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

                           FORM 10-QSB

[X]     Quarterly Report Pursuant to Section 13 or 15(d) of the
        Securities Exchange Act of 1934

   For the quarterly period ended  September 30, 1998

                                or
  
[ ]     Transition Report Pursuant to Section 13 or 15(d) of the
        Securities Exchange Act of 1934

   For the transition period from               to


   Commission File Number               0-13402                


                Brauvin Real Estate Fund L.P. 4 

   (Name of small business issuer as specified in its charter)

              Delaware                        36-3304339
   (State or other jurisdiction of       (I.R.S. Employer
    incorporation or organization)      Identification No.)

   30 North LaSalle Street, Chicago, Illinois         60602
    (Address of principal executive offices)       (Zip Code)

                        (312) 759-7660
                   (Issuer's telephone number)

   Securities registered pursuant to Section 12(b) of the Act:

   Title of each class                Name of each exchange on
                                          which registered
              None                              None

   Securities registered pursuant to Section 12(g) of the Act:

                 Limited Partnership Interests

                         (Title of class)

Check whether the issuer (1) filed all reports required to be filed
by Section 13 or 15(d) of the Exchange Act during the past 12
months (or for such shorter period that the issuer was required to
file such reports), and (2) has been subject to such filing
requirements for the past 90 days.  Yes     X    No        .

<PAGE>  
                              INDEX
                              PART I
                                                                Page
Item 1.   Consolidated Financial Statements. . . . . . . . . . . . . . 3

          Consolidated Balance Sheet at September 30, 1998 . . . . . . 4
          
          Consolidated Statements of Operations for the 
            nine months ended September 30, 1998 and 1997. . . . . . . 5

          Consolidated Statements of Operations for the 
            three months ended September 30, 1998 and 1997 . . . . . . 6

          Consolidated Statements of Cash Flows for the 
            nine months ended September 30, 1998 and 1997. . . . . . . 7

          Notes to Consolidated Financial Statements . . . . . . . . . 8

Item 2.   Management's Discussion and Analysis
            or Plan of Operation . . . . . . . . . . . . . . . . . . .18
                             PART II
Item 1.   Legal Proceedings. . . . . . . . . . . . . . . . . . . . . .24

Item 2.   Changes in Securities. . . . . . . . . . . . . . . . . . . .24

Item 3.   Defaults Upon Senior Securities. . . . . . . . . . . . . . .24

Item 4.   Submission of Matters to Vote of Security 
            Holders. . . . . . . . . . . . . . . . . . . . . . . . . .24

Item 5.   Other Information. . . . . . . . . . . . . . . . . . . . . .24

Item 6.   Exhibits and Reports on Form 8-K . . . . . . . . . . . . . .24

Signatures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .25
<PAGE>                 
                        PART I - FINANCIAL INFORMATION
                                
ITEM 1.   Consolidated Financial Statements

 The following Consolidated Balance Sheet as of September 30,
1998, Consolidated Statements of Operations for the nine months
ended September 30, 1998 and 1997, Consolidated Statements of
Operations for the three months ended September 30, 1998 and 1997,
and Consolidated Statements of Cash Flows for the nine months ended
September 30, 1998 and 1997 for Brauvin Real Estate Fund L.P. 4
(the "Partnership") are unaudited but reflect, in the opinion of
the management, all adjustments necessary to present fairly the
information required.  All such adjustments are of a normal
recurring nature.

 These consolidated financial statements should be read in
conjunction with the consolidated financial statements and notes
thereto included in the Partnership's 1997 Annual Report on Form
10-KSB.

<PAGE>                   
                CONSOLIDATED BALANCE SHEET
                          (Unaudited)

                                          September 30,
                                              1998
ASSETS
Investment in real estate:
  Land                                           $ 3,710,168
  Buildings and improvements                      14,556,229
                                                  18,266,397
  Less accumulated depreciation                   (5,615,585)
Net investment in real estate                     12,650,812
Investment in Sabal Palm Joint
  Venture (Note 5)                                   814,405
Cash and cash equivalents                            790,023
Rent receivable (net of 
  allowance of $154,000)                             259,172
Escrow deposits                                       41,167
Other assets                                          44,585
  Total Assets                                   $14,600,164

LIABILITIES AND PARTNERS' CAPITAL

LIABILITIES:
Mortgage notes payable (Note 3)                  $11,075,081
Accounts payable and accrued expenses                294,764
Tenant security deposits                              70,693
Due to affiliates                                     54,590
       Total Liabilities                          11,495,128

MINORITY INTEREST IN STRAWBERRY
  JOINT VENTURE                                     (153,731)
PARTNERS' CAPITAL:
General Partners                                     (27,615)
Limited Partners (9,550 limited 
  partnership units issued and
  outstanding)                                     3,286,382
       Total Partners' Capital                     3,258,767
       Total Liabilities and 
           Partners' Capital                     $14,600,164

  See accompanying notes to consolidated financial statements.
                                                              
<PAGE>              
                CONSOLIDATED STATEMENTS OF OPERATIONS
             For the nine months ended September 30,
                        (Unaudited)

                                         1998             1997
INCOME
Rental                                  $1,339,388     $1,337,552
Interest                                    21,199         28,366
Other, primarily tenant 
  expense reimbursements                   261,170        291,717
       Total income                      1,621,757      1,657,635

EXPENSES
Interest                                   808,522        733,632
Depreciation                               312,527        331,210
Real estate taxes                          195,626        186,232
Repairs and maintenance                     43,565         80,684
Management fees (Note 4)                    91,847         92,894
Other property operating                    82,497         83,156
Provision for impairment                 1,564,101             --
General and administrative                 224,002        240,463
       Total expenses                    3,322,687      1,748,271
Loss before minority 
  and equity interests
  in joint ventures                     (1,700,930)       (90,636)

Minority interest's 
  share of Strawberry
  Joint Venture's net loss                 689,947         21,171

Equity interest in Sabal
  Palm Joint Venture's
  net income                                44,335         17,559

Net loss                                 $(966,648)     $ (51,906)
Net loss allocated to:
  General Partners                       $  (9,666)     $    (519)
  Limited Partners                       $(956,982)     $ (51,387)
Net loss per
 Limited Partnership 
 Interest (9,550 units 
  outstanding)                           $ (100.21)     $   (5.38)
  See accompanying notes to consolidated financial statements.

<PAGE>
             CONSOLIDATED STATEMENTS OF OPERATIONS
            For the three months ended September 30,
                          (Unaudited)
                                
                                             1998          1997
INCOME
Rental                                    $463,611       $444,876
Interest                                     6,811          9,709
Other, primarily tenant 
  expense reimbursements                    86,593         86,962
       Total income                        557,015        541,547

EXPENSES
Interest                                   267,684        253,905
Depreciation                               101,598        109,852
Real estate taxes                           55,232         63,327
Repairs and maintenance                      9,032         61,615
Management fees (Note 4)                    32,597         25,865
Other property operating                    24,114         31,503
General and 
  administrative                            32,369         83,992
       Total expenses                      522,626        630,059

Income(loss)before minority
  and equity interests
  in joint ventures                         34,389        (88,512)

Minority interest's 
  share of Strawberry
  Joint Venture's net loss                   6,031          8,256

Equity interest in Sabal
  Palm Joint Venture's
  net loss                                  (5,876)       (16,658)

Net income (loss)                         $ 34,544       $(96,914)
Net income(loss)allocated to:
  General Partners                        $    345       $   (969)
  Limited Partners                        $ 34,199       $(95,945)
Net income (loss)per
 Limited Partnership 
 Interest (9,550 units 
  outstanding)                            $   3.58       $ (10.05)
                                
  See accompanying notes to consolidated financial statements.
                                
             CONSOLIDATED STATEMENTS OF CASH FLOWS
               For the nine months September 30, 
                          (Unaudited)
                                
                                                    1998          1997
Cash Flows From Operating  Activities:
Net loss                                         $(966,648)     $(51,906)
Adjustments to reconcile net  
  loss to net cash provided by
  operating activities: 
Depreciation                                       312,527       331,210
Provision for impairment                         1,564,101            --
Provision for doubtful accounts                     47,723        43,887
Minority interest's share of
  Strawberry Joint Venture's net loss             (689,947)      (21,171)
Equity interest in Sabal Palm 
  Joint Venture net income                         (44,335)      (17,559)
Change in rent receivable                         (107,556)      (88,952)
Change in escrow deposits                          (34,415)      (31,935)
Change in other assets                              (1,648)          863
Change in accounts payable and 
  accrued expenses                                  73,259        87,051
Change in due to affiliates                          7,849           690
Change in tenant security deposits                  28,318        (3,622)
Net cash provided by operating 
  activities                                       189,228       248,556

Cash Flows From Investing Activities:
Capital expenditures                               (58,080)       (6,902)
Distribution from
  Sabal Palm Venture                                79,900        13,160
Net cash provided by
   investing activities                             21,820         6,258

Cash Flows From Financing Activities:
Repayment of mortgage notes payable               (262,255)   (1,152,069)
Loan fees                                               --       (33,005)
Proceeds from mortgage note payable                     --       875,000
Net cash used in financing activities             (262,255)     (310,074)
Net decrease in cash 
 and cash equivalents                              (51,207)      (55,260)
Cash and cash equivalents at
 beginning of year                                 841,230       844,598
Cash and cash equivalents at
 end of period                                    $790,023     $ 789,338
Supplemental disclosure of cash flow
  information:  
       Cash paid for interest                     $791,075     $ 726,310
                                
  See accompanying notes to consolidated financial statements.
                                
           NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                          (Unaudited)

(1)  ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

     Organization

     Brauvin Real Estate Fund L.P. 4 (the "Partnership") is a Delaware
limited partnership organized for the purpose of acquiring,
operating, holding for investment and disposing of existing office
buildings, medical office centers, shopping centers and industrial
and retail commercial buildings of a general purpose nature, all in
metropolitan areas.  The General Partners of the Partnership are
Brauvin Ventures, Inc. and Jerome J. Brault.  Mr. Cezar M. Froelich
resigned as a director of the corporate general partner in December
1994, and resigned as an Individual General Partner effective 90
days from August 14, 1997.  Brauvin Ventures, Inc. is owned by
A.G.E. Realty Corporation Inc.(50%), and by Messrs. Brault
(beneficially) (25%) and Froelich (25%).  A. G. Edwards & Sons,
Inc. and Brauvin Securities, Inc., affiliates of the General
Partners, were the selling agents of the Partnership.  The
Partnership is managed by an affiliate of the General Partners.

     The Partnership was formed on April 30, 1984 and filed a
Registration Statement on Form S-11 with the Securities and
Exchange Commission which became effective on February 16, 1984.
The sale of the minimum of $1,200,000 of limited partnership
interests of the Partnership (the "Units") necessary for the
Partnership to commence operations was achieved on April 30, 1984.
The Partnership's offering closed on December 31, 1984.  A total of
$9,550,000 of Units were subscribed for and issued between February
16, 1984 and  December 31, 1984 pursuant to the Partnership's
public offering.

     The Partnership has acquired directly or through joint ventures
the land and buildings underlying Fortune Professional Building,
Raleigh Springs Marketplace, Strawberry Fields Shopping Center and
Sabal Palm Shopping Center. 
                            
     SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

     Management's Use of Estimates

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

     Accounting Method

     The accompanying consolidated financial statements have been
prepared using the accrual method of accounting.

     Rental Income

     Rental income is recognized on a straight line basis over the
life of the related leases.  Differences between rental income
earned and amounts due per the respective lease agreements are
credited or charged, as applicable, to deferred rent receivable.

     Federal Income Taxes

     Under the provisions of the Internal Revenue Code, the
Partnership's income and losses are reportable by the partners on
their respective income tax returns.  Accordingly, no provision is
made for Federal income taxes in the consolidated financial
statements.
     
     Consolidation of Joint Venture Partnership

     The Partnership owns a 58% equity interest in an affiliated joint
venture ("Strawberry Joint Venture") which acquired Strawberry
Fields Shopping Center ("Strawberry Fields").  The accompanying
consolidated financial statements have consolidated 100% of the
assets, liabilities, operations and partners' capital of
Strawberry Joint Venture.  The minority interest in the
consolidated joint venture is adjusted for the joint venture
partner's share of income or loss and any cash contributions or
cash disbursements from the joint venture partner, Brauvin Real
Estate Fund L.P. 5 ("BREF 5").  All intercompany items and
transactions have been eliminated.

     Investment in Joint Venture Partnership

     The Partnership owns a 47% equity interest in the Sabal Palm
Joint Venture (see Note 5).  Sabal Palm is reported as an
investment in an affiliated joint venture.  The accompanying
financial statements include the investment in Sabal Palm Joint
Venture using the equity method of accounting.

     Investment in Real Estate

     The Partnership's rental properties are stated at cost including
acquisition costs, leasing commissions, tenant improvements and net
of provision for impairment.  Depreciation and amortization are
recorded on a straight-line basis over the estimated economic lives
of the properties, which approximate 38 years, and the term of the
applicable leases, respectively.  All of the Partnership's
properties are subject to liens under first mortgages (see Note 3).

     In 1995, the Partnership adopted Statement of Financial
Accounting Standards No. 121, "Accounting for the Impairment of
Long-Lived Assets and for Long-Lived Assets to be Disposed Of"
(SFAS 121).  In conjunction with the adoption of SFAS 121, the
Partnership performed an analysis of its long-lived assets, and the
Partnership's management determined that there were no events or
changes in circumstances that indicated that the carrying amount of
the assets may not be recoverable at September 30, 1998 and
December 31, 1997, except as disclosed below.

     In the second quarter of 1998, the Partnership recorded an
impairment of $1,564,101 related to an other than temporary decline
in the value of real estate for Strawberry Fields.  This allowance
has been allocated to land and building based on the original
acquisition percentages.
                        
     Cash and Cash Equivalents

     Cash and cash equivalents include all highly liquid debt
instruments with an original maturity within three months from date
of purchase.

     Estimated Fair Value of Financial Instruments

     Disclosure of the estimated fair value of financial instruments
is made in accordance with the requirements of Statement of
Financial Accounting Standards No. 107, "Disclosure About Fair
Value of Financial Instruments."  The estimated fair value amounts
have been determined by using available market information and
appropriate valuation methodologies.  However, considerable
judgement is necessarily required in interpreting market data to
develop estimates of fair value.

     The fair value estimates presented herein are based on
information available to management as of September 30, 1998, but
may not necessarily be indicative of the amounts that the
Partnership could realize in a current market exchange.  The use of
different assumptions and/or estimation methodologies may have a
material effect on the estimated fair value amounts. 

     The carrying amounts of the following items are reasonable
estimates of fair value: cash and cash equivalents; rent
receivable; escrow deposits; accounts payable and accrued expenses;
and due to affiliates.

(2)  PARTNERSHIP AGREEMENT

     The Partnership Agreement (the "Agreement") provides that 99% of
the net profits and losses from operations of the Partnership for
each fiscal year shall be allocated to the Limited Partners and 1%
of net profits and losses from operations shall be allocated to the
General Partners.  The net profit of the Partnership from the sale
or other disposition of a Partnership property shall be allocated
as follows: first, there shall be allocated to the General Partners
the greater of: (i) 1% of such net profits; or (ii) the amount
distributable to the General Partners as Net Sale Proceeds from
such sale or other disposition in accordance with paragraph 2,
SECTION K of the Agreement; and second, all remaining profits shall
be allocated to the Limited Partners.  The net loss of the
Partnership from any sale or other disposition of a Partnership
property shall be allocated as follows:  99% of such net loss shall
be allocated to the Limited Partners and 1% of such net loss shall
be allocated to the General Partners.

     The Agreement provides that distributions of Operating Cash Flow,
as defined in the Agreement, shall be distributed 99% to the
Limited Partners and 1% to the General Partners.  The receipt by
the General Partners of such 1% of Operating Cash Flow shall be
subordinated to the receipt by the Limited Partners of Operating
Cash Flow equal to a 10% per annum, cumulative, non-compounded
return on Adjusted Investment (the "Preferential Distribution"), as
such term is defined in the Agreement.  In the event the full
Preferential Distribution is not made in any year (herein referred
to as a "Preferential Distribution Deficiency") and Operating Cash
Flow is available in following years in excess of the Preferential
Distribution for said year, then the Limited Partners shall be paid
such excess Operating Cash Flow until they have been paid any
unpaid Preferential Distribution Deficiency from prior years.  Net
Sale Proceeds, as defined in the Agreement, received by the
Partnership shall be distributed as follows:  (a) first, to the
Limited Partners until such time as the Limited Partners have been
paid an amount equal to the amount of their Adjusted Investment;
(b) second, to the Limited Partners until such time as the Limited
Partners have been paid an amount equal to any unpaid Preferential
Distribution Deficiency; and (c) third, 85% of any remaining Net
Sale Proceeds to the Limited Partners, and the remaining 15% of the
Net Sale Proceeds to the General Partners.

     At September 30, 1998, the Preferential Distribution Deficiency
equaled $11,113,815.

(3)  MORTGAGE NOTES PAYABLE

     Mortgage notes payable at September 30, 1998 consist of the
following:
                                                  Interest             Date 
                                1998                Rate               Due 
Raleigh Springs 
  Marketplace              $4,780,325               (a)10%             10/99
Fortune Professional
  Building                    802,070               (b)                06/99
Strawberry Fields
  Shopping Center           5,492,686               (c)9%              12/98
                          $11,075,081

Maturities of the mortgage notes payable are as follows:

                      1998               $ 5,523,593
                      1999                 5,551,488

                                         $11,075,081

  Raleigh Springs Marketplace ("Raleigh"), Fortune Professional
Building ("Fortune") and Strawberry Fields Shopping Center
("Strawberry Fields") serve as collateral under the respective
nonrecourse debt obligations.

  (a) Monthly principal and interest payments are based on a 25-
  year amortization schedule. 

  The carrying value of Raleigh at September 30, 1998 was
approximately $5,714,000.

  (b) Prior to June 26, 1997, the Partnership made monthly payments
of interest and principal payments based upon a: (i) 25-year
amortization schedule plus 100% of Available Cash Flow from July 1,
1992 through June 1, 1993; and (ii) 15-year amortization schedule
plus 50% of Available Cash Flow from July 1, 1993 through July 1,
1997.

  The lender had the option to accelerate the loan maturity July
1 of each year, if the property was not: (i) in good condition and
repair; (ii) occupied at a rate that was equal to the prevailing
occupancy rate for similar properties in the same locale; and (iii)
leased at rental rates which were at least 90% of the prevailing
rate for similar properties in the same locale. The Partnership was
required to make a balloon mortgage payment in July 1997 of
approximately $934,000.

  On June 26, 1997, the Partnership obtained a first mortgage loan
in the amount of $875,000 secured by Fortune, from American
National Bank and Trust Company (the "Replacement Loan").  In
connection with the funding of the Replacement Loan, the
Partnership was required to reduce the principal balance of the
original loan by approximately $59,000, out of cash and cash
equivalents, to release the original mortgage loan and pay loan
fees of approximately $33,000.  The Replacement Loan has a floating
interest rate based on American National Bank's prime rate, which
at September 30, 1998 was 8.5%.  Principal is being amortized based
on a 15-year amortization period and is payable with interest on a
monthly basis.
  
  The carrying value of Fortune at  September 30, 1998 was
approximately $1,632,000.

  (c) In February 1993, the Partnership and Strawberry Joint
Venture, finalized a refinancing of the first mortgage loan (the
"Refinancing") on Strawberry Fields with the lender.  The
Refinancing became effective retroactive to October 1992.  Due to
the Refinancing, the interest rate was reduced to 9% with monthly
payments of interest only from October 1992 through November 1995.
The Strawberry Joint Venture has the option to extend the term of
the loan and make monthly payments of principal and interest from
December 1995 through November 1998, if it is not in default of the
terms of the Refinancing.  On September 18, 1995, the Strawberry
Joint Venture notified Lutheran Brotherhood (the "Strawberry
Lender") that it would exercise its option to extend the term of
the Strawberry Fields loan from the original maturity of November
1, 1995 to December 1, 1998.  The terms of the extension called for
all provisions of the loan to remain the same except for an
additional monthly principal payment of $12,500.  Effective
November 1, 1995, the Strawberry Joint Venture and the Strawberry
Lender agreed to modify the loan by reducing the interest rate to
7.5% for November 1, 1995 through October 31, 1997 and by reducing
the monthly principal payment to $12,000.  Commencing November 1,
1997 and through the maturity date, December 1, 1998, the interest
rate reverted to the original 9.0% rate.

  Effective October 1, 1998, the Strawberry Joint Venture and the
Strawberry Lender agreed to modify and extend the first mortgage
loan.  As of October 1, 1998 and through the extended maturity
date, December 1, 1999, the interest rate has been reduced from 9%
to 7% with principal amortization changed from a ten year period to
an eighteen year period.

  The carrying value of Strawberry Fields at September 30, 1998 was
approximately $5,305,000.

  The Partnership is required to make balloon mortgage payments for
Fortune in the amount of $758,300 on June 30, 1999 and for
Strawberry Fields in the amount of $5,307,000 at December 1, 1999.

(4)  TRANSACTIONS WITH AFFILIATES

  Fees and other expenses paid or payable to the General Partners
or their affiliates for the nine months ended September 30, 1998
and 1997 were as follows:

                                             1998       1997
  Management fees                           $91,847    $80,785
  Reimbursable office expenses               74,175     85,338
  Legal fees                                     --        270

  The Partnership believes the amounts paid to affiliates are
representative of amounts which would have been paid to independent
parties for similar services.  The Partnership had made all
payments to affiliates, except for $11,981 for management fees and
$6,909 for legal fees, as of September 30, 1998.  An amount of
$35,700 was due to an affiliate at September 30, 1998, representing
an advance made from BREF 5.

(5)  EQUITY INVESTMENT

  The Partnership owns a 47% interest in Sabal Palm Joint Venture
("Sabal Palm") and accounts for its investment under the equity
method.  The following are condensed financial statements for Sabal
Palm:


                                           September 30,
                                                  1998
Land, building and personal 
  property, net                            $4,749,958
Other assets                                  270,072
                                           $5,020,030

Mortgage note payable                      $3,154,560
Other liabilities                             129,024
                                            3,283,584
Partners' capital                           1,736,446
                                           $5,020,030
            
For the nine months ended        
                                
                                September 30,  September 30,
                                      1998            1997
Rental income                     $548,984        $513,244
Other income                        59,450          42,216
                                   608,434         555,460

Mortgage and                                              
  other interest                   226,535         230,746
Depreciation                       102,391         101,946
Operating and
 administrative 
 expenses                          185,179         185,407
                                   514,105         518,099

Net income                        $ 94,329        $ 37,361
                                                          
  Sabal Palm was required to make a balloon mortgage payment in
February 1997. Prior to the scheduled maturity of the then existing
mortgage obligation, the lender granted Sabal Palm an extension
until April 1, 1997.  On March 31, 1997, Sabal Palm obtained a new
first mortgage loan in the amount of $3,200,000 (the "First
Mortgage Loan") secured by its real estate, from NationsBanc
Mortgage Capital Corporation.  The First Mortgage Loan bears
interest at the rate of 8.93% per annum, is amortized over a 25-
year period, requires monthly payments of principal and interest of
approximately $26,700 and matures on March 26, 2002.  A portion of
the proceeds of the First Mortgage Loan, approximately $3,077,000,
was used to retire Sabal Palm's existing mortgage from Lincoln
National Pension Insurance Company.  The outstanding mortgage
balance encumbered by the property was $3,154,560 at September 30,
1998.

  In the first quarter of 1998, the Partnership became aware that
both Winn-Dixie and Walgreens may vacate their respective spaces at
Sabal Palm prior to their lease termination dates.  In the second
quarter of 1998, Winn-Dixie vacated its space at the center.
Walgreens has not given official notice that they will vacate their
space prior to the lease termination, the General Partners,
however, believe that there is a likelihood that this tenant will
vacate.  The General Partners are working to determine the most
beneficial steps to be taken by the Partnership.  Winn-Dixie
remains liable for rental payments under its lease at Sable Palm
until April 2005.

<PAGE>
ITEM 2. Management's Discussion and Analysis or Plan of
        Operation.

     General

     Certain statements in this Quarterly Report that are not
historical fact constitute "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995.
Without limiting the foregoing, words such as "anticipates,"
"expects," "intends," "plans" and similar expressions are intended
to identify forward-looking statements.  These statements are
subject to a number of risks and uncertainties.  Actual results
could differ materially from those projected in the forward-looking
statements.  The Partnership undertakes no obligation to update
these forward-looking statements to reflect future events or
circumstances.

Year 2000

     In 1997, the Partnership initiated the conversion from its
existing accounting software to a program that is year 2000
compliant.  Management has determined that the year 2000 issue will
not pose significant operational problems for its computer system.
All costs associated with this conversion are being expensed as
incurred, and are not material.

     Also in 1997, management of the Partnership initiated formal
communications with all of its significant third party vendors,
service providers and financial institutions to determine the
extent to which the Partnership is vulnerable to those third
parties failure to remedy their own year 2000 issue.  There can be
no guarantee that the systems of these third parties will be timely
converted and would not have an adverse effect on the Partnership.

Liquidity and Capital Resources

     The Partnership intends to satisfy its short-term liquidity needs
through cash flow from the properties.  Long-term liquidity needs
are expected to be satisfied through refinancing or modification of
the mortgages at more favorable interest rates.

     Fortune was required to make a balloon mortgage payment in July
1997 of approximately $934,000.  On June 26, 1997, the Partnership
obtained the Replacement Loan in the amount of $875,000 secured by
Fortune, from American National Bank and Trust Company.  In
connection with the funding of the Replacement Loan, the
Partnership was required to reduce the outstanding principal
balance of the original mortgage loan by approximately $59,000, out
of cash and cash equivalents, to release the original mortgage loan
and pay loan fees of approximately $24,600.  The Replacement Loan
has a floating interest rate based on American National Bank's
prime rate, which at September 30, 1998 was 8.5%.  Principal is
being amortized based on a 15-year amortization period and is
payable with interest on a monthly basis.  The Replacement Loan
matures on June 30, 1999 at which time a balloon mortgage payment
in the amount of approximately $758,300 will be due.

     As a result of a recent decline in the Albuquerque, New Mexico
office market, the General Partners have decided not to continue to
market this property for sale at this time.  The occupancy level at
Fortune at September 30, 1998 was 73%, compared to 60% at December
31, 1997 and 77% at September 30, 1997.  Fortune had a negative
cash flow for the nine months ended September 30, 1998.  The
Partnership is currently working to improve the occupancy rate at
Fortune.

     Raleigh Springs has continued to generate a slight positive
operating cash flow despite losing T.J. Maxx, an anchor tenant,
which occupied 21% of the total space.  In November 1996, Methodist
Hospital entered into a lease for approximately 9,500 square feet. 
The remaining space is currently being marketed both regionally and
nationally.  The occupancy level at Raleigh at September 30, 1998
was 95%, compared to 78% at December 31, 1997 and 78% at September
30, 1997.

     Toys R US, the major tenant, at Raleigh Springs has indicated to
the General Partners that this store is one of ninety that has been
identified for possible disposition or sublease.  The Toys R US
lease expires in October 2017 and in the event that they decide to
vacate the space they will continue to be liable for all rental
charges through the lease expiration.  However, Toys R US still
continues to operate this store and is current in all its rental
obligations.  Because of the uncertainty of the status, the General
Partners are considering a number of different alternatives for
this space.

     The occupancy level at Strawberry Fields at September 30, 1998
was 87%, compared to 89% at December 31, 1997 and 90% at September
30, 1997.  Strawberry Fields had a negative cash flow for the nine
months ended September 30, 1998.

     On September 18, 1995, the Strawberry Joint Venture notified the
Strawberry Lender that it would exercise its option to extend the
term of the Strawberry Fields loan from the original maturity of
November 1, 1995 to December 1, 1998.  The terms of the extension
called for all provisions of the loan to remain the same except for
an additional monthly principal payment of $12,500.  Effective
November 1, 1995, the Strawberry Joint Venture and the Strawberry
Lender agreed to modify the loan by reducing the interest rate to
7.5% for November 1, 1995 through October 31, 1997 and by reducing
the monthly principal payment to $12,000.  As of November 1, 1997
and through the maturity date, December 1, 1998, the interest rate
reverted to the original 9.0% rate.

     Effective October 1, 1998, the Strawberry Joint Venture and the
Strawberry Lender agreed to modify and extend the first mortgage
loan.  As of October 1, 1998 and through the extended maturity
date, December 1, 1999, the interest rate has been reduced from 9%
to 7% with principal amortization changed from a ten year period to
an eighteen year period.

     In the second quarter of 1998, the Partnership recorded an
impairment of $1,564,101 related to an other than temporary decline
in the value of real estate for the Strawberry Fields property.
This allowance has been allocated to land and building based on the
original acquisition percentages.

     At Sabal Palm, the Partnership and its joint venture partner are
working to improve the occupancy level of the shopping center which
stood at 96% as of September 30, 1998.  Although the Sabal Palm
retail market appears to be over built, the occupancy level of the
building has stayed relatively constant and it has generated
positive cash flow since the joint venture acquired the property in
1986.

     In the first quarter of 1998, the Partnership became aware that
both Winn-Dixie and Walgreens may vacate their respective spaces at
Sabal Palm prior to their lease termination dates.  In the second
quarter of 1998, Winn-Dixie vacated its space at the center.
Walgreens has not given official notice that they will vacate the
space prior to their lease termination, the General Partners,
however, believe that there is a likelihood that this tenant will
vacate.  The General Partners are working to determine the most
beneficial steps to be taken by the Partnership.  Winn-Dixie
remains liable for rental payments under its lease at Sable Palm
until April 2005.

     Sabal Palm was required to make a balloon mortgage payment in
February 1997. Prior to the scheduled maturity of the First
Mortgage Loan, the lender granted Sabal Palm an extension until
April 1, 1997.  On March 31, 1997, Sabal Palm obtained a first
mortgage loan in the amount of $3,200,000 (the "First Mortgage
Loan") secured by its real estate, from NationsBanc Mortgage
Capital Corporation.  The First Mortgage Loan bears interest at the
rate of 8.93% per annum, is amortized over a 25-year period,
requires monthly payments of principal and interest of
approximately $26,700 and matures on March 26, 2002.  A portion of
the proceeds of the First Mortgage Loan, approximately $3,077,000,
was used to retire Sabal Palm's existing mortgage from Lincoln
National Pension Insurance Company.  The outstanding mortgage
balance encumbered by the property was $3,154,560 at September 30,
1998.

     The Partnership has engaged a nationally known appraisal firm to
value the Partnership's assets.  Additionally, this firm will
assist the General Partners in determining the appropriate method
and timing for the disposition of the Partnership's assets.  The
appraisal of the assets is expected to be completed by the end of
the calendar year.

     The General Partners expect to distribute proceeds from
operations, if any, and from the sale of real estate to Limited
Partners in a manner that is consistent with the investment
objectives of the Partnership.  Management of the Partnership
believes that cash needs may arise from time to time which will
have the effect of reducing distributions to Limited Partners to
amounts less than would be available from refinancings or sale
proceeds.  These cash needs include, among other things,
maintenance of working capital reserves in compliance with the
Agreement as well as payments for major repairs, tenant
improvements and leasing commissions in support of real estate
operations.

Results of Operations - Nine months Ended September 30, 1998 and
1997
     (Amounts rounded to 000's)

     The Partnership generated a net loss of $967,000 for the nine
months ended September 30, 1998 as compared to net loss of $52,000
for the same nine month period in 1997.  The $915,000 decrease was
primarily due to a $1,564,000 increase in the provision for
impairment at Strawberry. Partially offsetting this increase was
the minority interest's share of the Strawberry Joint Venture's net
loss associated with the provision for impairment in the amount of
approximately $657,000.

     Total income for the nine months ended September 30, 1998 was
$1,622,000 as compared to $1,658,000 for the same nine month period
in 1997, a decrease of $36,000. The $36,000 decrease resulted from
a decrease of $15,000 in deferred rental income at Strawberry, a
decrease of $57,000 in other income (tenant reimbursements) at
Raleigh, and a decrease of $43,000 in rental income at Fortune. The
decrease in rental income at Fortune was the result of a decrease
in the occupancy rate to 73% from 77%, respectively, at September
30, 1998 and 1997.  Partially offsetting the decrease in total
income were increases of $31,000 in other income at Strawberry and
$41,000  in rental income at Raleigh.  The increase in rental
income at Raleigh resulted from an increase in the occupancy rate
to 95% from 78%, respectively, at  September 30, 1998 and 1997.

     For the nine months ended September 30, 1998 total expenses were
$3,323,000 as compared to $1,748,000 for the same nine month period
in 1997, an increase of $1,575,000. This increase in total expenses
was primarily a result of increases in the provision for impairment
and interest expense.  The provision for impairment at Strawberry
was $1,564,000 for the  nine months ended September 30, 1998 as
compared to $0 for the same nine month period in 1997, an increase
of $1,564,000.  Interest expense was $809,000 for the  nine months
ended September 30, 1998 as compared to $734,000 for the same nine
month period in 1997, an increase of $75,000.  This increase was
caused primarily by the increase in the interest rate at Fortune
from 3% in 1997 to 8.5% in 1998.  In addition, interest expense
also increased as a result of the interest rate for Strawberry's
mortgage loan reverting to 9.0% from 7.5% in November 1997.
Partially offsetting the increase in total expenses were decreases
of $34,000 in roof repair expense and $39,000 in bad debt expense
at Raleigh.

Results of Operations - Three Months Ended September 30, 1998 and
1997
     (Amounts rounded to 000's)

     The Partnership generated a net income of $35,000 for the three
months ended September 30, 1998 as compared to net loss of $97,000
for the same three month period in 1997.

     Total income for the three months ended September 30, 1998 was
$557,000 as compared to $542,000 for the same three month period in
1997, an increase of $15,000. The $15,000 increase resulted from an
increase of $15,000 in rental income at Raleigh. The increase in
rental income at Raleigh resulted from an increase in the occupancy
rate to 95% from 78%, respectively, at September 30, 1998 and 1997.

     For the three months ended September 30, 1998 total expenses were
$523,000 as compared to $630,000 for the same three month period in
1997, a decrease of $107,000. This decrease in total expenses
resulted from decreases of $43,000 in roof repair expense and
$66,000 in bad debt expense at Raleigh.

                  PART II - OTHER INFORMATION

     ITEM 1.                    Legal Proceedings.

                                     None.

     ITEM 2.                    Changes in Securities.

                                     None.

     ITEM 3.                    Defaults Upon Senior Securities.

                                     None.

     ITEM 4.                    Submission of Matters to a Vote of Security
                                     Holders.

                                     None.

     ITEM 5.                    Other Information.

                                     None.

     ITEM 6.                    Exhibits and Reports On Form 8-K.

                                Exhibit 27. Financial Data Schedule.
<PAGE>                           
                                SIGNATURES


In accordance with the requirements of the Exchange Act, the
registrant caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.



                         BY:  Brauvin Ventures, Inc.
                              Corporate General Partner of
                              Brauvin Real Estate Fund L.P. 4


                              BY:   /s/ Jerome J. Brault
                                    Jerome J. Brault
                                    Chairman of the Board of
                                    Directors and President

                              DATE: November 13, 1998


                              BY:   /s/ Thomas E. Murphy
                                    Thomas E. Murphy
                                    Chief Financial Officer and
                                    Treasurer

                              DATE: November 13, 1998
 
<PAGE>