<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      June 30, 1997           
  
                                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.)

   150 South Wacker Drive, Chicago, Illinois          60606     
    (Address of principal executive offices)       (Zip Code)

                        (312) 443-0922                         

                   (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 Balance Sheet at June 30, 1997. . . . . . . . . 4
          
          Consolidated Statements of Operations for the 
          six months ended June 30, 1997 and 1996. . . . . . . . . . . 5

          Consolidated Statements of Operations for the 
          three months ended June 30, 1997 and 1996. . . . . . . . . . 6     
          Consolidated Statements of Cash Flows for the 
          six months ended June 30, 1997 and 1996. . . . . . . . . . . 7

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

Item 2.   Managements Discussion and Analysis
          or Plan of Operation . . . . . . . . . . . . . . . . . . . .18

                             PART II
Item 1.   Legal Proceedings. . . . . . . . . . . . . . . . . . . . . .23     
Item 2.   Changes in Securities. . . . . . . . . . . . . . . . . . . .23

Item 3.   Defaults Upon Senior Securities. . . . . . . . . . . . . . .23

Item 4.   Submission of Matters to Vote of Security 
          Holders. . . . . . . . . . . . . . . . . . . . . . . . . . .23

Item 5.   Other Information. . . . . . . . . . . . . . . . . . . . . .23     
Item 6.   Exhibits and Reports on Form 8-K . . . . . . . . . . . . . .23

Signatures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .24
                 PART I - FINANCIAL INFORMATION
                                
ITEM 1.   Consolidated Financial Statements

 The following Consolidated Balance Sheet as of June 30, 1997,
Consolidated Statements of Operations for the six months ended June
30, 1997 and 1996, Consolidated Statements of Operations for the
three months ended June 30, 1997 and 1996, and Consolidated
Statements of Cash Flows for the six months ended June 30, 1997 and
1996 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 1996 Annual Report on Form 10-KSB.


                   CONSOLIDATED BALANCE SHEET
                          (Unaudited)

                                                 June 30,           
                                                   1997             
ASSETS

Investment in real estate:
  Land                                          $ 4,035,301
  Buildings and improvements                     15,700,232
                                                 19,735,533
  Less accumulated depreciation                  (5,081,714)             
Net investment in real estate                    14,653,819

Investment in Sabal Palm Joint 
  Venture (Note 5)                                  977,525
Cash and cash equivalents                           921,222
Rent receivable (net of 
  allowance of $29,611)                             140,072              
Escrow deposits                                      38,422
Other assets                                         61,589
       Total Assets                             $16,792,649

LIABILITIES AND PARTNERS' CAPITAL

LIABILITIES:
Mortgage notes payable (Note 3)                 $11,481,298
Accounts payable and accrued expenses               282,721
Tenant security deposits                             49,323
Due to affiliates                                    25,213
       Total Liabilities                         11,838,555

MINORITY INTEREST IN STRAWBERRY
  JOINT VENTURE                                     564,235

PARTNERS' CAPITAL:
General Partners                                    (16,305)
Limited Partners (9,550 limited 
  partnership units issued and 
  outstanding)                                    4,406,164
       Total Partners' Capital                    4,389,859
       Total Liabilities and 
           Partners' Capital                    $16,792,649



      See accompanying notes to consolidated financial statements.
                                 
                CONSOLIDATED STATEMENTS OF OPERATIONS
        For the six months ended June 30, 1997 and 1996
                          (Unaudited)
                                
                                1997           1996                     
INCOME
Rental                      $  892,676    $  905,929
Interest                        18,657        17,386
Other, primarily tenant 
  expense reimbursements       204,755       126,647
       Total income          1,116,088     1,049,962

EXPENSES
Interest                       479,727       492,194
Depreciation                   221,358       224,705
Real estate taxes              122,905       137,580
Repairs and maintenance         16,653        15,600
Management fees                 67,029        66,498
Other property operating        51,653        55,712
General and 
  administrative               158,887       153,658
       Total expenses        1,118,212     1,145,947

Loss before minority 
  and equity interests
  in joint ventures             (2,124)      (95,985)

Minority interest's 
  share of Strawberry
  Joint Venture's net loss      12,915        21,166

Equity interest in Sabal
  Palm Joint Venture's
  net income                    34,217        39,157

Net income (loss)           $   45,008    $  (35,662)
Net income (loss) allocated to:
  General Partners          $      450    $     (357)
  Limited Partners          $   44,558    $  (35,305)
Net income (loss) per
 Limited Partnership 
 Interest (9,550 units 
  outstanding)              $     4.67    $    (3.70)



  See accompanying notes to consolidated financial statements.
                                
             CONSOLIDATED STATEMENTS OF OPERATIONS
       For the three months ended June 30, 1997 and 1996
                          (Unaudited)
                                
                                   1997          1996                     
INCOME
Rental                          $448,821      $431,507            
Interest                          10,212         9,050
Other, primarily tenant 
     expense reimbursements      119,508        53,421
          Total income           578,541       493,978

EXPENSES
Interest                         239,128       243,476
Depreciation                     109,410       114,347
Real estate taxes                 56,731        67,080
Repairs and maintenance            8,169        8,172
Management fees                   34,363        28,770
Other property operating          26,647        26,029
General and 
     administrative               77,034        85,835
       Total expenses            551,482      573,709

Income (loss) before minority 
  and equity interests
  in joint ventures               27,059      (79,731)

Minority interest's 
  share of Strawberry
  Joint Venture's net loss         5,383        9,298

Equity interest in Sabal
  Palm Joint Venture's
  net income                     (10,293)     (20,672)

Net income (loss)               $ 22,149     $(91,105)
Net income (loss) allocated to:
  General Partners              $    221     $   (911)
  Limited Partners              $ 21,928     $(90,194)
Net income per
 Limited Partnership 
 Interest (9,550 units 
  outstanding)                  $   2.30     $  (9.44)



  See accompanying notes to consolidated financial statements.
                                
             CONSOLIDATED STATEMENTS OF CASH FLOWS
           For the six months June 30, 1997 and 1996
                          (Unaudited)
                                
                                                    1997          1996  

Cash Flows From Operating  Activities:
Net income (loss)                                 $ 45,008      $(35,662) 
Adjustments to reconcile net  
  income (loss) to net cash 
  provided by operating activities: 
Depreciation                                       221,358       224,705
Provision for doubtful accounts                     22,987        36,213
Minority interest's share of
  Strawberry Joint Venture's
  net loss                                         (12,915)      (21,166)
Equity interest in Sabal Palm 
  Joint Venture net income                         (34,217)      (39,157)
(Increase) decrease in rent 
  receivable                                       (37,229)       58,284
Increase in escrow deposits                        (29,180)     (114,469)
Decrease in due from affiliates                         --        52,901
Increase in other assets                           (30,037)       (2,666)
Increase in accounts payable and 
  accrued expenses                                 119,690       137,503
Increase in due to affiliates                       12,154            --
Increase in tenant security deposits                   526         7,300
Net cash provided by operating
 activities                                        278,145       303,786

Cash Flows From Investing Activities:
Capital expenditures                                (6,902)      (11,347)
Distribution from Sabal Palm Joint
  Venture                                           13,160        70,500
Net cash provided by investing
  activities                                         6,258        59,153

Cash Flows From Financing Activities:
Repayment of mortgage notes payable             (1,058,174)     (146,005)
Loan fees                                          (24,605)           --
Proceeds from mortgage note payable                875,000            --
Net cash used in financing activities             (207,779)     (146,005)
Net increase in cash and cash
 equivalents                                        76,624       216,934
Cash and cash equivalents at
 beginning of year                                 844,598       508,304
Cash and cash equivalents at
 end of period                                    $921,222      $725,238
Supplemental disclosure of cash flow information:
  Cash paid for interest                          $477,809      $485,782
  

      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., Jerome J. Brault and Cezar M. Froelich. 
Brauvin Ventures, Inc. is owned by A.G.E. Realty Corporation
Inc.(50%), and by Messrs. Jerome J. Brault (beneficially) (25%) and
Cezar M. 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

     Basis of Presentation

     The accompanying unaudited consolidated financial statements have
been prepared in accordance with generally accepted accounting
principles for interim financial information and with the
instructions to Form 10-QSB and Article 10 of Regulation S-X. 
Accordingly, they do not include all of the information and
footnotes required by generally accepted accounting principles for
complete financial statements.  In the opinion of management, all
adjustments (consisting of normal recurring accruals) considered
necessary for a fair presentation have been included.  Operating
results for the six month period ended June 30, 1997 are not
necessarily indicative of the results that may be expected for the
year ended December 31, 1997.  For further information, refer to
the consolidated financial statements and footnotes thereto
included in the Annual Report on Form 10-KSB for the year ended
December 31, 1996.

     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 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.  In 1994 the Partnership and its joint
venture partner Brauvin Real Estate Fund L.P. 5 ("BREF 5")
contributed cash to Strawberry Joint Venture to cover cash flow
operating deficiencies. 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.  All intercompany items and
transactions have been eliminated.

     Investment in Joint Venture Partnership

     The Partnership owns a 47% equity interest in a 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 June 30, 1997.  Accordingly,
no impairment loss has been recorded in the accompanying financial
statements for the period ended June 30, 1997 and 1996.

     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 June 30, 1997, 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.  Although management is
not aware of any factors that would significantly affect the
estimated fair value amounts, such amounts have not been
comprehensively revalued for purposes of these financial statements
since that date, and current estimates of fair value may differ
significantly from amounts presented herein.

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

     Reclassifications

     Certain reclassifications have been made to the consolidated 1996
financial statements to conform to classifications adopted in 1997.

(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.

(3)  MORTGAGE NOTES PAYABLE

     Mortgage notes payable at June 30, 1997 consist of the following:
                                         Interest          Date
                              1997         Rate            Due 
Raleigh Springs 
  Marketplace             $ 4,878,681    (a)10.0%         10/99
Fortune Professional
  Building                    875,000    (b)              06/99
Strawberry Fields
  Shopping Center           5,727,617    (c)7.5%          12/98
                          $11,481,298                 

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

  (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 is 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 property
currently meets these standards.
  
  Fortune was required to make a balloon mortgage payment in July
1997 of approximately $934,000.  On June 26, 1997, Fortune obtained
a first mortgage loan in the amount of $875,000 secured by its real
estate, from American National Bank and Trust Company.  In
connection with this first mortgage loan the Partnership was
required to pay down approximately $59,000 to release the original
mortgage loan and pay loan fees of approximately $24,600.  This
loan is a floating rate based on American National Bank's prime
rate, which at June 30, 1997 was 8.5%.  Principal is amortized
based on a 15-year amortization period and is payable with interest
on a monthly basis.  This loan matures on June 30, 1999 at which
time a balloon mortgage payment in the amount of approximately
$758,300 will be due.

  (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.  From November 1, 1997
through the maturity date, December 1, 1998, the interest rate will
revert to the original 9.0% rate.

(4)  TRANSACTIONS WITH AFFILIATES

  Fees and other expenses paid to the General Partners or their
affiliates for the six months ended June 30, 1997 and 1996 were as
follows:

                                             1997       1996                
  Management fees                          $ 51,197    $62,693             
  Reimbursable office expenses               56,236     52,500             
  Legal fees                                    270        257             

  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 $6,908 for legal services,
$12,425 for management fees and $5,880 was due to an affiliate at
June 30, 1997, representing an advance made from Brauvin Real
Estate Fund L.P. 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
Joint Venture:

                                            June 30,              
                                              1997                  
Land, building and personal 
 property, net                             $4,919,513                  
Other assets                                  484,991                  
                                           $5,404,504                  

Mortgage note payable                      $3,194,996                  
Other liabilities                             125,996                  
                                            3,320,992                  
Partners' capital                           2,083,512                  
                                           $5,404,504                  


                                    Six months ended June 30,
                                       1997         1996  
Rental income                         $374,610   $396,020
Other income                            52,245     12,795
                                       426,855    408,815
Mortgage and 
  other interest                       153,848    149,987       
Depreciation                            67,644     67,312       
Operating and
 administrative 
 expenses                              132,560    108,204       
                                       354,052    325,503       

Net income                            $ 72,803   $ 83,312       
                                
(6)  SUBSEQUENT EVENT
                                
Withdrawal of General Partner
                                
     On August 8, 1997, Mr. Cezar M. Froelich notified the Managing
General Partner of the Partnership of his decision to resign and
withdraw as an Individual General Partner of the Partnership as of
such date and subject to the terms of the Agreement.  This
resignation will become effective 90 days from August 14, 1997 (the
date of notice to the Limited Partners).  The Managing General
Partner does not believe that Mr. Froelich's resignation will have
an adverse effect on the operations of the Partnership.  Mr.
Froelich has advised management of the Partnership that his
resignation was not the result of a disagreement on any matter
related to the Partnership's operations, policies or practices. 
                                
                                
                                
                                
                                
                                
                                
                                
                                
                                
                                
                                
                                
                                
                                
                                
                                
                                
                                
                                
                                
                                
                                
                                
                                
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. 
Discussions containing forward-looking statements may be found in
this section.  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 modification of the mortgages
at more favorable interest rates.

     The occupancy level at Fortune at June 30, 1997 was 86%, compared
to 82% at December 31, 1996 and 96% at June 30, 1996. The
Partnership is continuing to work to improve the occupancy level of
Fortune.  Fortune operated at a positive cash flow for the six
months ended June 30, 1997.  The Partnership is currently marketing
the property for sale.  To date, the Partnership has received no
substantive offers, however subsequent to the end of the quarter
the Partnership changed selling brokers in an effort to obtain more
national exposure for this property.

     The occupancy level at Raleigh at June 30, 1997 was 78% compared
to 80% at December 31, 1996 and 75% at June 30, 1996.  Raleigh
operated at a positive cash flow for the six months ended June 30,
1997.



     The occupancy level at Strawberry Fields at June 30, 1997 was 
88% compared to 87% at December 31, 1996 and 90% at June 30, 1996. 
Strawberry Fields operated at a positive cash flow for the six
months ended June 30, 1997.

     At Sabal Palm, the Partnership and its joint venture partner are
continuing to work to improve  the occupancy level, which stood at
95% at June 30, 1997, compared to 99% at December 31, 1996 and 97%
at June 30, 1996.  Although the Sabal Palm retail market appears to
be overbuilt, the property has operated at a positive cash flow
since its acquisition in 1986.  

     Additionally, at Sabal Palm the largest vacancy at the center was 
subdivided and a new tenant moved into the larger portion of this
space during the quarter ended on June 30, 1997.  Sabal Palm's
largest anchor tenant has engaged engineers to review the prospect
of moving their store from Sabal Palm to another center
approximately two miles south.  They claim they are looking into
the feasibility of expanding from a 40,000 sq. ft. store to a
60,000 sq. ft. store.  Management has notified them that Sabal Palm
could accommodate them by expanding the four suites directly south
of their store to provide them with the desired space.

     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
were used to retire Sabal Palm's existing mortgage from Lincoln
National Pension Insurance Company.




     Fortune was required to make a balloon mortgage payment in July
1997 of approximately $934,000.  On June 26, 1997, Fortune obtained
a first mortgage loan in the amount of $875,000 secured by its real
estate, from American National Bank and Trust Company.  In
connection with this first mortgage loan the Partnership was
required to pay down approximately $59,000 to release the original
mortgage loan and pay loan fees of approximately $24,600.  This
loan is a floating rate based on American National Bank's prime
rate, which at June 30, 1997 was 8.5%.  Principal is amortized
based on a 15-year amortization period and is payable with interest
on a monthly basis.  This loan matures on June 30, 1999 at which
time a balloon mortgage payment in the amount of approximately
$758,300 will be due.

     The General Partners of the Partnership 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
partnership agreement as well as payments for major repairs, tenant
improvements and leasing commissions in support of real estate
operations.

Results of Operations - Six Months Ended June 30, 1997 and 1996
     (Amounts rounded to 000's)

     The Partnership generated net income of $45,000 for the six
months ended June 30, 1997 as compared to net loss of $36,000 for
the same six month period in 1996.  The $81,000 increase in net
income resulted primarily from a $66,000 increase in total income
and a $28,000 decrease in total expenses.

     Total income for the six months ended June 30, 1997 was
$1,116,000 as compared to $1,050,000 for the same six month period
in 1996, an increase of $66,000.  The $66,000 increase resulted
primarily from an increase in reimbursable expenses at Raleigh.
Partially offsetting the increase in tenant reimbursements is a
decrease in rental income of $13,000 as a result of T.J. Maxx
vacating its space in January 1996. Although T.J. Maxx vacated its
space in January 1996 they continued to pay rent until March 31,
1996, honoring their lease, while no such payments have been made
in 1997. 

     For the six months ended June 30, 1997 total expenses were
$1,118,000 as compared to $1,146,000 for the same six month period
in 1996, a decrease of $28,000. The decrease in total expenses is
primarily a result of a decline in real estate taxes and interest
expense.  Real estate tax expense was $123,000 for the six months
ended June 30, 1997 compared to $138,000 for the six months ended
June 30, 1996.  The decrease in real estate taxes is a result of 
management's successful effort to appeal the tax assessments at
certain of the Partnership's properties.  Interest expense for the 
six months ended June 30, 1997 was $480,000 compared to $492,000
for the period ended in 1996, a decline of $12,000.  Interest
expense declined as a result reduced principal outstanding in 1997
as compared to 1996.

Results of Operations - Three Months Ended June 30, 1997 and 1996
     (Amounts rounded to 000's)

     The Partnership generated net income of $22,000 for the three
months ended June 30, 1997 as compared to a net loss of $91,000 for
the same three month period in 1996.  The $113,000 increase in net
income resulted primarily from a $85,000 increase in total income
and a $22,000 decrease in total expenses.

     Total income for the three months ended June 30, 1997 was
$579,000 as compared to $494,000 for the same three month period in
1996, an increase of $85,000. The increase in total income was a
result of an increase in tenant reimbursable expenses and an
increase in rental income.  Tenant reimbursement income for the
three months ended June 30, 1997 was $205,000 as compared to
$127,000 for the three months ended June 30, 1996, an increase of
$78,000.  The $78,000 increase in tenant reimbursable income was
primarily from an increase in reimbursable expenses at Raleigh. 
Rental income increased primarily as a result of the release of a
portion of the vacated T.J. Maxx space beginning in November, 1996
while no such tenant was in place  for the three months ended June
30, 1996.
     For the three months ended June 30, 1997 total expenses were
$551,000 as compared to $574,000 for the same three month period in
1996, a decrease of $23,000. The decrease in total expenses is
primarily a result of a decline in real estate taxes expense.  Real
estate tax expense was $57,000 for the three months ended June 30,
1997 compared to $67,000 for the three months ended June 30, 1996. 
The decrease in real estate taxes is a result of  management's
successful effort to appeal the tax assessments at certain of the
Partnership's properties. 
                                
<PAGE>                  
                       PART II - OTHER INFORMATION


     ITEM 1.                    Legal Proceedings.

          On June 12, 1997, a lawsuit was filed in the SecondJudicial 
          District Court in and for Bernalillo County, New
          Mexico, styled Cooney Watson & Associates, Inc. v.
          Brauvin Ventures, Inc. a/k/a Brauvin Real Estate Fund IV,
          Docket No. CV-97-05161.  The lawsuit claims negligence,
          breach of contract, breach of duty of good faith and fair
          dealing, and constructive eviction. The Partnership
          denies all allegations set forth in the complaint and is
          vigorously defending against them.
          
     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.






                           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: August 14, 1997


                              BY:   /s/ B. Allen Aynessazian
                                    B. Allen Aynessazian
                                    Chief Financial Officer and
                                    Treasurer

                              DATE: August 14, 1997