<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     September 30, 1997        

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

   For the transition period from               to             


   Commission File Number               0-13402                


                Brauvin Real Estate Fund L.P. 4                

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

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

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

                        (312) 443-0922                         

                   (Issuer's telephone number)

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

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

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

                 Limited Partnership Interests                 

                         (Title of class)

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

<PAGE>


                              INDEX

                              PART I
                                                                     Page
Item 1.   Consolidated Financial Statements. . . . . . . . . . . . . . 3
          
          Consolidated Balance Sheet at September 30, 1997 . . . . . . 4
          
          Consolidated Statements of Operations for the 
          nine months ended September 30, 1997 and 1996. . . . . . . . 5

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

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

Item 2.   Management's Discussion and Analysis
          or Plan of Operation . . . . . . . . . . . . . . . . . . . .17

                             PART II
Item 1.   Legal Proceedings. . . . . . . . . . . . . . . . . . . . . .22     
Item 2.   Changes in Securities. . . . . . . . . . . . . . . . . . . .22

Item 3.   Defaults Upon Senior Securities. . . . . . . . . . . . . . .22

Item 4.   Submission of Matters to Vote of Security 
          Holders. . . . . . . . . . . . . . . . . . . . . . . . . . .22

Item 5.   Other Information. . . . . . . . . . . . . . . . . . . . . .22     
Item 6.   Exhibits and Reports on Form 8-K . . . . . . . . . . . . . .22

Signatures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .23
                                  
                                  2
<PAGE>                 
                        PART I - FINANCIAL INFORMATION
                                
ITEM 1.   Consolidated Financial Statements

 The following Consolidated Balance Sheet as of September 30,
1997, Consolidated Statements of Operations for the nine months
ended September 30, 1997 and 1996, Consolidated Statements of
Operations for the three months ended September 30, 1997 and 1996,
and Consolidated Statements of Cash Flows for the nine months ended
September 30, 1997 and 1996 for Brauvin Real Estate Fund L.P. 4
(the "Partnership") are unaudited but reflect, in the opinion of
the management, all adjustments necessary to present fairly the
information required.  All such adjustments are of a normal
recurring nature.

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

                                  3
<PAGE>                   
                BRAUVIN REAL ESTATE FUND L.P. 4
                (a Delaware limited partnership)

                  CONSOLIDATED BALANCE SHEET
                          (Unaudited)

                                               September 30,       
                                                   1997             
                                               -------------
ASSETS

Investment in real estate:
  Land                                          $ 4,035,301
  Buildings and improvements                     15,700,232
                                                -----------
                                                 19,735,533
  Less accumulated depreciation                  (5,191,566)             
                                                -----------
Net investment in real estate                    14,543,967

Investment in Sabal Palm Joint 
  Venture (Note 5)                                  960,867
Cash and cash equivalents                           789,338
Rent receivable (net of                                    
  allowance of $50,511)                             170,895              
Escrow deposits                                      41,177
Other assets                                         63,694
                                                -----------
       Total Assets                             $16,569,938
                                                ===========

LIABILITIES AND PARTNERS' CAPITAL

LIABILITIES:
Mortgage notes payable (Note 3)                 $11,412,008
Accounts payable and accrued expenses               250,082
Tenant security deposits                             45,175
Due to affiliates                                    13,749
                                                -----------
       Total Liabilities                         11,721,014

MINORITY INTEREST IN STRAWBERRY
  JOINT VENTURE                                     555,979

PARTNERS' CAPITAL:
General Partners                                    (17,274)
Limited Partners (9,550 limited 
  partnership units issued and 
  outstanding)                                    4,310,219
                                                -----------
       Total Partners' Capital                    4,292,945
                                                -----------
       Total Liabilities and
           Partners' Capital                    $16,569,938
                                                ===========


       See accompanying notes to consolidated financial statements.
                                  
                                  4
<PAGE>
                BRAUVIN REAL ESTATE FUND L.P. 4
                (a Delaware limited partnership)

              CONSOLIDATED STATEMENTS OF OPERATIONS
     For the nine months ended September 30, 1997 and 1996
                          (Unaudited)
                                
                                       1997          1996                     
                                    ----------    ----------
INCOME
Rental                              $1,337,552    $1,342,885
Interest                                28,366        25,743
Other, primarily tenant 
  expense reimbursements               291,717       219,889
                                    ----------    ----------
       Total income                  1,657,635     1,588,517

EXPENSES
Interest                               733,632       736,621
Depreciation                           331,210       335,549
Real estate taxes                      186,232       171,742
Repairs and maintenance                 80,684        26,855
Management fees                         92,894        94,921
Other property operating                83,156        77,769
General and 
  administrative                       240,463       220,936
                                    ----------    ----------
       Total expenses                1,748,271     1,664,393
                                    ----------    ----------
Loss before minority 
  and equity interests
  in joint ventures                    (90,636)      (75,876)

Minority interest's 
  share of Strawberry
  Joint Venture's net loss              21,171        22,337

Equity interest in Sabal
  Palm Joint Venture's
  net income                            17,559        39,982
                                    ----------    ----------

Net loss                            $  (51,906)   $  (13,557)
                                    ==========    ==========
Net loss allocated to:
  General Partners                  $     (519)   $     (136)
                                    ==========    ==========
  Limited Partners                  $  (51,387)   $  (13,421)
                                    ==========    ==========
Net loss per
 Limited Partnership 
 Interest (9,550 units 
  outstanding)                      $    (5.38)   $    (1.41)
                                    ==========    ==========


  See accompanying notes to consolidated financial statements.

                                  5
<PAGE>                                
                BRAUVIN REAL ESTATE FUND L.P. 4
                (a Delaware limited partnership)

             CONSOLIDATED STATEMENTS OF OPERATIONS
     For the three months ended September 30, 1997 and 1996
                          (Unaudited)
                                
                                    1997          1996                     
                                  --------      --------
INCOME
Rental                            $444,876      $436,956            
Interest                             9,709         8,357
Other, primarily tenant 
     expense reimbursements         86,962        93,242
                                  --------      --------
          Total income             541,547       538,555

EXPENSES
Interest                           253,905       244,428
Depreciation                       109,852       110,843
Real estate taxes                   63,327        34,163
Repairs and maintenance             61,615        10,455
Management fees                     25,865        28,423
Other property operating            31,503        22,057
General and
     administrative                 83,992        68,078
                                  --------      --------
       Total expenses              630,059       518,447
                                  --------      --------
(Loss) income before minority 
  and equity interests
  in joint ventures                (88,512)       20,108

Minority interest's 
  share of Strawberry
  Joint Venture's net loss           8,256         1,172

Equity interest in Sabal
  Palm Joint Venture's
  net (loss) income                (16,658)          825
                                  --------      --------
Net (loss) income                 $(96,914)     $ 22,105
                                  ========      ========
Net (loss) income allocated to:
  General Partners                $   (969)     $    221
                                  ========      ========
  Limited Partners                $(95,945)     $ 21,884
                                  ========      ========
Net (loss) income per
 Limited Partnership 
 Interest (9,550 units 
  outstanding)                    $ (10.05)     $   2.29
                                  ========      ========


  See accompanying notes to consolidated financial statements.

                              6

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

             CONSOLIDATED STATEMENTS OF CASH FLOWS
        For the nine months September 30, 1997 and 1996
                          (Unaudited)
                                
                                                    1997          1996  
                                                  --------      --------
Cash Flows From Operating  Activities:
Net loss                                          $(51,906)     $(13,557) 
Adjustments to reconcile net  
  loss to net cash 
  provided by operating activities: 
Depreciation                                       331,210       335,549
Provision for doubtful accounts                     43,887        39,219
Minority interest's share of
  Strawberry Joint Venture's
  net loss                                         (21,171)      (22,337)
Equity interest in Sabal Palm 
  Joint Venture net income                         (17,559)      (39,982)
Increase in rent receivable                        (88,952)      (11,687)
Increase in escrow deposits                        (31,935)       (9,152)
Decrease in due from affiliates                         --        58,781
Decrease (increase) in other assets                    863       (35,477)
Increase in accounts payable and 
  accrued expenses                                  87,051        73,661
Increase in due to affiliates                          690            --
(Decrease) increase in tenant 
  security deposits                                 (3,622)        7,300
                                                  --------      --------
Net cash provided by operating
 activities                                        248,556       382,318

Cash Flows From Investing Activities:
Capital expenditures                                (6,902)      (22,334)
Distribution from Sabal Palm Joint
  Venture                                           13,160        96,350
                                                  --------      --------
Net cash provided by investing
  activities                                         6,258        74,016

Cash Flows From Financing Activities:
Repayment of mortgage notes payable             (1,152,069)     (219,860)
Loan fees                                          (33,005)           --
Proceeds from mortgage note payable                875,000            --
Net cash used in financing activities             (310,074)     (219,860)
                                                  --------      --------
Net (decrease) increase in cash and 
 cash equivalents                                  (55,260)      236,474
Cash and cash equivalents at
 beginning of year                                 844,598       508,304
                                                  --------      --------
Cash and cash equivalents at
 end of period                                   $ 789,338     $ 744,778
                                                 =========     =========
Supplemental disclosure of cash flow information:
  Cash paid for interest                         $ 726,310     $ 726,808
                                                 =========     =========

  See accompanying notes to consolidated financial statements.

                                  7

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

           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.  On
August 8, 1997, Mr. Cezar M. Froelich notified the Managing General
Partner of the Partnership of his decision to resign and withdraw
as an individual General Partner of the Partnership as of such date
and subject to the terms of the Agreement, as defined below.  This
resignation will become effective 90 days from August 14, 1997. 
The Managing General Partner does not believe Mr. Froelich's
resignation will have an adverse effect on the operations of the
Partnership.  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

                                  8
<PAGE>

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 nine month period ended September 30, 1997 are not
necessarily indicative of the results that may be expected for the
year ended December 31, 1997.  For further information, refer to
the consolidated financial statements and footnotes thereto
included in the Annual Report on Form 10-KSB for the year ended
December 31, 1996.

     Management's Use of Estimates

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

     Accounting Method

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

                                  9
<PAGE>
     
     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 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. 

                                 10
<PAGE>

     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 September 30, 1997. 
Accordingly, no impairment loss has been recorded in the
accompanying financial statements for the periods ended September
30, 1997 and 1996.

     Cash and Cash Equivalents

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

     Estimated Fair Value of Financial Instruments

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

                                 11

<PAGE>

     The fair value estimates presented herein are based on
information available to management as of September 30, 1997, but
may not necessarily be indicative of the amounts that the
Partnership could realize in a current market exchange.  The use of
different assumptions and/or estimation methodologies may have a
material effect on the estimated fair value amounts.  Although
management is not aware of any factors that would significantly
affect the estimated fair value amounts, such amounts have not been
comprehensively revalued for purposes of these financial statements
since that date, and current estimates of fair value may differ
significantly from amounts presented herein.

     The carrying amounts of the following items are reasonable
estimates of fair value: cash and cash equivalents; rent receivable; 
escrow deposits; accounts payable and accrued expenses; and due to
affiliates.  The mortgage notes payable at September 30, 1997 have a
fair value of approximately $11,412,000 based upon current interest 
rates offered for debt of similar instruments in the market.

     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

                                 12
<PAGE>

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 September 30, 1997 consist of the
following:                                      
                                                Interest     Date
                                      1997         Rate       Due 
                                  -----------   --------    -----
Raleigh Springs 
  Marketplace                     $ 4,859,977   (a)10.0%    10/99
Fortune Professional
  Building                            860,414      (b)      06/99
Strawberry Fields
  Shopping Center                   5,691,617    (c)7.5%    12/98
                                  -----------
                                  $11,412,008               
                                  ===========

                                 13
<PAGE>

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

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

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

  (c) In February 1993, the Partnership and Strawberry Joint
Venture, finalized a refinancing of the first mortgage loan (the
"Refinancing") on Strawberry Fields with the lender.  The
Refinancing became effective retroactive to October 1992.  Due to
the Refinancing, the interest rate was reduced to 9% with monthly
payments of interest only from October 1992 through November 1995. 

                                 14
<PAGE>

The Strawberry Joint Venture had 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 nine months ended September 30, 1997 and 1996
were as follows:

                                             1997       1996                
                                           --------   --------
  Management fees                          $ 80,785   $ 89,125             
  Reimbursable office expenses               85,338     82,191             
  Legal fees                                    270        257             

  The Partnership believes the amounts paid to affiliates are
representative of amounts which would have been paid to independent
parties for similar services.  The Partnership had made all
payments to affiliates, except for $6,908 for legal services and
$6,841 for management fees at September 30, 1997.

                                 15
<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:

                                         September 30,          
                                              1997                  
                                         -------------     
Land, building and personal 
 property, net                             $4,885,211                  
Other assets                                  498,228                  
                                           ----------
                                           $5,383,439                  
                                           ==========

Mortgage note payable                      $3,187,745                  
Other liabilities                             147,624                  
                                           ----------
                                            3,335,369                  
Partners' capital                           2,048,070                  
                                           ----------
                                           $5,383,439                  
                                           ==========

                              Nine months ended September 30,
                                        
                                        1997       1996  
                                      --------   --------
Rental income                         $513,244   $570,067
Other income                            42,216      2,881
                                      --------   --------
                                       555,460    572,948
Mortgage and 
  other interest                       230,746    224,566       
Depreciation                           101,946    101,134       
Operating and
 administrative 
 expenses                              185,407    162,180       
                                      --------   --------
                                       518,099    487,880       
                                      --------   --------
Net income                            $ 37,361   $ 85,068       
                                      ========   ========
                                 
                                 16


<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 September 30, 1997 was 77%,
compared to 82% at December 31, 1996 and 96% at September 30, 1996.
The Partnership is continuing to work to improve the occupancy
level of Fortune.  Fortune operated at a positive cash flow for the
nine months ended September 30, 1997.  The Partnership is no longer
marketing the property for sale at this time due to the softness of
the Albuquerque New Mexico real estate market.

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

     The occupancy level at Strawberry Fields at September 30, 1997
was 90% compared to 87% at December 31, 1996 and 90% at September
30, 1996.  Strawberry Fields operated at a positive cash flow for

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the nine months ended September 30, 1997.

     At Sabal Palm, the Partnership and its joint venture partner are
continuing to work to improve  the occupancy level, which stood at
95% at September 30, 1997, compared to 99% at December 31, 1996 and
91% at September 30, 1996.  Although the Sabal Palm retail market
appears to be overbuilt, the property has operated at a positive
cash flow since its acquisition in 1986.  

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

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

     Fortune was required to make a balloon mortgage payment in July
1997 of approximately $934,000.  On June 26, 1997, Fortune obtained
a first mortgage loan in the amount of $875,000 secured by its real
estate, from American National Bank and Trust Company.  In
connection with this first mortgage loan the Partnership was
required to pay down approximately $59,000, out of cash and cash

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equivalents, to release the original mortgage loan and pay loan
fees of approximately $24,600.  This loan is a floating rate based
on American National Bank's prime rate, which at September 30, 1997
was 8.5%.  Principal is amortized based on a 15-year amortization
period and is payable with interest on a monthly basis.  This loan
matures on June 30, 1999 at which time a balloon mortgage payment
in the amount of approximately $758,300 will be due.

     The General Partners 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 - Nine Months Ended September 30, 1997 and
1996
=================================================================
     (Amounts rounded to 000's)

     The Partnership generated a net loss of $52,000 for the nine
months ended September 30, 1997 as compared to net loss of $14,000
for the same nine month period in 1996.  The $38,000 increase in
net loss resulted primarily from a $69,000 increase in total income
and a $84,000 increase in total expenses, and a $22,000 decrease in
the share of Sabal Palm's net income.

     Total income for the nine months ended September 30, 1997 was
$1,658,000 as compared to $1,589,000 for the same nine month period
in 1996, an increase of $69,000.  The $69,000 increase resulted
primarily from an increase in reimbursable expenses at Raleigh.
Partially offsetting the increase in tenant reimbursements is a
decrease in rental income of $5,000 as a result of T.J. Maxx
vacating its space in January 1996. Although T.J. Maxx vacated its
space in January 1996, it continued to pay rent until March 31,

                                 19
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1996, honoring its lease, while no such payments have been made in
1997. 

     For the nine months ended September 30, 1997, total expenses were
$1,748,000 as compared to $1,664,000 for the same nine month period
in 1996, an increase of $84,000.  The increase in total expenses is
primarily a result of an increase in repairs and maintenance
expenses and general and administrative expenses. The increase in
repairs and maintenance relates to roof repairs of approximately
$40,000 for the largest tenant at Raleigh Springs, Toys R' Us.  The
increase in general and administrative expenses relates to
insurance expense at Strawberry Fields due to an active hurricane
season in 1996.   

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

     The Partnership generated a net loss of $97,000 for the three
months ended September 30, 1997 as compared to net income of
$22,000 for the same three month period in 1996.  The $119,000
decrease in net income resulted primarily from a $3,000 increase in
total income and a $112,000 increase in total expenses.

     Total income for the three months ended September 30, 1997 was
$542,000 as compared to $539,000 for the same three month period in
1996, an increase of $3,000.  The increase in total income was a
result of an increase in rental income.  Rental income increased
primarily as a result of the re-leasing of a portion of the vacated
T.J. Maxx space beginning in November 1996 while no such tenant was
in place for the three months ended September 30, 1996.
     
     For the three months ended September 30, 1997 total expenses were
$630,000 as compared to $518,000 for the same three month period in
1996, an increase of $112,000.  The increase in total expenses is
primarily a result of an increase in repairs and maintenance,
general and administrative, and real estate taxes.  The increase in
repairs and maintenance relates to roof repairs of approximately
$40,000 for the largest tenant at Raleigh Springs, Toys R' Us. The
increase in general and administrative expenses relates to
insurance expense at Strawberry Fields due to an active hurricane
season in 1996.  The increase in real estate taxes is caused by a

                                 20
<PAGE>

variance in real estate taxes when comparing the three month period
ended September 30, 1997 with the same period ended September 30,
1996.  The increase in taxes is primarily a result of tax refunds
of multiple years received in the third quarter of 1996. 

                                 21
                                
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                   PART II - OTHER INFORMATION

     ITEM 1.  Legal Proceedings.

              On June 12, 1997, a lawsuit was filed in the Second 
          Judicial District Court in and for Bernalillo County, New
          Mexico, styled Cooney Watson & Associates, Inc. v.
          Brauvin Ventures, Inc. a/k/a Brauvin Real Estate Fund IV,
          Docket No. CV-97-05161.  The lawsuit claims negligence,
          breach of contract, breach of duty of good faith and fair
          dealing, and constructive eviction.  The Partnership has
          denied all allegations set forth in the complaint and is
          vigorously defending against them.
          
      ITEM 2.   Changes in Securities.

                None.

     ITEM 3.    Defaults Upon Senior Securities.

                None.

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

                None.

     ITEM 5.    Other Information.

                None.

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

                Exhibit 27. Financial Data Schedule.


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                           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 14, 1997


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

                              DATE: November 14, 1997
                                                        

                                              

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