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, 2004

                               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 $584,394.

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
                 2004 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

Item 8b. Other                                            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 and Consolidated Financial Statements   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  (which  was  sold in 2002), a 42% interest  in  a  joint
venture  which  acquired  a  second  rental  property  (which  was
subsequently  sold in 2001) 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 remaining real estate property which  has  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.

  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 that 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  the
property is located, population shifts, changes in zoning laws  or
changes  in  patterns of the needs of users. The marketability  of
the property may also be affected by prevailing interest rates and
existing  tax  laws.  The Partnership 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
$9.08 per square foot in 2004. (The rate was $9.13 in 2003).

   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,  2003  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.


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 currently anchored by a Sav A Lot, a Walgreens (which
has  subsequently sublet its space as detailed below) and a Family
Dollar.  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 72% economic  occupancy  at
December 31, 2004.

   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.  Prior to April 29, 2003, the First Mortgage
Loan  bore  interest at the rate of 8.93% per annum, was amortized
over a 25-year period, required monthly payments of principal  and
interest  of approximately $26,700 and was scheduled to mature  on
March  26, 2002 (later extended to April 2003).  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  (which was approximately 42,000 square feet).   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  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).   Family  Dollar  has  taken  occupancy  in  the  center.
Separately,  the  joint  venture has made  a  number  of  cosmetic
improvements to the center in preparation for its sale.   However,
the  property  was recently damaged by two of the hurricanes  that
struck  the  Palm Bay area in the third quarter of 2004  and  will
likely delay the sale of the property.  The property's damage  was
primarily  cosmetic and we do not believe the structural integrity
or  economic viability of the building has diminished.   Temporary
repair  work  has  been completed.  However due to  the  extensive
damage  elsewhere in the area, permanent repairs were not able  to
commence until the first quarter of 2005.

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

  The  AmSouth  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 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
4  to  maintain a minimum combined tangible net worth of not  less
than $1,000,000.

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

   Due to the fact the damage caused by the hurricanes in 2004  is
currently in the process of being repaired, the joint venture does
not  believe it will be able to repay the loan in May.   Therefore
the joint venture has requested an extension of the facility.   On
April  13, 2005, the joint venture and the lender agreed to  terms
for  a  nine  month extension of the current mortgage  note.   The
lender  is  requiring  that  the joint venture  make  a  principal
reduction  in the amount of $400,000, which the lender has  agreed
will   be   paid  from  the  cash  deposit  held  by  the  lender.
Additionally,  the joint venture is required to pay  an  extension
fee  in  the  amount  of $5,000.  All other terms  and  conditions
remain the same.

   A  requirement  of the Family Dollar lease was that  the  joint
venture  reimburse  the  tenant  approximately  $127,000  for  the
substantial improvements made by the tenant to the existing space.
The joint venture reimbursed Family Dollar in September 2004.   In
addition,  the  joint venture will be making  a  number  of  other
repairs   and   improvements  to  the  center   to   improve   its
marketability  for  sale.  These improvements  will  include  roof
repair   (and  repainting)  and  parking  lot  repairs   including
restriping.


     The  carrying value of Sabal Palm approximated $3,028,000  at
December 31, 2004.

     The  economic occupancy rate and average annual base rent per
square foot at December 31, 2004 and 2003 were as follows:

                               2004    2003
                              ------  ------
  Occupancy Rate                72%     58%

  Average Annual Base
     Rent Per Square Foot       $7.45   $7.52

   Sabal  Palm  has  three  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, 2004:



                      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
Family
  Dollar (b) 10,675   31,250   12/2013  2/5 yrs ea.  Dollar Store
Others       26,425  239,830  Various   Various
Vacant       24,483       --
             ------ --------
             88,933 $432,097
             ====== ========

  (a) Tenant has a right to terminate lease in April, 2005.
  (b) Tenant began paying rent in July 2004.

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,  2004, there were approximately  585  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  2004
and 2003.

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 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.  Prior to April 29, 2003 the First  Mortgage
Loan  bore  interest at the rate of 8.93% per annum, was amortized
over a 25-year period, required monthly payments of principal  and
interest  of approximately $26,700 and was scheduled to mature  on
March  26, 2002 (later extended to April 2003).  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  (which was approximately 42,000 square feet).   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  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).   Family  Dollar  has  taken  occupancy  in  the  center.
Separately,  the  Partnership  has  made  a  number  of   cosmetic
improvements to the center in preparation for its sale.   However,
the  property  was recently damaged by two of the hurricanes  that
struck  the  Palm Bay area in the third quarter of 2004  and  will
likely delay the sale of the property.  The property's damage  was
primarily  cosmetic and we do not believe the structural integrity
or  economic viability of the building has diminished.   Temporary
repair  work  has  been completed.  However due to  the  extensive
damage  elsewhere in the area, permanent repairs were not able  to
commence until the first quarter of 2005.

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

  The  AmSouth  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 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
4  to  maintain a minimum combined tangible net worth of not  less
than $1,000,000.

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

   Due to the fact the damage caused by the hurricanes in 2004  is
currently in the process of being repaired, the joint venture does
not  believe it will be able to repay the loan in May.   Therefore
the joint venture has requested an extension of the facility.   On
April  13, 2005, the joint venture and the lender agreed to  terms
for  a  nine  month extension of the current mortgage  note.   The
lender  is  requiring  that  the joint venture  make  a  principal
reduction  in the amount of $400,000, which the lender has  agreed
will   be   paid  from  the  cash  deposit  held  by  the  lender.
Additionally,  the joint venture is required to pay  an  extension
fee  in  the  amount  of $5,000.  All other terms  and  conditions
remain the same.

   A  requirement  of the Family Dollar lease was that  the  joint
venture  reimburse  the  tenant  approximately  $127,000  for  the
substantial improvements made by the tenant to the existing space.
The joint venture reimbursed Family Dollar in September 2004.   In
addition,  the  joint venture will be making  a  number  of  other
repairs   and   improvements  to  the  center   to   improve   its
marketability  for  sale.  These improvements  will  include  roof
repair   (and  repainting)  and  parking  lot  repairs   including
restriping.

   In  total,  Sabal Palm has received six offers on the  property
ranging  in  price  from  $2.2  million  to  $3.4  million.    The
Partnership continues to market the property for sale.   With  the
recent execution of the Family Dollar lease for 12% of the center,
the  Partnership  anticipates that potential sales  activity  will
improve in 2005.

     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, 2004.

     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  31,2004  and
2003

     The Partnership generated a net loss of $138,000 for the year
ended December 31, 2004 as compared to a net loss of $228,000  for
the  same  period in 2003.  The $90,000 decrease in  net  loss  is
primarily  the  result of an increase in total income  of  $90,000
offset  by  an  increase in total expenses of  $42,000.   Minority
interest share in Sabal Palm's net loss increased $43,000.

     Total  income  for  the  year ended  December  31,  2004  was
$584,000 as compared to $494,000 for the same period in 2003.  The
$90,000  increase  in total income was primarily  a  result  of  a
$52,000  increase  in rental income, a $26,000 increase  in  other
income  and  a  $12,000 increase in interest income.   Rental  and
other   income  increased  primarily  as  a  result  of  increased
occupancy at Sabal Palm.

     Total  expenses  for the year ended December  31,  2004  were
$775,000 as compared to $733,000 for the same period in 2003.  The
$42,000  increase in total expense was primarily  a  result  of  a
$135,000  increase  in  general  and  administrative  expense,  an
$84,000 increase in repairs and maintenance, a $28,000 increase in
operating expense, a $1,000 increase in management fees, a  $2,000
increase  in  real  estate  tax expense,  partially  offset  by  a
$185,000  decrease  in  state taxes  and  a  $43,000  decrease  in
interest  expense.  General and administrative expenses  increased
as   a   result  of  the  Family  Dollar  reimbursement   payment.
Additionally, general and administrative expenses increased  as  a
result  of  increasing the estimated liquidation time  period  and
therefore increasing the reserve for estimated future costs during
liquidation.   Repairs and maintenance increased as  a  result  of
certain  repairs  at the Sabal property.  The  decrease  in  state
taxes  primarily  was  a result of the 2002 sale  of  Crown  Point
Shopping center.  Interest expense decreased as a result of the of
Sabal Palm's new mortgage.


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.


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.

Item 8b.  Other Information

None.





                             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 71) 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  three  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  44)  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  three  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 38) 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 three 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 2004 and 2003.

   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.

   (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)  An annual report for the fiscal year 2004 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  2003  and  2004.  AMG has audited  the  Partnership's
financial  statements for the years ended December 31,  2004  and
2003.   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 $27,250 during 2004 and  $32,750  during
2003.

  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 and have been 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: April 14, 2005







          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: April 14, 2005




          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: April 14, 2005


                            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, 2004, pursuant to Section 906 of the Sarbanes-Oxley
Act  of  2002  and  shall  not be deemed filed  pursuant  to  any
provisions  of the Securities Exchange Act of 1934 or  any  other
securities law:

Each  of  the undersigned certifies that the foregoing Report  on
Form 10-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:   April 14, 2005


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

                         DATE:   April 14, 2005












           INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

                                                          Page
Report of Independent Registered Public Accounting Firm.   F-2

Consolidated Statement of Net Assets in Liquidation
as of December 31, 2004 (Liquidation Basis)                F-3

Consolidated Statement of Changes in Net Assets
in Liquidation for the year ended
December 31, 2004  (Liquidation Basis)                     F-4

Consolidated Statement of Changes in Net Assets
in Liquidation for the year ended
December 31, 2003  (Liquidation Basis)                     F-5

Consolidated Statements of Operations for the years ended
December 31, 2004 and 2003 (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.




     REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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, 2004, and for the years ended December 31, 2004 and 2003 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 the standards of  the
Public Company Accounting Oversight Board (United States).  Those
standards  require that we plan and perform the audit  to  obtain
reasonable  assurance  about whether the  consolidated  financial
statements are free of material misstatement.  An audit  includes
examining,  on a test basis, evidence supporting the amounts  and
disclosures  in the consolidated financial statements.  An  audit
also  includes  assessing  the  accounting  principles  used  and
significant  estimates made by management, as well as  evaluating
the  overall  consolidated 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,
2004,  and the results of their operations for the years  ended
December  31,  2004  and  2003  in conformity  with  accounting
principles generally accepted in the United States.

/s/ Altschuler, Melvoin and Glasser LLP


Chicago, Illinois
February 14, 2005, except for Note 4 which is dated
April 13, 2005









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

    CONSOLIDATED STATEMENT OF NET ASSETS IN LIQUIDATION AS OF
                        DECEMBER 31, 2004

ASSETS
Real estate held for sale                     $3,028,375
Cash and cash equivalents                      2,196,779
Restricted cash                                  755,058
Tenant receivables                                61,679
Due from affiliates                                6,785
Utility deposits                                   3,429
Other assets                                      12,853
                                              ----------
  Total Assets                                 6,064,958
                                              ----------
LIABILITIES

Mortgage note payable (Note 4)                 3,000,000
Accounts payable and accrued expenses             31,073
Reserve for estimated costs during
  the period of liquidation (Note 2)             202,821
Tenant security deposits                          19,418
Due to affiliates                                  2,599
                                              ----------
  Total Liabilities                            3,255,911
                                              ----------
MINORITY INTEREST IN
  SABAL PALM JOINT VENTURE                       384,772
                                              ----------
Net Assets in Liquidation                     $2,424,275
                                              ==========
















  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, 2004 (LIQUIDATION BASIS)




Net assets in liquidation at
     January 1, 2004                          $2,562,051


Loss from operations                            (137,776)

Net assets in liquidation at                  ----------
     December 31, 2004                        $2,424,275
                                              ==========

























   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 STATEMENTS OF OPERATIONS
         FOR THE YEARS ENDED DECEMBER 31, 2004 AND 2003
                       (LIQUIDATION BASIS)


                                  2004           2003
                               ---------     ----------
INCOME
Rental                         $ 432,097     $  380,500
Interest                          27,871         16,314
Other, primarily tenant
  expense reimbursements         124,426         97,667
                               ---------     ----------
Total income                     584,394        494,481
                               ---------     ----------

EXPENSES
Interest                         135,397        178,288
Real estate taxes                 96,388         94,151
Repairs and maintenance          104,324         20,142
Management fees (Note 5)          30,293         29,020
Other property operating          60,143         41,587
Bad debt expense(recovery)        33,240          4,953
State taxes                           --        184,800
General and administrative       315,205        179,559
                               ---------     ----------
Total expenses                   774,990        732,500
                               ---------     ----------
Loss before minority
  and equity interests          (190,596)      (238,019)

Minority interest's
  share of Sabal Palm's
  net loss                        52,820         10,164
                               ---------     ----------

Net loss                       $(137,776)    $ (227,855)
                               =========     ==========
Net loss allocated
  to the General Partners      $  (1,377)    $   (2,279)
                               =========     ==========
Net loss allocated
  to the Limited Partners      $(136,399)    $ (225,576)
                               =========     ==========
Net loss per
  Limited Partnership
  Interest (9,914.5 units
  outstanding)                 $  (13.76)    $   (22.75)
                               =========     ==========




  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, 2004 and 2003

(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.





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


      NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-CONTINUED
         For the years ended December 31, 2004 and 2003



   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, 2004.

   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 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. 144, "Accounting for the Impairment  or
Disposal  of Long-Lived Assets" ("SFAS 144").  SFAS 144  retains
the recognition and measurement requirements of its predecessor,
but resolves significant implementation issues.  In addition, it
applies  to  a  segment  of  a  business  accounted  for  as   a
discontinued operation.

   SFAS   144   has  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
$43,925 at December 31, 2004 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 judgment  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, 2004, but
may  not  necessarily  be indicative of  the  amounts  that  the
Partnership could realize in a current market exchange.  The use
of  different  assumptions and/or estimation  methodologies  may
have a material effect on the estimated fair value amounts.

   In  connection with the adoption of the liquidation basis  of
accounting,  assets  were adjusted to net realizable  value  and
liabilities were adjusted to estimated settlement amounts, which
approximates their fair value at December 31, 2004.

   Derivatives and Hedging Instruments

   In  June  1998,  the  Financial  Accounting  Standards  Board
("FASB") issued Statement of Financial Accounting Standards  No.
133,   "Accounting  for  Derivative  Instruments   and   Hedging
Activities" ("SFAS 133"), which requires that all derivatives be
recognized as assets and liabilities in the balance sheet and be
measured at fair value.  SFAS 133 also requires changes in  fair
value  of  derivatives  to be recorded each  period  in  current
earnings  or comprehensive income depending on the intended  use
of  the  derivatives.  In June, 2000, the FASB issued SFAS  138,
which amends the accounting and reporting standards of SFAS  133
for  certain  derivatives and certain hedging activities.   SFAS
133  and  SFAS  138  were  adopted by the Partnership  effective
January 1, 2001.  The Partnership had no derivatives in 2004 and
2003.

   Recent Accounting Pronouncements

     In   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  for
calendar  year  end entities, is effective as  of  December  31,
2003.   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  150  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.


(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, 2004 equaled $17,026,683.

(4)  MORTGAGE NOTE PAYABLE

   Mortgage  note payable at December 31, 2004 consists  of  the
following:

                                     Interest      Date
                         Balance       Rate        Due
Sabal Palm Square
  Shopping Center      $3,000,000     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
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 (which was approximately 42,000 square feet).  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 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).   Family  Dollar  has taken  occupancy  in  the  center.
Separately,  the  Partnership  has  made  a  number  of  cosmetic
improvements to the center in preparation for its sale.  However,
the  property was recently damaged by two of the hurricanes  that
struck  the Palm Bay area in the third quarter of 2004  and  will
likely delay the sale of the property.  The property's damage was
primarily cosmetic and we do not believe the structural integrity
or  economic viability of the building has diminished.  Temporary
repair  work  has been completed.  However due to  the  extensive
damage elsewhere in the area, permanent repairs were not able  to
commence until the first quarter of 2005.

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

  The  AmSouth  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 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  4 to maintain a minimum combined tangible net worth of  not
less than $1,000,000.

   Due  to  the fact the damage caused by the hurricanes in  2004
is  currently in the process of being repaired, the joint venture
does  not  believe  it will be able to repay  the  loan  in  May.
Therefore  the  joint venture has requested an extension  of  the
facility.   On April 13, 2005, the joint venture and  the  lender
agreed  to  terms  for  a  nine month extension  of  the  current
mortgage  note.  The lender is requiring that the  joint  venture
make  a principal reduction in the amount of $400,000, which  the
lender has agreed will be paid from the cash deposit held by  the
lender.   Additionally, the joint venture is required to  pay  an
extension  fee  in  the amount of $5,000.  All  other  terms  and
conditions remain the same.

     The carrying value of Sabal Palm approximated $3,028,000 at
December 31, 2004.


(5)  TRANSACTIONS WITH AFFILIATES


     Fees  and  other  expenses paid or payable to  the  General
Partners  or  their affiliates for the years ended December  31,
2004 and 2003 were as follows:

                          2004           2003
                         -------        -------
  Management fees        $30,293        $29,020
  Reimbursable office
     expenses             88,309         82,857

   As  of  December  31,  2004,  the Partnership  had  made  all
payments to affiliates, except for management fees of $2,599.

(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,

       2005           $  485,929
       2006              436,472
       2007              306,378
       2008              224,595
       2009              221,336
       Thereafter        585,113
                      ----------
       Total          $2,259,823
                      ==========

   Minimum  rentals received from Walgreens and Sav A  Lot,  the
anchor   tenants  of  Sabal,  approximated  18.8%   and   18.5%,
respectively, of rental income for the year ended  December  31,
2004.

   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.



                         EXHIBIT INDEX


Exhibit (21)           Subsidiaries of the Registrant









                           Exhibit 21


Name of Subsidiary                  State of Formation

Brauvin Sabal Palm Joint Venture          Florida