FORM 10-Q

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

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

For the Quarter Ended                                Commission File Number
June 30, 1997                                               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
Suite 12-A
Getzville, New York  14068
(Address of Principal Executive Office)

Registrant's Telephone Number:      (716) 636-0280


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.   Yes  X   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-Q or any
amendment to this Form 10-Q. (X)

As of June 30, 1997, the issuer had 10,000 units of limited partnership interest
outstanding.



<PAGE>



               REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP II
               --------------------------------------------------

                                      INDEX
                                      -----



                                                                     PAGE NO.
                                                                     --------
PART I:     FINANCIAL INFORMATION
-------     ---------------------

            Balance Sheets -
                  June 30, 1997 and December 31, 1996                   3

            Statements of Operations -
                  Three Months Ended June 30, 1997 and 1996             4

            Statements of Operations -
                  Six Months Ended June 30, 1997 and 1996               5

            Statements of Cash Flows -
                  Six Months Ended June 30, 1997 and 1996               6

            Statements of Partners' (Deficit) -
                  Six Months Ended June 30, 1997 and 1996               7

            Notes to Financial Statements                             8 - 18


PART II:    MANAGEMENT'S DISCUSSION AND ANALYSIS OF
--------    FINANCIAL CONDITION AND RESULTS OF
            ----------------------------------
            OPERATIONS                                               19 - 20
            ----------













                                     -2-

<PAGE>
               REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP II
                                 BALANCE SHEETS
                       June 30, 1997 and December 31, 1996
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                         June 30,      December 31,
                                                            1997           1996
                                                            ----           ----
<S>                                                    <C>             <C>         

ASSETS

Property, at cost:
     Land                                              $    848,015    $    848,015
     Buildings and improvements                           8,907,138       8,907,138
     Furniture and fixtures                                 425,000         425,000
                                                       ------------    ------------
                                                         10,180,153      10,180,153
     Less accumulated depreciation                        5,077,300       4,987,317
                                                       ------------    ------------
          Property, net                                   5,102,853       5,192,836

Cash                                                              0           7,121
Cash - security deposits                                     70,012          50,510
Escrow deposits                                             372,885         259,109
Accounts receivable, net of allowance for doubtful
     accounts of $146,282 and $125,129, respectively         10,004           6,423
Mortgage costs, net of accumulated
     amortization of $92,657 and $90,558                    249,739         253,937
Other assets                                                 20,299          36,120
                                                       ------------    ------------

           Total Assets                                $  5,825,792    $  5,806,056
                                                       ============    ============

LIABILITIES AND PARTNERS' (DEFICIT)

Liabilities:
     Cash overdraft                                    $    171,956    $          0
     Mortgages payable                                    5,433,678       5,514,863
     Accounts payable and accrued expenses                  397,150         526,132
     Account payable - affiliates                            12,914               0
     Accrued interest                                        41,352          49,080
     Security deposits and prepaid rents                    110,428          81,779
                                                       ------------    ------------
           Total Liabilities                              6,167,478       6,171,854
                                                       ------------    ------------

Losses of unconsolidated joint ventures
     in excess of investment                                920,914         917,376
                                                       ------------    ------------

Minority interest in consolidated
     joint venture                                          507,322         371,120
                                                       ------------    ------------

Partners' (Deficit):
     General partners                                      (213,853)       (210,366)
     Limited partners                                    (1,556,069)     (1,443,328)
                                                       ------------    ------------
          Total Partners' (Deficit)                      (1,769,922)     (1,653,694)
                                                       ------------    ------------

          Total Liabilities and Partners' (Deficit)    $  5,825,792    $  5,806,656
                                                       ============    ============

</TABLE>
                        See notes to financial statements

                                       -3-

<PAGE>
               REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP II
                            STATEMENTS OF OPERATIONS
                    Three Months Ended June 30, 1997 and 1996
                                   (Unaudited)

                                                      Three Months  Three Months
                                                          Ended         Ended
                                                        June 30,      June 30,
                                                          1997          1996

Income:
     Rental                                            $ 445,269      $ 411,373
     Interest and other income                            35,318         20,758
                                                       ---------      ---------
     Total income                                        480,587        432,131
                                                       ---------      ---------

Expenses:
     Property operations                                 173,887        193,618
     Interest                                            123,953        131,970
     Depreciation and amortization                        49,634        101,165
     Administrative:
          Paid to affiliates                              67,168         52,424
          Other                                           77,607         70,642
                                                       ---------      ---------
     Total expenses                                      492,249        549,819
                                                       ---------      ---------

Loss before allocated loss from joint venture
     and loss allocated to minority interest             (11,662)      (117,688)

Allocated loss from joint venture                         (1,927)       (10,274)

(Income) loss allocated to minority interest             (60,288)        41,341
                                                       ---------      ---------

Net loss                                               ($ 73,877)     ($ 86,621)
                                                       =========      =========

Loss per limited partnership unit                      ($   7.17)     ($   8.40)
                                                       =========      =========

Distributions per limited partnership unit             $    0.00      $    0.00
                                                       =========      =========

Weighted average number of
     limited partnership units
     outstanding                                          10,000         10,000
                                                       =========      =========




                        See notes to financial statements

                                       -4-

<PAGE>


               REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP II
                            STATEMENTS OF OPERATIONS
                     Six Months Ended June 30, 1997 and 1996
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                          Six Months     Six Months
                                                             Ended         Ended
                                                           June 30,       June 30,
                                                             1997           1996
                                                             ----           ----
<S>                                                      <C>            <C>        
Income:
     Rental                                              $   917,302    $   849,979
     Interest and other income                                46,926         47,206
                                                         -----------    -----------
     Total income                                            964,228        897,185
                                                         -----------    -----------

Expenses:
     Property operations                                     368,281        471,439
     Interest                                                248,701        260,189
     Depreciation and amortization                            96,725        199,996
     Administrative:
          Paid to affiliates                                 106,586         76,431
          Other                                              120,423        120,046
                                                         -----------    -----------
     Total expenses                                          940,716      1,128,101
                                                         -----------    -----------

Income (loss) before allocated loss from joint venture
     and (income) loss allocated to minority interest         23,512       (230,916)

Allocated loss from joint venture                             (3,538)       (31,048)

(Income) loss allocated to minority interest                (136,202)        55,623
                                                         -----------    -----------

Net loss                                                 ($  116,228)   ($  206,341)
                                                         ===========    ===========

Loss per limited partnership unit                        ($    11.27)   ($    20.02)
                                                         ===========    ===========

Distributions per limited partnership unit               $      0.00    $      0.00
                                                         ===========    ===========

Weighted average number of
     limited partnership units
     outstanding                                              10,000         10,000
                                                         ===========    ===========
</TABLE>












                        See notes to financial statements

                                       -5-


<PAGE>
               REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP II
                            STATEMENTS OF CASH FLOWS
                     Six Months Ended June 30, 1997 and 1996
                                   (Unaudited)
                                                          Six Months  Six Months
                                                             Ended      Ended
                                                           June 30,    June 30,
                                                             1997        1996
                                                             ----        ----

Cash flow from operating activities:
     Net loss                                            ($116,228)   ($206,341)

Adjustments to reconcile net loss to net cash
     (used in) provided by operating activities:
     Depreciation and amortization                          96,725      199,996
     Loss from joint venture                                 3,538       31,048
     Minority interest share of net income (loss)          136,202      (55,623)
Changes in operating assets and liabilities:
     Cash - security deposits                              (19,502)        (375)
     Escrow deposits                                      (113,776)      70,188
     Accounts receivable                                    (3,581)       5,660
     Other assets                                           11,778       31,049
     Accounts payable and accrued expenses                (128,982)     (67,404)
     Accrued interest                                       (7,728)           0
     Security deposits                                      28,649       15,938
                                                         ---------    ---------
Net cash (used in) provided by operating activities       (112,905)      24,136
                                                         ---------    ---------

Cash flow from investing activities and Net
     cash (used in) provided by investing activities             0            0
                                                         ---------    ---------

Cash flows from financing activities:
     Cash overdraft                                        171,956       41,301
     Accounts payable - affiliates                          12,914      (35,050)
     Principal payments on mortgages and notes             (81,185)     (60,911)
     Mortgage costs                                          2,099            0
     Distributions to partners                                   0            0
                                                         ---------    ---------
Net cash provided by (used in) financing activities        105,784      (54,660)
                                                         ---------    ---------

Increase (decrease) in cash                                 (7,121)     (30,524)

Cash - beginning of period                                   7,121       30,524
                                                         ---------    ---------

Cash - end of period                                     $       0    $       0
                                                         =========    =========


Supplemental Disclosure of Cash Flow Information:
     Cash paid for interest                              $ 256,429    $ 309,327
                                                         =========    =========

                        See notes to financial statements

                                       -6-

<PAGE>



               REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP II
                        STATEMENTS OF PARTNERS' (DEFICIT)
                     Six Months Ended June 30, 1997 and 1996
                                   (Unaudited)


                                       General            Limited Partners
                                       Partners      -------------------------- 
                                        Amount          Units           Amount
                                        ------          -----           ------

Balance, January 1, 1996             ($  197,803)         10,000    ($1,037,114)

Net loss                                  (6,190)              0       (200,151)
                                     -----------     -----------    -----------

Balance, June 30, 1996               ($  203,993)         10,000    ($1,237,265)
                                     ===========     ===========    ===========


Balance, January 1, 1997             ($  210,366)         10,000    ($1,443,328)

Distributions to partners                      0               0              0

Net loss                                  (3,487)              0       (112,741)
                                     -----------     -----------    -----------

Balance, June 30, 1997               ($  213,853)         10,000    ($1,556,069)
                                     ===========     ===========    ===========


















                        See notes to financial statements

                                       -7-


<PAGE>

               REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP II
                          NOTES TO FINANCIAL STATEMENTS
                     Six Months Ended June 30, 1997 and 1996
                                   (Unaudited)


1.    GENERAL PARTNER'S DISCLOSURE
      ----------------------------

      In the opinion of the General  Partners  of  Realmark  Property  Investors
      Limited   Partnership   II,  all   adjustments   necessary  for  the  fair
      presentation  of  the  Partnership's   financial   position,   results  of
      operations,  and  changes in cash flows for the six months  ended June 30,
      1997 and 1996 have been made in the  financial  statements.  The financial
      statements are unaudited and subject to any year-end adjustments which may
      be necessary.

2.    FORMATION AND OPERATION OF PARTNERSHIP
      --------------------------------------

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

      In September 1982, the Partnership  commenced the public offering of units
      of  limited   partnership   interest.   Other  than  matters  relating  to
      organization,  it had no business  activities  and,  accordingly,  had not
      incurred any expenses or earned any income until the first interim closing
      (minimum  closing) of the offering  which  occurred  January 31, 1983. All
      items of income and expense  arose  subsequent to this date. On August 31,
      1983,  the offering was  concluded,  at which time 10,000 units of limited
      partnership  interest were outstanding.  The General Partners are Realmark
      Properties,  Inc., a Delaware corporation,  the corporate General Partner,
      and Mr. Joseph M. Jayson, the individual General Partner. Joseph M. Jayson
      is the sole shareholder of J.M. Jayson & Company,  Inc. (JMJ) and Realmark
      Properties,  Inc. is a wholly-owned  subsidiary of J.M.  Jayson & Company,
      Inc.

      Under the Partnership  agreement,  the General Partners and affiliates can
      receive  compensation for services rendered and reimbursement for expenses
      incurred on behalf of the Partnership.










                                       -8-

<PAGE>

      FORMATION AND OPERATION OF PARTNERSHIP (CONTINUED)
      --------------------------------------------------

      Net  income  or loss  arising  from  the  sale  or  refinancing  shall  be
      distributed  first to the limited partners in an amount equivalent to a 7%
      return on the average of their adjusted capital contributions,  then in an
      amount equal to their  capital  contributions,  then an amount equal to an
      additional 5% of the average of their adjusted capital contributions after
      the general partners receive a disposition fee, then to all partners in an
      amount equal to their respective  positive capital balances,  and finally,
      in the  ratio  of  86% to the  limited  partners  and  14% to the  general
      partners.

      Partnership  income or loss not arising from sale or refinancing  shall be
      allocated 97% to the limited partners and 3% to the general partners.


3.    SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
      ------------------------------------------

      Cash
      ----

      For purposes of reporting cash flows,  cash includes the following  items:
      cash on hand; cash in checking; and money market savings.

      Cash - security deposits
      ------------------------

      Cash - security  deposits  represents  cash on deposit in accordance  with
      terms  of a  U.S.  Department  of  Housing  and  Urban  Development  (HUD)
      regulatory  agreement  for  multi-family  housing  projects  under Section
      223(f).

      Property and depreciation
      -------------------------

      Depreciation is provided using the straight-line method over the estimated
      useful lives of the respective  assets.  Expenditures  for maintenance and
      repairs are expensed as incurred,  and major renewals and  betterments are
      capitalized.  The  Accelerated  Cost Recovery System are used to calculate
      depreciation expense for tax purposes.

      Minority interest in consolidated joint venture
      -----------------------------------------------

      The minority  interest in a  consolidated  joint  venture is stated at the
      amount of capital  contributed by the minority  investor  adjusted for its
      share of joint venture losses.


                                       -9-

<PAGE>

      SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
      ------------------------------------------------------

      Rental income
      -------------

      Rental income is recognized  under the operating  method.  The outstanding
      leases with  respect to rental  properties  owned are for terms of no more
      than one year for  residential  properties  and five years for  commercial
      buildings.

      Escrow deposits
      ---------------

      Escrow  deposits  represent  cash which is  restricted  for the payment of
      property  taxes or for repairs and  replacements  in  accordance  with the
      mortgage agreement.


4.    ACQUISITION AND DISPOSITION OF RENTAL PROPERTY
      ----------------------------------------------

      In January  1984 the  Partnership  acquired a 120 unit  apartment  complex
      (Colony of Kettering)  located in Kettering,  Ohio for a purchase price of
      $2,769,650,  which included $197,032 in acquisition fees. The property was
      sold in December 1986 for $3,850,000  which generated a total net gain for
      financial statement purposes of $1,482,290.  For income tax purposes,  the
      gain is being recognized under the installment method.

      In February  1984 the  Partnership  acquired a 250 unit complex  (Foxhunt)
      located in Dayton, Ohio for a purchase price of $5,702,520, which included
      $455,637 in acquisition fees.

      In December 1983 the  Partnership  acquired an office complex  (Northwind)
      located in East  Lansing,  Michigan  for a purchase of  $3,876,410,  which
      included $123,950 in acquisition fees.

      In July of 1996,  the  Partnership  entered  into a plan to dispose of the
      property, plant and equipment of Foxhunt Apartments with a carrying amount
      of $2,886,577. Management has determined that a sale of the property is in
      the best interest of the  investors.  As of June 30, 1997,  the agreement,
      with an  anticipated  sales  price of $7.4  million,  was  canceled by the
      buyer.







                                      -10-

<PAGE>

      ACQUISITION AND DISPOSITION OF RENTAL PROPERTY (CONTINUED)
      ----------------------------------------------------------

      Financial  Accounting  Standards  Statement  No. 121,  Accounting  for the
      Impairment of Long-lived  Assets and for Long-lived  Assets to be Disposed
      Of (the "Statement") requires that assets to be disposed of be recorded at
      the  lower  of  carrying  value or fair  value,  less  costs to sell.  The
      Statement  also  requires that such assets not be  depreciated  during the
      disposal period,  as the assets will be recovered through sale rather than
      through  operations.  In accordance  with this  Statement,  the long-lived
      assets  of the  Partnership,  classified  as held for sale on the  balance
      sheet,  are recorded at the carrying amount which is the lower of carrying
      value or fair  value  less  costs to sell,  and have not been  depreciated
      during the disposal period.  Depreciation expense, not recorded during the
      disposal  period,   for  the  six  months  ended  June  30,  1997  totaled
      approximately $93,000.


5.    INVESTMENT IN JOINT VENTURES
      ----------------------------

      In December  1983 the  Partnership  entered into an agreement  with Adaron
      Group  (Adaron)  and  formed  Research   Triangle   Industrial  Park  West
      Associates Joint Venture (Joint Venture), the primary purpose of which was
      to  construct  office/warehouse  buildings as income  producing  property.
      Under the terms of the  agreement,  the  Partnership  was to  provide  the
      majority of the capital  required for the purchase of land and  completion
      of  the  Joint  Venture's   development,   while  Adaron  was  to  provide
      development supervision and management services.

      The initial phase of development,  which was sold in June 1987,  consisted
      of two buildings: a 101,000 square foot office/distribution building and a
      42,000 square foot office building.  The purchaser of the property was not
      affiliated with either joint venture  partner.  The  Partnership  received
      approximately $2,300,000 in proceeds from the sale, and in July 1987 these
      proceeds were distributed to the limited partners.

      On August 20, 1992 Realmark Property  Investors  Limited  Partnership VI-A
      (RPILP  VI-A)  purchased   Adaron's  Joint  Venture  interest,   acquiring
      substantially  all of the rights  previously held by Adaron.  Ownership of
      the Joint Venture is now divided equally between the Partnership and RPILP
      VI-A. The original Joint Venture  agreement  provided that the Partnership
      be allocated 95% of any income or loss incurred  during phase I, while the
      most recent agreement  provides for the allocation of 50% of any income or
      loss from phase II to both the Partnership and RPILP VI-A.





                                      -11-

<PAGE>

      INVESTMENT IN JOINT VENTURES (CONTINUED)
      ----------------------------------------

      Net cash flow from the Joint Venture is to be distributed as follows:

      To the  Partnership  until it has received a return of 8% (10.25% prior to
      September  1986) per annum on the  amount of  capital  contributed  by the
      Partnership.  To the extent such return is not received from year to year,
      it will accrue and be paid from the next available cash flow; to the Joint
      Venturer up to an amount equal to that paid to the Partnership.  No amount
      will be accrued in favor of the other investor; any remaining amounts will
      be distributed 60% to the Joint Venturer and 40% to the Partnership.

      To the extent there are net proceeds from any sale or  refinancing  of the
      subject  property,  said proceeds will be paid first to the Partnership to
      the extent the 8% (10.25% prior to September 1986) per annum return on its
      invested capital is unpaid. Any additional net proceeds will be payable to
      the  Partnership  until it has  received  an amount  equal to its  capital
      contributions,  reduced by any prior  distribution  of sale or refinancing
      proceeds.  Thereafter,  any  remaining net proceeds will be divided 50% to
      the Partnership and 50% to the other Joint Venturer.

      On August 20, 1992, the Partnership  entered into an agreement with Adaron
      Group to form the  Research  Triangle  Land  Joint  Venture.  The  primary
      purpose of this joint  venture is to develop  land on the site of Research
      Triangle. 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 is shown at cost of  $412,500.  This joint  venture  had no
      operations and limited expenses, including real estate taxes and insurance
      expense, for the six month period ended June 30, 1997.

      A summary  of the  combined  assets,  liabilities  and equity of the joint
      venture as of June 30, 1997 and December 31, 1996,  and the results of its
      operations  for the six month  periods ended June 30, 1997 and 1996 are as
      follows:














                                      -12-

<PAGE>


                RESEARCH TRIANGLE INDUSTRIAL PARK JOINT VENTURES
                                 BALANCE SHEETS
                       June 30, 1997 and December 31, 1996
<TABLE>
<CAPTION>
                                                               June 30,     December 31,
                                                                 1997          1996
                                                                 ----          ----
<S>                                                         <C>            <C>        
ASSETS

Cash and cash equivalents                                   $   867,420    $   745,127
Property, net of accumulated depreciation                     1,383,391      1,601,125
Other assets                                                    359,400        317,913
                                                            -----------    -----------

                 Total Assets                               $ 2,610,211    $ 2,664,165
                                                            ===========    ===========


LIABILITIES AND PARTNERS' (DEFICIT)

Liabilities:
     Notes payable                                          $ 4,956,326    $ 4,996,884
     Accounts payable - affiliates                               29,829    $    37,406
     Accounts payable and accrued expenses                       97,699         96,443
                                                            -----------    -----------
                 Total Liabilities                            5,083,854      5,130,733
                                                            -----------    -----------

Partners' (Deficit):
     General partners                                        (1,137,405)    (1,133,867)
     Other investors                                         (1,336,239)    (1,332,701)
                                                            -----------    -----------
                Total Partners' (Deficit)                    (2,473,643)    (2,466,568)
                                                            -----------    -----------

                Total Liabilities and Partners' (Deficit)   $ 2,610,211    $ 2,664,165
                                                            ===========    ===========

</TABLE>



















                                      -13-


<PAGE>

                RESEARCH TRIANGLE INDUSTRIAL PARK JOINT VENTURES
                            STATEMENTS OF OPERATIONS
                     Six Months Ended June 30, 1997 and 1996

                                                      Six Months     Six Months
                                                         Ended         Ended
                                                       June 30,       June 30,
                                                         1997           1996
                                                         ----           ----

Income:
     Rental                                          $ 499,029        $ 506,807
     Interest and other income                           2,562              380
                                                     ---------        ---------
     Total income                                      501,591          507,187
                                                     ---------        ---------

Expenses:
     Property operations                                30,299           66,756
     Interest                                          214,654          218,250
     Depreciation and amortization                     227,735          255,315
     Administrative                                     35,978           28,961
                                                     ---------        ---------
     Total expenses                                    508,666          569,282
                                                     ---------        ---------

Net loss                                             ($  7,075)       ($ 62,095)
                                                     =========        =========


Allocation of net loss:
     The Partnership                                 ($  3,538)       ($ 31,048)
     RPILP II                                           (3,537)         (31,047)
                                                     ---------        ---------

                                                     ($  7,075)       ($ 62,095)
                                                     =========        =========


A reconciliation of the investments in Research  Triangle  Industrial Park Joint
Ventures:

Investment in Joint Venture at beginning of period  ($1,133,867)
Allocated loss                                           (3,538)
                                                    -----------

Investment in Joint Venture at end of period        ($1,137,405)
                                                    ===========








                                      -14-

<PAGE>

      INVESTMENT IN JOINT VENTURES (CONTINUED)
      ----------------------------------------

      On September 27, 1991 the Partnership  entered into an agreement to form a
      joint venture with Realmark Property  Investors  Limited  Partnership VI-A
      (RPILP VI-A) and Realmark  Property  Investors  Limited  Partnership  VI-B
      (RPILP  VI-B).  The joint  venture was formed for the purpose of operating
      the Foxhunt Apartment complex owned by the Partnership. Under the terms of
      the agreement,  RPILP VI-A contributed  $390,000 and RPILP VI-B $1,041,568
      to  buy  out  the  promissory  note  on  the  property.   The  Partnership
      contributed the property net of the first mortgage.

      The original joint venture agreement provided that any income, loss, gain,
      cash flow, or sale proceeds be allocated 63.14% to the Partnership, 10.04%
      to RPILP  VI-A and  26.82%  to RPILP  VI-B.  On April 1,  1992,  utilizing
      proceeds from a mortgage  refinancing,  the  Partnership  bought out RPILP
      VI-A's  interest and decreased RPILP VI-B's  ownership  interest to 11.5%.
      The net loss of the joint venture from the date of inception  through June
      30, 1997 has been allocated to the minority  interests in accordance  with
      the  agreements  and has been  recorded  as a reduction  of their  capital
      contributions.

      A  reconciliation  of the minority  interests  share in the Foxhunt  Joint
      Venture is as follows:

      Balance, January 1, 1997                  $ 371,120
      Allocated income                            136,202
                                                ---------
      Balance, June 30, 1997                    $ 507,322
                                                =========


6.    MORTGAGES PAYABLE
      -----------------

      Northwind Office Park
      ---------------------

      A mortgage  with a balance of $620,864  and  $706,262 at June 30, 1997 and
      1996,  respectively,  bearing interest at 9.75%. The mortgage provides for
      annual  principal  and  interest  payments of  $147,660,  payable in equal
      monthly installments with the remaining balance due December 2002.

      A mortgage  with a balance of $299,171  and  $331,619 at June 30, 1997 and
      1996,  respectively,  bearing interest at 9.00%. The mortgage provides for
      annual  principal  and  interest  payments  of  $57,936,  payable in equal
      monthly  installments with the remaining balance  originally due September
      1995. The  Partnership has not been granted an extension and therefore the
      loan is currently callable on demand.





                                      -15-

<PAGE>

      MORTGAGES PAYABLE (CONTINUED)
      -----------------------------

      Foxhunt Apartments
      ------------------

      A mortgage  with a balance of $4,513,643  and  $4,542,292 at June 30, 1997
      and 1996,  respectively,  bearing interest at 9.00%.  Annual principal and
      interest payments of $436,296 are due in equal monthly  installments until
      maturity in March 2027.

      The aggregate  maturities of the mortgages for each of the next five years
      and thereafter are as follows:

             Year                         Amount

             1997                         $    439,747
             1998                              128,394
             1999                              141,220
             2000                              155,328
             2001                              170,847
             Thereafter                      4,479,327
                                          ------------

             TOTAL                        $  5,514,863
                                          ============


7.    RELATED PARTY TRANSACTIONS
      --------------------------

      Management  fees for the management of Partnership  properties are paid to
      an affiliate of the General Partner. The management agreement provides for
      5% of gross monthly rental  receipts of the complex to be paid as fees for
      administering  the operations of the property.  These fees totaled $47,596
      and $33,000 for the six months ended June 30, 1997 and 1996, respectively.

      According to the terms of the Partnership agreement,  the general partners
      are entitled to receive a  Partnership  management  fee equal to 7% of net
      cash  flow  (as  defined  in the  Partnership  agreement),  2% of which is
      subordinated to the limited partners having received an annual cash return
      equal to 7% of their adjusted capital contributions.  No such fee has been
      paid or accrued by the  Partnership for the six months ended June 30, 1997
      and 1996.

      Accounts  payable - affiliates  amounted to $12,914 at June 30, 1997. This
      balance is payable on demand.









                                      -16-

<PAGE>

      RELATED PARTY TRANSACTIONS (CONTINUED)
      --------------------------------------

      Computer  service  charges for the  Partnership  are paid or accrued to an
      affiliate  of the  General  Partner.  The fee is based  upon the number of
      apartment  units and totaled $2,280 for both the six months ended June 30,
      1997 and 1996, respectively.

      The general  partners are also  allowed to collect a property  disposition
      fee upon the 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. Fees earned on the sale of Colony of Kettering and Research
      Phase I are  approximately  $115,500  and  $315,000,  respectively.  These
      amounts will not be recorded as Partnership liabilities until such time as
      payment becomes probable.

8.    INCOME TAXES
      ------------

      No  provision  has been made for income  taxes since the income or loss of
      the  Partnership  is to be included  in the tax returns of the  individual
      partners.

      The tax returns of the  Partnership  are subject to examination by federal
      and state  taxing  authorities.  Under  federal and state income tax laws,
      regulations  and rulings,  certain types of  transactions  may be accorded
      varying  interpretations  and,  accordingly,  reported Partnership amounts
      could be changed as a result of any such examination.



















                                      -17-

<PAGE>

      INCOME TAXES (CONTINUED)
      ------------------------

      The  reconciliation  of net loss for the six month  periods ended June 30,
      1997 and 1996 as reported in the statements of operations, and as would be
      reported for tax purposes respectively, is as follows:

                                                      June 30,        June 30,
                                                        1997            1996
                                                        ----            ----
      Net loss -
           Statement of operations                $  (116,228)    $   (206,340)
      (Add to)  deduct from:
           Difference in depreciation                 (39,490)         (31,366)
           Difference in amortization of
           loan discount                                   -             1,110
           Allowance for doubtful accounts             13,780           11,000
           Difference in depreciation -
           Joint Ventures                              57,790           96,592
                                                  -----------      -----------

      Net (loss) for tax purposes                 $ (  84,148)     $  (129,004)
                                                  ===========      ===========

      The  reconciliation  of partner's  (deficit) at June 30, 1997 and December
      31,  1996 as  reported in the  balance  sheets,  and as  reported  for tax
      purposes, is as follows:

                                                      June 30,      December 31,
                                                        1997            1996
                                                        ----            ----

     Partner's (Deficit) - balance sheet           $ (1,769,922)   $ (1,653,694)
      Add to (deduct from):
           Accumulated difference in
           depreciation                              (3,866,709)     (3,827,219)
           Accumulated amortization
           of discounts on mortgage
           payables                                   1,208,424       1,208,424
           Syndication fees                           1,133,176       1,133,176
           Gain on sale of property                    (561,147)       (561,147)
           Allowance for doubtful
            accounts                                    126,789         113,009
           Other                                       (102,558)       (102,558)
           Difference in Investment
           in Joint Venture                             636,280         578,490
                                                   ------------    ------------

      Partner's (Deficit) - tax return             $ (3,195,667)   $ (2,701,946)
                                                   ============    =============





                                        -18-

<PAGE>

PART II:   MANAGEMENT'S  DISCUSSION  AND  ANALYSIS OF  FINANCIAL  CONDITION  AND
           ---------------------------------------------------------------------
           RESULTS OF OPERATIONS
           ---------------------

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

Although the Partnership  continues to operate with a net loss for the six month
period ended June 30, 1997,  there are definite signs of improvement as compared
to the same six month period in the previous  year.  Rental income has increased
significantly  from the six month  period ended June 30, 1997 as compared to the
same  period in 1996 due to  management's  continued  efforts to  increase  both
occupancies and collections.  Successful controls over expenses,  such as closer
monitoring  of  payroll  and other  operating  expenses,  continue  to result in
decreased  expenses.  Fox Hunt  Apartments and Research  Triangle Office Complex
have maintained  stable, if not increased,  occupancies,  while Northwind Office
Park  continues to struggle  with lower than expected  occupancies.  The General
Partners  have been sending out packages to lenders to refinance  the  Northwind
property at a lower interest rate than is currently being paid, but with the low
occupancy,  there  is no  guaranty  that  they  will be  successful.  Management
continues to undertake activities to stabilize occupancies,  increase rents, and
otherwise  enhance the value of the  portfolio in  anticipation  of the possible
refinancing or sale of properties.

The Partnership made no distributions during the six month period ended June 30,
1997, and the General Partner does not anticipate making any distributions until
the cash flow from the properties improves and necessary capital improvements to
the  properties  have been  completed.  The  General  Partner  is  seeking a new
purchaser for the Fox Hunt  Apartments;  the  previously  reported  signed sales
contract was terminated by the purchaser since the local  government was opposed
to a one-hundred  percent low income housing project,  and accordingly would not
support the issuance of the tax exempt bonds through the State  Housing  Agency.
Due to the opposition from the local government,  the purchaser decided that the
likelihood  of  obtaining  a bond  allocation  would be  difficult  and opted to
terminate the contract.


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

For the quarter ended June 30, 1997, the  Partnership's  net loss was $73,877 or
$7.17 per limited partnership unit. Net loss for the quarter ended June 30, 1996
amounted to $86,621 or $8.40 per unit.  For the six month  period ended June 30,
1997,  the net loss was  $116,228  or $11.27  per  limited  partnership  unit as
compared to $206,341  or $20.02 per limited  partnership  unit for the six month
period ended June 30, 1996.







                                     -19-

<PAGE>

Results of Operations  (continued):
-----------------------------------

Partnership  revenue for the quarter  ended June 30, 1997 totaled  $480,587,  an
increase of slightly over $48,000 from the 1996 amount of $432,131. Total rental
revenue increased almost $34,000, while interest and other income increased just
over  $14,500.  The  increase  in  rental  revenue  during  the  quarter  can be
attributed to increased  economic  occupancy levels and improved  collections at
Foxhunt Apartments. Research Triangle Industrial Park continues to add financial
strength to the  Partnership as it maintains high occupancy due to the demand in
its location for  commercial  office space.  For the six month period ended June
30, 1997,  Partnership  revenue totaled $964,228 as compared to $897,185 for the
same period in the previous year.

For the quarter ended June 30, 1997,  Partnership expenses amounted to $492,249,
decreasing  by just in excess of $57,500 from the 1996 quarter  amount.  For the
six month  period ended June 30, 1997,  Partnership  expenses  decreased by over
$187,000 from the same period in 1996. A large  decrease in property  operations
expenditures  should  be  noted;  in this  area,  specifically,  a  considerable
decrease  of over  $54,000  in  payroll  and  associated  costs  at the  Foxhunt
Apartments.  There were also large  decreases  in repairs  and  maintenance  and
contracted  services  at Fox Hunt due to  increased  amounts  of such work being
performed by on-site maintenance  personnel.  There was also a large decrease in
total  expenses  for the first six months of 1997 as compared to the same period
in 1996 at Northwind  Office Building.  Administrative  expenses for the quarter
ended June 30, 1997 increased over $21,000 as compared to the quarter ended June
30, 1996. The largest  increase can be seen in increased  management fees due to
the higher revenues being collected.

The Research  Triangle  Industrial Park Joint Venture generated a total net loss
of $7,075 for the six month period ended June 30, 1997 with 50% or $3,538 of the
loss allocated to each joint venturer. The joint venture generated a net loss of
$62,095 for the six month period  ended June 30, 1996 with $31,048  allocated to
each  venturer.  The loss has decreased  primarily  due to better  controls over
property  operations costs which were higher in the previous year due to repairs
to roofs that were being completed.

For the six months ended June 30, 1997, the Partnership  generated a tax loss of
$84,148 or $8.16 per limited  partnership  unit.  The tax loss for the first six
months of 1996 totaled $129,004 or $12.51 per unit.















                                     -20-

<PAGE>


               REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP II
               --------------------------------------------------


                                     PART II
                                     -------

                                OTHER INFORMATION
                                -----------------


Item 1 - Legal Proceedings
--------------------------

The Partnership is not a party to, nor are any of the  Partnership's  properties
subject to any material pending legal proceedings  other than ordinary,  routine
litigation incidental to the Partnership's business.

Items 2, 3, 4 and 5
-------------------

Not applicable.

Item 6 - Exhibits and reports on Form 8-K
-----------------------------------------

Form 8-K was filed August 1, 1997 to report the  termination of a sales contract
previously reported on Form 8-K filed in July 1996.























                                      -21-

<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.


REALMARK PROPERTY INVESTORS
LIMITED PARTNERSHIP II


By:   /s/Joseph M. Jayson                       August 8, 1997 
      ------------------------------            ------------------------
      Joseph M. Jayson,                         Date
      Individual General Partner



Pursuant to the requirements of the Securities Exchange Act of 1934, this report
has been signed 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                       August 8, 1997  
      ------------------------------            ------------------------
      Joseph M. Jayson,                         Date
      President and Director



      /s/Michael J. Colmerauer                  August 8, 1997  
      ------------------------------            ------------------------
      Michael J. Colmerauer                     Date
      Secretary