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, 2007

                                 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.)

      205 N. Michigan Avenue Chicago, Illinois          60601
       (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 is not required to file reports pursuant  to
Section 13 or 15(d) of the Exchange Act. [ ]

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 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 $900,661.

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
                   2007 FORM 10-KSB ANNUAL REPORT
                               INDEX
                               PART I
                                                             Page
Item 1.   Description of Business                            3

Item 2.   Description of Properties                          4

Item 3.   Legal Proceedings                                  7

Item 4.   Submission of Matters to a Vote of
          Security Holders                                   7

                              PART II
Item 5.   Market for the Issuer's Limited Partnership Interests,
          Related Security Holder Matters and Small
          Business Issuer Purchases of Equity Securities     8

Item 6.   Management's Discussion and Analysis or Plan of
          Operation                                          8

Item 7.   Consolidated Financial Statements
          and Supplementary Data                            14

Item 8.   Changes in and Disagreements with Accountants on
          Accounting and Financial Disclosure               14

Item 8a.  Controls and Procedures                           15

Item 8b.  Other Information                                 16

                              PART III
Item 9.   Directors, Executive Officers, Promoters and
          Control Persons; Compliance with Section 16(a)
          of the Exchange Act                               17

Item 10.  Executive Compensation                            18

Item 11.  Security Ownership of Certain Beneficial Owners
          and Management                                    19

Item 12.  Certain Relationships and Related Transactions    20

Item 13.  Exhibits                                          21

Item 14.  Principal Accountant Fees and Services.           22

Signatures                                                  23

                  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.  The Partnership is  managed  by  an
affiliate of the General Partners.

  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(which  was  sold in December  2007);  (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 were 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.

   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.

Market Conditions/Competition

   Prior  to the sale of its last property, the Partnership faced
active  competition in all aspects of its business  and  competed
with  entities  which owned properties similar in type  to  those
owned  by the Partnership.  Competition existed 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 were  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 was located, population  shifts,
reduced availability and increased cost of financing, changes  in
zoning  laws or changes in patterns of the needs of  users.   The
Partnership  retained  ownership of its  properties  for  periods
longer than anticipated at acquisition.

   Market  conditions  weakened in several markets  resulting  in
lower   cash   flows  than  were  originally  anticipated.    The
Partnership strived to maximize economic occupancy and, as  such,
adjusted rents to attract and retain tenants.

   The  Partnership,  by virtue of its prior  ownership  of  real
estate,  was  subject to federal and state laws  and  regulations
covering  various  environmental  issues.   Management   of   the
Partnership  retained  the services of  third  parties  who  held
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 all prior  real  estate
owned  by  the Partnership was 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,  2006  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.

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.  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.

   On  November  17, 2005, the Partnership paid off its  existing
loan (in the amount of $3,910,423) using the proceeds from a  new
first   mortgage  loan  ("First  Mortgage")  in  the  amount   of
$4,400,000. This loan required payments of interest only and  had
a twelve-month maturity, however, the Partnership had the ability
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 was payable based on the
LIBOR  rate  plus 2.25%. On December 31, 2006 the total  interest
rate was approximately 7.6%. The Partnership was also required to
purchase interest rate caps at a cost of $5,000 and $2,500, which
capped  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 was identical to the notional  amount
of  the loan.  The fair market value of the interest rate cap  at
December  31, 2006 was $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 could be used for the  payment  of  tenant
improvements and leasing commissions.

   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 Raleigh Springs 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.

   Prior  to  the  sale, the outstanding First  Mortgage  balance
encumbered by the property was $4,400,000.

  Raleigh  Springs has two tenants (AJ Wright and Sav A Lot)which
occupy ten percent or more of the rentable square footage.

   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 men's fashion clothing)  executed  a  lease
agreement.   The tenant required significant improvements  to  be
made  to the space prior to its occupancy.  The Partnership  paid
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 began paying rent in April 2007.

   On  December  28, 2007, Brauvin Raleigh, L.L.C., an  affiliate
of  the Partnership, sold the property for a gross sales price of
$7,125,000, which was the Partnership's last property investment.
The  Partnership received net sales proceeds, after repayment  of
the First Mortgage, of approximately $2,423,000 and recognized  a
gain  on the sale of approximately $797,000.  Under the terms  of
the  transaction, the Partnership was able to bill and retain the
2007  common area maintenance and real estate tax reimbursements.
Accordingly,  in early 2008, the Partnership billed  the  Raleigh
Springs    Marketplace   tenants   approximately   $18,000    for
reimbursements.  The Partnership is endeavoring  to  collect  the
remaining receivables from the tenants.

   The    Partnership    was   required   to   provide    certain
representations and warranties to the purchaser  for  six  months
from  the  date  of sale.  The Partnership anticipates  making  a
final  distribution to Unit Holders soon after the expiration  of
the representations and warranties in third quarter of 2008.

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  Interests,
       Related Security Holder Matters and Small Business  Issuer
       Purchases of Equity Securities.

   At  December  31, 2007, there were approximately  478  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  2007
and 2006.

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's  mortgage  notes  payable  was   satisfied
through the sale of Raleigh Springs Marketplace.

   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.

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

Property Status

   Raleigh Springs Marketplace


   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 men's 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 began paying rent in April 2007.

  The   Partnership  made  a  number  of  cosmetic  repairs   and
improvements to the center to improve its marketability for sale.
These improvements included painting and repair of the sign  band
as well as minor parking lot repairs.

   On  November  17, 2005, the Partnership paid off its  existing
loan (in the amount of $3,910,423) using the proceeds from a  new
first   mortgage  loan  ("First  Mortgage")  in  the  amount   of
$4,400,000. This loan required payments of interest only and  had
a twelve-month maturity, however, the Partnership had the ability
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 was payable based on the
LIBOR  rate  plus 2.25%. At December 31, 2006 the total  interest
rate was approximately 7.6%. The Partnership was also required to
purchase interest rate caps at a cost of $5,000 and $2,500, which
capped  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 was identical to the notional  amount
of  the loan.  The fair market value of the interest rate cap  at
December  31, 2006 was $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 could 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 Raleigh Springs 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.

   On  December  28, 2007, Brauvin Raleigh, L.L.C., an  affiliate
of  the Partnership, sold the property for a gross sales price of
$7,125,000, which was the Partnership's last property investment.
The  Partnership received net sales proceeds, after repayment  of
the First Mortgage, of approximately $2,423,000 and recognized  a
gain  on the sale of approximately $797,000.  Under the terms  of
the  transaction, the Partnership was able to bill and retain the
2007  common area maintenance and real estate tax reimbursements.
Accordingly,  in early 2008, the Partnership billed  the  Raleigh
Springs    Marketplace   tenants   approximately   $18,000    for
reimbursements.  The Partnership is endeavoring  to  collect  the
remaining receivables from the tenants.

   The    Partnership    was   required   to   provide    certain
representations and warranties to the purchaser  for  six  months
from  the  date  of sale.  The Partnership anticipates  making  a
final  distribution to Unit Holders soon after the expiration  of
the representations and warranties in third quarter of 2008.

   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   were   affected
primarily   by   the   operations  of  the  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 conducted an in-depth assessment of each
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 were made with the intent of maximizing
the  potential proceeds to the Partnership and, therefore, return
of investment and income to Limited Partners.


Results  of Operations for the years ended December 31, 2007  and
2006

   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  $188,000 for the year ended December 31, 2007 as compared  to
an  excess  of  expenses over revenue of $608,000  for  the  same
period  in 2006.  The $420,000 decrease in expenses over revenues
is  the  result of an increase in total income of $28,000  and  a
decrease in total expense of $381,000.

   Total  revenue  for  the  year ended  December  31,  2007  was
$901,000  as  compared to $873,000 for the same period  in  2006.
The $28,000 increase in total revenue was the result of a $25,000
increase  in  rental income and an increase in  other  income  of
$17,000.  Partially offsetting the increase in rental  and  other
income  was a decrease in interest income of $14,000.   Increases
in rental and other income is primarily the result of an increase
in  Raleigh Springs economic occupancy, related primarily to  the
beginning of rental payments from Marty's in April 2007.

   Total  expenses  for  the year ended December  31,  2007  were
$1,088,000 as compared to $1,469,000 for the same period in 2006.
The $381,000 decrease in total expense was primarily a result  of
a   $545,000   decrease  in  tenant  improvements   and   leasing
commissions, which was substantially related to the 2006  tenancy
costs  of Marty's at Raleigh Springs.  Partially offsetting  this
decrease  was  increases in franchise and other taxes,  operating
expenses  and  interest  expense.   Franchise  and  other   taxes
increased $92,000 in 2007 when compared to 2006, primarily  as  a
result  of  the  state tax gain on the sale of  Raleigh  Springs.
Operating  expenses increased $65,000 in 2007  when  compared  to
2006   as   a  result  of  replacing  certain  heating  and   air
conditioning units at the Raleigh Springs in order to  facilitate
the sale of the property.  Interest expense increased $36,000  in
2007 when compared to 2006 as a result of higher interest rates.


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

       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 did 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.


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 Altschler 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.

  During  the  two  most recent fiscal years 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

Controls and Procedures


  As  of  December  31, 2007, the Partnership's  Chief  Executive
Officer  and  Chief  Financial Officer of the  Corporate  General
Partner,  have  concluded  that the  Partnership's  controls  and
procedures (as defined in Rules 240.13a-15(e) and 15d-15(e) under
the  Securities Exchange Act of 1934, as amended) were  effective
based on the evaluation of these controls and procedures required
by  paragraph  (b)  of  Rule  13a-15 or  Rule  15d-15  under  the
Securities Exchange Act of 1934, as amended.

Management's Report on Internal Control over Financial Reporting

  The  Partnership's management is responsible  for  establishing
and   maintaining  adequate  internal  control   over   financial
reporting  (as  defined in Rule 13a-15(f)  under  the  Securities
Exchange  Act of 1934, as amended).  The Partnership's management
assessed the effectiveness of the internal control over financial
reporting  as  of December 31, 2007.  In making this  assessment,
the  Partnership's management used the  criteria  established  in
Internal Control-Integrated  Framework  issued by  the  Committee
of Sponsoring Organizations  of the Treadway Commission ("COSO").
The   Partnership's   management   has   concluded  that,  as  of
December  31,  2007,  the   internal   control   over   financial
reporting  is  effective  based  on   these  criteria.   Further,
there   were   no   changes in  the Partnership's  controls over
financial  reporting during the quarter ended December 31,  2007,
that  have  materially  affected, or  are  reasonably  likely  to
materially   affect,   the  internal  controls   over   financial
reporting.

  The  Partnership's  management, including the  Chief  Executive
Officer  and  Chief  Financial Officer of the  Corporate  General
Partner,  does  not  expect  that  the  disclosure  controls  and
procedures  of the internal controls will prevent all  error  and
all  fraud.   A control system, no matter how well conceived  and
operated,  can  provide only reasonable, not absolute,  assurance
that the objectives of the control system are met.  Further,  the
design  of a control system must reflect the fact that there  are
resource  constraints,  and  the benefits  of  controls  must  be
considered  relative  to their costs.  Because  of  the  inherent
limitations in all control systems, no evaluation of controls can
provide  absolute assurance that all control issues and instances
of fraud, if any, have been detected.

  This Form 10-KSB does not include an attestation report of  the
Partnership's  registered  public  accounting  firm  pursuant  to
temporary  rules  of the Securities and Exchange Commission  that
permit  the  Partnership to provide only management's  report  in
this Annual Report.


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 74)  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., Brauvin Net Capital Manager, L.L.C, Brauvin Walton,
L.L.C.  and Brauvin Net Lease, L.L.C.  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 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 47) 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.   Mr.  Brault is executive vice president and  assistant
secretary  and  is  responsible for  the  overall  operations  of
Brauvin  Management Company. He is a manager of  Brauvin  Capital
Trust,  L.L.C.,  BA/Brauvin L.L.C., Brauvin Net Capital,  L.L.C.,
Brauvin  Walton L.L.C. and Brauvin Net Lease, L.L.C.  He  is  the
president  of  Brauvin  Net Lease, 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 41) is the  treasurer  and  chief
financial  officer  of the Corporate General  Partner  and  other
affiliates of the Corporate General Partner.  Mr. Murphy is  also
the  chief  financial  officer  of  Brauvin  Management  Company,
Brauvin Financial, Inc., Brauvin Securities, Inc. and Brauvin Net
Lease,  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 2 and 4 of the Notes  to
Consolidated  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 2007 and 2006.

  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 4  of  the  Consolidated
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 2007 will be sent
        to the Limited Partners subsequent to this filing.






Item 14.  Principal Accountant Fees and Services

  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 and audit-related services  provided  by
McGladrey & Pullen, LLP ("M&P") for the years ended December  31,
2007 and 2006 amounted to $29,100 and $26,600, respectively.

  Tax  compliance services for 2007 and 2006 were provided by RSM
McGladrey,  Inc.  for which fees amounted to $6,500  and  $3,975,
respectively.

  During the years ended December 31, 2007 and 2006, M&P 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  are
required to be and have been pre-approved.



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



                             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: March 31, 2008






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



         CERTIFICATION FOR SARBANES-OXLEY SECTION 302(A)
           CERTIFICATE OF THE CHIEF EXECUTIVE OFFICER

I, Jerome J. Brault, 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  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: March 31, 2008




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


         CERTIFICATION FOR SARBANES-OXLEY SECTION 302(A)
           CERTIFICATE OF THE CHIEF FINANCIAL OFFICER


I, Thomas E. Murphy, 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  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: March 31, 2008





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


                           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, 2007, 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:  March 31, 2008



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

                         DATE:  March 31, 2008





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



     INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

                                                          Page

Report of Independent Registered Public Accounting Firm   F-2

Consolidated Statement of Net Assets in Liquidation
as of December 31, 2007                                   F-3

Consolidated Statement of Changes in Net Assets
in Liquidation for the year ended
December 31, 2007  (Liquidation Basis)                    F-4

Consolidated Statement of Changes in Net Assets
in Liquidation for the year ended
December 31, 2006  (Liquidation Basis)                    F-5

Consolidated Statements of Operations for the years ended
December 31, 2007 and 2006 (Liquidation Basis)            F-6

Notes to Consolidated Financial Statements                F-7

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, 2007 and the related  consolidated
statements  of  changes  in  net  assets  in  liquidation  and  of
operations for each of the two years in the period ended  December
31,  2007.   These financial statements are the responsibility  of
the Partnership's management.  Our responsibility is to express an
opinion on these financial statements based on our audit.

We  conducted our audits 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 audits  provide  a  reasonable
basis for our opinion.

In  our opinion, the 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 as of December 31, 2007, and the changes in  their  net
assets in liquidation and the results of their operations for each
of  the  two  years  in  the period ended  December  31,  2007  in
conformity with U.S. generally accepted accounting principles.

We  were  not engaged to examine management's assertion about  the
effectiveness of Brauvin Real Estate Fund L.P. 4 and  subsidiary's
internal control over financial reporting as of December 31,  2007
included  in  the  accompanying Management's  Report  on  Internal
Control  Over  Financial  Reporting and, accordingly,  we  do  not
express as opinion theron.

/s/ McGladrey & Pullen, LLP
Chicago, Illinois
March 31, 2008




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



    CONSOLIDATED STATEMENT OF NET ASSETS IN LIQUIDATION AS OF
              DECEMBER 31, 2007 (LIQUIDATION BASIS)


ASSETS

Cash and cash equivalents                     $2,896,332
Tenant receivables                                27,949
Escrow deposits                                   27,370
                                              ----------
  Total Assets                                 2,951,651
                                              ----------

LIABILITIES

Accounts payable and accrued expenses            209,642
Reserve for estimated costs during
  the period of liquidation (Note 1)             260,069
Due to affiliates                                  3,273
                                              ----------
  Total Liabilities                              472,984
                                              ----------

Net Assets in Liquidation                     $2,478,667
                                              ==========









         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, 2007
                       (LIQUIDATION BASIS)


Net assets in liquidation at
  January 1, 2007                            $1,970,445

Excess expenses over revenue
  from operations                              (187,594)

Gain on sale of property                        796,960

Adjustment to estimated liquidation costs      (101,144)
                                             ----------
Net assets in liquidation at
  December 31, 2007                          $2,478,667
                                             ==========



Net assets available to:

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

  Limited Partners                            $2,478,667
                                              ==========












         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 STATEMENTS OF OPERATIONS
         FOR THE YEARS ENDED DECEMBER 31, 2007 AND 2006
                       (LIQUIDATION BASIS)

                               2007          2006
                           ----------    ----------
REVENUE
Rental                     $  733,452    $  708,553
Interest                        5,994        20,141
Other, primarily tenant
  expense reimbursements      161,215       144,467
                           ----------    ----------
  Total revenue               900,661       873,161
                           ----------    ----------

EXPENSES
Interest                      371,295       334,707
Real estate taxes             116,359       112,829
Repairs and maintenance        41,339        50,302
Management fees (Note 4)       51,786        49,253
Other property operating      117,332        51,995
Tenant improvements and
  leasing costs                 6,945       552,109
Bad debt expense               32,866        28,624
Franchise and other taxes     149,135        57,371
General and administrative    201,198       232,265
                           ----------    ----------
  Total expenses            1,088,255     1,469,455
                           ----------    ----------

Excess expenses over revenue
  before equity interest     (187,594)     (596,294)

  Equity interest in Sabal
  Palm Joint Venture's
  excess expenses over
  revenue                          --       (11,325)
                           ----------    ----------

Excess expenses over
revenue from operations    $ (187,594)   $ (607,619)
                           ==========    ==========


           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, 2007 and 2006


(1)  ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

  Organization

   The  financial statements consolidate the accounts of  Brauvin
Real  Estate  Fund  L.P. 4 and its wholly owned  subsidiary  (the
"Partnership") and include, through June 30, 2006, a 47% interest
in  a  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.  The Partnership is  managed  by  an
affiliate of the General Partners.

   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(which was sold in December 2007); 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 revenue and expenses during  the  reporting
period.    Estimates  significant  to  the  financial  statements
include  the  reserve for estimated costs during  the  period  of
liquidation.  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 began 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, 2007.

   Estimated Liquidation Costs

   Estimated  costs expected to be incurred during the  remaining
liquidation period through June 30, 2008 include legal  fees  and
other administrative items.

   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 $17,226 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

   Until  June  30,  2006, the Partnership  owned  a  47%  equity
interest  in Sabal Palm Joint Venture (see Note 5).   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.

   Subsequent  to  the  adoption  of  the  liquidation  basis  of
accounting,  the  Partnership adjusted  its  investment  in  real
estate  to estimated net realizable value, which was 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

   In   June  1998,  the  Financial  Accounting  Standards  Board
("FASB")  issued Statement of Financial Accounting Standards  No.
133,   "Accounting   for  Derivative  Instruments   and   Hedging
Activities" ("SFAS 133"), which requires that all derivatives  be
recognized   as  assets  and  liabilities  in  the   consolidated
statements of net assets in liquidation and be measured  at  fair
value  and any change in fair value recorded in the statement  of
operations.   SFAS  133 also requires changes in  fair  value  of
derivatives  to  be recorded each period in current  earnings  or
comprehensive  income  depending  on  the  intended  use  of  the
derivatives.   In  June, 2000, the FASB issued  SFAS  138,  which
amends  the  accounting and reporting standards of SFAS  133  for
certain derivatives and certain hedging activities.  SFAS 133 and
SFAS  138  were adopted by the Partnership effective  January  1,
2001.


(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,   2007,   the  Preferential   Distribution
Deficiency  exceeded  the  potential  liquidation  value  of  the
remaining Partnership assets.


(3)  MORTGAGE NOTE PAYABLE

   On  November 17, 2005, the Partnership paid off the prior loan
(in   the  amount  of  $3,910,423)  secured  by  Raleigh  Springs
Marketplace  using  the proceeds from a new first  mortgage  loan
("First  Mortgage")  in  the  amount  of  $4,400,000.  This  loan
required  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 was payable based on the LIBOR  rate
plus 2.25%.

   The  Partnership was also required to purchase  interest  rate
caps  with one year maturities 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 notional  amount  of  the
interest  rate  cap  agreements were identical  to  the  notional
amount  of  the  mortgage loan.  The fair  market  value  of  the
interest rate cap agreements at December 31, 2006 was $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  First  Mortgage lender also required the  Partnership  to
create a special purpose entity, Brauvin Raleigh L.L.C., 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 served as collateral  under  the
respective nonrecourse debt obligation.

   On  December 31, 2007, the Partnership paid off the balance of
the   note  with  proceeds  from  the  sale  of  Raleigh  Springs
Marketplace.


(4)  TRANSACTIONS WITH AFFILIATES

   Fees  and  other expenses incurred or payable to  the  General
Partners  or  their affiliates for the years ended  December  31,
2007 and 2006 were as follows:

                                   2007           2006
                                 -------        -------
Management fees                  $51,786        $49,253
Reimbursable office expenses     117,900        110,525


   The  Partnership  paid management fees  equal  to  6%  of  the
receipts  (as  defined)  from  the  Raleigh  Springs  Marketplace
property.

   As  of  December  31,  2007,  the  Partnership  had  made  all
payments to affiliates except for $3,273 for management fees.


(5)  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.


(6) PROPERTY SALE

   On  December 28, 2007, Brauvin Raleigh, L.L.C., the  affiliate
of the Partnership, sold the Raleigh Springs Marketplace property
for   a   gross  sales  price  of  $7,125,000,  which   was   the
Partnership's last property investment.  The Partnership received
net  sales  proceeds, after repayment of the First  Mortgage,  of
approximately  $2,423,000 and recognized a gain on  the  sale  of
approximately $797,000.  Under the terms of the transaction,  the
Partnership  was  able to bill and retain the  2007  common  area
maintenance and real estate tax reimbursements.  Accordingly,  in
early   2008,   the   Partnership  billed  the  Raleigh   Springs
Marketplace  tenants  approximately $18,000  for  reimbursements.
The   Partnership  is  endeavoring  to  collect   the   remaining
receivables from the tenants.

   The    Partnership    was   required   to   provide    certain
representations and warranties to the purchaser  for  six  months
from  the  date  of sale.  The Partnership anticipates  making  a
final  distribution to Unit Holders soon after the expiration  of
the representations and warranties in third quarter of 2008.


(7)  SUBSEQUENT EVENT

   On  March  10,  2008, the Partnership made a  distribution  to
Unit Holders in the amount of $1,000,000.






















                          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