SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
                                   FORM 10-QSB

(Mark One)

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

For the quarter period ended        August 31, 2000

                                       OR

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

For the transition period from _____________________ To _____________________

                         Commission file number 0-11023

                    MAXUS REAL PROPERTY INVESTORS-FOUR, L.P.
        (Exact name of small business issuer as specified in its charter)

       Missouri                                          43-1250566
(State or other jurisdiction of             (I.R.S. Employer Identification No.)
incorporation or organization)

104 Armour Road, North Kansas City, Missouri                            64116
(Address of principal executive offices)                              (Zip Code)

Registrant's telephone number, including area code                (816) 303-4500

Indicate by 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.
Yes [X]    No [ ]

                                        1

<PAGE>

                                      INDEX

                                                                            Page
PART I - FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS:
         Balance Sheet                                                         3
         Statements of Operations                                              4
         Statements of Cash Flows                                              5

ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS
            OF OPERATIONS                                                      8

PART II - OTHER INFORMATION                                                   11

ITEM 1.  LEGAL PROCEEDINGS                                                    11
ITEM 2.  CHANGES IN SECURITIES                                                11
ITEM 3.  DEFAULTS UPON SENIOR SECURITIES                                      11
ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS                  11
ITEM 5.  OTHER INFORMATION                                                    11
ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K                                     11


SIGNATURES                                                                    12
EXHIBIT INDEX                                                                 13


                                        2

<PAGE>

PART 1 - FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS

                   MAXUS REAL PROPERTY INVESTORS - FOUR, L.P.
                             (A LIMITED PARTNERSHIP)
                                  BALANCE SHEET
                                   (UNAUDITED)

                                                                   August 31,
                                                                      2000

ASSETS:
Investment property
   Land                                                          $  1,014,000
   Buildings and improvements                                      15,285,000
                                                                 ------------

                                                                   16,299,000

   Less accumulated depreciation                                    9,107,000
                                                                 ------------
       Total investment property                                    7,192,000

Cash                                                                  629,000
Accounts receivable, less allowance for doubtful accounts              33,000
Prepaid expenses                                                         --
Deferred expenses, less accumulated amortization                       42,000

       Total Assets                                              $  7,896,000
                                                                 ============

LIABILITIES AND PARTNER'S DEFICIT:

Liabilities:
   Mortgage notes payable                                        $  9,159,000
   Accounts payable and accrued expenses                              312,000
   Refundable tenant deposits                                          95,000
                                                                 ------------

       Total liabilities                                            9,566,000
Partners' deficit                                                  (1,670,000)

       Total liabilities and partners' deficit                   $  7,896,000
                                                                 ============


                                        3

<PAGE>

                   MAXUS REAL PROPERTY INVESTORS - FOUR, L.P.
                             (A LIMITED PARTNERSHIP)
                            STATEMENTS OF OPERATIONS
                                   (UNAUDITED)

<TABLE>
<CAPTION>
<S>                                                         <C>           <C>           <C>           <C>
                                                               Three Months Ended            Nine Months Ended
                                                              August 31,    August 31,    August 31,    August 31,
                                                                2000          1999          2000          1999
Revenues:
   Rental                                                  $  655,000       701,000     2,133,000     2,110,000
   Other                                                       54,000        97,000       238,000       334,000
                                                           ----------    ----------    ----------    ----------
       Total revenues                                         709,000       798,000     2,371,000     2,444,000
                                                           ----------    ----------    ----------    ----------
Expenses:
   Depreciation and amortization                              160,000       420,000       512,000       446,000
   Repairs and maintenance, including common
      area maintenance                                         67,000       114,000       242,000       365,000
   Real estate taxes                                           34,000        89,000       194,000       270,000
   Interest, net                                              220,000       278,000       825,000       814,000
   Professional fees                                           37,000       121,000        96,000       250,000
   General and administrative                                  50,000        67,000       146,000       184,000
   Utilities                                                   42,000        50,000       144,000       126,000
   Management fees - related parties                           61,000        43,000       142,000       127,000
   Other                                                       94,000       103,000       235,000       264,000
                                                           ----------    ----------    ----------    ----------
       Total expenses                                         765,000     1,285,000     2,536,000     2,846,000
                                                           ----------    ----------    ----------    ----------
       Loss before adjustment to liquidation
          basis and gain on sale                              (56,000)     (487,000)     (165,000)     (402,000)
Adjustment to liquidation basis                                  --            --            --         586,000
Gain on sale of Cobblestone Court                                --            --       1,541,000          --
                                                           ----------    ----------    ----------    ----------
       Net Income (loss)                                   $  (56,000)     (487,000)    1,376,000       184,000
                                                           ==========    ==========    ==========    ==========
Net income (loss) allocation:
   General partners                                        $   (1,000)       (8,000)       24,000         3,000
   Limited partners                                           (55,000)     (479,000)    1,352,000       181,000
                                                           ----------    ----------    ----------    ----------
                                                           $  (56,000)     (487,000)    1,376,000       184,000
                                                           ==========    ==========    ==========    ==========
Limited partners' data:
   Net loss per unit:
      Loss before adjustment to liquidation
         basis and gain on sale                            $    (4.07)       (35.40)       (11.95)       (29.18)
      Adjustment to liquidation basis                            --            --            --           42.52
      Gain on sale of Cobblestone Court                          --            --          111.90          --
                                                           ----------    ----------    ----------    ----------

       Total                                               $    (4.07)       (35.40)        99.95         13.34
                                                           ==========    ==========    ==========    ==========

   Weighted average limited partnership units outstanding      13,529        13,529        13,529        13,529
                                                           ==========    ==========    ==========    ==========
</TABLE>

                                        4

<PAGE>

                    MAXUS REAL PROPERTY INVESTORS-FOUR, L.P.
                             (A LIMITED PARTNERSHIP)
                            STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)

<TABLE>
<CAPTION>
<S>                                                                      <C>             <C>
                                                                           Nine Months Ended
                                                                         August 31,      August 31,
                                                                            2000           1999
Cash flows from operating activities:
   Net income                                                         $ 1,376,000        184,000
   Adjustments to reconcile net income to net
     cash provided by operating activities:
       Adjustment to liquidation basis                                       --         (586,000)
       Gain on sale of Cobblestone Court                               (1,541,000)          --
       Depreciation and amortization                                      512,000        446,000
       Changes in accounts affecting operations:
           Accounts receivable                                            156,000        (34,000)
           Prepaid expenses                                                19,000        (30,000)
           Deferred expense                                                  --          122,000
           Accounts payable and accrued expenses                         (154,000)       215,000
           Refundable tenant deposits                                      26,000           --
                                                                      -----------    -----------
                  Net cash provided by operating activities               394,000        317,000
                                                                      -----------    -----------
Cash flows from investing activities:
   Capital expenditures                                                   (60,000)      (780,000)
   Proceeds from sale of Cobblestone Court, net of
        related expenses                                                4,941,000           --
                                                                      -----------    -----------
                  Net cash provided (used) by investing activities      4,881,000       (780,000)
                                                                      -----------    -----------
Cash flows from financing activities:
   Principal payments on mortgage notes payable                        (4,667,000)      (142,000)
   Funding on mortgage notes payable                                         --          500,000
                  Net cash provided (used) by financing activities     (4,667,000)       358,000
                                                                      -----------    -----------
                  Net increase (decrease) in cash                         608,000       (105,000)
Cash, beginning of period                                                  21,000        227,000
                                                                      -----------    -----------
Cash, end of period                                                   $   629,000        122,000
                                                                      ===========    ===========
Supplemental disclosure of cash flow information -
   cash paid during the nine months for interest                      $   826,000        719,000
                                                                      ===========    ===========
</TABLE>

                                        5

<PAGE>
                    MAXUS REAL PROPERTY INVESTORS-FOUR, L.P.
                             (A LIMITED PARTNERSHIP)
                     NOTES TO UNAUDITED FINANCIAL STATEMENTS
         THREE AND NINE MONTHS ENDED AUGUST 31, 2000 AND AUGUST 31, 1999

(1) Summary of Significant Accounting Policies

Refer to the financial statements of Maxus Real Property Investors - Four, L.P.,
formerly   known  as  Nooney  Real   Property   Investors  -  Four,   L.P.  (the
"Partnership"), for the year ended November 30, 1999, which are contained in the
Partnership's  Annual Report on Form 10-K,  for a description  of the accounting
policies which have been continued  without change except as noted below.  Also,
refer to the  footnotes  to  those  statements  for  additional  details  of the
Partnership's  financial condition.  The details in those notes have not changed
except as a result of normal  transactions  in the interim or as noted below. In
the opinion of the general partner,  all adjustments  (which include only normal
recurring  adjustments)  necessary  to present  fairly the  financial  position,
results of operations  and changes in financial  position at August 31, 2000 and
for all  periods  presented  have  been  made.  The  results  for the  three and
nine-month  periods ended August 31, 2000 are not necessarily  indicative of the
results which may be expected for the entire year.

(a) Description of Business

The Partnership is a limited  partnership  organized under the laws of the State
of Missouri  on  February 9, 1982.  On  December  21,  1999,  the  Partnership's
Certificate  of  Limited  Partnership  was  amended  to  change  the name of the
Partnership  from  Nooney  Real  Property  Investors-Four,  L.P.  to Maxus  Real
Property Investors-Four,  L.P. The Partnership was organized to invest primarily
in income-producing  real properties such as shopping centers,  office buildings
and other commercial  properties,  apartment  buildings,  warehouses,  and light
industrial properties.  The Partnership's portfolio is comprised of an apartment
building  located in West St. Louis  County,  Missouri  (Woodhollow  Apartments)
which  generated  97.5% of total revenues for the quarter ended August 31, 2000.
Cobblestone Court, a retail shopping center located in Burnsville,  Minnesota, a
suburb of Minneapolis, was sold for a price of $5,100,000 on May 24, 2000.

(b) Basis of Accounting

On January 21,  1999,  a plan to sell the  Partnership's  Woodhollow  Apartments
property  and  Cobblestone  Court  property  was  approved  by a majority of the
limited partners by proxy. The Partnership  entered into sales contracts on both
properties with American  Spectrum Realty,  Inc., an affiliate of Nooney Capital
Corporation, corporate general partner of the Partnership at that time.

As a result of the partners'  approval to sell the  properties and liquidate the
Partnership,  the Partnership's financial statements as of November 30, 1998 and
for the year then ended  were  prepared  on a  liquidation  basis.  Accordingly,
assets were valued at estimated net realizable  value and  liabilities  included
estimated costs associated with carrying out the plan of liquidation.

In 1999, certain  contingencies of the sale contracts were not fulfilled and the
sale contracts were rendered null and void. As a result of the  cancellation  of
the planned  liquidation and the partners' intent to continue  operations of the
Woodhollow Apartments property, the financial statements are no longer presented
on the  liquidation  basis of  accounting.  The cost of  liquidation  and  other
accruals made in 1998 when adopting the liquidation basis were reversed in 1999.
$586,000 of the 1999 reversals were made during the first nine months of 1999.

                                        6
<PAGE>

On January 28, 2000, a new sales agreement was signed on the  Cobblestone  Court
property  that  provided  for a net  sales  price  of  $5,100,000.  The sale was
completed  May 24,  2000.  Proceeds  from the sale were used to reduce  mortgage
notes payable.

The financial statements include only those assets, liabilities,  and results of
operations  of the partners  which relate to the business of Maxus Real Property
Investors-Four, L.P. The statements do not include assets, liabilities, revenues
or expenses  attributable to the partners' individual  activities.  No provision
has been made for federal and state  income  taxes  because  these taxes are the
responsibility of the partners.



(the remainder of this page left blank intentionally)


                                        7

<PAGE>
ITEM 2:      MANAGEMENT'S DISCUSSION AND ANALYSIS OR RESULTS OF OPERATIONS

This  10-QSB  contains  forward-looking  information  (as defined in the Private
Securities  Litigation  Reform Act of 1995) that involves risk and  uncertainty,
including trends in the real estate  investment  market,  projected  leasing and
sales,  and future  prospects for the  Partnership.  Actual results could differ
materially from those contemplated by such statements.

Liquidity and Capital Resources

Cash as of August 31, 2000 was  $629,000,  an increase of $608,000 from November
30, 1999.  Cash provided  from  operating  activities  for the nine months ended
August 31, 2000 was $394,000.  Investing  activities provided cash of $4,881,000
primarily due to the sale proceeds of Cobblestone  Court.  Financing  activities
used cash of $4,667,000 composed of the payoff of the Cobblestone Court mortgage
note payable, and regular principal payments on other mortgage notes payable.

On January  28,  2000,  the  Partnership  entered  into a  contract  to sell the
Cobblestone  Court Shopping  Center,  located at 14150 Nicollet  Avenue South in
Burnsville,  Minnesota,  a suburb of  Minneapolis,  to an unrelated third party,
Farrington Properties, Inc., a Minnesota corporation. The sale closed on May 24,
2000.  The sale price was  $5,100,000.  The  transaction  resulted  in a gain of
approximately $1,541,000.

On  November  30,  1998,  the  Partnership  refinanced  the  debt on both of its
properties.  A new loan agreement with a balance of $13,500,000  secured by both
Cobblestone  Court and Woodhollow  Apartments  was obtained.  The loan agreement
includes two notes,  which are at a floating  interest rate of LIBOR + 2.75% and
call for monthly  principal  payments of $16,000.  The loan matures November 30,
2001. In 1999, additional funds of $500,000 were borrowed on these notes. On May
24,  2000,  $4,530,000  of the loan was paid off due to the sale of  Cobblestone
Court.

Results of Operations

The results of operations  for the  Partnership's  properties  for the three and
nine  months  ended  August 31,  2000 and August 31,  1999 are  detailed  in the
schedule below.

<TABLE>
<CAPTION>
<S>                             <C>                    <C>               <C>            <C>
                                          Woodhollow Apartments              Cobblestone Court
                                        Three Months   Nine Months        Three Months Nine Months
                                           Ended         Ended               Ended       Ended
                                            August 31, 2000                   August 31, 2000

Revenues                              $    691,000     1,999,000         $   18,000     372,000
Expenses                                   708,000     1,996,000             27,000     510,000
                                      -------------    ----------        ----------  ----------
Net Income (Loss) before
 adjustment to liquidation
 basis and gain on sale               $    (17,000)        3,000         $   (9,000)   (138,000)
                                      =============    ==========         ==========   ==========

                                        Woodhollow Apartments                  Cobblestone Court
                                        Three Months   Nine Months        Three Months  Nine Months
                                           Ended         Ended               Ended        Ended
                                            August 31, 1999                    August 31, 1999

Revenues                              $    596,000     1,820,000         $  200,000     616,000
Expenses                                   987,000     2,015,000            298,000     830,000
                                      ------------    ----------         ----------   ----------
Net Income (Loss) before
 adjustment to liquidation
 basis and gain on sale               $   (391,000)     (195,000)        $  (98,000)   (214,000)
                                      =============    ==========        ==========   ==========
</TABLE>
                                        8
<PAGE>
2000 Property Comparisons

At  Woodhollow  Apartments,  revenues  increased  $95,000  (15.9%)  in the third
quarter of 2000  compared to the same period in 1999.  Under the new  management
company,  Maxus  Properties,  Inc.,  occupancy  and rental rates have  increased
contributing to the increased revenue. Expenses decreased $279,000 when compared
to the third quarter of last year. This decrease in expenses is primarily due to
a decrease in depreciation and amortization of $256,000, repairs and maintenance
of $26,000,  and  professional  fees of $16,000.  The  decreased  expenses  were
partially  offset by increases in interest  expense of $34,000.  The decrease in
depreciation  and amortization is due to Woodhollow being held for sale in 1999,
while it was not classified as held for sale in 2000.  Woodhollow Apartments was
held for sale from the period of December 1998 through June 1999. The property's
sale status was halted  effective July 1, 1999 and liquidation  basis accounting
was reversed.  Commencing in July 1999,  adjustments were made to depreciate all
new and  existing  assets  for the  previous  held for sale  period.  Woodhollow
Apartments' assets have been depreciated for all nine months of 2000.

At Cobblestone  Court,  revenues  recorded for the quarter ended August 31, 2000
are residual CAM income items and expenses are residual operating expenses.

Pro Forma Results

The table below presents the pro-forma results of operations without Cobblestone
Court for the three and nine months  ended  August 31, 2000 and August 31, 1999.
Cobblestone  Court was sold May 24, 2000. These pro forma operating  results are
not  necessarily  indicative of what the actual  results would have been had the
Cobblestone  Court  property been sold at the  beginning of the earliest  period
presented.


<TABLE>
<CAPTION>
<S>                                         <C>               <C>            <C>            <C>
                                               Three Months Ended               Nine Months Ended
                                               August 31,    August 31,      August 31,     August 31,
                                                 2000          1999            2000           1999

   Revenues                                 $   691,000       598,000        1,999,000      1,828,000
   Repairs and maintenance, including
      common area maintenance                    60,000        85,000          166,000        263,000
   Interest, net                                220,000       186,000          630,000        540,000
   Depreciation                                 159,000       416,000          476,000        433,000
   General and administrative                    50,000        57,000          144,000        152,000
   Other                                        249,000       243,000          610,000        627,000
                                                -------       -------          -------        -------
       Total expenses                           738,000       987,000        2,026,000      2,015,000
                                                -------       -------        ---------      ---------
   Net loss before adjustment to
       liquidation basis and gain on sale   $  (47,000)     (389,000)         (27,000)      (187,000)
                                              =========   ===========       ==========    ===========
   Net loss before adjustment to
       liquidation basis and gain on sale
       per limited partnership units:       $    (3.44)       (28.24)           (1.99)        (13.62)
                                              =========     =========       ==========     ==========
</TABLE>

                                        9

<PAGE>

The occupancy  levels at August 31, 2000 and August 31, 1999 are as follows:

                                          Occupancy levels as of:

                                       August 31,           August 31,

Property                                  2000                 1999

Cobblestone Court Shopping Center         N/A                  54%

Woodhollow Apartments                     96%                  91%


At Woodhollow Apartments the occupancy increased to 96% from 87% at November 30,
1999. A rental  increase was  implemented on each floor plan during 1999.  There
were a high number of vacant one bedroom units at November 30, 1999. The rent on
these units has since been  reduced in an effort to increase  the demand for one
bedroom rental apartments.


Results of Operations - Consolidated

For the three and nine month  periods ended August 31, 2000,  the  Partnership's
consolidated  revenues  were  $709,000 and  $2,371,000,  respectively.  Revenues
decreased  by $89,000  (11.2%) and  $73,000  (3.0%) for the three and nine month
periods  ended August 31, 2000 as compared to the same periods  ended August 31,
1999. Revenue at Woodhollow for the three months ended August 31, 2000 increased
by $95,000,  offset by a decrease in income due to the sale of Cobblestone Court
of $182,000.  For the nine months ended  August 31, 2000,  revenue  increased at
Woodhollow by $179,000  offset by a decrease at  Cobblestone  Court of $244,000,
which is primarily due to the sale of Cobblestone Court in May 2000.

For the three and nine month  periods ended August 31, 2000,  the  Partnership's
consolidated  expenses  were  $765,000 and  $2,536,000,  respectively.  Expenses
decreased by $520,000  (40.5%) and $310,000 (10.9%) for the three and nine month
periods  ended August 31, 2000 as compared to the same periods  ended August 31,
1999.  Expenses  at  Woodhollow  for the three  months  ended  August  31,  2000
decreased  by  $279,000,  primarily  due  to  a  decrease  in  depreciation  and
amortization  of $256,000.  Expenses at Cobblestone  Court decreased by $272,000
due to the sale of  Cobblestone  Court in May 2000.  For the nine  months  ended
August 31,  2000,  expenses at  Woodhollow  decreased  by $19,000.  For the same
period, expenses at Cobblestone Court decreased by $321,000, which was primarily
due to the sale of Cobblestone Court in May 2000.

For the three and nine month  periods  ended  August 31,  2000,  Management  fee
expense  increased  by $18,000 and $15,000  respectively.  The  increase was due
primarily to the partnership  management fee, provided for  in  the  Partnership
agreement, of $30,000, payable to the General Partner of the Partnership,  being
incurred  in 2000  and not in  1999.  Property management fees for the three and
nine month periods ended August 31, 2000 were $31,000 and $112,000 respectively,
compared to $43,000 and $127,000 for the same periods ended August 31, 1999.


                                       10

<PAGE>

PART II.  OTHER INFORMATION

ITEM 1:   LEGAL PROCEEDINGS

None

ITEM 2:   CHANGES IN SECURITIES

None

ITEM 3:   DEFAULTS UPON SENIOR SECURITIES

None

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

None

ITEM 5:   OTHER INFORMATION

None

ITEM 6: EXHIBITS AND REPORTS ON FORM 8-K

         (a) Exhibits

             See Exhibits Index on Page 14

          (b) Reports on Form 8-K

              None


                                       11

<PAGE>

SIGNATURES

Pursuant  to the  requirements  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.

Dated: October 13, 2000                 MAXUS REAL PROPERTY INVESTORS-FOUR, L.P.
                                        By: MAXUS CAPITAL CORP.
                                            General Partner


                                        By: /s/ John W. Alvey
                                             John W. Alvey
                                             Director, Vice President
                                             Secretary and Treasurer
                                             (Principal Financial Officer)


                                       12

<PAGE>

EXHIBIT INDEX

Exhibit Number                              Description

3.1               Amended and  Restated  Agreement  and  Certificate  of Limited
                  Partnership  dated April 7, 1982, is incorporated by reference
                  from Exhibit 3.1 to the Registrant's  Form 10-K for the fiscal
                  year ended November 30, 1999 (File No. 000-11023).

3.2               Amendment of Certificate of Limited Partnership dated December
                  21, 1999 is incorporated by reference to the Form 8-K filed by
                  the Registrant (File No. 000-11023).

10.1              Contract for the sale of  Cobblestone  Court  Shopping  Center
                  dated  January 28, 2000 is  incorporated  by  reference to the
                  Form 8-K filed by the  Registrant  under the Securities Act of
                  1933 (File No. 000- 11023).

10.2              Letter  agreement  dated March 29, 2000  amending the Contract
                  for the Sale of Cobblestone Court Shopping Center.

10.3              Letter  agreement  dated May 3, 2000 amending the Contract for
                  the Sale of Cobblestone Court Shopping Center.

10.4              Letter  agreement  date May 19, 2000 amending the Contract for
                  the Sale of Cobblestone Court Shopping Center.

27                Financial Data Schedule for the period ended August 31, 2000.

                                       13