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, 2005

                               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]

Indicate by check mark whether the registrant is a shell  company
(as defined in Rule 12b-2 of the Exchange Act).  Yes     No  X  .

State issuer's revenues for its most recent fiscal year $698,001.

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
                 2005 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                                  9

Item 4.  Submission of Matters to a Vote of Security
         Holders                                            9

                            PART II
Item 5.  Market for the Issuer's Limited Partnership
         Interests, Related Security Holder Matters and Small
         Business Issuer Purchases of Equity Securities    10

Item 6.  Management's Discussion and Analysis or Plan
         of Operation                                      10

Item 7.  Consolidated Financial Statements and
         Supplementary Data                                17

Item 8.  Changes in and Disagreements with Accountants on
         Accounting and Financial Disclosure               18

Item 8a. Controls and Procedures.                          18

Item 8b. Other                                             19

                            PART III
Item 9.  Directors, Executive Officers, Promoters and
         Control Persons; Compliance with Section 16(a)
         of the Exchange Act                               20

Item 10. Executive Compensation                            22

Item 11. Security Ownership of Certain Beneficial Owners
         and Management                                    22

Item 12. Certain Relationships and Related Transactions    23

Item 13. Exhibits                                          24

Item 14. Principal Accountant Fees and Services            25

Signatures                                                 26



                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 were 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.

  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 (which was sold in 2005 see
details  below).   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  collecting   the
remaining  receivables from the sold joint venture  property  (see
below).   Prior  to the last property sale the focus  of  property
management  activities was improvement in the economic performance
of  the  properties  with  the goal of  maximizing  value  to  the
Partnership upon disposition.

   On  December  7,  2005, the joint venture sold the  Sabal  Palm
property for a gross sales price of $4,350,000.  The joint venture
received  net  sales  proceeds,  after  repayment  of  the   first
mortgage, of approximately $1,601,000 and recognized a gain on the
sale of $1,189,925.  Under the terms of the transaction, the joint
venture  was  able  to  bill  and  retain  the  2005  common  area
maintenance  reimbursements.  Accordingly, in late December  2005,
the  joint  venture  billed the Sabal Palm  tenants  approximately
$75,000  for its common area reimbursement.  The joint venture  is
making every effort to collect the remaining receivables from  the
Sabal Palm tenants.

   As  a  result of the sale by the joint venture of its property,
the Partnership no longer has any investments in real estate.

   The Partnership has no employees.

   The  General  Partners expect to distribute proceeds  from  the
sale  of  real  estate to Limited Partners in  a  manner  that  is
consistent  with  the  investment objectives of  the  Partnership.
Subject to the collection of the remaining tenant receivables  and
the  satisfactory resolution of the matter described in  Item  8b,
the  General Partners expect to make a final distribution  to  the
Limited Partners in 2006.

Market Conditions/Competition

   The  Partnership faced active competition in all aspects of its
business and competed with entities which owned properties similar
in  type to that owned by the Partnership.  Competition existed 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  were 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  was
located,  population shifts, changes in zoning laws or changes  in
patterns  of the needs of users. The marketability of the property
was  also  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 strived to maximize economic occupancy and,  as  such,
adjusted rents to attract and retain tenants.

   The  Partnership,  by  virtue of its prior  ownership  of  real
estate,  is  subject  to federal and state  laws  and  regulations
covering   various  environmental  issues.   Management   of   the
Partnership  retained  the  services of  third  parties  who  held
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  prior  real  estate
owned  by  the Partnership was in full compliance with  applicable
environmental laws and regulations at the time of sale.

Item 2. Description of Properties.

   The  following is a summary of the real estate and improvements
owned  by  the  Partnership  at January  1,  2004  and  subsequent
transactions related thereto.

   In  the  opinion  of  the  General  Partners,  the  Partnership
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.  This loan was repaid in  April  2003,  as
detailed below.

     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.  As of December 2005, Sabal Palm's anchor tenants were Sav A
Lot,   Family  Dollar  and  Goodwill.   The  Goodwill  space   was
originally leased to Walgreens, which sublet its space  until  the
end  of  its lease term in April 2005 (as detailed below).   Sabal
Palm   has  several  outparcels,  which  are  not  owned  by   the
Partnership,  but  which  added to  the  center's  appearance  and
customer activity.

   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 remained 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.

   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 damaged by two of the hurricanes that struck the
Palm Bay area in the third quarter of 2004, which delayed the sale
of the property until December 2005 (as discussed below).

   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.

  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  AmSouth  loan  bore interest at LIBOR plus  2.85%  and  was
payable  interest  only  monthly  until  maturity  (May  3,  2005,
extended  to  February 3, 2006) at which time all unpaid  interest
and  principal  was to be due.  The loan was 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 each guaranteed the repayment of  50%  of  the
joint venture obligations under the loan documents and the manager
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  was contemplating making in order to facilitate the  sale
of the property.

  Due  to  the fact that damage caused by the hurricanes  in  2004
was  being  repaired in the first and second quarter of 2005,  the
joint  venture did not believe it would be able to repay the  loan
in  May 2005.  Therefore, the joint venture requested an extension
of  the  mortgage loan.  On April 13, 2005, the joint venture  and
the  lender agreed to terms for a nine-month extension of the then
current mortgage note.  The lender required that the joint venture
make  a  principal reduction in the amount of $400,000, which  the
lender  agreed  would be paid from the cash deposit  held  by  the
lender.   Additionally, the joint venture was required to  pay  an
extension  fee in the amount of $5,000.  Further, as part  of  the
extension,  the  lender agreed to release the unencumbered  liquid
asset  requirement  of the mortgage loan.   All  other  terms  and
conditions remained the same.

   On  December  7,  2005, the joint venture sold the  Sabal  Palm
property for a gross sales price of $4,350,000.  The joint venture
received  net  sales  proceeds,  after  repayment  of  the   first
mortgage, of approximately $1,601,000 and recognized a gain on the
sale of $1,189,925.  Under the terms of the transaction, the joint
venture  was  able  to  bill  and  retain  the  2005  common  area
maintenance  reimbursements.  Accordingly, in late December  2005,
the  joint  venture  billed the Sabal Palm  tenants  approximately
$75,000  for its common area reimbursement.  The joint venture  is
making every effort to collect the remaining receivables from  the
Sabal Palm tenants.

Risks of Ownership

   The  possibility  exists that the tenants of the  Partnership's
sold  joint  venture  property may  be  unable  to  fulfill  their
obligations pursuant to the terms of the leases, including  making
base  rent, percentage rent or common area reimbursement  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.

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,
        Related Security Holder Matters and Small Business  Issuer
        Purchases of Equity Securities.

   At  December  31,  2005, there were approximately  581  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  2005
and 2004.

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's mortgage note payable was satisfied  through
the sale of Sabal Palm.

   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 sold the remaining investment under  a  closed
bid  process  which included identification of target buyers  with
proven financing ability and performance of certain evaluations of
the  property,  such as environmental testing.   Potential  buyers
were requested to sign confidentiality agreements to safeguard the
Partnership's confidential proprietary information.   The  General
Partners  determined  that  each bid  must  have  been  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.

  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.  As of December 2005, Sabal Palm's anchor tenants were Sav A
Lot,   Family  Dollar  and  Goodwill.   The  Goodwill  space   was
originally leased to Walgreens, which sublet its space  until  the
end  of  its lease term in April 2005 (as detailed below).   Sabal
Palm   has  several  outparcels,  which  are  not  owned  by   the
Partnership,  but  which  added to  the  center's  appearance  and
customer activity.

  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 remained 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.

  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 damaged by two of the hurricanes that struck the
Palm Bay area in the third quarter of 2004, which delayed the sale
of the property until December 2005 (as discussed below).

  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.

  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  AmSouth  loan  bore interest at LIBOR plus  2.85%  and  was
payable  interest  only  monthly  until  maturity  (May  3,  2005,
extended  to  February 3, 2006) at which time all unpaid  interest
and  principal  was to be due.  The loan was 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 each guaranteed the repayment of  50%  of  the
joint venture obligations under the loan documents and the manager
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  was contemplating making in order to facilitate the  sale
of the property.

  Due  to  the fact that damage caused by the hurricanes  in  2004
was  being  repaired in the first and second quarter of 2005,  the
joint  venture did not believe it would be able to repay the  loan
in  May 2005.  Therefore, the joint venture requested an extension
of  the  mortgage loan.  On April 13, 2005, the joint venture  and
the  lender agreed to terms for a nine-month extension of the then
current mortgage note.  The lender required that the joint venture
make  a  principal reduction in the amount of $400,000, which  the
lender agreed to be paid from the cash deposit held by the lender.
Additionally, the joint venture was required to pay  an  extension
fee  in  the amount of $5,000.  Further, as part of the extension,
the  lender  agreed  to  release  the  unencumbered  liquid  asset
requirement of the mortgage loan.  All other terms and  conditions
remained the same.

   On  December  7,  2005, the joint venture sold the  Sabal  Palm
property for a gross sales price of $4,350,000.  The joint venture
received  net  sales  proceeds,  after  repayment  of  the   first
mortgage, of approximately $1,601,000 and recognized a gain on the
sale of $1,189,925.  Under the terms of the transaction, the joint
venture  was  able  to  bill  and  retain  the  2005  common  area
maintenance  reimbursements.  Accordingly, in late December  2005,
the  joint  venture  billed the Sabal Palm  tenants  approximately
$75,000  for its common area reimbursement.  The joint venture  is
making every effort to collect the remaining receivables from  the
Sabal Palm tenants.

  As  a result of the July 1999 authorization by a majority of the
Limited  Partners  to  sell  the  Partnership's  properties,   the
Partnership 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, 2005.

  The  General  Partners expect to distribute  proceeds  from  the
sale  of  real  estate to Limited Partners in  a  manner  that  is
consistent  with  the  investment objectives of  the  Partnership.
Subject to the collection of the remaining tenant receivables  and
the  satisfactory resolution of the matter described in  Item  8b,
the  General Partners expect to make a final distribution  to  the
Limited Partners in 2006.

Results of Operations

  The  Partnership's revenue and expenses were 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 were
generally below where they were when the properties were acquired.

  The  General Partners conducted 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 were 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    were
unsuccessful,   management  of  the  Partnership  considered   the
possibility  of  reverting the properties to  the  first  mortgage
lender.

  An  affiliate  of the Partnership and the General  Partners  was
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  31,2005  and
2004

     The Partnership generated net income of $648,000 for the year
ended December 31, 2005 as compared to a net loss of $138,000  for
the  same  period in 2004.  The $786,000 change is  primarily  the
result  of  an  increase in the gain on the sale  of  property  of
$1,190,000, an increase in total income of $114,000 and a decrease
in  total expenses of $106,000.  Minority interest share in  Sabal
Palm's net income increased $623,000.

     Total  income  for  the  year ended  December  31,  2005  was
$698,000 as compared to $584,000 for the same period in 2004.  The
$114,000  increase in total income was primarily  a  result  of  a
$42,000  increase in rental income, a $40,000 increase in interest
income  and a $31,000 increase in other income.  Rental and  other
tenant  income  increased  as  a result  of  an  increase  in  the
occupancy at Sabal Palm during 2005 when compared to 2004.

     Total  expenses  for the year ended December  31,  2005  were
$669,000 as compared to $775,000 for the same period in 2004.  The
$106,000  decrease in total expense was primarily a  result  of  a
$153,000  decrease  in general and administrative  expense  and  a
$28,000 decrease in operating expense.  Partially offsetting these
decreases is a $67,000 increase in repairs and maintenance  and  a
$21,000  increase in interest expense.  General and administrative
expenses  decreased between the two periods primarily as a  result
of the $127,000 payment in September 2004 to reimburse a tenant at
Sabal  Palm for part of their buildout.  In addition, general  and
administrative  expenses  decreased as a  result  of  paying  more
leasing commissions during the period ended in 2004 than in  2005.
Repairs  and maintenance increased primarily as a result  of  roof
repairs at the Sabal Palm property.

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.


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

   In  late  February 2006, the Internal Revenue Service  informed
the Partnership that it was being assessed penalties in the amount
of $188,800 for late filing and failure to electronically file its
2004  partnership  tax return.  The Partnership out-sourced  these
activities  to a third party vendor.  This vendor had successfully
completed  the Partnership's 2003 tax filings and,  prior  to  the
notice from the Internal Revenue Service, the Partnership believed
that  the vendor had also successfully filed its 2004 tax returns.
The  Partnership  has appealed these penalties.   The  Partnership
believes  its appeal will be granted and the penalties  ultimately
waived  or reduced, however, the Partnership has not received  any
further correspondence from the Internal Revenue Service.




                             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  72)  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. and Brauvin Net Capital Manager, 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  two 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 45) 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 two 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., BA/Brauvin L.L.C.  and
Brauvin  Net  Capital,  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 39) 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  two 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 CPA 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 2005 and 2004.

   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

   (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 2005 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  2005  and  2004.  AMG has audited  the  Partnership's
financial statements for the years ended December 31, 2005, 2004,
2003,  2002  and 2001.  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 $22,500 during 2005 and  $22,500  during
2004.

  AMG had a continuing relationship with American Express Tax and
Business  Services, Inc. ("TBS") from which it leased  staff  who
were 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.  Effective October  1,  2005,  TBS  was
acquired  by  RSM McGlandrey, Inc. ("RSM") and AMG's relationship
with  TBS has been replaced with a similar relationship with RSM.
AMG  manages  and supervises the audit engagement and  the  audit
staff and are exclusively responsible for the opinion rendered in
connection with its audit.  Tax compliance services were provided
by  TBS for which fees billed amounted to $19,800 and $27,250  as
of  December  31,  2005 and 2004, respectively.   Tax  compliance
services for 2005 will be provided by RSM.

  No other services have been provided by TBS or RSM.

  In  accordance with policies of the board of directors  of  the
Corporate General Partner, all services provided by AMG, TBS  and
RSM 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: March 29, 2006







          CERTIFICATION FOR SARBANES-OXLEY SECTION 302(A)

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

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

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

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

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

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

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


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

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

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

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

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

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





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


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


                    DATE: March 29, 2006






          CERTIFICATION FOR SARBANES-OXLEY SECTION 302(A)

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

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

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

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

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

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

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

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

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

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

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

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

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




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


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

              DATE: March 29, 2006





                            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, 2005, pursuant to Section 906 of the Sarbanes-Oxley
Act  of  2002  and  shall  not be deemed filed  pursuant  to  any
provisions  of the Securities Exchange Act of 1934 or  any  other
securities law:

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




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


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

                         DATE:   March 29, 2006


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

                         DATE:   March 29, 2006












           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, 2005                                    F-3

Consolidated Statement of Changes in Net Assets
in Liquidation for the year ended
December 31, 2005  (Liquidation Basis)                     F-4

Consolidated Statement of Changes in Net Assets
in Liquidation for the year ended
December 31, 2004  (Liquidation Basis)                     F-5

Consolidated Statements of Operations for the years ended
December 31, 2005 and 2004 (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, 2005, and for the years ended December 31, 2005 and 2004 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 financial statements are
free of material misstatement. An audit includes examining, on a
test  basis, evidence supporting the amounts and disclosures  in
the financial  statements. An audit also includes assessing  the
accounting  principles used and significant  estimates  made  by
management, as well as evaluating the overall financial statement
presentation.  We  believe that our audits provide a  reasonable
basis for our opinion.

In  our  opinion, the consolidated financial statements present
fairly,  in all material respects, the consolidated net  assets
in   liquidation  of  Brauvin  Real  Estate  Fund  L.P.  5  and
subsidiary at December 31, 2005, and the changes in  their  net
assets  in liquidation and the results of their operations  for
the  years ended December 31, 2005 and 2004 in conformity  with
accounting principles generally accepted in the United States.

/s/ Altschuler, Melvoin and Glasser LLP


Chicago, Illinois
February  22, 2006, except for Note 6 which is as of  March  8,
2006










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

    CONSOLIDATED STATEMENT OF NET ASSETS IN LIQUIDATION AS OF
                        DECEMBER 31, 2005

ASSETS

Cash and cash equivalents                     $3,267,302
Tenant receivables                                84,852
                                              ----------

  Total Assets                                 3,352,154
                                              ----------
LIABILITIES

Accounts payable and accrued expenses             36,183
Reserve for estimated costs during
  the period of liquidation (Note 2)             140,565
Due to affiliates                                    593
                                              ----------
  Total Liabilities                              177,341

Minority interest in
  Sabal Palm joint venture                       102,050
                                              ----------

Net Assets in Liquidation                     $3,072,763
                                              ==========









         See 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, 2005 (LIQUIDATION BASIS)




Net assets in liquidation at
     January 1, 2005                          $2,424,275

Income from continuing operations (after
     minority interest share)                     17,828

Gain on sale of property (after
     minority interest share)                    630,660
                                              ----------
Net assets in liquidation at
     December 31, 2005                        $3,072,763
                                              ==========









         See 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 continuing operations                 (137,776)
                                              ----------
Net assets in liquidation at
     December 31, 2004                        $2,424,275
                                              ==========














         See 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, 2005 AND 2004
                       (LIQUIDATION BASIS)


                                  2005           2004
                               ---------      ---------
INCOME
Rental                         $ 474,057      $ 432,097
Interest                          68,115         27,871
Other, primarily tenant
  expense reimbursements         155,829        124,426
                               ---------      ---------

Total income                     698,001        584,394
                               ---------      ---------

EXPENSES
Interest                         156,532        135,397
Real estate taxes                 83,421         96,388
Repairs and maintenance          170,924        104,324
Management fees (Note 5)          37,411         30,293
Other property operating          31,600         60,143
Bad debt expense (recovery)       27,084         33,240
General and administrative       162,138        315,205
                               ---------      ---------

Total expenses                   669,110        774,990
                               ---------      ---------

Income (loss) before minority
  interest and gain on sale       28,891       (190,596)

Gain on sale of property       1,189,925             --
                              ----------      ---------
Income (loss) before
  minority interest            1,218,816       (190,596)

Minority interest's
  share of Sabal Palm's
  net (income) loss             (570,328)        52,820
                               ---------      ---------

Net income (loss)              $ 648,488      $(137,776)
                               =========      =========

Net income (loss) allocated
  to the General Partners      $   6,485      $  (1,377)
                               =========      =========

Net income (loss) allocated
  to the Limited Partners      $ 642,003      $(136,399)
                               =========      =========
Net income (loss) per
  Limited Partnership
  Interest (9,914.5 units
  outstanding)                 $   64.75      $  (13.76)
                               =========      =========

         See 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, 2005 and 2004

(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 (which was sold in December
2005).


   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 in liquidation  as  of
December 31, 2005.

   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 owned the Sabal Palm Shopping Center,  prior  to
its sale in December 2005. The accompanying financial statements
have  consolidated  100% of the assets, liabilities,  operations
and partners' capital of Sabal Palm Joint Venture.  The minority
interest 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.

   On  December  7, 2005, the joint venture sold the  Sabal  Palm
property  for  a  gross  sales price of  $4,350,000.   The  joint
venture received net sales proceeds, after repayment of the first
mortgage,  of approximately $1,601,000 and recognized a  gain  on
the  sale of $1,189,925.  Under the terms of the transaction, the
joint  venture was able to bill and retain the 2005  common  area
maintenance reimbursements.  Accordingly, in late December  2005,
the  joint  venture  billed the Sabal Palm tenants  approximately
$75,000 for its common area reimbursement.  The joint venture  is
making every effort to collect the remaining receivables from the
Sabal Palm tenants.

   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.

   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
$53,038 at December 31, 2005 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, 2005, 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, 2005.

   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 2005 and
2004.

   Variable Interest Entities

     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" (as defined).  The adoption of FIN 46 has  not
had   a   significant  impact  on  the  Partnership's   financial
statements.

   Liabilities and Equity Characteristics

   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  entity  classifies and measures certain financial instruments
with  characteristics  of  both  liabilities  and  equity.    The
adoption  of  SFAS 150 has not had a significant  impact  on  the
Partnership's financial statements.

   Recent Accounting Pronouncements

   During  2005, FASB issued Interpretation No. 47,  "Accounting
for  Conditional Asset Retirement Obligations" ("FIN 47")  which
is effective for the Partnership's year ended December 31, 2005.
FIN  47  is  an interpretation of FASB Statement No. 143  "Asset
Retirement  Obligations.  Under this standard,  a  company  must
record a liability for a conditional asset retirement obligation
if the fair value of the obligation can be reasonably estimated.
The  adoption  of FIN 47 did not have a material effect  on  the
Partnership's consolidated financial statements.

   SFAS  No.  153, "Exchanges of Nonmonetary Assets-an amendment
of  APB  Opinion 29" issued by FASB in December 2004,  generally
requires exchanges of productive assets to be accounted  for  at
fair  value  rather than carryover basis unless the transactions
lack  commercial  substance.  SFAS  No.  153  is  effective  for
nonmonetary   asset  exchanges  occurring  in   fiscal   periods
beginning  after June 15, 2005.  The adoption of this  statement
is   not   anticipated  to  have  a  material  impact   on   the
Partnership's financial position or results of operations.

   In  May  2005,  SFAS No. 154, "Accounting Changes  and  Error
Corrections"  was  issued by FASB.  SFAS No.  154  replaces  APB
Opinion  No. 20, "Accounting Changes" and SFAS No. 3, "Reporting
Accounting  Changes  in  Interim  Financial  Statements."   This
statement  requires voluntary changes in accounting policies  to
be  accounted  for  retrospectively with  prior  periods  to  be
restated  as if the newly adopted policy had always  been  used.
The  provisions  of SFAS No. 154 could have an impact  on  prior
year  financial statements if the Partnership has  a  change  in
accounting policy.

   In  June 2005, FASB ratified its consensus in EITF Issue  04-
05,  "Determining  Whether a General  Partner,  or  the  General
Partners  as a Group, Controls a Limited Partnership or  Similar
Entity When the Limited Partners Have Certain Rights" (Issue 04-
05).    Issue  04-05  is  effective  for  all  new  or  modified
partnerships  after June 29, 2005 and for all  new  partnerships
after  December 31, 2005.  The adoption of Issue 04-05  did  not
have an 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, 2005 equaled $18,018,135.


(4)  MORTGAGE NOTES PAYABLE

Sabal Palm Square Shopping Center

  Prior to its sale, Sabal Palm Square Shopping Center served  as
collateral under its respective limited recourse debt obligation.

  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  AmSouth  loan bore interest at LIBOR plus  2.85%  and  was
payable  interest  only  monthly until  maturity  (May  3,  2005,
extended  to February 3, 2006) at which time all unpaid  interest
and  principal was to be due.  The loan was 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 each guaranteed the repayment of 50%  of  the
joint  venture  obligations  under the  loan  documents  and  the
manager  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 was contemplating making in order to facilitate the  sale
of the property.

  Due  to  the fact that damage caused by the hurricanes in  2004
was  being repaired in the first and second quarter of 2005,  the
joint venture did not believe it would be able to repay the  loan
in May 2005.  Therefore, the joint venture requested an extension
of  the mortgage loan.  On April 13, 2005, the joint venture  and
the lender agreed to terms for a nine-month extension of the then
current  mortgage  note.   The lender  required  that  the  joint
venture  make  a principal reduction in the amount  of  $400,000,
which the lender agreed to allow for this payment to be made from
the  cash  deposit held by the lender.  Additionally,  the  joint
venture  was  required to pay an extension fee in the  amount  of
$5,000.  Further, as part of the extension, the lender agreed  to
release the unencumbered liquid asset requirement of the mortgage
loan.  All other terms and conditions remained the same.

   On  December  7, 2005, the joint venture sold the  Sabal  Palm
property  for  a  gross  sales price of  $4,350,000.   The  joint
venture received net sales proceeds, after repayment of the first
mortgage,  of approximately $1,601,000 and recognized a  gain  on
the  sale of $1,189,925.  Under the terms of the transaction, the
joint  venture was able to bill and retain the 2005  common  area
maintenance reimbursements.  Accordingly, in late December  2005,
the  joint  venture  billed the Sabal Palm tenants  approximately
$75,000 for its common area reimbursement.  The joint venture  is
making every effort to collect the remaining receivables from the
Sabal Palm tenants.


(5)  TRANSACTIONS WITH AFFILIATES

  Fees  and  other  expenses  paid or  payable  to  the  General
Partners  or  their affiliates for the years ended December  31,
2005 and 2004 were as follows:

                            2005           2004
                          -------        -------
  Management fees         $37,411        $30,293
  Reimbursable office
     expenses              96,600         88,309

  As of December 31, 2005, the Partnership had made all payments
to affiliates, except for management fees of $593.

(6)  COMMITMENTS AND CONTINGENCIES

   In  late  February 2006, the Internal Revenue Service informed
the  Partnership  that  it was being assessed  penalties  in  the
amount  of $188,800 for late filing and failure to electronically
file  its  2004  partnership tax return.   The  Partnership  out-
sourced  these activities to a third party vendor.   This  vendor
had  successfully  completed the Partnership's 2003  tax  filings
and,  prior to the notice from the Internal Revenue Service,  the
Partnership believed that the vendor had also successfully  filed
its  2004  tax  returns.   The  Partnership  has  appealed  these
penalties.   The Partnership believes its appeal will be  granted
and  the  penalties ultimately waived or reduced and accordingly,
no   provision  has  been  made  in  the  accompanying  financial
statements for such penalties, however, the Partnership  has  not
received  any  further correspondence from the  Internal  Revenue
Service.




                         EXHIBIT INDEX


Exhibit (21)           Subsidiaries of the Registrant












                           Exhibit 21


Name of Subsidiary                  State of Formation

Brauvin Sabal Palm Joint Venture          Florida