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, 2004_________
                               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 ___.




                 BRAUVIN REAL ESTATE FUND L.P. 4
                 (a Delaware limited partnership)




                              INDEX

                             PART I
                                                           Page

Item 1.   Financial Statements                               3

          Statement of Net Assets in Liquidation
          as of September 30, 2004 (Liquidation Basis)       4

          Statement of Changes in Net Assets
          in Liquidation for the period January 1, 2004 to
          September 30, 2004 (Liquidation Basis)             5

          Statement of Changes in Net Assets
          in Liquidation for the period January 1, 2003 to
          September 30, 2003 (Liquidation Basis)             6

          Statements of Operations for the
          nine months ended September 30, 2004 and 2003
          (Liquidation Basis)                                7

          Statements of Operations for the
          three months ended September 30, 2004 and 2003
          (Liquidation Basis)                                8

          Notes to Financial Statements                      9

Item 2.   Management's Discussion and Analysis or Plan
          of Operation                                       23

Item 3.   Controls and Procedures                            31

                             PART II

Item 1.   Legal Proceedings                                  32

Item 2.   Changes in Securities                              32

Item 3.   Defaults Upon Senior Securities                    32

Item 4.   Submission of Matters to a Vote of Security
          Holders                                            32

Item 5.   Other Information                                  32

Item 6.   Exhibits, and Reports on Form 8-K                  32

Signatures                                                   33




                 BRAUVIN REAL ESTATE FUND L.P. 4
                 (a Delaware limited partnership)


                 PART I - FINANCIAL INFORMATION

ITEM 1.   Financial Statements

 The  following  Statement of Net Assets  in  Liquidation  as  of
September  30, 2004 (Liquidation Basis), Statement of Changes  in
Net  Assets  in  Liquidation for the period January  1,  2004  to
September  30, 2004 (Liquidation Basis), Statement of Changes  in
Net  Assets  in  Liquidation for the period January  1,  2003  to
September  30, 2003 (Liquidation Basis), Statements of Operations
for   the   nine  months  ended  September  30,  2004  and   2003
(Liquidation  Basis) and Statements of Operations for  the  three
months ended September 30, 2004 and 2003 (Liquidation Basis)  for
Brauvin  Real  Estate  Fund  L.P. 4  (the  "Partnership")and  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 2003 Annual Report on Form 10-KSB.





                 BRAUVIN REAL ESTATE FUND L.P. 4
                 (a Delaware limited partnership)




          STATEMENT OF NET ASSETS IN LIQUIDATION AS OF
             SEPTEMBER 30, 2004 (LIQUIDATION BASIS)
                           (Unaudited)

ASSETS

Real estate held for sale                     $6,026,500
Investment in Sabal
  Joint Venture (Note 7)                         318,146
Cash and cash equivalents                      1,490,580
Tenant receivables                                 4,122
Utility deposits                                   2,370
Other assets                                      30,727
                                              ----------
  Total Assets                                 7,872,445
                                              ----------
LIABILITIES

Mortgage notes payable (Note 4)                4,093,290
Accounts payable and accrued expenses            749,112
Deferred gain on sale of real estate (Note 2)    464,312
Reserve for estimated costs during
  the period of liquidation                      225,125
Tenant security deposits                          14,163
Due to affiliates                                 89,142
                                              ----------
  Total Liabilities                            5,635,144
                                              ----------

Net Assets in Liquidation                     $2,237,301
                                              ==========












         See accompanying notes to financial statements.






                 BRAUVIN REAL ESTATE FUND L.P. 4
                 (a Delaware limited partnership)



      STATEMENT OF CHANGES IN NET ASSETS IN LIQUIDATION FOR
        THE PERIOD JANUARY 1, 2004 TO SEPTEMBER 30, 2004
                       (LIQUIDATION BASIS)
                           (Unaudited)



Net  assets in liquidation at January 1, 2004       $1,880,062

Income  from operations                                357,239
                                                    ----------

Net  assets in liquidation at September 30, 2004    $2,237,301
                                                    ==========




























         See accompanying notes to financial statements.






                 BRAUVIN REAL ESTATE FUND L.P. 4
                 (a Delaware limited partnership)




      STATEMENT OF CHANGES IN NET ASSETS IN LIQUIDATION FOR
        THE PERIOD JANUARY 1, 2003 TO SEPTEMBER 30, 2003
                       (LIQUIDATION BASIS)
                           (Unaudited)



Net  assets in liquidation at January 1, 2003       $1,825,198

Income from operations                                  37,704

Gain  from sale of property                             13,901
                                                    ----------

Net  assets in liquidation at September 30, 2003    $1,876,803
                                                    ==========



























         See accompanying notes to financial statements.





                 BRAUVIN REAL ESTATE FUND L.P. 4
                 (a Delaware limited partnership)



                    STATEMENTS OF OPERATIONS
      FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2004 AND 2003
                       (LIQUIDATION BASIS)
                           (Unaudited)

                              2004            2003
                           ----------       --------
INCOME
Rental                     $  427,340       $508,103
Interest                        1,279          1,622
Lease termination fee       1,400,000             --
Other, primarily tenant
  expense reimbursements      114,744        166,221
                           ----------       --------

  Total income              1,943,363        675,946
                           ----------       --------

EXPENSES
Interest                      313,054        322,932
Real estate taxes              98,150        118,245
Repairs and maintenance         7,422          1,952
Management fees (Note 5)      116,963         39,532
Other property operating       30,570         47,675
General and administrative    947,519         91,165
                           ----------       --------
  Total expenses            1,513,678        621,501
                           ----------       --------
Income before
  equity interests            429,685         54,445

Equity interest in Sabal
  Palm Joint Venture's
  net loss                    (72,446)       (16,741)
                           ----------       --------
Income before gain on
  sale of property            357,239         37,704
Gain on sale of property           --         13,901
                           ----------       --------
Net income                 $  357,239       $ 51,605
                           ==========       ========
Net income allocated
  to the General Partners  $    3,572       $    516
                           ==========       ========
Net income allocated
  to the Limited Partners  $  353,667       $ 51,089
                           ==========       ========
Net income per
  Limited Partnership
  Interest (9,550 units
  outstanding)             $    37.03       $   5.35
                           ==========       ========

         See accompanying notes to financial statements.




                 BRAUVIN REAL ESTATE FUND L.P. 4
                 (a Delaware limited partnership)



                    STATEMENTS OF OPERATIONS
     FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2004 AND 2003
                       (LIQUIDATION BASIS)
                           (Unaudited)

                              2004            2003
                           ----------       --------
INCOME
Rental                     $  119,952       $147,139
Interest                          625            559
Lease termination fee       1,400,000             --
Other, primarily tenant
  expense reimbursements       39,656         55,899
                           ----------       --------
  Total income              1,560,233        203,597
                           ----------       --------
EXPENSES
Interest                      104,989        106,237
Real estate taxes              32,716         36,692
Repairs and maintenance         2,833          (284)
Management fees (Note 5)       97,267          9,709
Other property operating        9,534         15,565
General and administrative    839,193         19,908
                           ----------       --------
  Total expenses            1,086,532        187,827
                           ----------       --------
Income before
  equity interests            473,701         15,770

Equity interest in Sabal
  Palm Joint Venture's
  net loss                    (41,510)        18,886
                           ----------       --------

Net income                 $  432,191       $ 34,656
                           ==========       ========
Net income allocated
  to the General Partners  $    4,322       $    347
                           ==========       ========
Net income allocated
  to the Limited Partners  $  427,869       $ 34,309
                           ==========       ========
Net income per
  Limited Partnership
  Interest (9,550 units
  outstanding)             $    44.80       $   3.59
                           ==========       ========


         See accompanying notes to financial statements.





                 BRAUVIN REAL ESTATE FUND L.P. 4
                 (a Delaware limited partnership)


                 NOTES TO FINANCIAL STATEMENTS

                         (Unaudited)


 (1) ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

  Organization

   The  financial statements include the accounts of Brauvin Real
Estate  Fund L.P. 4 (the "Partnership") and a 47% interest  in  a
joint venture, which is accounted for using the equity method  of
accounting.

   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  General  Partners of the Partnership 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  and  the
Partnership  was  formed.  The Partnership's offering  closed  on
December  31,  1984.   A  total  of  $9,550,000  of  Units   were
subscribed and issued between February 16, 1984 and December  31,
1984 pursuant to the Partnership's public offering.

   Properties  acquired  by the Partnership  either  directly  or
indirectly  through affiliated joint ventures were:  (a)  Fortune
Professional Building(which was sold February 2003); (b)  Raleigh
Springs  Marketplace; (c) Strawberry Fields Shopping Center(which
was  sold in July 2001 and terminated in 2002) and (d) 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.

   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  generally accepted accounting principles, the Partnership's
financial statements for periods subsequent to July 12, 1999 have
been   prepared   on   the  liquidation  basis   of   accounting.
Accordingly, the carrying values of assets are presented at their
net realizable amounts and 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
September 30, 2004.

   Accounting Method

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

   Tenant Receivables

   Tenant   receivables  are  comprised   of   (a)   billed   but
uncollected  amounts due for monthly rents and other charges  and
(b)  estimated  unbilled amounts due for tenant reimbursement  of
common  area maintenance charges and property taxes.  Receivables
are  recorded at management's estimate of the amounts  that  will
ultimately  be collected. An allowance for doubtful  accounts  of
$24,665  is  based  on specific identification  of  uncollectible
accounts and the Partnership's historical collection experience.

   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.

   Investment in Joint Venture Partnership

   The  Partnership  owns  a 47% equity interest  in  Sabal  Palm
Joint  Venture  (see  Note 7).  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  the
liquidation   basis  of  accounting,  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  expense  were
computed  on a straight-line basis over approximately 31.5  years
and  the term of the applicable leases, respectively.  All of the
Partnership's  properties  were  subject  to  liens  under  first
mortgages (see Note 4).

   Subsequent  to  the  adoption  of  the  liquidation  basis  of
accounting  (see Note 2), the Partnership adjusted its investment
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.

   The  Partnership has adopted Statement of Financial Accounting
Standards  No. 141, "Business Combinations" ("SFAS  141").   SFAS
141  requires  the  purchase method of  accounting  for  business
combinations  initiated after June 30, 2001  and  eliminates  the
pooling-of-interests  method.  In  July  2001,  the  FASB  issued
Statement  of  Financial Accounting Standards No. 142,  "Goodwill
and  Other  Intangible Assets" ("SFAS 142"), which  is  effective
January  1,  2002.   SFAS 142 requires, among other  things,  the
discontinuance  of  goodwill  amortization.   In  addition,   the
standard includes provisions for the reclassification of  certain
existing  intangibles,  reassessment  of  the  useful  lives   of
existing intangibles, reclassification of certain intangibles out
of   previously  reported  goodwill  and  the  identification  of
reporting  units  for  purposes  of  assessing  potential  future
impairments of goodwill.

   Application of the statements to future acquisitions, if  any,
could  result in the recognition, upon acquisition of  additional
intangible assets (acquired in-place lease origination costs  and
acquired  above  market leases) and liabilities  (acquired  below
market leases), which would be amortized over the remaining terms
of the acquired leases.

   The  Partnership has adopted Statement of Financial Accounting
Standards  No. 143, "Accounting for Asset Retirement Obligations"
("SFAS  143"), which is effective for years beginning after  June
15,  2002.   SFAS  143 requires recognition of  a  liability  and
associated  asset for the fair value of costs arising from  legal
obligations associated with the retirement of tangible long-lived
assets.   The  asset  is  to be allocated  to  expense  over  its
estimated useful life.

   In  August  2001,  the  FASB  issued  Statement  of  Financial
Accounting  Standards No. 144, "Accounting for the Impairment  or
Disposal  of Long-Lived Assets" ("SFAS 144"), which was effective
for  fiscal  years beginning after December 15, 2001.   SFAS  144
supersedes FASB Statement No. 121, "Accounting for the Impairment
of  Long-Lived  Assets and Long-Lived Assets to Be  Disposed  Of"
("SFAS  121").  SFAS 144 retains the recognition and  measurement
requirements  of  SFAS  121, but resolves  significant  SFAS  121
implementation issues.  In addition, it applies to a segment of a
business accounted for as a discontinued operation.

   SFAS  143  and SFAS 144 have not had a significant  impact  on
the Partnership's financial statements.

   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.

   The  Partnership maintains its cash in bank deposit  accounts,
which,  at  times,  may  exceed federally  insured  limits.   The
Partnership  has  not experienced any losses  in  such  accounts.
Management  believes  the  Partnership  is  not  exposed  to  any
significant credit risk related to cash or cash equivalents.

   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 September 30, 2004, 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 September 30,  2004,
assets  were  adjusted to net realizable value,  and  liabilities
were adjusted to estimated settlement amounts.

   Derivatives and Hedging Instruments

   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 adopted by the Partnership effective  January  1,
2001.  The Partnership had no derivatives in 2004 and 2003.

   Recent Accounting Pronouncements

     In April 2002, FASB issued Statement of Financial Accounting
Standards  No.  145, "Rescission of FASB Statements  No.  4,  44,
Amendment  of  FASB  No.  13, and Technical  Corrections"  ("SFAS
145"). Generally, the rescission of FASB No. 4, "Reporting  Gains
and  Losses from Extinguishment of Debt" would require that  debt
extinguishment costs are to no longer be treated as extraordinary
items.   The  amendment to FASB No. 13, "Accounting  for  Leases"
requires    sale-leaseback   accounting   for    certain    lease
modifications that have the economic effects that are similar  to
sale-leaseback   transactions.   This  statement   is   generally
effective for the year ending December 31, 2003.

     In  November 2002, FASB issued FASB Interpretation  No.  45,
"Guarantor's   Accounting   and   Disclosure   Requirements   for
Guarantees,  Including  Indirect Guarantees  of  Indebtedness  of
Others"  (FIN  45).  FIN 45 elaborates on the disclosures  to  be
made   by  a  guarantor  in  its  interim  and  annual  financial
statements about its obligations under certain guarantees that it
has  issued  and  clarifies  that  a  guarantor  is  required  to
recognize,  at  inception of the guarantee, a liability  for  the
fair value of the obligation undertaken in issuing the guarantee.
The  initial recognition and measurement provisions of FIN 45 are
applicable  to guarantees issued or modified after  December  31,
2002.   The  disclosure requirements of FIN 45 are effective  for
periods ending after December 15, 2002.

     In   January  2003,  FASB  issued  interpretation  No.   46,
"Consolidation of Variable Interest Entities" (FIN  46).  FIN  46
addresses  consolidation  by  business  enterprises  of   certain
variable interest entities in which the equity investors  do  not
have  the characteristics of a controlling financial interest  or
do  not  have sufficient equity at risk for the entity to finance
its  activities without additional subordinated financial support
from other parties.

   This  interpretation was revised in December 2003  and  shall,
for  calendar year end entities, be effective as of December  31,
2003  for  "special  purpose entities" (as  defined)  and  as  of
December  31, 2004 for all other entities.  The Partnership  does
not own any "special purpose entities."

   In  May  2003,  FASB issued Statement of Financial  Accounting
Standards  No. 150, "Accounting for Certain Financial Instruments
with  the Characteristics of both Liabilities and Equity"  ("SFAS
150"),  which is effective for all financial instruments  entered
into  or  modified after May 31, 2003, and is otherwise effective
beginning July 1, 2003.  SFAS 150 establishes standards  for  how
an  entity  classifies and measures certain financial instruments
with characteristics of both liabilities and equity.

   The  adoption of SFAS 145 and SFAS 150 and FIN 45 and  FIN  46
has  not  had a significant impact on the Partnership's financial
statements.

(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.

   In  February,  2003, the Partnership sold Fortune Professional
Building resulting in an adjustment to real estate held for  sale
of $956,500 and a gain on sale of property of $13,901.

(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  their  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,   2004,  the  Preferential   Distribution
Deficiency equaled $17,082,565.

(4)  MORTGAGE NOTES PAYABLE

   Mortgage  notes payable at September 30, 2004 consist  of  the
following:
                                    Interest     Date
                        Balance        Rate      Due
Raleigh Springs
  Marketplace          $ 4,093,290    10%       04/07


Maturities of the mortgage notes payable are as follows:

     2004               $   38,503
     2005                  163,965
     2006                  181,135
     2007                3,709,687
                        ----------
                        $4,093,290
                        ==========

  Raleigh  Springs  Marketplace serves as  collateral  under  the
respective nonrecourse debt obligations.

Raleigh Springs Marketplace

    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.  On March 11, 2002, the Partnership accepted
a  proposal  to  modify the Raleigh Springs Marketplace  mortgage
loan.   Under  the terms of the proposal, the maturity  date  was
extended  to  April 1, 2007.  The loan, which continues  to  bear
interest  at  10%  per  annum, requires monthly  installments  of
principal   and  interest  of  $46,839(based  upon  a   25   year
amortization  schedule) with a final payment of  unpaid  interest
and  principal on April 1, 2007.  Subsequent to the  end  of  the
third  quarter,  2004 the Partnership commenced  the  process  of
seeking  to  refinance the existing mortgage.  There  can  be  no
assurance  that the Partnership will be successful in refinancing
the  existing  debt.   The  carrying  value  of  Raleigh  Springs
Marketplace at September 30, 2004 was approximately $6,026,500.

Fortune Professional Building

  On  June  26,  1997, the Partnership obtained a first  mortgage
loan  in  the  amount of $875,000 secured by Fortune Professional
Building,  from  American National Bank and Trust  Company.   The
loan  had  a  floating interest rate based on  American  National
Bank's prime rate plus one half percent.  Principal was amortized
at   $5,000  per  month.   In  the  third  quarter  of  2002  the
Partnership  paid  a $50,000 principal payment on  this  mortgage
note payable.

  On  February 4, 2003, Fortune was sold for a gross sales  price
of $1,050,000 and the outstanding loan was repaid in full.

(5)  TRANSACTIONS WITH AFFILIATES

   Fees  and  other expenses incurred or payable to  the  General
Partners  or their affiliates for the nine months ended September
30, 2004 and 2003 were as follows:

                                 2004            2003
                               --------        --------
Management fees                $116,963         $38,850
Reimbursable office expenses     60,022          61,013

   The  Partnership  had made all payments to  affiliates  except
for $89,142 for management fees, as of September 30, 2004.

(6)  RALEIGH SPRINGS MARKETPLACE

   The  Partnership had leased 13,400 square feet of space to Sav
A  Lot,  a national grocery chain. In the third quarter of  2004,
Sav  A  Lot  exercised its first option and  extended  the  lease
maturity  through  2008.   In  the first  quarter  of  2004,  the
Partnership reached an agreement in principle with AJ  Wright,  a
national  clothing retailer to take approximately  25,000  square
feet  of  part  of  the space then leased to Toys  "R"  Us.   The
Partnership  negotiated a lease with the  tenant,  that  required
substantial  reconfiguration to the  existing  space  and  tenant
improvements.  This lease was subject to a successful termination
and  buyout  of the existing Toys "R" Us lease.  The  Partnership
reached an agreement with Toys "R" Us for the termination  and  a
substantial  buyout  payment of Toys "R" Us  to  the  Partnership
(such payment in the amount of $1,400,000 having been received in
September  2004).  The Partnership anticipates the  payment  will
cover  all of the conversion and tenant build out costs  required
by  the  new tenant. The buyout of the lease was subject  to  the
approval  of the property's lender and the lender agreed  to  the
transaction.   In addition, the Partnership leased  approximately
10,000  square feet of the former medical space to  the  Veterans
Administration  (the  "VA").   The  VA  lease  also  required   a
significant build out.  The Partnership has incurred the cost  of
the  build  out and funded the expense through a portion  of  the
Toys  "R"  Us  lease  buyout.   In addition,  the  VA  will  make
additional  lease payments to the Partnership in an  amount  that
will  amortize  the cost of the improvements  over  a  five  year
period.  The Partnership anticipates that AJ Wright  and  the  VA
will  take  occupancy in the fourth quarter  of  2004.   Further,
subsequent  to  the  end  of  the  third  quarter  of  2004,  the
Partnership leased three additional suites containing a total  of
7,500  square  feet  of space.  Inclusive of  these  leases,  the
property was approximately 75% leased.


(7)  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
                        SEPTEMBER 30,2004

Real estate held for sale        $3,028,375
Cash held in pledge account         753,481
Other assets                         22,052
                                 ----------
                                  3,803,908
                                 ----------

Mortgage note payable             3,000,000
Other liabilities                   123,328
                                 ----------
                                  3,123,328
                                 ----------
Net assets in liquidation        $  680,580
                                 ==========

                        Liquidation Basis
             For the nine months ended September 30,

                                   2004             2003
                                 --------         --------

Rental income                   $ 310,359         $287,434
Other income                       82,523           69,157
                                ---------         --------
                                  392,882          356,591
                                ---------         --------
Mortgage and
 other interest                    97,438          145,169
Operating and
 administrative expenses          449,584          247,042
                                ---------         --------
                                  547,022          392,211
                                ---------         --------
Net loss                        $(154,140)        $(35,620)
                                =========         ========

   The original First Mortgage Loan bore interest at the rate  of
8.93%  per  annum,  was to be amortized over  a  25-year  period,
required   monthly  payments  of  principal   and   interest   of
approximately $26,700 and matured 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.  Subsequent  to
the  end  of the first quarter of 2003, this loan was repaid  and
replaced with a new facility described below.

  On  August  7, 2000, Sabal Palm was given notice that Walgreens
would  vacate the space prior to its lease termination  of  April
30,  2005.   Walgreens moved out, however, it remains liable  for
rental  payments  under  its lease with  Sabal  Palm.  The  joint
venture  and Walgreens reached an agreement with a subtenant  for
the  occupancy of this space through the initial term  ending  in
April  2005.  Subsequently, the joint venture entered into a  new
direct  lease with the replacement tenant for this space  through
June 30, 2007.

   In  the  second quarter of 1998, Winn-Dixie vacated its  space
at  the  center.    Winn-Dixie failed to timely  pay  its  rental
obligation  for  November and December 2001 and  January  through
March 2002.

  As  a  result  of  Winn-Dixie's lease  default,  in  the  third
quarter of 2001, Sabal Palm recorded an adjustment to liquidation
basis  of $114,367 related to an other than temporary decline  in
the value of real estate for Sabal Palm.

  In  the  fourth quarter of 2001, Sabal Palm recorded a  further
adjustment  to liquidation basis of $7,508 related  to  an  other
than temporary decline in the value of real estate at Sabal Palm.

   Due  to  non-payment of Winn-Dixie's rental  obligations,  the
joint  venture did not make its mortgage payments for Sabal  Palm
in November and December 2001 and January through March 2002 thus
resulting  in  a default on its loan.  In April 2002,  the  joint
venture and the lender agreed to a twelve-month extension of  the
existing  mortgage loan.  The loan extension was subject  to  the
lease  termination of Winn-Dixie and Winn-Dixie's  payment  of  a
$300,000 termination fee and payment of all past due amounts thus
curing the default.  As a requirement of the extension, the joint
venture  and  the  lender agreed to use  the  proceeds  from  the
termination  to redemize the former Winn-Dixie space  into  three
spaces as well as certain other improvements to the center.   The
joint  venture  had  signed a lease with Sav A  Lot,  a  national
grocery  chain,  for  14,350 square  feet  (one  of  the  demized
spaces).   In  addition, the joint venture has executed  a  lease
with   Family   Dollar,   a  national  discount   retailer,   for
approximately  10,675 square feet (another  one  of  the  demized
spaces).  Family Dollar has taken occupancy in the center.  As of
September  30,  2004, the shopping center was  approximately  70%
leased.   Separately,  the  Partnership  has  made  a  number  of
cosmetic improvements to the center in preparation for its  sale.
However,  the  property  was  recently  damaged  by  two  of  the
hurricanes that struck the Palm Bay area in the third quarter  of
2004  and  will likely delay the sale of the property into  2005.
The  property's  damage  was primarily cosmetic  and  we  do  not
believe  the  structural integrity or economic viability  of  the
building   has  diminished.   Temporary  repair  work  has   been
completed.  However due to the extensive damage elsewhere in  the
area, permanent repairs have not yet commenced.

  On   March  17,  2003,  the  joint  venture  obtained  a   loan
commitment  from  AmSouth Bank in the amount of $3,250,000.   The
loan  proposal provides for payment of interest only  for  a  24-
month  term  subject to various tests to be met  at  a  six-month
period  from close and a nine-month period from close.  If  these
tests  are  not met the joint venture will be required to  reduce
the  principal  outstanding by a cumulative amount  ranging  from
$250,000 to $500,000 depending on the test.

  On  April 29, 2003, the Sabal Palm joint venture closed on  the
$3,250,000 mortgage with AmSouth Bank (subject to a reduction not
to  exceed  $500,000 if certain conditions of the  loan  are  not
met).   The  joint  venture  repaid the prior  outstanding  first
mortgage  loan  on  the  property in the  amount  of  $2,957,941,
accrued  interest  of $22,100 and paid loan  costs  and  fees  of
approximately  $46,100 at closing. The joint venture  expects  to
use  the  remaining proceeds primarily to finance certain  tenant
improvements and leasing costs.

  The  new loan bears interest at LIBOR plus 2.85% and is payable
interest only monthly until maturity (May 3, 2005) at which  time
all unpaid interest and principal is due.  The loan is secured by
a  first  mortgage lien on the property and collateral assignment
of  rents  and  leases as well as the management agreement.   The
partners  of the joint venture have each guaranteed the repayment
of  50% of the joint venture obligations under the loan documents
and  the  manager  has  agreed  to  subordinate  payment  of  the
management fee to the payment of the loan obligations.

  Additionally,  the  lender  has  required  that  $1,000,000  in
aggregate  unencumbered  liquid assets  be  maintained  (but  not
pledged)  during  the term of the loan as well as  requiring  the
Partnership  and  BREF 5 to maintain a minimum combined  tangible
net worth of not less than $1,000,000.

  In  January 2004, Sabal Palm was not in compliance with the net
operating  income requirement established in the loan  and  as  a
result the lender had a right to require a repayment of principal
from  the joint venture in an amount not to exceed $500,000.   In
the  second  quarter  of  2004, pursuant  to  the  existing  loan
agreement,  the  lender requested repayment of principal  in  the
amount  of $250,000.  The lender agreed to allow for this payment
to  be  made  from the $1,000,000 on deposit with the lender  and
further  agreed to reduce the liquidity requirement to  $500,000.
Additionally, the lender agreed to fund from the deposit with the
lender  certain  improvements (up to  $245,000)  that  the  joint
venture  is contemplating making in order to facilitate the  sale
of the property.


(8) PROPERTY SALE

   On  February  4,  2003, the Fortune property was  sold  for  a
gross  sales price of $1,050,000.  Net proceeds delivered to  the
Partnership   at   closing,  inclusive  of  closing   costs   and
prorations,  was  approximately $580,000.   The  Partnership  has
recorded  a  gain of approximately $13,900 on the  sale  of  this
property.








                 BRAUVIN REAL ESTATE FUND L.P. 4
                 (a Delaware limited partnership)




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 its remaining property.   Mortgage
notes payable are expected to be satisfied through property sale.

   The  General Partners 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.

Property Status

   Fortune Office Building

   On  February  4,  2003, the Fortune property was  sold  for  a
gross  sales price of $1,050,000.  Net proceeds delivered to  the
Partnership   at   closing,  inclusive  of  closing   costs   and
prorations,  was  approximately $580,000.   The  Partnership  has
recorded  a  gain of approximately $13,900 on the  sale  of  this
property.

   Raleigh Springs Marketplace

   T.J.  Maxx,  a  former  anchor tenant, vacated  its  space  in
January  1996.  During the third quarter of 1996 a  health  group
signed a $9.00 per square foot lease for approximately 40% of the
T.J.  Maxx space.  In the fourth quarter of 2001, the Partnership
leased  13,400  square feet of space to Sav  A  Lot,  a  national
grocery  chain. In the third quarter of 2004, Sav A Lot exercised
its  first  option and extended the lease maturity through  2008.
In the first quarter of 2002, the health group gave notice to the
Partnership  that  it  would vacate  the  9,500  square  feet  it
occupied  at  the expiration of its base term which  occurred  in
April, 2002.  As a result of these vacancies, Raleigh Springs was
in  a negative cash flow position.  In the first quarter of 2004,
the Partnership reached an agreement in principle with AJ Wright,
a  national clothing retailer to take approximately 25,000 square
feet  of  part  of  the space then leased to Toys  "R"  Us.   The
Partnership  negotiated a lease with the  tenant,  that  required
substantial  reconfiguration to the  existing  space  and  tenant
improvements.  This lease was subject to a successful termination
and  buyout  of the existing Toys "R" Us lease.  The  Partnership
reached an agreement with Toys "R" Us for the termination  and  a
substantial  buyout  payment of Toys "R" Us  to  the  Partnership
(such payment in the amount of $1,400,000 having been received in
September  2004).  The Partnership anticipates the  payment  will
cover  all of the conversion and tenant build out costs  required
by  the  new tenant. The buyout of the lease was subject  to  the
approval  of the property's lender and the lender agreed  to  the
transaction.   In addition, the Partnership leased  approximately
10,000  square feet of the former medical space to  the  Veterans
Administration  (the  "VA").   The  VA  lease  also  required   a
significant build out.  The Partnership has incurred the cost  of
the  build  out and funded the expense through a portion  of  the
Toys  "R"  Us  lease  buyout.   In addition,  the  VA  will  make
additional  lease payments to the Partnership in an  amount  that
will  amortize  the cost of the improvements  over  a  five  year
period.  The Partnership anticipates that AJ Wright  and  the  VA
will  take  occupancy in the fourth quarter  of  2004.   Further,
subsequent  to  the  end  of  the  third  quarter  of  2004,  the
Partnership leased three additional suites containing a total  of
7,500  square  feet  of  space. Inclusive of  these  leases,  the
property was approximately 75% leased.

   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. On March 11, 2002,  the
Partnership  accepted a proposal to modify  the  Raleigh  Springs
mortgage  loan.  The maturity date has been extended to April  1,
2007  and continues to bear interest at 10% per annum.  The  loan
will  continue  to require monthly installments of principal  and
interest  of $46,839(based upon a 25 year amortization  schedule)
with  a  final  payment of unpaid interest and principal  due  on
April  1,  2007.   Based on the lenders recent  approval  of  the
termination  of  the Toys "R" US lease, the loan will  require  a
additional lump sum principal payments of $35,000 on December 31,
2005  and  2006.  Subsequent to the end of the third  quarter  of
2004,  the  Partnership commenced the process of refinancing  the
existing  debt.  There can be no assurances that the  Partnership
will be successful in refinancing the existing indebtedness.

   Sabal Palm Shopping Center

   The original First Mortgage Loan bore interest at the rate  of
8.93%  per  annum,  was to be amortized over  a  25-year  period,
required   monthly  payments  of  principal   and   interest   of
approximately $26,700 and matured 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.  Subsequent  to
the  end  of the first quarter of 2003, this loan was repaid  and
replaced with a new facility described below.

  On  August  7, 2000, Sabal Palm was given notice that Walgreens
would  vacate the space prior to its lease termination  of  April
30,  2005.   Walgreens moved out, however, it remains liable  for
rental  payments  under  its lease with  Sabal  Palm.  The  joint
venture  and Walgreens reached an agreement with a subtenant  for
the  occupancy of this space through the initial term  ending  in
April  2005.  Subsequently, the joint venture entered into a  new
direct  lease with the replacement tenant for this space  through
June 30, 2007.

   In  the  second quarter of 1998, Winn-Dixie vacated its  space
at  the  center.    Winn-Dixie failed to timely  pay  its  rental
obligation  for  November and December 2001 and  January  through
March 2002.

  As  a  result  of  Winn-Dixie's lease  default,  in  the  third
quarter of 2001, Sabal Palm recorded an adjustment to liquidation
basis  of $114,367 related to an other than temporary decline  in
the value of real estate for Sabal Palm.

  In  the  fourth quarter of 2001, Sabal Palm recorded a  further
adjustment  to liquidation basis of $7,508 related  to  an  other
than temporary decline in the value of real estate at Sabal Palm.

   Due  to  non-payment of Winn-Dixie's rental  obligations,  the
joint  venture did not make its mortgage payments for Sabal  Palm
in November and December 2001 and January through March 2002 thus
resulting  in  a default on its loan.  In April 2002,  the  joint
venture and the lender agreed to a twelve-month extension of  the
existing  mortgage loan.  The loan extension was subject  to  the
lease  termination of Winn-Dixie and Winn-Dixie's  payment  of  a
$300,000 termination fee and payment of all past due amounts thus
curing the default.  As a requirement of the extension, the joint
venture  and  the  lender agreed to use  the  proceeds  from  the
termination  to redemize the former Winn-Dixie space  into  three
spaces as well as certain other improvements to the center.   The
joint  venture  had  signed a lease with Sav A  Lot,  a  national
grocery  chain,  for  14,350 square  feet  (one  of  the  demized
spaces).   In  addition, the joint venture has executed  a  lease
with   Family   Dollar,   a  national  discount   retailer,   for
approximately  10,675 square feet (another  one  of  the  demized
spaces).  Family Dollar has taken occupancy in the center.  As of
September  30,  2004, the shopping center was  approximately  70%
leased.   Separately,  the  Partnership  has  made  a  number  of
cosmetic improvements to the center in preparation for its  sale.
However,  the  property  was  recently  damaged  by  two  of  the
hurricanes that struck the Palm Bay area in the third quarter  of
2004  and  will likely delay the sale of the property into  2005.
The  property's  damage  was primarily cosmetic  and  we  do  not
believe  the  structural integrity or economic viability  of  the
building   has  diminished.   Temporary  repair  work  has   been
completed.  However due to the extensive damage elsewhere in  the
area, permanent repairs have not yet commenced.

  On   March  17,  2003,  the  joint  venture  obtained  a   loan
commitment  from  AmSouth Bank in the amount of $3,250,000.   The
loan  proposal provides for payment of interest only  for  a  24-
month  term  subject to various tests to be met  at  a  six-month
period  from close and a nine-month period from close.  If  these
tests  are  not met the joint venture will be required to  reduce
the  principal  outstanding by a cumulative amount  ranging  from
$250,000 to $500,000 depending on the test.

  On  April 29, 2003, the Sabal Palm joint venture closed on  the
$3,250,000 mortgage with AmSouth Bank (subject to a reduction not
to  exceed  $500,000 if certain conditions of the  loan  are  not
met).   The  joint  venture  repaid the prior  outstanding  first
mortgage  loan  on  the  property in the  amount  of  $2,957,941,
accrued  interest  of $22,100 and paid loan  costs  and  fees  of
approximately  $46,100 at closing. The joint venture  expects  to
use  the  remaining proceeds primarily to finance certain  tenant
improvements and leasing costs.

  The  new loan bears interest at LIBOR plus 2.85% and is payable
interest only monthly until maturity (May 3, 2005) at which  time
all unpaid interest and principal is due.  The loan is secured by
a  first  mortgage lien on the property and collateral assignment
of  rents  and  leases as well as the management agreement.   The
partners  of the joint venture have each guaranteed the repayment
of  50% of the joint venture obligations under the loan documents
and  the  manager  has  agreed  to  subordinate  payment  of  the
management fee to the payment of the loan obligations.

  Additionally,  the  lender  has  required  that  $1,000,000  in
aggregate  unencumbered  liquid assets  be  maintained  (but  not
pledged)  during  the term of the loan as well as  requiring  the
Partnership  and  BREF 5 to maintain a minimum combined  tangible
net worth of not less than $1,000,000.

  In  January 2004, Sabal Palm was not in compliance with the net
operating  income requirement established in the loan  and  as  a
result the lender had a right to require a repayment of principal
from  the joint venture in an amount not to exceed $500,000.   In
the  second  quarter  of  2004, pursuant  to  the  existing  loan
agreement,  the  lender requested repayment of principal  in  the
amount  of $250,000.  The lender agreed to allow for this payment
to  be  made  from the $1,000,000 on deposit with the lender  and
further  agreed to reduce the liquidity requirement to  $500,000.
Additionally, the lender agreed to fund from the deposit with the
lender  certain  improvements (up to  $245,000)  that  the  joint
venture  is contemplating making in order to facilitate the  sale
of the property.

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, e.g.,  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 - Nine months ended September 30, 2004  and
2003 (Liquidation Basis)

  As  a  result  of the Partnership's adoption of the liquidation
basis  of  accounting, and in accordance with generally  accepted
accounting principles, 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  $357,000  for  the
period  ended September 30, 2004 as compared to a net  income  of
$52,000  for  the same period in 2003.  The $305,000 increase  in
net  income is primarily a result of an increase in total  income
of  $1,267,000 partially offset by an increase in total  expenses
of  $892,000.   The Partnership's share of Sabal Palms  net  loss
increased  $55,000. Additionally, in 2003, there  was  a  $14,000
gain from the property sale.

  Total  income  for  the  period ended September  30,  2004  was
$1,943,000 as compared to $676,000 for the same period  in  2003.
The $1,267,000 increase in total income was primarily a result of
an  increase in lease termination fees of $1,400,000  at  Raleigh
Springs  in  2004,  partially offset by an  $81,000  decrease  in
rental  income and a $51,000 decrease in other income,  primarily
due to the sale of the Fortune in February 2003.

  Total  expenses for the period ended September  30,  2004  were
$1,514,000 as compared to $622,000 for the same period  in  2003.
The $892,000 increase in total expense was due to an increase  in
general  and  administrative expense of $856,000, an increase  in
management  fees expense of $77,000, and an increase  in  repairs
and  maintenance  of  $5,000, offset by a  decrease  in  interest
expense  of  $10,000, a decrease in real estate  tax  expense  of
$20,000,  and  a  decrease  operating expense  of  $17,000.   The
increase in general and administrative expenses relates primarily
to  lease  commission  payments and architectural  fees  paid  at
Raleigh Springs.  The increase in management fees relate  to  the
lease  termination  payment.    All  decreases  in  expenses  are
primarily related to the sale of Fortune in February 2003.

Results of Operations - Three months ended September 30, 2004 and
2003(Liquidation Basis)

  The  Partnership  generated a net income of  $432,000  for  the
period  ended September 30, 2004 as compared to a net  income  of
$35,000  for  the same period in 2003.  The $397,000 increase  in
net  income is primarily a result of an increase in total  income
of $1,357,000 and an increase in total expenses of $899,000.  The
Partnership's  share of the net income from Sabal Palm  decreased
$60,000.

  Total  income  for  the  period ended September  30,  2004  was
$1,560,000 as compared to $204,000 for the same period  in  2003.
The $1,357,000 increase in total income was primarily a result of
a  $1,400,000  increase in lease termination fees,  offset  by  a
$27,000  decrease  in  rental income, and a $16,000  decrease  in
other  income. The above changes in income relate to activity  at
Raleigh Springs.

  Total  expenses for the period ended September  30,  2004  were
$1,087,000 as compared to $188,000 for the same period  in  2003.
The $899,000 increase in total expense was due to an increase  in
general and administration expense of $819,000.  The increase  in
general  and administrative expenses relates primarily  to  lease
commission  payments  and  architectural  fees  paid  at  Raleigh
Springs. In addition, management fees increased by $88,000  as  a
result  of  the lease termination fee and repairs and maintenance
expense increased $3,000.  Offsetting the increase in general and
administrative  expense  were decreases in  interest  expense  of
$1,000, decrease in real estate tax of $4,000, and a decrease  in
operating expense of $6,000.

ITEM 3.     Controls and Procedures

Evaluation of Disclosure Controls and Procedures

  Our  Chief  Executive Officer and Chief Financial  Officer,  of
the  corporate  general partner, have reviewed and evaluated  the
effectiveness  of  the  Partnership's  disclosure  controls   and
procedures  (as  defined in Exchange Act Rules 240.13a-14(c)  and
15d-14(c)) as of a date within 90 days before the filing date  of
this   Annual  Report.   Based  on  that  evaluation,  the  Chief
Executive Officer and Chief Financial Officer have concluded that
the  Partnership's current disclosure controls and procedures are
effective and timely, providing all material information relating
to  the Partnership required to be disclosed in reports filed  or
submitted under the Exchange Act.

Changes in Internal Controls

  There   have   not   been  any  significant  changes   in   the
Partnership's  internal controls or in other factors  that  could
significantly  affect these controls subsequent to  the  date  of
their   evaluation.   We  are  not  aware  of   any   significant
deficiencies  or  material weaknesses,  therefore  no  corrective
actions were taken.






                 BRAUVIN REAL ESTATE FUND L.P. 4
                 (a Delaware limited partnership)



                   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 99.  Certification of Officers







                           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 17, 2004


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

                              DATE: November 17, 2004









         CERTIFICATION FOR SARBANES-OXLEY SECTION 302(A)
           CERTIFICATE OF THE CHIEF EXECUTIVE OFFICER
                               OF
                     BRAUVIN VENTURES, INC.
                    CORPORATE GENERAL PARTNER
                               OF
                 BRAUVIN REAL ESTATE FUND L.P. 4

I,  Jerome  J.  Brault, Chief Executive Officer of  the  Company,
certify that:

1.   I  have  reviewed this quarterly report on  Form  10-QSB  of
     Brauvin Real Estate Fund L.P. 4;

2.   Based  on  my  knowledge, this report does not  contain  any
     untrue  statement  of  material fact  or  omit  to  state  a
     material  fact  necessary to make the  statements  made,  in
     light of the circumstances under which such statements  were
     made,  not misleading with respect to the period covered  by
     this report;

3.   Based  on my knowledge, the financial statements, and  other
     financial  information  included  in  this  report,   fairly
     present  in all material respects the consolidated financial
     condition, results of operations and statement of changes in
     net  assets in liquidation of the small business  issuer  as
     of, and for, the periods presented in this report;

4.   The  small business issuer's other certifying officer and  I
     are  responsible for establishing and maintaining disclosure
     controls  and procedures (as defined in Exchange  Act  Rules
     13a-15(e) and 15d-15(e)) and internal control over financial
     reporting  (as  defined in Exchange Act Rules 13a-15(f)  and
     15d-15(f)for the small business issue and have:

     a)   Designed  such  disclosure controls and procedures,  or
          caused  such disclosure controls and procedures  to  be
          designed under our supervision, to ensure that material
          information  relating  to the  small  business  issuer,
          including its consolidated subsidiaries, is made  known
          to  us  by  others within those entities,  particularly
          during  the  period in which this quarterly  report  is
          being prepared;

     b)   Designed   such   internal   control   over   financial
          reporting,   or  caused  such  internal  control   over
          financial   reporting   to  be   designed   under   our
          supervision, to provide reasonable assurance  regarding
          the   reliability  of  financial  reporting   and   the
          preparation                of                 financial
          statements  for  external purposes in  accordance  with
          generally accepted accounting principles

     c)   Evaluated  the  effectiveness  of  the  small  business
          issuer's   disclosure  controls  and   procedures   and
          presented  in  this  report our conclusions  about  the
          effectiveness   of   the   disclosure   controls    and
          procedures, as of the end of the period covered by this
          report based on such evaluation; and

     d)   Disclosed  in  this  report any  change  in  the  small
          business   issuer's  internal  control  over  financial
          reporting  that  occurred  during  the  small  business
          issuer's most recent fiscal quarter (the small business
          issuer's  fourth  quarter in  the  case  of  an  annual
          report)  that has materially affected, or is reasonably
          likely   to  materially  affect,  the  small   business
          issuer's internal control over financial reporting; and

5.   The  small business issuer's other certifying officer and  I
     have  disclosed,  based  on our most  recent  evaluation  of
     internal  control  over financial reporting,  to  the  small
     business issuer's auditors and the audit committee of  small
     business  issuer's board of directors (or persons performing
     the equivalent function):

     a)   All significant deficiencies and material weaknesses in
          the  design  or  operation  of  internal  control  over
          financial  reporting  which are  reasonably  likely  to
          aversely affect the small business issuer's ability  to
          record,   process,   summarize  and  report   financial
          information; and

     b)   Any  fraud,  whether  or  not material,  that  involves
          management  or  other employees who have a  significant
          role  in  the small business issuer's internal controls
          over financial reporting.

                         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 17, 2004








         CERTIFICATION FOR SARBANES-OXLEY SECTION 302(A)

           CERTIFICATE OF THE CHIEF FINANCIAL OFFICER
                               OF
                     BRAUVIN VENTURES, INC.
                    CORPORATE GENERAL PARTNER
                               OF
                 BRAUVIN REAL ESTATE FUND L.P. 4

I,  Thomas  E.  Murphy, Chief Financial Officer of  the  Company,
certify that:

1.   I  have  reviewed this quarterly report on  Form  10-QSB  of
     Brauvin Real Estate Fund L.P 4.;

2.   Based  on  my  knowledge, this report does not  contain  any
     untrue  statement  of  material fact  or  omit  to  state  a
     material  fact  necessary to make the  statements  made,  in
     light of the circumstances under which such statements  were
     made,  not misleading with respect to the period covered  by
     this report;

3.   Based  on my knowledge, the financial statements, and  other
     financial  information  included  in  this  report,   fairly
     present  in all material respects the consolidated financial
     condition, results of operations and statement of changes in
     net  assets in liquidation of the small business  issuer  as
     of, and for, the periods presented in this report;

4.   The  small business issuer's other certifying officer and  I
     are  responsible for establishing and maintaining disclosure
     controls  and procedures (as defined in Exchange  Act  Rules
     13a-15(e) and 15d-15(e)) and internal control over financial
     reporting  (as  defined in Exchange Act Rules 13a-15(f)  and
     15d-15(f)for the small business issue and have:

     a)   Designed  such  disclosure controls and procedures,  or
          caused  such disclosure controls and procedures  to  be
          designed under our supervision, to ensure that material
          information  relating  to the  small  business  issuer,
          including its consolidated subsidiaries, is made  known
          to  us  by  others within those entities,  particularly
          during  the  period in which this quarterly  report  is
          being prepared;

     b)   Designed   such   internal   control   over   financial
          reporting,   or  caused  such  internal  control   over
          financial   reporting   to  be   designed   under   our
          supervision, to provide reasonable assurance  regarding
          the   reliability  of  financial  reporting   and   the
          preparation   of  financial  statements  for   external
          purposes   in   accordance  with   generally   accepted
          accounting principles

     c)   Evaluated  the  effectiveness  of  the  small  business
          issuer's   disclosure  controls  and   procedures   and
          presented  in  this  report our conclusions  about  the
          effectiveness   of   the   disclosure   controls    and
          procedures, as of the end of the period covered by this
          report based on such evaluation; and

     d)   Disclosed  in  this  report any  change  in  the  small
          business   issuer's  internal  control  over  financial
          reporting  that  occurred  during  the  small  business
          issuer's most recent fiscal quarter (the small business
          issuer's  fourth  quarter in  the  case  of  an  annual
          report)  that has materially affected, or is reasonably
          likely   to  materially  affect,  the  small   business
          issuer's internal control over financial reporting; and

5.   The  small business issuer's other certifying officer and  I
     have  disclosed,  based  on our most  recent  evaluation  of
     internal  control  over financial reporting,  to  the  small
     business issuer's auditors and the audit committee of  small
     business  issuer's board of directors (or persons performing
     the equivalent function):

     a)   All significant deficiencies and material weaknesses in
          the  design  or  operation  of  internal  control  over
          financial  reporting  which are  reasonably  likely  to
          aversely affect the small business issuer's ability  to
          record,   process,   summarize  and  report   financial
          information; and

     b)   Any  fraud,  whether  or  not material,  that  involves
          management  or  other employees who have a  significant
          role  in  the small business issuer's internal controls
          over financial reporting.

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



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

                              DATE: November 17, 2004






                           Exhibit 99
                    SECTION 906 CERTIFICATION


The  following  statement  is  provided  by  the  undersigned  to
accompany  the  Quarterly Report on Form 10-QSB for  the  quarter
ended September 30, 2004, pursuant to Section 906 of the Sarbanes-
Oxley  Act of 2002 and shall not be deemed filed pursuant to  any
provisions  of the Securities Exchange Act of 1934 or  any  other
securities law:

Each  of  the undersigned certifies that the foregoing Report  on
Form 10-QSB fully complies with the requirements of Section 13(a)
of  the Securities Exchange Act of 1934 (15 U.S.C. 78m) and  that
the information contained in the Form 10-QSB fairly presents,  in
all  material  respects, the financial condition and  results  of
operations of Brauvin Real Estate Fund L.P. 4.



                         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 17, 2004


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

                              DATE:     November 17, 2004