<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      March 31, 1998           
  
                                or
  
[ ] Transition Report Pursuant to Section 13 or 15(d) of the
    Securities Exchange Act of 1934

    For the transition period from               to             


    Commission File Number               0-13402                


                Brauvin Real Estate Fund L.P. 4                

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

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

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

                        (312) 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 March 31, 1998 . . . . . . . . 4
          
          Consolidated Statements of Operations for the 
            three months ended March 31, 1998 and 1997 . . . . . . . . 5

          Consolidated Statements of Cash Flows for the 
            three months ended March 31, 1998 and 1997 . . . . . . . . 6

          Notes to Consolidated Financial Statements . . . . . . . . . 7

Item 2.   Managements Discussion and Analysis
          or Plan of Operation . . . . . . . . . . . . . . . . . . . .17

                             PART II
Item 1.   Legal Proceedings. . . . . . . . . . . . . . . . . . . . . .21     
Item 2.   Changes in Securities. . . . . . . . . . . . . . . . . . . .21     

Item 3.   Defaults Upon Senior Securities. . . . . . . . . . . . . . .21

Item 4.   Submission of Matters to Vote of Security 
          Holders. . . . . . . . . . . . . . . . . . . . . . . . . . .21

Item 5.   Other Information. . . . . . . . . . . . . . . . . . . . . .21     
Item 6.   Exhibits and Reports on Form 8-K . . . . . . . . . . . . . .21

Signatures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .22
<PAGE>                 
                PART I - FINANCIAL INFORMATION
                                
ITEM 1.   Consolidated Financial Statements

 The following Consolidated Balance Sheet as of March 31, 1998,
Consolidated Statements of Operations for the three months ended
March 31, 1998 and 1997 and Consolidated Statements of Cash Flows
for the three months ended March 31, 1998 and 1997 for Brauvin Real
Estate Fund L.P. 4 (the "Partnership") are unaudited but reflect,
in the opinion of the management, all adjustments necessary to
present fairly the information required.  All such adjustments are
of a normal recurring nature.

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


<PAGE>                   
                CONSOLIDATED BALANCE SHEET
                          (Unaudited)

                                                   March 31,           
                                                      1998             
ASSETS
Investment in real estate:
  Land                                          $  4,035,301
  Buildings and improvements                      15,745,742
                                                  19,781,043
  Less accumulated depreciation                   (5,411,463)
Net investment in real estate                     14,369,580

Investment in Sabal Palm Joint                              
  Venture (Note 5)                                   825,641
Cash and cash equivalents                            839,123
Rent receivable (net of 
  allowance of $139,400)                             213,918
Escrow deposits                                       18,227
Other assets                                          62,118          
Total Assets                                     $16,328,607

LIABILITIES AND PARTNERS' CAPITAL

LIABILITIES:
Mortgage notes payable (Note 3)                  $11,251,593
Accounts payable and accrued expenses                241,055
Tenant security deposits                              56,500
Due to affiliates                                     54,935
       Total Liabilities                          11,604,083

MINORITY INTEREST IN STRAWBERRY
  JOINT VENTURE                                      524,829

PARTNERS' CAPITAL:
General Partners                                     (18,206)
Limited Partners (9,550 limited 
  partnership units issued and 
  outstanding)                                     4,217,901
       Total Partners' Capital                     4,199,695
       Total Liabilities and 
           Partners' Capital                     $16,328,607


  See accompanying notes to consolidated financial statements.
<PAGE>                                 
                CONSOLIDATED STATEMENTS OF OPERATIONS
                 For the three months ended March 31,
                             (Unaudited)
                                
                                      1998          1997                     
INCOME
Rental                               $431,261    $ 443,855             
Interest                                6,829        8,445
Other, primarily tenant 
  expense reimbursements              101,599       85,247
       Total income                   539,689      537,547

EXPENSES
Interest                              271,318      240,599
Depreciation                          108,405      111,948
Real estate taxes                      70,383       66,174
Repairs and maintenance                25,058        8,484
Management fees (Note 4)               30,900       32,666
Other property operating               34,207       25,006
General and 
  administrative                       92,096       81,853
       Total expenses                 632,367      566,730

Loss before minority 
  and equity interests
  in joint ventures                   (92,678)     (29,183)

Minority interest's 
  share of Strawberry
  Joint Venture's net loss             11,387        7,532

Equity interest in Sabal
  Palm Joint Venture's
  net income                           55,571       44,510

Net (loss)income                     $(25,720)   $  22,859
Net (loss) income allocated to:
  General Partners                   $   (257)   $     229
  Limited Partners                   $(25,463)   $  22,630
Net (loss) income per
 Limited Partnership 
 Interest (9,550 units 
  outstanding)                       $  (2.67)   $    2.37

  See accompanying notes to consolidated financial statements.
<PAGE>
             CONSOLIDATED STATEMENTS OF CASH FLOWS
                For the three months March 31, 
                          (Unaudited)
                                
                                                    1998          1997  
Cash Flows From Operating  Activities:
Net (loss) income                                $ (25,720)     $ 22,859
Adjustments to reconcile net  
  income to net cash provided by
  operating activities: 
Depreciation                                       108,405       111,948
Provision for doubtful accounts                     33,123        15,246
Minority interest's share of
  Strawberry Joint Venture's
  net loss                                         (11,387)       (7,532)
Equity interest in Sabal Palm 
  Joint Venture net income                         (55,571)      (44,510)
Change in rent receivable                          (47,702)      (26,251)
Change in escrow deposits                          (11,475)      (14,435)
Change in other assets                             (19,181)        4,059
Change in accounts payable and 
  accrued expenses                                  19,550        55,564
Change in due to affiliates                          8,194         9,694
Change in tenant security deposits                  14,125           263
Net cash provided by operating
 activities                                         12,361       126,905

Cash Flows From Investing Activities:
Capital expenditures                                (8,625)       (5,405)
Distribution from Sabal Palm Joint
  Venture                                           79,900        13,160
Net cash provided by investing activities           71,275         7,755

Cash Flows From Financing Activities:
Repayment of mortgage notes payable                (85,743)      (75,036)
Cash used in financing activities                  (85,743)      (75,036)
Net (decrease) increase in cash 
 and cash equivalents                               (2,107)       59,624
Cash and cash equivalents at
 beginning of year                                 841,230       844,598
Cash and cash equivalents at
 end of period                                   $ 839,123     $ 904,222

Supplemental disclosure of cash flow information:
  Cash paid for interest                         $ 265,484     $ 238,918
   See accompanying notes to consolidated financial statements.
                                
<PAGE>           
        NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                          (Unaudited)

(1)  ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

     Organization

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

     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.  The minority interest in the
consolidated joint venture is adjusted for the joint venture
partner's share of income or loss and any cash contributions or
cash disbursements from the joint venture partner, Brauvin Real
Estate Fund L.P. 5 ("BREF 5").  All intercompany items and
transactions have been eliminated.

     Investment in Joint Venture Partnership

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

     Investment in Real Estate

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

     In 1995, the Partnership adopted Statement of Financial
Accounting Standards No. 121, "Accounting for the Impairment of
Long-Lived Assets and for Long-Lived Assets to be Disposed Of"
(SFAS 121).  In conjunction with the adoption of SFAS 121, the
Partnership performed an analysis of its long-lived assets, and the
Partnership's management determined that there were no events or
changes in circumstances that indicated that the carrying amount of
the assets may not be recoverable at March 31, 1998 and December
31, 1997.  Accordingly, no impairment loss has been recorded in the
accompanying financial statements for the three months ended March
31, 1998 and the year ended December 31, 1997.

     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 March 31, 1998, but may
not necessarily be indicative of the amounts that the Partnership
could realize in a current market exchange.  The use of different
assumptions and/or estimation methodologies may have a material
effect on the estimated fair value amounts. 

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

(2)  PARTNERSHIP AGREEMENT

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

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

     At March 31, 1998, the Preferential Distribution Deficiency
equaled $10,875,065.

(3)  MORTGAGE NOTES PAYABLE

     Mortgage notes payable at March 31, 1998 consist of the
following:
                                           Interest     Date
                                 1998         Rate      Due 
Raleigh Springs 
  Marketplace              $ 4,821,142       (a)10%    10/99
Fortune Professional
  Building                     831,242       (b)       06/99
Strawberry Fields
  Shopping Center            5,599,209       (c)9%     12/98
                           $11,251,593       

  Maturities of the mortgage notes payable are as follows:

                      1998               $ 5,700,105                
                      1999                 5,551,488   

                                         $11,251,593

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

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

  The carrying value of Raleigh at March 31, 1998 was approximately
$5,789,800.

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

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

  On June 26, 1997, the Partnership obtained a first mortgage loan
in the amount of $875,000 secured by Fortune, from American
National Bank and Trust Company (the "Replacement Loan").  In
connection with the funding of the Replacement Loan, the
Partnership was required to reduce the principal balance of the
original loan by approximately $59,000, out of cash and cash
equivalents, to release the original mortgage loan and pay loan
fees of approximately $33,000.  The Replacement Loan has a floating
interest rate based on American National Bank's prime rate, which
at March 31, 1998 was 8.5%.  Principal is being amortized based on
a 15-year amortization period and is payable with interest on a
monthly basis.  
  
  The carrying value of Fortune at  March 31, 1998 was
approximately $1,628,500.

  (c) In February 1993, the Partnership and Strawberry Joint
Venture, finalized a refinancing of the first mortgage loan (the
"Refinancing") on Strawberry Fields with the lender.  The
Refinancing became effective retroactive to October 1992.  Due to
the Refinancing, the interest rate was reduced to 9% with monthly
payments of interest only from October 1992 through November 1995. 
The Strawberry Joint Venture has the option to extend the term of
the loan and make monthly payments of principal and interest from
December 1995 through November 1998, if it is not in default of the
terms of the Refinancing.  On September 18, 1995, the Strawberry
Joint Venture notified Lutheran Brotherhood (the "Strawberry
Lender") that it would exercise its option to extend the term of
the Strawberry Fields loan from the original maturity of November
1, 1995 to December 1, 1998.  The terms of the extension called for
all provisions of the loan to remain the same except for an
additional monthly principal payment of $12,500.  Effective
November 1, 1995, the Strawberry Joint Venture and the Strawberry
Lender agreed to modify the loan by reducing the interest rate to
7.5% for November 1, 1995 through October 31, 1997 and by reducing
the monthly principal payment to $12,000.  Commencing November 1,
1997 and through the maturity date, December 1, 1998, the interest
rate reverted to the original 9.0% rate.
  
  The carrying value of Strawberry Fields at March 31, 1998 was
approximately $6,951,300.

  The Partnership is required to make balloon mortgage payments for
Fortune in the amount of $758,300 on June 30, 1999 and for
Strawberry Fields in the amount of $5,437,606 at December 1, 1998. 

(4)  TRANSACTIONS WITH AFFILIATES

  Fees and other expenses paid or payable to the General Partners
or their affiliates for the three months ended March 31, 1998 and
1997 were as follows:

                                             1998       1997                
  Management fees                           $29,821    $19,704             
  Reimbursable office expenses               28,125     26,394             
  Legal fees                                     --        157             

  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 and
$12,210 for management fees, as of March 31, 1998.  An amount of
$35,817 was due to an affiliate at March 31, 1998, representing an
advance made from Brauvin Real Estate Fund L.P. 5.

<PAGE>
(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:


                                            March 31,               
                                                1998                   
Land, building and personal 
  property, net                            $4,818,292                  
Other assets                                  227,501                  
                                           $5,045,793                  

Mortgage note payable                      $3,170,368
Other liabilities                             115,071                  
                                            3,285,439
Partners' capital                           1,760,354                  
                                           $5,045,793                  
            
                                For the three months ended       
                                
                                  March 31,      March 31,
                                      1998          1997             
Rental income                     $272,407        $246,146             
Other income                        20,801          25,968             
                                   293,208         272,114             

Mortgage and 
  other interest                    74,982          77,612             
Depreciation                        34,057          33,822             
Operating and
 administrative 
 expenses                           65,932          65,979             
                                   174,971         177,413             

Net income                        $118,237         $94,701             




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

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

  General   

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

Year 2000

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

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

Liquidity and Capital Resources

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

  Fortune was required to make a balloon mortgage payment in July
1997 of approximately $934,000.  On June 26, 1997, the Partnership 
obtained the Replacement Loan in the amount of $875,000 secured by
Fortune, from American National Bank and Trust Company.  In
connection with the funding of the Replacement Loan, the
Partnership was required to reduce the outstanding principal
balance of the original mortgage loan by approximately $59,000, out
of cash and cash equivalents, to release the original mortgage loan
and pay loan fees of approximately $24,600.  The Replacement Loan
has a floating interest rate based on American National Bank's
prime rate, which at March 31, 1998 was 8.5%.  Principal is being
amortized based on a 15-year amortization period and is payable
with interest on a monthly basis.  The Replacement Loan matures on
June 30, 1999 at which time a balloon mortgage payment in the
amount of approximately $758,300 will be due.

  As a result of a recent decline in the Albuquerque, New Mexico 
office market, the General Partners have decided not to continue to
market this property for sale at this time.  The occupancy level at
Fortune at March 31, 1998 was 59%, compared to 75% at December 31,
1997 and 93% at March 31, 1997.  Fortune had a negative cash flow
for the three months ended March 31, 1998.  The Partnership is
currently working to improve the occupancy rate at Fortune and upon
successful releasing of the vacant space the General Partners will
reassess the potential sale of the property.

  The occupancy level at Fortune at March 31, 1998 was 59%,
compared to 75% at December 31, 1997 and 93% at March 31, 1997. 
The Partnership is working to improve the occupancy level at
Fortune.  Fortune had a negative cash flow for the three months
ended March 31, 1998.

  Raleigh Springs has continued to generate a positive cash flow
despite losing T.J. Maxx, an anchor tenant, which occupied 21% of
the total space.  In November 1996, Methodist Hospital entered into
a lease for approximately 9,500 square feet.  The remaining space
is currently being marketed both regionally and nationally.

  The occupancy level at Raleigh at March 31, 1998 was 82%,
compared to 78% at December 31, 1997 and 78% at March 31, 1997. 
Raleigh had a positive cash flow for the three months ended March
31, 1998.   

  The occupancy level at Strawberry Fields at March 31, 1998 was
83%, compared to 86% at December 31, 1997 and 88% at March 31,
1997.  Strawberry had a negative cash flow for the three months
ended March 31, 1998.

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

  At Sabal Palm, the Partnership and its joint venture partner are
working to improve the occupancy level of the shopping center which
stood at 96% as of March 31, 1998.  Although the Sabal Palm retail
market appears to be over built, the occupancy level of the
building has stayed relatively constant and it has generated
positive cash flow since the joint venture acquired the property in
1986.

  In addition, in the first quarter of 1998, the Partnership 
became aware that both Winn-Dixie and Walgreens may vacate their
respective spaces at Sabal Palm prior to their lease termination
dates.  Although  the Partnership has not been given official
notice of this potential event, the General Partners believe that
there is a likelihood that these tenants will vacate.  The General
Partners are working with these tenants to determine their intent
and the most beneficial steps to be taken by the Partnership in
response.

  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.

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

Results of Operations - Three Months Ended March 31, 1998 and 1997
  (Amounts rounded to 000's)

  The Partnership generated a net loss of $26,000 for the three
months ended March 31, 1998 as compared to net income of $23,000
for the same three month period in 1997.  The $49,000 decrease in
net income resulted primarily from a $31,000 increase in interest
expense and a $17,000 increase in repairs and maintenance expense.

  Total income for the three months ended March 31, 1998 was
$540,000 as compared to $538,000 for the same three month period in
1997, an increase of $2,000. The $2,000 increase resulted primarily 
from an increase of $16,000 in other income at Strawberry which was
the result of an increase in tenant reimbursements.  Partially
offsetting the increase in other income was a decrease in rental
income of $13,000 at Fortune which was the result of a decrease in
the occupancy rate from 93% to 59%, respectively, at March 31, 1997
and 1998.       

  For the three months ended March 31, 1998 total expenses were
$632,000 as compared to $567,000 for the same three month period in
1997, an increase of $65,000. This increase in total expenses was
primarily a result of an increase in interest expense and repairs
and maintenance expense.  Interest expense was $271,000 for the
three months ended March 31, 1998 as compared to $240,000 for the
same three month period in 1997, an increase of $31,000.  This
increase was caused primarily by the increase in the interest rate
at Fortune from 3% in 1997 to 8.5% in 1998.  In addition, interest
expense also increased as a result of the interest rate for
Strawberry's mortgage loan reverting to 9.0% from 7.5% in November
1997. Repairs and maintenance expense was $25,000  in 1998 as
compared to $8,000 for the same three month period in 1997, an
increase of $17,000. The increase in repairs and maintenance
expense primarily relates to increased roof repair expense at
Raleigh and Strawberry .  
<PAGE>
                  PART II - OTHER INFORMATION


  ITEM 1.   Legal Proceedings.

            None.

  ITEM 2.   Changes in Securities.

            None.

  ITEM 3.   Defaults Upon Senior Securities.

            None.

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

            None.

  ITEM 5.   Other Information.

  On May 15, 1998, B. Allen Aynessazian resigned as Chief Financial
Officer from the Corporate General Partner.  Mr. Aynessazian is
returning to Giordano's Enterprises, a privately held restaurant
concern where he worked from 1989 until 1996, prior to joining the
Brauvin organization.
 
  Mr. Aynessazian is being succeeded by Mr. Thomas E. Murphy, age
31.  Mr. Murphy will be the Partnership's Principal Accounting
Officer.  He is responsible for the daily operations of Partnership
accounting and financial reporting to regulatory agencies.  Mr.
Murphy received a B.S. degree from Northern Illinois University in
1988.  Prior to joining the Brauvin organization he was in the
accounting department of Zell/Merrill Lynch and First Capital Real
Estate Funds where he was responsible for the preparation of the
accounting and financial reporting for several real estate limited
partnerships and corporations.  Mr. Murphy is a Certified Public
Accountant and is a member of the Illinois Certified Public
Accountants Society.                                      

  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: May 15, 1998


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

                              DATE: May 15, 1998
                                                                              

<PAGE>