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      March 31, 2001

                                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        .




                              INDEX

                              PART I
                                                                    Page

Item 1.   Consolidated Financial Statements. . . . . . . . . . . . . . 3

          Consolidated Statement of Net Assets in Liquidation
          as of March 31, 2001 (Liquidation Basis) . . . . . . . . . . 4

          Consolidated Statement of Changes in Net Assets
          in Liquidation for the period January 1, 2000 to
          March 31, 2000 (Liquidation Basis) . . . . . . . . . . . . . 5

          Consolidated Statement of Changes in Net Assets
          in Liquidation for the period January 1, 2001 to
          March 31, 2001 (Liquidation Basis) . . . . . . . . . . . . . 6

          Consolidated Statements of Operations for the
          three months ended March 31, 2001 and 2000
          (Liquidation Basis). . . . . . . . . . . . . . . . . . . . . 7

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

Item 2.   Management's Discussion and Analysis or Plan
          of Operation . . . . . . . . . . . . . . . . . . . . . . . .19

                            PART II

Item 1.   Legal Proceedings. . . . . . . . . . . . . . . . . . . . . .26

Item 2.   Changes in Securities. . . . . . . . . . . . . . . . . . . .26

Item 3.   Defaults Upon Senior Securities. . . . . . . . . . . . . . .26

Item 4.   Submission of Matters to a Vote of Security
          Holders. . . . . . . . . . . . . . . . . . . . . . . . . . .26

Item 5.   Other Information. . . . . . . . . . . . . . . . . . . . . .26

Item 6.   Exhibits, and Reports on Form 8-K. . . . . . . . . . . . . .26

Signatures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .27

<PAGE>

                 PART I - FINANCIAL INFORMATION

ITEM 1.   Consolidated Financial Statements

 The following Consolidated Statement of Net Assets in Liquidation
as of March 31, 2001 (Liquidation Basis), Consolidated Statement of
Changes in Net Assets in Liquidation for the period January 1, 2000
to March 31, 2000 (Liquidation Basis), Consolidated Statement of
Changes in Net Assets in Liquidation for the period January 1, 2001
to March 31, 2001 (Liquidation Basis) and Consolidated Statements
of Operations for the three months ended March 31, 2001 and 2000
(Liquidation Basis) 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 financial statements should be read in conjunction with the
financial statements and notes thereto included in the
Partnership's 2000 Annual Report on Form 10-KSB.



<PAGE>

      CONSOLIDATED STATEMENT OF NET ASSETS IN LIQUIDATION AS OF
               MARCH 31, 2001 (LIQUIDATION BASIS)
                          (Unaudited)

ASSETS

Real estate held for sale                              $12,079,375
Investment in Sabal
  Joint Venture (Note 6)                                   109,817
Cash and cash equivalents                                  986,672
Tenant receivables                                         124,629
Other assets                                                10,057
Escrow deposits                                             18,732

  Total Assets                                          13,329,282

LIABILITIES
Mortgage notes payable (Note 4)                         10,174,905
Accounts payable and accrued expenses                      187,080
Deferred gain on sale of real estate (Note 2)              545,922
Reserve for estimated costs during
  the period of liquidation (Note 2)                       189,875
Tenant security deposits                                    58,433
Due to affiliates                                            8,492

  Total Liabilities                                     11,164,707

MINORITY INTEREST IN
 STRAWBERRY JOINT VENTURE                                 (162,955)

Net Assets in Liquidation                              $ 2,327,530









  See accompanying notes to consolidated financial statements.

<PAGE>

       CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS IN
         LIQUIDATION (LIQUIDATION BASIS) FOR THE PERIOD
               JANUARY 1, 2000 TO MARCH 31, 2000
                          (Unaudited)



Net assets at January 1, 2000
  (Liquidation Basis)                                   $2,110,441

Income from operations                                     169,542

Net assets in liquidation at March 31, 2000             $2,279,983













  See accompanying notes to consolidated financial statements




       CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS IN
         LIQUIDATION (LIQUIDATION BASIS) FOR THE PERIOD
               JANUARY 1, 2001 TO MARCH 31, 2001
                          (Unaudited)


Net assets at January 1, 2001                            2,249,655

Income from operations                                      77,875

Net assets in liquidation at
  March 31, 2001                                        $2,327,530















  See accompanying notes to consolidated financial statements.





             CONSOLIDATED STATEMENTS OF OPERATIONS
      For the three months ended March 31, 2001 and 2000
                      (Liquidation Basis)
                          (Unaudited)


                                         2001          2000
INCOME
Rental                                 $459,958      $489,862
Interest                                 10,751        10,250
Other, primarily tenant
  expense reimbursements                 83,588        81,111
  Total income                          554,297       581,493

EXPENSES
Interest                                217,618       224,362
Real estate taxes                        69,110        64,022
Repairs and maintenance                  14,843        13,064
Management fees (Note 5)                 27,406        34,464
Other property operating                 29,193        23,845
General and administrative               85,604        71,328
  Total expenses                        443,774       431,085

Income before minority
  and equity interests                  110,523       150,408

Minority interest's
  share of Strawberry Fields
  Joint Venture's net income            (35,625)      (27,370)

Equity interest in Sabal
  Palm Joint Venture's
  net income                              2,977        46,504

Net income                             $ 77,875      $169,542

Net income allocated
  to the General Partners              $    779      $  1,695

Net income allocated
  to the Limited Partners              $ 77,096      $167,847

Net income per
  Limited Partnership
  Interest (9,550 units
  outstanding)                         $   8.07      $  17.58


  See accompanying notes to consolidated financial statements.

<PAGE>

           NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(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
accounting principles generally accepted in the United States of
America 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.

  Basis of Presentation

  As a result of the July 12, 1999 authorization by a majority of
the Limited Partners to sell  the Partnership's properties, the
Partnership has begun the liquidation process and, in accordance
with accounting principles generally accepted in the United States
of America, the Partnership's financial statements for periods
subsequent to July 12, 1999 have been prepared on a liquidation
basis.  Accordingly, the carrying value of the assets is presented
at net realizable amounts and all liabilities are presented at
estimated settlement amounts, including estimated costs associated
with carrying out the liquidation.  Preparation of the financial
statements on a liquidation basis requires significant assumptions
by management, including the estimate of liquidation costs and the
resolution of any contingent liabilities.  There may be differences
between the assumptions and the actual results because events and
circumstances frequently do not occur as expected.  Those
differences, if any, could result in a change in the net assets
recorded in the statement of net assets as of March 31, 2001.

  Accounting Method

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

  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 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  Sabal Palm Joint
Venture (see Note 6).  Sabal Palm is reported as an investment in
an affiliated joint venture.  The accompanying financial statements
include the investment in Sabal Palm Joint Venture at estimated net
realizable value using the equity method of accounting.

  Investment in Real Estate

  Prior to the preparation of the financial statements on a
liquidation basis, the operating properties acquired by the
Partnership were stated at cost including acquisition costs,
leasing commissions, tenant improvements and net of impairment.
Depreciation and amortization were 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 4).

  Prior to the adoption of the liquidation basis of accounting, the
Partnership recorded impairments to reduce the cost basis of real
estate to its estimated fair value when the real estate is judged
to have suffered an impairment that is other than temporary. The
Partnership has 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 December 31, 1999, except
as disclosed below.

  In the second and fourth quarters of 1999, the Partnership
recorded an impairment of $1,564,101 and $504,935, respectively,
related to an other than temporary decline in the value of real
estate for Strawberry Fields.  These impairments have been
allocated to land and building based on the original acquisition
percentages.

  Subsequent to the adoption of the liquidation basis of accounting
(see Note 2), the Partnership adjusted its investments in real
estate to estimated net realizable value, which is recorded as real
estate held for sale.  Additionally, the Partnership suspended
recording any further depreciation expense.

  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, "Disclosures 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 December 31, 2000, 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.

  In connection with the adoption of the liquidation basis of
accounting, which approximates fair value at December 31, 2000,
(Note 2), assets were adjusted to net realizable value, and
liabilities were adjusted to estimated settlement amounts.

  Recent Accounting Pronouncements

  In June 1998, the Financial Accounting Standards Board ("FASB")
issued Statement of Financial Accounting Standards No. 133,
"Accounting for Derivative Instruments and Hedging Activities"
("SFAS 133"), which requires that all derivatives be recognized as
assets and liabilities in the balance sheet and be measured at fair
value.  SFAS 133 also requires changes in fair value of derivatives
to be recorded each period in current earnings or comprehensive
income depending on the intended use of the derivatives.  In June,
2000, the FASB issued SFAS 138, which amends the accounting and
reporting standards of SFAS 133 for certain derivatives and certain
hedging activities.  SFAS 133 and SFAS 138 were required to be
adopted by the Partnership effective January 1, 2001.  The adoption
of SFAS 133 and SFAS 138 did not have an impact on the financial
position, results of operations and cash flows of the Partnership.

(2)  ADJUSTMENT TO LIQUIDATION BASIS

   On July 12, 1999, in accordance with the liquidation basis of
accounting, assets were adjusted to estimated net realizable value
and liabilities were adjusted to estimated settlement amounts,
including estimated costs associated with carrying out the
liquidation.  The net adjustment required to convert from the going
concern (historical cost) basis to the liquidation basis of
accounting was a decrease in assets of $207,299 which is included
in the December 31, 1999 statement of changes in net assets in
liquidation.

  As of March 31, 2000, the Partnership adjusted its investment in
real estate to an offer that was presented for the sale of
Strawberry Fields.  The effect of this adjustment was a reduction
in the real estate held for sale of $78,000, and a reduction in the
deferred gain on the sale of real estate of $78,000.

  As of June 30, 2000, the Partnership adjusted its investment in
real estate to an offer that was presented for the sale of Raleigh
Springs.  The effects of this adjustment were reductions in the
real estate held for sale and the deferred gain on the sale of real
estate of $292,500.

  As of December 31, 2000, the Partnership further adjusted its
investment in real estate to an offer that was presented for the
sale of Raleigh Springs.  The effects of this adjustment were
reductions in the real estate held for sale and the deferred gain
on the sale of real estate of $740,000.

  In the fourth quarter of 2000, the Partnership recorded a
reduction in real estate held for sale of $297,375 related to other
than temporary decline in the value of real estate for the Fortune
property.

  In management's judgement there are no adjustments in real estate
held for sale in 2001.

(3)  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 March 31, 2001, the Preferential Distribution Deficiency
equaled $13,740,065.

(4)  MORTGAGE NOTES PAYABLE

  Mortgage notes payable at March 31, 2001 consist of the
following:

                                           Interest     Date
                                 2001         Rate       Due
Raleigh Springs
  Marketplace                $ 4,542,772     (a)10%     04/02
Fortune Professional
  Building                       556,210     (b)9.5%    06/01
Strawberry Fields
     Shopping Center           5,075,923     (c)7%      04/02
                             $10,174,905

     Raleigh Springs Marketplace, Fortune Office Building and
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.

  In the first quarter of 2001, the mortgage holder agreed to
extend the maturity of the mortgage until April 1, 2002.

  The carrying value of Raleigh at March 31, 2001 was approximately
$5,579,000.

  (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 is equal to the prevailing
occupancy rate for similar properties in the same locale; and (iii)
leased at rental rates which are 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 March 31, 2001 was 8%.  Principal is being amortized based on a
15-year amortization period and is payable with interest on a
monthly basis.  As of December 31, 2000, the Partnership was in
violation of its annual debt service coverage ratio.  Subsequent to
the year end, the Partnership received a waiver of this covenant
violation from the mortgage lender for the period ended December
31, 2000.

  The carrying value of Fortune at March 31, 2001 was approximately
$1,303,000.

(c)  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, May 1, 2002, 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 March 31, 2001 was
approximately $5,198,000.

  The Partnership is required to make balloon mortgage payments for
Raleigh Springs Marketplace in the amount of approximately
$4,420,000 on April 1, 2002, for Fortune Office Building in the
amount of approximately $546,500 on July 1, 2001 and for Strawberry
Fields in the amount of approximately $4,888,000 on April 1, 2002.

(5)  TRANSACTIONS WITH AFFILIATES

  Fees and other expenses paid or payable to the General Partners
or their affiliates for the three months ended March 31, 2001 and
2000 were as follows:
                                             2001       2000

  Management fees                           $26,544    $39,479
  Reimbursable office expenses               31,792     31,316

  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 $8,492 for management fees, as of
March 31, 2001.

(6)  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:

                                     Liquidation Basis
                                          March 31,
                                            2001
Real estate held for sale                  $3,150,250
Other assets                                  233,661
                                            3,383,911

Mortgage note payable                      $3,056,966
Other liabilities                              92,595
                                            3,149,561

Net Assets in Liquidation                  $  234,350


                                For the three months ended
                                     (Liquidation Basis)
                                     March 31,        March 31,
                                       2001               2000
Rental income                         $134,449          $218,208
Other income                            12,634             2,524
                                       147,083           220,732
Mortgage and
  other interest                        68,347            70,043
Operating and
 administrative expenses                72,403            51,744
                                       140,750           121,787

Net income                            $  6,333          $ 98,945

  Sabal Palm was required to make a balloon mortgage payment in
February 1997.  Prior to the scheduled maturity, the lender granted
Sabal Palm an extension until April 1, 1997.  On June 30, 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.

  In the second  quarter of 1998, Winn-Dixie vacated its space at
the center.  Winn-Dixie remains liable for rental payments under
its lease at Sabal Palm until April 2005.

  On August 7, 2000 Sabal Palm was given official notice that
Walgreens will vacate the space prior to their lease termination of
April 30, 2025.  The General Partners are considering potential
lease buyout and potential releasing strategies for these tenants.

  In the fourth quarter of 1998, Sabal Palm recorded an impairment
of $1,499,958 related to an other than temporary decline in the
value of real estate for the Sabal Palm property.  This impairment
was allocated to the land and building based on the original
acquisition percentages.

<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.

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 property sales.

  The General Partners have determined to pursue the disposition
of the Partnership's assets.  In 1999, the Partnership solicited
and received the votes of the Limited Partners to approve a sale of
all the Partnership's properties, either on an individual or group
basis, and to subsequently liquidate the Partnership.  The
solicitation, which was approved by the Limited Partners in the
third quarter of 1999, stated that the Partnership's properties may
be sold individually or in any combination provided that the total
sales price for the properties included in the transaction equals
or exceeds 70% of the aggregate appraised value for such
properties, which valuation was conducted by an independent third
party appraisal firm.

  The Partnership intends to sell the properties under a closed bid
process which will include identification of target buyers with
proven financing ability and performance of certain evaluations of
the properties, such as environmental testing.  Potential buyers
will be requested to sign confidentiality agreements to safeguard
the Partnership's confidential proprietary information.  The
General Partners have determined that each bid must be all cash,
completely unconditional and accompanied by a substantial deposit.

  To date, over 250 potential purchasers have been contacted
regarding the sale of the properties.  Of those contacted,
approximately 120 potential buyers have registered to receive
packages on one or more of the assets.  In addition, the properties
are listed on the Internet at Loopnet.com, the largest commercial
real estate website in the nation.

  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 $33,000.  The Replacement Loan
has a floating interest rate based on American National Bank's
prime rate, which at March 31, 2001 was 8%.  Principal is being
amortized based on a 15-year amortization period and is payable
with interest on a monthly basis.  In 2000, the Partnership repaid
principal in the amount of $158,344.  The Replacement Loan has been
extended through June 30, 2001.  The occupancy level at Fortune at
March 31, 2001 was 70%, compared to 56% at December 31, 2000 and
89% at March 31, 2000.  The Partnership is currently contemplating
changing the on-site leasing and management representative in order
to improve the property's occupancy.

  Raleigh Springs has continued to generate a positive 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
was leased to a carpet supplier.  This tenant moved to a smaller
space in the first quarter of 2001 and, due to nonpayment of rent,
has been evicted.  The occupancy rate at Raleigh at March 31, 2001
was 80%, compared to 82% at December 31, 2000 and 92% at March 31,
2000.

  In November 1992, the Partnership negotiated a modification of
the terms of the mortgage on Raleigh Springs with the lender (the
"Modified Loan").  In October 1992, the interest rate was reduced
from 12.75% to 10.00%.  Since November 1992 and through September
1999, principal and interest payments were based on a 25-year
amortization schedule.  The Modified Loan capitalized the August,
September and October 1992 mortgage payments.  The Partnership
negotiated an extension of the terms of the mortgage on August 26,
1999 and August 30, 2000.  The mortgage has been extended through
April 1, 2002.  The Partnership is current on its mortgage payments
for the Raleigh Springs loan.

  In 2000, the Partnership received three offers for the Raleigh
property.  The offers ranged from $5.625 million to $6.2 million.
The Partnership successfully negotiated an increase in the highest
offer to $6.5 million and subsequently accepted this offer.  The
Partnership executed the contract for sale.  The buyer had a 45 day
due diligence period during which it could formally accept or
reject the sale.  Late in the third quarter the Partnership
received notice that the potential purchaser terminated the
contract.  After extensive negotiation, the contract was reinstated
at $5,835,000.  However, the potential purchaser again rejected the
contract in March, 2001.  It is likely the Partnership will
commence legal action against the potential purchaser to seek
collection of certain earnest money related to the contract.  The
property is again being marketed for sale.  This offer was assessed
by management as an estimate of net realizable value on March 31,
2001 and December 31, 2000.

  The Strawberry Joint Venture secured a replacement tenant, Syms,
a national discount clothing retailer, to sublease the Kroger space
at Strawberry Fields.  Syms opened for business in October 1992 and
has signed a sublease for the remainder of the original lease term
which expires March 31, 2005.  Customer traffic at Strawberry
Fields has increased with the draw of Syms, making vacant space
more marketable.  The Strawberry Joint Venture is aggressively
marketing the property having engaged a prominent local brokerage
firm to assist the Strawberry Joint Venture's on-site leasing
representative in the marketing of the shopping center.  The
occupancy rate at Strawberry Fields at March 31, 2001 was 87%
compared to 89% at December 31, 2000 and 90% at March 31, 2000.

  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, April 1, 2002, the interest rate was reduced from 9% to 7%
with principal amortization changed from a ten year period to an
eighteen year period.

  In the second and fourth quarters of 1998, the Partnership
recorded an impairment of $1,564,101 and $504,935, respectively,
related to other than temporary declines in the value of real
estate for the Strawberry Fields property.  These impairments were
allocated to land and building based on the original acquisition
percentages.

  The Partnership received three bids on Strawberry Fields  during
the latter part of 1999.  After negotiation the Joint Venture
accepted the high bid of $5.43 million and entered into a contract
for sale.  However, the prospective purchaser terminated its
interest in the property during its due diligence period.
Subsequent to this deal falling away the Joint Venture received
another offer for $5.35 million.  However, although the offer
exceeded the November, 1998 appraised value of $4.8 million, the
offer, after transaction costs, was below the mortgage balance at
the time.  The Strawberry Joint Venture accepted the initial high
bid in part because the property's underlying mortgage loan was
coming due; and the Strawberry Lender indicated that it would not
extend the maturity.  However, in the second quarter of 2000, the
Strawberry Joint Venture was successful in extending the loan for
a two year period.  This extension allows the Partnership to
continue to market the property and seek a greater sales price.
This $5.35 million offer was assessed by management as an estimate
of net realizable value at March 31, 2001 and December 31, 2000.

  In 2001, the Partnership received an offer to purchase Strawberry
Fields for $5.585 million.  In addition, Syms exercised its right
of first refusal on the sale of the property.  Accordingly, the
Partnership executed a purchase and sale agreement with Syms for
$5.585 million in the second quarter of 2001.  The contract still
remains subject to certain contingencies.

  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 June 30, 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.

  In the second  quarter of 1998, Winn-Dixie vacated its space at
the center.  Winn-Dixie remains liable for rental payments under
its lease at Sabal Palm until April 2005.

  On August 7, 2000 Sabal Palm was given official notice that
Walgreens will vacate the space prior to their lease termination of
April 30, 2025.  The General Partners are considering potential
lease buyout and potential releasing strategies for these tenants.

  In the fourth quarter of 1998, Sabal Palm recorded an impairment
of $1,499,958 related to an other than temporary decline in the
value of real estate for Sabal Palm.  This impairment has been
allocated to the land and building based on the original
acquisition percentages.

  In total, Sabal Palm has received six offers on the property
ranging in price from $2.5 million to $3.4 million.  After
negotiation Sabal Palm accepted the highest offer and completed
negotiating the sale contract in June 2000.  The buyer had a 60 day
due diligence period.  The buyer terminated the contract within the
due diligence period.

  In September 2000, Sabal Palm completed negotiating a new
contract for the sale of the property.  The new sale price is
$3,360,000.  The $3.36 million proposed sales price exceeded the
November, 1998 appraised value of $3.25 million.  The potential
purchaser had a 60 day due diligence period.  This buyer also
terminated the contract within the due diligence period.  This
$3.36 million offer was assessed by management as an estimate of
net realizable value on March 31, 2001 and December 31, 2000.

  As a result of the two dark anchor spaces representing more than
55,000 square feet of space or 62% of the property this center has
proved very difficult to sell.  The Partnership is continuing to
market this property for sale.  In addition, the Partnership is
reviewing a number of potential possibilities to sublease either or
both of the dark anchors.  However, Winn-Dixie and Walgreens have
been selective in their review of potential subtenants so as to
restrict potential competition.

  The Partnership's management determined that the events and
changes in circumstances did not indicate a change in the carrying
value of the asset.

  As a result of the July 1999 authorization by a majority of the
Limited Partners to sell the Partnership's properties,  the
Partnership has begun the liquidation process and, in accordance
with accounting principles generally accepted in the United States
of America, the Partnership's financial statements for periods
subsequent to July 12, 1999 have been prepared on a liquidation
basis.  Accordingly, the carrying value of the assets is presented
at net realizable amounts and all liabilities are presented at
estimated settlement amounts, including estimated costs associated
with carrying out the liquidation.  Preparation of the financial
statements on a liquidation basis requires significant assumptions
by management, including the estimate of liquidation costs and the
resolution of any contingent liabilities.  There may be differences
between the assumptions and the actual results because events and
circumstances frequently do not occur as expected.  Those
differences, if any, could result in a change in the net assets
recorded in the statement of net assets as of March 31, 2001.

  The General Partners expect to distribute proceeds from operating
cash flow, 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 refinancing 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

  The Partnership's revenue and expenses are affected primarily by
the operations of the properties.  Property operations, and in
particular the components of income, demand for space and rental
rates are, to a large extent, determined by local and national
market conditions.

  These conditions have generally adversely impacted the
Partnership's property economics.

  The General Partners conduct an in-depth assessment of each
property's physical condition as well as a demographic analysis to
assess opportunities for increasing occupancy and rental rates and
decreasing operating costs.  In all instances, decisions concerning
restructuring of loan terms, reversions and subsequent operation of
the property are made with the intent of maximizing the potential
proceeds to the Partnership and, therefore, return of investment
and income to Limited Partners.

  In certain instances and under limited circumstances, management
of the Partnership entered into negotiations with lenders for the
purpose of restructuring the terms of loans to provide for debt
service levels that could be supported by operations of the
properties.  When negotiations are unsuccessful, management of the
Partnership considers the possibility of reverting the properties
to the first mortgage lender.  Foreclosure proceedings may require
6 to 24 months to conclude.

  An affiliate of the Partnership and the General Partners is
assigned responsibility for day-to-day management of the
properties.  The affiliate receives a combined management and
leasing fee which cannot exceed 6% of gross revenues generated by
the properties.  Management fee rates are determined by the extent
of services provided by the affiliate versus services that may be
provided by third parties, i.e., independent leasing agents.  In
all instances, fees paid by the Partnership to the property
management affiliate are, in the General Partners' opinion,
comparable to fees that would be paid to independent third parties.

Results of Operations - Three months ended March 31, 2001 and 2000
(Liquidation Basis)

  As a result of the Partnership's adoption of the liquidation
basis of accounting, and in accordance with accounting principles
generally accepted in the United States of America, the
Partnership's financial statements for periods subsequent to July
12, 1999 have been prepared on a liquidation basis.

  The Partnership generated net income of $78,000 for the period
ended March 31, 2001 as compared to a net income of $170,000 for
the same period in 2000.  The $92,000 decrease in net income is
primarily a result of a decrease in the Partnership's share of the
net income from Sabal Palm of $44,000, a decrease in total income
of $27,000 and an increase in total expenses of $13,000.

  Total income for the period ended March 31, 2001 was $554,000 as
compared to $581,000 for the same period in 2000.  The $27,000
decrease in total income was primarily a result of a $30,000
decrease in rental income.  The decrease in rental income is
primarily associated with the with the decline in occupancy at
Fortune which was 70% at March 31, 2001 as compared to 89% at March
31, 2000.

  Total expenses for the period ended March 31, 2001 were $444,000
as compared to $431,000 for the same period in 2000.  The $13,000
increase in total expense was due to an increase in general and
administration expense of $15,000, and increase in real estate tax
of $5,000 and an increase in operating expense of $5,000.  This
increase was offset by decreases in management fees of $7,000 and
interest expenses of $6,000.

  The Partnership's share of net income from Sabal Palm for the
period ended March 31, 2001 was $3,000 as compared to $47,000 for
the same period in 2000 a decrease of $44,000.  The Partnership's
share of net income from Sabal Palm decreased primarily as a result
of a decline in percentage rents earned which related to a vacated
anchor tenant.

<PAGE>

                  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.

            None.


<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: May 18, 2001


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

                              DATE: May 18, 2001