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 nine months ended September 30, 2004_____________

                               or

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

    For the transition period from  ___________ to______________

    Commission File Number ______________0-14481________________

     ___________Brauvin Real Estate Fund L.P. 5_________________
     (Name of small business issuer as specified in its charter)

    _________Delaware___________        ______36-3432071________
    (State or other jurisdiction of     (I.R.S. Employer
     incorporation or organization)    Identification No.)

    30 North LaSalle Street, Chicago, Illinois     __60602______
     (Address of principal executive offices)      (Zip Code)

     _________________(312) 759-7660____________________________
                  (Issuer's telephone number)

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

    Title of each class              Name of each exchange on
                                           which registered
    _________None______              ___________None____________

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

    ______________Limited Partnership Interests_________________
                        (Title of class)

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



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

                              INDEX

                             PART I
                                                          Page

Item 1.  Consolidated Financial Statements                  3

         Consolidated Statement of Net Assets in Liquidation
         as of September 30, 2004 (Liquidation Basis)       4

         Consolidated Statement of Changes in Net Assets
         in Liquidation for the period January 1, 2004 to
         September 30, 2004 (Liquidation Basis)             5

         Consolidated Statement of Changes in Net Assets
         in Liquidation for the period January 1, 2003 to
         September 30, 2003 (Liquidation Basis)             6

         Consolidated Statements of Operations for the
         nine months ended September 30, 2004 and
         September 30, 2003(Liquidation Basis)              7

         Consolidated Statements of Operations for the
         three months ended September 30, 2004 and
         September 30, 2003(Liquidation Basis)              8

         Notes to Consolidated Financial Statements         9

Item 2.  Management's Discussion and Analysis or Plan
         of Operation                                       22

Item 3.  Controls and Procedures                            30

                             PART II

Item 1.  Legal Proceedings                                  31

Item 2.  Changes in Securities                              31

Item 3.  Defaults Upon Senior Securities                    31

Item 4.  Submission of Matters to a Vote of Security
         Holders                                            31

Item 5.  Other Information                                  31

Item 6.  Exhibits, and Reports on Form 8-K                  31

Signatures                                                  32



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



                 PART I - FINANCIAL INFORMATION

ITEM 1. Consolidated Financial Statements

  The   following  Consolidated  Statement  of  Net   Assets   in
Liquidation  as  of  September  30,  2004  (Liquidation   Basis),
Consolidated  Statement of Changes in Net Assets  in  Liquidation
for the period January 1, 2004 to September 30, 2004 (Liquidation
Basis),  Consolidated  Statement of  Changes  in  Net  Assets  in
Liquidation for the period January 1, 2003 to September 30,  2003
(Liquidation  Basis), Consolidated Statements of  Operations  for
the  nine months ended September 30, 2004 and September 30,  2003
(Liquidation Basis) and Consolidated Statements of Operations for
the  three months ended September 30, 2004 and September 30, 2003
(Liquidation  Basis) for Brauvin Real Estate  Fund  L.P.  5  (the
"Partnership") are unaudited but reflect, in the opinion  of  the
management,  all  adjustments necessary  to  present  fairly  the
information  required.   All such adjustments  are  of  a  normal
recurring nature.

  These  consolidated  financial statements  should  be  read  in
conjunction with the consolidated financial statements and  notes
thereto included in the Partnership's 2003 Annual Report on  Form
10-KSB.



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




    CONSOLIDATED STATEMENT OF NET ASSETS IN LIQUIDATION AS OF
             SEPTEMBER 30, 2004 (LIQUIDATION BASIS)
                           (Unaudited)

ASSETS

Real estate held for sale                      $3,028,375
Cash and cash equivalents                       2,253,268
Restricted cash                                   753,481
Tenant receivable (net of an
  allowance of $37,298)                            36,145
Utility deposits                                    3,429
Due from affiliates                                 5,394
Other assets                                       20,110
                                               ----------
       Total Assets                             6,100,202
                                               ----------
LIABILITIES

Mortgage notes payable (Note 4)                 3,000,000
Accounts payable and accrued expenses             131,374
Reserve for estimated costs during
  the period of liquidation                       229,015
Tenant security deposits                           19,460
Due to affiliate                                    3,092
                                               ----------
       Total Liabilities                        3,382,941

MINORITY INTEREST IN SABAL PALM
   JOINT VENTURE                                  318,146
                                               ----------

Net Assets in Liquidation                      $2,399,115
                                               ==========





   See accompanying notes to consolidated financial statements





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



       CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS IN
LIQUIDATION FOR THE PERIOD JANUARY 1, 2004 TO SEPTEMBER 30, 2004
                       (LIQUIDATION BASIS)
                           (Unaudited)



Net assets in liquidation at January 1, 2004     $2,562,051

Loss from operations                               (162,936)
                                                 ----------
Net assets in liquidation at September 30, 2004  $2,399,115
                                                 ==========


























   See accompanying notes to consolidated financial statements




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





       CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS IN
LIQUIDATION FOR THE PERIOD JANUARY 1, 2003 TO SEPTEMBER 30, 2003
                       (LIQUIDATION BASIS)
                           (Unaudited)





Net assets in liquidation at January 1, 2003     $2,789,906

Loss from operations                               (238,101)
                                                 ----------
Net assets in liquidation at September 30, 2003  $2,551,805
                                                 ==========























   See accompanying notes to consolidated financial statements



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



              CONSOLIDATED STATEMENTS OF OPERATIONS
      FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2004 and 2003
                       (LIQUIDATION BASIS)
                           (Unaudited)

                               __2004___      __2003___
INCOME
Rental                         $ 310,359      $ 287,435
Interest                          17,899         27,864
Other, primarily tenant
  expense reimbursements          80,214         54,703
                               ---------      ---------
Total income                     408,472        370,002
                               ---------      ---------
EXPENSES
Interest                          97,438        145,170
Real estate taxes                 70,650         64,718
Repairs and maintenance           96,588         11,049
Management fees (Note 5)          21,967         21,373
Other property operating          36,562         28,228
Bad debt expense                  26,613          2,907
State taxes                           --        184,800
General and administrative       294,036        166,599
                               ---------      ---------
Total expenses                   643,854        624,844
                               ---------      ---------
Loss before minority
   interest                     (235,382)      (254,842)

Minority interest's
  share of Sabal Palm's
  net loss                        72,446         16,741
                               ---------      ---------
Net loss                       $(162,936)     $(238,101)
                               =========      =========
Net loss allocated
  to the General Partners      $  (1,629)     $  (2,381)
                               =========      =========
Net loss allocated
  to the Limited Partners      $(161,307)     $(235,720)
                               =========      =========
Net loss per
  Limited Partnership
  Interest (9,914.5 units
  Outstanding)                 $  (16.27)     $  (23.78)
                               =========      =========


  See accompanying notes to consolidated financial statements.




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




              CONSOLIDATED STATEMENTS OF OPERATIONS
     FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2004 and 2003
                       (LIQUIDATION BASIS)
                           (Unaudited)

                               ___2004__      ___2003__
INCOME
Rental                         $ 114,654      $  98,587
Interest                           8,121         18,083
Other, primarily tenant
  expense reimbursements          24,885         18,773
                               ---------      ---------
Total income                     147,660        135,443
                               ---------      ---------
EXPENSES
Interest                          33,645         33,606
Real estate taxes                 23,550         21,572
Repairs and maintenance            8,235          4,936
Management fees (Note 5)           8,435          6,899
Other property operating           9,887         10,671
Bad debt expense (recovery)        9,050          1,669
General and administrative       213,814         29,421
                               ---------      ---------
Total expenses                   306,616        108,774
                               ---------      ---------
(Loss)income before minority
   interest                     (158,956)        26,669

Minority interest's
  share of Sabal Palm's
  net loss (income)               41,510        (18,886)
                               ---------      ---------
Net (loss) income              $(117,446)     $   7,783
                               =========      =========
Net (loss) income allocated
  to the General Partners      $  (1,174)     $      78
                               =========      =========
Net (loss) income  allocated
  to the Limited Partners      $(116,272)     $   7,705
                               =========      =========
Net (loss) income per
  Limited Partnership
  Interest (9,914.5 units
  Outstanding)                 $  (11.73)     $    0.78
                               =========      =========


  See accompanying notes to consolidated financial statements.






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

            NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                          (Unaudited)



 (1)  ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

  ORGANIZATION

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

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

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

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

  Management's Use of Estimates

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

  Basis of Presentation

  As  a  result of the July 12, 1999 authorization by a  majority
of  the Limited Partners to sell the Partnership's properties the
Partnership has begun the liquidation process and, in  accordance
with  generally accepted accounting principles, the Partnership's
financial statements for periods subsequent to July 12, 1999 have
been   prepared   on   the  liquidation  basis   of   accounting.
Accordingly,  the carrying values of the assets are presented  at
their  estimated  net  realizable  values  and  liabilities   are
presented  at  estimated settlement amounts, including  estimated
costs  associated with carrying out the liquidation.  Preparation
of  financial  statements on the liquidation basis of  accounting
requires  significant  assumptions by management,  including  the
estimate  of  liquidation  costs  and  the  resolution   of   any
contingent  liabilities.   There may be differences  between  the
assumptions   and   the  actual  results   because   events   and
circumstances  frequently  do  not  occur  as  expected.    Those
differences, if any, could result in a change in the  net  assets
recorded in the statement of net assets as of September 30, 2004.

  Accounting Method

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


  Federal Income Taxes

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

  Consolidation of Joint Venture Partnership

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

  Investment in Real Estate

  Prior  to  the preparation of the financial statements  on  the
liquidation   basis  of  accounting,  the  operating   properties
acquired  by  the  Partnership were  stated  at  cost,  including
acquisition  costs, leasing commissions, and tenant improvements,
and  net  of  impairment  losses. Depreciation  and  amortization
expense were computed on a straight-line basis over approximately
31.5  years  and the term of the applicable leases, respectively.
All  of the Partnership's properties were subject to liens  under
first mortgages (see Note 4).

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


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

   Application of the statements to future acquisitions, if  any,
could  result in the recognition, upon acquisition of  additional
intangible assets (acquired in-place lease origination costs  and
acquired  above  market leases) and liabilities  (acquired  below
market leases), which would be amortized over the remaining terms
of the acquired leases.

   The  Partnership has adopted Statement of Financial Accounting
Standards  No. 143, "Accounting for Asset Retirement Obligations"
("SFAS  143"), which is effective for years beginning after  June
15,  2002.   SFAS  143 requires recognition of  a  liability  and
associated  asset for the fair value of costs arising from  legal
obligations associated with the retirement of tangible long-lived
assets.   The  asset  is  to be allocated  to  expense  over  its
estimated useful life.

   In  August  2001,  the  FASB  issued  Statement  of  Financial
Accounting  Standards No. 144, "Accounting for the Impairment  or
Disposal  of Long-Lived Assets" ("SFAS 144"), which was effective
for  fiscal  years beginning after December 15, 2001.   SFAS  144
supersedes FASB Statement No. 121, "Accounting for the Impairment
of  Long-Lived  Assets and Long-Lived Assets to Be  Disposed  Of"
("SFAS  121").  SFAS 144 retains the recognition and  measurement
requirements  of  SFAS  121, but resolves  significant  SFAS  121
implementation issues.  In addition, it applies to a segment of a
business accounted for as a discontinued operation.

   SFAS  143  and SFAS 144 have not had a significant  impact  on
the Partnership's financial statements.

  Cash and Cash Equivalents

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

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

  Tenant Receivables

  Tenant  receivables are comprised of (a) billed but uncollected
amounts due for monthly rents and other charges and (b) estimated
unbilled  amounts  due for tenant reimbursement  of  common  area
maintenance charges and property taxes.  Receivables are recorded
at  management's estimate of the amounts that will ultimately  be
collected.   An  allowance for doubtful accounts  of  $37,298  at
September  30,  2004  is  based  on  specific  identification  of
uncollectible   accounts   and   the   Partnership's   historical
collection experience.

  Estimated Fair Value of Financial Instruments

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

  The fair value estimates are based on information available  to
management  as of September 30, 2004, but may not necessarily  be
indicative of the amounts that the Partnership could realize in a
current market exchange.  The use of different assumptions and/or
estimation  methodologies  may have  a  material  effect  on  the
estimated fair value amounts.

  In  connection  with the adoption of the liquidation  basis  of
accounting,  assets were adjusted to their net realizable  values
and  liabilities  were adjusted to estimated settlement  amounts,
which approximate their fair value at September 30, 2004.

  Derivatives and Hedging Instruments

  In   June  1998,  the  Financial  Accounting  Standards   Board
("FASB")  issued Statement of Financial Accounting Standards  No.
133,   "Accounting   for  Derivative  Instruments   and   Hedging
Activities" ("SFAS 133"), which requires that all derivatives  be
recognized as assets and liabilities in the balance sheet and  be
measured at fair value.  SFAS 133 also requires changes  in  fair
value  of  derivatives  to be recorded  each  period  in  current
earnings or comprehensive income depending on the intended use of
the  derivatives.  In June, 2000, the FASB issued SFAS 138, which
amends  the  accounting and reporting standards of SFAS  133  for
certain derivatives and certain hedging activities.  SFAS 133 and
SFAS  138  were adopted by the Partnership effective  January  1,
2001.  The Partnership had no derivatives in 2004 and 2003.

  Recent Accounting Pronouncements

     In April 2002, FASB issued Statement of Financial Accounting
Standards  No.  145, "Rescission of FASB Statements  No.  4,  44,
Amendment  of  FASB  No.  13, and Technical  Corrections"  ("SFAS
145").

     Generally,  the  rescission of FASB No. 4, "Reporting  Gains
and  Losses from Extinguishment of Debt" would require that  debt
extinguishment costs are to no longer be treated as extraordinary
items.   The  amendment to FASB No. 13, "Accounting  for  Leases"
requires    sale-leaseback   accounting   for    certain    lease
modifications that have the economic effects that are similar  to
sale-leaseback   transactions.   This  statement   is   generally
effective for the year ending December 31, 2003.

     In  November 2002, FASB issued FASB Interpretation  No.  45,
"Guarantor's   Accounting   and   Disclosure   Requirements   for
Guarantees,  Including  Indirect Guarantees  of  Indebtedness  of
Others"  (FIN  45).  FIN 45 elaborates on the disclosures  to  be
made   by  a  guarantor  in  its  interim  and  annual  financial
statements about its obligations under certain guarantees that it
has  issued  and  clarifies  that  a  guarantor  is  required  to
recognize,  at  inception of the guarantee, a liability  for  the
fair value of the obligation undertaken in issuing the guarantee.
The  initial recognition and measurement provisions of FIN 45 are
applicable  to guarantees issued or modified after  December  31,
2002.   The  disclosure requirements of FIN 45 are effective  for
periods ending after December 15, 2002.

     In   January  2003,  FASB  issued  interpretation  No.   46,
"Consolidation of Variable Interest Entities" (FIN  46).  FIN  46
addresses  consolidation  by  business  enterprises  of   certain
variable interest entities in which the equity investors  do  not
have  the characteristics of a controlling financial interest  or
do  not  have sufficient equity at risk for the entity to finance
its  activities without additional subordinated financial support
from other parties.

   This  interpretation was revised in December 2003  and  shall,
for  calendar year end entities, be effective as of December  31,
2003  for  "special  purpose entities" (as  defined)  and  as  of
December  31, 2004 for all other entities.  The Partnership  does
not own any "special purpose entities."

   In  May  2003,  FASB issued Statement of Financial  Accounting
Standards  No. 150, "Accounting for Certain Financial Instruments
with  the Characteristics of both Liabilities and Equity"  ("SFAS
150"),  which is effective for all financial instruments  entered
into  or  modified after May 31, 2003, and is otherwise effective
beginning July 1, 2003.  SFAS 150 establishes standards  for  how
an  entity  classifies and measures certain financial instruments
with characteristics of both liabilities and equity.

  The  adoption of SFAS 145 and SFAS 150 and FIN 45  and  FIN  46
has  not  had a significant impact on the Partnership's financial
statements.

(2) ADJUSTMENT TO LIQUIDATION BASIS

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

 (3) PARTNERSHIP AGREEMENT

  The  Partnership Agreement (the "Agreement") provides that  99%
of  the net profits and losses from operations of the Partnership
for  each  fiscal year shall be allocated to the Limited Partners
and  1%  of  net  profits  and losses from  operations  shall  be
allocated  to  the  General Partners.   The  net  profit  of  the
Partnership  from the sale or other disposition of a  Partnership
property  shall be allocated as follows:  first, there  shall  be
allocated to the General Partners the greater of: (i) 1% of  such
net  profits;  or (ii) the amount distributable  to  the  General
Partners   as  Net  Sale  Proceeds  from  such  sale   or   other
disposition, as defined in the Partnership Agreement; and second,
all remaining profits shall be allocated to the Limited Partners.
The   net  loss  of  the  Partnership  from  any  sale  or  other
disposition  of  a  Partnership property shall  be  allocated  as
follows:  99% of such net loss shall be allocated to the  Limited
Partners  and  1%  of  such net loss shall be  allocated  to  the
General Partners.

  The  Agreement  provides that distributions of  Operating  Cash
Flow,  as defined in the Agreement, shall be distributed  99%  to
the Limited Partners and 1% to the General Partners.  The receipt
by  the General Partners of such 1% of Operating Cash Flow  shall
be  subordinated  to  the  receipt by  the  Limited  Partners  of
Operating  Cash  Flow  equal  to a  10%  per  annum,  cumulative,
non-compounded  return on Adjusted Investment, as  such  term  is
defined  in  the Agreement (the "Preferential Distribution").  In
the  event the full Preferential Distribution is not made in  any
year   (herein   referred  to  as  a  "Preferential  Distribution
Deficiency")  and Operating Cash Flow is available  in  following
years  in excess of the Preferential Distribution for said years,
then  the  Limited  Partners shall be paid such excess  Operating
Cash  Flow  until  they  have been paid any  unpaid  Preferential
Distribution Deficiency from prior years.  Net Sale Proceeds,  as
defined  in the Agreement, received by the Partnership  shall  be
distributed as follows:  (a) first, to the Limited Partners until
such  time as the Limited Partners have been paid an amount equal
to  the  amount of their Adjusted Investment; (b) second, to  the
Limited  Partners  until such time as the Limited  Partners  have
been paid an amount equal to any unpaid Preferential Distribution
Deficiency; and (c) third, 85% of any remaining Net Sale Proceeds
to  the  Limited Partners, and the remaining 15% of the Net  Sale
Proceeds  to  the General Partners. The Preferential Distribution
Deficiency at September 30, 2004 equaled $16,778,820.

(4)  MORTGAGE NOTES PAYABLE

  Mortgage  notes  payable at September 30, 2004 consist  of  the
following:

                                     Interest      Date
                                       Rate        Due
Sabal Palm Square
  Shopping Center      $3,000,000     LIBOR +2.85% 5/3/05



Sabal Palm Square Shopping Center

  Sabal  Palm  Square Shopping Center serves as collateral  under
its respective limited recourse debt obligation.

   The original First Mortgage Loan bore interest at the rate  of
8.93%  per  annum,  was to be amortized over  a  25-year  period,
required   monthly  payments  of  principal   and   interest   of
approximately $26,700 and matured 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.  Subsequent  to
the  end  of the first quarter of 2003, this loan was repaid  and
replaced with a new facility described below.

  On  August  7, 2000, Sabal Palm was given notice that Walgreens
would  vacate the space prior to its lease termination  of  April
30,  2005.   Walgreens moved out, however, it remains liable  for
rental  payments  under  its lease with  Sabal  Palm.  The  joint
venture  and Walgreens reached an agreement with a subtenant  for
the  occupancy of this space through the initial term  ending  in
April  2005.  Subsequently, the joint venture entered into a  new
direct  lease with the replacement tenant for this space  through
June 30, 2007.

  In  the second quarter of 1998, Winn-Dixie vacated its space at
the   center.    Winn-Dixie  failed  to  timely  pay  its  rental
obligation  for  November and December 2001 and  January  through
March 2002.

  As  a  result  of  Winn-Dixie's lease  default,  in  the  third
quarter of 2001, Sabal Palm recorded an adjustment to liquidation
basis  of $114,367 related to an other than temporary decline  in
the value of real estate for Sabal Palm.

  In  the  fourth quarter of 2001, Sabal Palm recorded a  further
adjustment  to liquidation basis of $7,508 related  to  an  other
than temporary decline in the value of real estate at Sabal Palm.

   Due  to  non-payment of Winn-Dixie's rental  obligations,  the
joint  venture did not make its mortgage payments for Sabal  Palm
in November and December 2001 and January through March 2002 thus
resulting  in  a default on its loan.  In April 2002,  the  joint
venture and the lender agreed to a twelve-month extension of  the
existing  mortgage loan.  The loan extension was subject  to  the
lease  termination of Winn-Dixie and Winn-Dixie's  payment  of  a
$300,000 termination fee and payment of all past due amounts thus
curing the default.  As a requirement of the extension, the joint
venture  and  the  lender agreed to use  the  proceeds  from  the
termination  to redemize the former Winn-Dixie space  into  three
spaces as well as certain other improvements to the center.   The
joint  venture  had  signed a lease with Sav A  Lot,  a  national
grocery  chain,  for  14,350 square  feet  (one  of  the  demized
spaces).   In  addition, the joint venture has executed  a  lease
with   Family   Dollar,   a  national  discount   retailer,   for
approximately  10,675 square feet (another  one  of  the  demized
spaces).   Family  Dollar  has taken  occupancy  in  the  center.
Separately,  the  Partnership  has  made  a  number  of  cosmetic
improvements  to  the center in preparation for  its  sale.   The
joint  venture has also received renewed expressions of  interest
for the potential sale of the property. There can be no assurance
that  the potential sale will be consummated; however, the  joint
venture is continuing to evaluate its opportunities.

  On   March  17,  2003,  the  joint  venture  obtained  a   loan
commitment  from  AmSouth Bank in the amount of $3,250,000.   The
loan  proposal provides for payment of interest only  for  a  24-
month  term  subject to various tests to be met  at  a  six-month
period  from close and a nine-month period from close.  If  these
tests  are  not met the joint venture will be required to  reduce
the  principal  outstanding by a cumulative amount  ranging  from
$250,000 to $500,000 depending on the test.

  On  April 29, 2003, the Sabal Palm joint venture closed on  the
$3,250,000 mortgage with AmSouth Bank (subject to a reduction not
to  exceed  $500,000 if certain conditions of the  loan  are  not
met).   The  joint  venture  repaid the prior  outstanding  first
mortgage  loan  on  the  property in the  amount  of  $2,957,941,
accrued  interest  of $22,100 and paid loan  costs  and  fees  of
approximately  $46,100 at closing. The joint venture  expects  to
use  the  remaining proceeds primarily to finance certain  tenant
improvements and leasing costs.

  The  new loan bears interest at LIBOR plus 2.85% and is payable
interest only monthly until maturity (May 3, 2005) at which  time
all unpaid interest and principal is due.  The loan is secured by
a  first  mortgage lien on the property and collateral assignment
of  rents  and  leases as well as the management agreement.   The
partners  of the joint venture have each guaranteed the repayment
of  50% of the joint venture obligations under the loan documents
and  the  manager  has  agreed  to  subordinate  payment  of  the
management fee to the payment of the loan obligations.

  Additionally,  the  lender  has  required  that  $1,000,000  in
aggregate  unencumbered  liquid assets  be  maintained  (but  not
pledged)  during  the term of the loan as well as  requiring  the
Partnership  and  BREF 4 to maintain a minimum combined  tangible
net worth of not less than $1,000,000.

  In  January 2004, Sabal Palm was not in compliance with the net
operating  income requirement established in the loan  and  as  a
result the lender had a right to require a repayment of principal
from  the joint venture in an amount not to exceed $500,000.   In
the  second  quarter  of  2004, pursuant  to  the  existing  loan
agreement,  the  lender requested repayment of principal  in  the
amount  of $250,000.  The lender agreed to allow for this payment
to  be  made  from the $1,000,000 on deposit with the lender  and
further  agreed to reduce the liquidity requirement to  $500,000.
Additionally, the lender agreed to fund from the deposit with the
lender  certain  improvements (up to  $245,000)  that  the  joint
venture  is contemplating making in order to facilitate the  sale
of the property.

  The  carrying  value of Sabal Palm approximated  $3,028,000  at
September 30, 2004.


(5)    TRANSACTIONS WITH AFFILIATES

  Fees  and  other  expenses  paid  or  payable  to  the  General
Partners  or  its affiliates for the nine months ended  September
30, 2004 and 2003 were as follows:

                         __2004__       __2003__
  Management fees         $21,967        $21,373
  Reimbursable office
     expenses              62,114         63,057

   As  of  September  30,  2004, the  Partnership  had  made  all
payments  to  affiliates, except for management fees  of  $3,092.
The Partnership has a balance of $5,394 due from an affiliate  as
a result of a deposit error.




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





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

General

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

Liquidity and Capital Resources

     The  Partnership intends to satisfy its short-term liquidity
needs   through  cash  flow  from  its  remaining  joint  venture
investment  in  Sabal  Palm.   The  Partnership's  mortgage  note
payable  is  expected to be satisfied through the sale  of  Sabal
Palm.

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

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

Property Status

   Sabal Palm

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

   On  August 7, 2000, Sabal Palm was given notice that Walgreens
will vacate the space prior to its lease termination of April 30,
2005.  Walgreens moved out, however, it remains liable for rental
payments  under its lease with Sabal Palm. The joint venture  and
Walgreens reached an agreement with a subtenant for the occupancy
of  this  space  through the initial term ending in  April  2005.
Subsequently, the joint venture entered into a new  direct  lease
with the replacement tenant for this space through June 30, 2007.

   In  the  second quarter of 1998, Winn-Dixie vacated its  space
at  the  center.    Winn-Dixie failed to timely  pay  its  rental
obligation  for  November and December 2001 and  January  through
March, 2002.

   As  a  result  of  Winn-Dixie's lease default,  in  the  third
quarter of 2001, Sabal Palm recorded an adjustment to liquidation
basis  of $114,367 related to an other than temporary decline  in
the value of real estate for Sabal Palm.

   In  the  fourth quarter of 2001, Sabal Palm recorded a further
adjustment  to liquidation basis of $7,508 related  to  an  other
than temporary decline in the value of real estate at Sabal Palm.

   Due  to  non-payment of Winn-Dixie's rental  obligations,  the
joint  venture did not make its mortgage payments for Sabal  Palm
in November and December 2001 and January through March 2002 thus
resulting  in  a default on its loan.  In April 2002,  the  joint
venture and the lender agreed to a twelve-month extension of  the
existing  mortgage loan.  The loan extension was subject  to  the
lease  termination of Winn-Dixie and Winn-Dixie's  payment  of  a
$300,000 termination fee and payment of all past due amounts thus
curing the default.  As a requirement of the extension, the joint
venture  and  the  lender agreed to use  the  proceeds  from  the
termination  to redemize the former Winn-Dixie space  into  three
spaces as well as certain other improvements to the center.   The
joint  venture  has  signed a lease with Sav A  Lot,  a  national
grocery  chain,  for  14,350 square  feet  (one  of  the  demized
spaces).   In  addition, the joint venture has executed  a  lease
with   Family   Dollar,   a  national  discount   retailer,   for
approximately  10,675 square feet (another  one  of  the  demized
spaces).  Sav A Lot and Family Dollar have taken occupancy in the
center. As of September 30, 2004 the center was approximately 70%
leased. Separately, the Partnership has made a number of cosmetic
improvements to the center in preparation for its sale.   However
the  property was recently damaged by two of the hurricanes  that
struck  the Palm Bay area in the third quarter of 2004  and  will
likely  delay the sale of the property into 2005.  The property's
damage  was  primarily  cosmetic  and  we  do  not  believe   the
structural  integrity or economic viability of the  building  has
been  diminished.   Temporary repair  work  has  been  completed.
However, due to the extensive damage elsewhere in the local area,
permanent repairs have not yet commenced.

   In  total,  Sabal  Palm  has  received  seven  offers  on  the
property ranging in price from $2.2 million to $4.2 million.  The
Partnership continues to market the property for sale.  With  the
recent  execution  of  the Family Dollar lease  for  12%  of  the
center, the Partnership anticipates that potential sales activity
will continue in 2004.

   On   March  17,  2003,  the  joint  venture  obtained  a  loan
commitment  from  AmSouth Bank in the amount of $3,250,000.   The
loan  proposal provides for payment of interest only  for  a  24-
month  term  subject to various tests to be met  at  a  six-month
period  from close and a nine-month period from close.  If  these
tests  are  not met the joint venture will be required to  reduce
the  principal  outstanding by a cumulative amount  ranging  from
$250,000 to $500,000 depending on the test.

   On  April 29, 2003, the Sabal Palm joint venture closed on the
$3,250,000 mortgage with AmSouth Bank (subject to a reduction not
to  exceed  $500,000 if certain conditions of the  loan  are  not
met).   The  joint  venture  repaid the prior  outstanding  first
mortgage  loan  on  the  property in the  amount  of  $2,957,941,
accrued  interest  of $22,100 and paid loan  costs  and  fees  of
approximately  $46,100 at closing. The joint venture  expects  to
use  the  remaining proceeds primarily to finance certain  tenant
improvements and leasing costs.

   The  new  loan  bears  interest at LIBOR  plus  2.85%  and  is
payable  interest only monthly until maturity (May  3,  2005)  at
which time all unpaid interest and principal is due.  The loan is
secured  by  a first mortgage lien on the property and collateral
assignment  of  rents  and  leases  as  well  as  the  management
agreement.   The  partners  of  the  joint  venture   have   each
guaranteed  the repayment of 50% of the joint venture obligations
under   the  loan  documents  and  the  manager  has  agreed   to
subordinate payment of the management fee to the payment  of  the
loan obligations.

   Additionally,  the  lender  has required  that  $1,000,000  in
aggregate  unencumbered  liquid assets  be  maintained  (but  not
pledged)  during  the term of the loan as well as  requiring  the
Partnership  and  BREF 4 to maintain a minimum combined  tangible
net worth of not less than $1,000,000.

  In  January 2004, Sabal Palm was not in compliance with the net
operating  income requirement established in the loan  and  as  a
result the lender had a right to require a repayment of principal
from  the joint venture in an amount not to exceed $500,000.   In
the  second  quarter of 2004, the lender requested  repayment  of
principal in the amount of $250,000.  The lender agreed to  allow
for  this payment to be made from the $1,000,000 on deposit  with
the lender and further agreed to reduce the liquidity requirement
to  $500,000.  Additionally, the lender agreed to fund  from  the
deposit  with  the lender certain improvements (up  to  $245,000)
that  the  joint  venture is contemplating  making  in  order  to
facilitate the sale of the property.

   As  a  result of the July 1999 authorization by a majority  of
the  Limited  Partners to sell the Partnership's properties,  the
Partnership has begun the liquidation process and, in  accordance
with  generally accepted accounting principles, the Partnership's
financial statements for periods subsequent to July 12, 1999 have
been   prepared   on   the  liquidation  basis   of   accounting.
Accordingly,  the carrying values of the assets are presented  at
net  realizable values and liabilities are presented at estimated
settlement  amounts,  including estimated costs  associated  with
carrying  out  the  liquidation.  Preparation  of  the  financial
statements  on  the  liquidation  basis  of  accounting  requires
significant assumptions by management, including the estimate  of
liquidation   costs   and  the  resolution  of   any   contingent
liabilities.   There may be differences between  the  assumptions
and   the   actual  results  because  events  and   circumstances
frequently do not occur as expected.  Those differences, if  any,
could  result  in  a  change in the net assets  recorded  in  the
consolidated statement of net assets as of September 30, 2004.

   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.   In  particular, the retenanting of Sabal  Palm,  if
successful, will require an additional capital investment by  the
Partnership.


Results of Operations

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

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

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

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

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



Results of Operations - Nine months ended September 30, 2004  and
2003 (Liquidation Basis)

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

   The  Partnership generated a net loss of $163,000 for the nine
months  ended  September 30, 2004 as compared to a  net  loss  of
$238,000 for the same period in 2003.

   Total income for the nine months ended September 30, 2004  was
$408,000  as  compared to $370,000 for the same period  in  2003.
The $38,000 increase in total income was primarily a result of  a
$23,000 increase in rental income and a $26,000 increase in other
income.  These  increases were offset by a  $10,000  decrease  in
interest income. The increases in rental and other income  relate
to an increase in occupancy at Sabal Palm.

   Total  expenses for the nine months ended September  30,  2004
were  $644,000  as compared to $625,000 for the  same  period  in
2003. The $19,000 increase in expense is the result of a $127,000
increase  in  general  and  administrative  expense,  an  $85,000
increase in repair and maintenance expense, a $24,000 increase in
bad debt expense, an $8,000 increase in operating expense, and  a
$6,000 increase in real estate taxes.  Offsetting these increases
was a $185,000 decrease in state taxes and a $48,000 decrease  in
interest  expense.  The decrease in state taxes primarily  was  a
result  of  the  2003  sale  of Crown  Point.   Interest  expense
decreased as a result of Sabal Palm's new mortgage.  Repairs  and
maintenance  increased primarily as a result of  repairs  at  the
Sabal   Palm  property.   General  and  administrative   expenses
increased  primarily  as  a  result of increasing  the  estimated
liquidation time period and therefore increasing the reserve  for
estimated future costs during the liquidation.





Results of Operations - Three months ended September 30, 2004 and
2003
(Liquidation Basis)

   The  Partnership  generated a net loss  of  $117,000  for  the
three months ended September 30, 2004 as compared to a net income
of $8,000 for the same period in 2003.

   Total  income  for the three months ended September  30,  2004
was $148,000 as compared to $135,000 for the same period in 2003.
The $13,000 increase in total income was primarily a result of  a
$16,000 increase in rental income and a $6,000 increase in  other
income.   The increases in rental and other income relate  to  an
increase in occupancy at Sabal Palm.

   Total  expenses for the three months ended September 30,  2004
were  $307,000  as compared to $109,000 for the  same  period  in
2003.  The  $198,000  increase in expense  is  the  result  of  a
$184,000 increase in general and administrative expense, a $7,000
increase  in  bad debt expense, a $3,000 increase in repairs  and
maintenance, a $2,000 increase in real estate tax expense, and  a
$3,000   increase  in  repairs  and  maintenance.   General   and
administrative  expenses  increased  primarily  as  a  result  of
increasing  the estimated liquidation time period  and  therefore
increasing  the  reserve for estimated future  costs  during  the
liquidation.




Item 3. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

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

Changes in Internal Controls

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




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




                   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 99.  Certification of Officers







                           SIGNATURES

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



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

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

                         DATE:  November 15, 2004


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

                         DATE:  November 15, 2004








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

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

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

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

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

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

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

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

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

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

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

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

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

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


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

                              DATE: November 15, 2004






         CERTIFICATION FOR SARBANES-OXLEY SECTION 302(A)

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

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

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

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

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

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

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

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

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

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

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

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

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

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


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

                              DATE: November 15, 2004






                           Exhibit 99
                    SECTION 906 CERTIFICATION


The  following  statement  is  provided  by  the  undersigned  to
accompany  the  Quarterly Report on Form 10-QSB for  the  quarter
ended September 30, 2004, pursuant to Section 906 of the Sarbanes-
Oxley  Act of 2002 and shall not be deemed filed pursuant to  any
provisions  of the Securities Exchange Act of 1934 or  any  other
securities law:

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

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

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

                         DATE:  November 15, 2004


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

                         DATE:  November 15, 2004