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, 2000

                                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 preceding 12
months (or for such shorter period that the registrant was required
to file such reports), and (2) has been subject to such filling
requirements for the past 90 days. Yes X   No   .

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

State issuer's revenues for its most recent fiscal year $1,374,130.

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.

<PAGE>

                 BRAUVIN REAL ESTATE FUND L.P. 5
                  2000 FORM 10-KSB ANNUAL REPORT
                              INDEX

                              PART I
                                                                   Page

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

Item 2. Description of Properties. . . . . . . . . . . . . . . . . . 6

Item 3. Legal Proceedings. . . . . . . . . . . . . . . . . . . . . .14

Item 4. Submission of Matters to a Vote of Security
        Holders. . . . . . . . . . . . . . . . . . . . . . . . . . .14

                             PART II
Item 5. Market for the Issuer's Limited Partnership
        Interests and Related Security Holder Matters. . . . . . . .15

Item 6. Management's Discussion and Analysis or Plan
        of Operation . . . . . . . . . . . . . . . . . . . . . . . .15

Item 7. Consolidated Financial Statements and
        Supplementary Data . . . . . . . . . . . . . . . . . . . . .25

Item 8. Changes in and Disagreements with Accountants on
        Accounting and Financial Disclosure. . . . . . . . . . . . .25

                             PART III
Item 9. Directors, Executive Officers, Promoters and
        Control Persons; Compliance with Section 16(a)
        of the Exchange Act. . . . . . . . . . . . . . . . . . . . .26

Item 10.Executive Compensation . . . . . . . . . . . . . . . . . . .28

Item 11.Security Ownership of Certain Beneficial Owners
        and Management . . . . . . . . . . . . . . . . . . . . . . .28

Item 12.Certain Relationships and Related Transactions . . . . . . .29

Item 13.Exhibits, Consolidated Financial Statements and
        Reports on Form 8-K. . . . . . . . . . . . . . . . . . . . .30

Signatures . . . . . . . . . . . . . . . . . . . . . . . . . . . . .31

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

                              PART I

Item 1. Description of Business.

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

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

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

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

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

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

   On December 10, 1998, the Partnership received notice that an
unsolicited tender offer to purchase up to 25% of the outstanding
limited partnership interests of the Partnership (the "Units") was
to commence with a tender price of $80 per Unit.  The offer was
being made, in part, by an entity that owned a nominal economic
interest in the Partnership and  terminated on January 15, 1999.
As a result of this unsolicited tender offer approximately 609
economic interests in the Partnership were transferred.

   On May 12, 1999, the Partnership received notice that an
unsolicited tender offer to purchase up to approximately 25% of the
outstanding Units was to commence with a tender price of $170 per
Unit.  The offer was made, in part, by an entity that owned a
nominal economic interest in the Partnership and expired on June
25, 1999.  As a result of this unsolicited tender offer
approximately 777 economic interests in the Partnership were
transferred.

   The General Partners remained neutral as to the particular
merits or risks associated with these tender offers.  The General
Partners cautioned that the ultimate amount actually received by
each Limited Partner will be affected by items including, but not
limited to, the timing of the liquidation of the assets, changes in
market conditions, necessary Partnership reserves and the sales
prices that can be negotiated.

   The General Partners further informed the Limited Partners
that, for those investors who were primarily interested in
liquidating their Units immediately, the tender offers provided
such an opportunity.

   The Partnership has no employees.

Market Conditions/Competition

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

   Market conditions have weakened in several markets resulting in
lower cash flows than were originally anticipated.  The Partnership
strives to maximize economic occupancy and, as such, must adjust
rents to attract and retain tenants.  One measure of a market's
relative strength or weakness is the current rental rate demanded
by non-anchor tenants.  These rates are for tenants who generally
sign leases of three to five years and are an indicator of the
"spot" rental market.  The average rental rates for non-anchor
tenants at Sabal Palm in Palm Bay, Florida have decreased from
approximately $10.88 per square foot in 1995 to approximately $8.48
per square foot in 2000.  Similarly, the average rental rates for
non-anchor tenants at Strawberry Fields in West Palm Beach, Florida
have decreased from approximately $12.21 per square foot in 1993 to
approximately $6.91 per square foot in 2000.  Non-anchor tenant
average rental rates, expressed per square foot per year, have
increased at the Crown Point property located in Kingsport,
Tennessee, from approximately $8.90 per square foot in 1993 to
approximately $10.26 per square foot in 2000.  However, the
Partnership has not benefitted greatly from that increase due to
the existence of several leases that were negotiated in prior
years.

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

Item 2. Description of Properties.

   The following is a discussion of the rental properties owned
and operated by the Partnership.  For the purpose of the
information disclosed in this section, the following terms are
defined as follows:

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

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

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

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

   During the year ended December 31, 2000, the Partnership owned
the properties described below:

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

   On September 12, 1985, the Partnership acquired Crown Point, an
approximately 71,500 square foot shopping center located in
Kingsport, Sullivan County, Tennessee.  Crown Point is composed of
a main building, constructed in two phases, and two out parcel
buildings of approximately 6,500 square feet.  Phase I of Crown
Point and one out parcel building were completed in 1984.  Phase II
of Crown Point and the other out parcel building were completed in
1985.  The anchor tenant is a Food City grocery.  Burger King, a
division of Grand Metropolitan PLC, is located in one of the out
parcel buildings which is also owned by the Partnership.  Crown
Point was 84% occupied at December 31, 2000.

   The Partnership purchased Crown Point for $5,341,696 consisting
of approximately $1,775,000 paid in cash at closing and the balance
by assuming an existing first mortgage loan of $3,566,696.  The
lender provided the first mortgage loan through the sale of tax-
exempt bonds.  The loan had a 30-year term and bore interest at the
rate of 9.69% per annum.  On December 28, 1995, the loan balance
was paid in full when the Crown Point property was refinanced with
NationsBanc Mortgage Capital Corporation.  The refinancing resulted
in a $3,275,000 non-recourse loan with a fixed interest rate of
7.55%.  The outstanding mortgage balance encumbered by the property
is $2,856,629 at December 31, 2000.  The outstanding mortgage
balance is currently being amortized based on a twenty year term
and has a maturity of January 1, 2003.

   The occupancy rate and average annual base rent per square foot
at December 31, 2000 and 1999 were as follows:

                             2000      1999
Occupancy Rate                84%       82%
Average Annual Base
Rent Per Square Foot         $7.96    $6.89

  Crown Point has one tenant who individually occupies ten percent
or more of the rentable square footage.  The following is a summary
of the tenant rent roll at December 31, 2000:

                           Annual    Lease
                 Square      Base   Expiration   Renewal     Nature of
Tenant            Feet       Rent      Date     Options      Business
Food City        39,652   $257,738    8/2004   5/5 yrs ea.  Food Store
Others           20,467    209,926    Various    Various
Vacant           11,333         --
                 71,452   $467,664

   The Partnership has received offers for Crown Point at prices
below the 1998 appraised value of $5.95 million and decided the
offers were unacceptable. The carrying value of this property on
December 31, 2000 is approximately $5,360,000 based on management's
best estimate of the current market for this property.  The
Partnership continues to market the properties for sale.

   The General Partners believe that the decrease in the value of
the property is the result of a significant tenant that had
occupied approximately 17% of the center and then vacated during
the end of 1999.

   In order to combat this development, the Partnership
reconfigured the vacated space into three smaller units.  One of
the units has since been leased and we are currently marketing the
other two spaces.  Once these have been released, we anticipate we
will receive more attractive offers.

(b) Strawberry Fields Shopping Center ("Strawberry Fields")

   On December 12, 1985, the Partnership and Brauvin Real Estate
Fund L.P. 4 ("BREF 4"), an affiliated public real estate limited
partnership, formed a joint venture (the "Strawberry Joint
Venture") to purchase Strawberry Fields located in West Palm Beach,
Florida for $9,875,000.  The Partnership has a 42% interest in the
joint venture which owns Strawberry Fields and BREF 4 has a 58%
interest in the joint venture which owns Strawberry Fields.  The
purchase was funded with $3,875,000 cash at closing and $6,000,000
from the proceeds of a first mortgage loan.

   In February 1993, the Strawberry Joint Venture finalized a
refinancing (the "Refinancing") of the first mortgage loan on
Strawberry Fields with the lender.

   Effective October 1, 1998, the Strawberry Joint Venture and the
Strawberry Lender agreed to modify and extend the first mortgage
loan.  As of October 1, 1998 and through the extended maturity
date, April 1, 2002, the interest rate has been reduced from 9% to
7% with principal amortization changed from a ten year period to an
eighteen year period.  The outstanding mortgage balance encumbered
by the property was $5,120,947 at December 31, 2000.

   Strawberry Fields is a neighborhood retail development
constructed on an 11.87 acre site in 1985.  Strawberry Fields was
initially anchored by Florida Choice, a combination food, drug and
general merchandise chain.  In 1987, the Kroger Company ("Kroger")
purchased Family Mart, the original lessee, and renamed the store.
Kroger then closed the Florida Choice store in November 1988;
however, the original lease terms remained in effect and Kroger
continued to pay rent.  Although Kroger is obligated to continue to
pay rent through March 31, 2005, the Strawberry Joint Venture
located and approved a sublease for a replacement tenant, Syms, a
national discount clothing retailer, to sublease the space for the
remainder of the original lease term.  Strawberry Fields' main
building contains 103,614 square feet of retail space and is
complemented by two outparcel sites plus an older 5,400 square foot
Uniroyal tire and automotive outlet.  The outparcel sites are
leased to Taco Bell, a division of Tricon Global, and Flagler
National Bank.  Strawberry Fields was 89% occupied at December 31,
2000.

   The Partnership received three bids on Strawberry Fields during
the latter part of 1999.  After negotiation the Joint Venture
accepted the high bid of $5.43 million and entered into a contract
for sale.  However, the prospective purchaser terminated its
interest in the property during its due diligence period.
Subsequent to this deal falling away the Joint Venture received
another offer for $5.35 million.  However, although the offer
exceeded the November, 1998 appraised value of $4.8 million, the
offer, after transaction costs, was below the mortgage balance at
the time.  The Strawberry Joint Venture accepted the initial high
bid in part because the property's underlying mortgage loan was
coming due; and the Strawberry Lender indicated that it would not
extend the maturity.  However, in the second quarter of 2000, the
Strawberry Joint Venture was successful in extending the loan for
a two year period.  This extension allows the Partnership to
continue to market the property and seek a greater sales price.
This $5.35 million offer was assessed by management as an estimate
of net realizable value at December 31, 2000.

   In 2001, the Partnership received an offer to purchase
Strawberry Fields for approximately $5.6 million.  In addition, the
Partnership received notice that Syms plans to exercise its right
of first refusal for the $5.6 million sale price.

   The Partnership is currently negotiating a purchase contract
with this potential purchaser.  The Partnership anticipates that
the potential closing will be in the second quarter of 2001.

   With the exception of Kroger, all leases at Strawberry Fields
are net with each tenant paying its pro rata share of operating
expenses.  Local tenant leases and outparcel ground leases provide
for the base rent to be increased in accordance with the Consumer
Price Index.  Even though Florida Choice has vacated the space and
the space has been sublet to Syms it is still required to pay any
increases in property taxes and insurance above the level incurred
in 1986 (the first year of operation).  Syms is not required to
share in the operating expenses.

   The occupancy rate and average annual base rent per square foot
at December 31, 2000 and 1999 were as follows:

                                      2000    1999

  Occupancy Rate                       89%     91%

  Average Annual Base
    Rent Per Square Foot              $6.91  $7.42


   Strawberry Fields has one tenant which occupies ten percent or
more of the rentable square footage.  The following is a summary of
the tenant rent roll at December 31, 2000:

                                Annual              Lease
                       Square    Base   Expiration  Renewal    Nature of
Tenant                  Feet     Rent       Date    Options     Business
Florida Choice (1)
(sublet by Syms)       54,300  $380,100   3/2005   8/5 yrs ea.  Discount
                                                                Clothing
Others                 45,756   315,955   Various    Various
Vacant                 12,358        --
                      112,414  $696,055

  (1) Includes Syms and Florida Choice base rent.

(c)Sabal Palm Square ("Sabal Palm")

   On October 31, 1986, the Partnership and 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 from an
unaffiliated lender.  The loan was payable with interest only at
9.5% per annum until February 1992 and then required payments of
principal and interest based on a 30-year amortization schedule.

   Sabal Palm was required to make a balloon mortgage payment in
February 1997. Prior to the scheduled maturity, the lender granted
Sabal Palm an extension until April 1, 1997.  On March 31, 1997,
Sabal Palm obtained a first mortgage loan in the amount of
$3,200,000 (the "First Mortgage Loan"), secured by its real estate,
from NationsBanc Mortgage Capital Corporation.  The First Mortgage
Loan bears interest at the rate of 8.93% per annum, is amortized
over a 25-year period, requires monthly payments of principal and
interest of approximately $26,700 and matures on March 26, 2002.
A portion of the proceeds of the First Mortgage Loan, approximately
$3,077,000, was used to retire Sabal Palm's existing mortgage from
Lincoln National Pension Insurance Company.  The outstanding
mortgage balance encumbered by the property was $3,068,630 at
December 31, 2000.

   The Partnership consolidated the Sabal Palm Joint Venture and
has recorded a minority interest balance to recognize the 47%
interest of BREF 4.

   Sabal Palm is a neighborhood shopping center consisting of
approximately 89,000 square feet of retail space situated on
approximately 9.7 acres of land.  Sabal Palm was constructed in
1985 and is anchored by a Winn Dixie food store and Walgreens.
Winn Dixie completed an approximately 6,500 square foot expansion
in the fourth quarter of 1992.  Sabal Palm has several outparcels,
which are not owned by the Partnership, but which add to the
center's appearance and customer activity.  Sabal Palm had an 86%
economic occupancy at December 31, 2000.

   In the first quarter of 1998, the Partnership became aware that
both Winn-Dixie and Walgreens may vacate their respective spaces at
Sabal Palm prior to their lease termination dates.  In the second
quarter of 1998, Winn-Dixie vacated its space at the center.  Winn-
Dixie remains liable for rental payments under its lease at Sabal
Palm until April 2005.

   On August 7, 2000, Sabal Palm was given official notice that
Walgreens will vacate the space prior to their lease termination of
April 30, 2025.  The General Partners are working to determine the
most beneficial steps to be taken by the Partnership.

   The occupancy rate and average annual base rent per square foot
at December 31, 2000 and 1999 were as follows:

                                     2000            1999
 Occupancy Rate                       86%             81%

 Average Annual Base
    Rent Per Square Foot             $5.11          $6.43


   Sabal Palm has two tenants which individually occupy ten
percent or more of the rentable square footage.  The following is
a summary of the tenant rent roll at December 31, 2000:

                   Annual      Lease
                   Square       Base   Expiration   Renewal    Nature of
Tenant              Feet        Rent       Date     Options     Business
Winn-Dixie         41,983    $142,404    4/2005    5/5 yrs ea.  Food Store
Walgreens          13,000      81,252    4/2025    2/5 yrs ea.  Drug Store
Others             21,925     185,846    Various    Various
Vacant             12,025          --
                   88,933    $409,502

   In total, Sabal Palm has received six offers on the property
from unaffiliated parties ranging in price from $2.5 million to
$3.4 million.  After negotiation Sabal Palm accepted the highest
offer and completed negotiating the sale contract in June 2000.
The buyer had a 60 day due diligence period.  The buyer terminated
the contract within the due diligence period.

   In September 2000, Sabal Palm completed negotiating a new
contract for the sale of the property.  The new sale price is
$3,360,000.  The $3.36 million proposed sales price exceeded the
November, 1998 appraised value of $3.25 million.  The potential
purchaser had a 60 day due diligence period.  This buyer also
terminated the contract within the due diligence period.  This
$3.36 million offer was assessed by management as an estimate of
net realizable value on December 31, 2000.

   As a result of the two dark anchor spaces representing more
than 55,000 square feet of space or 62% of the property this center
has proved very difficult to sell.  The Partnership is continuing
to market this property for sale.  In addition, the Partnership is
reviewing a number of potential possibilities to sublease either or
both of the dark anchors.  However, Winn-Dixie and Walgreens have
been selective in their review of potential subtenants so as to
restrict potential competition.

   The Partnership's management determined that the events and
changes in circumstances did not indicate a change in the carrying
value of the asset.

Risks of Ownership

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

Item 3.    Legal Proceedings.

  None.

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

  None.

<PAGE>

                             PART II

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

   At December 31, 2000, there were approximately 700 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 2000
and 1999.

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.

Year 2000

   The "Year 2000" problem concerns the inability of computer
technology systems to correctly identify and process date sensitive
information beyond December 31, 1999. Many computers  automatically
add the "19" prefix to the last two digits the computer reads for
the year when date information is needed in computer software
programs.  Thus when a date beginning on January 1, 2000 is entered
into a computer, the computer may interpret this date as the year
"1900" rather than "2000".

   The computer information technology systems which support the
Partnership consists of a network of personal computers linked to
a server built using hardware and software from mainstream
suppliers.  These systems do not have equipment that contains
embedded microprocessors, which may also pose a potential Year 2000
problem.  Additionally, there is no internally generated software
coding to correct as all of the software is purchased and licensed
from external providers.

   The Partnership utilizes two main software packages that
contain date sensitive information, (i) accounting and (ii)
investor relations.  In 1997, a program was initiated and completed
to convert from the existing accounting software to a new software
program that is Year 2000 compliant.  In 1998, the investor
relations software was also updated to a new software program that
is Year 2000 compliant.  All costs associated with these
conversions were expensed by the Partnership as incurred, and were
not material.  Management does not believe that any further
expenditures will be necessary for the systems to be Year 2000
compliant.  However, additional personal computers may be purchased
from time to time to replace existing machines.

   Also in 1997, management of the Partnership initiated formal
communications with all of its significant third party vendors,
service providers and financial institutions to determine the
extent to which the Partnership is vulnerable to those third
parties failure to remedy their own Year 2000 issue.  There can be
no guarantee that the systems of these third parties were converted
and will not have an adverse effect on the Partnership.

   The Partnership has not experienced any material adverse impact
on its operations or its relationships with tenants, vendors or
others.

Liquidity and Capital Resources

   The Partnership intends to satisfy its short-term liquidity
needs through cash flow from the properties.  Mortgage notes
payable are expected to be satisfied through property sales.

   The anchor tenant at Crown Point is Food City.  The overall
occupancy level at Crown Point was 84% at December 31, 2000 and 82%
at December 31, 1999.

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

   The Partnership has received offers for the Crown Point
property, at prices below the 1998 appraised value of $5.95 million
and decided the offers were unacceptable.   The carrying value of
this property on December 31, 2000 is approximately $5,360,000
based on management's best estimate of the current market for this
property.  The Partnership continues to market the properties for
sale.

   The General Partners believe that a contributing factor in the
below appraised value offers, that the Partnership has received, is
that a significant tenant that occupied approximately 17% of the
center vacated during the end of 1999.  The General Partners
believe this drop in occupancy is reflected in the two offers
received.

   In order to combat this development, the Partnership
reconfigured the vacated space into three smaller units.  One of
the units has since been leased and we are currently marketing the
other two spaces.  Once these have been released, we anticipate we
will receive more attractive offers.

   The Strawberry Joint Venture secured a replacement tenant,
Syms, a national discount clothing retailer, to sublease the Kroger
space at Strawberry Fields.  Syms opened for business in October
1992 and has signed a sublease for the remainder of the original
lease term which expires March 31, 2005.  Customer traffic at
Strawberry Fields has increased with the draw of Syms, making
vacant space more marketable.  The Strawberry Joint Venture is
aggressively marketing the property having engaged a prominent
local brokerage firm to assist the Strawberry Joint Venture's on-
site leasing representative in the marketing of the shopping
center.  The occupancy rate at Strawberry Fields at December 31,
2000 was 89%, compared to 91% at December 31, 1999.

   Effective October 1, 1998, the Strawberry Joint Venture and the
Strawberry Lender agreed to modify and extend the first mortgage
loan.  As of October 1, 1998 and through the extended maturity
date, April 1, 2002, the interest rate was reduced from 9% to 7%
with principal amortization changed from a ten year period to an
eighteen year period.

   In the second and fourth quarters of 1998, the Partnership
recorded an impairment of $1,564,101 and $504,935, respectively,
related to other than temporary declines in the value of real
estate for the Strawberry Fields property.  These impairments were
allocated to land and building based on the original acquisition
percentages.

   The Partnership received three bids on Strawberry Fields during
the latter part of 1999.  After negotiation the Joint Venture
accepted the high bid of $5.43 million and entered into a contract
for sale.  However, the prospective purchaser terminated its
interest in the property during its due diligence period.
Subsequent to this deal falling away the Joint Venture received
another offer for $5.35 million.  However, although the offer
exceeded the November, 1998 appraised value of $4.8 million, the
offer, after transaction costs, was below the mortgage balance at
the time.  The Strawberry Joint Venture accepted the initial high
bid in part because the property's underlying mortgage loan was
coming due; and the Strawberry Lender indicated that it would not
extend the maturity.  However, in the second quarter of 2000, the
Strawberry Joint Venture was successful in extending the loan for
a two year period.  This extension allows the Partnership to
continue to market the property and seek a greater sales price.
This $5.35 million offer was assessed by management as an estimate
of net realizable value at December 31, 2000.

   In 2001, the Partnership received an offer to purchase
Strawberry Fields for approximately $5.6 million.  In addition, the
Partnership received notice that Syms plans to exercise its right
of first refusal for the $5.6 million sale price.

   The Partnership is currently negotiating a purchase contract
with this potential purchaser.  The Partnership anticipates that
the potential closing will be in the second quarter of 2001.

   Sabal Palm was required to make a balloon mortgage payment in
February 1997. Prior to the scheduled maturity of the First
Mortgage Loan, the lender granted Sabal Palm an extension until
April 1, 1997.  On June 30, 1997, Sabal Palm obtained a first
mortgage loan in the amount of $3,200,000 (the "First Mortgage
Loan") secured by its real estate, from NationsBanc Mortgage
Capital Corporation.  The First Mortgage Loan bears interest at the
rate of 8.93% per annum, is amortized over a 25-year period,
requires monthly payments of principal and interest of
approximately $26,700 and matures on March 26, 2002.  A portion of
the proceeds of the First Mortgage Loan, approximately $3,077,000
was used to retire Sabal Palm's existing mortgage from Lincoln
National Pension Insurance Company.

   In the first quarter of 1998, the Partnership became aware that
both Winn-Dixie and Walgreens may vacate their respective spaces at
Sabal Palm prior to their lease termination dates.  In the second
quarter of 1998, Winn-Dixie vacated its space at the center.  Winn-
Dixie remains liable for rental payments under its lease at Sabal
Palm until April 2005.

   On August 7, 2000 Sabal Palm was given official notice that
Walgreens will vacate the space prior to their lease termination of
April 30, 2025.  The General Partners are working to determine the
most beneficial steps to be taken by the Partnership.

   In the fourth quarter of 1998, Sabal Palm recorded an
impairment of $1,499,958 related to an other than temporary decline
in the value of real estate for Sabal Palm.  This impairment has
been allocated to the land and building based on the original
acquisition percentages.

   In total, Sabal Palm has received six offers on the property
from unaffiliated parties ranging in price from $2.5 million to
$3.4 million.  After negotiation Sabal Palm accepted the highest
offer and completed negotiating the sale contract in June 2000.
The buyer had a 60 day due diligence period.  The buyer terminated
the contract within the due diligence period.

   In September 2000, Sabal Palm completed negotiating a new
contract for the sale of the property.  The new sale price is
$3,360,000.  The $3.36 million proposed sales price exceeded the
November, 1998 appraised value of $3.25 million.  The potential
purchaser had a 60 day due diligence period.  This buyer also
terminated the contract within the due diligence period.  This
$3.36 million offer was assessed by management as an estimate of
net realizable value on December 31, 2000.

   As a result of the two dark anchor spaces representing more
than 55,000 square feet of space or 62% of the property this center
has proved very difficult to sell.  The Partnership is continuing
to market this property for sale.  In addition, the Partnership is
reviewing a number of potential possibilities to sublease either or
both of the dark anchors.  However, Winn-Dixie and Walgreens have
been selective in their review of potential subtenants so as to
restrict potential competition.

   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 is assisting the General Partners in
determining the appropriate method and timing for the disposition
of the Partnership's assets.

   On December 10, 1998, the Partnership received notice that an
unsolicited tender offer to purchase up to 25% of the outstanding
Units was to commence with a tender price of $80 per Unit.  The
offer was made, in part, by an entity that owned a nominal economic
interest in the Partnership and terminated on January 15, 1999.  As
a result of this unsolicited tender offer approximately 609
economic interests in the Partnership were transferred.

   On May 12, 1999, the Partnership received notice that an
unsolicited tender offer to purchase up to approximately 25% of the
outstanding Units was to commence with a tender price of $170 per
Unit.  The offer was made, in part, by an entity that owned a
nominal economic interest in the Partnership and was scheduled to
expired on June 25, 1999.  As a result of this unsolicited tender
offer approximately 777 economic interests in the Partnership were
transferred.

   The General Partners remained neutral as to the particular
merits or risks associated with these tender offers. The General
Partners believed an informed determination of the true value of
the Units could be made after the receipt of the appraisals.  The
General Partners cautioned that the ultimate amount actually
received by each Limited Partner will be affected by items
including, but not limited to, the timing of the liquidation of the
assets, changes in market conditions, necessary Partnership
reserves and the sales prices that can be negotiated.

   The General Partners further informed the Limited Partners
that, for those investors who are primarily interested in
liquidating their Units immediately, the tender offers provided
such an opportunity.

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

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

   To date over 250 potential purchasers have been contacted
regarding the sale of the properties.  Of those contacted,
approximately 120 potential buyers have registered to receive
packages on one or more of the properties.  In addition, the
properties are listed on the Internet at Loopnet.com, the largest
commercial real estate website in the nation.

   As a result of this  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 accounting
principles generally accepted in the United States of America, the
Partnership's financial statements for periods subsequent to July
12, 1999 have been prepared on a liquidation basis.  Accordingly,
the carrying value of the assets is presented at estimated net
realizable amounts and all liabilities are presented at estimated
settlement amounts, including estimated costs associated with
carrying out the liquidation.  Preparation of the financial
statements on a liquidation basis requires significant assumptions
by management, including the estimate of liquidation costs and the
resolution of any contingent liabilities.  There may be differences
between the assumptions and the actual results because events and
circumstances frequently do not occur as expected.  Those
differences, if any, could result in a change in the net assets
recorded in the statement of net assets as of December 31, 2000.

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

Results of Operations

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

   These conditions have generally adversely impacted the
Partnership's property economics.  Rental and occupancy rates have
generally improved over the past year at all remaining properties;
however, they remain below where they were when the properties were
acquired.

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

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

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

Results of Operations for the year ended December 31, 2000
(Liquidation Basis) and the period January 1, 1999 thru July 12,
1999 (Going Concern Basis) and July 13, 1999 thru December 31, 1999
(Liquidation Basis)

   As a result of the Partnership's adoption of the liquidation
basis of accounting, and in accordance with accounting principles
generally accepted in the United States of America, the
Partnership's financial statements for periods subsequent to July
12, 1999 have been prepared on a liquidation basis.

   Prior to the adoption of the liquidation basis of accounting,
the Partnership recorded rental income on a straight line basis
over the life of the related leases.  Differences between rental
income earned and amounts due per the respective lease agreements
were credited or charged, as applicable, to deferred rent
receivable.  Upon adoption of the liquidation basis of accounting,
the Partnership wrote off the remaining deferred rent receivable
and ceased recording credits or charges to rental income to reflect
straight lining of the related leases.

   Prior to the adoption of the liquidation basis of accounting
depreciation was recorded on a straight line basis over the
estimated economic lives of the properties.  Upon the adoption of
the liquidation basis of accounting, real estate held for sale was
adjusted to estimated net realizable value and no depreciation
expense has been recorded.

   The Partnership generated net income of $364,000 for the year
ended December 31, 2000 as compared to a net loss of $203,000 for
the same period in 1999.  The $567,000 increase in net income is
primarily a result of the adoption of the liquidation basis of
accounting in 1999.

   Total income for the year ended December 31, 2000 was
$1,374,000 as compared to $1,439,000 for the same period in 1999.
The $65,000 decrease in total income was primarily a result of a
$121,000 decrease in rental income.  Rental income decreased
primarily as a result of a decline in average occupancy at Sabal
Palm Shopping Center.

   Total expenses for the year ended December 31, 2000 were
$1,055,000 as compared to $1,421,000 for the same period in 1999.
The $366,000 decrease in total expense was primarily a result of
the cessation of depreciation expense in 1999 as a result of the
adoption of the liquidation basis of accounting.  Additionally,
contributing to the decline in expenses was a decline of $93,000 in
repairs and maintenance primarily relating to a 1999 project to
improve the appearance of the Crown Point Shopping Center.
Further, general and administrative expenses declined $107,000
between the periods primarily as a result of a decline in bad debt
expense.

Results of Operations for the period January 1, 1999 to July 12,
1999 (Going Concern Basis) and July 13, 1999 thru December 31, 1999
(Liquidation Basis)

   As discussed above the Partnership adopted the liquidation
basis of accounting, and in accordance with accounting principles
generally accepted in the United States of America, the
Partnership's financial statements for periods subsequent to July
12, 1999 have been prepared on a liquidation basis.

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.


<PAGE>

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

   MR. JAMES L. BRAULT (age 40) is a vice president and secretary
and is responsible for the overall operations of the Corporate
General Partner and other affiliates of the Corporate General
Partner.  He is an officer of various Brauvin entities which act as
the general partners of four other publicly registered real estate
programs.  Mr. Brault is executive vice president and assistant
secretary and is responsible for the overall operations of Brauvin
Management Company.  He is also an executive vice president and
secretary of Brauvin Net Lease V, Inc.  He is a manager of Brauvin
Real Estate Funds, L.L.C., Brauvin Capital Trust, L.L.C. and
BA/Brauvin L.L.C.  He is the president of Brauvin Capital Trust,
Inc.  Prior to joining the Brauvin organization in May 1989, he was
a Vice President of the Commercial Real Estate Division of the First
National Bank of Chicago ("First Chicago"), based in their
Washington, D.C. office.  Mr. Brault joined First Chicago in 1983
and his responsibilities included the origination and management of
commercial real estate loans, as well as the direct management of
a loan portfolio in excess of $150 million.  Mr. Brault received a
B.A. in Economics from Williams College, Williamstown, Massachusetts
in 1983 and an M.B.A. in Finance and Investments from George
Washington University, Washington, D.C. in 1987.  Mr. Brault is the
son of Mr. Jerome J. Brault.

   MR. THOMAS E. MURPHY (age 34) is the treasurer and chief
financial officer of the Corporate General Partner and other
affiliates of the Corporate General Partner.  He is the chief
financial officer of various Brauvin entities which act as the
general partners of four other publicly registered real estate
programs.  Mr. Murphy is also the chief financial officer of Brauvin
Management Company, Brauvin Financial, Inc., Brauvin Securities,
Inc. and Brauvin Net Lease V, Inc.  He is the treasurer, chief
financial officer and secretary of Brauvin Capital Trust, Inc. He
is responsible for the Partnership's accounting and financial
reporting to regulatory agencies.  He joined the Brauvin
organization in July 1994.  Prior to joining the Brauvin
organization he was in the accounting department of Zell/Merrill
Lynch and First Capital Real Estate Funds where he was responsible
for the preparation of the accounting and financial reporting for
several real estate limited partnerships and corporations.  Mr.
Murphy received a B.S. in Accounting from Northern Illinois
University in 1988.  Mr. Murphy is a Certified Public Accountant and
is a member of the Illinois Certified Public Accountants Society.

Item 10.  Executive Compensation.

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

   The General Partners received a share of Partnership income or
loss for 2000 and 1999.

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

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

  (c - h)         Not applicable.

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

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

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

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

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

Item 12. Certain Relationships and Related Transactions.

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

   As a precondition to the financing at Crown Point, the lender
required that ownership of the property reside in a single purpose
entity ("SPE").  To accommodate the lender's requirements, ownership
of the property was transferred in 1995 to the SPE, Brauvin/Crown
Point L.P., which is owned 99% by the Partnership and 1% by an
affiliate of the General Partners.  Distributions of Brauvin/Crown
Point L.P. are subordinated to the Partnership which effectively
precludes any distributions from the SPE to affiliates of the
General Partners.  The creation of Brauvin/Crown Point L.P. did not
affect the Partnership's economic ownership of the Crown Point
property.  Furthermore, this change in ownership structure had no
material effect on the financial statements of the Partnership.

   (c) Not applicable.

   (d) There have been no transactions with promoters.

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

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

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

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

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

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

  (c)   Form 8-K. None.

  (d)   An annual report for the fiscal year 2000 will be sent
        to the Limited Partners subsequent to this filing.


<PAGE>

                           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 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: May 9, 2001

<PAGE>

           INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

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

Consolidated Statement of Net Assets in Liquidation
as of December 31, 2000 (Liquidation Basis) . . . . . . . . F-3

Consolidated Statement of Changes in Net Assets
in Liquidation for the year ended
December 31, 2000  (Liquidation Basis)  . . . . . . . . . . F-4

Consolidated Statements of Operations for the year ended
December 31, 2000 (Liquidation Basis), the period
July 13, 1999 to December 31, 1999 (Liquidation Basis),
and the period January 1, 1999 to July 12, 1999
(Going Concern Basis) . . . . . . . . . . . . . . . . . . . F-5

Notes to Consolidated Financial Statements  . . . . . . . . F-6

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


<PAGE>

                  INDEPENDENT AUDITORS' REPORT

To the 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, 2000, and
for the years ended December 31, 2000 and 1999 as listed in the
index to consolidated financial statements.  These consolidated
financial statements are the responsibility of the Partnership's
management.  Our responsibility is to express an opinion on these
consolidated financial statements based on our audits.

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

In our opinion, such consolidated financial statements present
fairly, in all material respects, the financial position of Brauvin
Real Estate Fund L.P. 5 and subsidiary at December 31, 2000, and
the results of their operations for the years ended December 31,
2000 and 1999 in conformity with accounting principles generally
accepted in the United States of America.

/s/ Deloitte & Touche LLP


Chicago, Illinois
April 23, 2001

<PAGE>


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

   CONSOLIDATED STATEMENT OF NET ASSETS IN LIQUIDATION AS OF
                       DECEMBER 31, 2000

ASSETS
Real estate held for sale                              $ 8,509,850
Cash and cash equivalents                                  820,715
Tenant receivables                                          58,347
Escrow deposits                                            265,244
Other assets                                                15,455

  Total Assets                                           9,669,611

LIABILITIES
Mortgage notes payable (Note 4)                          5,925,259
Accounts payable and accrued expenses                      121,239
Deferred gain on sale of real estate (Note 2)            1,202,185
Reserve for estimated costs during
  the period of liquidation (Note 2)                       190,315
Tenant security deposits                                    29,032
Due to affiliates                                            6,210

  Total Liabilities                                      7,474,240

MINORITY INTEREST IN
  SABAL PALM JOINT VENTURE                                  88,041

SHARE OF ACCUMULATED LOSSES IN EXCESS
OF INVESTMENT IN STRAWBERRY FIELDS
  JOINT VENTURE                                            198,580

Net Assets in Liquidation                              $ 1,908,750






  See accompanying notes to consolidated financial statements.

<PAGE>

 CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS IN LIQUIDATION
(LIQUIDATION BASIS) FOR THE YEAR ENDED DECEMBER 31, 2000 AND THE
           PERIOD JULY 13, 1999 TO DECEMBER 31, 1999



Net assets at July 13, 1999                               $1,735,426

Income from operations                                       110,345

Adjustment to liquidation basis                             (300,940)

Net assets in liquidation at January 1, 2000               1,544,831

Income from operations                                       363,919

Net assets in liquidation at December 31, 2000            $1,908,750











  See accompanying notes to consolidated financial statements.

<PAGE>


             CONSOLIDATED STATEMENTS OF OPERATIONS

                          (Liquidation     (Liquidation       (Going
                             Basis)            Basis)      Concern Basis)
                           year ended      July 13, 1999       January 1
                          December 31,          to         1999 to July 12
                               2000      December 31, 1999      1999
INCOME
Rental                      $ 1,119,627      $ 461,736        $ 779,347
Interest                         47,294         15,776           18,798
Other, primarily expense
  reimbursements                207,209         49,064          114,607
       Total income           1,374,130        526,576          912,752
EXPENSES
Interest                        499,393        212,347          314,526
Depreciation and
  amortization                       --             --          135,993
Real estate taxes               134,613         54,211           80,432
Repairs and maintenance          29,346         65,400           56,974
Management fees (Note 5)         87,995         34,308           49,425
Other property operating         77,703         31,432           52,441
General and administrative      225,917        100,294          232,884
       Total expenses         1,054,967        497,992          922,675
Income(loss) before minority
  and equity interests          319,163         28,584           (9,923)
Minority interest's share of
  Sabal Palm's net
  (income) loss                 (53,144)        49,558          (26,189)
Equity interest in Strawberry
  Fields Joint Venture's
  net income                     97,900         32,203           23,937
Income (loss) before
  adjustment to liquidation
  basis                         363,919        110,345          (12,175)
Adjustment to liquidation
  basis                              --       (300,940)              --
Net income (loss)            $  363,919      $(190,595)       $ (12,175)

Net income (loss) allocated to:
  General Partners           $    3,639      $  (1,906)       $    (122)
  Limited Partners           $  360,280      $(188,689)       $ (12,053)

Net income (loss) Per Limited
  Partnership Interest
  (9,914.5 Units)            $    36.34      $  (19.03)       $   (1.22)


  See accompanying notes to consolidated financial statements.


<PAGE>

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

           NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
          For the years ended December 31, 2000 and 1999

(1)  ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

  ORGANIZATION

   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 was formed on June 28, 1985 and 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.

   The Partnership has acquired directly or through joint ventures
the land and buildings underlying Crown Point, Strawberry Fields
and Sabal Palm shopping centers.

   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

   Management's Use of Estimates

   The preparation of financial statements in conformity with
accounting principles generally accepted in the United States of
America 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 accounting principles generally accepted in the United States
of America, the Partnership's financial statements for periods
subsequent to July 12, 1999 have been prepared on a liquidation
basis.  Accordingly, the carrying value of the assets is presented
at estimated net realizable amounts and all liabilities are
presented at estimated settlement amounts, including estimated
costs associated with carrying out the liquidation.  Preparation
of the financial statements on a liquidation basis requires
significant assumptions by management, including the estimate of
liquidation costs and the resolution of any contingent liabilities.
There may be differences between the assumptions and the actual
results because events and circumstances frequently do not occur
as expected.  Those differences, if any, could result in a change
in the net assets recorded in the statement of net assets as of
December 31, 2000.

   Accounting Method

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

   Rental Income

   Prior to the preparation of the financial statements on the
liquidation basis, rental income was recognized on a straight line
basis over the life of the related leases.  Differences between
rental income earned and amounts due per the respective lease
agreements were credited or charged, as applicable, to deferred
rent receivable.

   Federal Income Taxes

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

   Consolidation of Special Purpose Entity

   The Partnership has one special purpose entity ("SPE"),
Brauvin/Crown Point L.P., which is  owned 99% by the Partnership
and 1% by an affiliate of the General Partners.  Distributions from
the SPE are subordinated to the Partnership which effectively
precludes any distributions from the SPE to affiliates of the
General Partners.  The creation of the SPE did not affect the
Partnership's economic ownership of the property.  Furthermore,
this change in ownership structure had no material effect on the
financial statements of the Partnership.

   Consolidation of Joint Venture Partnership

   The Partnership owns a 53% interest in the Sabal Palm Joint
Venture which owns Sabal Palm Shopping Center.  The accompanying
financial statements have consolidated 100% of the assets,
liabilities, operations and partners' capital of Sabal Palm Joint
Venture.  The minority interests of the consolidated joint venture
is adjusted for the respective joint venture partner's share of
income or loss and any cash contributions from or distributions to
the joint venture partner, if any.  All intercompany items and
transactions have been eliminated.

   Investment in Joint Venture Partnership

   The Partnership owns a 42% equity interest in a Strawberry
Fields Joint Venture (Note 7).  Strawberry Fields is reported as
an investment in an affiliated joint venture.  The accompanying
financial statements include the investment in Strawberry Fields
Joint Venture at estimated net realizable value using the equity
method of accounting on a liquidation basis.

   Investment in Real Estate

   Prior to the preparation of the financial statements on the
liquidation basis, 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 is 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 are subject to liens under first mortgages (see Note 4).

   The Partnership records impairment to reduce the cost basis of
real estate to its estimated fair value when the real estate is
judged to have suffered an impairment that is other than temporary.
The Partnership has performed an analysis of its long-lived assets,
and the Partnership's management determined that there were no
events or changes in circumstances that indicated that the carrying
amount of the assets may not be recoverable at December 31, 2000
(see Note 2).

   Cash and Cash Equivalents

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

   Estimated Fair Value of Financial Instruments

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

   The fair value estimates presented herein are based on
information available to management as of December 31, 2000, 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, 2000.

   Recent Accounting Pronouncements

   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 are required to be
adopted by the Partnership effective January 1, 2001.  The adoption
of SFAS 133 and SFAS 138 did not have a material impact on the
financial position, results of operations and cash flows of the
Partnership.

(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.  The net adjustment required to convert from the going
concern (historical cost) basis to the liquidation basis of
accounting was a decrease in assets of $300,940 which is included
in the December 31, 1999 statement of changes in net assets in
liquidation.  Significant changes in the carrying value of assets
and liabilities are summarized as follows:

     Increase in real estate held for sale (a)            $1,707,775
     Reduction to investment in real estate                  (12,414)
     Write-off of deferred rent receivable                    (5,984)
     Write-off of mortgage costs                             (92,227)
     Increase in deferred gain on sale
       of real estate                                     (1,707,775)
     Estimated liquidation costs                            (190,315)

     Total adjustment to liquidation basis                $ (300,940)

  (a) Net of estimated closing costs.

  In 2000, the Partnership recorded a reduction in real estate
held for sale of $423,150 net of real estate improvements of
$82,440 related to other than temporary decline in the value of
real estate for the Crown Point property.

(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
Proceeds from such sale or other disposition, as defined in the
Partnership 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, 2000 equaled $13,060,875.

(4)  MORTGAGE NOTES PAYABLE

  Mortgage notes payable at December 31, 2000 consist of the
following:

                                            Interest     Date
                                 2000        Rate        Due
Crown Point Shopping
  Center (a)                $2,856,629       7.55%      1/03
Sabal Palm Square
  Shopping Center (b)        3,068,630       8.93%      4/02
                            $5,925,259

  Each shopping center serves as collateral under its respective
nonrecourse debt obligation.

Maturities of the mortgage notes payable are as follows:

                                 2001          $  150,124
                                 2002           3,138,251
                                 2003           2,636,884
                                               $5,925,259

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

  As a precondition to the financing, the successor lender
required that ownership of the property reside in a single purpose
entity ("SPE").  To accommodate the lender's requirements,
ownership of the property was transferred to the SPE, Brauvin/Crown
Point L.P., which is owned 99% by the Partnership and 1% by an
affiliate of the General Partners.  Distributions of Brauvin/Crown
Point L.P. are subordinated to the Partnership which effectively
precludes any distributions from the SPE to affiliates of the
General Partners.  The creation of Brauvin/Crown Point L.P. did not
affect the Partnership's economic ownership of the Crown Point
property.  Furthermore, this change in ownership structure had no
material effect on the financial statements of the Partnership.

  The carrying value of Crown Point at December 31, 2000 was
approximately $5,360,000.

  (b)  On February 19, 1987, the Partnership and its joint venture
partner obtained a first mortgage loan in the amount of $3,200,000
from an unaffiliated lender.  The loan was payable with interest
only at 9.5% per annum until February 1992 and then required
payments of principal and interest based on a 30-year amortization
schedule.  Sabal Palm was required to make a balloon mortgage
payment in February 1997.  Prior to the scheduled maturity, the
lender granted Sabal Palm an extension until April 1, 1997.

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

  In the first quarter of 1998, the Partnership became aware that
both Winn-Dixie and Walgreens may vacate their respective spaces
at Sabal Palm prior to their lease termination dates.  In the
second quarter of 1998, Winn-Dixie vacated its space at the center.
Winn-Dixie remains liable for rental payments under its lease at
Sabal Palm until April 2005.

  On August 7, 2000, the Partnership was given official notice
that Walgreens will vacate the space prior to their lease
termination of April 30, 2025. The General Partners are working to
determine the most beneficial steps to be taken by the Partnership.

  The carrying value of Sabal Palm approximated $3,150,000 at
December 31, 2000.

(5)    TRANSACTIONS WITH AFFILIATES

  Fees and other expenses paid or payable to the General Partners
or their affiliates for the years ended December 31, 2000 and 1999
were as follows:

                                 2000            1999
  Management fees               $87,995        $83,733
  Reimbursable office
     expenses                    88,173         80,126

   The Partnership believes the amounts paid to affiliates are
representative of amounts which would have been paid to independent
parties for similar services.  As of December 31, 2000, the
Partnership had made all payments to affiliates, except for
management fees of $6,210.

(6)  OPERATING LEASES

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

Years ended December 31:

       2001                      $1,001,288
       2002                         817,568
       2003                         726,574
       2004                         551,423
       2005                         198,022
       Thereafter                 1,872,835
       Total                     $5,167,710

   Contingent rental income approximated $139,581 and $145,817,
in 2000 and 1999, respectively.

   Collection of future rental income under these lease agreements
is subject to the financial stability of the underlying tenants.
Minimum rentals received from Food City, the anchor tenant of Crown
Point, approximated 26.3 % and 23.4% of rental income for the years
ended December 31, 2000 and 1999, respectively.  Minimum rentals
received from Winn Dixie and Walgreens, the anchor tenants of
Sabal, approximated 14.5% and 12.9% of rental income and 8.3% and
7.4% of rental income for the years ended December 31, 2000 and
1999, respectively.

(7)  EQUITY INVESTMENT

   The Partnership owns a 42% interest in Strawberry Fields Joint
Venture, located in West Palm Beach, Florida, and accounts for its
investment under the equity method.  The following are condensed
financial statements for Strawberry Fields Joint Venture:

                                       (Liquidation Basis)
                                           December 31,
                                               2000
Real estate held for sale                  $5,197,750
Other assets                                   75,594
                                            5,273,344

Mortgage note payable                       5,120,947
Deferred gain on the sale of
 real estate                                  529,110
Other liabilities                              94,524
                                            5,744,581
Net Liabilities in liquidation             $ (471,237)

<PAGE>

                                Liquidation Basis           (Going Concern
                                Year ended   July 13, 1999  Basis) January 1,
                                December 31, to December 31,     1999 to
                                  2000           1999         July 12, 1999
Rental income                   $813,883       $336,990        $ 457,095
Other income                      77,417          2,038           48,742
                                 891,300        339,028          505,837
Mortgage and
 other interest                  364,068        155,115          220,647
Depreciation                          --             --           91,952
Operating and
 administrative expenses         294,137         98,448          136,245
                                 658,205        253,563          448,844
Income before adjustment
 to liquidation basis            233,095         85,465           56,993

Adjustment to liquidation
 basis                                --         (8,790)              --
Net income                      $233,095       $ 76,675        $  56,993

  The Partnership received three bids on Strawberry Fields during
the latter part of 1999.  After negotiation the Joint Venture
accepted the high bid of $5.43 million and entered into a contract
for sale.  However, the prospective purchaser terminated its
interest in the property during its due diligence period.
Subsequent to this deal falling away the Joint Venture received
another offer for $5.35 million.  However, although the offer
exceeded the November, 1998 appraised value of $4.8 million, the
offer, after transaction costs, was below the mortgage balance at
the time.  The Strawberry Joint Venture accepted the initial high
bid in part because the property's underlying mortgage loan was
coming due; and the Strawberry Lender indicated that it would not
extend the maturity.  However, in the second quarter of 2000, the
Strawberry Joint Venture was successful in extending the loan for
a two year period.  This extension allows the Partnership to
continue to market the property and seek a greater sales price.

  On January 27, 2000, the Partnership executed a contract to sell
Strawberry Fields to an unaffiliated third party in the approximate
amount of $5,430,000 subject to certain due diligence
contingencies.  Subsequently, the potential purchaser rescinded
their offer.

  In 2001, the Partnership received an offer to purchase
Strawberry Fields for approximately $5.6 million.  In addition, the
Partnership received notice that Syms plans to exercise its right
of first refusal for the $5.6 million sale price.

  The Partnership is currently negotiating a purchase contract
with this potential purchaser.  The Partnership anticipates that
the potential closing will be in the second quarter of 2001.

<PAGE>

                          EXHIBIT INDEX


Exhibit (21)           Subsidiaries of the Registrant


<PAGE>                           Exhibit 21


Name of Subsidiary                            State of Formation

Brauvin Strawberry Fields
  Joint Venture                               Florida

Brauvin Sabal Palm Joint Venture              Florida

Brauvin/Crown Point L.P.                      Delaware