<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, 1997           
  
                                or
  
[ ]         Transition Report Pursuant to Section 13 or 15(d) of the
                    Securities Exchange Act of 1934

           For the transition period from       to             


   Commission File Number       0-13402                


                Brauvin Real Estate Fund L.P. 4                

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

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

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

                        (312) 443-0922                         

                   (Issuer's telephone number)

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

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

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

                 Limited Partnership Interests                 

                         (Title of class)

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

<PAGE>

                              INDEX

                              PART I
                                                                Page
Item 1.   Consolidated Financial Statements. . . . . . . . . . . . . . 3
          
          Consolidated Balance Sheet at March 31, 1997 . . . . . . . . 4
          
          Consolidated Statements of Operations for the 
            three months ended March 31, 1997 and 1996 . . . . . . . . 5

          Consolidated Statements of Cash Flows for the 
            three months ended March 31, 1997 and 1996 . . . . . . . . 6

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

Item 2.   Managements Discussion and Analysis
          or Plan of Operation . . . . . . . . . . . . . . . . . . . .15

                             PART II
Item 1.   Legal Proceedings. . . . . . . . . . . . . . . . . . . . . .18     
Item 2.   Changes in Securities. . . . . . . . . . . . . . . . . . . .18     

Item 3.   Defaults Upon Senior Securities. . . . . . . . . . . . . . .18

Item 4.   Submission of Matters to Vote of Security 
          Holders. . . . . . . . . . . . . . . . . . . . . . . . . . .18

Item 5.   Other Information. . . . . . . . . . . . . . . . . . . . . .18     
Item 6.   Exhibits and Reports on Form 8-K . . . . . . . . . . . . . .18

Signatures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .19
<PAGE>                 
                 PART I - FINANCIAL INFORMATION
                                
ITEM 1.   Consolidated Financial Statements

 The following Consolidated Balance Sheet as of March 31, 1997,
Consolidated Statements of Operations for the three months ended
March 31, 1997 and 1996 and Consolidated Statements of Cash Flows
for the three months ended March 31, 1997 and 1996 for Brauvin Real
Estate Fund L.P. 4 (the "Partnership") are unaudited but reflect,
in the opinion of the management, all adjustments necessary to
present fairly the information required.  All such adjustments are
of a normal recurring nature.

 These financial statements should be read in conjunction with the
financial statements and notes thereto included in the
Partnership's 1996 Annual Report on Form 10-KSB.


<PAGE>                   
                   BRAUVIN REAL ESTATE FUND L.P. 4
                   (a Delaware limited partnership)
                   
                   CONSOLIDATED BALANCE SHEET
                          (Unaudited)

                                                 March 31,           
                                                    1997             
ASSETS

Investment in real estate:
  Land                                         $  4,035,301
  Buildings and improvements                     15,698,735
                                                 19,734,036
  Less accumulated depreciation                  (4,972,304)             
Net investment in real estate                    14,761,732

Investment in Sabal Palm Joint 
  Venture (Note 5)                                  987,818
Cash and cash equivalents                           904,222
Rent receivable (net of 
  allowance of $21,870)                             136,835
Escrow deposits                                      23,677
Other assets                                         27,493
       Total Assets                            $ 16,841,777

LIABILITIES AND PARTNERS' CAPITAL

LIABILITIES:
Mortgage notes payable (Note 3)                $ 11,614,041
Accounts payable and accrued expenses               218,595
Tenant security deposits                             49,060
Due to affiliates                                    22,753
       Total Liabilities                         11,904,449

MINORITY INTEREST IN STRAWBERRY
  JOINT VENTURE                                     569,618

PARTNERS' CAPITAL:
General Partners                                    (16,526)
Limited Partners (9,550 limited 
  partnership units issued and 
  outstanding)                                    4,384,236
       Total Partners' Capital                    4,367,710
       Total Liabilities and 
           Partners' Capital                   $ 16,841,777



        See accompanying notes to consolidated financial statements.
                                 
<PAGE>                                 
                   BRAUVIN REAL ESTATE FUND L.P. 4
                   (a Delaware limited partnership)
                 
                  CONSOLIDATED STATEMENTS OF OPERATIONS
          For the three months ended March 31, 1997 and 1996
                          (Unaudited)
                                
                                     1997          1996                     
INCOME
Rental                           $ 443,855     $ 474,422            
Interest                             8,445         8,336
Other, primarily tenant 
     expense reimbursements         85,247        73,226
          Total income             537,547       555,984

EXPENSES
Interest                           240,599       248,718
Depreciation                       111,948       110,358
Real estate taxes                   66,174        70,500
Repairs and maintenance              8,484         7,428
Management fees                     32,666        37,728
Other property operating            25,006        29,683
General and 
     administrative                 81,853        67,823
          Total expenses           566,730       572,238

Loss before minority 
  and equity interests
  in joint ventures                (29,183)      (16,254)

Minority interest's 
  share of Strawberry
  Joint Venture's net loss           7,532        11,868


Equity interest in Sabal
  Palm Joint Venture's
  net income                        44,510        59,829

Net income                       $  22,859     $  55,443
Net income allocated to:
  General Partners               $     229     $     554
  Limited Partners               $  22,630     $  54,889
Net income per
 Limited Partnership 
 Interest (9,550 units 
  outstanding)                   $    2.37     $    5.75



  See accompanying notes to consolidated financial statements.
<PAGE>             
             
                   BRAUVIN REAL ESTATE FUND L.P. 4
                   (a Delaware limited partnership)
                   
             CONSOLIDATED STATEMENTS OF CASH FLOWS
          For the three months March 31, 1997 and 1996
                          (Unaudited)
                                
                                                    1997          1996  

Cash Flows From Operating  Activities:
Net income                                      $  22,859       $ 55,443
Adjustments to reconcile net  
  income to net cash provided by
  operating activities: 
Depreciation                                      111,948        110,358
Provision for doubtful accounts                    15,246         18,859
Minority interest's share of
  Strawberry Joint Venture's
  net loss                                         (7,532)       (11,868)
Equity interest in Sabal Palm 
  Joint Venture net income                        (44,510)       (59,829)
(Increase) decrease in rent 
  receivable                                      (26,251)        87,568
Increase in escrow deposits                       (14,435)       (56,758)
Decrease in due from affiliates                        --         52,901
Decrease in other assets                            4,059          4,403
Increase in accounts payable and 
  accrued expenses                                 55,564         63,181
Increase in due to affiliates                       9,694             --
Increase in tenant security deposits                  263          2,573
Net cash provided by operating
 activities                                       126,905        266,831

Cash Flows From Investing Activities:
Capital expenditures                               (5,405)        (3,975)
Distribution from Sabal Palm Joint
  Venture                                          13,160         70,500
Net cash provided by investing
  activities                                        7,755         66,525

Cash Flows From Financing Activities:
Repayment of mortgage notes payable               (75,036)       (72,722)
Cash used in financing activities                 (75,036)       (72,722)
Net increase in cash and cash
 equivalents                                       59,624        260,634
Cash and cash equivalents at
 beginning of year                                844,598        508,304
Cash and cash equivalents at
 end of period                                  $ 904,222      $ 768,938

Supplemental disclosure of cash flow information:
  Cash paid for interest                        $ 238,918      $ 243,509
  


  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., Jerome J. Brault and Cezar M. Froelich. 
Brauvin Ventures, Inc. is owned by A.G.E. Realty Corporation
Inc.(50%), and by Messrs. Jerome J. Brault (beneficially) (25%) and
Cezar M. Froelich (25%).  A. G. Edwards & Sons, Inc. and Brauvin
Securities, Inc., affiliates of the General Partners, were the
selling agents of the Partnership.  The Partnership is managed by
an affiliate of the General Partners.

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

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

     SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

     Basis of Presentation

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

     Management's Use of Estimates

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

     Accounting Method

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

     Rental Income

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

     Federal Income Taxes

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

     The Partnership owns a 58% equity interest in an affiliated joint
venture ("Strawberry Joint Venture") which acquired Strawberry
Fields Shopping Center ("Strawberry Fields").  The accompanying
consolidated financial statements have consolidated 100% of the
assets, liabilities, operations and partners' capital of 
Strawberry Joint Venture.  In 1994 the Partnership and its joint
venture partner Brauvin Real Estate Fund L.P. 5 ("BREF 5")
contributed cash to Strawberry Joint Venture to cover cash flow
operating deficiencies. The minority interest in the consolidated
joint venture is adjusted for the joint venture partner's share of
income or loss and any cash contributions or cash disbursements
from the joint venture partner.  All intercompany items and
transactions have been eliminated.

     Investment in Joint Venture Partnership

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

     Investment in Real Estate

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

     In 1995, the Partnership adopted Statement of Financial
Accounting Standards No. 121, "Accounting for the Impairment of
Long-Lived Assets and for Long-Lived Assets to be Disposed Of"
(SFAS 121).  In conjunction with the adoption of SFAS 121, the
Partnership performed an analysis of its long-lived assets, and the
Partnership's management determined that there were no events or
changes in circumstances that indicated that the carrying amount of
the assets may not be recoverable at March 31, 1997.  Accordingly,
no impairment loss has been recorded in the accompanying financial
statements for the period ended March 31, 1997 and 1996.

     Cash and Cash Equivalents

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

     Estimated Fair Value of Financial Instruments

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

     The fair value estimates presented herein are based on
information available to management as of March 31, 1997, but may
not necessarily be indicative of the amounts that the Partnership
could realize in a current market exchange.  The use of different
assumptions and/or estimation methodologies may have a material
effect on the estimated fair value amounts.  Although management is
not aware of any factors that would significantly affect the
estimated fair value amounts, such amounts have not been
comprehensively revalued for purposes of these financial statements
since that date, and current estimates of fair value may differ
significantly from amounts presented herein.

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

     Reclassifications

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

(2)  PARTNERSHIP AGREEMENT

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

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

(3)  MORTGAGE NOTES PAYABLE

     Mortgage notes payable at March 31, 1997 consist of the
following:
                                           Interest     Date
                                 1997         Rate       Due 
Raleigh Springs 
  Marketplace                $ 4,896,925    (a)10.0%    10/99
Fortune Professional
  Building                       953,499    (b)3.0%     07/97
Strawberry Fields      
  Shopping Center              5,763,617    (c)7.5%     12/98
                             $11,614,041                 

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

  (b) The Partnership has made or will make 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 has the option to accelerate the loan maturity July
1 of each year, if the property is not: (i) in good condition and
repair; (ii) occupied at a rate that is equal to the prevailing
occupancy rate for similar properties in the same locale; and (iii)
leased at rental rates which are at least 90% of the prevailing
rate for similar properties in the same locale.  The property
currently meets these standards.
  
  (c) In February 1993, the Partnership and Strawberry Joint
Venture, finalized a refinancing of the first mortgage loan (the
"Refinancing") on Strawberry Fields with the lender.  The
Refinancing became effective retroactive to October 1992.  Due to
the Refinancing, the interest rate was reduced to 9% with monthly
payments of interest only from October 1992 through November 1995. 
The Strawberry Joint Venture has the option to extend the term of
the loan and make monthly payments of principal and interest from
December 1995 through November 1998, if it is not in default of the
terms of the Refinancing.  On September 18, 1995, the Strawberry
Joint Venture notified Lutheran Brotherhood (the "Strawberry
Lender") that it would exercise its option to extend the term of
the Strawberry Fields loan from the original maturity of November
1, 1995 to December 1, 1998.  The terms of the extension called for
all provisions of the loan to remain the same except for an
additional monthly principal payment of $12,500.  Effective
November 1, 1995, the Strawberry Joint Venture and the Strawberry
Lender agreed to modify the loan by reducing the interest rate to
7.5% for November 1, 1995 through October 31, 1997 and by reducing
the monthly principal payment to $12,000.  From November 1, 1997
through the maturity date, December 1, 1998, the interest rate will
revert to the original 9.0% rate.

(4)  TRANSACTIONS WITH AFFILIATES

  Fees and other expenses paid to the General Partners or their
affiliates for the three months ended March 31, 1997 and 1996 were
as follows:

                                             1997       1996                
  Management fees                          $ 19,704    $35,856             
  Reimbursable office expenses               26,394     26,250             
  Legal fees                                    157         14             

  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 $7,179 for legal services,
$10,661 for Management fees and $4,913 was due to an affiliate at
March 31, 1997, representing an advance made from Brauvin Real
Estate Fund 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
Joint Venture:

                                            March 31,              
                                              1997     
Land, building and personal 
 property, net                             $4,949,025                  
Other assets                                  429,590                  
                                           $5,378,615                  

Mortgage note payable                      $3,200,000                  
Other liabilities                              73,205                  
                                            3,273,205                  
Partners' capital                           2,105,410                  
                                           $5,378,615                  


                               Three months ended March 31,
                                   1997         1996  
Rental income                    $246,146      $295,924
Other income                       25,968           777
                                  272,114       296,701
Mortgage and 
  other interest                   77,612        75,076         
Depreciation                       33,822        33,573         
Operating and
 administrative 
 expenses                          65,979        60,757         
                                  177,413       169,406         

Net income                       $ 94,701      $127,295         
                                
<PAGE>                                
                              
                                
ITEM 2. Management's Discussion and Analysis or Plan of Operation.

     General                    

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

     Liquidity and Capital Resources

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

     The occupancy level at Fortune at March 31, 1997 was 93%,
compared to 82% at December 31, 1996 and 93% at March 31, 1996. The
Partnership is continuing to work to improve the occupancy level of
Fortune.  Fortune operated at a positive cash flow for the three
months ended March 31, 1997.

     The occupancy level at Raleigh at March 31, 1997 was 78% compared
to 80% at December 31, 1996 and 72% at March 31, 1996.  Raleigh
operated at a positive cash flow for the three months ended March
31, 1997.

     The occupancy level at Strawberry Fields at March 31, 1997 was
88% compared to 87% at December 31, 1996 and 83% at March 31, 1996. 
Strawberry Fields operated at a positive cash flow for the three
months ended March 31, 1997.

     At Sabal Palm, the Partnership and its joint venture partner are
continuing to work to improve  the occupancy level, which stood at
92% at March 31, 1997, compared to 99% at December 31, 1996 and
March 31, 1996.  Although the Sabal Palm retail market appears to
be overbuilt, the property has operated at a positive cash flow
since its acquisition in 1986.

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

Results of Operations - Three Months Ended March 31, 1997 and 1996
     (Amounts rounded to 000's)

     The Partnership generated net income of $23,000 for the three
months ended March 31, 1997 as compared to net income of $55,000
for the same three month period in 1996.  The $32,000 decrease in
net income resulted primarily from a $18,000 decrease in total
income and a $15,000 decrease in the share of Sabal Palm's net
income.

     Total income for the three months ended March 31, 1997 was
$538,000 as compared to $556,000 for the same three month period in
1996, a decrease of $18,000.  The $18,000 decrease resulted
primarily from a decrease in rental income at Raleigh Springs
caused by T.J. Maxx vacating its space in January 1996. Although
T.J. Maxx vacated its space in January 1996 they continued to pay
rent until March 31, 1996, honoring their lease. 

     For the three months ended March 31, 1997 total expenses were
$567,000 as compared to $572,000 for the same three month period in
1996. General and administrative expenses were $82,000  in 1997 as
compared to $68,000 for the same three month period in 1996, an
increase of $14,000.  This increase was caused primarily by
transitional expenses associated with the change in auditors at the
end of 1996. 


<PAGE>

                  PART II - OTHER INFORMATION


     ITEM 1.             Legal Proceedings.

                               None.

     ITEM 2.             Changes in Securities.

                               None.
                 
     ITEM 3.             Defaults Upon Senior Securities.

                               None.

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

                               None.

     ITEM 5.             Other Information.

                               None.

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

                              Exhibit 27. Financial Data Schedule.

<PAGE>

                           SIGNATURES


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



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


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

                              DATE: MAY 14, 1997


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

                              DATE: May 14, 1997

<PAGE>