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

                            FORM 10-KSB

[X]   Annual  Report  Under  Section 13 or 15(d)  of  the  Securities
      Exchange Act of 1934

      For the fiscal year ended   December 31, 2006

                                 or

[ ]   Transition  Report Under Section 13 or 15(d) of the  Securities
      Exchange Act of 1934

      For the transition period from               to

      Commission File Number               0-13402

               Brauvin Real Estate Fund L.P. 4
       (Name of small business issuer in its charter)

                 Delaware                    36-3304339
      (State or other jurisdiction of     (I.R.S. Employer
       incorporation or organization)    Identification No.)

      30 North LaSalle Street, Chicago, Illinois       60602
       (Address of principal executive offices)      (Zip Code)

                           (312) 759-7660
                    (Issuer's telephone number)

Securities registered pursuant to Section 12(b) of the Exchange Act:

      Title of each class              Name of each exchange on
                                             which registered
           None                                    None

Securities registered pursuant to Section 12(g) of the Exchange Act:

                    Limited Partnership Interests
                          (Title of class)

Check  whether the issuer (1) filed all reports required to be  filed
by  Section 13 or 15(d) of the Exchange Act during the past 12 months
(or for such shorter period that the issuer was required to file such
reports),  and  (2) has been subject to such filing requirements  for
the past 90 days.  Yes     X    No        .

Check  if there is no disclosure of delinquent filers in response  to
Item  405  of  Regulation S-B is not contained in this form,  and  no
disclosure  will be contained, to the best of issuer's knowledge,  in
definitive proxy or information statements incorporated by  reference
in  Part  III  of  this  Form 10-KSB or any amendment  to  this  Form
10-KSB.[X]

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

State issuer's revenues for its most recent fiscal year $873,161.

The aggregate sales price of the limited partnership interests of the
issuer  (the  "Units") to unaffiliated investors of  the  issuer  was
$9,550,000.  This does not reflect market value.  This is  the  price
at  which  the  Units were sold to the public.  There is  no  current
established trading market for these Units, nor have any  Units  been
sold within the last 60 days prior to this filing.

Portions of the Prospectus of the registrant dated February 16, 1984,
and  filed pursuant to Rule 424(b) under the Securities Act of  1933,
as  amended, are incorporated by reference into Parts II and  III  of
this Annual Report on Form 10-KSB.



                  BRAUVIN REAL ESTATE FUND L.P. 4
                   2006 FORM 10-KSB ANNUAL REPORT
                               INDEX
                               PART I
                                                             Page
Item 1.   Description of Business                            3

Item 2.   Description of Properties                          6

Item 3.   Legal Proceedings                                 12

Item 4.   Submission of Matters to a Vote of
          Security Holders                                  12

                              PART II
Item 5.   Market for the Issuer's Limited Partnership Interests,
          Related Security Holder Matters and Small
          Business Issuer Purchases of Equity Securities    13

Item 6.   Management's Discussion and Analysis or Plan of
          Operation                                         13

Item 7.   Consolidated Financial Statements
          and Supplementary Data                            19

Item 8.   Changes in and Disagreements with Accountants on
          Accounting and Financial Disclosure               19

Item 8a.  Controls and Procedures                           21

Item 8b.  Other Information                                 21

                              PART III
Item 9.   Directors, Executive Officers, Promoters and
          Control Persons; Compliance with Section 16(a)
          of the Exchange Act                               22

Item 10.  Executive Compensation                            24

Item 11.  Security Ownership of Certain Beneficial Owners
          and Management                                    24

Item 12.  Certain Relationships and Related Transactions    25

Item 13.  Exhibits                                          26

Item 14.  Principal Accountant Fees and Services.           27

Signatures                                                  29



                 BRAUVIN REAL ESTATE FUND L.P. 4
                 (a Delaware limited partnership)


                             PART I

Item 1.   Description of Business.

  The  Partnership  is  a Delaware limited partnership  organized
for  the  purpose of acquiring, operating, holding for investment
and  disposing  of  existing  office  buildings,  medical  office
centers,  shopping  centers and industrial and retail  commercial
buildings of a general purpose nature, all in metropolitan areas.
The  General  Partners of the Partnership are  Brauvin  Ventures,
Inc.  and Jerome J. Brault.  Mr. Cezar M. Froelich resigned as  a
director  of the corporate general partner in December 1994,  and
resigned as an Individual General Partner effective 90 days  from
August 14, 1997. Brauvin Ventures, Inc. is owned by A.G.E. Realty
Corporation Inc.(50%), and by Messrs. Brault (beneficially) (25%)
and  Froelich  (25%).   A. G. Edwards & Sons,  Inc.  and  Brauvin
Securities,  Inc., affiliates of the General Partners,  were  the
selling agents of the Partnership.  The Partnership is managed by
an affiliate of the General Partners.

  The  General  Partners of the Partnership filed a  Registration
Statement   on  Form  S-11  with  the  Securities  and   Exchange
Commission,  which became effective on February  16,  1984.   The
sale   of  the  minimum  of  $1,200,000  of  limited  partnership
interests  of  the  Partnership (the "Units") necessary  for  the
Partnership to commence operations was achieved on April 30, 1984
and  the  Partnership  was  formed.  The  Partnership's  offering
closed on December 31, 1984.  A total of $9,550,000 of Units were
subscribed and issued between February 16, 1984 and December  31,
1984 pursuant to the Partnership's public offering.

  Properties  acquired  by  the Partnership  either  directly  or
indirectly  through joint ventures were: (a) Fortune Professional
Building  (which  was  sold February 2003); (b)  Raleigh  Springs
Marketplace;  (c)  Strawberry Fields Shopping Center  (which  was
sold in July 2001); and (d) Sabal Palm Shopping Center (which was
sold in December 2005).

   The  General  Partners originally intended to dispose  of  the
Partnership's properties approximately five to eight years  after
acquisition  of each property, with a view toward liquidation  of
the  Partnership.  Due to the past real estate market  conditions
and   economic  trends  in  the  areas  where  the  Partnership's
properties are located, the General Partners believed it to be in
the  best  interest of the Partnership to retain  the  properties
until  such  time as the General Partners reasonably believed  it
was  appropriate to dispose of the Partnership's properties.   In
order   to   make   this  determination,  the  General   Partners
periodically evaluated market conditions.  In 1998,  the  General
Partners  notified the Limited Partners that they were  exploring
various  alternatives to sell the Partnership's assets.  In  this
regard, the Partnership engaged a nationally known appraisal firm
to  value  the  Partnership's  assets.  Additionally,  this  firm
assisted  the  General  Partners in determining  the  appropriate
method  and  timing  for  the disposition  of  the  Partnership's
assets.

   The  General Partners had determined to pursue the disposition
of  the  Partnership's  assets in 1999.  During  that  year,  the
Partnership  solicited  and received the  votes  of  the  Limited
Partners  to  approve a sale of all the Partnership's properties,
either  on  an  individual or group basis,  and  to  subsequently
liquidate the Partnership.  The solicitation, which was  approved
by the Limited Partners in the third quarter of 1999, stated that
the  Partnership's properties may be sold individually or in  any
combination  provided  that  the  total  sales  price   for   the
properties included in the transaction equals or exceeds  70%  of
the   aggregate  appraised  value  for  such  properties,   which
valuation  was conducted by an independent third party  appraisal
firm.

   The  limited partnership agreement (the "Agreement")  provides
that  the  Partnership shall terminate December 31, 2010,  unless
sooner terminated. The General Partners shall in no event dispose
of the properties after that date.

   The Partnership has no employees.

   The   Partnership   utilized  its   proceeds   available   for
investment  towards the acquisition of properties.   However,  in
seeking  disposition  opportunities,  the  Partnership  will   be
competing  for  the  sale  of its remaining  property  with  many
established  and  experienced firms, as well as  individuals  and
entities  who  own  properties similar to the one  owned  by  the
Partnership.    The   Partnership,   therefore,   expects    keen
competition  in  connection  with  the  sale  of  its   remaining
property.

Market Conditions/Competition

   The  Partnership faces active competition in  all  aspects  of
its  business and must compete with entities which own properties
similar in type to the one owned by the Partnership.  Competition
exists  in  such  areas as attracting and retaining  creditworthy
tenants,  financing capital improvements and selling  properties.
Many  of the factors affecting the ability of the Partnership  to
compete  are  beyond the Partnership's control, such as  softened
markets  caused  by  an oversupply of similar rental  facilities,
declining  performance  in the economy in  which  a  property  is
located,  population shifts, reduced availability  and  increased
cost  of financing, changes in zoning laws or changes in patterns
of  the  needs of users.  The marketability of the last remaining
property  may also be affected by prevailing interest  rates  and
existing tax laws.  The Partnership has retained ownership of its
properties for periods longer than anticipated at acquisition.

   Market  conditions  had weakened in several markets  resulting
in  lower  cash  flows  than  were originally  anticipated.   The
Partnership strives to maximize economic occupancy and, as  such,
must adjust rents to attract and retain tenants.  One measure  of
a  market's  relative strength or weakness is the current  rental
rate demanded by non-anchor tenants.  These rates are for tenants
who  generally  sign leases of three to five  years  and  are  an
indicator of the "spot" rental market.  Average rental rates  for
non-anchor  tenants,  expressed per square foot  per  year,  have
decreased  at  the  Memphis, Tennessee, Raleigh Springs  property
from   approximately  $12.00  per  square   foot   in   1993   to
approximately $10.80 per square foot in 2006.

   The  Partnership, by virtue of its ownership of  real  estate,
is  subject  to  federal and state laws and regulations  covering
various  environmental  issues.  Management  of  the  Partnership
retains the services of third parties who hold themselves out  to
be  experts  in the field to assess a wide range of environmental
issues   and   conduct  tests  for  environmental  contamination.
Management believes that the property owned by the Partnership is
in   full  compliance  with  applicable  environmental  laws  and
regulations.




Item 2.   Description of Properties.

   The   following   is  a  summary  of  the  real   estate   and
improvements  owned  by the Partnership at January  1,  2005  and
subsequent transactions related thereto.   For the purpose of the
information  disclosed in this section, the following  terms  are
defined as follows:


   Occupancy  Rate:   The  occupancy  rate  is  defined  as   the
   occupied  square footage at December 31, divided by the  total
   rentable   square   footage  excluding   square   footage   of
   outparcels, if any.

   Average Annual Base Rent Per Square Foot:  The average  annual
   base  rent  per square foot is defined as the total  effective
   base  rental income for the year divided by the average square
   feet occupied excluding outparcels, if any.

   Average  Square  Feet  Occupied:   The  average  square   feet
   occupied  is calculated by averaging the occupied square  feet
   at  the beginning of the year with the occupied square feet at
   the end of the year excluding outparcels, if any.

   In  the  opinion of the General Partners, the Partnership  has
provided  for  adequate insurance coverage  of  its  real  estate
investment properties.

(a) Raleigh Springs Marketplace ("Raleigh Springs")

   On  June  26, 1985, the Partnership acquired Raleigh  Springs,
an  approximately 114,000 square foot community  shopping  center
located  in  Memphis, Tennessee.  Raleigh Springs was constructed
in  two  phases.  Phase I was completed during 1984 and Phase  II
was  completed  in  1985.  Raleigh Springs was  78%  occupied  at
December  31, 2006.  The national anchor tenants are  AJ  Wright,
Sav A Lot and the Veterans Administration.

   The  Partnership  purchased Raleigh  Springs  for  $7,486,800,
consisting  of  $2,300,000  in cash at  closing  (plus  or  minus
prorations) and the assumption of an existing first mortgage loan
on Phase I of $5,186,800.

   In  November  1992, the Partnership negotiated a  modification
of  the  terms of the mortgage on Raleigh Springs with the lender
(the  "Modified Loan").  In October 1992, the interest  rate  was
reduced  from  12.75%  to  10.00%.  From  November  1992  through
September 1999, principal and interest payments were based  on  a
25-year amortization schedule.  The Modified Loan capitalized the
August,  September  and  October  1992  mortgage  payments.   The
Partnership negotiated extensions of the term of the mortgage  on
August  26,  1999  and August 30, 2000. On March  11,  2002,  the
Partnership  accepted a proposal to modify  the  Raleigh  Springs
mortgage  loan.   Under the terms of the proposal,  the  maturity
date  was extended to April 1, 2007.  The loan continued to  bear
interest  at  10%  per  annum, required monthly  installments  of
principal   and  interest  of  $46,839(based  upon  a   25   year
amortization  schedule) with a final payment of  unpaid  interest
and  principal  was  to be due on April 1, 2007.   Based  on  the
lenders approval of the termination of the Toys "R" US lease (see
below),  the  loan was to require additional lump  sum  principal
payments of $34,000 on December 31, 2005 and 2006.  In the fourth
quarter  of  2004,  the  Partnership  commenced  the  process  of
refinancing this debt.

   In  the  second  quarter of 2005, the Partnership  executed  a
letter of intent with a national lender to refinance the existing
debt and to provide for additional tenant improvements.

   On  November  17, 2005, the Partnership paid off the  Modified
Loan  (in the amount of $3,910,423) from the proceeds from a  new
first   mortgage  loan  ("First  Mortgage")  in  the  amount   of
$4,400,000. This loan requires payments of interest only and  had
a  twelve-month maturity.  However, the Partnership had the right
to  extend this loan for an additional twelve-month period  (with
the   payment  of  an  additional  fee  of  $11,000),  which  the
Partnership exercised in 2006.  Interest is payable based on  the
LIBOR  rate plus 2.25%. On December 31, 2006 and 2005, the  total
interest rate was approximately 7.6% and 6.6%, respectively.  The
Partnership was also required to purchase an interest rate cap at
a  cost of $5,000 and $2,500, which caps the LIBOR rate at  6.45%
for  a one year period from December 2006 and 2005, respectively.
The  notional  amount  of  the interest  rate  cap  agreement  is
identical  to the notional amount of the loan.  The  fair  market
value  of the interest rate cap at December 31, 2006 and 2005  is
$0.   The  change  in  fair  value is reflected  in  general  and
administrative expense in the accompanying consolidated statement
of operations as the Partnership had not elected to designate the
interest rate cap as a hedge.

   The  First  Mortgage  also required  the  establishment  of  a
$300,000  escrow  that  can be used for  the  payment  of  tenant
improvements and leasing commissions.  The Partnership  has  been
reimbursed  approximately $229,000 from the  escrow  account  for
improvements related to the Marty's buildout (see below).

   The  First  Mortgage lender also required the  Partnership  to
create  a  special purpose entity, Brauvin Raleigh LLC, which  is
fully owned by the Partnership.  The Partnership transferred  its
ownership  interest  in the Raleigh Springs  Marketplace  to  the
special  purpose  entity.  The Partnership was also  required  to
enter  into a limited guaranty agreement.  Primarily,  under  the
terms  of  the  guaranty agreement the Partnership  will  not  be
personally  liable unless the Partnership or Brauvin Raleigh  LLC
commit  fraud  by  misapplication  or  misappropriation  of  cash
receipts.

   The   outstanding  mortgage  balance  encumbered  by   Raleigh
Springs was $4,400,000 at December 31, 2006 and 2005.

   The  occupancy  rate and average annual base rent  per  square
foot at December 31, 2006 and 2005 were as follows:

                                2006       2005
                               ------    --------
  Occupancy Rate                78%        66%
  Average Annual Base
   Rent Per Square Foot        $8.62      $9.12


  Raleigh  Springs has two tenants (AJ Wright and Sav A Lot)which
occupy  ten percent or more of the rentable square footage.   The
following  is  a summary of the tenant rent roll at December  31,
2006:

                     Annual  Lease
            Square    Base  Expiration  Renewal    Nature of
Tenant       Feet     Rent    Date      Options     Business
---------   ------  -------- -------   -----------  -----------
AJ Wright   25,000  $187,500 11/2014   10/5 yrs ea.Retail store
Sav A Lot   13,400    72,360 12/2008      3/5yr      Grocery
Others      50,216   448,693 Various     Various
Vacant      25,654        --
           -------  --------
           114,270  $708,553
           =======  ========

  In  the  fourth quarter of 2001, the Partnership leased  13,400
square  feet of space to Sav A Lot, a national grocery chain.  In
the  third quarter of 2004, Sav A Lot exercised its first  option
and  extended  the  lease maturity through 2008.   In  the  first
quarter  of  2004,  the  Partnership  reached  an  agreement   in
principle with AJ Wright, a national clothing retailer,  to  take
approximately 25,000 square feet of the space then leased to Toys
"R"  Us.  The Partnership negotiated a lease with the tenant that
required  substantial reconfiguration to the existing  space  and
tenant  improvements.   This lease was subject  to  a  successful
termination  and buyout of the existing Toys "R" Us  lease.   The
Partnership  reached  an  agreement with  Toys  "R"  Us  for  the
termination and a substantial buyout payment by Toys  "R"  Us  to
the  Partnership (such payment in the amount of $1,400,000 having
been  received  in September 2004).  The Partnership  anticipated
the  payment  would cover all of the conversion and tenant  build
out costs required by the new tenant. The buyout of the lease was
subject  to the approval of the property's lender and the  lender
agreed  to  the transaction. In addition in 2004, the Partnership
leased   approximately  10,000  square  feet  to   the   Veterans
Administration  (the  "VA").   The  VA  lease  also  required   a
significant build out.  The Partnership has incurred the cost  of
the  build  out and funded the expense through a portion  of  the
Toys  "R"  Us  lease  buyout.   In addition,  the  VA  will  make
additional  lease payments to the Partnership in an  amount  that
will  amortize  the  cost of the improvements  over  a  five-year
period. AJ Wright and the VA took occupancy in the fourth quarter
of 2004.

   In  the  first  quarter of 2006, the Partnership  received  an
expression  of interest in leasing the remaining space  that  was
the  former Toys "R" Us (approximately 11,000 square  feet).   In
the  second quarter of 2006, the Partnership and Marty's, LLC  (a
regional  supplier  of mens fashion clothing)  executed  a  lease
agreement.   The tenant required significant improvements  to  be
made  to  the  space  prior  to its occupancy.   The  Partnership
intends  to  pay for these improvements through the  use  of  the
escrow  funds  held  by the First Mortgage  lender  (as  detailed
above)  and available cash on hand.  Marty's began its  occupancy
in mid November 2006 and will begin paying rent in April 2007.

   The  Partnership  anticipates it will be making  a  number  of
cosmetic  repairs and improvements to Raleigh Springs to  improve
its  marketability  for  sale.  These improvements  will  include
painting and repair of the sign band as well as minor parking lot
repairs.


(b) Sabal Palm Square ("Sabal Palm")

   On  October 31, 1986, the Partnership and Brauvin Real  Estate
Fund  L.P. 5 ("BREF 5") formed a joint venture to purchase  Sabal
Palm,  a  shopping center in Palm Bay, Florida,  for  $5,924,000.
The  Partnership had a 47% interest and BREF 5 had a 53% interest
in the joint venture which owned Sabal Palm.

  Sabal  Palm  was a neighborhood shopping center  consisting  of
approximately  89,000  square feet of retail  space  situated  on
approximately  9.7 acres of land.  Sabal Palm was constructed  in
1985.  As of December 2005, Sabal Palm's anchor tenants were  Sav
A Lot, Family Dollar and Goodwill.

  On  April  29, 2003, the Sabal Palm joint venture closed  on  a
$3,250,000 mortgage with AmSouth Bank (subject to a reduction not
to  exceed  $500,000 if certain conditions of the  loan  are  not
met).  The  joint  venture  repaid the  prior  outstanding  first
mortgage  loan  on  the  property in the  amount  of  $2,957,941,
accrued  interest  of $22,100 and paid loan  costs  and  fees  of
approximately $46,100 at closing.

  The  AmSouth  loan bore interest at LIBOR plus  2.85%  and  was
payable  interest  only  monthly until  maturity  (May  3,  2005,
extended  to February 3, 2006) at which time all unpaid  interest
and  principal was to be due.  The loan was secured  by  a  first
mortgage lien on the property and collateral assignment of  rents
and leases as well as the management agreement.  The partners  of
the  joint  venture each guaranteed the repayment of 50%  of  the
joint  venture  obligations  under the  loan  documents  and  the
manager  agreed to subordinate payment of the management  fee  to
the payment of the loan obligations.

  Additionally, the lender required that $1,000,000 in  aggregate
unencumbered liquid assets be maintained (but not pledged) during
the  term  of  the loan as well as requiring the Partnership  and
BREF  5 to maintain a minimum combined tangible net worth of  not
less than $1,000,000.

  Due  to  the fact that damage caused by the hurricanes in  2004
was  being repaired in the first and second quarter of 2005,  the
joint venture did not believe it would be able to repay the  loan
in May 2005.  Therefore, the joint venture requested an extension
of  the mortgage loan.  On April 13, 2005, the joint venture  and
the lender agreed to terms for a nine month extension of the then
current  mortgage  note.   The lender  required  that  the  joint
venture  make  a principal reduction in the amount  of  $400,000,
which  the lender had agreed would be paid from the cash  deposit
held by the lender.  Additionally, the joint venture was required
to  pay  an  extension fee in the amount of $5,000.  Further,  as
part  of  the  extension,  the  lender  agreed  to  release   the
unencumbered liquid asset requirement of the mortgage loan.   All
other terms and conditions remained the same.

  On  December  7,  2005, the joint venture sold the  Sabal  Palm
property  for  a  gross  sales price of  $4,350,000.   The  joint
venture received net sales proceeds, after repayment of the first
mortgage,  of approximately $1,601,000 and recognized a  gain  on
the  sale of $1,189,925.  Under the terms of the transaction, the
joint  venture was able to bill and retain the 2005  common  area
maintenance reimbursements.  Accordingly, in late December  2005,
the  joint  venture  billed the Sabal Palm tenants  approximately
$75,000  for its common area reimbursement.  In 2006,  the  joint
venture  distributed  all  of  its  cash  to  its  partners   and
liquidated.

Risks of Ownership

   The  possibility exists that the tenants of the  Partnership's
remaining  property  may be unable to fulfill  their  obligations
pursuant  to the terms of the leases, including making base  rent
payments  or  percentage rent payments to the Partnership.   Such
defaults  by  one  or more of the tenants could have  an  adverse
effect   on   the   financial  situation  of   the   Partnership.
Furthermore,  the  Partnership may be  unable  to  replace  these
tenants  due to competition in the market at the time any vacancy
occurs.   Additionally, there are costs to the  Partnership  when
replacing   tenants  such  as  leasing  commissions  and   tenant
improvements  which could be substantial.  Such improvements  may
require expenditure of Partnership funds otherwise available  for
distribution.

Item 3.    Legal Proceedings.

             None.

Item  4.   Submission of Matters to a Vote  of
           Security Holders.

             None.




                 BRAUVIN REAL ESTATE FUND L.P. 4
                 (a Delaware limited partnership)



                             PART II

Item 5.Market  for  the  Issuer's Limited  Partnership  Interest,
       Related Security Holder Matters and Small Business  Issuer
       Purchases of Equity Securities.

   At  December  31, 2006, there were approximately  572  Limited
Partners  in  the Partnership.  There is currently no established
public  trading  market for the Units and it is  not  anticipated
that  a  public  market for the Units will develop.   Bid  prices
quoted  by  "partnership  exchanges"  vary  widely  and  are  not
considered  a reliable indication of market value.   Neither  the
Partnership  nor  Brauvin Ventures, Inc. (the "Corporate  General
Partner") will redeem or repurchase outstanding Units.

   Pursuant   to   the   terms  of  the  Agreement,   there   are
restrictions on the ability of the Limited Partners  to  transfer
their Units.  In all cases, the General Partners must consent  to
any substitution of a Limited Partner.

   There  were no cash distributions to Limited Partners in  2006
and 2005.

Item   6.  Management's  Discussion  and  Analysis  or  Plan   of
Operation.

General

   Certain  statements  in  this  Annual  Report  that  are   not
historical  fact  constitute "forward-looking statements"  within
the  meaning of the Private Securities Litigation Reform  Act  of
1995.   Discussions containing forward-looking statements may  be
found in this section and in the section entitled "Description of
Business."  Without  limiting  the  foregoing,  words   such   as
"anticipates,"   "expects,"  "intends,"   "plans"   and   similar
expressions  are intended to identify forward-looking statements.
These   statements  are  subject  to  a  number  of   risks   and
uncertainties.  Actual results could differ materially from those
projected  in  the forward-looking statements.   The  Partnership
undertakes   no   obligation  to  update  these   forward-looking
statements to reflect future events or circumstances.


Liquidity and Capital Resources

   The  Partnership  intends to satisfy its short-term  liquidity
needs  through  cash flow from its remaining property.   Mortgage
notes  payable  are expected to be satisfied through  a  property
sale.

   The  General Partners determined to pursue the disposition  of
the Partnership's assets.  In 1999, the Partnership solicited and
received the votes of the Limited Partners to approve a  sale  of
all  the  Partnership's properties, either on  an  individual  or
group basis, and to subsequently liquidate the Partnership.   The
solicitation, which was approved by the Limited Partners  in  the
third  quarter of 1999, stated that the Partnership's  properties
may  be sold individually or in any combination provided that the
total  sales price for the properties included in the transaction
equals  or exceeds 70% of the aggregate appraised value for  such
properties, which valuation was conducted by an independent third
party appraisal firm.

   Once  the  occupancy of Raleigh Springs has  been  stabilized,
the  Partnership intends to sell this property under a closed bid
process  which will include identification of target buyers  with
proven  financing ability and performance of certain  evaluations
of the property, such as environmental testing.  Potential buyers
will be requested to sign confidentiality agreements to safeguard
the  Partnership's  confidential  proprietary  information.   The
General Partners have determined that each bid must be all  cash,
completely   unconditional  and  accompanied  by  a   substantial
deposit.

Property Status

   Raleigh Springs

   In  the  fourth quarter of 2001, the Partnership leased 13,400
square  feet of space to Sav A Lot, a national grocery chain.  In
the  third quarter of 2004, Sav A Lot exercised its first  option
and  extended  the  lease maturity through 2008.   In  the  first
quarter  of  2004,  the  Partnership  reached  an  agreement   in
principle with AJ Wright, a national clothing retailer,  to  take
approximately 25,000 square feet of the space then leased to Toys
"R"  Us.  The Partnership negotiated a lease with the tenant that
required  substantial reconfiguration to the existing  space  and
tenant  improvements.   This lease was subject  to  a  successful
termination  and buyout of the existing Toys "R" Us  lease.   The
Partnership  reached  an  agreement with  Toys  "R"  Us  for  the
termination and a substantial buyout payment by Toys  "R"  Us  to
the  Partnership (such payment in the amount of $1,400,000 having
been  received  in September 2004).  The Partnership  anticipated
the  payment  would cover all of the conversion and tenant  build
out costs required by the new tenant. The buyout of the lease was
subject  to the approval of the property's lender and the  lender
agreed  to  the transaction. In addition in 2004, the Partnership
leased   approximately  10,000  square  feet  to   the   Veterans
Administration  (the  "VA").   The  VA  lease  also  required   a
significant build out.  The Partnership has incurred the cost  of
the  build  out and funded the expense through a portion  of  the
Toys  "R"  Us  lease  buyout.   In addition,  the  VA  will  make
additional  lease payments to the Partnership in an  amount  that
will  amortize  the  cost of the improvements  over  a  five-year
period. AJ Wright and the VA took occupancy in the fourth quarter
of 2004.

   In  the  first  quarter of 2006, the Partnership  received  an
expression  of interest in leasing the remaining space  that  was
the  former Toys "R" Us (approximately 11,000 square  feet).   In
the  second quarter of 2006, the Partnership and Marty's, LLC  (a
regional  supplier  of mens fashion clothing)  executed  a  lease
agreement.   The tenant required significant improvements  to  be
made  to  the  space  prior  to its occupancy.   The  Partnership
intends  to  pay for these improvements through the  use  of  the
escrow  funds  held  by the First Mortgage  lender  (as  detailed
below)  and available cash on hand.  Marty's began its  occupancy
in mid November 2006 and will begin paying rent in April 2007.

  The  Partnership  anticipates it will be  making  a  number  of
cosmetic  repairs and improvements to the center to  improve  its
marketability for sale.  These improvements will include painting
and repair of the sign band as well as minor parking lot repairs.

   On  November  17, 2005, the Partnership paid off the  Modified
Loan  (in the amount of $3,910,423) from the proceeds from a  new
first   mortgage  loan  ("First  Mortgage")  in  the  amount   of
$4,400,000. This loan requires payments of interest only and  had
a  twelve-month maturity.  However, the Partnership had the right
to  extend this loan for an additional twelve-month period  (with
the   payment  of  an  additional  fee  of  $11,000),  which  the
Partnership exercised in 2006.  Interest is payable based on  the
LIBOR  rate plus 2.25%. At December 31, 2006 and 2005, the  total
interest  rates  were approximately 7.6% and 6.6%,  respectively.
The  Partnership was also required to purchase an  interest  rate
cap at a cost of $5,000 and $2,500, which caps the LIBOR rate  at
6.45%  for  a  one  year  period from  December  2006  and  2005,
respectively.   The  notional amount of  the  interest  rate  cap
agreement  is identical to the notional amount of the loan.   The
fair  market value of the interest rate cap at December 31,  2006
and 2005 is $0.  The change in fair value is reflected in general
and  administrative  expense  in  the  accompanying  consolidated
statement  of  operations as the Partnership had not  elected  to
designate the interest rate cap as a hedge.

   The  First  Mortgage  also required  the  establishment  of  a
$300,000  escrow  that  can be used for  the  payment  of  tenant
improvements and leasing commissions.  The Partnership  has  been
reimbursed  approximately $229,000 from the  escrow  account  for
improvements related to the Marty's buildout (see above).

   The  First  Mortgage lender also required the  Partnership  to
create  a  special purpose entity, Brauvin Raleigh LLC, which  is
fully owned by the Partnership.  The Partnership transferred  its
ownership  interest  in the Raleigh Springs  Marketplace  to  the
special  purpose  entity.  The Partnership was also  required  to
enter  into a limited guaranty agreement.  Primarily,  under  the
terms  of  the  guaranty agreement the Partnership  will  not  be
personally  liable unless the Partnership or Brauvin Raleigh  LLC
commit  fraud  by  misapplication  or  misappropriation  of  cash
receipts.

   Sabal Palm Shopping Center

  On  December  7,  2005, the joint venture sold the  Sabal  Palm
property  for  a  gross  sales price of  $4,350,000.   The  joint
venture received net sales proceeds, after repayment of the first
mortgage,  of approximately $1,601,000 and recognized a  gain  on
the  sale of $1,189,925.  Under the terms of the transaction, the
joint  venture was able to bill and retain the 2005  common  area
maintenance reimbursements.  Accordingly, in late December  2005,
the  joint  venture  billed the Sabal Palm tenants  approximately
$75,000  for its common area reimbursement.  In 2006,  the  joint
venture  distributed  all  of  its  cash  to  its  partners   and
liquidated.

Results of Operations

   The  Partnership's revenue and expenses are affected primarily
by  the  operations  of  its last remaining  property.   Property
operations,  and in particular the components of  income,  demand
for space and rental rates are, to a large extent, determined  by
local  and  national  market conditions.  These  conditions  have
generally   adversely   impacted   the   Partnership's   property
economics.

   The  General  Partners conduct an in-depth assessment  of  the
property's  physical condition as well as a demographic  analysis
to assess opportunities for increasing occupancy and rental rates
and  decreasing  operating  costs.  In all  instances,  decisions
concerning restructuring of loan terms, reversions and subsequent
operation  of the property are made with the intent of maximizing
the  potential proceeds to the Partnership and, therefore, return
of investment and income to Limited Partners.

   In   certain   instances  and  under  limited   circumstances,
management  of  the  Partnership entered into  negotiations  with
lenders  for the purpose of restructuring the terms of  loans  to
provide  for  debt  service levels that  could  be  supported  by
operations   of   the   properties.    When   negotiations    are
unsuccessful,   management  of  the  Partnership  considers   the
possibility  of  reverting the properties to the  first  mortgage
lender.   Foreclosure proceedings may require 6 to 24  months  to
conclude.

Results  of Operations for the years ended December 31, 2006  and
2005

    As  a result of the Partnership's adoption of the liquidation
basis  of  accounting, and in accordance with generally  accepted
accounting principles, the Partnership's financial statements for
periods  subsequent  to July 12, 1999 have  been  prepared  on  a
liquidation basis.

  The  Partnership generated an excess of expenses  over  revenue
of  $608,000 for the year ended December 31, 2006 as compared  to
an  excess  of  revenue over expenses of $330,000  for  the  same
period  in  2005.  The $938,000 decrease in excess  revenue  over
expenses is the result of a decrease in equity interest in  Sabal
Palm's net income of $582,000 and an increase in total expense of
$350,000.

  Total  revenue  for  the  year  ended  December  31,  2006  was
$873,000  as  compared to $878,000 for the same period  in  2005.
The  $5,000 decrease in total revenue was the result of a $24,000
decrease  in rental income. Partially offsetting the decrease  in
rental  income was an increase in interest income of $18,000  and
an  increase in other income of $1,000.  Rental and other  income
decreased  as  a  result of a decrease in  average  occupancy  at
Raleigh  Springs.   Raleigh Springs physical occupancy,  however,
increased  in  November  2006  with Marty's  occupancy  (but  the
Partnership  does  not  begin to get rental  payments  from  this
tenant until April 2007).

  Total  expenses  for  the  year ended December  31,  2006  were
$1,469,000 as compared to $1,119,000 for the same period in 2005.
The  $350,000 increase in total expense was primarily the  result
of  a $352,000 increase in tenant improvements and leasing costs,
a  $45,000  increase  in  general and administrative  expense,  a
$39,000 increase in franchise and other taxes, a $24,000 increase
in  repairs  and maintenance, and a $5,000 increase in  operating
expense.   Partially  offsetting  the  increase  was  a  $205,000
decrease  in interest expense, a $10,000 decrease in real  estate
taxes,  a  $10,000  decrease in bad debt  expense  and  a  $2,000
decrease in management fees. The decrease in interest expense was
the  result  of  the  November  17,  2005  Raleigh  Springs  loan
refinancing.


Results  of Operations for the years ended December 31, 2005  and
2004

   The  Partnership generated an excess of revenue over  expenses
of $330,000 for the year ended December 31, 2005 as compared to a
excess  expenses over revenue of $31,000 for the same  period  in
2004.   The  $361,000 increase in excess revenue over expense  is
the  result  of  a decrease in total expenses of $987,000  and  a
decrease in total income of $1,252,000 and an increase in  equity
interest in Sabal Palm's net income of $623,000.

   Total  revenue  for  the  year ended  December  31,  2005  was
$878,000  as compared to $2,128,000 for the same period in  2004.
This  decrease  in  total revenue was primarily  a  result  of  a
decrease  in lease termination fees of $1,400,000 and  a  $35,000
decrease  in other income.  Partially offsetting these  decreases
in income was an increase of $186,000 in rental income associated
with a higher occupancy level in 2005.

   Total  expenses  for  the year ended December  31,  2005  were
$1,119,000 as compared to $2,106,000 for the same period in 2004.
The $987,000 decrease in total expense was primarily a result  of
a  $933,000 decrease in general and administrative expenses and a
$76,000 decrease in management fees.  Partially offsetting  these
decreases  in  expenses  was  a  $125,000  increase  in  interest
expense,  and  a  $7,000  increase  in  repairs  and  maintenance
expense.   General  and administrative expenses  decreased  as  a
result  of  the  completions of the build out of several  of  the
previously  vacant  spaces at Raleigh Springs.   Management  fees
decreased primarily as a result of expenses associated  with  the
2004 lease termination payment.  Interest expense increased as  a
result  of  expensing  loan  costs associated  with  the  Raleigh
Springs refinancing in 2005.


Item 7.  Consolidated Financial Statements and Supplementary Data

  See  Index to Consolidated Financial Statements on Page F-1  of
this Form 10-KSB for financial statements where applicable.

  The   financial   information  required  in  Item   310(b)   of
Regulation S-B is not applicable.


Item 8.   Changes in and Disagreements with Accountants on
Accounting and Financial Disclosure.

  On  December  5,  2006, the Partnership  was  notified  that  a
majority  of the partners of Altschuler Melvoin and Glasser,  LLP
("AM&G"),  including the lead audit partner for the  Partnership,
had  become  partners  of  McGladrey &  Pullen,  LLP  and,  as  a
consequence,  that  AM&G was compelled to  resign  and  would  no
longer  be the auditor for the Partnership.  McGladrey &  Pullen,
LLP  ("M&P")  was  appointed as the Company's new  auditor.   The
decision to engage M&P was approved by the Partnership's  general
partners.

  The   audit  report  of  AM&G  on  the  consolidated  financial
statements  of  the  Partnership as of and  for  the  year  ended
December  31,  2005  did  not contain an  adverse  opinion  or  a
disclaimer of opinion, and were not qualified or modified  as  to
uncertainty, audit scope or accounting principles.

  In  connection with the audit of the Partnership's consolidated
financial  statements for the year ended December 31,  2005,  and
through  the  date  of this annual report,  there  were:  (1)  no
disagreements between the Partnership and AM&G on any matters  of
accounting   principles   or   practices,   financial   statement
disclosure, or auditing scope or procedures, which disagreements,
if  not  resolved to the satisfaction of AM&G, would have  caused
AM&G  to make reference to the subject matter of the disagreement
in  their  reports on the Partnership's financial statements  for
such  years; and (2) no reportable events within the meaning  set
forth in Item 304(a)(1)(iv)(B) of Regulation S-B.

  During  the  most recent fiscal year prior to 2006 and  through
the  interim period ending December 5, 2006, the Partnership  has
not  consulted  with  M&P  regarding:  (i)  the  application   of
accounting   principles  to  a  specified   transaction,   either
completed or proposed, or the type of audit opinion that might be
rendered on the Partnership's financial statements, and neither a
written  report  nor oral advice was provided to the  Partnership
concluding there was an important factor to be considered by  the
Partnership in reaching a decision as to an accounting,  auditing
or  financial reporting issue; or (ii) any matter that was either
the  subject  or a disagreement, or a reportable event  with  the
Partnership's former auditor, AM&G.


Item 8a.  Controls and Procedures

Evaluation of Disclosure Controls and Procedures


  The  Chief Executive Officer and Chief Financial Officer of the
Corporate  General  Partner,  have  reviewed  and  evaluated  the
effectiveness  of  the  Partnership's  disclosure  controls   and
procedures  (as  defined in Exchange Act Rules 240.13a-14(c)  and
15d-14(c)) as of a date within 90 days before the filing date  of
this   annual  report.   Based  on  that  evaluation,  the  Chief
Executive Officer and Chief Financial Officer have concluded that
the  Partnership's current disclosure controls and procedures are
effective and timely, providing all material information relating
to  the Partnership required to be disclosed in reports filed  or
submitted under the Exchange Act.


Changes in Internal Controls

  There   have   not   been  any  significant  changes   in   the
Partnership's  internal controls or in other factors  that  could
significantly  affect these controls subsequent to  the  date  of
their   evaluation.   We  are  not  aware  of   any   significant
deficiencies  or  material weaknesses,  therefore  no  corrective
actions were taken.

Item 8b.  Other Information

    None.


                 BRAUVIN REAL ESTATE FUND L.P. 4
                 (a Delaware limited partnership)




                            PART III

Item 9.Directors, Executive Officers, Promoters and Control
       Persons; Compliance with Section 16(a) of the Exchange
       Act.

  The General Partners of the Partnership are:
       Brauvin Ventures, Inc., an Illinois corporation
       Mr. Jerome J. Brault, individually

   Brauvin Ventures, Inc. was formed under the laws of the  State
of Illinois in 1983, with its issued and outstanding shares being
owned  by  A.G.E.  Realty Corporation, Inc.  (50%),  and  Messrs.
Jerome  J.  Brault  (beneficially) (25%) and  Cezar  M.  Froelich
(25%).

   The  principal officers and directors of the Corporate General
Partner are:

  Mr. Jerome J. Brault     Chairman of the Board of Directors,
               Director, Chief Executive Officer and President

  Mr. James L. Brault             Vice President and Secretary

  Mr. Thomas E. Murphy                          Treasurer and
                                       Chief Financial Officer

  The  business  experience during the past  five  years  of  the
General Partners, officers and directors is as follows:

  MR.  JEROME  J.  BRAULT  (age 73)  chairman  of  the  board  of
directors, president and chief executive officer of the Corporate
General  Partner,  as  well  as a principal  shareholder  of  the
Corporate General Partner.  He is a member and manager of Brauvin
Real  Estate  Funds,  L.L.C.  He is a member of  Brauvin  Capital
Trust L.L.C. and Brauvin Net Capital Manager, L.L.C.  Since 1979,
he   has  been  a  shareholder,  president  and  a  director   of
Brauvin/Chicago, Ltd.  He is an officer, director and one of  the
principal shareholders of various Brauvin entities which  act  as
the  general  partners of other publicly registered  real  estate
programs.   He  is an officer, director and one of the  principal
shareholders  of  Brauvin  Associates, Inc.,  Brauvin  Management
Company,  Brauvin Advisory Services, Inc. and Brauvin Securities,
Inc.,   Illinois  companies  engaged  in  the  real  estate   and
securities  businesses.  He is a director,  president  and  chief
executive  officer of Brauvin Net Lease V, Inc.  He is the  chief
executive  officer  of Brauvin Capital Trust,  Inc.   Mr.  Brault
received  a  B.S.  in  Business from DePaul University,  Chicago,
Illinois in 1959.

  MR.  JAMES L. BRAULT (age 46) is a vice president and secretary
and  is  responsible for the overall operations of the  Corporate
General  Partner  and other affiliates of the  Corporate  General
Partner.  He is an officer of various Brauvin entities which  act
as  the general partners of other publicly registered real estate
programs.   Mr. Brault is executive vice president and  assistant
secretary  and  is  responsible for  the  overall  operations  of
Brauvin  Management  Company.   He  is  also  an  executive  vice
president  and secretary of Brauvin Net Lease V, Inc.   He  is  a
manager  of Brauvin Capital Trust, L.L.C., BA/Brauvin L.L.C.  and
Brauvin  Net  Capital,  L.L.C.  He is the  president  of  Brauvin
Capital Trust, Inc.  Prior to joining the Brauvin organization in
May  1989, he was a Vice President of the Commercial Real  Estate
Division of the First National Bank of Chicago ("First Chicago"),
based  in their Washington, D.C. office.  Mr. Brault joined First
Chicago in 1983 and his responsibilities included the origination
and  management of commercial real estate loans, as well  as  the
direct  management of a loan portfolio in excess of $150 million.
Mr.  Brault  received a B.A. in Economics from Williams  College,
Williamstown, Massachusetts in 1983 and an M.B.A. in Finance  and
Investments  from George Washington University, Washington,  D.C.
in 1987.  Mr. Brault is the son of Mr. Jerome J. Brault.

  MR.  THOMAS  E.  MURPHY  (age 40) is the  treasurer  and  chief
financial  officer  of the Corporate General  Partner  and  other
affiliates  of the Corporate General Partner.  He  is  the  chief
financial  officer of various Brauvin entities which act  as  the
general  partners  of  other  publicly  registered  real   estate
programs.   Mr.  Murphy  is also the chief financial  officer  of
Brauvin  Management  Company, Brauvin  Financial,  Inc.,  Brauvin
Securities,  Inc.  and  Brauvin Net Lease  V,  Inc.   He  is  the
treasurer,  chief  financial officer  and  secretary  of  Brauvin
Capital  Trust,  Inc.  He is responsible  for  the  Partnership's
accounting  and financial reporting to regulatory  agencies.   He
joined  the  Brauvin  organization  in  July  1994.   Mr.  Murphy
received  a  B.S. in Accounting from Northern Illinois University
in  1988.  Mr. Murphy is a Certified Public Accountant and  is  a
member of the Illinois CPA Society.


Item 10.  Executive Compensation.

  (a  &  b) The Partnership is required to pay certain fees, make
distributions and allocate a share of the profits and  losses  of
the  Partnership  to the Corporate General Partner  as  described
under  the caption "Compensation Table" on pages 10 to 12 of  the
Partnership's  Prospectus, as supplemented, and the  sections  of
the  Agreement entitled "Distributions of Operating  Cash  Flow,"
"Allocation of Profits, Losses and Deductions," "Distribution  of
Net  Sale  or Refinancing Proceeds" and "Compensation of  General
Partners  and  Their  Affiliates" on pages A-9  to  A-12  of  the
Agreement  attached as Exhibit A to the Partnership's Prospectus.
The  relationship  of  the  Corporate General  Partner  (and  its
directors and officers) to its affiliates is set forth  above  in
Item 9.  Reference is also made to Notes 3 and 5 of the Notes  to
Financial  Statements  filed  with  this  annual  report  for   a
description of such distributions and allocations.

  The   General   Partners   received  an   allocation   of   the
Partnership's net income or loss for 2006 and 2005.

  An  affiliate  of  the General Partners is reimbursed  for  its
direct   expenses   relating  to  the   administration   of   the
Partnership.

  The  Partnership  does  not have any  employees  and  therefore
there is no compensation paid.

  (c) - (h) Not applicable.

Item 11.  Security Ownership of Certain Beneficial Owners and
          Management.

  (a)    No  person or group is known by the Partnership  to  own
          beneficially more than 5% of the outstanding  Units  of
          the Partnership.

  (b)    The  officers  and  directors of the  Corporate  General
          Partner  do  not, individually or as a group,  own  any
          Units.

  (c)    The  Partnership  is not aware of any arrangements,  the
          operations  of which may result in a change of  control
          of the Partnership.

   No  officer  or  director  of  the Corporate  General  Partner
possesses a right to acquire beneficial ownership of Units.   The
General   Partners  will  share  in  the  profits,   losses   and
distributions  of  the  Partnership  as  outlined  in  Item   10,
"Executive Compensation."

Item 12.  Certain Relationships and Related Transactions.

   (a  &  b)  The  Partnership is entitled to engage  in  various
transactions  involving  affiliates  of  the  Corporate   General
Partner,  as  described  in  the  section  of  the  Partnership's
Prospectus,  as supplemented, entitled "Compensation  Table"  and
"Conflicts of Interest" at pages 10 to 15 and the section of  the
Agreement  entitled  "Rights, Duties and Obligations  of  General
Partners"  at  pages  A-14  to A-17.   The  relationship  of  the
Corporate General Partner to its affiliates is set forth in  Item
9.   Cezar M. Froelich resigned as an individual general  partner
of  the  Partnership effective 90 days after August 14, 1997  but
remains  a shareholder of the Corporate General Partner.   He  is
also  a  principal  of the law firm of Shefsky &  Froelich  Ltd.,
which  firm  acted as securities and real estate counsel  to  the
Partnership.   Reference  is made to  Note  5  of  the  Notes  to
Financial   Statements  for  a  summary  of   transactions   with
affiliates.

   (c)   Not applicable.

   (d)   There have been no transactions with promoters.


Item 13.  Exhibits

   (a) The following documents are filed as part of this report:

      (1) (2) Financial   Statements.  (See  Index  to  Financial
               Statements filed with this annual report).

      (3)     Exhibits required by the Securities and Exchange
              Commission Regulation S-B Item 601:

               Exhibit No.    Description
                 *3.(a)      Restated     Limited     Partnership
                              Agreement
                 *3.(b)      Articles    of   Incorporation    of
                              Brauvin Ventures, Inc.
                 *3.(c)      By-Laws of Brauvin Ventures, Inc.
                 *3.(d)      Amendment  to  the  Certificate   of
                              Limited    Partnership    of    the
                              Partnership
                 *10.(a)     Escrow Agreement
                 *10.(b)(1)  Management Agreement
                 21.         Subsidiaries of the registrant
                 *28.        Pages  11-16, A-9 to A-13  and  A-15
                              to   A-18   of   the  Partnership's
                              Prospectus and the Agreement  dated
                              March 1, 1985, as supplemented.

*  Incorporated  by reference from the exhibits  filed  with  the
Partnership's registration statement (File No. 2-95633)  on  Form
S-11 filed under the Securities Act of 1933.

  (b)  No portions of the annual report have been incorporated
       by reference in this Form 10-KSB.

  (c)  An annual report for the fiscal year 2006 will be sent
        to the Limited Partners subsequent to this filing.


Item 14.  Principal Accountant Fees and Services


  AM&G  had,  at the time it was initially appointed  to  be  the
Partnership's auditor, a relationship with American  Express  Tax
and Business Services, Inc. ("TBS") from which it leased auditing
staff  who were full time, permanent employees of TBS and  though
which  its partners provided non-audit services.  As a result  of
this  arrangement, AM&G had no full-time employees and therefore,
none  of  the audit services performed were provided by permanent
full-time employees of AM&G.

  Effective  October 1, 2005, TBS was acquired by RSM  McGladrey,
Inc.  ("RSM") and AM&G's relationship with TBS has been  replaced
with a similar relationship with RSM. AM&G manages and supervises
the audit and audit staff, and is exclusively responsible for the
opinion rendered in connection with its examination.

  On  December  5,  2006, the Partnership  was  notified  that  a
majority  of  the  partners  of AM&G, including  the  lead  audit
partner  for the Partnership, had become partners of McGladrey  &
Pullen,  LLP  ("M&P")  and,  as  a  consequence,  that  AM&G  was
compelled  to resign and would no longer be the auditor  for  the
Partnership.  M&P was appointed as the Company's new auditor.

  Audit  fees  relate to audit work performed  on  the  financial
statements  as  well as work that generally only the  independent
auditor   can   reasonably  be  expected  to  provide   including
discussions  surrounding  the  proper  application  of  financial
accounting  and/or  reporting  standards  and  reviews   of   the
financial statements included in quarterly reports filed on  Form
10-QSB.   Fees for audit services provided by AM&G for  the  year
ended  December 31, 2005 amounted to $28,800 and fees  for  audit
services  provided by M&P amounted to $29,100 for the year  ended
December 31, 2006.

  Tax  compliance services for 2006 and 2005 were provided by RSM
for which fees amounted to $3,975 and $7,500, respectively.

  During  the years ended December 31, 2006 and 2005, M&P,  AM&G,
RSM  and  TBS did not perform any management consulting  services
for the Partnership.

  In  accordance with policies of the board of directors  of  the
Corporate General Partner, all services provided by M&P,AM&G, TBS
and RSM are required to be and have been pre-approved.


                             SIGNATURES

In  accordance with Section 13 or 15(d) of the Exchange Act,  the
registrant caused this report to be signed on its behalf  by  the
undersigned, thereunto duly authorized.



                         BRAUVIN REAL ESTATE FUND L.P. 4

                         BY:  Brauvin Ventures, Inc.
                              Corporate General Partner

                              By:  /s/ Jerome J. Brault
                                   Jerome J. Brault
                                   Chairman of the Board of
                                   Directors,   Chief   Executive
                                   Officer and President

                              By:  /s/ James L. Brault
                                   James L. Brault
                                   Vice President and Secretary


                              By:  /s/ Thomas E. Murphy
                                   Thomas E. Murphy
                                   Chief Financial Officer and
                                   Treasurer

                         INDIVIDUAL GENERAL PARTNER

                                   /s/ Jerome J. Brault
                                   Jerome J. Brault




                              Dated: April 13, 2007




         CERTIFICATION FOR SARBANES-OXLEY SECTION 302(A)
           CERTIFICATE OF THE CHIEF EXECUTIVE OFFICER
                               OF
                     BRAUVIN VENTURES, INC.
                    CORPORATE GENERAL PARTNER
                               OF
                 BRAUVIN REAL ESTATE FUND L.P. 4


I,  Jerome  J.  Brault, Chief Executive Officer of  the  Company,
certify that:

1.   I have reviewed this annual report on Form 10-KSB of Brauvin
     Real Estate Fund L.P. 4;

2.   Based  on  my  knowledge, this report does not  contain  any
     untrue  statement  of  material fact  or  omit  to  state  a
     material  fact  necessary to make the  statements  made,  in
     light of the circumstances under which such statements  were
     made,  not misleading with respect to the period covered  by
     this report;

3.   Based  on my knowledge, the financial statements, and  other
     financial  information  included  in  this  report,   fairly
     present  in  all material respects the financial  condition,
     results of operations and statement of changes in net assets
     in  liquidation of the small business issuer as of, and for,
     the periods presented in this report;

4.   The  small business issuer's other certifying officer and  I
     are  responsible for establishing and maintaining disclosure
     controls  and procedures (as defined in Exchange  Act  Rules
     13a-15(e) and 15d-15(e)) and internal control over financial
     reporting  (as  defined in Exchange Act Rules 13a-15(f)  and
     15d-15(f), for the small business issuer and have:

          a)  Designed  such disclosure controls and  procedures,
              or  caused  such disclosure controls and procedures
              to  be  designed under our supervision,  to  ensure
              that  material information relating  to  the  small
              business  issuer,  including its  subsidiaries,  is
              made  known to us by others within those  entities,
              particularly  during  the  period  in  which   this
              annual report is being prepared;

          b)  Designed   such  internal  control  over  financial
              reporting,  or  caused such internal  control  over
              financial  reporting  to  be  designed  under   our
              supervision,   to   provide  reasonable   assurance
              regarding  the  reliability of financial  reporting
              and  the  preparation of financial  statements  for
              external  purposes  in  accordance  with  generally
              accepted accounting principles;

          c)  Evaluated  the effectiveness of the small  business
              issuer's  disclosure controls  and  procedures  and
              presented in this report our conclusions about  the
              effectiveness  of  the  disclosure   controls   and
              procedures, as of the end of the period covered  by
              this report based on such evaluation; and

          d)  Disclosed  in this report any change in  the  small
              business  issuer's internal control over  financial
              reporting  that occurred during the small  business
              issuer's  most  recent fiscal  quarter  (the  small
              business issuer's fourth quarter in the case of  an
              annual report) that has materially affected, or  is
              reasonably likely to materially affect,  the  small
              business  issuer's internal control over  financial
              reporting; and

5.   The  small business issuer's other certifying officer and  I
     have  disclosed,  based  on our most  recent  evaluation  of
     internal  control  over financial reporting,  to  the  small
     business  issuer's auditors and the audit committee  of  the
     small  business  issuer's  board of  directors  (or  persons
     performing the equivalent function):

          a)  All    significant   deficiencies   and    material
              weaknesses  in the design or operation of  internal
              control   over   financial  reporting   which   are
              reasonably  likely  to aversely  affect  the  small
              business   issuer's  ability  to  record,  process,
              summarize and report financial information; and

          b)  Any  fraud, whether or not material, that  involves
              management   or   other  employees   who   have   a
              significant  role  in the small  business  issuer's
              internal controls over financial reporting.




                BY: Brauvin Ventures, Inc.
                    Corporate General Partner of
                    Brauvin Real Estate Fund L.P. 4

                    BY:/s/ Jerome J. Brault
                       Jerome J. Brault
                       Chairman of the Board of Directors,
                       President and Chief Executive Officer

                    DATE: April 13, 2007




         CERTIFICATION FOR SARBANES-OXLEY SECTION 302(A)
           CERTIFICATE OF THE CHIEF FINANCIAL OFFICER
                               OF
                     BRAUVIN VENTURES, INC.
                    CORPORATE GENERAL PARTNER
                               OF
                 BRAUVIN REAL ESTATE FUND L.P. 4


I,  Thomas  E.  Murphy, Chief Financial Officer of  the  Company,
certify that:

1.   I have reviewed this annual report on Form 10-KSB of Brauvin
     Real Estate Fund L.P 4.;

2.   Based  on  my  knowledge, this report does not  contain  any
     untrue  statement  of  material fact  or  omit  to  state  a
     material  fact  necessary to make the  statements  made,  in
     light of the circumstances under which such statements  were
     made,  not misleading with respect to the period covered  by
     this report;

3.   Based  on my knowledge, the financial statements, and  other
     financial  information  included  in  this  report,   fairly
     present  in  all material respects the financial  condition,
     results of operations and statement of changes in net assets
     in  liquidation of the small business issuer as of, and for,
     the periods presented in this report;

4.   The  small business issuer's other certifying officer and  I
     are  responsible for establishing and maintaining disclosure
     controls  and procedures (as defined in Exchange  Act  Rules
     13a-15(e) and 15d-15(e)) and internal control over financial
     reporting  (as  defined in Exchange Act Rules 13a-15(f)  and
     15d-15(f), for the small business issuer and have:

          a)  Designed  such disclosure controls and  procedures,
              or  caused  such disclosure controls and procedures
              to  be  designed under our supervision,  to  ensure
              that  material information relating  to  the  small
              business  issuer,  including its  subsidiaries,  is
              made  known to us by others within those  entities,
              particularly  during  the  period  in  which   this
              annual report is being prepared;

          b)  Designed   such  internal  control  over  financial
              reporting,  or  caused such internal  control  over
              financial  reporting  to  be  designed  under   our
              supervision,   to   provide  reasonable   assurance
              regarding  the  reliability of financial  reporting
              and  the  preparation of financial  statements  for
              external  purposes  in  accordance  with  generally
              accepted accounting principles;

          c)  Evaluated  the effectiveness of the small  business
              issuer's  disclosure controls  and  procedures  and
              presented in this report our conclusions about  the
              effectiveness  of  the  disclosure   controls   and
              procedures, as of the end of the period covered  by
              this report based on such evaluation; and

          d)  Disclosed  in this report any change in  the  small
              business  issuer's internal control over  financial
              reporting  that occurred during the small  business
              issuer's  most  recent fiscal  quarter  (the  small
              business issuer's fourth quarter in the case of  an
              annual report) that has materially affected, or  is
              reasonably likely to materially affect,  the  small
              business  issuer's internal control over  financial
              reporting; and

5.   The  small business issuer's other certifying officer and  I
     have  disclosed,  based  on our most  recent  evaluation  of
     internal  control  over financial reporting,  to  the  small
     business  issuer's auditors and the audit committee  of  the
     small  business  issuer's  board of  directors  (or  persons
     performing the equivalent function):

          a)  All    significant   deficiencies   and    material
              weaknesses  in the design or operation of  internal
              control   over   financial  reporting   which   are
              reasonably  likely  to aversely  affect  the  small
              business   issuer's  ability  to  record,  process,
              summarize and report financial information; and

          b)  Any  fraud, whether or not material, that  involves
              management   or   other  employees   who   have   a
              significant  role  in the small  business  issuer's
              internal controls over financial reporting.





              BY:  Brauvin Ventures, Inc.
                   Corporate General Partner of
                   Brauvin Real Estate Fund L.P. 4


                BY:/s/ Thomas E. Murphy
                    Thomas E. Murphy
                    Chief Financial Officer and Treasurer

                    DATE: April 13, 2007



                           Exhibit 99
                    SECTION 906 CERTIFICATION

The  following  statement  is  provided  by  the  undersigned  to
accompany  the  Annual Report on Form 10-KSB for the  year  ended
December  31, 2006, pursuant to Section 906 of the Sarbanes-Oxley
Act  of  2002  and  shall  not be deemed filed  pursuant  to  any
provisions  of the Securities Exchange Act of 1934 or  any  other
securities law:

Each  of  the undersigned certifies that the foregoing Report  on
Form 10-KSB fully complies with the requirements of Section 13(a)
of  the Securities Exchange Act of 1934 (15 U.S.C. 78m) and  that
the information contained in the Form 10-KSB fairly presents,  in
all  material  respects, the financial condition and  results  of
operations of Brauvin Real Estate Fund L.P. 4.





                    BY:  Brauvin Ventures, Inc.
                         Corporate General Partner of
                         Brauvin Real Estate Fund L.P. 4


                         BY:    /s/ Jerome J. Brault
                                Jerome J. Brault
                                Chairman of the Board of
                                Directors,    Chief     Executive
                                Officer and President

                         DATE:  April 13, 2007



                         BY:    /s/ Thomas E. Murphy
                                Thomas E. Murphy
                                Chief Financial Officer
                                and Treasurer

                         DATE:  April 13, 2007




     INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

                                                          Page

Reports of Independent Registered Public Accounting Firm  F-2 & F-4

Consolidated Statement of Net Assets in Liquidation
as of December 31, 2006                                   F-6

Consolidated Statement of Changes in Net Assets
in Liquidation for the year ended
December 31, 2006  (Liquidation Basis)                    F-7

Consolidated Statement of Changes in Net Assets
in Liquidation for the year ended
December 31, 2005  (Liquidation Basis)                    F-8

Consolidated Statements of Operations for the years ended
December 31, 2006 and 2005 (Liquidation Basis)            F-9

Notes to Consolidated Financial Statements                F-10

All  other  schedules provided for in Item 13 (a) of Form  10-KSB
are either not required, not applicable, or immaterial.







     REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Partners of
Brauvin Real Estate Fund L.P. 4

We  have audited the accompanying consolidated statement  of  net
assets  in  liquidation of Brauvin Real Estate Fund  L.P.  4  and
subsidiary as of December 31, 2006 and the related statements  of
changes  in net assets in liquidation and the operations for  the
year then ended.  These consolidated financial statements are the
responsibility    of   the   Partnership's    management.     Our
responsibility  is  to express an opinion on  these  consolidated
financial statements based on our audit.

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

We  have  audited  the adjustment described in Note  1  that  was
applied to restate the 2005 consolidated financial statements  to
correct an error.  In our opinion, that adjustment is appropriate
and  has  been properly applied.  We were not engaged  to  audit,
review,   or  apply  any  procedures  to  the  2005  consolidated
financial  statements of the Partnership other than with  respect
to  the adjustment and, accordingly, we do not express an opinion
or any other form of assurance on the 2005 consolidated financial
statements taken as whole.

In  our  opinion,  the  2006  consolidated  financial  statements
referred  to above present fairly, in all material respects,  the
consolidated  net  assets in liquidation of Brauvin  Real  Estate
Fund  L.P. 4 and subsidiary at December 31, 2006, and the changes
in  their  net  assets in liquidation and the  results  of  their
operations  for  the year ended December 31, 2006  in  conformity
with  accounting  principles generally  accepted  in  the  United
States of America.

/s/ McGladrey & Pullen, LLP

Chicago, Illinois
April 13, 2007





     REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Partners of
Brauvin Real Estate Fund L.P. 4

We  have  audited, before the effects of the adjustments for  the
correction  of  the error described in Note 1,  the  accompanying
consolidated  financial statements of Brauvin  Real  Estate  Fund
L.P.  4  and  subsidiary as of December 31, 2005 and the  related
statements of changes in net assets in liquidation and operations
for   the  year  then  ended  (the  2005  consolidated  financial
statements  before  the effects of the adjustments  discussed  in
Note   1  are  not  presented  herein).   The  2005  consolidated
financial  statements are the responsibility of the Partnership's
management.  Our responsibility is to express an opinion on these
consolidated financial statements based on our audit.

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

As  described in Note 1 to the consolidated financial statements,
the  limited partners of Brauvin Real Estate Fund L.P. 4 approved
a  plan  of  liquidation  on July 12, 1999.   As  a  result,  the
Partnership has changed its basis of accounting from  the  going-
concern basis to the liquidation basis.

In  our  opinion, except for the error described in Note  1,  the
2005  consolidated financial statements present  fairly,  in  all
material  respects,  the  consolidated  financial  statements  of
Brauvin  Real  Estate Fund L.P. 4 and subsidiary at December  31,
2005, and the changes in their net assets in liquidation and  the
results of their operations for the year ended December 31, 2005,
in  conformity with accounting principles generally  accepted  in
the United States.

We  were not engaged to audit, review, or apply any procedures to
the  adjustment for the correction of the error described in Note
1  and,  accordingly, we do not express an opinion or  any  other
form  of  assurance about whether such adjustment is  appropriate
and  have been properly applied.  That adjustment was audited  by
McGladrey & Pullen, LLP.

/s/ Altschuler, Melvoin and Glasser LLP

Chicago, Illinois
March 8, 2006




                 BRAUVIN REAL ESTATE FUND L.P. 4
                 (a Delaware limited partnership)



    CONSOLIDATED STATEMENT OF NET ASSETS IN LIQUIDATION AS OF
              DECEMBER 31, 2006 (LIQUIDATION BASIS)


ASSETS

Real estate held for sale                     $6,026,500
Cash and cash equivalents                        376,746
Tenant receivables                                20,324
Escrow deposits                                  214,910
Other assets                                      19,376
                                              ----------
  Total Assets                                 6,657,856
                                              ----------

LIABILITIES
Mortgage note payable (Note 4)                 4,400,000
Accounts payable and accrued expenses            111,409
Reserve for estimated costs during
  the period of liquidation (Note 1)             158,925
Tenant security deposits                          13,090
Due to affiliates                                  3,987
                                              ----------
  Total Liabilities                            4,687,411
                                              ----------
Net Assets in Liquidation                     $1,970,445
                                              ==========














         See notes to consolidated financial statements.


                 BRAUVIN REAL ESTATE FUND L.P. 4
                 (a Delaware limited partnership)



 CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS IN LIQUIDATION
              FOR THE YEAR ENDED DECEMBER 31, 2006
                       (LIQUIDATION BASIS)


Net assets in liquidation at
  January 1, 2006                            $2,557,214

Excess (expenses) over revenue
  from operations                              (607,619)

Adjustment to estimated liquidation costs        20,850
                                             ----------
Net assets in liquidation at
  December 31, 2006                          $1,970,445
                                             ==========

Net assets available to:

  General Partners                            $       --
                                              ==========

  Limited Partners                            $1,970,445
                                              ==========






















         See notes to consolidated financial statements.



                 BRAUVIN REAL ESTATE FUND L.P. 4
                 (a Delaware limited partnership)

 CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS IN LIQUIDATION
              FOR THE YEAR ENDED DECEMBER 31, 2005
                       (LIQUIDATION BASIS)



Net assets in liquidation at
  January 1, 2005, as previously reported     $1,824,095

Restatement to eliminate deferred gain           464,312
                                              ----------
Net assets in liquidation at
  January 1, 2005, as restated                 2,288,407

Excess revenues over expenses
  from operations                                330,057

Adjustment to estimated liquidation costs        (61,250)
                                              ----------
Net assets in liquidation at
  December 31, 2005                           $2,557,214
                                              ==========



Net assets available to:

  General Partners                            $       --
                                              ==========

  Limited Partners                            $2,557,214
                                              ==========













         See notes to consolidated financial statements.


                 BRAUVIN REAL ESTATE FUND L.P. 4
                 (a Delaware limited partnership)


              CONSOLIDATED STATEMENTS OF OPERATIONS
         FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005
                       (LIQUIDATION BASIS)

                               2006          2005
                            ---------    ----------
REVENUE
Rental                     $  708,553    $  732,881
Interest                       20,141         1,748
Other, primarily tenant
  expense reimbursements      144,467       143,634
                           ----------    ----------
  Total revenue               873,161       878,263
                           ----------    ----------

EXPENSES
Interest                      334,707       539,896
Real estate taxes             112,829       122,963
Repairs and maintenance        50,302        26,478
Management fees (Note 5)       49,253        51,431
Other property operating       51,995        47,381
Tenant improvements and
  leasing costs               552,109       200,016
Bad debt expense               28,624        38,956
Franchise and other taxes      57,371        17,503
General and administrative    232,205       187,155
                           ----------    ----------
  Total expenses            1,469,455     1,118,534
                           ----------    ----------

Excess expenses over revenue
  before equity interest     (596,294)     (240,271)

  Equity interest in Sabal
  Palm Joint Venture's
  excess (expenses) over
  revenue                     (11,325)      570,328
                           ----------    ----------
Excess (expenses) over
revenue from operations    $(607,619)    $  330,057
                           =========     ==========






           See notes to consolidated financial statements


                 BRAUVIN REAL ESTATE FUND L.P. 4
                (a Delaware limited partnership)

           NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
         For the years ended December 31, 2006 and 2005

(1)  ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

  Organization

   The  financial statements consolidate the accounts of  Brauvin
Real Estate Fund L.P. 4 (the "Partnership") and a 47% interest in
another  joint venture, which is accounted for using  the  equity
method of accounting.

   The  Partnership  is a Delaware limited partnership  organized
for  the  purpose of acquiring, operating, holding for investment
and  disposing  of  existing  office  buildings,  medical  office
centers,  shopping  centers and industrial and retail  commercial
buildings of a general purpose nature, all in metropolitan areas.
The  General  Partners of the Partnership are  Brauvin  Ventures,
Inc.  and Jerome J. Brault.  Mr. Cezar M. Froelich resigned as  a
director  of the corporate general partner in December 1994,  and
resigned as an Individual General Partner effective 90 days  from
August 14, 1997. Brauvin Ventures, Inc. is owned by A.G.E. Realty
Corporation Inc.(50%), and by Messrs. Brault (beneficially) (25%)
and  Froelich  (25%).   A. G. Edwards & Sons,  Inc.  and  Brauvin
Securities,  Inc., affiliates of the General Partners,  were  the
selling agents of the Partnership.  The Partnership is managed by
an affiliate of the General Partners.

   The  General  Partners of the Partnership filed a Registration
Statement   on  Form  S-11  with  the  Securities  and   Exchange
Commission which became effective on February 16, 1984.  The sale
of  the minimum of $1,200,000 of limited partnership interests of
the  Partnership (the "Units") necessary for the  Partnership  to
commence  operations  was achieved on  April  30,  1984  and  the
Partnership  was  formed.  The Partnership's offering  closed  on
December  31,  1984.   A  total  of  $9,550,000  of  Units   were
subscribed and issued between February 16, 1984 and December  31,
1984 pursuant to the Partnership's public offering.

   Properties  acquired  by the Partnership  either  directly  or
indirectly  through affiliated joint ventures were:  (a)  Fortune
Professional Building (which was sold February 2003); (b) Raleigh
Springs Marketplace; (c) Strawberry Fields Shopping Center (which
was  sold in July 2001 and terminated in 2002) and (d) Sabal Palm
Shopping Center (which was sold in December 2005).

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

   Management's Use of Estimates

   The  preparation  of financial statements in  conformity  with
generally  accepted accounting principles requires management  to
make  estimates and assumptions that affect the reported  amounts
of assets and liabilities and disclosure of contingent assets and
liabilities  at  the  date of the financial  statements  and  the
reported  amounts of revenues and expenses during  the  reporting
period.    Estimates  significant  to  the  financial  statements
include  the  value used for real estate held for sale,  and  the
reserve  for  estimated costs during the period  of  liquidation.
Management has estimated that the remaining property will be sold
and  the  Partnership will liquidate by the end of 2007.   Actual
results could differ from those estimates.

   Basis of Presentation

   As  a  result of the July 12, 1999 authorization by a majority
of the Limited Partners to sell the Partnership's properties, the
Partnership has begun the liquidation process and, in  accordance
with  generally accepted accounting principles, the Partnership's
financial statements for periods subsequent to July 12, 1999 have
been   prepared   on   the  liquidation  basis   of   accounting.
Accordingly, the carrying values of assets are presented at their
net realizable amounts and liabilities are presented at estimated
settlement  amounts,  including estimated costs  associated  with
carrying  out  the  liquidation.  Preparation  of  the  financial
statements   on   a   liquidation  basis   requires   significant
assumptions  by management, including the estimate of liquidation
costs  and  the resolution of any contingent liabilities.   There
may be differences between the assumptions and the actual results
because  events  and circumstances frequently  do  not  occur  as
expected.  Those differences, if any, could result in a change in
the  net  assets  recorded  in the statement  of  net  assets  in
liquidation as of December 31, 2006.

   Estimated Liquidation Costs

   Estimated  costs expected to be incurred during the  remaining
liquidation period through December 31, 2007 include legal  fees,
insurance  costs and other administrative items.  Such  costs  do
not  include  costs  associated with  the  lease  up  of  Raleigh
Springs.

   Actual  results could differ materially from these  estimates.
On  a  regular  basis an evaluation is made of  the  assumptions,
judgments and estimates and changes are recorded, as appropriate.

   Accounting Method

   The  accompanying financial statements have been  prepared  in
accordance with the liquidation basis of accounting.

   Tenant Receivables

   Tenant   receivables  are  comprised   of   (a)   billed   but
uncollected  amounts due for monthly rents and other charges  and
(b)  estimated  unbilled amounts due for tenant reimbursement  of
common  area maintenance charges and property taxes.  Receivables
are  recorded at estimated net realizable value. An allowance for
doubtful  accounts of $30,749 is based on specific identification
of   uncollectible  accounts  and  the  Partnership's  historical
collection experience.

   Federal Income Taxes

   Under  the  provisions  of  the  Internal  Revenue  Code,  the
Partnership's income and losses are reportable by the partners on
their  respective income tax returns.  Accordingly, no  provision
is made for Federal income taxes in the financial statements.

   Principles of Consolidation

   The  Partnership  has one affiliate, Brauvin  Raleigh,  L.L.C.
which  is  owned  100% by the Partnership.  The accounts  of  the
Partnership   have  been  consolidated  with  its  wholly   owned
subsidiary   in  the  accompanying  financial  statements.    All
significant  intercompany  balances and  transactions  have  been
eliminated upon consolidation.

   Investment in Joint Venture Partnership

   The  Partnership  owned a 47% equity interest  in  Sabal  Palm
Joint  Venture  (see  Note 8).  Sabal Palm  was  reported  as  an
investment  in  an  affiliated joint  venture.   The  Partnership
recorded  its proportionate share of income and loss  from  joint
venture operations.

   On  December  7,  2005 the joint venture sold the  Sabal  Palm
property  for  a  gross  sales price of  $4,350,000.   The  joint
venture received net sales proceeds, after repayment of the first
mortgage,  of approximately $1,601,000 and recognized a  gain  on
the  sale  of $1,189,925.  In 2006, the joint venture distributed
all of its cash to its partners and liquidated.

   Investment in Real Estate

   Prior  to the preparation of the financial statements  on  the
liquidation   basis  of  accounting,  the  operating   properties
acquired  by  the  Partnership  were  stated  at  cost  including
acquisition  costs, leasing commissions, tenant improvements  and
net  of  impairment. Depreciation and amortization  expense  were
computed  on a straight-line basis over approximately 31.5  years
and  the  term  of  the  applicable  leases,  respectively.   The
Partnership's  remaining property is subject to a  lien  under  a
first mortgage (see Note 4).

   Subsequent  to  the  adoption  of  the  liquidation  basis  of
accounting,  the  Partnership adjusted  its  investment  in  real
estate  to  estimated net realizable value, which is recorded  as
real   estate  held  for  sale.   Additionally,  the  Partnership
suspended recording any further depreciation expense.

   Cash and Cash Equivalents

   Cash  and  cash  equivalents include all  highly  liquid  debt
instruments  with an original maturity within three  months  from
date of purchase.

   The  Partnership maintains its cash in bank deposit  accounts,
which,  at  times,  may  exceed federally  insured  limits.   The
Partnership  has  not experienced any losses  in  such  accounts.
Management  believes  the  Partnership  is  not  exposed  to  any
significant credit risk related to cash or cash equivalents.

   Estimated Fair Value of Financial Instruments

   In  connection with the adoption of the liquidation  basis  of
accounting  assets  were adjusted to net  realizable  value,  and
liabilities were adjusted to estimated settlement amounts.

   Derivatives and Hedging Instruments

   The  Partnership  has a derivative which  is  valued  at  fair
value. The fair market value of the derivative, the interest rate
cap in Note 4, is not material.

   Restatement

   Under  liquidation basis of accounting, there is no basis  for
retaining  the deferral for gain recognition which  was  required
under   the  going  concern  accounting  principle.   Net  assets
available  for liquidation at January 1, 2005 have been  restated
to increase the net assets available for liquidation by $464,312,
the amount of the previously recorded deferred gain.


(2)  PARTNERSHIP AGREEMENT

   The  Partnership Agreement (the "Agreement") provides that 99%
of  the net profits and losses from operations of the Partnership
for  each  fiscal year shall be allocated to the Limited Partners
and  1%  of  net  profits  and losses from  operations  shall  be
allocated  to  the  General Partners.   The  net  profit  of  the
Partnership  from the sale or other disposition of a  Partnership
property  shall be allocated as follows:  first, there  shall  be
allocated to the General Partners the greater of:  (i) 1% of such
net  profits;  or (ii) the amount distributable  to  the  General
Partners as Net Sale Proceeds from such sale or other disposition
in  accordance with paragraph 2, section K of the Agreement;  and
second,  all remaining profits shall be allocated to the  Limited
Partners.  The net loss of the Partnership from any sale or other
disposition  of  a  Partnership property shall  be  allocated  as
follows:  99% of such net loss shall be allocated to the  Limited
Partners  and  1%  of  such net loss shall be  allocated  to  the
General Partners.

   The  Agreement  provides that distributions of Operating  Cash
Flow,  as defined in the Agreement, shall be distributed  99%  to
the Limited Partners and 1% to the General Partners.  The receipt
by  the General Partners of such 1% of Operating Cash Flow  shall
be  subordinated  to  the  receipt by  the  Limited  Partners  of
Operating  Cash  Flow  equal  to a  10%  per  annum,  cumulative,
non-compounded   return   on  their  Adjusted   Investment   (the
"Preferential  Distribution"), as such term  is  defined  in  the
Agreement.   In  the event the full Preferential Distribution  is
not  made  in  any  year (herein referred to as  a  "Preferential
Distribution Deficiency") and Operating Cash Flow is available in
following  years  in excess of the Preferential Distribution  for
said  year,  then the Limited Partners shall be paid such  excess
Operating  Cash  Flow  until  they  have  been  paid  any  unpaid
Preferential Distribution Deficiency from prior years.  Net  Sale
Proceeds,   as  defined  in  the  Agreement,  received   by   the
Partnership shall be distributed as follows:  (a) first,  to  the
Limited  Partners  until such time as the Limited  Partners  have
been  paid  an  amount  equal to the  amount  of  their  Adjusted
Investment; (b) second, to the Limited Partners until  such  time
as  the  Limited Partners have been paid an amount equal  to  any
unpaid  Preferential Distribution Deficiency; and (c) third,  85%
of  any remaining Net Sale Proceeds to the Limited Partners,  and
the  remaining  15%  of  the Net Sale  Proceeds  to  the  General
Partners.

   At   December   31,   2006,   the  Preferential   Distribution
Deficiency  exceeded  the  potential  liquidation  value  of  the
remaining Partnership assets.


(3)  REAL ESTATE HELD FOR SALE

   As  a  result  of  the  adoption of the liquidation  basis  of
accounting  (Note  1) the Partnership adjusted  its  real  estate
holdings to net realizable value.

   At  December 31, 2006, the amount in real estate held for sale
represents  the  Partnership's estimated value  (net  of  closing
costs) for the Raleigh Springs Marketplace.


(4)  MORTGAGE NOTE PAYABLE

   On  March  11,  2002, the Partnership accepted a  proposal  to
modify the Raleigh Springs Marketplace mortgage loan.  Under  the
terms of the proposal, the maturity date was extended to April 1,
2007.   The  loan, which continued to bear interest  at  10%  per
annum, required monthly installments of principal and interest of
$46,839(based upon a 25 year amortization schedule) with a  final
payment of unpaid interest and principal on April 1, 2007.

   On  November 17, 2005, the Partnership paid off the prior loan
(in  the amount of $3,910,423) from the proceeds from a new first
mortgage  loan  ("First Mortgage") in the amount  of  $4,400,000.
This  loan  requires payments of interest only and had a  twelve-
month  maturity.  In 2006, the Partnership extended the loan  for
an  additional  twelve-month  period  (with  the  payment  of  an
additional  fee of $11,000).  Interest is payable  based  on  the
LIBOR rate plus 2.25%. On December 31, 2006 the interest rate was
approximately 7.60%.

   The  Partnership  was  also required to purchase  an  interest
rate  caps with one year maturity at a cost of $5,000 and  $2,500
at  December 15, 2006 and 2005, respectively.  The interest  rate
caps fixed the LIBOR rate at 6.45%.  The notational amount of the
interest  rate  cap  agreements are identical to  the  notational
amount  of  the  mortgage loan.  The fair  market  value  of  the
interest rate cap agreements at December 31, 2006 and 2005 is $0.

   The  First  Mortgage  also required  the  establishment  of  a
$300,000  escrow  that  can be used for  the  payment  of  tenant
improvements and leasing commissions.  The Partnership  has  been
reimbursed  approximately $229,000 from the  escrow  account  for
improvements related to the Marty's buildout.

   The  First  Mortgage lender also required the  Partnership  to
create  a  special purpose entity, Brauvin Raleigh LLC, which  is
fully owned by the Partnership.  The Partnership transferred  its
ownership  interest  in the Raleigh Springs  Marketplace  to  the
special  purpose  entity.  The Partnership was also  required  to
enter  into a limited guaranty agreement.  Primarily,  under  the
terms  of  the  guaranty agreement the Partnership  will  not  be
personally  liable unless the Partnership or Brauvin Raleigh  LLC
commit  fraud  by  misapplication  or  misappropriation  of  cash
receipts.

   Raleigh  Springs  Marketplace serves as collateral  under  the
respective nonrecourse debt obligation.

(5)  TRANSACTIONS WITH AFFILIATES

   Fees  and  other expenses incurred or payable to  the  General
Partners  or  their affiliates for the years ended  December  31,
2006 and 2005 were as follows:

                                   2006           2005
                                 -------        --------
Management fees                  $ 49,253        $ 51,431
Reimbursable office expenses      110,525         108,122


   The  Partnership  pays management fees  equal  to  6%  of  the
receipts from Raleigh Springs.

   As  of  December  31,  2006,  the  Partnership  had  made  all
payments to affiliates except for $3,987 for management fees.


(6)  OPERATING LEASES

   The   Partnership   is  the  lessor  under   operating   lease
agreements  with  tenants  at  its  remaining  property,  Raleigh
Springs  Marketplace.  The minimum future  rental  income  to  be
received on these operating leases is as follows:

Year ending December 31,
        2007            $  753,705
        2008               707,545
        2009               584,503
        2010               380,188
        2011               328,638
        Thereafter         819,431
                        ----------
        Total           $3,574,010
                        ==========

    At December 31, 2006, AJ Wright occupied approximately 22% of
the   gross   leaseable  square  footage   of   Raleigh   Springs
Marketplace.

   Collection   of  future  rental  income  under   these   lease
agreements  is  subject  to  the  financial  stability   of   the
underlying tenants.


(7)  EQUITY INVESTMENT

   The  Partnership  owned a 47% interest  in  Sabal  Palm  Joint
Venture ("Sabal Palm") and accounted for its investment under the
equity method.

  On  December  7,  2005, the joint venture sold the  Sabal  Palm
property  for  a  gross  sales price of  $4,350,000.   The  joint
venture received net sales proceeds, after repayment of the first
mortgage,  of approximately $1,601,000 and recognized a  gain  on
the  sale of $1,189,925.  Under the terms of the transaction, the
joint  venture was able to bill and retain the 2005  common  area
maintenance reimbursements.  Accordingly, in late December  2005,
the  joint  venture  billed the Sabal Palm tenants  approximately
$75,000  for its common area reimbursement.  In 2006,  the  joint
venture distributed all its cash to its partners and liquidated.

   The  following  are  condensed statements  of  operations  for
Sabal Palm:
                        Liquidation Basis
                For the years ended December 31,

                                  2006              2005
                                --------        ----------
Rental income                   $     --        $  474,057
Other income                       4,182           159,763
                                --------        ----------
                                   4,182           633,820
                                --------        ----------

Mortgage and  other interest          --           156,533
Operating and
 administrative expenses          31,950           453,749
                                --------        ----------
                                  31,950           610,282
                                --------        ----------
Net (loss) income before
  gain on sale of property       (27,768)           23,538

Gain on sale of property              --         1,189,925
                                --------        ----------
Net (loss) income               $(27,768)       $1,213,463
                                ========        ==========














                          EXHIBIT INDEX


Exhibit (21)           Subsidiaries of the Registrant

                           Exhibit 21

Name of Subsidiary                  State of Formation

Brauvin Sabal Palm Joint Venture          Florida

Brauvin Raleigh LLC                      Delaware