UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 10-K

[X]      ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
         EXCHANGE ACT OF 1934

                   For the Fiscal Year Ended December 31, 2006

                                       or

[ ]      TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND
         EXCHANGE ACT OF 1934

                    For the transition period from ___ to ___

                         Commission File Number 0-11909

              REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP - II
              ----------------------------------------------------
             (Exact Name of Registrant as specified in its Charter)

         Delaware                                     16-1212761
   --------------------                   ---------------------------------
   (State of Formation)                   (IRS Employer Identification No.)

                2350 North Forest Road Getzville, New York 14068
                ------------------------------------------------
                  (Address of Principal Executive Office)

Registrant's Telephone Number:                              (716) 636-9090
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act: Units of Limited
                                                            Partnership Interest


Indicate by check mark if the registrant is a well-known seasoned issuer, as
defined in Rule 405 of the Securities Act.
         [ ] Yes                  [X] No

Indicate by check mark if the registrant is not required to file reports
pursuant to Section 13 or Section 15(d) of the Act.
         [ ] Yes                  [X] No

Indicate by a check mark whether the Registrant: (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
         [X] Yes                  [ ] No

Indicate by a check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of the registrant's knowledge, in definitive proxy or information
statements incorporated by reference in part III of this Form 10-K or any
amendment to this Form 10-K.
         [X]

Indicate by a check mark whether the registrant is a large accelerated filer, an
accelerated filer, or a non-accelerated filer. See definition of "accelerated
<PAGE>
filer" in Rule 12b-2 of the Exchange Act. (Check one):
[ ] Large accelerated filer    [ ] Accelerated filer   [X] Non-accelerated filer

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


                       DOCUMENTS INCORPORATED BY REFERENCE
        See Item 15 for a list of all documents incorporated by reference




















<PAGE>
                                     PART I
                                     ------

ITEM 1:  BUSINESS
-------  --------

         The Registrant, Realmark Property Investors Limited Partnership-II
("the Partnership"), is a Delaware limited partnership organized in 1982
pursuant to a First Amended and Restated Agreement and Certificate of Limited
Partnership (the "Partnership Agreement"), under the Revised Delaware Uniform
Limited Partnership Act. The Partnership's general partners are Realmark
Properties, Inc. (the "Corporate General Partner"), a Delaware corporation, and
Joseph M. Jayson (the "Individual General Partner").

         The Registrant commenced the public offering of its limited partnership
units, registered with the Securities and Exchange Commission under the
Securities Act of 1933, as amended, on September 3, 1982, and concluded the
offering on August 31, 1983, having raised a total of $10,000,000 before
deducting sales commissions and expenses of the offering.

         The Partnership's primary business and its only industry segment is to
own and operate income-producing real property for the benefit of its partners.
At December 31, 2006, the Partnership owned an office complex in Michigan
(Northwind Office Park), and is a partner in two joint ventures. It has a 50%
interest in Research Triangle Industrial Park Joint Venture and Research
Triangle Land Joint Venture, both in Durham County, North Carolina. In July
2006, the land associated with Research Triangle Land Joint Venture was sold to
an unaffiliated party. Additionally, in December 2006, the office complex known
as Research Triangle in Durham, North Carolina was sold to an unaffiliated
party. The only remaining property, Northwind Office Park, is currently being
actively marketed for sale.

         It is anticipated that the Partnership will be entering into sales
contracts related to the remaining Northwind Office Park in the near future (one
to six months), which will be subject to sales conditions that are customary for
sales contracts, and there is no assurance that the sales will be consummated.

         The business of the Partnership is not seasonal and it competes on the
basis of rental rates and property operations with similar types of properties
in vicinities in which the partnership's properties are located. The Partnership
has no real property investments located outside the United States. The
Partnership does not segregate revenue or assets by geographic region, since, in
management's view, such a presentation would not be significant to an
understanding of the Partnership's business or financial results taken as a
whole. As of December 31, 2006, the Partnership did not directly employ any
persons in a full-time position. All persons who regularly rendered services on
behalf of the Partnership through December 31, 2006 were employees of the
Corporate General Partner or its affiliates.

         Northwind Office Park represents 100% of the Partnership's revenue
generated for the last three years, before the Partnership's equity interest in
unconsolidated joint ventures.

         The Partnership's has a 50% interest in the unconsolidated joint
venture in Realmark Research, LLC (known as Research Triangle Industrial Park
West). Realmark Research, LLC (Research) advanced a portion of its sales
proceeds in the amount of $1,066,719 to an affiliate under a Memorandum of
Understanding Agreement dated December 8, 2006. Under the terms of this
agreement, the affiliate agrees to repay this loan plus interest at a rate of 8%
per annum, upon the sale of a remaining property, which is currently being
marketed for sale.
                                        2
<PAGE>
         This annual report contains certain forward-looking statements
concerning the Partnership's current expectations as to future results. Words
such as "believes", "forecasts", "intends", "possible", "expects", "estimates",
"anticipates" or "plans" and similar expressions are intended to identify
forward-looking statements. Such statements may not ultimately turn out to be
accurate due to, among other things, economic or market conditions or the
failure of the Partnership to sell an investment that is under contract.

ITEM 1A:  RISK FACTORS
--------  ------------

         Investors or potential investors in Realmark Property Investors Limited
Partnership - II should carefully consider the risks described below. These
risks are not the only ones we face. Additional risks of which we are presently
unaware or that we currently consider immaterial may also impair our business
operations and hinder our financial performance, including our ability to make
distributions to our investors. We have organized our summary of these risks
into five subsections:

         o        real estate related risks;
         o        financing risks;
         o        tax risks;
         o        environmental and other legal risks; and
         o        risks for investors.

         This section includes forward-looking statements.

                            Real Estate Related Risks

We face substantial competition

         All of our properties are located in developed areas where we face
substantial competition from other properties and from other real estate
companies that own or may develop or renovate competing properties. The number
of competitive properties and real estate companies could have a material
adverse effect on our ability to rent our properties and the rents we charge. In
addition, the activities of these competitors and these factors could:

o decrease the rental rates that we would be able to charge in the absence of
such direct competition; and o reduce the occupancy rates that we would
otherwise be able to achieve.

         The factors could materially and adversely affect the value of our
portfolio, our results of operations and our ability to pay amounts due on our
debt and distributions to our investors.

Changes in market or economic conditions may affect our business negatively

         General economic conditions and other factors beyond our control may
adversely affect real property income and capital appreciation. We are unable to
determine the precise effect that the performance of the worldwide or United
States economies will have on us or on the value of our property.

Terrorism could impair our business

         Terrorist attacks and other acts of violence or war could have a
material adverse effect on our business and operating results. Attacks that
directly affect one or more of our commercial properties could significantly
affect our ability to operate those properties and impair our ability to achieve
the results we expect. Our insurance coverage may not cover any losses caused by
                                       3
<PAGE>
a terrorist attack. In addition, the adverse effects that such violent acts and
threats of future attacks could have on the United States economy could
similarly have a material adverse effect on our business and results of
operations.

Our commercial and office tenants may go bankrupt or be unable to make lease
payments

         Our operating revenues from our commercial and office properties depend
on entering into leases with and collecting rents from tenants. Economic
conditions may adversely affect tenants and potential tenants in our market and,
accordingly, could affect their ability to pay rents and possibly to occupy
their space. Tenants may experience bankruptcies and various bankruptcy laws may
reject those leases or terminate them. If leases expire or end, replacement
tenants may not be available upon acceptable terms and conditions. In addition,
if the market rental rates are lower than the previous contractual rates, our
cash flows and net income could suffer a negative impact. As a result, if a
significant number of our commercial or office tenants fail to pay their rent
due to bankruptcy, weakened financial condition or otherwise, it would
negatively affect our financial performance.

Real estate properties are illiquid and may be difficult to sell, particularly
in a poor market environment

         Real estate investments are relatively illiquid, which tends to limit
our ability to react promptly to changes in economic or other market conditions.
Our ability to dispose of assets in the future will depend on prevailing
economic and market conditions.

Losses from natural catastrophes may exceed our insurance coverage

         We carry comprehensive liability, fire, flood, extended coverage and
rental loss insurance on our properties, which we believe is customary in amount
and type for real property assets. Some losses, however, generally of a
catastrophic nature, such as losses from floods, may be subject to limitations.
We may not be able to maintain our insurance at a reasonable cost or in
sufficient amounts to protect us against potential losses. Further, our
insurance costs could increase in future periods. If we suffer a substantial
loss, our insurance coverage may not be sufficient to pay the full current
market value or current replacement value of the lost investment. Inflation,
changes in building codes and ordinances, environmental considerations and other
factors also might make it impractical to use insurance proceeds to replace a
damaged or destroyed property.

                                 Financing Risks

We may be unable to refinance our existing debt or we may only be able to do so
on unfavorable terms

         We are subject to the normal risks associated with debt financing,
including:

         o        the risk that our cash flow will be insufficient to meet
                  required payments of principal and interest; and

         o        the risk that we will not be able to renew, repay or refinance
                  our debt when it matures or that the terms of any renewal or
                  refinancing will not be as favorable as the existing terms of
                  that debt.
                                       4
<PAGE>
                                    Tax Risks

Our operating partnership may fail to be treated as a partnership for federal
income tax purposes

         Management believes that our operating partnership qualifies, and has
qualified since its formation as a partnership for federal income tax purposes
and not as a publicly traded partnership taxable as a corporation. We can
provide no assurance, however, that the IRS will not challenge the treatment of
the operating partnership as a partnership for federal income tax purposes or
that a court would not sustain such a challenge. If the IRS were successful in
treating the operating partnership as a corporation for federal income tax
purposes, then the taxable income of the operating partnership would be taxable
at regular corporate income tax rates.

                       Environmental and Other Legal Risks

We may have liability under environmental laws

         Under federal, state and local environmental laws, ordinances and
regulations, we may be required to investigate and clean up the effects of
releases of hazardous or toxic substances or petroleum products at our
properties, regardless of our knowledge or responsibility, simply because of our
current or past ownership or operation of the real estate. Therefore, we may
have liability with respect to properties we have already sold. If environmental
problems arise, we may have to take extensive measures to remedy the problems,
which could adversely affect our cash flow and our ability to pay distributions
to our investors because:

         o        we may have to pay for property damage and for investigation
                  and clean-up costs incurred in connection with the
                  contamination;

         o        the law typically imposes clean-up responsibility and
                  liability regardless of whether the owner or operator knew of
                  or caused the contamination;

         o        even if more than one person may be responsible for the
                  contamination, each person who shares legal liability under
                  the environmental laws may be held responsible for all of the
                  clean-up costs; and

         o        governmental entities or other third parties may sue the owner
                  or operator of a contaminated site for damages and costs.

         These costs could be substantial and in extreme cases could exceed the
value of the contaminated property. The presence of hazardous or toxic
substances or petroleum products and the failure to remediate that contamination
properly may materially and adversely affect our ability to borrow against, sell
or rent an affected property. In addition, applicable environmental laws create
liens on contaminated sites in favor of the government for damages and costs it
incurs in connection with a contamination.

We may face risks related to mold and asbestos

         Recently, there has been an increasing number of lawsuits against
owners and managers of properties alleging personal injury and property damage
caused by the presence of mold in real estate.

         Some of these lawsuits have resulted in substantial monetary judgments
or settlements. Although our insurance policy currently does not exclude
                                       5
<PAGE>
mold-related claims, we cannot provide any assurance that we will be able to
obtain coverage in the future for those claims at a commercially reasonable
price or at all. The presence of significant mold could expose us to liability
to tenants and others if allegations regarding property damage, health concerns
or similar claims arise.

         Environmental laws also govern the presence, maintenance and removal of
asbestos. Those laws require that owners or operators of buildings containing
asbestos:

         o        properly manage and maintain the asbestos;

         o        notify and train those who may come into contact with
                  asbestos; and

         o        undertake special precautions, including removal or other
                  abatement, if asbestos would be disturbed during renovation or
                  demolition of a building.

         Those laws may impose fines and penalties on building owners or
operators who fail to comply with these requirements and may allow others to
seek recovery from owners or operators for personal injury associated with
exposure to asbestos fibers.

We face risks in complying with Section 404 of the Sarbanes-Oxley Act of 2002

         To comply with Section 404 of the Sarbanes-Oxley Act of 2002, we must
furnish a report by our management on our internal controls over financial
reporting with our annual report on Form 10-K for our fiscal year ending
December 31, 2007. The report will contain, among other matters, an assessment
of the effectiveness of our internal control over financial reporting as of the
end of that fiscal year, including a statement as to whether or not our internal
control over financial reporting is effective. This assessment must include
disclosure of any material weaknesses in our internal control over financial
reporting. Material weakness in internal controls over financial reporting is
defined as "a significant deficiency, or a combination of significant
deficiencies, that results in more than a remote likelihood that a material
misstatement of the annual or interim financial statements will not be prevented
or detected." The report will also contain a statement that our auditors have
issued an attestation report on management's assessment of our internal
controls.

         Testing of our internal controls would begin no later than the second
quarter of fiscal 2007. This testing will include documenting our procedures and
an analysis of the segregation of duties. In the course of our evaluation and
testing of internal controls, we may identify areas for improvement in the
documentation, design and effectiveness of our internal controls, and these
areas of improvement may be material. We may elect or be required to disclose
those weaknesses before we have remediated them. We cannot assure you that we
will not discover material weaknesses in the course of our testing and be
required to disclose them. Given the risks inherent in the design and operation
of internal controls over financial reporting, we can provide no assurance
regarding our conclusions, or regarding the conclusions of our independent
auditor, as of December 31, 2007 with respect to the effectiveness of our
internal controls over financial reporting.

Failure to comply with the Americans with Disabilities Act or other similar laws
could result in substantial costs

         A number of federal, state and local laws and regulations (including
the Americans with Disabilities Act) may require modifications to existing
                                       6
<PAGE>
buildings or restrict certain renovations by requiring improved access to such
buildings by disabled persons and may require other structural features that add
to the cost of buildings under construction. Legislation or regulations adopted
in the future may impose further burdens or restrictions on us with respect to
improved access by disabled persons. The costs of compliance with these laws and
regulations may be substantial, and restrictions on construction or completion
of renovations may limit implementation of our investment strategy in certain
instances or reduce overall returns on our investments, which could have a
material adverse effect on us and our ability to pay distributions to investors
and to pay amounts due on our debt.

                               Risks for Investors

We do not pay regular distributions, and we do not anticipate making any
distributions to investors for the indefinite future, other than in the winding
down of the Partnership

         Unlike other Partnerships that pay regular distributions, we have not
paid regular distributions, and we presently have no plans to pay regular
distributions. Since 2001, we have paid distributions only out of the proceeds
of property sales as a result of the winding down of the Partnership.

ITEM 1B. UNRESOLVED STAFF COMMENTS
-------- -------------------------

         None.

ITEM 2:  PROPERTIES
-------  ----------

         As of December 31, 2006, the Partnership owned Northwind Office Park,
an office complex located in East Lansing, Michigan. The property consists of
five office buildings containing a total of 89,200 gross square feet, and 70,713
net rentable square feet. At December 31, 2006, Northwind was 71 % occupied. The
2005 and 2004 year-end occupancy rates were 62% and 67%, respectively. As of
December 31, 2006 there is no mortgage loan on the Northwind property.

         The Research Triangle Industrial Park Joint Venture owned a 117,000
square foot office/warehouse distribution building in Raleigh, North Carolina.
The property's sole tenant, whose lease expired June 30, 2006 vacated the
facility upon expiration of the lease. In December 2006, the property was sold
and the first mortgage on the property was paid in full.

             The Research Triangle Land Joint Venture owned unencumbered land
near the site of Research Triangle Industrial Park Joint Venture's building. In
July 2006, the land was sold for a purchase price of $1,371,704.

ITEM 3:  LEGAL PROCEEDINGS
-------  -----------------

         As previously reported, the Partnership, as a nominal defendant, the
general partners of the Partnership and of affiliated public partnerships, (the
"Realmark Partnerships") and the officers and directors of the Corporate General
Partner, as defendants, had been involved in a class action litigation at the
state court level regarding the payment of fees and other management issues.

         On August 29, 2001, the parties entered into a Stipulation of
Settlement (the "Settlement"). On October 4, 2001, the Court issued an "Order
Preliminary Approving Settlement" (the "Hearing Order") and on November 29,
2001, the Court issued an "Order and Final Judgment Approving Settlement and
Awarding Fees and Expenses" and dismissing the complaints with prejudice. The
                                       7
<PAGE>
Settlement provided, among other things, that all of the Realmark Partnerships'
properties be disposed of. The general partners will continue to have primary
authority to dispose of the Partnerships' properties. If either (i) the general
partners have not sold or contracted to sell 50% of the Partnerships' properties
(by value) by April 2, 2002 or (ii) the general partners have not sold or
contracted to sell 100% of the Partnerships' properties by September 29, 2002,
then the primary authority to dispose of the Partnerships' properties will pass
to a sales agent designated by plaintiffs' counsel and approved by the Court. On
October 4, 2002, the Court appointed a sales agent to work with the general
partners to continue to sell the Partnership's remaining properties.

         The settlement also provided for the payment by the Partnerships of
fees to the plaintiffs' attorneys. These payments, which are not calculable at
this time but may be significant, are payable out of the proceeds from the sale
of all of the properties owned by all of the Realmark Partnerships, following
the sale of the last of these properties in each partnership. Plaintiff's
counsel will receive 15% of the amount by which the sales proceeds distributable
to limited partners in each partnership exceeds the value of the limited
partnership units in each partnership (based on the weighted average of the
units' trading prices on the secondary market as reported by Partnership
Spectrum for the period May through June 2001). In no event may the increase on
which the fees are calculated exceed 100% of the market value of the units as
calculated above.

ITEM 4:  SUBMISSIONS OF MATTERS TO A VOTE OF SECURITY HOLDERS

         None.



























                                       8
<PAGE>
                                     PART II
                                     -------

ITEM 5:  MARKET FOR REGISTRANT'S UNITS OF LIMITED PARTNERSHIP INTEREST
-------  -------------------------------------------------------------

         There is currently no active trading market for the units of limited
partnership interest of the Partnership and it is not anticipated that any will
develop in the future. Accordingly, information as to the market value of a unit
at any given date is not available. As of December 31, 2006, there were 1,026
record holders of units of limited partnership interest.

         The Partnership is a limited partnership and, accordingly, does not pay
dividends. It does, however, make distributions of cash to its partners. The
partnership agreement provides for the distribution to the partners of net cash
flow from operations. In connection with the pending sale of the Partnership's
properties (Item 3), it is anticipated that there will be no future
distributions of net cash flow from operations. All future distributions of net
cash from sales proceeds will be distributed, to the extent available, 100% to
the limited partners until there has been a return of the limited partner's
capital contribution plus an amount sufficient to provide a 7%, not compounded,
return on their adjusted capital contributions for all years following the
termination of the offering of the units. It is anticipated that there will not
be sufficient cash flow from the sale of the Partnership's remaining properties
to provide this return to the limited partners. There were no distributions to
partners made in 2006, 2005 or 2004.

         The gain on the sale of the properties will be allocated in the same
proportions as distributions of distributable cash from sale proceeds
(anticipated to be 100% to the limited partners). In the event there is no
distributable cash from sale proceeds, taxable income will be allocated 86% to
the limited partners and 14% to the general partners. Any tax loss arising from
a sale will be allocated 97% to the limited partners and 3% to the general
partners. The above is subject to tax laws that were applicable at the time of
the formation of the Partnership and may be adjusted due to subsequent changes
in the Internal Revenue Code.
























                                        9
<PAGE>
<TABLE>
<CAPTION>
ITEM 6:  SELECTED FINANCIAL DATA
-------  -----------------------

                                                         At or for the years ended December 31,
                                     -------------------------------------------------------------------------------
                                          2006           2005            2004            2003            2002
                                     -------------------------------------------------------------------------------
<S>                                     <C>                <C>            <C>              <C>            <C>
Balance sheet data
Net rental property                     $   2,331,876      2,235,905      2,225,245        2,212,325      2,186,727
Total assets                                3,938,170      1,776,248      2,630,322        2,644,892      2,592,896
Mortgage loans payable                              -              -              -           14,418         73,058
Partners' equity                            3,831,083      1,628,027      1,560,312        1,452,822      1,225,570
                                     ===============================================================================
Operating data
Rental income                                 793,915        734,492        848,133          843,547        880,401
Other income                                    6,030          3,013         10,333           15,341          8,368
                                     -------------------------------------------------------------------------------
Total revenue                                 799,945        737,505        858,466          858,888        888,769
                                     -------------------------------------------------------------------------------
Property operating costs                      548,886        573,863        618,302          536,671        557,457
Interest expense                                    -              -             92            1,558         15,933
Administrative expenses                       218,464        246,659        230,820          231,259        278,277
                                     -------------------------------------------------------------------------------
Total expenses                                767,350        820,522        849,214          769,488        851,667
                                     -------------------------------------------------------------------------------
Income (loss) before joint venture
  operations and gain on sale of
  property                                     32,595        (83,017)         9,252           89,400         37,102
Equity in earnings of unconsolidated
  joint ventures                             (207,541)       150,732         98,238          137,852        139,130
Gain on sale of property                    2,378,002              -              -                -              -
                                     -------------------------------------------------------------------------------
Net income                                  2,203,056         67,715        107,490          227,252        176,232
                                     ===============================================================================
Cash flow data
Net cash provided (used) by:
Operating activities                          699,496         15,654        (31,082)           2,487        (22,072)
Investing activities                          (95,971)       (10,660)       (12,920)          46,402         91,622
Financing activities                                -              -        (14,418)         (58,640)      (164,576)
                                     -------------------------------------------------------------------------------
Net increase (decrease) in cash
  and equivalents                             603,525          4,994        (58,420)          (9,751)       (95,026)
                                     ===============================================================================
Per limited partnership unit:
Net income                           $         189.92           6.57          10.43            22.04          17.09
                                     ===============================================================================
</TABLE>







                                       10
<PAGE>
ITEM 7: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
        -----------------------------------------------------------------------
        OF OPERATIONS
        -------------

Liquidity and Capital Resources:
--------------------------------

         Effective January 1, 2001, management began formally marketing all
remaining properties in the Partnership for sale. The Partnership made no
distributions to limited partners in 2006, 2005 or 2004. In accordance with the
settlement of the lawsuit (Item 3), it is anticipated that with the sale of the
remaining property and joint ventures, the Partnership may be in a position to
make distributions to the limited partners. These distributions will be reduced
by the amount of fees payable to the plaintiffs' legal counsel in connection
with the settlement agreement (Item 3), any outstanding liabilities and any
mortgage prepayment penalties incurred with regard to the sale of the
Partnership's properties.

         Limited partners should be aware that it is possible that they will
receive an allocation of income from gain on sale of properties on which they
will be required to pay income taxes and there is no assurance that
distributions from the sale of the properties will be sufficient to satisfy
these obligations.

         Except as described above and in the consolidated financial statements,
the general partner is not aware of any trends or events, commitments or
uncertainties that may impact liquidity in a material way.

Results of Operations:
----------------------

         The results of operations of the Partnership, excluding equity in
earnings from joint ventures for the year ended December 31, 2006, produced net
income of $32,595. The results compare to a net loss of $83,017 in 2005 and a
net income of $9,252 in 2004.

         Inflation has been consistently low during the periods presented in the
consolidated financial statements and, as a result, has not had a significant
effect on the operations of the Partnership or its properties.

2006 as compared to 2005
------------------------

         Rental income increased approximately $60,000 due to a small increase
in occupancy while other income increased approximately $3,000 due to an
increase in interest income and other property fees.

         Total expenses decreased approximately 6% for the year ended December
31, 2006. Property operations decreased approximately $25,000 due to decreases
in repairs and maintenance of $4,000, utilities of $8,500, and insurance of
$27,000 offset by increases in payroll and employee benefits, leasing services,
and taxes of approximately $9,500, $3,500, and $1,500, respectively.
Administrative expense to affiliates increased by $8,000 due to an increase in
management fees of $13,000 relating to the increase in income, offset by an
decrease in portfolio management fees of $5,500. Other administrative expenses
decreased approximately $36,000 due to an increase in other administrative
expenses of $4,500, offset by a decrease of professional fees of $40,500.
                                       11
<PAGE>
2005 as compared to 2004
------------------------

         Rental income decreased approximately $114,000 due to a decrease in
occupancy while other income decreased approximately $7,000 due to a decrease in
interest income and other property fees.

         Total expenses decreased approximately 3% for the year ended December
31, 2005. Property operations decreased approximately $44,000 due to decreases
in payroll and employee benefits of $27,000, repairs and maintenance of $16,000,
utilities of $10,000 and leasing service of $13,000 offset by increase in tax
and insurance of approximately $5,000 and $17,000, respectively. Administrative
expense to affiliates decreased by $5,000 due to a decrease in management fees
of $7,000 relating to the decrease in income, offset by an increase in portfolio
management fees of $2,000. Other administrative expenses increased approximately
$21,000 due to increases in advertising, professional fees and other
administrative expenses of $11,000, $5,000 and $5,000, respectively.

Joint Ventures
--------------

         The Research Triangle Industrial Park Joint Venture experienced 100%
occupancy in 2005 and 2004. Its 2006 net income decreased by approximately
$700,000 from the 2005 net income of $307,000. Rental income decreased as a
result of the property's sole tenant, whose lease expired June 30, 2006,
vacating the facility upon expiration of the lease. Total expenses increased
approximately 38% primarily due to approximately $169,000 in deferred mortgage
costs that were written off as a result of paying off the property's mortgage
and various cleaning and other expenses incurred associated with getting the
building ready for sale. In 2006 and 2005, the Venture used cash from operations
to reduce long-term debt and outstanding accounts payable and accrued expenses.

ITEM 7A: QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
-------  ----------------------------------------------------------

         The Partnership invests only in short term money market instruments, in
amounts in excess of daily working cash requirements. The rates of earnings on
those investments increase or decrease in line with the general movement of
interest rates. The mortgage loans on the Partnership's properties are fixed
rate and therefore, are not subject to market risk.

ITEM 8:  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
-------  -------------------------------------------

         Listed under Item 15 of this report.

ITEM 9: CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
------- ---------------------------------------------------------------
        FINANCIAL DISCLOSURE
        --------------------

         None.

ITEM 9A: CONTROLS AND PROCEDURES
-------- -----------------------

         The Partnership maintains a set of disclosure controls and procedures
designed to ensure that information required to be disclosed by the Partnership
in reports that it files or submits under the Exchange Act is recorded,
processed, summarized and reported within the time periods specified in
Securities and Exchange Commission rules and forms. Within the 90-day period
                                       12
<PAGE>
prior to the filing of this report, an evaluation was carried out under the
supervision and with the participation of the Partnership's management,
including the Partnership's Individual General Partner and Principal Financial
Officer, of the effectiveness of the Partnership's disclosure controls and
procedures. Based on that evaluation, the Partnership's Individual General
Partner and Principal Financial Officer concluded that the Partnership's
disclosure controls and procedures are effective.

         Subsequent to the date of their most recent evaluation, there have been
no significant changes in the Partnership's internal control over financial
reporting or in other factors that could significantly affect the internal
control over financial reporting.

ITEM 9B: OTHER INFORMATION
-------- -----------------

         None.












































                                       13
<PAGE>
                                    PART III

ITEM 10:       DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

         The Partnership, as an entity, does not have any directors or officers.
The Individual General Partner of the Partnership is Joseph M. Jayson. The
directors and executive officers of Realmark Properties, Inc., the Partnership's
Corporate General Partner, as of December 31, 2006, are listed below. Each
director is subject to election on an annual basis.
<TABLE>
<CAPTION>

                       Title of All Positions Held with
Name                   the Corporate General Partner           Year First Elected to Position
----                   -----------------------------           ------------------------------
<S>                    <C>                                                   <C>
Joseph M. Jayson       Chairman of the Board, President                      1979
                         and Treasurer

Judith P. Jayson       Vice President and Director                           1979
</TABLE>
         Joseph M. Jayson and Judith P. Jayson are married to each other.

         The Directors and Executive Officers of the Corporate General Partner
and their principal occupations and affiliations during the last five years or
more are as follows:

         Joseph M. Jayson, age 68, is Chairman, Director and sole stockholder of
J. M. Jayson and Company, Inc. and certain of its affiliated companies: U.S.
Apartments LLC, Westmoreland Capital Corporation, Oilmark Corporation and U.S.
Energy Development Corporation. In addition, Mr. Jayson is Chairman of Realmark
Corporation, Chairman, President and Treasurer of Realmark Properties, Inc.,
wholly-owned subsidiaries of J. M. Jayson and Company, Inc. and co-general
partner of Realmark Property Investors Limited Partnership, Realmark Property
Investors Limited Partnership-II, Realmark Property Investors Limited
Partnership-III, Realmark Property Investors Limited Partnership-IV, Realmark
Property Investors Limited Partnership-V, Realmark Property Investors Limited
Partnership-VI A, and Realmark Property Investors Limited Partnership-VI B. Mr.
Jayson has been in the real estate business for the last 44 years and is a
Certified Property Manager as designated by the Institute of Real Estate
Management ("I.R.E.M."). Mr. Jayson received a B.S. Degree in Education in 1961
from Indiana University, a Masters Degree from the University of Buffalo in
1963, and has served on the educational faculty of the Institute of Real Estate
Management. Mr. Jayson has for the last 44 years been engaged in various aspects
of real estate brokerage and investment. He brokered residential properties from
1962 to 1964, commercial investment properties from 1964 to 1967, and in 1967
left commercial real estate to form his own investment firm. Since that time,
Mr. Jayson and J. M. Jayson & Company, Inc. have formed or participated in
various ways with forming over 30 real estate related limited partnerships. For
the past 25 years, Mr. Jayson and an affiliate have also engaged in
developmental drilling for gas and oil.

         Judith P. Jayson, age 66, is currently Vice President and a Director of
Realmark Properties, Inc. She is also a Director of the property management
affiliate, Realmark Corporation. Mrs. Jayson has been involved in property
management for the last 35 years and has extensive experience in the hiring and
training of property management personnel and in directing, developing and
implementing property management systems and programs. Mrs. Jayson, prior to
joining the firm in 1973, taught business in the Buffalo, New York High School
System. Mrs. Jayson graduated from St. Mary of the Woods College in Terre Haute,
Indiana, with a degree in Business Administration.
                                       14
<PAGE>
Audit Committee
---------------

         The Partnership has a separately-designated standing audit committee
established in accordance with Section 3(a)(58)(A) of the Exchange Act. The
members of the audit committee are Joseph M. Jayson and Duane Neyman, CPA.

Audit Committee Financial Expert
--------------------------------

         The Directors and Executive Officers of the Corporate General Partner
have determined that Duane Neyman, CPA is an audit committee financial expert as
defined by Item 401(h) of Regulation S-K of the Securities Exchange Act of 1934,
as amended (the "Exchange Act"). Mr. Neyman is not independent within the
meaning of Item 7(d)(3)(iv) of Schedule 14A of the Exchange Act due to limited
circumstances, namely that the Partnership is small in size and there is limited
personnel. Mr. Neyman is not independent as a result of being an employee of an
affiliate of the Corporate General Partner.

Code of Ethics
--------------

         The Partnership has adopted a code of ethics for the partners,
principal financial officer, and employees of the Corporate General Partner or
its affiliates who render services on behalf of the Partnership. The Partnership
will provide to any person without charge, upon request, a copy of the code of
ethics, which is available from:

         Realmark Property Investors Limited Partnership - II
         Attention:  Investor Relations
         2350 North Forest Road
         Getzville, New York 14068

ITEM 11: EXECUTIVE COMPENSATION
-------- ----------------------

         No direct remuneration was paid or payable by the Partnership to
directors and officers (since it has no directors or officers), nor was any
direct remuneration paid or payable by the Partnership to directors or officers
of Realmark Properties, Inc., the Corporate General Partner and sponsor, for the
year ended December 31, 2006. The Corporate General Partner and its affiliate,
Realmark Corporation, are entitled to fees and to certain expense reimbursements
with respect to Partnership operations, as set forth in Item 13 hereof and in
the notes to the consolidated financial statements.

ITEM 12: SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
-------- --------------------------------------------------------------

         No person is known to the Partnership to own of record or beneficially,
more than 5% of the units of limited partnership interests of the Partnership,
except for affiliates of the general partners that own 912 units of limited
partnership interest amounting to approximately 9.1% of the Partnership interest
at December 31, 2006. The general partners and the executive officers of the
Corporate General Partner, as of December 31, 2006, owned 8 units of limited
partnership interest. The general partners and affiliates will receive their
proportionate share, as limited partners, of any distributable proceeds from the
sale of the properties.




                                       15
<PAGE>
ITEM 13: CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
-------- ----------------------------------------------

             The properties of the Partnership and its subsidiary are managed by
Realmark Corporation, an affiliate of the Partnership's Corporate General
Partner, for a fee of generally 5% of annual net rental income of the
properties. Realmark Corporation and the Corporate General Partner are also
reimbursed for disbursements made on behalf of the Partnership. Those
transactions are further described, and quantified, in the note to the
consolidated financial statements entitled "Related Party Transactions".



















































                                       16
<PAGE>
ITEM 14: PRINCIPAL ACCOUNTING FEES AND SERVICES
-------- --------------------------------------

Audit Engagement: Rotenberg & Co., L.L.P. was engaged as the Partnership's
independent auditor for the year 2006. Toski, Schaefer, & Co., P.C. was engaged
as the Partnership's independent auditor for the year 2005. All fees incurred
for the years ended December 31, 2006 and 2005 were approved by the Audit
Committee.

Audit Fees: Audit fees for the quarterly reports on Form 10-Q by Rotenberg &
Co., LLP for the year ended December 31, 2006 amounted to $9,000. Audit fees for
the audit of the Partnership's annual financial statements included in the
Partnership's annual report on Form 10-K and those financial statements included
in the Partnership's quarterly reports on Form 10-Q by Toski, Schaefer & Co.,
P.C. for the year ended December 31, 2005 totaled $32,000.

Audit-Related Fees:  None.

Tax Fees: The Partnership engaged Toski, Schaefer & Co., P.C. to provide tax
filing and compliance services during the year ended December 31, 2005. The fees
paid to Toski, Schaefer & Co., P.C. for these services amounted to $2,885 for
the year ended December 31, 2005.

All Other Fees:  None.

         The Audit Committee has set a policy that all fees incurred by the
Partnership for services performed by its independent auditors must be
pre-approved by the Audit Committee. All fees related to 2006 were pre-approved
by the Audit Committee.

         The Audit Committee oversees the Partnership's financial reporting
process. Management has the primary responsibility for the financial statements
and the financial reporting process, including the systems of internal controls.
In fulfilling its oversight responsibilities, the Audit Committee reviewed the
audited financial statements with management, including a discussion of the
quality, not just the acceptability, of the accounting principles, the
reasonableness of significant judgments and the clarity of disclosures in the
financial statements.

         The Audit Committee has the sole authority to retain and terminate the
Partnership's independent auditors and approves all fees paid to the independent
auditors. During 2006 and 2005, the Audit Committee reviewed with the
independent auditors, who are responsible for expressing an opinion on the
conformity of those audited financial statements with generally accepted
accounting principles, their judgments as to the quality, not just the
acceptability, of the Partnership's accounting principles and such other matters
as are required to be discussed with the Audit Committee under generally
accepted auditing standards. In addition, the Audit Committee has discussed with
the independent auditors the auditors' independence from management and the
Partnership, including the matters in the written disclosures required by the
Independence Standards Board, and considered the scope and type of non-audit
services provided by the auditor when reviewing the compatibility of those
non-audit services with the auditors' independence.

         The Audit Committee discussed with the Partnership's independent
auditors the overall scope and plans for their audit. The Audit Committee meets
with the independent auditors to discuss the results of their examinations,
their evaluations of the Partnership's internal controls, and the overall
quality of the Partnership's financial reporting.

                                       17
<PAGE>
         In reliance on the reviews and discussions referred to above, the Audit
Committee recommended to the General Partners (and the General Partners have
approved) that the audited financial statements be included in the annual report
on Form 10-K for the year ended December 31, 2006.

                                     PART IV
                                     -------

ITEM 15: EXHIBITS, FINANCIAL STATEMENTS, SCHEDULES, AND REPORTS ON FORM 8-K
-------- ------------------------------------------------------------------

(a)      Consolidated Financial Statements                                  Page
         ---------------------------------                                  ----

         Independent Auditors' Report                                        F-1
         Consolidated Balance Sheets as of December 31, 2006 and 2005        F-2
         Consolidated Statements of Operations for the years ended
                  December 31, 2006, 2005 and 2004                           F-3
         Consolidated Statements of Partners' Equity for the years
                  ended December 31, 2006, 2005 and 2004                     F-4
         Consolidated Statements of Cash Flows for the years ended
                  December 31, 2006, 2005 and 2004                           F-5
         Notes to Consolidated Financial Statements                          F-6

         FINANCIAL STATEMENT SCHEDULE
         ----------------------------

         (i)  Schedule III - Real Estate and Accumulated Depreciation       F-15

         All other schedules are omitted because they are not applicable or the
         required information is shown in the consolidated financial statements
         or the notes thereto.

(b)      Reports on Form 8-K
         -------------------

         Current report on Form 8-K filed by the Partnership during and
         subsequent to the year end December 31, 2006 to which this report is
         filed:

         Form 8-K report filed on August 14, 2006 Form 8-K report filed on
         December 6, 2006

(c)      Exhibits
         --------

         2. Plan of acquisition, reorganization, arrangement, liquidation, or
            succession

            (a)   Stipulation of Settlement Agreement dated August 29, 2001 is
                  incorporated herein by reference.

            (b)   Order and Final Judgment Approving Settlement and Awarding
                  Fees and Expenses dated November 29, 2001 is incorporated
                  herein by reference.

         4. Instruments defining the rights of security holders, including
            indentures

                                       18
<PAGE>
            (a)   First Amended and Restated Agreement and Certificate of
                  Limited Partnership filed with the Registration Statement of
                  the Registrant Form S-11, filed September 30, 1982 and
                  subsequently amended, is incorporated herein by reference.

        10. Material contracts

            (a)   Property Management Agreement with Realmark Corporation
                  included with the Registration Statement of the Registrant as
                  filed and amended to date is incorporated herein by reference.

        14. Code of Ethics filed December 31, 2003, are incorporated
            herein by reference.

        21. Subsidiary of the Partnership is filed herewith.

        31. Certification Pursuant to Rule 13a-14(a), as Adopted Pursuant
            to Section 302 of the Sarbanes-Oxley Act of 2002, is filed
            herewith.

        32. Certification Pursuant to 18 U.S.C. Section 1350, as Adopted
            Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, is
            filed herewith.





































                                       19
<PAGE>
                                   SIGNATURES
                                   ----------

         Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.

REALMARK PROPERTY INVESTORS
LIMITED PARTNERSHIP - II


By:      /s/ Joseph M. Jayson                                  March 29, 2007
         --------------------                                  --------------
         JOSEPH M. JAYSON,                                          Date
         Individual General Partner

         Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following persons on behalf of the
Registrant and in the capacities and on the dates indicated.


By:      REALMARK PROPERTIES, INC.
         Corporate General Partner

         /s/ Joseph M. Jayson                                  March 29, 2007
         --------------------                                  --------------
         JOSEPH M. JAYSON,                                          Date
         President, Treasurer and Director

         /s/ Judith P. Jayson                                  March 29, 2007
         --------------------                                  --------------
         JUDITH P. JAYSON,                                          Date
         Vice President and Director


























                                       20
<PAGE>
             REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
             -------------------------------------------------------


To the Partners
Realmark Property Investors Limited Partnership - II
Getzville, New York


         We have audited the accompanying consolidated balance sheet of Realmark
Property Investors Limited Partnership - II and Subsidiary ("the Company") as of
December 31, 2006, and the related consolidated statements of operations,
partners' equity, and cash flows for the year then ended. Our audit also
included the 2006 financial statement schedule listed in the index at Item 15.
These consolidated financial statements and the financial statement schedule are
the responsibility of the Company's management. Our responsibility is to express
an opinion on these consolidated financial statements and the financial
statement schedule based on our audit.

         We conducted our audit in accordance with the standards of the Public
Company Accounting Oversight Board (United States). Those standards require that
we plan and perform the audits to obtain reasonable assurance about whether the
consolidated financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the consolidated financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall consolidated financial statement
presentation. We believe that our audit provides a reasonable basis for our
opinion.

         In our opinion, the consolidated financial statements referred to above
present fairly, in all material respects, the financial position of Realmark
Property Investors Limited Partnership - II and Subsidiary as of December 31,
2006, and the results of its operations and its cash flows for the year then
ended, in conformity with accounting principles generally accepted in the United
States of America. Also, in our opinion, the 2006 financial statement schedule,
when considered in relation to the basic financial statements taken as a whole,
presents fairly in all material respects the information set forth therein.

         As discussed in note 8 to the consolidated financial statements, the
Company settled a class and derivative lawsuit in which it was involved. As a
result of this settlement, the Company is currently in the process of winding up
its operations and disposing of its investments. It is anticipated that this
process will take place within the next twelve months.

/s/ Rotenberg & Co., LLP
------------------------
Rotenberg & Co., LLP
Rochester, New York
  March 29, 2007










                                       F-1
<PAGE>
                          INDEPENDENT AUDITOR'S REPORT
                          ----------------------------


The Partners
Realmark Property Investors Limited
    Partnership - II:

We have audited the accompanying consolidated balance sheets of Realmark
Property Investors Limited Partnership - II and Subsidiary as of December 31,
2005, and the related consolidated statements of operations, partners' equity,
and cash flows for each of the years ended December 31, 2005 and 2004. Our
audits also included the financial statement schedule listed in the index at
Item 15. These consolidated financial statements and the financial statement
schedule are the responsibility of the general partners. Our responsibility is
to express an opinion on the consolidated financial statements and the financial
statement schedule based on our audits.

We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. The Partnership is not required to
have, nor were we engaged to perform, an audit of its internal control over
financial reporting. Our audit included consideration of internal control over
financial reporting as a basis for designing audit procedures that are
appropriate in the circumstances but not for the purpose of expressing an
opinion on the effectiveness of the Partnership's internal control over
financial reporting. Accordingly, we express no such opinion. An audit also
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above present
fairly, in all material respects, the financial position of Realmark Property
Investors Limited Partnership - II and Subsidiary as of December 31, 2005, and
the results of their operations and their cash flows for the years ended
December 31, 2005 and 2004, in conformity with accounting principles generally
accepted in the United States of America. Also, in our opinion, the financial
statement schedule, when considered in relation to the basic financial
statements taken as a whole, presents fairly in all material respects the
information set forth therein.

As discussed in note 8 to the consolidated financial statements, the Partnership
settled a class and derivative lawsuit in which it was involved. As a result of
this settlement, the Partnership is currently in the process of winding up its
operations and disposing of its investments. It is anticipated that this process
will take place within the next twelve months.


                                             /s/ TOSKI, SCHAEFER & CO., P.C.
                                             -------------------------------
                                             TOSKI, SCHAEFER & CO., P.C.

Williamsville, New York
March 31, 2006



                                      F-1a
<PAGE>
<TABLE>
<CAPTION>
              REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP - II
                                 AND SUBSIDIARY

                           Consolidated Balance Sheets
                           December 31, 2006 and 2005


                           Assets                                      2006            2005
                           ------                                      ----            ----
<S>                                                                 <C>                <C>
Property and equipment, at cost, all held for sale:
     Land                                                           $   518,481        460,515
     Buildings and improvements                                       4,334,925      4,296,920
Furniture and equipment                                                   9,950          9,950
                                                                    -----------    -----------

                                                                      4,863,356      4,767,385
     Less accumulated depreciation                                   (2,531,480)    (2,531,480)
                                                                    -----------    -----------

                           Net property and equipment                 2,331,876      2,235,905

Equity interest (loss) in unconsolidated
     joint ventures in excess of investment                             627,172       (797,591)

Cash and equivalents                                                    775,650        172,125
Accounts receivable                                                      34,307         47,210
Receivables from affiliates                                              59,550        106,634
Other assets                                                            109,615         11,965
                                                                    -----------    -----------

                           Total assets                             $ 3,938,170      1,776,248
                                                                    ===========    ===========

         Liabilities and Partners' Equity
         --------------------------------

Liabilities:
     Accounts payable and accrued expenses                               60,222         97,441
     Security deposits and prepaid rents                                 46,865         50,780
                                                                    -----------    -----------

                           Total liabilities                            107,087        148,221
                                                                    -----------    -----------

Partners' equity:
     General partners                                                   675,215        371,323
     Limited partners                                                 3,155,868      1,256,704
                                                                    -----------    -----------

                           Total partners' equity                     3,831,083      1,628,027
                                                                    -----------    -----------

                           Total liabilities and partners' equity   $ 3,938,170      1,776,248
                                                                    ===========    ===========
</TABLE>










See accompanying notes to consolidated financial statements.

                                       F-2
<PAGE>
<TABLE>
<CAPTION>
              REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP - II
                                 AND SUBSIDIARY

                      Consolidated Statements of Operations
                  Years ended December 31, 2006, 2005 and 2004



                                                          2006          2005            2004
                                                          ----          ----            ----
<S>                                                   <C>                <C>            <C>
Income:
     Rental                                           $   793,915        734,492        848,133
     Interest and other                                     6,030          3,013         10,333
                                                      -----------    -----------    -----------

                           Total income                   799,945        737,505        858,466
                                                      -----------    -----------    -----------
Expenses:
     Property operations                                  548,886        573,863        618,302
     Interest                                                  --             --             92
     Administrative:
         Affiliates                                       132,512        124,685        130,020
         Other                                             85,952        121,974        100,800
                                                      -----------    -----------    -----------

                           Total expenses                 767,350        820,522        849,214
                                                      -----------    -----------    -----------

Income (loss) before equity in earnings of
     unconsolidated joint ventures                         32,595        (83,017)         9,252

Equity interest in sale of property                     2,378,002             --             --

Equity in earnings of unconsolidated joint ventures      (207,541)       150,732         98,238
                                                      -----------    -----------    -----------

                           Net income                 $ 2,203,056         67,715        107,490
                                                      ===========    ===========    ===========

Net income per limited partnership unit               $    189.92           6.57          10.43
                                                      ===========    ===========    ===========
Weighted average number of limited partnership
     units outstanding                                     10,000         10,000         10,000
                                                      ===========    ===========    ===========
</TABLE>









See accompanying notes to consolidated financial statements.

                                       F-3

<PAGE>
<TABLE>
<CAPTION>
              REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP - II
                                 AND SUBSIDIARY

                   Consolidated Statements of Partners' Equity
                  Years ended December 31, 2006, 2005 and 2004





                                                  General      Limited Partners
                                                  Partners    Units       Amount
                                                  --------    -----       ------
<S>                                              <C>            <C>      <C>
Balances at December 31, 2003                    $ 366,067      10,000   1,086,755

Net income                                           3,225          --     104,265
                                                 ---------   ---------   ---------


Balances at December 31, 2004                      369,292      10,000   1,191,020

Net income                                           2,031          --      65,684
                                                 ---------   ---------   ---------


Balances at December 31, 2005                      371,323      10,000   1,256,704

Net income                                         303,892          --   1,899,164
                                                 ---------   ---------   ---------


Balances at December 31, 2006                    $ 675,215      10,000   3,155,868
                                                 =========   =========   =========
</TABLE>























See accompanying notes to consolidated financial statements.

                                       F-4
<PAGE>
<TABLE>
<CAPTION>
              REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP - II
                                 AND SUBSIDIARY

                      Consolidated Statements of Cash Flows
                  Years ended December 31, 2006, 2005 and 2004




                                                               2006             2005           2004
                                                               ----             ----           ----
<S>                                                         <C>                 <C>           <C>
Cash flows from operating activities:
     Net income                                             $ 2,203,056         67,715        107,490
     Adjustments to reconcile net income to net
         cash provided by (used in) operating activities:
              Amortization                                        3,331          5,406            217
              Equity in earnings of joint ventures           (1,417,997)      (150,732)       (98,238)
              Changes in:
                  Accounts receivable                            12,903         27,436        (67,475)
                  Receivables from affiliates                    47,084         27,138          4,951
                  Escrow deposits                                    --             --         15,995
                  Other assets                                 (100,981)        12,157         15,382
                  Accounts payable and accrued expenses         (43,985)        24,438         30,242
                  Security deposits and prepaid rents            (3,915)         2,096        (39,646)
                                                            -----------    -----------    -----------

                           Net cash provided by (used in)
                               operating activities             699,496         15,654        (31,082)
                                                            -----------    -----------    -----------

Cash flows from investing activities -
     additions to property and equipment                        (95,971)       (10,660)       (12,920)
                                                            -----------    -----------    -----------

Cash flows from financing activities -
     principal payments on mortgage loan                             --             --        (14,418)
                                                            -----------    -----------    -----------

Net increase (decrease) in cash and equivalents                 603,525          4,994        (58,420)

Cash and equivalents at beginning of year                       172,125        167,131        225,551
                                                            -----------    -----------    -----------

Cash and equivalents at end of year                         $   775,650        172,125        167,131
                                                            ===========    ===========    ===========

Supplemental disclosure of cash flow information -
      cash paid for interest                                $        --             --            200
                                                            ===========    ===========    ===========
</TABLE>













See accompanying notes to consolidated financial statements.

                                       F-5
<PAGE>
              REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP - II
                                 AND SUBSIDIARY
                   Notes to Consolidated Financial Statements
                        December 31, 2006, 2005 and 2004


(1)  Formation and Operation of Partnership
---  --------------------------------------

     Realmark Property Investors Limited Partnership - II (the Partnership) is a
         Delaware limited partnership formed on March 25, 1982, to invest in a
         diversified portfolio of income producing real estate investments.

     In 1982 and 1983, the Partnership sold, through a public offering, 10,000
         units of limited partnership interest. The general partners are
         Realmark Properties, Inc. (the Corporate General Partner) and Joseph M.
         Jayson (the Individual General Partner) who is the sole shareholder of
         J.M. Jayson & Company, Inc. Realmark Properties, Inc. is a wholly-owned
         subsidiary of J.M. Jayson & Company, Inc.

     Under the partnership agreement, the general partners and their affiliates
         can receive compensation for services rendered, and reimbursement for
         expenses incurred on behalf of the Partnership (note 6).

(2)  Summary of Significant Accounting Policies
---  ------------------------------------------

     (a) Basis of Accounting and Consolidation
     -----------------------------------------

          The accompanying consolidated financial statements have been prepared
             on the accrual basis of accounting and include the accounts of the
             Partnership and its subsidiary, Realmark/Foxhunt Limited
             Partnership which owned and operated the Foxhunt Apartments, a 250
             unit apartment complex located in Dayton, Ohio, acquired in 1984
             and sold in 2001. The Partnership owns Northwind Office Park.

          In consolidation, all intercompany accounts and transactions have been
             eliminated.

     (b) Estimates
     -------------

          The preparation of financial statements in conformity with generally
             accepted accounting principles in requires management to make
             estimates and assumptions that affect certain reported amounts and
             disclosures. Accordingly, actual results could differ from those
             estimates.

     (c) Property and Equipment
     --------------------------

          Property and equipment are recorded at cost. Depreciation is provided
             using the straight-line method over the estimated useful lives of
             the assets, from 5 to 25 years. Significant improvements are
             capitalized, while expenditures for maintenance and repairs and
             replacements are charged to expense as incurred. Upon disposal of
             depreciable property, the appropriate property accounts are reduced
             by the related costs and accumulated depreciation and gains and
             losses are reflected in the consolidated statements of operations.

                                       F-6
<PAGE>
              REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP - II
                                 AND SUBSIDIARY
                   Notes to Consolidated Financial Statements

(2)  Summary of Significant Accounting Policies, Continued
---  -----------------------------------------------------

     (c) Property and Equipment, Continued
     -------------------------------------

          The Partnership reviews long-lived assets for impairment whenever
             events or changes in circumstances indicate that the carrying
             amount of the assets may not be recoverable. In determining whether
             there is an impairment of long-lived assets, the Partnership
             compares the sum of the expected future net cash flows
             (undiscounted and without interest charges) to the carrying amount
             of the assets. At December 31, 2006, no impairment in value has
             been recognized.

          The Partnership and its ventures' policy is to consider a property to
             be held for sale or disposition when the Partnership or venture has
             committed to a plan to sell or dispose of such property and active
             marketing activity has commenced or is expected to commence in the
             near term or the Partnership or venture has concluded that it may
             dispose of the property by no longer funding operating deficits or
             debt service requirements of the property thus allowing the lender
             to realize upon its security. Any properties identified as "held
             for sale of disposition" are no longer depreciated. All the
             properties were held for sale in 2006, 2005, and 2004.

     (d) Cash and Equivalents
     ------------------------

          Cash and equivalents include money market accounts and any highly
             liquid debt instruments purchased with a maturity period of three
             months or less.

     (e) Deferred Mortgage Costs
     ---------------------------

          Costs incurred in obtaining mortgage financing are deferred and
             amortized using the straight-line method over the life of the
             respective mortgages. In February 2004, the mortgage for the
             Northwind property was paid off. As of December 31, 2006 and 2005,
             there are no deferred mortgage costs.

     (f) Unconsolidated Joint Ventures
     ---------------------------------

          The Partnership's investment in Research Triangle Industrial Park West
             Associates Joint Venture and Research Triangle Land Joint Venture
             are unconsolidated joint ventures, which are accounted for on the
             equity method. These joint ventures are not consolidated in the
             Partnership's financial statements because the Partnership is not
             the majority owner.

     (g) Rental Income
     -----------------

          Rental income is recognized as earned according to the terms of the
             leases. Leases for residential properties are generally for periods
                                       F-7
<PAGE>
              REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP - II
                                 AND SUBSIDIARY
              Notes to Consolidated Financial Statements, Continued

(2)  Summary of Significant Accounting Policies, Continued
---  -----------------------------------------------------

     (g) Rental Income, Continued
     ----------------------------

             of one year or less, payable monthly. Commercial leases are
             generally for periods of one to five years. Delinquent residential
             property rent is not recorded.

     (h) Per Unit Data
     -----------------

          Per limited partnership unit is based on the weighted average number
             of limited partnership units outstanding for the year.

     (i) Fair Value of Financial Instruments
     ---------------------------------------

          The fair value of the Partnership's financial instruments approximated
             their carrying values at December 31, 2006.

     (j) Income Allocation and Distributable Cash Flow
     -------------------------------------------------

          The partnership agreement provides that income not arising from sale
             and refinancing activities and all partnership losses are to be
             allocated 97% to the limited partners and 3% to the general
             partners. Partnership income arising from sale or refinancing
             activities is allocated in the same proportion as distributions of
             distributable cash from sale proceeds. In the event there is no
             distributable cash from sale proceeds, taxable income will be
             allocated 87% to the limited partners and 13% to the general
             partners. The above is subject to tax laws that were applicable at
             the time of the formation of the Partnership and may be adjusted
             due to subsequent changes in the Internal Revenue Code.

          The partnership agreement also provides for the distribution to the
             partners of net cash flow from operations. In connection with the
             pending sale of the Partnership's properties (note 8), it is
             anticipated that there will be no future distributions of net cash
             flow from operations. Sale or refinancing proceeds are distributed
             to the extent available, 100% to the limited partners until there
             has been a return of the limited partner's capital contribution
             plus an amount sufficient to provide a 7%, not compounded, return
             on their adjusted capital contributions for all years following the
             termination of the offering of the units. It is anticipated that
             there will not be sufficient cash flow from the sale of the
             Partnership's remaining properties to provide this return to the
             limited partners. There were no distributions to partners made in
             2006, 2005, or 2004.

     (k) Income Taxes
     ----------------

          No income taxes are included in the consolidated financial statements
             since the taxable income or loss of the Partnership is reportable
                                      F-8
<PAGE>
              REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP - II
                                 AND SUBSIDIARY
              Notes to Consolidated Financial Statements, Continued


(2)  Summary of Significant Accounting Policies, Continued
---  -----------------------------------------------------

     (k) Income Taxes, Continued
     ---------------------------

             by the partners on their income tax returns. At December 31, 2006,
             net assets for financial reporting purposes were $580,988 less than
             the tax bases of the net assets.

     (l) Segment Information
     -----------------------

          The Partnership's operating segments all involve the ownership and
             operation of income-producing real property and are aggregated into
             one reporting segment.

     (m) Recent Pronouncements
     -------------------------

          The Partnership does not believe that the following recent
             pronouncements have a material effect on its financial position,
             results of operations or cash flows:

          o  Statement of Financial Accounting Standard ("SFAS") No. 155,
             "Accounting for Certain Hybrid Financial Instruments - an amendment
             of FASB Statement No. 133 and 140" ("SFAS 155").
          o  Statement of Financial Accounting Standard ("SFAS") No. 156,
             "Accounting for Servicing of Financial Assets - an amendment of
             FASB Statement No. 140" ("SFAS 156
          o  FIN 48, Accounting for Uncertainty in Income Taxes--an
             Interpretation of FASB Statement No. 109
          o  Statement of Financial Accounting Standard ("SFAS") No. 157, "Fair
             Value Measurements"
          o  Statement of Financial Accounting Standard ("SFAS") No. 158,
             "Employers' Accounting for Defined Benefit Pension and Other
             Postretirement Plans - an amendment of FASB Statements No. 87, 88,
             106, and 132(R)" ("SFAS 158")
          o  SEC Staff Accounting Bulletin No. 108 ("SAB 108") - guidance on
             Quantifying Financial Statement Misstatements
          o  Statement of Financial Accounting Standard ("SFAS") No. 159, "The
             Fair Value Option for Financial Assets and Financial Liabilities,
             including an amendment of FASB Statement No. 115".

     (n) Reclassifications
     ---------------------

          Reclassifications have been made to certain 2005 balances in order for
             them to conform to the 2006 presentation.

(3)  Investments in Real Estate
---  --------------------------

     On January 1, 2002, the Partnership adopted SFAS No. 144, "Accounting for


                                       F-9
<PAGE>
              REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP - II
                                 AND SUBSIDIARY
              Notes to Consolidated Financial Statements, Continued


(3)  Investments in Real Estate, Continued
---  -------------------------------------

         the Impairment or Disposal of Long-Lived Assets." SFAS No. 144
         establishes the accounting and reporting standards for the impairment
         or disposal of long-lived assets by requiring those assets to be
         measured at the lower of depreciated cost or fair value less selling
         costs, whether reported on continuing operations or in discontinued
         operations. The adoption of this standard did not have a material
         effect on the Partnership's consolidated financial position or results
         of operations for the year ended December 31, 2002.

     Effective January 1, 2001, the Partnership entered into a plan to dispose
         of the property of Northwind Office Park. The carrying value of the
         assets of Northwind Office Park was $2,331,876 at December 31, 2006,
         and the property generated net income of $32,595 for the year then
         ended.

     Depreciation expense, not recorded during the disposal periods on Northwind
         Office Park amounted to $219,000, $219,000 and $187,000 for the years
         ended December 31, 2006, 2005 and 2004, respectively.

     All of the properties were classified as property held for sale prior to
         the adoption of SFAS No. 144 and continue to be actively marketed for
         sale. Accordingly their results of operations have been recorded in
         continuing operations.

(4)  Investments in Unconsolidated Joint Ventures
---  --------------------------------------------

     The Partnership has a 50% interest in a joint venture with Realmark
         Property Investors Limited Partnership-VIA (RPILP-VIA), an entity
         affiliated through common general partners. The venture owns and
         operates the Research Triangle Industrial Park West, an
         office/warehouse facility located in Research Triangle Park, North
         Carolina. The joint venture agreement provides that any income, loss,
         gain, cash flow, or sale proceeds be allocated 50% to the Partnership
         and 50% to RPILP-VIA.


















                                      F-10
<PAGE>
              REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP - II
                                 AND SUBSIDIARY
              Notes to Consolidated Financial Statements, Continued


(4)  Investments in Unconsolidated Joint Ventures, Continued
---  -------------------------------------------------------

         Summary financial information of the Venture follows:
<TABLE>
<CAPTION>
                            Balance Sheet Information
                            -------------------------

                                                                                                  December 31
                           Assets                                                              2006         2005
                           ------                                                           ----------   ----------
<S>                                                                                         <C>           <C>
Property, net of accumulated depreciation                                                   $       --    1,737,281
Cash and equivalents                                                                            66,321       27,156
Escrow deposits                                                                                     --      780,049
Receivable from affiliates                                                                     958,074      105,432
Other assets                                                                                    42,653      259,899
                                                                                            ----------   ----------

                           Total assets                                                     $1,067,048    2,909,817
                                                                                            ==========   ==========

         Liabilities and Partners' Equity
         --------------------------------

Liabilities:
     Mortgage loan payable                                                                          --    4,833,899
     Accounts payable and accrued expenses                                                       7,954       87,933
                                                                                            ----------   ----------

                           Total liabilities                                                     7,954    4,921,832
                                                                                            ----------   ----------

Partners' equity (deficit):
     The Partnership                                                                           529,547     (906,592)
     RPILP - VI A                                                                              529,547   (1,105,423)
                                                                                            ----------   ----------

                           Total partners' equity (deficit)                                  1,059,094   (2,012,015)
                                                                                            ----------   ----------

                           Total liabilities and partners' equity (deficit)                 $1,067,048    2,909,817
                                                                                            ==========   ==========
</TABLE>











                                      F-11
<PAGE>
              REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP - II
                                 AND SUBSIDIARY
                   Notes to Consolidated Financial Statements

(4)  Investments in Unconsolidated Joint Ventures, Continued
---  -------------------------------------------------------
<TABLE>
<CAPTION>
                              Operating Information
                              ---------------------
                                                                    Years ended December 31,
                                                                    ------------------------
                                                               2006            2005          2004
                                                            -----------    -----------   -----------
<S>                                                         <C>                <C>           <C>
Income:
     Rental                                                 $   548,533        988,564       976,950
     Other                                                        8,002          5,215         1,772
                                                            -----------    -----------   -----------
                           Total income                         556,535        993,779       978,722
                                                            -----------    -----------   -----------
Expenses:
     Property operations                                        250,284        201,853       254,302
     Interest                                                   427,358        404,365       418,830
     Administrative:
         Affiliates                                              27,195         56,845        58,617
         Other                                                   76,621         23,706        44,017
      Write-off deferred mortgage costs                         169,485             --            --
                                                            -----------    -----------   -----------
                           Total expenses                       950,943        686,769       775,766
                                                            -----------    -----------   -----------
                           Net income (loss) before gain
                           on sale of property and equipment   (394,408)       307,010       202,956

Gain on sale of property and equipment                        3,465,517             --            --
                                                            -----------    -----------   -----------
                           Net income                       $ 3,071,109        307,010       202,956
                                                            ===========    ===========   ===========
Allocation of net income before gain on sale of property:
     The Partnership                                           (197,204)       153,505       101,478
     RPILP - VI A                                              (197,204)       153,505       101,478
                                                            -----------    -----------   -----------
                           Total                            $  (394,408)       307,010       202,956
                                                            ===========    ===========   ===========
</TABLE>
          A reconciliation of the Partnership's investment in Research Triangle
             Industrial Park Joint Venture is as follows:
<TABLE>
<CAPTION>
                                                                2006          2005            2004
                                                            -----------    -----------    -----------
<S>                                                         <C>             <C>            <C>
Losses in excess of investment at
    beginning of year                                       $  (906,592)    (1,060,097)    (1,161,575)
Allocated net income (loss)                                    (197,204)       153,505        101,478
Equity interest in gain on sale                               1,633,343             --             --
                                                            -----------    -----------    -----------
Equity interest (loss) in excess of investment
    at end of year                                          $   529,547       (906,592)    (1,060,097)
                                                            ===========    ===========    ===========
</TABLE>
                                      F-12
<PAGE>
              REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP - II
                                 AND SUBSIDIARY

              Notes to Consolidated Financial Statements, Continued

(4)  Investments in Unconsolidated Joint Ventures, Continued
---  -------------------------------------------------------

     In 1992, the Partnership entered into an agreement with the Adaron Group
         to form the Research Triangle Land Joint Venture. The primary purpose
         of this joint venture is to develop the undeveloped land on the site of
         Research Triangle Industrial Park West. This land was placed into the
         Land Joint Venture by Research Triangle Industrial Park West. The
         ownership of the joint venture is 50% attributable to Adaron Group and
         50% to the Partnership. The value allocated to the land in this joint
         venture upon acquisition was $412,500. In 2001, a portion of the land
         was sold for a gain of $180,199. The Partnership's remaining investment
         in the land amounted to $108,997 and $111,770 at December 31, 2005 and
         2004, respectively. In July 2006, the land was sold for a purchase
         price of $1,371,704. The Partnership received a distribution in the
         amount of $711,314 related to the sale of the land. There are two
         purchase money notes totaling $143,312. The Partnership's basis in the
         investment in the land has been adjusted to approximately 67% of the
         remaining partner's equity, which amounted to $97,625 at December 31,
         2006.

(5)  Mortgage Loan Payable
---  ---------------------

     Northwind Office Park made the final payment on a mortgage loan bearing
         interest at 9% and payable in monthly principal and interest
         installments of $4,779 in February 2004.

(6)  Related Party Transactions
---  --------------------------

     The Corporate General Partner and its affiliates earn fees, principally for
         property and partnership management and are reimbursed for services
         rendered to the Partnership, as provided for in the partnership
         agreement. A summary of those items follows:
<TABLE>
<CAPTION>
                                                                         2006             2005             2004
                                                                         ----             ----             ----
<S>                                                                    <C>               <C>              <C>
         Property management fees based on a percent-
              age (generally 5%) of the rental income                  $ 38,707          44,142           51,046

         Reimbursement for cost of services to the Partnership
              that include investor relations, marketing of
              properties, supplies, professional fees,
              communications, accounting, printing,
              postage and other items                                    93,804          80,543           78,974
                                                                       --------        --------         --------
                                                                       $132,511         124,685          130,020
                                                                       ========         =======          =======
</TABLE>
     In addition to the above, other property specific expenses such as
         payroll, benefits, etc. are charged to property operations on the
         Partnership's consolidated statements of operations. On January 1,
         2005, the interest rate on related party transactions was changed from
                                      F-13
<PAGE>
              REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP - II
                                 AND SUBSIDIARY
              Notes to Consolidated Financial Statements, Continued

(6)  Related Party Transactions, Continued
---  -------------------------------------

         11% to 8%. Receivables from affiliates are payable on demand and bear
         interest at 8% in 2006 and 2005 and 11% in 2004.

     Memorandum of Understanding
     ---------------------------

     The Partnership has a 50% interest in the unconsolidated joint venture in
         Realmark Research, LLC (known as Research Triangle Industrial Park
         West). Realmark Research, LLC (Research) advanced a portion of its
         sales proceeds in the amount of $1,066,719 to an affiliate under a
         Memorandum of Understanding Agreement dated December 8, 2006. Under the
         terms of this agreement, the affiliate agrees to repay this loan plus
         interest at a rate of 8% per annum, upon the sale of a remaining
         property, which is currently being marketed for sale.

     Property Disposition Fee
     ------------------------

     According to the terms of the partnership agreement, the general partners
         are also allowed to collect a property disposition fee upon sale of
         acquired properties. This fee is not to exceed the lesser of 50% of
         amounts customarily charged in arm's-length transactions by others
         rendering similar services for comparable properties or 3% of the sales
         price. The property disposition fee is subordinate to payments to the
         limited partners of a cumulative annual return (not compounded) equal
         to 7% of their average adjusted capital balances and to repayment to
         the limited partners of an amount equal to their original capital
         contributions. Since these conditions described above have not been
         met, no disposition fees have been paid or accrued on properties sold
         in prior years.

(7)  Leases
---  ------

     In connection with the operation of Northwind, a commercial property, the
         Partnership has entered into numerous operating leases with terms from
         1 to 5 years. Future rentals to be received on non-cancelable operating
         leases with terms of more than one year are as follows:

                           2007                                  $ 523,142
                           2008                                    337,202
                           2009                                     40,036
                           2010                                     15,111
                                                                 =========

(8)  Settlement of Lawsuit
---  ---------------------

     As previously reported, the Partnership, as a nominal defendant, the
         general partners of the Partnership and of affiliated public
         Partnerships (the "Realmark Partnerships") and the officers and
         directors of the Corporate General Partner, as defendants, had been
         involved in a class action litigation at the state court level

                                      F-14
<PAGE>
              REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP - II
                                 AND SUBSIDIARY

              Notes to Consolidated Financial Statements, Continued

(8)  Settlement of Lawsuit, Continued
---  --------------------------------

         regarding the payment of fees and other management issues.

     On August 29, 2001, the parties entered into a Stipulation of Settlement
         (the "Settlement"). On October 4, 2001, the Court issued an "Order
         Preliminary Approving Settlement' (the "Hearing Order") and on November
         29, 2001, the Court issued an "Order and Final Judgment Approving
         Settlement and Awarding Fees and Expenses" and dismissing the
         complaints with prejudice. The Settlement provided, among other things,
         that all of the Realmark Partnerships' properties be disposed of. The
         general partners will continue to have primary authority to dispose of
         Partnerships' properties. If either (i) the general partners have not
         sold or contracted to sell 50% of the Partnerships' properties (by
         value) by April 2, 2002 or (ii) the general partners have not sold or
         contracted to sell 100% of the Partnerships' properties by September
         29, 2002, then the primary authority to dispose of the Partnerships'
         properties will pass to a sales agent designated by plaintiffs' counsel
         and approved by the Court. On October 4, 2002, the Court appointed a
         sales agent to work with the general partners to continue to sell the
         Partnerships' remaining properties.

     The settlement also provided for the payment by the Partnerships of fees to
         the plaintiffs' attorneys. These payments, which are not calculable at
         this time but may be significant, are payable out of the proceeds from
         the sale of all of the properties owned by all of the Realmark
         Partnerships, following the sale of the last of these properties in
         each partnership. Plaintiffs' counsel will receive 15% of the amount by
         which the sales proceeds distributable to limited partners in each
         partnership exceeds the value of the limited partnership units in each
         partnership (based on the weighted average of the units' trading prices
         on the secondary market as reported by Partnership Spectrum for the
         period May through June 2001). In no event may the increase on which
         the fees are calculated exceed 100% of the market value of the units as
         calculated above.



















                                      F-15
<PAGE>
<TABLE>
<CAPTION>
                                                                                                        Schedule III
                                                                                                        ------------
              REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP - II
                                 AND SUBSIDIARY
                    Real Estate and Accumulated Depreciation
                                December 31, 2006


                             Initial Cost to
                               Partnership          Cost
                             ----------------    capitalized
   Property                                      subsequent to                      Buildings and          Accumulated
 Description  Encumbrances  Land      Buildings  acquisition   Retirements  Land    improvements   Total   depreciation
 -----------  ------------  ----     ----------  ------------- -----------  ----    -------------  -----   ------------
<S>                  <C>      <C>      <C>            <C>       <C>        <C>        <C>         <C>         <C>
Northwind
Office Park
E. Lansing, MI       $ -      460,515  3,415,895      919,030           -  460,515    4,334,925   4,795,440   2,530,690
                     ===    ========= ==========     ========   ========= ========   ==========  ==========  ==========

Research
Triangle JV
Raleigh, NC            -      750,612  4,920,738      336,053  (6,007,403)       -            -           -   3,794,811

Research Triangle
Land JV
Raleigh, NC            -      412,500          -       20,484    (432,984)       -            -           -           -
                     ---    ---------  ---------     --------  ----------       --   ----------  ----------  ----------

                     $ -    1,163,112  4,920,738      356,537  (6,440,387)       -            -           -   3,794,811
                     ===    =========  =========     ========  ==========       ==   ==========  ==========  ==========
</TABLE>
(RESTUBBED TABLE)
<TABLE>
<CAPTION>
                       Date
                        of           Date       Date
                    Retirements construction  acquired  sold
                    ----------- ------------  --------  ----
<S>                                <C>         <C>
Northwind
Office Park
E. Lansing, MI               -     1973        12/83     N/A
                    ==========     ====        =====     ===

Research
Triangle JV
Raleigh, NC         (3,794,811)    1983        12/83    12/06

Research Triangle
Land JV
Raleigh, NC                  -        -         8/92     7/06
                    ----------     ====        =====    =====

                    (3,794,811)
                    ==========
</TABLE>
*In accordance with Statement of Financial Accounting Standards No. 144, no
depreciation was recorded during the disposal period January 1, 2001 through
December 31, 2006.

                                      F-16

<PAGE>
                                                             Schedule III, Cont.
                                                             -------------------

              REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP - II
                                 AND SUBSIDIARY
                    Real Estate and Accumulated Depreciation
                        December 31, 2006, 2005 and 2004


(1) Cost for Federal income tax purposes is $4,853,406.

(2) A reconciliation of the carrying amount of land and buildings as of December
    31, 2006, 2005 and 2004 follows:
<TABLE>
<CAPTION>
                                                                              Partnership Properties
                                                                  -------------------------------------------------
                                                                         2006             2005              2004
                                                                         ----             ----              ----
<S>                                                               <C>                   <C>               <C>
     Balance at beginning of year                                 $    4,757,435        4,746,775         4,733,855
     Additions                                                            95,971           10,660            12,920
                                                                  --------------      -----------       -----------
     Balance at end of year                                       $    4,853,406        4,757,435         4,746,775
                                                                  ==============      ===========       ===========
</TABLE>
<TABLE>
<CAPTION>
                                                                              Joint Venture Properties
                                                                  -------------------------------------------------
                                                                         2006             2005              2004
                                                                         ----             ----              ----
<S>                                                               <C>                   <C>               <C>
     Balance at beginning of year                                 $    5,770,234        5,770,234         5,717,208
     Additions                                                            62,811                -            53,026
     Dispositions (5)                                                 (5,833,045)               -                 -
                                                                  --------------      -----------       -----------
     Balance at end of year                                       $            -        5,770,234         5,770,234
                                                                  ==============      ===========       ===========
</TABLE>
(3) A reconciliation of accumulated depreciation for buildings and
    improvements for the years ended December 31, 2006, 2005 and 2004
    follows:
<TABLE>
<CAPTION>
                                                                                Partnership Properties
                                                                 --------------------------------------------------
                                                                         2006             2005              2004
                                                                         ----             ----              ----
<S>                                                              <C>                    <C>               <C>
     Balance at beginning and end of year (4)                    $     2,530,690        2,530,690         2,530,690
                                                                 ===============      ===========       ===========
</TABLE>
<TABLE>
<CAPTION>
                                                                                Joint Venture Properties
                                                                 --------------------------------------------------
                                                                       2006               2005              2004
                                                                       ----               ----              ----
<S>                                                              <C>                    <C>               <C>
     Balance at beginning of year (4)                            $     3,794,811        3,794,811         3,794,811
      Dispositions (5)                                                (3,794,811)               -                 -
                                                                 ---------------    -------------      ------------
      Balance at end of year                                     $             -        3,794,811         3,794,811
                                                                 ===============    =============      ============
</TABLE>
(4)     Balance applies entirely to buildings and improvements.

(5)     The Research Triangle Joint Venture and Research Triangle Land Joint
        Venture properties were sold during the 2006 year.
                                      F-17