UNITED STATES
               SECURITIES AND EXCHANGE COMMISSION
                     Washington, D.C.  20549
                           FORM 10-QSB
[X]   Quarterly  Report Pursuant to Section 13 or  15(d)  of  the
Securities Exchange Act of 1934.

For the three months ended           March 31, 2006

                               or

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

    For the transition period from             to

    Commission File Number  0-14481

           Brauvin     Real    Estate     Fund     L.P. 5
     (Name of small business issuer as specified 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 Act:

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

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

                   Limited Partnership Interests
                        (Title of class)

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

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



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

                              INDEX

                             PART I
                                                          Page

Item 1.  Consolidated Financial Statements                  3

         Consolidated Statement of Net Assets in Liquidation
         as of March 31, 2006 (Liquidation Basis)          4

         Consolidated Statement of Changes in Net Assets
         in Liquidation for the period January 1, 2006 to
         March 31, 2006 (Liquidation Basis)                5

         Consolidated Statement of Changes in Net Assets
         in Liquidation for the period January 1, 2005 to
         March 31, 2005 (Liquidation Basis)                6

         Consolidated Statements of Operations for the
         three months ended March 31, 2006 and
         March 31, 2005(Liquidation Basis)                 7

         Notes to Consolidated Financial Statements        8

Item 2.  Management's Discussion and Analysis or Plan
         of Operation                                     18

Item 3.  Controls and Procedures . . . . . . . . . . . .   22

                             PART II

Item 1.  Legal Proceedings                                 23

Item 2.  Changes in Securities                            23

Item 3.  Defaults Upon Senior Securities                  23

Item 4.  Submission of Matters to a Vote of Security
         Holders                                          23

Item 5.  Other Information                                 23

Item 6.  Exhibits, and Reports on Form 8-K                 23

Signatures . . . . . . . . . . . . . . . . .. .. .. .. . . 24



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


                 PART I - FINANCIAL INFORMATION

ITEM 1. Consolidated Financial Statements

  The   following  Consolidated  Statement  of  Net   Assets   in
Liquidation   as   of   March  31,  2006   (Liquidation   Basis),
Consolidated  Statement of Changes in Net Assets  in  Liquidation
for  the  period  January 1, 2006 to March 31, 2006  (Liquidation
Basis),  Consolidated  Statement of  Changes  in  Net  Assets  in
Liquidation  for  the period January 1, 2005 to  March  31,  2005
(Liquidation Basis) and Consolidated Statements of Operations for
the  three  months  ended  March 31,  2006  and  March  31,  2005
(Liquidation  Basis) for Brauvin Real Estate  Fund  L.P.  5  (the
"Partnership") are unaudited but reflect, in the opinion  of  the
management,  all  adjustments necessary  to  present  fairly  the
information  required.   All such adjustments  are  of  a  normal
recurring nature.

  These  consolidated  financial statements  should  be  read  in
conjunction with the consolidated financial statements and  notes
thereto included in the Partnership's 2005 Annual Report on  Form
10-KSB.




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


    CONSOLIDATED STATEMENT OF NET ASSETS IN LIQUIDATION AS OF
               MARCH 31, 2006 (LIQUIDATION BASIS)
                           (Unaudited)

ASSETS


Cash and cash equivalents                      $3,285,455
Tenant receivable (net of an
  allowance of $72,838)                            41,133
                                               ----------

       Total Assets                             3,326,588
                                               ----------

LIABILITIES

Accounts payable and accrued expenses              32,910
Reserve for estimated costs during
  the period of liquidation                       111,765
Due to affiliates (Note 4)                            178
                                               ----------
       Total Liabilities                          144,853

MINORITY INTEREST IN SABAL PALM
   JOINT VENTURE                                   93,113
                                               ----------

Net Assets in Liquidation                      $3,088,622
                                               ==========





   See accompanying notes to consolidated financial statements



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


       CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS IN
  LIQUIDATION FOR THE PERIOD JANUARY 1, 2006 TO MARCH 31, 2006
                       (LIQUIDATION BASIS)
                           (Unaudited)



Net assets in liquidation at January 1, 2006   $3,072,763

Income from operations                             15,859
                                               ----------

Net assets in liquidation at March 31, 2006    $3,088,622
                                               ==========














   See accompanying notes to consolidated financial statements



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


       CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS IN
  LIQUIDATION FOR THE PERIOD JANUARY 1, 2005 TO MARCH 31, 2005
                       (LIQUIDATION BASIS)
                           (Unaudited)





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

Loss from operations                              (48,830)
                                               ----------

Net assets in liquidation at March 31, 2005    $2,375,445
                                               ==========









   See accompanying notes to consolidated financial statements



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


              CONSOLIDATED STATEMENTS OF OPERATIONS
       FOR THE THREE MONTHS ENDED MARCH 31, 2006 and 2005
                       (LIQUIDATION BASIS)
                           (Unaudited)

                                  2006           2005
                                -------       ---------
INCOME
Rental                          $     --      $ 116,517
Interest                          29,581         12,621
Other, primarily tenant
  expense reimbursements           3,931         35,860
                                --------      ---------
Total income                      33,512        164,998
                                --------      ---------

EXPENSES
Interest                              --         40,676
Real estate taxes                     --         24,097
Repairs and maintenance               --        143,392
Management fees (Note 4)           1,677          9,283
Other property operating             558         12,407
Bad debt expense                  19,800          5,415
General and administrative         4,555         21,145
                                --------      ---------
Total expenses                    26,590        256,415
                                --------      ---------

Income (loss) before minority
   interest                        6,922        (91,417)

Minority interest's
  share of Sabal Palm's
  net loss                         8,937         42,587
                                --------       --------

Net income (loss)               $ 15,859       $(48,830)
                                ========       ========
Net income(loss) allocated
  to the General Partners       $    159       $   (488)
                                ========       ========
Net income(loss)  allocated
  to the Limited Partners       $ 15,700       $(48,342)
                                ========       ========
Net income(loss) per
  Limited Partnership
  Interest (9,914.5 units
  outstanding)                  $   1.58       $  (4.88)
                                ========       ========

  See accompanying notes to consolidated financial statements.





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

            NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                         (Unaudited)

 (1)  ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

  ORGANIZATION

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

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

  The  Partnership  filed a Registration Statement on  Form  S-11
with  the  Securities  and  Exchange   Commission,  which  became
effective  on  March  1,  1985.   The  sale  of  the  minimum  of
$1,200,000  of  limited partnership interests of the  Partnership
(the   "Units")  necessary  for  the  Partnership   to   commence
operations  was  achieved  on June 28, 1985.   The  Partnership's
offering  closed on February 28, 1986.  A total of $9,914,500  of
Units  were subscribed for and issued between March 1,  1985  and
February 28, 1986 pursuant to the Partnership's public offering.

  Properties  owned either directly or indirectly with affiliates
of   the   Partnership  from  January  1,  2001  and   subsequent
transactions are (a) Crown Point (which was sold in  July  2002),
(b) Strawberry Fields (which was sold in July 2001) and (c) Sabal
Palm Shopping Center (which was sold in December 2005).

  Management's Use of Estimates

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

  Basis of Presentation

  As  a  result of the July 12, 1999 authorization by a  majority
of the Limited Partners to sell the Partnership's properties, the
Partnership has begun the liquidation process and, in  accordance
with  generally accepted accounting principles, the Partnership's
financial statements for periods subsequent to July 12, 1999 have
been   prepared   on   the  liquidation  basis   of   accounting.
Accordingly,  the carrying values of the assets are presented  at
their  estimated  net  realizable  values  and  liabilities   are
presented  at  estimated settlement amounts, including  estimated
costs  associated with carrying out the liquidation.  Preparation
of  financial  statements on the liquidation basis of  accounting
requires  significant  assumptions by management,  including  the
estimate  of  liquidation  costs  and  the  resolution   of   any
contingent  liabilities.   There may be differences  between  the
assumptions   and   the  actual  results   because   events   and
circumstances  frequently  do  not  occur  as  expected.    Those
differences, if any, could result in a change in the  net  assets
recorded  in  the  statement of net assets in liquidation  as  of
March 31, 2006.

  Accounting Method

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

  Federal Income Taxes

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

  Consolidation of Joint Venture Partnership

   The  Partnership owns a 53% interest in the Sabal Palm  Joint
Venture,  which owned the Sabal Palm Shopping Center,  prior  to
its sale in December 2005. The accompanying financial statements
have  consolidated  100% of the assets, liabilities,  operations
and partners' capital of Sabal Palm Joint Venture.  The minority
interest of the consolidated joint venture is adjusted  for  the
respective joint venture partner's share of income or  loss  and
any  cash  contributions  from or  distributions  to  the  joint
venture  partner, Brauvin Real Estate Fund L.P.  4  ("BREF  4").
All significant intercompany balances and transactions have been
eliminated.

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

  Investment in Real Estate

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

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

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

   The   Partnership   has   adopted  Statement   of   Financial
Accounting Standards No. 144, "Accounting for the Impairment  or
Disposal  of Long-Lived Assets" ("SFAS 144").  SFAS 144  retains
the recognition and measurement requirements of its predecessor,
but resolves significant implementation issues.  In addition, it
applies  to  a  segment  of  a  business  accounted  for  as   a
discontinued operation.

   SFAS   144   has  not  had  a  significant  impact   on   the
Partnership's financial statements.

  Cash and Cash Equivalents

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

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

  Tenant Receivables

  Tenant  receivables are comprised of (a) billed but uncollected
amounts due for monthly rents and other charges and (b) estimated
unbilled  amounts  due for tenant reimbursement  of  common  area
maintenance charges and property taxes.  Receivables are recorded
at  management's estimate of the amounts that will ultimately  be
collected.   An  allowance for doubtful accounts  of  $72,838  at
March   31,   2006   is  based  on  specific  identification   of
uncollectible   accounts   and   the   Partnership's   historical
collection experience.

  Estimated Fair Value of Financial Instruments

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

  The fair value estimates are based on information available  to
management  as  of  March 31, 2006, 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 their net realizable  values
and  liabilities  were adjusted to estimated settlement  amounts,
which approximate their fair value at March 31, 2006.

  Derivatives and Hedging Instruments

  In   June  1998,  the  Financial  Accounting  Standards   Board
("FASB")  issued Statement of Financial Accounting Standards  No.
133,   "Accounting   for  Derivative  Instruments   and   Hedging
Activities" ("SFAS 133"), which requires that all derivatives  be
recognized as assets and liabilities in the balance sheet and  be
measured at fair value.  SFAS 133 also requires changes  in  fair
value  of  derivatives  to be recorded  each  period  in  current
earnings or comprehensive income depending on the intended use of
the  derivatives.  In June, 2000, the FASB issued SFAS 138, which
amends  the  accounting and reporting standards of SFAS  133  for
certain derivatives and certain hedging activities.  SFAS 133 and
SFAS  138  were adopted by the Partnership effective  January  1,
2001.  The Partnership had no derivatives in 2006 and 2005.

   Variable Interest Entities

  In   January   2003,   FASB  issued  interpretation   No.   46,
"Consolidation of Variable Interest Entities" (FIN  46).  FIN  46
addresses  consolidation  by  business  enterprises  of   certain
variable interest entities in which the equity investors  do  not
have  the characteristics of a controlling financial interest  or
do  not  have sufficient equity at risk for the entity to finance
its  activities without additional subordinated financial support
from  other parties.  This interpretation was revised in December
2003  and  for  calendar year end entities, is  effective  as  of
December  31,  2003.  The Partnership does not own  any  "special
purpose  entities" (as defined).  The adoption of FIN 46 has  not
had   a   significant  impact  on  the  Partnership's   financial
statements.

   Liabilities and Equity Characteristics

  In  May  2003,  FASB  issued Statement of Financial  Accounting
Standards  No. 150, "Accounting for Certain Financial Instruments
with  the Characteristics of both Liabilities and Equity"  ("SFAS
150"),  which is effective for all financial instruments  entered
into  or  modified after May 31, 2003, and is otherwise effective
beginning July 1, 2003.  SFAS 150 establishes standards  for  how
an  entity  classifies and measures certain financial instruments
with  characteristics  of  both  liabilities  and  equity.    The
adoption  of  SFAS 150 has not had a significant  impact  on  the
Partnership's financial statements.

  Recent Accounting Pronouncements

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

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

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

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


 (2) ADJUSTMENT TO LIQUIDATION BASIS

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


 (3) PARTNERSHIP AGREEMENT

  The  Partnership Agreement (the "Agreement") provides that  99%
of  the net profits and losses from operations of the Partnership
for  each  fiscal year shall be allocated to the Limited Partners
and  1%  of  net  profits  and losses from  operations  shall  be
allocated  to  the  General Partners.   The  net  profit  of  the
Partnership  from the sale or other disposition of a  Partnership
property  shall be allocated as follows:  first, there  shall  be
allocated to the General Partners the greater of: (i) 1% of  such
net  profits;  or (ii) the amount distributable  to  the  General
Partners   as  Net  Sale  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 been paid any  unpaid  Preferential
Distribution Deficiency from prior years.  Net Sale Proceeds,  as
defined  in the Agreement, received by the Partnership  shall  be
distributed as follows:  (a) first, to the Limited Partners until
such  time as the Limited Partners have been paid an amount equal
to  the  amount of their Adjusted Investment; (b) second, to  the
Limited  Partners  until such time as the Limited  Partners  have
been paid an amount equal to any unpaid Preferential Distribution
Deficiency; and (c) third, 85% of any remaining Net Sale Proceeds
to  the  Limited Partners, and the remaining 15% of the Net  Sale
Proceeds  to  the General Partners. The Preferential Distribution
Deficiency at March 31, 2006 equaled $18,265,998.


(4)    TRANSACTIONS WITH AFFILIATES

  Fees  and  other  expenses  paid  or  payable  to  the  General
Partners  or its affiliates for the three months ended March  31,
2006 and 2005 were as follows:


                           2006           2005
                         --------        -------
  Management fees         $ 1,677        $ 9,283
  Reimbursable office
     expenses              19,800         19,800

   As  of  March 31, 2006, the Partnership had made all  payments
to affiliates, except for management fees of $178.


(5)  COMMITMENTS AND CONTINGENCIES

   In  late  February 2006, the Internal Revenue Service informed
the  Partnership  that  it was being assessed  penalties  in  the
amount  of $188,800 for late filing and failure to electronically
file  its  2004  partnership tax return.   The  Partnership  out-
sourced  these activities to a third party vendor.   This  vendor
had  successfully  completed the Partnership's 2003  tax  filings
and,  prior to the notice from the Internal Revenue Service,  the
Partnership believed that the vendor had also successfully  filed
its  2004 tax returns.  The Partnership appealed these penalties.
The  Partnership did not record any provision for  this  item  in
2005 or 2006.

   On  May  1,  2006 the Partnership received a notice  from  the
Internal  Revenue Service that all the penalties related  to  the
2004  late  filings and failure to file electronically have  been
waived.


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

General

   Certain  statements  in this Quarterly  Report  that  are  not
historical  fact  constitute "forward-looking statements"  within
the  meaning of the Private Securities Litigation Reform  Act  of
1995.   Discussions containing forward-looking statements may  be
found in this section and in the section entitled "Description of
Business."   Without  limiting  the  foregoing,  words  such   as
"anticipates",   "expects",  "intends",   "plans"   and   similar
expressions  are intended to identify forward-looking statements.
These   statements  are  subject  to  a  number  of   risks   and
uncertainties.  Actual results could differ materially from those
projected  in  the forward-looking statements.   The  Partnership
undertakes   no   obligation  to  update  these   forward-looking
statements to reflect future events or circumstances.

Liquidity and Capital Resources

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

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

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


Property Status

   Sabal Palm


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

  As  a  result  of the July 1999 authorization by a majority  of
the  Limited  Partners to sell the Partnership's properties,  the
Partnership begun the liquidation process and, in accordance with
generally   accepted  accounting  principles,  the  Partnership's
financial statements for periods subsequent to July 12, 1999 have
been   prepared   on   the  liquidation  basis   of   accounting.
Accordingly,  the carrying values of the assets are presented  at
net  realizable values and liabilities are presented at estimated
settlement  amounts,  including estimated costs  associated  with
carrying  out  the  liquidation.  Preparation  of  the  financial
statements  on  the  liquidation  basis  of  accounting  requires
significant assumptions by management, including the estimate  of
liquidation   costs   and  the  resolution  of   any   contingent
liabilities.   There may be differences between  the  assumptions
and   the   actual  results  because  events  and   circumstances
frequently do not occur as expected.  Those differences, if  any,
could  result  in  a  change in the net assets  recorded  in  the
consolidated statement of net assets as of March 31, 2006.

  The  General  Partners expect to distribute proceeds  from  the
sale  of  real  estate to Limited Partners in a  manner  that  is
consistent  with  the investment objectives of  the  Partnership.
Subject  to  the collection of the remaining tenant  receivables,
the  General Partners expect to make a final distribution to  the
Limited Partners prior to the end of the second quarter of 2006.

Results of Operations

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

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

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

  In   certain   instances   and  under  limited   circumstances,
management  of  the  Partnership entered into  negotiations  with
lenders  for the purpose of restructuring the terms of  loans  to
provide  for  debt  service levels that  could  be  supported  by
operations   of   the   properties.    When   negotiations   were
unsuccessful,  management  of  the  Partnership  considered   the
possibility  of  reverting the properties to the  first  mortgage
lender.

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


Results  of  Operations - Three months ended March 31,  2006  and
2005 (Liquidation Basis)

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

   The  Partnership  generated a net income of  $16,000  for  the
three  months ended March 31, 2006 as compared to a net  loss  of
$49,000 for the same period in 2005.

   Total  income  for the three months ended March 31,  2006  was
$34,000 as compared to $165,000 for the same period in 2005.  The
$131,000  decrease in total income was primarily a  result  of  a
$117,000  decrease  in rental income and a  $32,000  decrease  in
other  income.  Interest income increased $17,000.  Rental income
decreased as a result of the sale of Sabal Palm.

   Total expenses for the three months ended March 31, 2006  were
$27,000 as compared to $256,000 for the same period in 2005.  The
$230,000 decrease in expense is primarily the result of the  sale
of the Sabal Palm property.


Results  of  Operations - Three months ended March 31,  2005  and
2004
(Liquidation Basis)

   The  Partnership generated a net loss of $49,000 for the three
months  ended March 31, 2005 as compared to a net loss of $33,000
for the same period in 2004.

   Total  income  for the three months ended March 31,  2005  was
$165,000  as  compared to $131,000 for the same period  in  2004.
The $34,000 increase in total income was primarily a result of  a
$21,000 increase in rental income and a $6,000 increase in  other
income.    Interest  income  increased  $7,000.   Rental   income
increased as a result of an increase in occupancy at Sabal during
the  three  months  ended March 31, 2005 compared  to  the  three
months ended March 31, 2004.

   Total expenses for the three months ended March 31, 2005  were
$256,000  as  compared to $187,000 for the same period  in  2004.
The  $70,000  increase  in expense is the result  of  a  $102,000
increase  in  repairs  and maintenance,  an  $8,000  increase  in
interest expense, a $2,000 increase in management fees, offset by
a  $39,000 decrease in general and administrative expense  and  a
$3,000  decrease  in bad debt expense.  Repairs  and  maintenance
increased primarily as a result of roof repairs at the Sabal Palm
property.    General   and  administrative   expenses   decreased
primarily  as a result of paying leasing commissions  during  the
three months ended March 31, 2004.The Partnership generated a net
loss  of  $33,000 for the three months ended March  31,  2004  as
compared to a net loss of $197,000 for the same period in 2003.


Item 3. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

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

Changes in Internal Controls

   There   have   not  been  any  significant  changes   in   the
Partnership's  internal controls or in other factors  that  could
significantly  affect these controls subsequent to  the  date  of
their   evaluation.   The  Chief  Executive  Officer  and   Chief
Financial  Officer are not aware of any significant  deficiencies
or  material  weaknesses,  therefore no corrective  actions  were
taken.
                   PART II - OTHER INFORMATION

     ITEM 1.    Legal Proceedings.

                None.

     ITEM 2.    Changes in Securities.

                None.

     ITEM 3.    Defaults Upon Senior Securities.

                None.

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

                None.

     ITEM 5.    Other Information.

   In  late  February 2006, the Internal Revenue Service informed
the  Partnership  that  it was being assessed  penalties  in  the
amount  of $188,800 for late filing and failure to electronically
file  its  2004  partnership tax return.   The  Partnership  out-
sourced  these activities to a third party vendor.   This  vendor
had  successfully  completed the Partnership's 2003  tax  filings
and,  prior to the notice from the Internal Revenue Service,  the
Partnership believed that the vendor had also successfully  filed
its  2004 tax returns.  The Partnership appealed these penalties.
The  Partnership did not record any provision for  this  item  in
2005 or 2006.

   On  May  1,  2006 the Partnership received a notice  from  the
Internal  Revenue Service that all the penalties related  to  the
2004  late  filings and failure to file electronically have  been
waived.

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

                     Exhibit 99.  Certification of Officers




                           SIGNATURES

In  accordance  with the requirements of the  Exchange  Act,  the
registrant caused this report to be signed on its behalf  by  the
undersigned, thereunto duly authorized.



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

                         BY:    /s/ Jerome J. Brault
                                Jerome J. Brault
                                Chairman of the Board of
                                Directors and President

                         DATE:  May 17, 2006


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

                         DATE:  May 17, 2006









          CERTIFICATION FOR SARBANES-OXLEY SECTION 302(A)
            CERTIFICATE OF THE CHIEF EXECUTIVE OFFICER
                                OF
                      BRAUVIN VENTURES, INC.
                     CORPORATE GENERAL PARTNER
                                OF
                  BRAUVIN REAL ESTATE FUND L.P. 5

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

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

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

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

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

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

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

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

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

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

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

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



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



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

                              DATE: May 17, 2006





         CERTIFICATION FOR SARBANES-OXLEY SECTION 302(A)

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

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

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

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

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

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

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

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

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

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

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

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

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



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



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

                              DATE: May 17, 2006




                           Exhibit 99
                    SECTION 906 CERTIFICATION


The  following  statement  is  provided  by  the  undersigned  to
accompany  the  Quarterly Report on Form 10-QSB for  the  quarter
ended  March  31, 2006, pursuant to Section 906 of the  Sarbanes-
Oxley  Act of 2002 and shall not be deemed filed pursuant to  any
provisions  of the Securities Exchange Act of 1934 or  any  other
securities law:

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


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


                         BY:    /s/ Jerome J. Brault
                                Jerome J. Brault
                                Chairman of the Board of
                                Directors and President

                         DATE:  May 17, 2006



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

                         DATE:  May 17, 2006