SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                    FORM 10-Q

(Mark One)
_X_ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
    EXCHANGE ACT OF 1934

For the quarter period ended               February 28, 1997               
                            ---------------------------------------------------

                                                OR

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

For the transition period from                    To
                               ------------------------------------------------

                         Commission file number 0-11023
                                                -------

                   NOONEY REAL PROPERTY INVESTORS-FOUR, L.P.
-------------------------------------------------------------------------------
             (Exact name of Registrant as specified in its charter)

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

7701 Forsyth Boulevard, St. Louis, Missouri                       63105
-------------------------------------------                --------------------
(Address of principal executive offices)                        (Zip Code)

Registrant's telephone number, including area code    (314) 863-7700
                                                    ----------------------------
--------------------------------------------------------------------------------

Former  name,  former  address and former  fiscal  year,  if changed  since last
report.

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__.

                APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
                  PROCEEDING DURING THE PRECEDING FIVE YEARS:
Indicate  by check mark  whether  the  registrant  has filed all  documents  and
reports  required to be filed by  Sections  12,13,  or 15 (d) of the  Securities
Exchange Act of 1934 subsequent to the  distribution of securities  under a plan
confirmed by a court. Yes____ No____

APPLICABLE ONLY TO CORPORATE ISSUERS:  Indicate the number of shares outstanding
of each of the issuer's  classes of common stock,  as of the latest  practicable
date._____

                                       -1-

<PAGE>




PART I
ITEM 1 - FINANCIAL STATEMENTS:


                    NOONEY REAL PROPERTY INVESTORS-FOUR, L.P.

                             (A LIMITED PARTNERSHIP)


                                 BALANCE SHEETS

                                                February 28,      November 30,
                                                   1997               1996
                                                (Unaudited)
                                                -----------       -----------

ASSETS:
     Cash                                      $    285,841      $    211,840
     Accounts receivable                            190,885           199,357
     Prepaid expenses and deposits                   11,321            56,676
     Investment property, at cost:
         Land                                     1,013,858         1,013,858
         Buildings and improvements              13,400,566        13,319,139
                                               ------------      ------------
                                                 14,414,424        14,332,997
         Less accumulated depreciation            7,247,094         7,134,673
                                               ------------      ------------
                                                  7,167,330         7,198,324
Investment property held for sale                 3,478,652         3,479,887

Deferred expenses - At amortized cost                65,442            65,549
                                               ------------      ------------
                                               $ 11,199,471      $ 11,211,633
                                               ============      ============


LIABILITIES AND PARTNERS' DEFICIT

Liabilities:
     Accounts payable and accrued expenses     $    127,830      $     86,951
     Mortgage notes payable                      12,526,651        12,529,484
     Refundable tenant deposits                      85,096            89,395
                                               ------------      ------------
                                                 12,739,577        12,705,830

Partners' Deficit                                (1,540,106)       (1,494,197)
                                               ------------      ------------ 
                                               $ 11,199,471      $ 11,211,633
                                               ============      ============



                 SEE NOTES TO THE UNAUDITED FINANCIAL STATEMENTS


                                       -2-

<PAGE>





                    NOONEY REAL PROPERTY INVESTORS-FOUR, L.P.

                             (A LIMITED PARTNERSHIP)

                 STATEMENTS OF OPERATIONS AND PARTNERS' DEFICIT

                                   (UNAUDITED)


                                                     Three Months Ended
                                                February 28,    February 29,
                                                   1997            1996
                                                   ----            ----

REVENUES:
     Rental and other income                    $   854,048      $   849,950
     Interest                                           188              295
                                                -----------      -----------
                                                    854,236          850,245

EXPENSES:
     Interest                                       278,800          284,402
     Depreciation and amortization                  117,344          127,347
     Real estate taxes                              109,078           99,164
     Property management fees paid to
         Nooney Krombach Company                     45,459           45,234
     Reimbursement to Nooney Krombach
         Company for partnership management
         services and indirect expenses              10,000           10,000
     Other operating expenses                       339,464          294,369
                                                -----------      -----------

                                                    900,145          860,516
                                                -----------      -----------

NET LOSS                                        $   (45,909)     $   (10,271)
                                                ===========      ===========

NET LOSS PER LIMITED PARTNERSHIP UNIT           $     (3.33)     $     (0.75)
                                                ===========      ===========

PARTNERS' DEFICIT:
     Beginning of Period                        $(1,494,197)     $(1,475,464)
     Net Loss                                       (45,909)         (10,271)
                                                -----------      -----------

     End of Period                              $(1,540,106)     $(1,485,735)
                                                ===========      ===========



                 SEE NOTES TO THE UNAUDITED FINANCIAL STATEMENTS

                                       -3-

<PAGE>



<TABLE>

                                           NOONEY REAL PROPERTY INVESTORS-FOUR, L.P.
                                                    (A LIMITED PARTNERSHIP)

                                                   STATEMENTS OF CASH FLOWS
                                                          (UNAUDITED)

<CAPTION>
                                                                    Three Months Ended
                                                                February 28,   February 29,
                                                                     1997         1996
                                                                     ----         ----
<S>                                                             <C>            <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
     Net Loss                                                   $ (45,909)     $ (10,271)
     Adjustments to reconcile net loss to net cash
     provided by operating activities:
         Depreciation and amortization                            117,344        127,347

     Changes in assets and liabilities:
         Decrease in accounts receivable                            8,472         50,171
         Decrease in prepaid expenses and deposits                 45,355         28,016
         Increase in accounts payable and accrued expenses         40,879         43,440
         (Decrease) Increase in refundable tenant deposits         (4,299)         4,138
         Increase in deferred expenses                             (3,580)       (26,840)
                                                                ---------      ---------

             Total Adjustments                                    204,171        226,272
                                                                ---------      ---------

                  Net cash provided by operating activities       158,262        216,001
                                                                ---------      ---------

CASH FLOWS FROM INVESTING ACTIVITIES:
     Additions to investment property                             (20,620)       (14,037)
     Additions using Capital Reserve Escrow                       (60,808)
                                                                ---------      ---------

                  Net cash used in investing activities           (81,428)       (14,037)
                                                                ---------      ---------

CASH FLOWS FROM FINANCING ACTIVITIES:
     Payments on mortgage notes payable                            (2,833)       (25,755)
                                                                ---------      ---------

                  Net cash used in financing activities            (2,833)       (25,755)
                                                                ---------      ---------

NET INCREASE IN CASH                                               74,001        176,209

CASH, Beginning of period                                         211,840        275,823
                                                                ---------      ---------

CASH, End of period                                             $ 285,841      $ 452,032
                                                                =========      =========


SUPPLEMENTAL DISCLOSURE OF CASH FLOWS
INFORMATION - Cash paid during the period for interest          $ 326,493      $ 284,402
                                                                =========      =========


</TABLE>

                       SEE NOTES TO THE UNAUDITED FINANCIAL STATEMENTS

                                            -4-
>
<PAGE>




                    NOONEY REAL PROPERTY INVESTORS-FOUR, L.P.
                             (A LIMITED PARTNERSHIP)
                     NOTES TO UNAUDITED FINANCIAL STATEMENTS
           THREE MONTHS ENDED FEBRUARY 28, 1997 AND FEBRUARY 29, 1996


NOTE A:

Refer to the Registrant's  financial  statements for the year ended November 30,
1996, which are contained in the Registrant'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 Registrant'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.

NOTE B:

The financial statements include only those assets, liabilities,  and results of
operations of the partners  which relate to the business of Nooney 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  since  these taxes are the
responsibility  of the  partners.  In the opinion of the general  partners,  all
adjustments  (which  include  only normal  recurring  adjustments)  necessary to
present  fairly the financial  position,  results of  operations  and changes in
financial  position at February 28, 1997 and for all periods presented have been
made.

NOTE C:

The  Registrant's   properties  are  managed  by  Nooney  Krombach  Company,   a
wholly-owned  subsidiary of Nooney Company.  Certain individual general partners
of the  Registrant  are officers and  directors of Nooney  Company.  Nooney Four
Capital Corp., a general partner, is a 75% owned subsidiary of Nooney Company.

NOTE D:

The loss per limited  partnership  unit for the three months ended  February 28,
1997 and  February 29, 1996 was computed  based on 13,529  units,  the number of
units outstanding during the periods.



                                       -5-

<PAGE>



ITEM 7: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS.

It should  be noted  that this 10-Q  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 the future prospects for the Registrant. Actual
results could differ materially from those contemplated by such statements.

Liquidity and Capital Resources

Cash on hand as of February  28, 1997 is  $285,841,  an increase of $74,001 from
the year ended November 30, 1996 when the cash on had was $211,840. The increase
in cash  balances  can be  attributable  to an  increase  in the real estate tax
escrow accounting.  As of November 30, 1996, these accounts were at their yearly
low point as real estate taxes has just been paid on the partnership properties.
The anticipated capital expenditures for the balance of 1997 are:

                         Leasing Capital  Other Capital     Total
                         ---------------  -------------     -----

Cobblestone Court           $ 63,436       $400,000       $463,436
Woodhollow Apartments              0         70,717         70,717
                            --------       --------       --------

                            $ 63,436       $470,717       $534,152
                            ========       ========       ========

At Cobblestone  Court, the Leasing Capital is for tenant  improvements and lease
commissions if new tenants can be found for the vacant spaces. The Other Capital
is a roof replacement anticipated to cost approximately $400,000. The Registrant
has arranged for  additional  financing  from the holder of the first and second
mortgages on the property to pay for this re-roofing.  At Woodhollow Apartments,
the Other Capital  consists of expenditures for new heating and air conditioning
units,  signage and concrete work.  This is the capital for items outside of the
scope of the  capital  renovation  program  which is paid for out of the capital
reserve  escrow.  Phase  II of the  capital  renovation  program  at  Woodhollow
Apartments  consists of new siding,  parking  lot  replacement  and new tile and
hallway  carpets  will be getting  under way in the near  future.  Approximately
$280,000 is  anticipated  to be spent from the capital  reserve  escrow on these
renovations during 1997.

As discussed in previous  reports,  the General  Partners  have put  Cobblestone
Court on the market for sale. The General  Partners elected to sell the property
at this time because Cobblestone Court needs to be reconfigured and repositioned
to stay competitive in today's retail environment, and the partnership is not in
financial  position  to supply the capital  needed for such a project.  The roof
replacement  is  necessary  prior  to  selling  the  project  as  all  potential
purchasers  have canceled  their  purchase  contract  during their due diligence
because  of the  severe  deterioration  of the  roof  and the  resulting  tenant
complaints  and lawsuits  which have occurred  against the Landlord.  The lender
which has agreed to finance the roof  replacement is also insisting that as soon
as the roof is  completed,  the  property  be  strongly  marketed.  The  General
Partners  have  hired a new  local  brokerage  firm to both  lease  and sell the
property  during  1997.  The  holder of the first and  second  mortgage  debt on
Cobblestone  Court and the second  mortgage  debt on Woodhollow  Apartments  has
extended  these  loans  through  October  31,  1997.  The  balance of the second
mortgages  as of  February  28,  1997,  are as follows:  the second  mortgage on


                                       -6-

<PAGE>



Cobblestone  Court  Shopping  Center -  $1,438,039  and the second  mortgage  on
Woodhollow Apartments - $208,601. As previously indicated,  the balances of both
of these  loans  will be  increased  to  cover  the  cost of the  re-roofing  at
Cobblestone Court.

The  long-term  liquidity of the  Registrant is dependent on its ability to fund
future capital  expenditures and mortgage payments,  maintain high occupancy and
negotiate with lenders the renewal and/or refinancing of the mortgage debt as it
matures.  Until  such  time as  real  estate  market  conditions  recover  and a
profitable  sale of the properties is feasible,  the Registrant will continue to
manage the properties to achieve its investment objectives.

Results of Operations

The results of operations for the Registrant's properties for the quarters ended
February 28, 1997 and  February  29, 1996 are  detailed in the  schedule  below.
Expenses of the Registrant are excluded.

                           Woodhollow Apartments    Cobblestone Court
                           ---------------------    -----------------
          1997
          ----
     Revenues                     $ 580,966             $ 273,516
     Expenses                       590,487               305,435
                                  ---------             ---------
     Net Loss                     $  (9,521)            $ (31,919)
                                  =========             =========

         1996
         ----
     Revenues                     $ 578,058             $ 272,168
     Expenses                       556,897               280,272
                                  ---------             ---------
     Net Income (Loss)            $  21,161             $  (8,104)
                                  =========             =========

At  Woodhollow  Apartments,  the  revenue  increased  slightly  by  $3,000  when
comparing first quarter 1997 to the first quarter of 1996,  despite the decrease
in occupancy due to a gradual  increase in rental rates.  Expenses  increased by
almost  $34,000 due  primarily  to increases  in  professional  services - other
($13,500),  relating to a property appraisal and partnership liability insurance
fees,   repairs  and   maintenance  -  painting   ($5,000),   and  snow  removal
($4,200).Depreciation expense also increased ($9,000).

Cobblestone  Court's operating results show an increase in the operating loss of
$23,815.  This increase is due primarily to an increase in operating expenses of
$50,000 due to increase in snow removal  ($13,900),  real estate taxes ($8,200),
professional services - other ($27,700),  relating to partnership audit fees and
liability  insurance,  and  partially  offset  by  a  decrease  in  amortization
($19,000). In the first quarter of 1996, the Registrant was amortizing loan fees
charged by the prior  holder of the first  mortgage for  extensions  of the loan
granted at that time. In 1997, the Registrant had no loan fees to amortize.

The occupancy  levels as of February 28, 1997 and February 29, 1996 and February
28, 1995 are as follows:


                                       -7-

<PAGE>



                                   Occupancy levels as of February 28, 1997,
                                    February 29, 1996 and February 28, 1995
                                    ---------------------------------------

         Property                       1997         1996         1995
         --------                       ----         ----         ----

     Woodhollow Apartments               91%          96%          96%
     Cobblestone Court                   84%          85%          99%

At Woodhollow Apartments the occupancy decreased 5% when comparing first quarter
of 1997 to first quarter of 1996. The Registrant anticipates that occupancy will
return to the 95% plus level during the second  quarter and will remain high for
the balance of 1997.

During the first quarter of 1997,  the occupancy at  Cobblestone  Court remained
level at 84%. Cobblestone court has three major tenants which occupy 26%, 7 1/2%
and 10% of the available  space on leases which expire January 2001,  April 2002
and   month-to-month,   respectively.   The   Registrant  is  working  with  the
month-to-month tenant on a longer term renewal.

1997 Comparisons

As of February 28, 1997, the Registrant's  consolidated revenues for the quarter
ended are $854,236  compared to $850,245 for the same period ended  February 29,
1996.  Consolidated  revenues were relatively  stable when comparing one year to
the next and the increase of $4,000 is less than 10%. The consolidated  expenses
for the quarter  ended  February 28, 1997 are $900,145  compared to $860,516 for
the same period ended February 29, 1996. The increase in  consolidated  expenses
relates  primarily to Cobblestone  Court, and as stated above, this property had
increases  in  operating  expenses in the  following  categories:  snow  removal
($13,900),  real  estate  taxes  ($8,200)  and  professional  services  -  other
($27,700).  The  increase  in  operating  expenses  was offset by a decrease  in
amortization at Cobblestone Court ($19,000).

1996 Comparisons

As of February 29, 1996 the Registrant's  consolidated  revenues for the quarter
ended are $850,245  compared to $809,867 for the same period ended  February 28,
1995.  The  increase  in  consolidated  revenues  is  directly  attributable  to
Woodhollow Apartments.  At Woodhollow Apartments revenues increased $52,612 when
comparing  quarter  ending  results  February 29, 1996 to February 28, 1995. The
increase is a result of an improving  multi-family  market in the west St. Louis
County area.  Offsetting the increase in revenues at Woodhollow  Apartments is a
decrease  in  revenues  at  Cobblestone  Court  of  $11,252.   The  decrease  at
Cobblestone Court relates to a decrease in rental income which can be attributed
to the decrease in occupancy.

Consolidated  expenses  for the quarter  ended  February  29, 1996 are  $860,516
compared to $905,080 for the same period ended  February 28, 1995.  The decrease
in  consolidated  expenses  relates  primarily to the  decrease in  depreciation
expense.  The decrease in depreciation  expense relates to Cobblestone Court and
the fact that the property is being held for sale and under  generally  accepted
accounting  principles  a property  held for sale may not be  depreciated.  Real
estate tax expense has also  decreased  from  quarter end  February  29, 1996 to
February  28,  1995.  The decrease is due to a change in the law in the State of
Missouri.


                                       -8-

<PAGE>



Offsetting  the  decreases in  depreciation  expense and real estate tax expense
were increases in operating expenses. The following operating expenses increased
when comparing  quarter end February 29, 1996 to February 28, 1995: snow removal
($11,634), furniture rental ($12,438), insurance ($4,620) and cleaning ($4,989).
Offsetting  the  aforementioned   increases  were  decreases  in  the  following
expenses: maintenance payroll (5,840) and professional services ($6,904).


Inflation

The effects of inflation  did not have a material  impact upon the  Registrant's
operation  in  fiscal  l996  and are  not  expected  to  materially  affect  the
Registrant's operation in l997.


                                       -9-

<PAGE>




PART II.  OTHER INFORMATION

Item 6. Exhibits and Reports on Form 8-K


         (a) Exhibits

               None

         (b) Reports on Form 8-K

               None

                                   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.


                                       NOONEY REAL PROPERTY INVESTORS-FOUR, L.P.



Dated:   April 14, 1997                By: /s/ Gregory J. Nooney, Jr.
      ------------------------         -------------------------------------

                                       Gregory J. Nooney, Jr.
                                       General Partner


                                       NOONEY CAPITAL CORPORATION


                                       By: /s/   Gregory J. Nooney, Jr.
                                       -------------------------------------
                                       Gregory J. Nooney, Jr.
                                       Chairman


                                       By: /s/   Patricia A. Nooney
                                       -------------------------------------
                                       Patricia A. Nooney
                                       Senior Vice President and Secretary


                                       BEING A MAJORITY OF DIRECTORS


                                      -10-