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         February 29, 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)

1100 Main St., Ste 2100 Kansas City, Missouri                         64105
(Address of principal executive offices)                            (Zip Code)

Registrant's telephone number, including area code                (816) 421-4670

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


SIGNATURES                                                                    12
EXHIBIT INDEX                                                                 13

                                       2

<PAGE>
PART I - FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS

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

(in thousands except unit information)                              February 29,
                                                                      2000

ASSETS:
Investment property
   Land                                                     $           1,014
   Buildings and improvements                                          15,244
                                                                       ------

                                                                       16,258

   Less accumulated depreciation                                        8,807
                                                                        -----

                                                                        7,451

   Investment property held for sale                                    3,400
                                                                        -----

           Total investment property                                   10,851

Cash                                                                       10
Accounts receivable, less allowance for doubtful accounts                 125
Prepaid expenses                                                           13
Deferred expenses, less accumulated amortization                           89
                                                                      -------

           Total assets                                     $          11,088
                                                                       ======

LIABILITIES AND PARTNERS' DEFICIT:

Liabilities:
   Mortgage notes payable                                   $          13,763
   Accounts payable and accrued expenses                                  385
   Refundable tenant deposits                                              75
                                                                      -------
           Total liabilities                                           14,223
Partners' deficit                                                      (3,135)
                                                                      -------

           Total liabilities and partners' deficit          $          11,088
                                                                       ======


                                        3
<PAGE>

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

(in thousands except unit information)               Three Months Ended
                                               February 29       February 28
                                                  2000              1999
Revenues:
   Rental                                $        684                705
   Other                                          115                102
                                                  ---                ---

           Total revenues                         799                807
                                                 ----                ---

Expenses:
  Depreciation and amortization                  164                  13
  Repairs and maintenance, including common
   area maintenance                               82                 118
  Real estate taxes                               90                  92
  Interest, net                                  317                 275
  Professional fees                               41                  76
  General and administrative                      42                  56
  Utilities                                       51                  32
  Property management fees - related parties      37                  40
  Other                                           63                  69
                                                 ---                 ---

           Total expenses                        887                 771
                                                 ---                 ---
           Income (loss) before adjustment
            to liquidation basis                 (88)                 36

Adjustment to liquidation basis                   --                  68
                                               -----                ----

           Net Income (loss)              $      (88)                104
                                              =======                ===
Net income (loss) allocation:
  General partners                        $       (1)                  2
  Limited partners                               (87)                102
                                               ------                ---

                                          $      (88)                104
                                               ======               ====
Limited partners' data:
  Net income (loss) per unit:
   Income (loss) before adjustment
    to liquidation basis                  $    (6.41)               2.57
   Adjustment to liquidation basis                --                4.96
                                            ---------          ---------

            Total                         $    (6.41)               7.53
                                            =========          =========
  Weighted average limited partnership
   units outstanding                          13,529              13,529
                                             ========           ========


                                        4
<PAGE>

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

<TABLE>
<CAPTION>
<S>                                                                     <C>                    <C>
(in thousands except unit information)                                         Three Months Ended
                                                                         February 29        February 28
                                                                             2000             1999

Cash flows from operating activities:
   Net income (loss)                                                        $ (88)             104
   Adjustments to reconcile net income (loss) to net
     cash provided by (used in) operating activities:
       Adjustment to liquidation basis                                         --              (68)
       Depreciation and amortization                                          164               13
       Changes in accounts affecting operations:
           Accounts receivable                                                 64               14
           Prepaid expenses                                                     6               --
           Accounts payable and accrued expenses                              (80)              77
           Refundable tenant deposits                                           5                4
                                                                            -----            -----

                        Net cash provided by operating activities              71              144
                                                                            -----            -----
Cash flows from investing activities - capital
   expenditures                                                               (19)             (22)
                                                                            -----            -----

Cash flows from financing activities -principal payments
   on mortgage notes payable                                                  (63)             (47)
                                                                            -----            -----

                        Net (decrease) increase in cash                       (11)              75

Cash, beginning of period                                                      21              227
                                                                            -----             ----

Cash, end of period                                                         $  10              302
                                                                            =====            =====

Supplemental disclosure of cash flow information -
   cash paid during the quarter for interest                                $ 404              275
                                                                            =====            =====
</TABLE>

                                        5

<PAGE>

                    MAXUS REAL PROPERTY INVESTORS-FOUR, L.P.
                             (A LIMITED PARTNERSHIP)
                     NOTES TO UNAUDITED FINANCIAL STATEMENTS
           THREE MONTHS ENDED FEBRUARY 29, 2000 AND FEBRUARY 28, 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 February 29, 2000 and
for all periods presented have been made. The results for the three-month period
ended February 29, 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.  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 76% of total revenues for the quarter ended February
29,  2000,  and  a  retail  shopping  center   (Cobblestone  Court)  located  in
Burnsville,  Minnesota,  a suburb of Minneapolis,  which generated the remaining
24% of total  revenues for the quarter ended  February 29, 2000. 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.

(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.


                                       6
<PAGE>

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.
$68 of the 1999 reversals were made during the first quarter of 1999.

On January 28,  2000,  a sales  agreement  was signed on the  Cobblestone  Court
property that provides for a net sales price of $5,100. The sale is subject to a
due diligence  period and, if completed,  is expected to close by the end of the
second  quarter of 2000.

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  since  these taxes are the
responsibility of the partners.




            (The remainder of this page is 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  reserves as of February 29, 2000 are $10, a decrease of $11 from  November
30, 1999.  Cash provided from  operating  activities  for the three months ended
February  29, 2000 was $71.  Investing  activities  used $19 due to property and
equipment  purchases.  Financing  activities,  composed of principal payments on
mortgage notes payable, used $63.

On  January  28,  2000,  the  Partnership entered  into a  contract  to sell the
Cobblestone  Court Shopping  Center  ("Cobblestone"),  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
price is $5,100.  The contract  was subject to a fifteen (15) day due  diligence
period  pursuant to which  Farrington  had the right to  terminate  the contract
without liability to the Partnership.  The due diligence period expired February
12, 2000. The sale was tentatively scheduled to close on March 28, 2000 with the
contract providing for one 45 day extension. The extension was exercised and the
sale is now  tentatively  scheduled to close in May 2000. The sale is subject to
certain conditions,  including but not limited to delivery of satisfactory title
and  delivery of  satisfactory  subordination,  non-disturbance  and  attornment
agreements and estoppel letters from all tenants of the Property.

The  Cobblestone  sales  contract  provides  for a net sale price of $5,100.  If
consummated as currently  structured,  the transaction  will result in a gain of
approximately  $1,529.  There is no  assurance at this time,  however,  that the
transaction will be consummated or that the gain will be realized.

On  November  30,  1998,  the Partnership  refinanced  the  debt  on both of its
properties.  A new loan  agreement  with a balance  of  $13,500  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. The loan matures November 30, 2001.
In 1999, additional funds of $500 were borrowed on these notes.

Results of Operations

The results of  operations for the Partnership's  properties  for  the  quarters
ended  February 29, 2000  and  February  28, 1999 are  detailed in the  schedule
below.  Expenses of the Partnership are excluded.

         2000        Woodhollow Apartments              Cobblestone Court
Revenues                         $ 610                        $189
Expenses                           637                         251
                                 -----                       -----
Net Loss                         $ (27)                      $ (62)
                                ======                      ======

         1999        Woodhollow Apartments              Cobblestone Court
Revenues                         $ 608                        $196
Expenses                           486                         285
                                 -----                       -----
Net Income (Loss)                $ 122                       $ (89)
                                 =====                      ======

                                        8
<PAGE>

2000 Property Comparisons

At  Woodhollow  Apartments,  revenues  increased  $2 in  first  quarter  of 2000
compared to the same period in 1999.  Expenses  increased  $151 when compared to
first  quarter of last year,.  This  increase is primarily due to an increase in
depreciation  and  amortization  of  $151,  and  interest  expense  of $35.  The
increased   expenses  were  partially  offset  by  a  decrease  in  repairs  and
maintenance of $34.  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,  entries were posted to  depreciate  all new and  existing  assets for the
previous  held  for  sale  period.   Woodhollow  Apartments'  assets  have  been
depreciated  in the first  quarter of 2000.  The  increase in  depreciation  and
amortization  is due to both  properties  being  classified  as held for sale in
1999, while only Cobblestone Court is held for sale in 2000. No depreciation was
recorded  in 1999 or 2000 for the  properties  held for sale.  The  increase  in
interest  expense is due to additional funds being borrowed in 1999 as described
above in Item 2, under the heading Liquidity and Capital Resources.

At Cobblestone  Court, the net loss for the quarters ended February 29, 2000 and
February 28, 1999 was $62 and $89, respectively. The decrease in the net loss is
primarily attributable to a decrease in expenses.  Expenses decreased $34 in the
first  quarter  2000  compared  to the first  quarter of 1999,  largely due to a
decrease in  professional  fees of $22,  and a decrease in real estate  taxes of
$16.

The occupancy  levels at February 29, 2000 and February 28 1999 are as follows:

                                              Occupancy levels as of:

                                            February 29        February 28
Property                                       2000               1999

Cobblestone Court Shopping Center               56%                59%


Woodhollow Apartments                           89%                94%

At Cobblestone Court Shopping Center, occupancy decreased to 56% compared to 61%
at November 30, 1999. Two seasonal  tenants  vacated which occupied 5,823 square
feet. One major tenant  exercised their renewal option in March of 2000 for five
additional  years. The property has two major tenants that occupy  approximately
26% and 9% of the  available  space under  leases that expire  January  2001 and
December 2005, respectively.

At Woodhollow Apartments the occupancy increased to 89% from 87% at November 30,
1999. A rental  increase was  implemented on each floorplan  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.

                                        9

<PAGE>

Results of Operations - Consolidated

For  the  three  month  period  ended  February  29,  2000,   the  Partnership's
consolidated  revenues  were $799  compared  with $807 for the three  months end
February 28, 1999. The decrease in revenue of $8 (1.0%) can be attributed to the
decrease in revenue from Cobblestone Court due to decreased occupancy.

The Partnership's consolidated  expenses for the three months ended February 29,
2000  and  the  three  months  ended  February  28,  1999  were  $887  and  $771
respectively.  The increase in expenses of $116  (15.0%) is primarily  due to an
increase in depreciation and amortization of $151,  increased  interest expenses
of $42 (15.3%),  and increased utilities expense of $19 (59.3%). The increase in
expenses was partially  offset by a decrease in repairs and maintenance  expense
of $36  (30.5%),  decreased  professional  fees of $35  (46.1%),  and  decreased
general and  administrative  expense of $14 (25.1%).  The property's sale status
was halted effective July 1, 1999 and liquidation basis accounting was reversed.
Commencing in July 1999,  entries were posted to depreciate all new and existing
assets for the previous held for sale period. Woodhollow Apartments' assets have
been  depreciated in the first quarter of 2000. The increase in depreciation and
amortization is due to  both  properties  being  classified  as held for sale in
1999, while only Cobblestone Court is held for sale in 2000. No depreciation was
recorded  in 1999 or 2000 for the  properties  held for sale.  The  increase  in
interest  expense is due to additional funds being borrowed in 1999 as described
in Item 2, under the heading  Liquidity and Capital  Resources.  The increase in
utilities  expense is partially due to higher  utility  expense for vacant units
and corporate  suites in the first  three  months of 2000  compared  to the same
period of 1999.  The decrease in repairs and maintenance, professional  fees and
general and  administrative  fees can be attributed to the  change in management
companies in November, 1999.

Year 2000 Issues

Information Technology Systems

Subsequent  to December  31,  1999,  the  Partnership  has not  experienced  any
material   information   technology  ("IT")  or  embedded   ("non-IT")   systems
disruptions  or  failures  and  anticipates  no  material  systems  problems  at
Cobblestone Court or Woodhollow Apartments.

Material Third Parties' Systems Failures

Evaluation of material third parties' Year 2000 readiness status was essentially
complete as of December 31, 1999.  The Partnership  continues to monitor for any
additional  information  pertaining to these parties' Year 2000  readiness.  The
Partnership   has  not  experienced  and  does  not  anticipate  any  Year  2000
performance issues related to its material third parties.

                                       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 Exhibit Index on Page 13

         (b) Reports on Form 8-K

             The  following  reports  on Form 8-K were  filed by the  Registrant
during  the first  quarter  of 2000,  each of which are  incorporated  herein by
reference (File No. 000-11023):

             On January 21, 2000, the Registrant  filed a Form 8-K reporting the
change of the  Registrant's  name and the change of its general  partner's  name
(Item 5).

             On January 25, 2000, the Registrant  filed a Form 8-K reporting the
dismissal  of  Deloitte  and Touche  L.L.P.  as its  certifying  accountant.  On
February 16, 2000, the Registrant  filed Amendment No. 1 to this Form 8-K (Items
4 and 7).

             On February 11,  2000,  the  Registrant  filed a report on Form 8-K
reporting the appointment of KPMG L.L.P. as its certifying accountant (Item 4).

             On February 17, 2000, the Registrant  filed a Form 8-K reporting an
agreement  entered into by the  Registrant to sell  Cobblestone  Court  Shopping
Center (Items 5 and 7).

                                       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: April 14, 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   date  April  7,  1982,  is   incorporated  by
                     reference to the Prospectus  contained in the  Registration
                     Statement  on Form S-11  under the  Securities  Act of 1933
                     (File No. 2-76046)

    27               Financial Data Schedule for the period ended February 29,
                     2000.

                                       13