<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 three months ended    June 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   .
                                 
                  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, 1997. . . . . . . . . 4

        Consolidated Statements of Operations for the
        six months ended June 30, 1997 and 1996. . . . . . . . . . . 5

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

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

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

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

                             PART II

Item 1. Legal Proceedings. . . . . . . . . . . . . . . . . . . . . .22
  
Item 2. Changes in Securities. . . . . . . . . . . . . . . . . . . .22

Item 3. Defaults Upon Senior Securities. . . . . . . . . . . . . . .22
                                 
Item 4. Submission of Matters to a Vote of Security 
        Holders. . . . . . . . . . . . . . . . . . . . . . . . . . .22

Item 5. Other Information. . . . . . . . . . . . . . . . . . . . . .22     
Item 6. Exhibits,and Reports on Form 8-K . . . . . . . . . . . . . .22

Signatures . . . . . . . . . . . . . . . . . . . . . . . . . . . . .23
                  
                  PART I - FINANCIAL INFORMATION

ITEM 1.           Consolidated Financial Statements

     The following Consolidated Balance Sheet as of June 30, 1997,
Consolidated Statements of Operations for the six months ended June
30, 1997 and 1996, Consolidated Statements of Operations for the
three months ended June 30, 1997 and 1996 and Consolidated
Statements of Cash Flows for the six months ended June 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.







                   CONSOLIDATED BALANCE SHEET
                           (Unaudited)
                                
                                              June 30,             
                                                1997               
ASSETS
Investment in real estate:
  Land                                       $ 2,411,849                 
  Buildings and improvements                   9,742,265                 
                                              12,154,114
  Less accumulated depreciation               (2,883,806)                
Net investment in real estate                  9,270,308
Investment in Strawberry Fields
  Joint Venture(Note 5)                          564,235
Cash and cash equivalents                        620,817                 
Rent receivable                                  133,961                 
Escrow deposits                                  131,799                 
Other assets                                     161,057                 
Due from affiliates                                5,880
       Total Assets                          $10,888,057                 

LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES:
Mortgage notes payable (Note 3)              $ 6,364,875
Accounts payable and accrued expenses            167,882                 
Tenant security deposits                          43,733
Due to affiliates                                 10,729                 
       Total Liabilities                       6,587,219

MINORITY INTEREST IN SABAL PALM
   JOINT VENTURE                                 977,525

PARTNERS' CAPITAL:
General Partners                                 (32,610)
Limited Partners (9,914.5 limited 
  partnership units issued and 
  outstanding)                                 3,355,923
       Total Partners' Capital                 3,323,313
       Total Liabilities and
       Partners' Capital                     $10,888,057




   See accompanying notes to consolidated financial statements
              
              CONSOLIDATED STATEMENTS OF OPERATIONS
         For the six months ended June 30, 1997 and 1996
                           (Unaudited)

                                  1997                     1996   
INCOME
Rental                                     $696,509           $714,706
Interest                                     11,319              2,421
Other, primarily tenant 
  expense reimbursements                    103,661             76,178 
  
  Total income                              811,489            793,305

EXPENSES
Interest                                    281,362            279,007
Depreciation                                134,772            134,440 
Real estate taxes                            71,736             68,705 
Repairs and maintenance                      17,686             12,124
Management fees                              49,988             49,387
Other property operating                     30,829             31,324
General and administrative                  113,890             97,553      

Total expenses                              700,263            672,540

Income before minority 
  and equity interests                      111,226            120,765

Minority interest's share of
  Sabal Palm's net income                   (34,217)           (39,157) 

Equity interest in Strawberry 
  Fields Joint Venture's 
  net loss                                  (12,915)           (21,166)

Net income                                 $ 64,094           $ 60,442

Net income Allocated 
  to the General Partners                  $    641           $    604

Net income Allocated 
  to the Limited Partners                  $ 63,453           $ 59,838   

Net income Per Limited
  Partnership Interest 
  (9,914.5 Units)                          $   6.40           $   6.04  
                                
   See accompanying notes to consolidated financial statements
              
              CONSOLIDATED STATEMENTS OF OPERATIONS
        For the three months ended June 30, 1997 and 1996
                           (Unaudited)

                                              1997               1996    
INCOME
Rental                                     $297,862           $310,649
Interest                                      6,332              1,497
Other, primarily tenant          
  expense reimbursements                     53,544              6,332  
  
  Total income                              357,738            318,478

EXPENSES
Interest                                    139,812            138,726
Depreciation                                 67,386             67,303 
Real estate taxes                            35,868             32,850 
Repairs and maintenance                       5,164              7,069
Management fees                              21,319             20,831
Other property operating                     13,415             13,645
General and administrative                   63,379             48,233
  
  Total expenses                            346,343            328,657

Income (loss) before minority 
  and equity interests                       11,395            (10,179)

Minority interest's share of
  Sabal Palm's net loss                      10,293             20,672 

Equity interest in Strawberry 
  Fields Joint Venture's 
  net loss                                   (5,383)           (9,298)

Net income                                 $ 16,305          $  1,195

Net income Allocated 
  to the General Partners                  $    163           $     12

Net income Allocated 
  to the Limited Partners                  $ 16,142           $  1,183   

Net income Per Limited
  Partnership Interest 
  (9,914.5 Units)                          $   1.63           $   0.12 
   
       See accompanying notes to consolidated financial statements
                                
                                
              CONSOLIDATED STATEMENTS OF CASH FLOWS
         For the six months ended June 30, 1997 and 1996
                          (Unaudited)                               
       
                                                      1997         1996   
Cash Flows From Operating  Activities:
Net income                                        $   64,094  $   60,442
Adjustments to reconcile net income to
  net cash provided by operating activities: 
Depreciation                                         134,772     134,440
Provision for doubtful accounts                        3,600       8,217
Equity interest in Strawberry Fields Joint
  Venture's net loss                                  12,915      21,166
Minority Interest's share of Sabal
  Palm Joint Venture's net income                     34,217      39,157
(Increase) decrease in rent receivables              (27,932)     43,508
Decrease in other assets                               6,214       6,165
Increase in escrow deposits                          (73,129)    (60,529)
Increase in due from affiliates                           --      (5,880)
Increase in accounts payable 
  and accrued expenses                                47,694      51,598
Increase (decrease) in due to affiliates               8,621     (52,733)
Increase in tenant security deposits                   1,366          --
Net cash provided by operating activities            212,432     245,551
Cash Flows From Investing Activities:
Capital expenditures                                 (4,310)      (3,003)
Cash distribution to Minority Partner of 
  Sabal Palm Joint Venture                           (13,160)    (70,500)
Cash used by investing activities                    (17,470)    (73,503)
Cash Flows From Financing Activities:
Repayment of mortgage notes payable               (3,128,095)    (43,609)
Proceeds from refinancing                          3,200,000          --
Payment of loan fees                                 (54,919)         --
Net cash provided by (used in)
 financing activities                                 16,986     (43,609)
Net increase in cash and cash
  equivalents                                        211,948     128,439
Cash and cash equivalents at beginning 
  of period                                          408,869     142,320
Cash and cash equivalents at end of 
  period                                          $  620,817  $  270,759
Supplemental disclosure of 
  cash flow information:
  Cash paid for interest                          $  270,142  $  250,253
    
    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., Jerome J. Brault, and Cezar M. Froelich. 
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.

  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 six month period ended June 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.

     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
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, 1997.  Accordingly,
no impairment loss has been recorded in the accompanying financial
statements for the periods ended June 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 June 30, 1997, 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.  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; escrow
deposits; accounts payable and accrued expenses and due to/from
affiliates.

     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
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.  

(3)  MORTGAGES NOTES PAYABLE

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

                                            Interest     Date
                                 1997        Rate        Due 
Crown Point Shopping
  Center (a)                 $3,169,879      7.55%       1/03
Sabal Palm Square 
  Shopping Center (b)         3,194,996      8.93%       3/02
                             $6,364,875                                     





  (a)  On December 28, 1995, Crown Point was refinanced with
NationsBanc Mortgage Capital Corporation.  The refinancing resulted
in a $3,275,000 non-recourse loan with a fixed interest rate of
7.55%, 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
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 June 30, 1997 and 1996 were as
follows:

                                      1997           1996             
  Management fees                   $40,020        $49,387               
  Reimbursable office
     expenses                        45,079         38,400               
  Legal fees                            377          4,723               

  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 
$8,968 for management fees as of June 30, 1997. An amount of $5,880
due from affiliates at June 30, 1997 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,              
                                              1997                  
Land, building and personal 
 property, net                             $7,101,060                  
Other assets                                  114,563                  
                                           $7,215,623                  

Mortgage note payable                      $5,727,617                  
Other liabilities                             143,016                  
                                            5,870,633                  
Partners' capital                           1,344,990                  
                                           $7,215,623                  

                                    Six months ended June 30,
                                     
                                         1997         1996           

Rental income                          $402,374     $420,825  
Other income                             42,289          174    
                                        444,663      420,999  
Mortgage and other
  interest                              217,543      225,219  
Depreciation                            101,519      100,074
Operating and
  administrative expenses               156,352      146,101  
                                        475,414      471,394 

Net loss                              $ (30,751)    $(50,395) 

(6)  SUBSEQUENT EVENT

Withdrawal of General Partner

  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.  This
resignation will become effective 90 days from August 14, 1997 (the
date of notice to the Limited Partners).  The Managing General
Partner does not believe that Mr. Froelich's resignation will have
an adverse effect on the operations of the Partnership.  Mr.
Froelich has advised management of the Partnership that his
resignation was not the result of a disagreement on any matter
related to the Partnership's operations, policies or practices. 























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 June 30, 1997 was 100%
compared to 98% at December 31, 1996 and June 30, 1996.  The
Partnership is working to sustain the occupancy level of Crown
Point.  Crown Point operated at a positive cash flow for the six
months ended June 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 June 30, 1997, compared to 99% at December 31, 1996 and 97%
at June 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.  

     Additionally, at Sabal Palm the largest vacancy at the center was 
subdivided and a new tenant moved into the larger portion of this
space during the quarter ended on June 30, 1997.  Sabal Palm's
largest anchor tenant has engaged engineers to review the prospect
of moving their store from Sabal Palm to another center
approximately two miles south.  They claim they are looking into
the feasibility of expanding from a 40,000 sq. ft. store to a
60,000 sq. ft. store.  Management has notified them that Sabal Palm
could accommodate them by expanding the four suites directly south
of their store to provide them 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 June 30, 1997 was 
88% compared to 87% at December 31, 1996 and 90% at June 30, 1996. 
Strawberry Fields operated at a positive cash flow for the six
months ended June 30, 1997.

     The General Partners of the Partnership 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 - Six Months Ended June 30, 1997 and 1996
     (Amounts rounded to 000's)

     The Partnership generated net income of $64,000 for the six
months ended June 30, 1997 as compared to net income of $60,000 
for the same six month period in 1996.  The $4,000 increase in net
income resulted primarily from the net of a $18,000 increase in
total income, a $27,000 increase in total expenses and a $8,000
decrease in the equity interest in Strawberry Fields Joint
Venture's net loss. 

     Total income for the six months ended June 30, 1997 was $811,000 
as compared to $793,000 for the same six month period in 1996, an
increase of $18,000.  The $18,000 increase resulted primarily from
a $28,000 increase in tenant reimbursements associated mainly with
Sabal Palm.  Partially offsetting the increase in tenant
reimbursements was a $18,000 decline in rental income which also
can be associated with Sabal Palm as a direct result of the decline
in the occupancy of the center.

     For the six months ended June 30, 1997, total expenses were
$700,000 as compared to $673,000 for the same six month period in
1996, an increase of $27,000.  The $27,000 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, repairs and maintenance expense increased at
Sabal Palm in an effort to attract new potential tenants into the
center.  

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

     The Partnership generated net income of $16,000 for the three
months ended June 30, 1997 as compared to net income of $1,000 for
the same three month period in 1996.  The $15,000 increase in net
income resulted primarily from the net of a $40,000 increase in
total income, a $17,000 increase in total expenses and a $11,000
decrease in the minority interest share of Sabal Palm's net loss. 

    Total income for the three months ended June 30, 1997 was
$358,000 as compared to $318,000 for the same three month period in
1996, an increase of $40,000.  The $40,000 increase resulted
primarily from a $48,000 increase in tenant reimbursements
associated mainly with Sabal Palm.  Partially offsetting the
increase in tenant reimbursements was a $13,000 decline in rental
income which also can be associated with Sabal Palm as a direct
result of the decline in the occupancy of the center.

     For the three months ended June 30, 1997, total expenses were
$346,000 as compared to $329,000 for the same three month period in
1996, an increase of $17,000.  The $17,000 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.

<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














                           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, 1997


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

                         DATE:  August 14, 1997