<PAGE>                           
                        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 six months ended        June 30, 1998

                                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) 443-0922 
                    (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   .







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

                             PART I

                                                                   Page
        
Item 1. Financial Statements . . . . . . . . . . . . . . . . . . . . 3

        Consolidated Balance Sheet at June 30, 1998. . . . . . . . . 4

        Consolidated Statements of Operations for the
           six months ended June 30, 1998 and 1997 . . . . . . . . . 5

        Consolidated Statements of Operations for the 
           three months ended June 30, 1998 and 1997 . . . . . . . . 6

        Consolidated Statements of Cash Flows for the 
           six months ended June 30, 1998 and 1997 . . . . . . . . . 7

        Notes to Consolidated Financial Statements . . . . . . . . . 8

Item 2. Management's Discussion and Analysis or Plan
        of Operation . . . . . . . . . . . . . . . . . . . . . . . .16

                            PART II

Item 1. Legal Proceedings. . . . . . . . . . . . . . . . . . . . . .20
  
Item 2. Changes in Securities. . . . . . . . . . . . . . . . . . . .20

Item 3. Defaults Upon Senior Securities. . . . . . . . . . . . . . .20
                                 
Item 4. Submission of Matters to a Vote of Security 
        Holders. . . . . . . . . . . . . . . . . . . . . . . . . . .20

Item 5. Other Information. . . . . . . . . . . . . . . . . . . . . .20
  
Item 6. Exhibits, and Reports on Form 8-K. . . . . . . . . . . . . .20

Signatures . . . . . . . . . . . . . . . . . . . . . . . . . . . . .21
                 
                 PART I - FINANCIAL INFORMATION

ITEM 1. Consolidated Financial Statements

  The following Consolidated Balance Sheet as of June 30, 1998,
Consolidated Statements of Operations for the six months ended June
30, 1998 and 1997, Consolidated Statements of Operations for the
three months ended June 30, 1998 and 1997, and Consolidated
Statements of Cash Flows for the six months ended June 30, 1998 and
1997 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 financial statements should be read in conjunction with the
financial statements and notes thereto included in the
Partnership's 1997 Annual Report on Form 10-KSB.













<PAGE>                   
                    CONSOLIDATED BALANCE SHEET
                          (Unaudited)
                                
                                                      June 30,       
                                                         1998                
ASSETS
Investment in real estate:
  Land                                            $ 2,411,849
  Buildings and improvements                        9,743,585
                                                   12,155,434
  Less accumulated depreciation                    (3,154,770)
  
Net investment in real estate                       9,000,664
Cash and cash equivalents                             722,927
Rent receivable                                        83,706
Escrow deposits                                       213,280
Other assets                                          145,272
Due from affiliates                                    35,700

       Total Assets                               $10,201,549
  
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES:
Mortgage notes payable (Note 3)                   $ 6,251,189
Accounts payable and accrued expenses                 206,900
Tenant security deposits                               44,733
Due to affiliates                                      11,107
  
       Total Liabilities                            6,513,929

Investment in Strawberry Fields
  Joint Venture - Distributions and
  losses in excess of invested 
  amounts(Note 5)                                     147,700

MINORITY INTEREST IN SABAL PALM
   JOINT VENTURE                                      820,281

PARTNERS' CAPITAL:
General Partners                                      (38,647)
Limited Partners (9,914.5 limited
  partnership units issued and
  outstanding)                                      2,758,286
       Total Partners' Capital                      2,719,639
       Total Liabilities and
       Partners' Capital                          $10,201,549


  See accompanying notes to consolidated financial statements
             CONSOLIDATED STATEMENTS OF OPERATIONS
               For the six months ended June 30,
                          (Unaudited)

                                           1998                   1997
INCOME
Rental                                    $ 721,337           $696,509
Interest                                     12,516             11,319
Other, primarily tenant 
  expense reimbursements                     99,768            103,661
       Total income                         833,621            811,489

EXPENSES
Interest                                    274,636            281,362
Depreciation                                135,352            134,772
Real estate taxes                            67,883             71,736
Repairs and maintenance                      29,812             17,686
Management fees (Note 4)                     52,601             49,988
Other property operating                     27,691             30,829
General and administrative                  101,608            113,890
       Total expenses                       689,583            700,263

Income before minority 
  and equity interests                      144,038            111,226

Minority interest's share of
  Sabal Palm's net income                   (50,211)           (34,217)

Equity interest in Strawberry 
  Fields Joint Venture's 
  net loss                                 (683,916)           (12,915)

Net (loss) income                         $(590,089)          $ 64,094

Net (loss) income Allocated 
  to the General Partners                 $  (5,901)          $    641

Net (loss) income Allocated 
  to the Limited Partners                 $(584,188)          $ 63,453

Net (loss) income Per Limited
  Partnership Interest 
  (9,914.5 Units)                         $  (58.92)          $   6.40

                         



  See accompanying notes to consolidated financial statements
             CONSOLIDATED STATEMENTS OF OPERATIONS
              For the three months ended June 30,
                          (Unaudited)
                                

                                   1998               1997        
INCOME
Rental                          $292,016           $297,862
Interest                           7,034              6,332
Other, primarily tenant 
  expense reimbursements          48,956             53,544           
       Total income              348,006            357,738

EXPENSES
Interest                         137,332            139,812
Depreciation                      67,731             67,386           
Real estate taxes                 33,941             35,868           
Repairs and maintenance           21,881              5,164
Management fees (Note 4)          21,424             21,319
Other property operating          10,965             13,415
General and administrative        46,605             63,379
       Total expenses            339,879            346,343

Income before minority 
  and equity interests             8,127             11,395

Minority interest's share of
  Sabal Palm's net loss            5,360             10,293                

Equity interest in Strawberry 
  Fields Joint Venture's 
  net loss                      (672,529)           (5,383)

Net (loss) income              $(659,042)          $ 16,305

Net (loss) income Allocated 
  to the General Partners      $  (6,590)          $    163

Net (loss) income Allocated 
  to the Limited Partners      $(652,452)          $ 16,142                

Net (loss)income Per Limited
  Partnership Interest 
  (9,914.5 Units)              $  (65.81)          $   1.63                
       

                                
                                
  See accompanying notes to consolidated financial statements
             CONSOLIDATED STATEMENTS OF CASH FLOWS
               For the six months ended June 30,
                          (Unaudited)
                                                       1998         1997   
Cash Flows From Operating  Activities:
Net (loss) income                                  $(590,089)   $ 64,094
Adjustments to reconcile net (loss) income to
  net cash provided by operating activities: 
Depreciation                                         135,352     134,772
Provision for doubtful accounts                        4,700       3,600
Equity interest in Strawberry Fields Joint
  Venture's net loss                                 683,916      12,915
Minority Interest's share of Sabal
  Palm Joint Venture's net income                     50,211      34,217
Change in rent receivables                            17,419     (27,932)
Change in other assets                                (5,241)      6,214
Change in escrow deposits                            (94,527)    (73,129)
Change in accounts payable              
  and accrued expenses                                96,223      47,694
Change in due to affiliates                            3,158       8,621
Change in tenant security deposits                     1,000       1,366
Net cash provided by operating activities            302,122     212,432

Cash Flows From Investing Activities:
Capital expenditures                                  (1,320)     (4,310)
Cash distribution to Minority Partner of 
  Sabal Palm Joint Venture                           (79,900)    (13,160)
Cash used in investing activities                    (81,220)    (17,470)

Cash Flows From Financing Activities:
Repayment of mortgage notes payable                  (58,368) (3,128,095)
Proceeds from refinancing                                 --   3,200,000
Payment of loan fees                                      --     (54,919)
Net cash (used in) provided by
 financing activities                                (58,368)     16,986

Net increase in cash and cash equivalents            162,534     211,948
Cash and cash equivalents at beginning 
  of period                                          560,393     408,869
Cash and cash equivalents at end of 
  period                                            $722,927   $ 620,817

Supplemental disclosure of 
  cash flow information:
  Cash paid for interest                            $260,739   $ 270,142

                                
                                
  See accompanying notes to consolidated financial statements
           NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                           (Unaudited)

(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 the 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
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.

  Accounting Method

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

  Rental Income

  Rental income is 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 are
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
are 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 the Strawberry
Fields Joint Venture (see Note 5).  Strawberry Fields is reported
as an investment in an affiliated joint venture.  The accompanying
financial statements include the investment in Strawberry Fields
Joint Venture using the equity method of accounting.

  Investment in Real Estate

  The Partnership's rental properties are stated at cost including
acquisition costs, leasing commissions, tenant improvements and are
net of provision for impairment.  Depreciation and amortization are
recorded on a straight-line basis over the estimated economic lives
of the properties, which approximate 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 3). 

  In 1995, the Partnership adopted Statement of Financial
Accounting Standards No. 121, "Accounting for the Impairment of
Long-Lived Assets and for Long-Lived Assets to be Disposed Of"
(SFAS 121).  In conjunction with the adoption of SFAS 121, the
Partnership 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 June 30, 1998 and December 31,
1997.  Accordingly, no impairment loss has been recorded in the
accompanying financial statements for the six months ended June 30,
1998 and the year ended December 31, 1997.

  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, "Disclosure 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 June 30, 1998, 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.

  The carrying amounts of the following items are reasonable
estimates of fair value: cash and cash equivalents; rent
receivable; escrow deposits;  accounts payable and accrued
expenses; tenant security deposits; and due to/from affiliates. 

(2)  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 June 30, 1998 equaled $10,334,382.

(3)  MORTGAGES NOTES PAYABLE

  Mortgages payable at June 30, 1998 consist of the following:

                                                 Interest     Date
                                      1998         Rate        Due 
Crown Point Shopping
  Center (a)                      $3,088,631     7.55%         1/03
Sabal Palm Square 
  Shopping Center (b)              3,162,558     8.93%         3/02
                                  $6,251,189                        

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

Maturities of the mortgages payable are as follows:

                                 1998          $   59,913           
                                 1999             128,086
                                 2000             137,877
                                 2001             150,124
                                 2002           3,138,289
                              Thereafter        2,636,900
                                               $6,251,189

  (a)  On December 28, 1995, the acquisition loan balance was paid
in full when Crown Point Shopping Center ("Crown Point") was
refinanced by NationsBanc Mortgage Capital Corporation (the
"Successor Lender").  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 new 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 Crown Point. 
Furthermore, this change in ownership structure had no material
effect on the financial statements of the Partnership.

  The carrying value of Crown Point at June 30, 1998 was
approximately $4,217,000.

  (b)  On February 19, 1987, the Partnership and its joint venture
partner obtained a first mortgage loan secured by the Sabal Palm
Shopping Center ("Sabal Palm") 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
with a balloon mortgage payment in February 1997. Prior to the
scheduled maturity of this loan, the lender granted Sabal Palm an
extension until April 1, 1997.  On March 31, 1997, Sabal Palm
obtained a new 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 is $3,162,558 at June 30, 1998.

  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, the Partnership was given official notice that the
Winn-Dixie had vacated its space at the center.  Walgreens has not
given official notice that they will vacate their space prior to
their lease termination, the General Partners, however, believe
that there is a likelihood that this tenant will vacate.  The
General Partners are working with these tenants to determine the
most beneficial steps to be taken by the Partnership.  Winn-Dixie
remains liable for rental payments under its lease at Sabal Palm
until April 2005. 

  The carrying value of Sabal Palm approximated $4,784,000 at June
30, 1998. 

(4)    TRANSACTIONS WITH AFFILIATES

  Fees and other expenses paid or payable to the General Partners
or its affiliates for the six months ended June 30, 1998 and 1997
were as follows:
                                      1998            1997
  Management fees                   $52,601        $40,020
  Reimbursable office
     expenses                        46,200         45,079
  Legal fees                             --            377



  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 June 30, 1998, the Partnership
had made all payments to affiliates, except for management fees of
$9,346 and legal fees of $1,761.  An amount of $35,700 due from
affiliates at June 30, 1998 represented an advance made to
Strawberry Fields.

(5)  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:

                                            June 30,
                                               1998
Land, building and personal 
 property, net                             $5,346,974
Other assets                                  127,512
                                           $5,474,486

Mortgage note payable                      $5,546,544
Other liabilities                             278,036
                                            5,824,580
Partners' capital                            (350,094)
                                           $5,474,486

                    For the six months ended June 30,

                                          1998          1997        
Rental income                       $   390,838     $402,374            
Other income                             68,865       42,289            
                                        459,703      444,663            

Mortgage and other interest             252,754      217,543            
Depreciation                             94,650      101,519            
Loss on value impairment              1,564,101           --
Operating and
  administrative expenses               176,570      156,352            
                                      2,088,075      475,414            

Net loss                            $(1,628,372)    $(30,751)

ITEM 2. 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.  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

  In 1997, the Partnership initiated the conversion from its
existing accounting software to a program that is year 2000
compliant.  Management has determined that the year 2000 issue will
not pose significant operational problems for its computer system. 
All costs associated with this conversion are being expensed as
incurred, and are not material.

  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 will be timely
converted and would not have an adverse effect on the Partnership. 

Liquidity and Capital Resources

  The Partnership intends to satisfy its short-term liquidity needs
through cash flow from the properties.  Long-term liquidity needs
are expected to be satisfied through refinancing of the mortgages
when they mature. 

  The anchor tenant at Crown Point is Food City.  The overall 
occupancy level at Crown Point remained at 100% at June 30, 1998,
December 31, 1997 and June 30, 1997.  The Partnership is working to
sustain the occupancy level of Crown Point.

  The occupancy level at Strawberry Fields at June 30, 1998 was
87%, compared to 86% at December 31, 1997 and 88% at June 30, 1997. 
Strawberry had a negative cash flow for the six months ended June
30, 1998.

  On September 18, 1995, the Strawberry Fields Joint Venture
notified the Lutheran Brotherhood (the "Strawberry Lender") that it
would exercise its option to extend the term of the Strawberry
Fields loan from the original maturity of November 1, 1995 to
December 1, 1998.  The terms of the extension called for all
provisions of the loan to remain the same except for an additional
monthly principal payment of $12,500.  Effective November 1, 1995,
the Strawberry Fields Joint Venture and the Strawberry Lender
agreed to modify the loan by reducing the interest rate to 7.5% for
November 1, 1995 through October 31, 1997 and by reducing the
monthly principal payment to $12,000.  As of November 1, 1997 and
through the maturity date, December 1, 1998, the interest rate 
reverted to the original 9.0% rate.

  At Sabal Palm, the Partnership and its joint venture partner are
working to improve the occupancy level of Sabal Palm which stood at
96% as of June 30, 1998.  Although the Sabal Palm retail market
appears to be overbuilt, the occupancy level of the building has
stayed relatively constant and it has generated positive cash flow
since its acquisition in 1986.   

  In addition, 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, the Partnership was given
official notice that the Winn-Dixie had vacated its space at the
center.  Walgreens has not given official notice that they will
vacate their space prior to their lease termination, the General
Partners, however, believe that there is a likelihood that this
tenant will vacate.  The General Partners are working with these
tenants to determine the most beneficial steps to be taken by the
Partnership.  Winn-Dixie remains liable for rental payments under
its lease at Sabal Palm until April 2005. 

  Sabal Palm was required to make a balloon mortgage payment in
February 1997.  Prior to the scheduled maturity of the First
Mortgage Loan, the lender granted Sabal Palm an extension until
April 1, 1997.  On March 31, 1997, Sabal Palm obtained a first
mortgage loan in the amount of $3,200,000 (the "First Mortgage
Loan"), secured by its real estate, from NationsBanc Mortgage
Capital Corporation.  The First Mortgage Loan 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 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 - Six months Ended June 30, 1998 and 1997
  (Amounts rounded to 000's)

  The Partnership generated net loss of $590,000 for the six months
ended June 30, 1998 as compared to net income of $64,000 for the
same six month period in 1997.  The $654,000 decrease resulted
primarily from the Partnership's equity interest in the Strawberry
Fields Joint Venture. 

  Total income for the six months ended June 30, 1998 was $834,000
as compared to $811,000 for the same six month period in 1997, an
increase of $23,000.  The $23,000 increase resulted primarily from
an increase in the occupancy rate at Sabal Palm from 92% at March
31, 1997 to 96% at June 30, 1998.  Also contributing to the
increase in rental income was increased percentage rents earned at
Sabal Palm.

  For the six months ended June 30, 1998, total expenses were
$690,000 as compared to $700,000 for the same six month period in
1997, a decrease of $10,000.  The $10,000 decrease in total
expenses resulted primarily from a decrease in general and
administrative expense which is a result of lower insurance
expenses at the Partnership's properties.

  The Partnership's equity interest in the Strawberry Joint Venture
net loss contributed heavily to the decline in the Partnership's
net income for the six months ended June 30, 1998 when compared to
the same six month period in 1997.  In the second quarter of 1998
the Strawberry Fields Joint venture recorded a provision for
impairment on an other than temporary decline in the value of real
estate of approximately $1,564,000.  The Partnership's share of
this item is approximately $657,000.

Results of Operations - Three months Ended June 30, 1998 and 1997
  (Amounts rounded to 000's)

  The Partnership generated net loss of $659,000 for the three
months ended June 30, 1998 as compared to net income of $16,000 for
the same three month period in 1997.  The $675,000 decrease
resulted primarily from the Partnership's equity interest in the
Strawberry Fields Joint Venture. 

  Total income for the three months ended June 30, 1998 was
$348,000 as compared to $358,000 for the same three month period in
1997, a decrease of $10,000.  The $10,000 decrease resulted
primarily from a decrease in the tenant reimbursements earned at
Sabal Palm. 

  For the three months ended June 30, 1998, total expenses were
$340,000 as compared to $346,000 for the same three month period in
1997, a decrease of $6,000.  The $6,000 decrease in total expenses
resulted primarily from a decrease in general and administrative
expense which is a result of lower insurance expenses at the
Partnership's properties.

  The Partnership's equity interest in the Strawberry Joint Venture
net loss contributed heavily to the decline in the Partnership's
net income for the six months ended June 30, 1998 when compared to
the same six month period in 1997.  In the second quarter of 1998
the Strawberry Fields Joint venture recorded a provision for
impairment on an other than temporary decline in the value of real
estate of approximately $1,564,000.  The Partnership's share of
this item is approximately $657,000.

<PAGE>                  
                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.

                None.

     ITEM 6.    Exhibits and Reports on Form 8-K.
                
     Exhibit 27. Financial Data Schedule






<PAGE>                           
                        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:  August 14, 1998


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

                         DATE:  August 14, 1998