      (64,966)
     Payables to affiliated parties                                  53,503     1,562,173            --
     Proceeds (repayment of) from loan payable                           --      (437,500)      437,500
                                                                 ----------    ----------    ----------
                           Net cash provided by (used in)
                             financing activities                    53,503    (4,545,924)      372,534
                                                                 ----------    ----------    ----------

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

Cash and equivalents at beginning of year                                --        75,844            --
                                                                 ----------    ----------    ----------
Cash and equivalents at end of year                              $       --            --        75,844
                                                                 ==========    ==========    ==========
Supplemental disclosure of cash flow information -
     cash paid during the year for interest                      $   19,897       659,707       473,066
                                                                 ==========    ==========    ==========
</TABLE>








See accompanying notes to consolidated financial statements.
                                       F-5
<PAGE>
<TABLE>
<CAPTION>
               REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP - V
                                AND SUBSIDIARIES

                Consolidated Statements of Cash Flows, Continued



                                                                        2007              2006              2005
                                                                        ----              ----              ----
<S>                                                                 <C>                 <C>             <C>
Schedule of noncash transactions:
     Gross proceeds from sale of property                           $          -        6,042,000                 -
     Advance from affiliated parties                                           -          790,000                 -
     Costs related to sale of property                                         -         (156,994)                -
     Repayment of loan payable                                                 -         (250,000)                -
     Repayment of mortgage payable                                             -       (5,606,725)                -
     Mortgage defeasance fee paid                                              -         (552,658)                -
     Other non cash transactions                                               -         (120,602)                -
                                                                    ============      ===========       ===========
</TABLE>







































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

                   Notes to Consolidated Financial Statements
                        December 31, 2007, 2006 and 2005


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

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

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

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

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

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

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

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

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

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

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

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

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

              Notes to Consolidated Financial Statements, Continued


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

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

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

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

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

         The Partnership reviews long-lived assets for impairment whenever
         events or changes in circumstances indicate that the carrying amount of
         the assets may not be recoverable. In determining whether there is an
         impairment of long-lived assets, the Partnership compares the sum of
         the expected future net cash flows (undiscounted and without interest
         charges) to the carrying amount of the assets. At December 31, 2007, no
         impairment in value has been recognized.

         The Partnerships' policy is to consider a property to be held for sale
         or disposition when the Partnership has committed to a plan to sell or
         dispose of such property and active marketing activity has commenced or
         is expected to commence in the near term or the Partnership has
         concluded that it may dispose of the property by no longer funding
         operating deficits or debt service requirements of the property thus
         allowing the lender to realize upon its security. Any properties
         identified as "held for sale or disposition" are no longer depreciated.
         The remaining property was for sale in 2007, 2006, and 2005.

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

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

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

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

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

              Notes to Consolidated Financial Statements, Continued


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

     (f) Rental Income
     -----------------

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

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

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

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

         The fair value of the Partnership's financial instruments approximated
         their carrying values at December 31, 2007.

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

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

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

                                       F-9
<PAGE>
               REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP - V
                                AND SUBSIDIARIES

              Notes to Consolidated Financial Statements, Continued

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

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

         No income taxes are included in the consolidated financial statements
         since the taxable income or loss of the Partnership is reportable by
         the partners on their income tax returns. At December 31, 2007, net
         assets for financial reporting purposes were $10,262 less than the tax
         bases of the net assets.

     (k) Segment Information
     -----------------------

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

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

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

         o     Statement of Financial Accounting Standard ("SFAS") No. 155,
               "Accounting for Certain Hybrid Financial Instruments - an
               amendment of FASB Statement No. 133 and 140" ("SFAS 155").
         o     Statement of Financial Accounting Standard ("SFAS 155") No. 156,
               "Accounting for Servicing of Financial Assets - an amendment of
               FASB Statement No. 140" ("SFAS 156").
         o     FIN 48, Accounting for Uncertainty in Income Taxes -an
               Interpretation of FASB Statement No. 109.
         o     Statement of Financial Accounting Standard ("SFAS") No. 157,
               "Fair Value Measurements".
         o     Statements of Financial Accounting Standard ("SFAS") N0. 158,
               "Employers' Accounting for Defined Benefit Pension and Other
               Postretirement Plans - an amendment of FASB Statements No. 87,
               88, 106, and 132 (R)" ("SFAS 158").
         o     SEC Staff Accounting Bulletin No. 108 ("SAB 108") - guidance on
               Quantifyying Financial Statement Misstatements.
         o     Statement of Financial Accounting Standard ("SFAS") No. 159, "The
               Fair Value Option for Financial Assets and Financial Liabilities,
               including an amendment of FASB Statement No. 115".
         o     Statement of Financial Accounting Standard ("SFAS") No. 141 (R),
               "Business Combinations".
         o     Statement of Financial Accounting Standard ("SFAS") No. 160,
               "Noncontrolling Interest in Consolidated Financial Statements -
               an amendment of ARB No. 51.

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

         On January 1, 2002, the Partnership adopted SFAS No. 144, "Accounting

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

              Notes to Consolidated Financial Statements, Continued


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

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

         On February 9, 2004, the Partnership sold The Paddock Building, Inducon
         East (Phase I and II), and Inducon East Phase III to an unaffiliated
         entity for cash of $1,665,000, a $185,000 note from the purchaser, and
         assumption of approximately $9,000,000 of outstanding mortgage loans,
         and recognized a related gain on the sale amounting to approximately
         $500,000.

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

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

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

         The carrying value of the property known as Commercial Park West
         amounted to $1,218,137 as of December 31, 2007 and 2006, respectively.
         Depreciation expense not recorded for the years ended December 31, 2007
         and 2006 amounted to $80,198 and $294,000, respectively.

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

         The Corporate General Partner and its affiliates earn fees, principally
         for property and partnership management and are reimbursed for services
         rendered to the Partnership, as provided for in the partnership
         agreement. A summary of those items follows:



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

              Notes to Consolidated Financial Statements, Continued


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

                                                                          2007              2006              2005
                                                                          ----              ----              ----
<S>                                                                     <C>                <C>               <C>
         Property management fees based on a percent-
              age (generally 6%) of rental income                       $ 28,394           61,456            53,253

         Reimbursement for costs of services to the
              Partnership that include investor relations,
              marketing of properties, professional fees,
              communications, supplies, accounting,
              printing, postage and other items                           67,228          111,410            89,753
                                                                        --------          -------          --------

                                                                        $ 95,622          172,866           143,006
                                                                        ========          =======          ========
</TABLE>
         In addition to the above, other property specific expenses such as
         payroll, benefits, etc. are charged to property operations on the
         Partnership's consolidated statements of operations. Payables to
         affiliated parties are payable on demand and bear interest at 8% in
         2007, 2006 and 2005.

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

         Payable to affiliates amounted to $1,615,676 and $1,562,173 at December
         31, 2007 and 2006, respectively. Of this amount, $1,056,303 is payable
         to an affiliate under a Memorandum of Understanding Agreement dated
         December 8, 2006. Under the terms of this agreement, the Partnership
         agrees to repay this loan plus interest at a rate of 8% per annum, upon
         the sale of the remaining building at Commercial Park West, 2327
         Englert Drive, which is currently being marketed for sale.

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

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


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

              Notes to Consolidated Financial Statements, Continued


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

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

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

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

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

                           2008                              $   437,573
                           2009                                   99,910
                           2010                                   45,782
                           ----                              -----------
                                                             $   583,265
                                                             ===========

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

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

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

                                      F-13
<PAGE>
               REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP - V
                                AND SUBSIDIARIES

              Notes to Consolidated Financial Statements, Continued

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

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







































                                      F-14
<PAGE>
<TABLE>
<CAPTION>
                                                                                                Schedule III, Cont.
                                                                                                -------------------

               REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP - V
                                AND SUBSIDIARIES

                    Real Estate and Accumulated Depreciation
                        December 31, 2007, 2006 and 2005


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

(2)      A reconciliation of the carrying amount of land and buildings for the
         years ended December 31, 2007, 2006 and 2005 follows:

                                                                        2007             2006              2005
                                                                        ----             ----              ----
<S>                                                                 <C>                 <C>               <C>
         Balance at beginning of year                               $  2,254,238        8,660,954         8,620,133
         Additions                                                             -          477,505            40,281
         Dispositions (5)                                                      -       (6,884,221)                -
                                                                    ------------      -----------       -----------

         Balance at end of year                                     $  2,254,238        2,254,238         8,660,954
                                                                    ============      ===========       ===========
</TABLE>
(3)      A reconciliation of accumulated depreciation for the years ended
         December 31, 2007, 2006 and 2005 is as follows:
<TABLE>
<CAPTION>
                                                                         2007             2006              2005
                                                                         ----             ----              ----
<S>                                                                  <C>                <C>               <C>
         Balance at beginning of year                                $ 1,036,101        2,769,662         2,769,662
         Dispositions (5)                                                      -       (1,733,561)                -
                                                                     -----------        ---------         ---------

         Balance at end of year                                      $ 1,036,101        1,036,101         2,769,662
                                                                     ===========        =========         =========
</TABLE>
(4)      Balance applies entirely to buildings and improvements.

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













                                      F-15


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

                    Real Estate and Accumulated Depreciation
                                December 31, 2007






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

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

Transit Road Land
  Amherst, NY                     --       --       12/88       1/06
                         -----------     ====       =====      =====
                          (1,733,561)
                         ===========
</TABLE>
*In accordance with Statement of Financial Accounting Standards No. 144, no
depreciation was recorded during the disposal period January 1, 2001 through
December 31, 2007.

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







                                      F-16