UNITED STATES
                SECURITIES AND EXCHANGE COMMISSION
                     Washington, D.C.  20549

                           FORM 10-KSB

[X]     Annual Report Under Section 13 or 15(d) of the Securities
   Exchange Act of  1934

   For the fiscal year ended   December 31, 2003

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

   For the transition period from               to

   Commission File Number               0-14481

                Brauvin Real Estate Fund L.P. 5
     (Name of small business issuer in its charter)

              Delaware                        36-3432071
   (State or other jurisdiction of       (I.R.S. Employer
    incorporation or organization)      Identification No.)

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

                        (312) 759-7660
                   (Issuer's telephone number)

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

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

Securities registered pursuant to Section 12(g)of the Exchange 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 registrant was required
to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes X   No   .

Check if there is no disclosure of delinquent filers in response to
Item 405 of Regulation S-B is not contained in this form, and no
disclosure will be contained, to the best of registrant's
knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-KSB or any
amendment to this Form 10-KSB. [X]

State issuer's revenues for its most recent fiscal year $494,481.

The aggregate sales price of the limited partnership interests of
the issuer (the "Units") to unaffiliated investors of the issuer
was $9,914,500.  This does not reflect market value.  This is the
price at which the Units were sold to the public.  There is no
current established trading market for these Units, nor have any
Units  been sold within the last 60 days prior to this filing.

Portions of the Prospectus of the registrant dated March 1, 1985,
as supplemented, and filed pursuant to Rule 424(b) and 424(c)under
the Securities Act of 1933, as amended, are incorporated by
reference into Parts II and III of this Annual Report on Form
10-KSB.

                 BRAUVIN REAL ESTATE FUND L.P. 5
                  2003 FORM 10-KSB ANNUAL REPORT
                              INDEX

                              PART I                              Page

Item 1. Description of Business. . . . . . . . . . . . . . . . . . . 3

Item 2. Description of Properties. . . . . . . . . . . . . . . . . . 5

Item 3. Legal Proceedings. . . . . . . . . . . . . . . . . . . . . .11

Item 4. Submission of Matters to a Vote of Security
        Holders. . . . . . . . . . . . . . . . . . . . . . . . . . .11

                             PART II
        Item 5. Market for the Issuer's Limited Partnership
        Interests and Related Security Holder Matters. . . . . . . .12

        Item 6. Management's Discussion and Analysis or Plan
        of Operation . . . . . . . . . . . . . . . . . . . . . . . .12

        Item 7. Consolidated Financial Statements and
        Supplementary Data . . . . . . . . . . . . . . . . . . . . .20

        Item 8. Changes in and Disagreements with Accountants on
        Accounting and Financial Disclosure. . . . . . . . . . . . .21

Item 8a. Controls and Procedures. . . . . . . . . . . . . . . . . . 21

                             PART III
Item 9. Directors, Executive Officers, Promoters and
        Control Persons; Compliance with Section 16(a)
        of the Exchange Act. . . . . . . . . . . . . . . . . . . . .22

Item 10. Executive Compensation . . . . . . . . . . . . . . . . . . 24

Item 11. Security Ownership of Certain Beneficial Owners
         and Management . . . . . . . . . . . . . . . . . . . . .  .24

Item 12. Certain Relationships and Related Transactions . . . . . . 25


Item 13. Exhibits, Consolidated Financial Statements and
         Reports on Form 8-K . . . . . . . . . . . . . . . . . . . .26

Item 14. Principal Accountant Fees and Services. . . . . . . . . . .27

Signatures . . . . . . . . . . . . . . . . . . . . . . . . . . . . .28


                 BRAUVIN REAL ESTATE FUND L.P. 5
                 (a Delaware limited partnership)

                              PART I

Item 1. Description of Business.

  Brauvin Real Estate Fund L.P. 5 (the "Partnership") is a Delaware
limited partnership formed in 1985 whose business has been devoted
exclusively to acquiring, operating, holding for investment and
disposing of existing office buildings, shopping centers and
industrial and retail commercial buildings, all in greater
metropolitan areas.

  The General Partners originally intended to dispose of the
Partnership's properties approximately five to eight years after
acquisition of each property, with a view toward liquidation of the
Partnership.  Due to the past real estate market conditions and
economic trends in the areas where the Partnership's properties are
located, the General Partners believed it to be in the best
interest of the Partnership to retain the properties until such
time as the General Partners reasonably believed it was appropriate
to dispose of the Partnership's properties.  In order to make this
determination, the General Partners periodically evaluated market
conditions.  In 1998, the General Partners notified the Limited
Partners that they will explore various alternatives to sell the
Partnership's assets.  In this regard, the Partnership engaged a
nationally known appraisal firm to value the Partnership's assets.
Additionally, this firm assisted the General Partners in
determining the appropriate method and timing for the disposition
of the Partnership's assets.

  The General Partners had determined to pursue the disposition of
the Partnership's assets.  In 1999, the Partnership solicited and
received the votes of the Limited Partners to approve a sale of all
of the Partnership's properties, either on an individual or group
basis, and to subsequently liquidate the Partnership.  The
solicitation, which was approved by the Limited Partners in the
third quarter of 1999, stated that the Partnership's properties may
be sold individually or in any combination provided that the total
sales price for the properties included in the transaction equals
or exceeds 70% of the aggregate appraised value for such
properties, which valuation was conducted by an independent third
party appraisal firm.


  The amended and restated limited partnership agreement (the
"Agreement") provides that the Partnership shall terminate December
31, 2025, unless sooner terminated.  The General Partners shall in
no event dispose of the properties after that date.

  As of December 31, 1998, the Partnership owned one rental
property, a 42% interest in a joint venture which acquired a second
rental property and a 53% interest in a joint venture which
acquired a third rental property.  A fourth rental property which
the Partnership had acquired a 54% interest in a joint venture was
foreclosed upon on May 15, 1995 and the joint venture was
terminated and dissolved in 1996.  The Partnership will not
purchase any additional properties.  Operations currently consist
of operating the real estate properties which have been managed by
Brauvin Management Company (an affiliate of the General Partners).
The focus of property management activities has been improvement in
the economic performance of the properties with the goal of
maximizing value to the Partnership upon disposition.

  In 2001, Strawberry Joint Venture received an offer to purchase
Strawberry Fields for $5.585 million.  Syms (a tenant at Strawberry
Fields) exercised its right of first refusal on the sale of the
property.  Accordingly, Strawberry Joint Venture executed a
purchase and sale agreement with Syms for $5.585 million in the
second quarter of 2001, and, on July 20, 2001, Strawberry Fields
was sold to Syms for the contract price.  At closing,  Strawberry
Joint Venture received net sales proceeds of approximately
$299,000.

  On July 2, 2002, Crown Point was sold for a contract price of
$4,800,000.  At closing the Partnership received approximately
$2,084,000 in net proceeds and recognized a gain on sale of
approximately $519,000.

  The Partnership has no employees.

Market Conditions/Competition

   The Partnership faces active competition in all aspects of its
business and must compete with entities which own properties
similar in type to those owned by the Partnership.  Competition
exists in such areas as attracting and retaining creditworthy
tenants, financing capital improvements and eventually selling
properties.  Many of the factors affecting the ability of the
Partnership to compete are beyond the Partnership's control, such
as softened markets caused by an oversupply of similar rental
facilities, declining performance in the economy in which a
property is located, population shifts, reduced availability and
increased cost of financing, changes in zoning laws or changes in
patterns of the needs of users.  The marketability of the
properties may also be affected by prevailing interest rates and
existing tax laws.  The Partnership has retained ownership of its
properties for periods longer than anticipated at acquisition.

   Market conditions had weakened in several markets resulting in
lower cash flows than were originally anticipated.  The Partnership
strives to maximize economic occupancy and, as such, must adjust
rents to attract and retain tenants.  One measure of a market's
relative strength or weakness is the current rental rate demanded
by non-anchor tenants.  These rates are for tenants who generally
sign leases of three to five years and are an indicator of the
"spot" rental market.  The average rental rates for non-anchor
tenants at Sabal Palm in Palm Bay, Florida have decreased from
approximately $10.88 per square foot in 1995 to approximately $9.13
per square foot in 2003($10.28 per square foot in 2002).

   The Partnership, by virtue of its ownership of real estate, is
subject to federal and state laws and regulations covering various
environmental issues.  Management of the Partnership retains the
services of third parties who hold themselves out to be experts in
the field to assess a wide range of environmental issues and
conduct tests for environmental contamination.  Management believes
that all real estate owned by the Partnership is in full compliance
with applicable environmental laws and regulations.

Item 2. Description of Properties.

   The following is a summary of the real estate and improvements
owned by the Partnership at January 1, 2002 and subsequent
transactions related thereto.   For the purpose of the information
disclosed in this section, the following terms are defined as
follows:

      Occupancy Rate:  The occupancy rate is defined as the occupied
   square footage at December 31, divided by the total square
   footage excluding square footage of outparcels, if any.

      Average Annual Base Rent Per Square Foot:  The average annual
   base rent per square foot is defined as the total effective
   base rental income for the year divided by the average square
   feet occupied excluding outparcels, if any.

      Average Square Feet Occupied:  The average square feet occupied
   is calculated by averaging the occupied square feet at the
   beginning of the year with the occupied square feet at the end
   of the year excluding outparcels, if any.

   In the opinion of the General Partners, the Partnership has
provided for adequate insurance coverage of its real estate
investment properties.


(a) Crown Point Shopping Center ("Crown Point")

   On September 12, 1985, the Partnership acquired Crown Point, an
approximately 71,500 square foot shopping center located in
Kingsport, Sullivan County, Tennessee.  Crown Point was composed of
a main building, constructed in two phases, and two out parcel
buildings of approximately 6,500 square feet.  Phase I of Crown
Point and one out parcel building were completed in 1984.  Phase II
of Crown Point and the other out parcel building were completed in
1985.  The anchor tenant was a Food City grocery.  Burger King, a
division of Grand Metropolitan PLC, was located in one of the out
parcel buildings which was also owned by the Partnership.

   The Partnership purchased Crown Point for $5,341,696 of which
approximately $1,775,000 was paid in cash at closing and the
balance by assuming an existing first mortgage loan of $3,566,696.
On December 28, 1995, the loan balance was paid in full when the
Crown Point property was refinanced with NationsBanc Mortgage
Capital Corporation.  The refinancing resulted in a $3,275,000 non-
recourse loan with a fixed interest rate of 7.55%, and amortization
based on a 20-year term with a maturity of January 1, 2003.

   On July 2, 2002, Crown Point was sold for a contract price of
$4,800,000 and the mortgage was paid in full.  After repayment of
the mortgage and related sales costs, the Partnership received
approximately $2,084,000 in net sales proceeds and recognized a
gain on the sale of approximately $519,000.


(b)Sabal Palm Square ("Sabal Palm")

   On October 31, 1986, the Partnership and Brauvin Real Estate
Fund L.P. 4 ("BREF 4") formed a joint venture to purchase Sabal
Palm, a shopping center in Palm Bay, Florida, for $5,924,000.  The
Partnership has a 53% interest and BREF 4 has a 47% interest in the
joint venture which owns Sabal Palm.  The purchase was funded with
$2,724,000 cash at closing and a $3,200,000 interim loan.  On
February 19, 1987, the joint venture obtained a first mortgage loan
in the amount of $3,200,000 collateralized by Sabal Palm from an
unaffiliated lender.  The loan was payable with interest only at
9.5% per annum until February 1992, at which time the loan required
payments of principal and interest based on a 30 year amortization
schedule.

     Sabal Palm is a neighborhood shopping center consisting of
approximately 89,000 square feet of retail space situated on
approximately 9.7 acres of land.  Sabal Palm was constructed in
1985 and is anchored by a Sav A Lot and Walgreens (which has
subsequently sublet its space as detailed below).  Sabal Palm has
several outparcels, which are not owned by the Partnership, but
which add to the center's appearance and customer activity.  Sabal
Palm had a 58% economic occupancy at December 31, 2003.  However,
in the first quarter of 2004, the joint venture executed a lease
with Family Dollar, a national dollar store retailer.  The lease is
for 10,675 square feet (approximately 12% of the center) and runs
through December 2013.  With  this lease, the effective occupancy
of the center will increase to 70%.

   The tenant is making substantial improvements to the existing
space.  At completion, the joint venture will be required to
reimburse the tenant $123,000.  In addition, the joint venture will
be making a number of other repairs and improvements to the center
to improve its marketability for sale.  This improvement will
include roof repair (and repainting) and parking lot repairs
including restriping.

   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 bore 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 matured on March 26, 2002.  A portion of
the proceeds of the First Mortgage Loan, approximately $3,077,000,
was used to retire Sabal Palm's existing mortgage from Lincoln
National Pension Insurance Company.

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

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

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

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

   Due to non-payment of Winn-Dixie's rental obligations, the
joint venture did not make its mortgage payments for Sabal Palm in
November and December 2001 and January through March 2002 thus
resulting in a default on its loan.  In April 2002, the joint
venture and the lender agreed to a twelve month extension of the
existing mortgage loan.  The loan extension was subject to the
lease termination of Winn-Dixie and Winn-Dixie's payment of a
$300,000 termination fee and payment of all past due amounts thus
curing the default.  As a requirement of the extension, the joint
venture and the lender agreed to use the proceeds from the
termination to redemize the former Winn-Dixie space into three
spaces as well as certain other improvements to the center.  The
joint venture has signed a lease with Sav A Lot, a national grocery
chain, for 14,350 square feet (one of the demized spaces).  Sav A
Lot took occupancy of its space in October, 2002.    In addition,
in the first quarter of 2004 the joint venture executed a  lease
with Family Dollar (a national discount retailer) to lease
approximately 10,675 square feet (another one of the demized
spaces). The joint venture has also received renewed expressions of
interest for the potential sale of the property.  There can be no
assurance that a sale will be consummated; however, the joint
venture is continuing to evaluate its opportunities.

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

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

   In January 2004, Sabal Palm was not in compliance with the net
operating income requirement established in the loan and as a
result the lender has a right to require a repayment of principal
from the joint venture in an amount not to exceed $500,000.  The
lender has not requested this repayment from the joint venture.

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

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

  The carrying value of Sabal Palm approximated $3,028,000 at
December 31, 2003.

  The economic occupancy rate and average annual base rent per
square foot at December 31, 2003 and 2002 were as follows:

                                2003            2002
 Occupancy Rate                  58%             56%

 Average Annual Base
    Rent Per Square Foot       $7.52            $5.29

   Sabal Palm has two tenants that individually occupy ten percent
or more of the rentable square footage.  The following is a summary
of the tenant rent roll at December 31, 2003:


                         Annual    Lease
                 Square   Base   Expiration   Renewal     Nature of
Tenant            Feet    Rent      Date      Options     Business

Sav A Lot        14,350  $ 79,765  10/2012   5/5 yrs ea. Food Store
Walgreens        13,000    81,252  4/2005(a) 2/5 yrs ea. Drug Store
Others           24,125   220,189  Various   Various
Vacant           37,458        --
                 ------  --------
                 88,933  $381,206
                 ======  ========

     (a) Tenant has a right to terminate lease in April, 2005.


Risks of Ownership

   The possibility exists that the tenants of the Partnership's
remaining property may be unable to fulfill their obligations
pursuant to the terms of the leases, including making base rent
payments or percentage rent payments to the Partnership.  Such
defaults by one or more of the tenants could have an adverse effect
on the financial situation of the Partnership.  Furthermore, the
Partnership may be unable to replace these tenants due to
competition in the market at the time any vacancy occurs.
Additionally, there are costs to the Partnership when replacing
tenants such as leasing commissions and tenant improvements which
could be substantial.  Such improvements may require expenditure of
Partnership funds otherwise available for distribution.

Item 3.  Legal Proceedings.

   None.


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

   None.


                             PART II

Item 5. Market for the Issuer's Limited Partnership Interests
        and Related Security Holder Matters.

   At December 31, 2003, there were approximately 633 Limited
Partners in the Partnership.  There is currently no established
public trading market for the Units and it is not anticipated that
a public market for the Units will develop.  Bid prices quoted by
"partnership exchanges" vary widely and are not considered a
reliable indication of market value.  Neither the Partnership nor
Brauvin Ventures, Inc. (the "Corporate General Partner") will
redeem or repurchase outstanding Units.

   Pursuant to the terms of the Agreement, there are restrictions
on the ability of the Limited Partners to transfer their Units.  In
all cases, the General Partners must consent to any substitution of
a Limited Partner.

   There were no cash distributions to Limited Partners for 2003
and 2002.

Item 6. 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.
Discussions containing forward-looking statements may be found in
this section and in the section entitled "Description of Business."
Without limiting the foregoing, words such as "anticipates",
"expects", "intends", "plans" and similar expressions are intended
to identify forward-looking statements.  These statements are
subject to a number of risks and uncertainties.  Actual results
could differ materially from those projected in the forward-looking
statements.  The Partnership undertakes no obligation to update
these forward-looking statements to reflect future events or
circumstances.




Liquidity and Capital Resources

   The Partnership intends to satisfy its short-term liquidity
needs through cash flow from its remaining joint venture investment
in Sabal Palm. The Partnership's mortgage note payable is expected
to be satisfied through the sale of Sabal Palm.

   The General Partners determined to pursue the disposition of
the Partnership's assets.  In 1999, the Partnership solicited and
received the votes of the Limited Partners to approve a sale of all
of the Partnership's properties, either on an individual or group
basis, and to subsequently liquidate the Partnership.  The
solicitation, which was approved by the Limited Partners in the
third quarter of 1999, stated that the Partnership's properties may
be sold individually or in any combination provided that the total
sales price for the properties included in the transaction equals
or exceeds 70% of the aggregate appraised value for such
properties, which valuation was conducted by an independent third
party appraisal firm.

   The Partnership intends to sell the remaining investment under
a closed bid process which will include identification of target
buyers with proven financing ability and performance of certain
evaluations of the property, such as environmental testing.
Potential buyers will be requested to sign confidentiality
agreements to safeguard the Partnership's confidential proprietary
information.  The General Partners have determined that each bid
must be all cash, completely unconditional and accompanied by a
substantial deposit.


Property Status

   Sabal Palm

   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 June 30, 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 original First Mortgage Loan bore
interest at the rate of 8.93% per annum, was to be amortized over
a 25-year period, with required monthly payments of principal and
interest of approximately $26,700 and matured on March 26, 2002.
A portion of the proceeds of the First Mortgage Loan, approximately
$3,077,000 was used to retire Sabal Palm's existing mortgage from
Lincoln National Pension Insurance Company.

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

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

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

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

   Due to non-payment of Winn-Dixie's rental obligations, the
joint venture did not make its mortgage payments for Sabal Palm in
November and December 2001 and January through March 2002 thus
resulting in a default on its loan.  In April 2002, the joint
venture and the lender agreed to a twelve month extension of the
existing mortgage loan.  The loan extension was subject to the
lease termination of Winn-Dixie and Winn-Dixie's payment of a
$300,000 termination fee and payment of all past due amounts thus
curing the default.  As a requirement of the extension, the joint
venture and the lender agreed to use the proceeds from the
termination to redemize the former Winn-Dixie space into three
spaces as well as certain other improvements to the center.  The
joint venture has signed a lease with Sav A Lot, a national grocery
chain, for 14,350 square feet (one of the demized spaces).  Sav A
Lot took occupancy of its space in October, 2002.    In addition,
in the first quarter of 2004 the joint venture executed a  lease
with Family Dollar (a national discount retailer) to lease
approximately 10,675 square feet (another one of the demized
spaces). The joint venture has also received renewed expressions of
interest for the potential sale of the property.  There can be no
assurance that a sale will be consummated; however, the joint
venture is continuing to evaluate its opportunities.

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

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

   In January 2004, Sabal Palm was not in compliance with the net
operating income requirement established in the loan and as a
result the lender has a right to require a repayment of principal
from the joint venture in an amount not to exceed $500,000.  The
lender has not requested this repayment from the joint venture.

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


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

  Crown Point

   On December 28, 1995, the outstanding balance of the
acquisition financing was paid in full when Crown Point was
refinanced with NationsBanc Mortgage Capital Corporation.  The
refinancing resulted in a $3,275,000 non-recourse loan with a fixed
interest rate of 7.55% and a maturity of January 1, 2003.

  The carrying value of this property on December 31, 2001 was
approximately $4,662,000 based on the purchase contract price of
$4,800,000.  This contract was executed on February 1, 2002 and was
subject to a 45 day due diligence period.  In March 2002, the
proposed purchaser requested and the Partnership granted an
extension of the proposed purchaser's due diligence. Crown Point
was sold July 2, 2002 for a contract price of $4,800,000.  After
repayment of the mortgage and related sales costs the Partnership
received approximately $2,084,000 in net sales proceeds.

  Strawberry Fields Joint Venture

  In 2001, the Strawberry Fields Joint Venture received an offer
to purchase Strawberry Fields for $5.585 million.  In addition,
Syms exercised its right of first refusal on the sale of the
property.  Accordingly, the Strawberry Fields Joint Venture
executed a purchase and sale agreement with Syms for $5.585 million
in the second quarter of 2001, and, on July 20, 2001, Strawberry
Fields was sold to Syms for the contract price.  At closing, the
Strawberry Joint Venture received net sales proceeds of
approximately $299,000.

  As a result of the July 1999 authorization by a majority of
the Limited Partners to sell the Partnership's properties,  the
Partnership has begun the liquidation process and, in accordance
with generally accepted accounting principles, the Partnership's
financial statements for periods subsequent to July 12, 1999 have
been prepared on the liquidation basis of accounting.  Accordingly,
the carrying values of the assets are presented at net realizable
values and liabilities are presented at estimated settlement
amounts, including estimated costs associated with carrying out the
liquidation.  Preparation of the financial statements on the
liquidation basis of accounting requires significant assumptions by
management, including the estimate of liquidation costs and the
resolution of any contingent liabilities.  There may be differences
between the assumptions and the actual results because events and
circumstances frequently do not occur as expected.  Those
differences, if any, could result in a change in the net assets
recorded in the consolidated statement of net assets as of December
31, 2003.

  The General Partners expect to distribute proceeds from
operating cash flow, 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 refinancing 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.  In particular, the retenanting of Sabal Palm, if
successful, will require an additional capital investment by the
Partnership.

Results of Operations

  The Partnership's revenue and expenses are affected primarily
by the operations of the properties.  Property operations, and in
particular the components of income, demand for space and rental
rates are, to a large extent, determined by local and national
market conditions.

  These conditions have generally adversely impacted the
Partnership's property economics.  Rental and occupancy rates have
generally been below where they were when the properties were
acquired.

  The General Partners conduct an in-depth assessment of each
property's physical condition as well as a demographic analysis to
assess opportunities for increasing occupancy and rental rates and
decreasing operating costs.  In all instances, decisions concerning
restructuring of loan terms, reversions and subsequent operation of
the property are made with the intent of maximizing the potential
proceeds to the Partnership and, therefore, return of investment
and income to Limited Partners.

  In certain instances and under limited circumstances,
management of the Partnership entered into negotiations with
lenders for the purpose of restructuring the terms of loans to
provide for debt service levels that could be supported by
operations of the properties.  When negotiations are unsuccessful,
management of the Partnership considers the possibility of
reverting the properties to the first mortgage lender.  Foreclosure
proceedings may require 6 to 24 months to conclude.

  An affiliate of the Partnership and the General Partners is
assigned responsibility for day-to-day management of the
properties.  The affiliate receives a combined management and
leasing fee which cannot exceed 6% of gross revenues generated by
the properties.  Management fee rates are determined by the extent
of services provided by the affiliate versus services that may be
provided by third parties, i.e., independent leasing agents.  In
all instances, fees paid by the Partnership to the property
management affiliate are, in the General Partners opinion,
comparable to fees that would be paid to independent third parties.

Results of Operations for the years ended December 31,2003 and 2002

  The Partnership generated a net loss of $228,000 for the year
ended December 31, 2003 as compared to a net income of $425,000 for
the same period in 2002.  The $653,000 decrease in net income is
primarily the result of a decrease in total income of $674,000 and
a decrease in gain on sale of property of $519,000 offset by a
decrease in total expenses of $544,000.  Minority interest share in
Sabal Palm's net loss decreased $3,000 and equity interest in
Strawberry's net income decreased $1,000.

  Total income for the year ended December 31, 2003 was $494,000
as compared to $1,169,000 for the same period in 2002.  The
$674,000 decrease in total income was primarily a result of a
$354,000 decrease in rental income, an $18,000 decrease in other
income and a decrease in lease termination fees of $300,000.
Rental and other income decreased primarily as a result of the sale
of Crown Point in July 2002.   The lease termination fee of
$300,000 was the result of the Winn-Dixie lease buy-out at Sabal
Palm in 2002.

  Total expenses for the year ended December 31, 2003 were
$733,000 as compared to $1,277,000 for the same period in 2002.
The $544,000 decrease in total expense was primarily a result of a
$274,000 decrease in general and administrative expense, a $174,000
decrease in repairs and maintenance, a $54,000 decrease in
operating expense, a $212,000 decrease in interest expense, a
$44,000 decrease in management fees, and  an $18,000 decrease in
real estate tax expense, partially offset by an increase in tax
expense of $185,000 and an increase in bad debt expense of $40,000.
Repairs and maintenance expense decreased $162,000 at Sabal Palm in
2003 as a result of certain improvements made to the property in
2002.  Mortgage interest decreased $93,000 at Sabal Palm and
$120,000 at Crown Point.  Management fees decreased $19,000 at
Sabal Palm as a result of lower total income and $25,000 at Crown
Point. Operating expense decreased $39,000 at Sabal Palm and
$14,000 at Crown Point. General and administrative expense
decreased as a result of reclassing certain expenses against the
reserve for estimated costs of liquidation.  The decreases in Crown
Point all relate to the property sale.


Results of Operations for the years ended December 31,2002 and 2001

  The Partnership generated net income of $425,000 for the year
ended December 31, 2002 as compared to a net income of $456,000 for
the same period in 2001.  The $31,000 decrease in net income is
primarily the result of a decrease in total income of $126,000 and
an increase in total expenses of $101,000.  Minority interest share
in Sabal Palm's net loss decreased $72,000 and equity interest in
Strawberry's net income decreased $372,000. In addition, adjustment
to liquidation basis decreased $122,000 and gain on sale of
property increased $519,000.

  Total income for the year ended December 31, 2002 was
$1,169,000 as compared to $1,295,000 for the same period in 2001.
The $126,000 decrease in total income was primarily a result of a
$358,000 decrease in rental income, a $9,000 decrease in interest
income and a $59,000 decrease in other income offset by and
increase in lease termination fees of $300,000.  Rental and other
income decreased primarily as a result of the sale of Crown Point
in July 2002.  Interest income decreased as a result of the decline
in interest rates.  The lease termination fee was the result of the
Winn-Dixie lease buy-out at Sabal Palm.

  Total expenses for the year ended December 31, 2002 were
$1,277,000 as compared to $1,176,000 for the same period in 2001.
The $101,000 increase in total expense was primarily a result of a
$192,000 increase in general and administrative expense, a $127,000
increase in repairs and maintenance and a $22,000 increase in
operating expense offset by a $97,000 decrease in interest expense,
a $113,000 decrease in bad debt expense, and a $27,000 decrease in
real estate tax expense.  General and administrative expense
increased primarily as a result of a $112,000 increase in salary
expense related to the accrual of estimated costs for the
liquidation of the partnership, a $64,000 increase in  professional
fees  as a result of leasing commissions paid to various brokers
for leasing space at Sabal Palm, and a $11,000 increase in
insurance expense.  Repairs and maintenance increased primarily as
a result of a $125,000 increase in repairs and maintenance at the
Sabal Palm shopping center for expenses related to the Sav A Lot
build out. Operating expense increased primarily as a result of a
$30,000 increase in miscellaneous expense at Sabal Palm as a result
of the loan extension fee. Interest expense decreased as primarily
as a result of a $90,000 decrease in interest expense at Crown
Point as a result of the sale of Crown Point in July 2002.  Bad
debt expense decreased as a result of the collection of an
allowance for certain tenant items that had been previously
estimated to be uncollectible.  Real estate tax expense decreased
as a result of the sale of Crown Point in July 2002.

Item 7.     Consolidated Financial Statements and Supplementary Data.

  See Index to Consolidated Financial Statements on Page F-1 of
this Form 10-KSB for consolidated financial statements where
applicable.

  The financial information required in Item 310(b) of
Regulation S-B is not applicable.




Item 8.     Changes in and Disagreements with Accountants on
       Accounting and Financial Disclosure.

  None.


Item 8a.  Controls and Procedures

Evaluation of Disclosure Controls and Procedures

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

Changes in Internal Controls

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


                            PART III

Item 9. Directors, Executive Officers, Promoters and Control
       Persons; Compliance with Section 16(a) of The Exchange
       Act.

  The General Partners of the Partnership are:
        Brauvin Ventures, Inc., an Illinois corporation
        Mr. Jerome J. Brault, individually

  Brauvin Ventures, Inc. was formed under the laws of the State of
Illinois in 1983, with its issued and outstanding shares being owned
by A.G.E. Realty Corporation, Inc. (50%), and Messrs. Jerome J.
Brault (beneficially) (25%) and Cezar M. Froelich (25%).

  The principal officers and directors of the Corporate General
Partner are:

  Mr. Jerome J. Brault  . . . . .Chairman of the Board of Directors,
                                 Director, Chief Executive Officer
                                 and President

  Mr. James L. Brault. . . . . ..Vice President and Secretary

  Mr. Thomas E. Murphy . . . . . Treasurer and Chief Financial Officer

   The business experience during the past five years of the
General Partners, officers and directors is as follows:

   MR. JEROME J. BRAULT (age 70) chairman of the board of
directors, president and chief executive officer of the Corporate
General Partner, as well as a principal shareholder of the Corporate
General Partner.  He is a member and manager of Brauvin Real Estate
Funds, L.L.C.  He is a member of Brauvin Capital Trust L.L.C.  Since
1979, he has been a shareholder, president and a director of
Brauvin/Chicago, Ltd.  He is an officer, director and one of the
principal shareholders of various Brauvin entities which act as the
general partners of four other publicly registered real estate
programs.  He is an officer, director and one of the principal
shareholders of Brauvin Associates, Inc., Brauvin Management
Company, Brauvin Advisory Services, Inc. and Brauvin Securities,
Inc., Illinois companies engaged in the real estate and securities
businesses.  He is a director, president and chief executive officer
of Brauvin Net Lease V, Inc.  He is the chief executive officer of
Brauvin Capital Trust, Inc.  Mr. Brault received a B.S. in Business
from DePaul University, Chicago, Illinois in 1959.

   MR. JAMES L. BRAULT (age 43) is a vice president and secretary
and is responsible for the overall operations of the Corporate
General Partner and other affiliates of the Corporate General
Partner.  He is an officer of various Brauvin entities which act as
the general partners of four other publicly registered real estate
programs.  Mr. Brault is executive vice president and assistant
secretary and is responsible for the overall operations of Brauvin
Management Company.  He is also an executive vice president and
secretary of Brauvin Net Lease V, Inc.  He is a manager of Brauvin
Capital Trust, L.L.C. and BA/Brauvin L.L.C.  He is the president of
Brauvin Capital Trust, Inc.  Prior to joining the Brauvin
organization in May 1989, he was a Vice President of the Commercial
Real Estate Division of the First National Bank of Chicago ("First
Chicago"), based in their Washington, D.C. office.  Mr. Brault
joined First Chicago in 1983 and his responsibilities included the
origination and management of commercial real estate loans, as well
as the direct management of a loan portfolio in excess of $150
million.  Mr. Brault received a B.A. in Economics from Williams
College, Williamstown, Massachusetts in 1983 and an M.B.A. in
Finance and Investments from George Washington University,
Washington, D.C. in 1987.  Mr. Brault is the son of Mr. Jerome J.
Brault.

   MR. THOMAS E. MURPHY (age 37) is the treasurer and chief
financial officer of the Corporate General Partner and other
affiliates of the Corporate General Partner.  He is the chief
financial officer of various Brauvin entities which act as the
general partners of four other publicly registered real estate
programs.  Mr. Murphy is also the chief financial officer of Brauvin
Management Company, Brauvin Financial, Inc., Brauvin Securities,
Inc. and Brauvin Net Lease V, Inc.  He is the treasurer, chief
financial officer and secretary of Brauvin Capital Trust, Inc. He
is responsible for the Partnership's accounting and financial
reporting to regulatory agencies.  He joined the Brauvin
organization in July 1994.   Mr. Murphy received a B.S. in
Accounting from Northern Illinois University in 1988.  Mr. Murphy
is a Certified Public Accountant and is a member of the Illinois
Certified Public Accountants Society.



Item 10.  Executive Compensation.

   (a & b) The Partnership is required to pay certain fees, make
distributions and allocate a share of the profits and losses of the
Partnership to the Corporate General Partner or other affiliates as
described under the caption "Compensation Table" on pages 11 to 13
of the Partnership's Prospectus, as supplemented, and the sections
of the Agreement entitled "Distributions of Operating Cash Flow",
"Allocation of Profits, Losses and Deductions", "Distribution of Net
Sale or Refinancing Proceeds" and "Compensation of General Partners
and Their Affiliates" on pages A-9 to A-13 of the Agreement attached
as Exhibit A to the Partnership's Prospectus.  The relationship of
the Corporate General Partner (and its directors and officers) to
its affiliates is set forth above in Item 9.  Reference is also made
to Notes 3 and 5 of the Notes to Consolidated Financial Statements
filed with this annual report for a description of such
distributions and allocations.

   The General Partners received a share of Partnership income or
loss for 2003 and 2002.

   An affiliate of the General Partners is reimbursed for its
direct expenses relating to the administration of the Partnership.

   The Partnership does not have any employees and therefore there
is no compensation paid.

  (c - h)         Not applicable.

Item 11.  Security Ownership of Certain Beneficial Owners and
          Management.

  (a)     No person or group is known by the Partnership to own
          beneficially more than 5% of the outstanding voting Units
          of the Partnership.

  (b)     The officers and directors of the Corporate General
          Partner do not, individually or as a group, own any
          Units.

  (c)     The Partnership is not aware of any arrangements, the
          operations of which may result in a change of control of
          the Partnership.

   No officer or director of the Corporate General Partner
possesses a right to acquire beneficial ownership of Units.  The
General Partners will share in the profits, losses and distributions
of the Partnership as outlined in Item 10, "Executive Compensation."

Item 12. Certain Relationships and Related Transactions.

   (a & b) The Partnership is entitled to engage in various
transactions involving affiliates of the Corporate General Partner
of the Partnership, as described in the section of the Partnership's
Prospectus, as supplemented, entitled "Compensation Table" and
"Conflicts of Interest" at pages 11 to 16 and the section of the
Agreement entitled "Rights, Duties and Obligations of General
Partners" at pages A-15 to A-18 of the Agreement.  The relationship
of the Corporate General Partner to its affiliates is set forth in
Item 10. Cezar M. Froelich resigned as an individual general partner
of the Partnership effective 90 days after August 14, 1997 but
remains a shareholder of the Corporate General Partner.  He is also
a principal of the law firm of Shefsky & Froelich Ltd., which firm
acted as securities and real estate counsel to the Partnership.
Reference is made to Note 5 of the Notes to Consolidated Financial
Statements filed with this annual report for a summary of
transactions with affiliates.

   As a precondition to the financing at Crown Point, the lender
required that ownership of the property reside in a single purpose
entity ("SPE").  To accommodate the lender's requirements, ownership
of the property was transferred in 1995 to the SPE, Brauvin/Crown
Point L.P., which was owned 99% by the Partnership and 1% by an
affiliate of the General Partners.  Distributions by Brauvin/Crown
Point L.P. were to be made first to the GP in an amount equal to:
(a) any tax liability caused by its allocation of Profits or income;
and (b) any filing fees or accounting fees incurred in connection
herewith and then to the LP until it receives the an amount equal
to the value of its capital contribution plus an annual compounded
return on its original investment of 25% per annum.  The creation
of Brauvin/Crown Point L.P. did not affect the Partnership's
economic ownership of the Crown Point property.  Furthermore, this
change in ownership structure had no material effect on the
financial statements of the Partnership.  In 2002, the Partnership
sold the Crown Point property.

   (c) Not applicable.

   (d) There have been no transactions with promoters.



Item 13. Exhibits, Consolidated Financial Statements and Reports
          on Form 8-K.

   (a) The following documents are filed as part of this report:

      (1) (2)  Consolidated Financial Statements. (See Index to
               Consolidated Financial Statements filed with this
               annual report).
      (3)      Exhibits required by the Securities and Exchange
               Commission Regulation S-B Item 601:

               Exhibit No.    Description
                 *3.(a)       Restated Limited Partnership
                              Agreement
                 *3.(b)       Articles of Incorporation of Brauvin
                              Ventures, Inc.
                 *3.(c)       By-Laws of Brauvin Ventures, Inc.
                 *3.(d)       Amendment to the Certificate of
                              Limited Partnership of the
                              Partnership
                 *10.(a)      Escrow Agreement
                 *10.(b)(1)   Management Agreement
                 21.          Subsidiaries of the registrant
                 *28.         Pages 11-16, A-9 to A-13 and A-15 to
                              A-18 of the Partnership's Prospectus
                              and the Agreement dated March 1,
                              1985, as supplemented.

* Incorporated by reference from the exhibits filed with the
Partnership's registration statement (File No. 2-95633) on Form S-11
filed under the Securities Act of 1933.

  (b)   No portions of the annual report have been incorporated
        by reference in this Form 10-KSB.

  (c)   Form 8-K. None.

  (d)   An annual report for the fiscal year 2003 will be sent
        to the Limited Partners subsequent to this filing.

Item 14.  Principal Accountant Fees and Services

  Altschuler, Melvoin & Glasser LLP ("AMG") has been engaged by the
General Partners as the Partnership's independent auditor for the
years 2002 and 2003.   AMG has audited the Partnership's financial
statements for the years ended December 31, 2003 and 2002.  AMG has
not performed any other services for the Partnership.

  The aggregate fees billed for each of the last two years
professional services rendered by AMG for the audit of the
Partnership's annual financial statements and reviews included in
Form 10-KSB aggregated $32,750 during 2003 and $41,000 during 2002.

  AMG has a continuing relationship with American Express Tax and
Business Services, Inc. ("TBS") from which it leases staff who are
full time, permanent employees of TBS and through which its partners
provide non-audit services.  As a result of this arrangement, AMG
has no full time employees and, therefore, none of the audit
services performed were provided by permanent, full-time employees
of AMG.  AMG manages and supervises the audit engagement and the
audit staff and are exclusively responsible for the opinion rendered
in connection with its audit.  TBS has been engaged to provide tax
return preparation for the Partnership.

  Other services, which do not include Financial Information System
Design and Implementation fees, have been provided by TBS.

  In accordance with policies of the board of directors of the
Corporate General Partner, all services provided by AMG and TBS are
required to be pre-approved.

                             SIGNATURES

    In accordance with Section 13 or 15(d) of the Exchange Act, the
  registrant caused this report to be signed on its behalf by the
  undersigned, thereunto duly authorized.



                    BRAUVIN REAL ESTATE FUND L.P. 5

                    BY:  Brauvin Ventures, Inc.
                         Corporate General Partner

                         By:  /s/ Jerome J. Brault
                              Jerome J. Brault
                              Chairman of the Board of
                              Directors, Chief Executive Officer
                              and President

                         By:  /s/ James L. Brault
                              James L. Brault
                              Vice President and Secretary

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

                         INDIVIDUAL GENERAL PARTNER

                              /s/ Jerome J. Brault
                              Jerome J. Brault

Dated: March 29, 2004


         CERTIFICATION FOR SARBANES-OXLEY SECTION 302(A)

           CERTIFICATE OF THE CHIEF EXECUTIVE OFFICER
                               OF
                     BRAUVIN VENTURES, INC.
                    CORPORATE GENERAL PARTNER
                               OF
                 BRAUVIN REAL ESTATE FUND L.P. 5

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

1.   I have reviewed this annual report on Form 10-KSB of Brauvin
     Real Estate Fund L.P. 5;

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

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

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

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

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

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

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

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

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

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

                       BY: Brauvin Ventures, Inc.
                           Corporate General Partner of
                           Brauvin Real Estate Fund L.P. 5


                         BY:/s/ Jerome J. Brault
                                Jerome J. Brault
                                Chairman of the Board of Directors,
                                President and Chief Executive Officer



                    DATE: March 29, 2004



         CERTIFICATION FOR SARBANES-OXLEY SECTION 302(A)

           CERTIFICATE OF THE CHIEF FINANCIAL OFFICER
                               OF
                     BRAUVIN VENTURES, INC.
                    CORPORATE GENERAL PARTNER
                               OF
                 BRAUVIN REAL ESTATE FUND L.P. 5

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

1.   I have reviewed this annual report on Form 10-KSB of Brauvin
     Real Estate Fund L.P 5.;

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

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

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

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

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

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

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

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

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

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

                    BY: Brauvin Ventures, Inc.
                        Corporate General Partner of
                        Brauvin Real Estate Fund L.P. 5



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

              DATE: March 29, 2004


                        Exhibit 99

                    SECTION 906 CERTIFICATION


The following statement is provided by the undersigned to accompany
the Annual Report on Form 10-KSB for the year ended December 31,
2003, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and
shall not be deemed filed pursuant to any provisions of the
Securities Exchange Act of 1934 or any other securities law:

Each of the undersigned certifies that the foregoing Report on Form
10-KSB fully complies with the requirements of Section 13(a) of the
Securities Exchange Act of 1934 (15 U.S.C. 78m) and that the
information contained in the Form 10-KSB fairly presents, in all
material respects, the financial condition and results of operations
of Brauvin Real Estate Fund L.P. 5.



                    BY:  Brauvin Ventures, Inc.
                         Corporate General Partner of
                         Brauvin Real Estate Fund L.P. 5


                         BY:  /s/ Jerome J. Brault
                                  Jerome J. Brault
                                  Chairman of the Board of
                                  Directors, Chief Executive Officer
                                  and President

                         DATE:   March 29, 2004


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

                         DATE:   March 29, 2004


           INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

                                                           Page
Independent Auditors' Report . . . . . . . . . . . . . . .  F-2

Consolidated Statement of Net Assets in Liquidation
as of December 31, 2003 (Liquidation Basis) . . . . . . . . F-3

Consolidated Statement of Changes in Net Assets
in Liquidation for the year ended
December 31, 2003  (Liquidation Basis)  . . . . . . . . . . F-4

Consolidated Statement of Changes in Net Assets
in Liquidation for the year ended
December 31, 2002  (Liquidation Basis)  . . . . . . . . . . F-5

Consolidated Statements of Operations for the years ended
December 31, 2003 and 2002 (Liquidation Basis). . . . . . . F-6

Notes to Consolidated Financial Statements  . . . . . . . . F-7

All other schedules provided for in Item 13 (a) of Form 10-KSB are
either not required, not applicable, or immaterial.

                  INDEPENDENT AUDITORS' REPORT

Partners of
Brauvin Real Estate Fund L.P. 5


We have audited the accompanying consolidated financial statements
of Brauvin Real Estate Fund L.P. 5, as of December 31, 2003, and
for the years ended December 31, 2003 and 2002 as listed in the
index to the consolidated financial statements.   These
consolidated financial statements are the responsibility of the
Partnership's management.  Our responsibility is to express an
opinion on these consolidated financial statements based on our
audits.

We conducted our audits in accordance with auditing standards
generally accepted in the United States of America.  Those
standards require that we plan and perform the audit to obtain
reasonable assurance about whether the  financial statements are
free of material misstatement.  An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the
financial statements.  An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation.  We believe that our audits provide a reasonable
basis for our opinion.

In our opinion, the consolidated financial statements present
fairly, in all material respects, the financial position of Brauvin
Real Estate Fund L.P. 5 and subsidiary at December 31, 2003, and
the results of their operations for the years ended December 31,
2003 and 2002 in conformity with accounting principles generally
accepted in the United States.

/s/ Altschuler, Melvoin and Glasser LLP


Chicago, Illinois
January 21, 2004











                BRAUVIN REAL ESTATE FUND L.P. 5
                (a Delaware limited partnership)

   CONSOLIDATED STATEMENT OF NET ASSETS IN LIQUIDATION AS OF
                       DECEMBER  31, 2003

ASSETS
Real estate held for sale                               $3,028,375
Cash and cash equivalents                                2,431,525
Restricted cash                                            994,092
Tenant receivables                                          28,167
Utility deposits                                             3,429
Other assets                                                15,521
                                                         ---------
  Total Assets                                           6,501,109
                                                         ---------
LIABILITIES

Mortgage note payable (Note 4)                           3,250,000
Accounts payable and accrued expenses                       50,333
Reserve for estimated costs during
  the period of liquidation (Note 2)                       226,215
Tenant security deposits                                    19,097
Due to affiliates                                            2,821
                                                         ---------
  Total Liabilities                                      3,548,466

MINORITY INTEREST IN
  SABAL PALM JOINT VENTURE                                 390,592
                                                        ----------
Net Assets in Liquidation                               $2,562,051
                                                        ==========



  See accompanying notes to consolidated financial statements.

                BRAUVIN REAL ESTATE FUND L.P. 5
                (a Delaware limited partnership)

       CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS IN
                      LIQUIDATION FOR THE
        YEAR ENDED DECEMBER 31, 2003 (LIQUIDATION BASIS)




Net assets in liquidation at
     January 1, 2003                      $2,789,906


Loss from operations                        (227,855)
                                          ----------
Net assets in liquidation at
     December 31, 2003                    $2,562,051
                                          ==========




  See accompanying notes to consolidated financial statements.



                BRAUVIN REAL ESTATE FUND L.P. 5
                (a Delaware limited partnership)

       CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS IN
                      LIQUIDATION FOR THE
        YEAR ENDED DECEMBER 31, 2002 (LIQUIDATION BASIS)



Net assets in liquidation at
     January 1, 2002                      $2,364,416

Gain on sale of property                     518,797

Loss from operations                         (93,307)
                                          ----------
Net assets in liquidation at
     December 31, 2002                    $2,789,906
                                          ==========





  See accompanying notes to consolidated financial statements


                BRAUVIN REAL ESTATE FUND L.P. 5
                (a Delaware limited partnership)

             CONSOLIDATED STATEMENTS OF OPERATIONS
         FOR THE YEARS ENDED DECEMBER 31, 2003 AND 2002
                      (LIQUIDATION BASIS)


                                            2003           2002
                                        ---------      ----------
INCOME
Rental                                   $ 380,500     $  734,566
Interest                                    16,314         18,252
Lease termination fee                           --        300,000
Other, primarily tenant
  expense reimbursements                    97,667        116,075
                                         ---------     ----------
Total income                               494,481      1,168,893
                                         ---------     ----------

EXPENSES
Interest                                   178,288        390,628
Real estate taxes                           94,151        112,131
Repairs and maintenance                     20,142        194,211
Management fees (Note 5)                    29,020         73,124
Other property operating                    41,587         96,103
Bad debt expense(recovery)                   4,953        (34,824)
State taxes                                184,800             --
General and administrative                 179,559        445,506
                                         ---------     ----------
Total expenses                             732,500      1,276,879
                                         ---------     ----------

Loss before minority
  and equity interests                    (238,019)      (107,986)

Minority interest's
  share of Sabal Palm's
  net loss                                  10,164         13,320
Equity interest in
  Strawberry Fields Joint
  Venture's net income                          --          1,359
                                         ---------     ----------
Loss before gain
    on sale of property                   (227,855)       (93,307)
Gain on sale of property                        --        518,797
                                        ----------     ----------

Net (loss) income                       $ (227,855)    $  425,490
                                        ==========     ==========
Net (loss) income allocated
  to the General Partners               $   (2,279)    $    4,255
                                        ==========     ==========
Net (loss) income allocated
  to the Limited Partners               $ (225,576)    $  421,235
                                        ==========     ==========
Net (loss) income per
  Limited Partnership
  Interest (9,914.5 units
  outstanding)                          $   (22.75)    $    42.49
                                        ==========     ==========


  See accompanying notes to consolidated financial statements.

                BRAUVIN REAL ESTATE FUND L.P. 5
                (a Delaware limited partnership)

           NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
          For the years ended December 31, 2003 and 2002

(1)  ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

  ORGANIZATION

   The financial statements consolidate the accounts of Brauvin
Real Estate Fund L.P. 5 (the "Partnership") and joint ventures in
which the Partnership has a 50% interest or greater.  Additionally,
the Partnership had a 42% interest in another joint venture which,
prior to its sale in 2001, was accounted for using the equity
method of accounting.

   Brauvin Real Estate Fund L.P. 5 (the "Partnership") was
organized on June 28, 1985.  The General Partners of the
Partnership are Brauvin Ventures, Inc. and Jerome J. Brault.  On
August 8, 1997, Mr. Cezar M. Froelich resigned as an Individual
General Partner effective 90 days from August 14, 1997.  Brauvin
Ventures Inc. is owned by A.G.E. Realty Corporation Inc. (50%) and
by Messrs. Brault (beneficially) (25%) and Froelich (25%).  A. G.
Edwards & Sons, Inc. and Brauvin Securities, Inc., affiliates of
the General Partners, were the selling agents of the Partnership.
The Partnership is managed by an affiliate of the General Partners.

   The Partnership  filed a Registration Statement on Form S-11
with the Securities and Exchange  Commission, which became
effective on March 1, 1985.  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 June 28, 1985.  The Partnership's offering closed on February
28, 1986.  A total of $9,914,500 of Units were subscribed for and
issued between March 1, 1985 and February 28, 1986 pursuant to the
Partnership's public offering.

   Properties owned either directly or indirectly with affiliates
of the Partnership from January 1, 2001 and subsequent transactions
are  (a) Crown Point (which was sold in July 2002), (b) Strawberry
Fields (which was sold in July 2001) and (c) Sabal Palm Shopping
Center.


   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

   Management's Use of Estimates

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

   Basis of Presentation

   As a result of the July 12, 1999 authorization by a majority
of the Limited Partners to sell the Partnership's  properties the
Partnership has begun the liquidation process and, in accordance
with generally accepted accounting principles, the Partnership's
financial statements for periods subsequent to July 12, 1999 have
been prepared on the liquidation basis of accounting.  Accordingly,
the carrying values of the assets are presented at estimated net
realizable amounts and liabilities are presented at estimated
settlement amounts, including estimated costs associated with
carrying out the liquidation.  Preparation of financial statements
on the liquidation basis of accounting requires significant
assumptions by management, including the estimate of liquidation
costs and the resolution of any contingent liabilities.  There may
be differences between the assumptions and the actual results
because events and circumstances frequently do not occur as
expected.  Those differences, if any, could result in a change in
the net assets recorded in the statement of net assets as of
December 31, 2003.

   Accounting Method

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

   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 Special Purpose Entity

   The Partnership had one special purpose entity ("SPE"),
Brauvin/Crown Point L.P., which was owned 99% by the Partnership
and 1% by an affiliate of the General Partners.  The creation of
the SPE did not affect the Partnership's economic ownership of the
property.  On July 2, 2002, Crown Point, which was owned by the
SPE, was sold for a contract price of $4,800,000. Net proceeds to
the Partnership, after repayment of the mortgage, and payment of
costs of the sale, were approximately $2,084,000. In connection
with the sale, the Partnership recognized a gain of $518,787.

   Consolidation of Joint Venture Partnership

   The Partnership owns a 53% interest in the Sabal Palm Joint
Venture, which owns Sabal Palm Shopping Center.  The accompanying
financial statements have consolidated 100% of the assets,
liabilities, operations and partners' capital of Sabal Palm Joint
Venture.  The minority interests of the consolidated joint venture
is adjusted for the respective joint venture partner's share of
income or loss and any cash contributions from or distributions to
the joint venture partner Brauvin Real Estate Fund L.P. 4 ("BREF
4").  All significant intercompany balances and transactions have
been eliminated.


   Investment in Real Estate

   Prior to the preparation of the financial statements on the
liquidation basis of accounting, the operating properties acquired
by the Partnership were stated at cost including acquisition costs,
leasing commissions, tenant improvements and net of impairment.
Depreciation and amortization expense were computed on a
straight-line basis over approximately 31.5 years and the term of
the applicable leases, respectively.  All of the Partnership's
properties were subject to liens under first mortgages (see Note
4).

   Subsequent to the adoption of the liquidation basis of
accounting (see Note 2), the Partnership adjusted its investment
in real estate to estimated net realizable value, which is recorded
as real estate held for sale.  Additionally, the Partnership
suspended recording any further depreciation expense.

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

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

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

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

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

   Cash and Cash Equivalents

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

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

   Tenant Receivables

   Tenant receivables are comprised of (a) billed but uncollected
amounts due for monthly rents and other charges and (b) estimated
unbilled amounts due for tenant reimbursement of common area
maintenance charges and property taxes.  Receivables are recorded
at management's estimate of the amounts that will ultimately be
collected.  An allowance for doubtful accounts of $10,685 at
December 31, 2003 is based on specific identification of
uncollectible accounts and the Partnership's historical collection
experience.


   Estimated Fair Value of Financial Instruments

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

   The fair value estimates presented herein are based on
information available to management as of December 31, 2003, but
may not necessarily be indicative of the amounts that the
Partnership could realize in a current market exchange.  The use
of different assumptions and/or estimation methodologies may have
a material effect on the estimated fair value amounts.

   In connection with the adoption of the liquidation basis of
accounting, assets were adjusted to net realizable value and
liabilities were adjusted to estimated settlement amounts, which
approximates their fair value at December 31, 2003.

   Derivatives and Hedging Instruments

   In June 1998, the Financial Accounting Standards Board ("FASB")
issued Statement of Financial Accounting Standards No. 133,
"Accounting for Derivative Instruments and Hedging Activities"
("SFAS 133"), which requires that all derivatives be recognized as
assets and liabilities in the balance sheet and be measured at fair
value.  SFAS 133 also requires changes in fair value of derivatives
to be recorded each period in current earnings or comprehensive
income depending on the intended use of the derivatives.  In June,
2000, the FASB issued SFAS 138, which amends the accounting and
reporting standards of SFAS 133 for certain derivatives and certain
hedging activities.  SFAS 133 and SFAS 138 were adopted by the
Partnership effective January 1, 2001.  The Partnership had no
derivatives in 2003 and 2002.


   Recent Accounting Pronouncements

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

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

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

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

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

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


(2)  ADJUSTMENT TO LIQUIDATION BASIS

   On July 12, 1999, in accordance with the liquidation basis of
accounting, assets were adjusted to estimated net realizable value
and liabilities were adjusted to estimated settlement amounts,
including estimated costs associated with carrying out the
liquidation.

   As a result of the contract for sale of Crown Point(which was
sold in July, 2002), the Partnership's investment in real estate
held for sale and the deferred gain on sale of real estate were
each increased $21,692 in the second quarter of 2002.  In July,
2002 the Partnership's investment in real estate held for sale and
the deferred gain on the sale or real estate were reduced  by
$4,683,192 and $525,777, respectively, as a result of the Crown
Point sale.


(3)  PARTNERSHIP AGREEMENT

   The Partnership Agreement (the "Agreement") provides that 99%
of the net profits and losses from operations of the Partnership
for each fiscal year shall be allocated to the Limited Partners and
1% of net profits and losses from operations shall be allocated to
the General Partners.  The net profit of the Partnership from the
sale or other disposition of a Partnership property shall be
allocated as follows:  first, there shall be allocated to the
General Partners the greater of:  (i) 1% of such net profits; or
(ii) the amount distributable to the General Partners as Net Sale
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, as such term is defined in the
Agreement (the "Preferential Distribution").  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 years, then the Limited Partners shall be
paid such excess Operating Cash Flow until they have 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.  The Preferential
Distribution Deficiency at December 31, 2003 equaled $16,035,231.

(4)  MORTGAGE NOTE PAYABLE

   Mortgage note payable at December 31, 2003 consists of the
following:

                                      Interest         Date
                          Balance       Rate            Due
Sabal Palm Square
  Shopping Center       $3,250,000    LIBOR +2.85%     5/3/05


Sabal Palm Square Shopping Center

  Sabal Palm Square Shopping Center serves as collateral under its
respective nonrecourse debt obligation.

  The original First Mortgage Loan bore interest at the rate of
8.93% per annum, was to be amortized over a 25-year period, with
required monthly payments of principal and interest of
approximately $26,700 and  matured on March 26, 2002.  A portion
of the proceeds of the First Mortgage Loan, approximately
$3,077,000, was used to retire Sabal Palm's existing mortgage from
Lincoln National Pension Insurance Company.  Subsequent to the end
of the first quarter of 2003, this loan was repaid and replaced
with a new facility described below.

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

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

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

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

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

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

  Due to non-payment of Winn-Dixie's rental obligations, the joint
venture did not make its mortgage payments for Sabal Palm in
November and December 2001 and January through March 2002 thus
resulting in a default on its loan.  In April 2002, the joint
venture and the lender agreed to a twelve month extension of the
existing mortgage loan.  The loan extension was subject to the
lease termination of Winn-Dixie and Winn-Dixie's payment of a
$300,000 termination fee and payment of all past due amounts thus
curing the default.  As a requirement of the extension, the joint
venture and the lender agreed to use the proceeds from the
termination to redemize the former Winn-Dixie space into three
spaces as well as certain other improvements to the center.  The
joint venture has signed a lease with Sav A Lot, a national grocery
chain, for 14,350 square feet (one of the demized spaces).  Sav A
Lot took occupancy of its space in October, 2002.    In addition,
in the first quarter of 2004 the joint venture executed a  lease
with Family Dollar (a national discount retailer) to lease
approximately 10,675 square feet (another one of the demized
spaces). The joint venture has also received renewed expressions
of interest for the potential sale of the property.  There can be
no assurance that a sale will be consummated; however, the joint
venture is continuing to evaluate its opportunities.

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

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

  In January 2004, Sabal Palm was not in compliance with the net
operating income requirement established in the loan and as a
result the lender has a right to require a repayment of principal
from the joint venture in an amount not to exceed $500,000.  The
lender has not requested this repayment from the joint venture.

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

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

  The carrying value of Sabal Palm approximated $3,028,000 at
December 31, 2003.

Crown Point

  On December 28, 1995, an acquisition loan was paid in full
when the Crown Point loan was refinanced by NationsBanc Mortgage
Capital Corporation.  The refinancing resulted in a $3,275,000 non-
recourse loan with a fixed interest rate of 7.55%, and amortization
based on a 20-year term with a maturity of January 1, 2003.

  Ownership of the property was held by  Brauvin/Crown Point
L.P., which was owned 99% by the Partnership and 1% by an affiliate
of the General Partners.  Distributions by Brauvin/Crown Point L.P.
were to be made first to the General Partner in an amount equal
to:(a) any tax liability caused by its allocation of Profits or
income: and (b) any filing fees or accounting fees incurred in
connection herewith; and then to the Limited Partner until it
receives an amount equal to the value of its Capital Contribution
plus an annual compounded return on its original investment of 25%
per annum.  The creation of Brauvin/Crown Point L.P. did not affect
the Partnership's economic ownership of the Crown Point property
and had no material effect on the consolidated financial statements
of the Partnership.

  On July 2, 2002, Crown Point was sold for a contract price of
$4,800,000 and the mortgage was paid in full.


(5)    TRANSACTIONS WITH AFFILIATES

  Fees and other expenses paid or payable to the General
Partners or their affiliates for the years ended December 31, 2003
and 2002 were as follows:

                                      2003           2002
  Management fees                   $29,020       $ 73,124
  Reimbursable office
     expenses                       $82,857        100,735

   As of December 31, 2003, the Partnership had made all payments
to affiliates, except for management fees of $2,821.


(6)  OPERATING LEASES

   The Partnership is the lessor in operating lease agreements
with tenants at its various properties.  The minimum future rental
income to be received on these operating leases (excluding
escalation amounts) is as follows:

Years ending December 31,

       2004                      $  383,133
       2005                         316,261
       2006                         233,612
       2007                         145,009
     2008                           117,165
       Thereafter                   390,332
                                 ----------
       Total                     $1,585,512
                                 ==========

   Minimum rentals received from Sav A Lot and Walgreens, the
anchor tenants of Sabal, approximated 20.9% and 21.3%,
respectively, of rental income for the year ended December 31,
2003.

   Minimum rentals received from Sav A Lot and Walgreens, the
anchor tenants of Sabal, approximated  2.0% and 11.1%,
respectively, of rental income for the year ended December 31,2002.



                          EXHIBIT INDEX


Exhibit (21)           Subsidiaries of the Registrant







                           Exhibit 21


Name of Subsidiary                            State of Formation

Brauvin Strawberry Fields
  Joint Venture                                Florida

Brauvin Sabal Palm Joint Venture               Florida

Brauvin/Crown Point L.P.                       Delaware