<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 quarterly period ended      September 30, 1997       

                                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.)

   150 South Wacker Drive, Chicago, Illinois          60606     
    (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   .

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

                             PART I

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

        Consolidated Balance Sheet at September 30, 1997 . . . . . . 4

        Consolidated Statements of Operations for the
        nine months ended September 30, 1997 and 1996. . . . . . . . 5

        Consolidated Statements of Operations for the 
        three months ended September 30, 1997 and 1996 . . . . . . . 6

        Consolidated Statements of Cash Flows for the 
        nine months ended September 30, 1997 and 1996. . . . . . . . 7

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

Item 2. Management's Discussion and Analysis or Plan
        of Operation . . . . . . . . . . . . . . . . . . . . . . .  17

                             PART II

Item 1. Legal Proceedings. . . . . . . . . . . . . . . . . . . . .  21
  
Item 2. Changes in Securities. . . . . . . . . . . . . . . . . . .  21

Item 3. Defaults Upon Senior Securities. . . . . . . . . . . . . .  21
                                 
Item 4. Submission of Matters to a Vote of Security 
        Holders. . . . . . . . . . . . . . . . . . . . . . . . . .  21

Item 5. Other Information. . . . . . . . . . . . . . . . . . . . .  21     

Item 6. Exhibits,and Reports on Form 8-K . . . . . . . . . . . . .  21

Signatures . . . . . . . . . . . . . . . . . . . . . . . . . . . .  22

                                  2

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

                  PART I - FINANCIAL INFORMATION

ITEM 1. Consolidated Financial Statements

     The following Consolidated Balance Sheet as of September 30,
1997, Consolidated Statements of Operations for the nine months
ended September 30, 1997 and 1996, Consolidated Statements of
Operations for the three months ended September 30, 1997 and 1996
and Consolidated Statements of Cash Flows for the nine months ended
September 30, 1997 and 1996 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 1996 Annual Report on Form 10-KSB.


                                  3
<PAGE>

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

                   CONSOLIDATED BALANCE SHEET
                           (Unaudited)
                                
                                            September 30,         
                                                1997               
                                            ------------    
ASSETS
Investment in real estate:
  Land                                       $ 2,411,849                 
  Buildings and improvements                   9,742,265                 
                                             -----------
                                              12,154,114
  Less accumulated depreciation               (2,951,672)                
                                             -----------
Net investment in real estate                  9,202,442
Investment in Strawberry Fields
  Joint Venture(Note 5)                          555,979
Cash and cash equivalents                        700,668                 
Rent receivable                                   86,518                 
Escrow deposits                                  179,939                 
Other assets                                     154,038                 
                                             -----------
       Total Assets                          $10,879,584                 
                                             ===========

LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES:
Mortgage notes payable (Note 3)              $ 6,337,882
Accounts payable and accrued expenses            223,217                 
Tenant security deposits                          43,733
Due to affiliates                                  8,047                 
                                             -----------
       Total Liabilities                       6,612,879

MINORITY INTEREST IN SABAL PALM
   JOINT VENTURE                                 960,867

PARTNERS' CAPITAL:
General Partners                                 (32,785)
Limited Partners (9,914.5 limited 
  partnership units issued and 
  outstanding)                                 3,338,623
                                             -----------
       Total Partners' Capital                 3,305,838
                                             -----------
       Total Liabilities and
       Partners' Capital                     $10,879,584
                                             ===========



   See accompanying notes to consolidated financial statements

                                  4
<PAGE>
                 
                 BRAUVIN REAL ESTATE FUND L.P. 5
                 (a Delaware limited partnership)
                 
              CONSOLIDATED STATEMENTS OF OPERATIONS
      For the nine months ended September 30, 1997 and 1996
                           (Unaudited)

                                             1997              1996   
                                          ---------         ----------
INCOME
Rental                                   $  991,181         $  995,316
Interest                                     18,159              5,953
Other, primarily tenant 
  expense reimbursements                    116,353            118,063  
                                          ---------         ----------
        Total income                      1,125,693          1,119,332

EXPENSES
Interest                                    421,470            418,005
Depreciation                                202,638            201,826  
Real estate taxes                           107,604            101,768 
Repairs and maintenance                      26,988             19,681
Management fees                              68,687             69,808
Other property operating                     50,415             44,275
General and administrative                  162,542            148,402      
                                          ---------         ----------
        Total expenses                    1,040,344          1,003,765
                                          ---------         ----------
Income before minority 
  and equity interests                       85,349            115,567

Minority interest's share of
  Sabal Palm's net income                   (17,559)           (39,982)  

Equity interest in Strawberry 
  Fields Joint Venture's 
  net loss                                  (21,171)           (22,337)
                                          ---------         ----------

Net income                               $   46,619         $   53,248
                                         ==========         ==========
Net income Allocated 
  to the General Partners                $      466         $      532
                                         ==========         ==========
Net income Allocated 
  to the Limited Partners                $   46,153         $   52,716  
                                         ==========         ==========
Net income Per Limited
  Partnership Interest 
  (9,914.5 Units)                        $     4.66         $     5.32 
                                         ==========         ==========
                                
   See accompanying notes to consolidated financial statements

                                  5

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

              CONSOLIDATED STATEMENTS OF OPERATIONS
     For the three months ended September 30, 1997 and 1996
                           (Unaudited)

                                             1997               1996 
                                           --------         ----------
INCOME
Rental                                    $ 294,672        $ 280,611
Interest                                      6,840            3,532
Other, primarily tenant 
  expense reimbursements                     12,692           41,885  
                                          ---------        ---------
        Total income                        314,204          326,028

EXPENSES
Interest                                    140,108          138,998
Depreciation                                 67,866           67,386 
Real estate taxes                            35,868           33,063 
Repairs and maintenance                       9,302            7,556
Management fees                              18,699           20,422
Other property operating                     19,586           12,951
General and administrative                   48,652           50,850      
                                          ---------        ---------
        Total expenses                      340,081          331,226
                                          ---------        ---------
Loss before minority 
  and equity interests                      (25,877)          (5,198)

Minority interest's share of
  Sabal Palm's net loss 
  (income)                                   16,658             (825)

Equity interest in Strawberry 
  Fields Joint Venture's 
  net loss                                   (8,256)          (1,172)
                                          ---------        ---------
Net loss                                  $ (17,475)       $ ( 7,195)
                                          =========        =========
Net loss Allocated 
  to the General Partners                 $    (175)       $     (72)
                                          =========        =========
Net loss Allocated 
  to the Limited Partners                 $ (17,300)       $  (7,123)
                                          =========        =========
Net loss Per Limited
  Partnership Interest 
  (9,914.5 Units)                         $   (1.75)       $    (.72) 
                                          =========        ==========

   See accompanying notes to consolidated financial statements

                                  6

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

              CONSOLIDATED STATEMENTS OF CASH FLOWS
      For the nine months ended September 30, 1997 and 1996
                            (Unaudited)                               
       
                                                  1997         1996   
                                               ---------    ---------
Cash Flows From Operating  Activities:
Net income                                     $   46,619   $  53,248
Adjustments to reconcile net income to
  net cash provided by operating activities: 
Depreciation                                      202,638     201,826
Provision for doubtful accounts                     4,500      11,822
Equity interest in Strawberry Fields Joint                  
  Venture's net loss                               21,171      22,337
Minority Interest's share of Sabal
  Palm Joint Venture's net income                  17,559      39,982
Decrease in rent receivables                       18,611      43,826
Decrease in other assets                           13,919      14,387
Increase in escrow deposits                      (121,269)    (97,766)
Decrease (increase)in due 
   from affiliates                                  5,880     (58,613)
Increase in accounts payable 
  and accrued expenses                            103,029      88,799
Increase in due to affiliates                       5,939          --
Increase in tenant security deposits                1,366          --
                                               ----------   ---------
Net cash provided by operating activities         319,962     319,848

Cash Flows From Investing Activities:
Capital expenditures                               (4,310)     (3,003)
Cash distribution to Minority Partner of 
  Sabal Palm Joint Venture                        (13,160)    (96,350)
                                               ----------   ---------
Cash used by investing activities                 (17,470)    (99,353)

Cash Flows From Financing Activities:
Repayment of mortgage notes payable            (3,155,088)    (69,091)
Proceeds from refinancing                       3,200,000          --
Payment of loan fees                              (55,605)         --
                                               ----------   ---------
Net cash used in
 financing activities                             (10,693)    (69,091)
                                               ----------   ---------
Net increase in cash and cash
  equivalents                                     291,799     151,404
Cash and cash equivalents at beginning 
  of period                                       408,869     142,320
                                               ----------   ---------
Cash and cash equivalents at end of 
  period                                       $  700,668   $ 293,724
                                               ==========   =========
Supplemental disclosure of 
  cash flow information:
  Cash paid for interest                       $  402,701   $ 384,942
                                               ==========   =========
                                
   See accompanying notes to consolidated financial statements
                                
                                  7
<PAGE>                                

                 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

  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., Jerome J. Brault and Cezar M. Froelich.  On
August 8, 1997, Mr. Cezar M. Froelich notified the Managing General
Partner of the Partnership of his decision to resign and withdraw
as an individual General Partner of the Partnership as of such date
and subject to the terms of the Agreement, as defined below.  This
resignation will become effective 90 days from August 14, 1997. 
The Managing General Partner does not believe Mr. Froelich's
resignation will have an adverse effect on the operations of the
Partnership.  Brauvin Ventures Inc. is owned by A.G.E. Realty
Corporation Inc. (50%) and by Messrs. Jerome J. Brault
(beneficially) (25%) and Cezar M. Froelich (25%).  A. G. Edwards &
Sons, Inc. and Brauvin Securities, Inc., affiliates of the General
Partners, were the selling agents of the Partnership.  The
Partnership is managed by an affiliate of the General Partners.  

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

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

                                  8
<PAGE>

  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

  Basis of Presentation

  The accompanying unaudited consolidated financial statements have
been prepared in accordance with generally accepted accounting
principles for interim financial information and with the
instructions to Form 10-QSB and Article 10 of Regulation S-X. 
Accordingly, they do not include all of the information and
footnotes required by generally accepted accounting principles for
complete financial statements.  In the opinion of management, all
adjustments (consisting of normal recurring accruals) considered
necessary for a fair presentation have been included.  Operating
results for the nine month period ended September 30, 1997 are not
necessarily indicative of the results that may be expected for the
year ended December 31, 1997.  For further information, refer to
the consolidated financial statements and footnotes thereto
included in the Annual Report on Form 10-KSB for the year ended
December 31, 1996.

  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.

                                  9
<PAGE>

     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 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 a 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

                                 10

<PAGE>

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 September 30, 1997. 
Accordingly, no impairment loss has been recorded in the
accompanying financial statements for the periods ended September
30, 1997 and 1996.

     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 September 30, 1997, but
may not necessarily be indicative of the amounts that the

                                 11
<PAGE>

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.  Although
management is not aware of any factors that would significantly
affect the estimated fair value amounts, such amounts have not been
comprehensively revalued for purposes of these financial statements
since that date, and current estimates of fair value may differ
significantly from amounts presented herein.

     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 and due to/from
affiliates.  The mortgage notes payable at September 30, 1997 have a 
fair value of approxiamately $6,338,000 based upon current interest 
rates offered for debt of similar instruments in the market.

     Reclassifications

     Certain reclassifications have been made to the consolidated 1996 
financial statements to conform to classifications adopted in 1997.

(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

                                 12
<PAGE>

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.  

                                 13

<PAGE>

(3)  MORTGAGE NOTES PAYABLE

     Mortgages payable at September 30, 1997 consist of the following:

                                              Interest     Date
                                    1997        Rate        Due 
                                  ----------  --------    ------
Crown Point Shopping
  Center (a)                      $3,150,137    7.55%       1/03
Sabal Palm Square 
  Shopping Center (b)              3,187,745    8.93%       3/02
                                  ----------
                                  $6,337,882                        
                                  ==========

  (a)  On December 28, 1995, Crown Point was refinanced with
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%, 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 the Crown Point
property.  Furthermore, this change in ownership structure had no
material effect on the financial statements of the Partnership.

  (b)  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

                                 14
<PAGE>

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,
were used to retire Sabal Palm's existing mortgage from Lincoln
National Pension Insurance Company. 
  
(4)    TRANSACTIONS WITH AFFILIATES

  Fees and other expenses paid to the General Partners or its
affiliates for the period ended September 30, 1997 and 1996 were as
follows:

                                     1997           1996             
                                    -------       ---------
  Management fees                   $62,401        $69,808               
  Reimbursable office
     expenses                        69,991         63,025               
  Legal fees                            377          4,746               

  The Partnership believes the amounts paid to affiliates are
representative of amounts which would have been paid to independent
parties for similar services.  The Partnership had made all
payments to affiliates, except for $1,761 for legal services and 
$6,286 for management fees as of September 30, 1997.


                                 15
<PAGE>

(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:

                                         September 30,          
                                              1997                  
                                         ------------     
Land, building and personal 
 property, net                             $7,050,948                  
Other assets                                  118,651                  
                                           ----------
                                           $7,169,599                  
                                           ==========

Mortgage note payable                      $5,691,617                  
Other liabilities                             152,648                  
                                           ----------
                                            5,844,265                  
Partners' capital                           1,325,334                  
                                           ----------
                                           $7,169,599                  
                                           ==========

                         Nine months ended September 30,
                                     
                                          1997        1996  
                                       --------     --------

Rental income                          $595,705     $644,797            
Other income                             63,056          420            
                                       --------     --------
                                        658,761      645,217 
Mortgage and other
  interest                              324,626      337,029            
Depreciation                            151,631      150,186            
Operating and
  administrative expenses               232,910      211,186            
                                       --------     --------
                                        709,167      698,401            
                                       --------     --------
Net loss                               $(50,406)    $(53,184)           
                                       ========     ========

                                 16

<PAGE>

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.  Without limiting the foregoing, words such as
"anticipates," "expects," "intends," "plans" and similar
expressions are intended to identify forward-looking statements. 
These statements are subject to a number of risks and
uncertainties.  Actual results could differ materially from those
projected in the forward-looking statements.  The Partnership
undertakes no obligation to update these forward-looking statements
to reflect future events or circumstances.

Liquidity and Capital Resources

     The Partnership intends to satisfy its short-term liquidity needs
through cash flow from the properties.  Long-term liquidity needs
are expected to be satisfied through modification of the mortgages
at more favorable interest rates.

     The occupancy level at Crown Point at September 30, 1997 was 100%
compared to 98% at December 31, 1996 and September 30, 1996.  The
Partnership is working to sustain the occupancy level of Crown
Point.  Crown Point operated at a positive cash flow for the nine
months ended September 30, 1997.

     At Sabal Palm, the Partnership and its joint venture partner are
continuing to work to improve  the occupancy level, which stood at
95% at September 30, 1997, compared to 99% at December 31, 1996 and
91% at September 30, 1996.  Although the Sabal Palm retail market
appears to be overbuilt, the property has operated at a positive
cash flow since its acquisition in 1986.  

     Sabal Palm's largest anchor tenant has engaged engineers to
review the prospect of moving its' store from Sabal Palm to another
                            
                                 17
<PAGE>

center approximately two miles south.  This tenant claims it is
looking into the feasibility of expanding from a 40,000 sq. ft.
store to a 60,000 sq. ft. store.  Management has notified this
tenant that Sabal Palm could accommodate it by expanding the four
suites directly south of its store to provide it with the desired
space.                          
     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
were used to retire Sabal Palm's existing mortgage from Lincoln
National Pension Insurance Company.

     The occupancy level at Strawberry Fields at September 30, 1997
was 90% compared to 87% at December 31, 1996 and 90% at September
30, 1996.  Strawberry Fields operated at a positive cash flow for
the nine months ended September 30, 1997.

     The General Partners expect to distribute proceeds from
operations, 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.  

Results of Operations - Nine Months Ended September 30, 1997 and
1996
     (Amounts rounded to 000's)

     The Partnership generated net income of $47,000 for the nine
months ended September 30, 1997 as compared to net income of
$53,000 for the same nine month period in 1996.  The $6,000
decrease in net income resulted primarily from the net of a $7,000
increase in total income, a $36,000 increase in total expenses and

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<PAGE>

a $22,000 decrease in the minority interest's share in Sabal Palm
Joint Venture's net income. 

     Total income for the nine months ended September 30, 1997 was
$1,126,000 as compared to $1,119,000 for the same nine month period
in 1996, an increase of $7,000.  The $7,000 increase resulted
primarily from an increase in interest income due to an increase in
the amount of cash available for short term investments for the
nine months ended September 30, 1997.

     For the nine months ended September 30, 1997, total expenses were
$1,040,000 as compared to $1,004,000 for the same nine month period
in 1996, an increase of $36,000.  The $36,000 increase in total
expenses resulted primarily from an increase in general and
administrative expense at Sabal Palm, due to higher insurance
premiums as a result of the property's location in a hurricane
area.  Additionally, landscaping expense increased at Sabal Palm in
an effort to attract potential tenants to the center.  

Results of Operations - Three Months Ended September 30, 1997 and
1996
     (Amounts rounded to 000's)

     The Partnership generated a net loss of $17,000 for the three
months ended September 30, 1997 as compared to a net loss of $7,000
for the same three month period in 1996.  The $10,000 increase in
net loss resulted primarily from the net of a $12,000 decrease in
total income, a $9,000 increase in total expenses and a $17,000
decrease in the minority interest's share of Sabal Palm Joint
Venture's net loss. 

    Total income for the nine months ended September 30, 1997 was
$314,000 as compared to $326,000 for the same three month period in
1996, a decrease of $12,000.  The $12,000 decrease resulted
primarily from a decrease in tenant reimbursements expected to be
received at Sabal Palm.

     For the three months ended September 30, 1997, total expenses
were $340,000 as compared to $331,000 for the same three month
period in 1996, an increase of $9,000.  The $9,000 increase in

                                   19

<PAGE>

total expenses resulted primarily from an increase in general and
administrative expenses at Sabal Palm due to higher insurance
premiums as a result of the property's location in a hurricane
area.

                                   20

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                  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



                                      21



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                           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:  November 14, 1997


                         BY:    /s/ B. Allen Aynessazian
                                B. Allen Aynessazian
                                Chief Financial Officer
                                And Treasurer

                         DATE:  November 14, 1997




                                       22

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