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, 2003

                                  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]

State issuer's revenues for its most recent fiscal year $812,057.

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
                    2003 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. . . . . . . . . . . . . . . . . . . . .14

Item 4.     Submission of Matters to a Vote of
            Security Holders . . . . . . . . . . . . . . . . . . . . .14

                               PART II
Item 5.     Market for the Issuer's Limited Partnership
            Interests and Related Security Holder Matters. . . . . . .15

Item 6.     Management's Discussion and Analysis or Plan of
            Operation. . . . . . . . . . . . . . . . . . . . . . . . .15

Item 7.     Consolidated Financial Statements
            and Supplementary Data . . . . . . . . . . . . . . . . . .23

Item 8.     Changes in and Disagreements with Accountants on
            Accounting and Financial Disclosure. . . . . . . . . . . .23

Item 8a.    Controls and Procedures. . . . . . . . . . . . . . . . . .24

                               PART III
Item 9.     Directors, Executive Officers, Promoters and
            Control Persons; Compliance with Section 16(a)
            of the Exchange Act. . . . . . . . . . . . . . . . . . . .25

Item 10.    Executive Compensation . . . . . . . . . . . . . . . . . .27

Item 11.    Security Ownership of Certain Beneficial Owners
            and Management . . . . . . . . . . . . . . . . . . . . . .27

Item 12.    Certain Relationships and Related Transactions . . . . . .28

Item 13.    Exhibits, Consolidated Financial Statements and
            Reports on Form 8-K. . . . . . . . . . . . . . . . . . . .28


Item 14.  Principal Accountant Fees and Services. . . . . . . . . . . 29


Signatures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .31

                               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.

     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, 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.

     On June 20, 2001, the Partnership received an unsolicited tender
offer to purchase up to 4,770 of the outstanding Units for $100 per
Unit.  The offer was made by a group that beneficially owned the
economic interests with respect to approximately 18.95% of the
outstanding Units.  The offer period expired on August 17, 2001.
Subsequent to August 17, 2001 the tender offer was increased to $120
per unit and the term was extended to October 1, 2001.   As of October
1, 2001, 461 economic interests were transferred as a result of this
tender offer.  Upon completion of the Offer, the purchasers held an
aggregate of approximately 2,270.75 interests, or approximately 24% of
the total outstanding Units.  Included in the aggregate total of
2,270.75 are 166.75 Units that were purchased on the secondary market.

     The General Partners remained neutral as to the particular merits
or risks associated with this tender offer.  The General Partners
cautioned that the ultimate amount actually received by each Limited
Partner who did not tender their Units would be affected by items
including, but not limited to, the timing of the liquidation of the
assets, changes in market conditions, necessary Partnership reserves
and the sales prices that can be negotiated.

     The General Partners further informed the Limited Partners that,
for those investors who are primarily interested in liquidating their
Units immediately, the tender offer provided such an opportunity.

     In 2001, the Strawberry Joint Venture received an offer to purchase
Strawberry Fields for $5.585 million.  Syms, one of the tenants at
Strawberry Fields, exercised its right of first refusal on the sale of
the property.  Accordingly, the Strawberry Joint Venture executed a
purchase and sale agreement with Syms for $5.585 million in the second
quarter of 2001, and on July 20, 2001 Strawberry Fields was sold to
Syms for the contract price.  At closing, the Strawberry Joint Venture
received net sales proceeds of approximately $299,000.

     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
properties with many established and experienced firms, as well as
individuals and entities who own single properties similar to those
owned by the Partnership.  The Partnership, therefore, expects keen
competition in connection with the sale of its properties.

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 those 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 properties
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 $10.68 per square foot in 2003($14.35 per square foot in
2002). The average rental rates for non-anchor tenants at Sabal Palm in
Palm Bay, Florida have decreased from approximately $10.88 per square
foot in 1995 to approximately $9.13 per square foot in 2003($10.28 per
square foot in 2002).

     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 all real
estate 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, 2002 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 67% occupied at December 31, 2003.  The national
anchor tenants are Toys "R" Us and Sav A Lot.

     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%.  Since November 1992 and 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 an extension of the
terms 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, which continues to bear
interest at 10% per annum, requires 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 due on April 1,
2007.

     The outstanding mortgage balance encumbered by the property was
$4,203,210 at December 31, 2003.

     The economic occupancy rate and average annual base rent per square
foot at December 31, 2003 and 2002 were as follows:

                                       2003       2002
   Occupancy Rate                      67%        65%
   Average Annual Base
    Rent Per Square Foot               $7.77     $7.84


   Raleigh Springs has two tenants which occupy ten percent or more of
the rentable square footage.  The following is a summary of the tenant
rent roll at December 31, 2003:

                             Annual             Lease
                  Square     Base  Expiration  Renewal     Nature of
Tenant             Feet      Rent    Date      Options     Business
Toys "R" Us       36,416  $226,264  10/2017   10/5 yrs ea. Toy Store
Sav A Lot         13,400    72,360  12/2004   1/4yr/3/5yr   Grocery
Others            27,050   288,834  Various    Various
Vacant            37,404        --
                 114,270  $587,458


    T.J. Maxx, a former anchor tenant, vacated its space in January 1996.
During the third quarter of 1996 a health group signed a $9.00 per
square foot lease for approximately 40% of the T.J. Maxx space.  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 first quarter of
2002, the health group gave notice to the Partnership that it would
vacate the 9,500 square feet it occupied at the expiration of its base
term which occurred in April, 2002.  Raleigh Springs is currently and
will remain in a negative cash flow position until this space is
released.  In the first quarter of 2004, the Partnership reached an
agreement in princiapl with a national clothing retailer to take
approximately 25,000 square feet of part of the space currently leased
to Toys "R" Us.  If the Partnership is successful in negotiating a
lease with the prospective tenant, the lease will require substantial
reconfiguration to the existing space and tenant improvements.  This
potential lease is subject to a successful termination and buyout of
the existing Toys "R" Us lease.  The Partnership is currently
negotiating with Toys "R" Us for the termination and a substantial
buyout payment of Toys "R" Us to the Partnership.  The Partnership
anticipates the payment will cover all of the conversion and tenant
build out costs required by the new potential tenant. There can be no
assurance that the Partnership will ultimately be able to negotiate the
lease or the successful buyout of the Toys "R" Us lease.  In addition,
the Partnership is in discussion with a rent-to-own retailer for the
remaining 10,000 square feet of the Toys "R" Us lease.  The Partnership
is in preliminary discussions with two other sizable tenants.  The
Partnership is in discussions with a potential user for the 9,500
square feet previously leased to a health care provider.  There can be
no assurance that these preliminary discussions will ultimately result
in consummation of actual leases.  Separately, the Partnership has
recently leased approximately 4,800 square feet to a liquor store.

     In 2000, the Partnership received three offers for Raleigh Springs.
The offers ranged from $5.625 million to $6.2 million.  The Partnership
successfully negotiated an increase in the highest offer to $6.5
million and subsequently accepted this offer.  The Partnership executed
the contract for sale.  The buyer had a 45 day due diligence period
during which it could formally accept or reject the sale.  Late in the
third quarter the Partnership received notice that the potential
purchaser terminated the contract.  After extensive negotiation, the
contract was reinstated at $5,835,000.  However, the potential
purchaser again rejected the contract in March, 2001.


(b) Fortune Professional Building ("Fortune")

     On September 15, 1985, the Partnership acquired an 80% equity
interest in Fortune, a two-story, approximately 28,000 square foot
office building located in Albuquerque, New Mexico.  The Partnership
purchased its 80% equity interest in Fortune for $1,888,000, consisting
of approximately $768,000 in cash at closing and the assumption of 80%
of the existing $1,400,000 first mortgage loan obtained from United of
Omaha Life Insurance Company.

     Fortune was required to make a balloon mortgage payment in July
1997 of approximately $934,000.  On June 26, 1997, the Partnership
obtained the Replacement Loan in the amount of $875,000 secured by
Fortune, from American National Bank and Trust Company.  In connection
with the funding of the Replacement Loan, the Partnership was required
to reduce the outstanding principal balance of the original mortgage
loan by approximately $59,000, out of cash and cash equivalents, to
release the original mortgage loan and pay loan fees of approximately
$33,000.  The Replacement Loan had a floating interest rate based on
American National Bank's prime rate plus one half percent.  Principal
was amortized at $5,000 per month.  In the third quarter of 2002 the
Partnership made a $50,000 principal payment.  The Replacement Loan had
been extended through June 30, 2003.

     Fortune was constructed in 1982 by the previous owner, Rademacher,
Peixotto and Bradford ("RP&B"), a New Mexico general partnership.  RP&B
originally retained a 20% minority interest in Fortune.  Pursuant to
the purchase agreement, the Partnership received 80% of the cash flow
after the payment of Fortune's debt service and RP&B guaranteed a
$69,120 annual return through September 15, 1987.  In 1987, the
Partnership instituted legal proceedings against RP&B for failing to
fulfill its obligations to the Partnership, as discussed above, and
RP&B was removed as manager of Fortune.  The Partnership subsequently
negotiated a settlement of the litigation in 1988 whereby RP&B assigned
its 20% interest in Fortune to the Partnership.

     On February 4, 2003, Fortune was sold for a gross sales price of
$1,050,000.  Gain on the sale of the property was approximately
$13,900.


(c) 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
has a 47% interest and BREF 5 has a 53% interest in the joint venture
which owns Sabal Palm.  The purchase was funded with $2,724,000 cash at
closing and a $3,200,000 interim loan.  On February 19, 1987, the joint
venture obtained a first mortgage loan in the amount of $3,200,000
collateralized by Sabal Palm from an unaffiliated lender.  The loan was
payable with interest only at 9.5% per annum until February 1992, and
required payments of principal and interest based on a 30 year
amortization schedule.

     Sabal Palm is 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
and is anchored by a Sav A Lot and Walgreens (which has subsequently
sublet its space as detailed below).  Sabal Palm has several
outparcels, which are not owned by the Partnership, but which add to
the center's appearance and customer activity.  Sabal Palm had a 58%
economic occupancy at December 31, 2003.  However, in the first quarter
of 2004, the joint venture executed a lease with Family Dollar, a
national dollar store retailer.  The lease is for 10,675 square feet
(approximately 12% of the center) and runs through December 2013.  With
this lease, the effective occupancy of the center will increase to 70%.

     The tenant is making substantial improvements to the existing
space.  At completion, the joint venture will be required to reimburse
the tenant $123,000.  In addition, the joint venture will be making a
number of other repairs and improvements to the center to improve its
marketability for sale.  This improvement will include roof repair (and
repainting) and parking lot repairs including restriping.

     Sabal Palm was required to make a balloon mortgage payment in
February 1997. Prior to the scheduled maturity of the First Mortgage
Loan, the lender granted Sabal Palm an extension until April 1, 1997.
On March 31, 1997, Sabal Palm obtained a first mortgage loan in the
amount of $3,200,000 (the "First Mortgage Loan"), secured by its real
estate, from NationsBanc Mortgage Capital Corporation.  The First
Mortgage Loan bears interest at the rate of 8.93% per annum, is
amortized over a 25-year period, requires monthly payments of principal
and interest of approximately $26,700 and matured on March 26, 2002.
A portion of the proceeds of the First Mortgage Loan, approximately
$3,077,000, was used to retire Sabal Palm's existing mortgage from
Lincoln National Pension Insurance Company.

     On August 7, 2000, Sabal Palm was given notice that Walgreens will
vacate the space prior to its lease termination of April 30, 2005.
Walgreens moved out, however, it remains liable for rental payments
under its lease with Sabal Palm. The joint venture and Walgreens
reached an agreement with a subtenant for the occupancy of this space
through the initial term ending in April 2005.  Subsequently, the joint
venture entered into a new direct lease with the replacement tenant for
this space through June 30, 2007.

     In the second  quarter of 1998, Winn-Dixie vacated its space at the
center.   Winn-Dixie failed to timely pay its rental obligation for
November and December 2001 and January through March 2002.

     As a result of Winn-Dixie's lease default, in the third quarter of
2001, Sabal Palm recorded an adjustment to liquidation basis of
$114,367 related to an other than temporary decline in the value of
real estate for Sabal Palm.

     In the fourth quarter of 2001, Sabal Palm recorded a further
adjustment to liquidation basis of $7,508 related to an other than
temporary decline in the value of real estate at Sabal Palm.

     Due to non-payment of Winn-Dixie's rental obligations, the joint
venture did not make its mortgage payments for Sabal Palm in November
and December 2001 and January through March 2002 thus resulting in a
default on its loan.  In April 2002, the joint venture and the lender
agreed to a twelve month extension of the existing mortgage loan.  The
loan extension was subject to the lease termination of Winn-Dixie and
Winn-Dixie's payment of a $300,000 termination fee and payment of all
past due amounts thus curing the default.  As a requirement of the
extension, the joint venture and the lender agreed to use the proceeds
from the termination to redemize the former Winn-Dixie space into three
spaces as well as certain other improvements to the center.  The joint
venture has signed a lease with Sav A Lot, a national grocery chain,
for 14,350 square feet (one of the demized spaces).  Sav A Lot took
occupancy of its space in October, 2002.    In addition, in the first
quarter of 2004 the joint venture executed a  lease  with Family Dollar
(a national discount retailer) to lease approximately 10,675 square
feet (another one of the demized spaces). The joint venture has also
received renewed expressions of interest for the potential sale of the
property.  There can be no assurance that a sale will be consummated;
however, the joint venture is continuing to evaluate its opportunities.

     On March 17, 2003, the joint venture obtained a loan commitment
from AmSouth Bank in the amount of $3,250,000.  The loan proposal
provides  for payment of interest only for a 24-month term subject to
various tests to be met at a six-month period from close and a nine-
month period from close.  If these tests are not met the joint venture
can be required to reduce the principal outstanding by a cumulative
amount ranging from $250,000 to $500,000 depending on the test.

    On April 29, 2003, the Sabal Palm joint venture closed on the
$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 joint
venture expects to use the remaining proceeds primarily to finance
certain tenant improvements and leasing costs.

    In January 2004, Sabal Palm was not in compliance with the net
operating income requirement established in the loan and as a result
the lender has a right to require a repayment of principal from the
joint venture in an amount not to exceed $500,000.  The lender has not
requested this repayment from the joint venture.

    The new loan bears interest at LIBOR plus 2.85% and is payable
interest only monthly until maturity (May 3, 2005) at which time all
unpaid interest and principal is due.  The loan is 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 have each guaranteed the repayment of 50% of the joint venture
obligations under the loan documents and the manager has agreed to
subordinate payment of the management fee to the payment of the loan
obligations.

    Additionally, the lender has 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.

    The carrying value of Sabal Palm approximated $3,028,000 at
December 31, 2003.

    The economic occupancy rate and average annual base rent per
square foot at December 31, 2003 and 2002 were as follows:



                                        2003   2002
   Occupancy Rate                      58%      56%

   Average Annual Base
    Rent Per Square Foot               $7.52   $5.29


     Sabal Palm has two tenants that individually occupy ten percent or
more of the rentable square footage.  The following is a summary of the
tenant rent roll at December 31, 2003:

                       Annual    Lease
              Square    Base    Expiration  Renewal     Nature of
Tenant         Feet     Rent      Date       Options    Business
Sav A Lot     14,350 $ 79,765   10/2012    5/5 yrs ea.  Food Store
Walgreens     13,000   81,252    4/2005(a) 2/5 yrs ea.  Drug Store
Others        24,125  220,189    Various    Various
Vacant        37,458       --
              88,933 $381,206

  (a) Tenant has a right to terminate lease in April, 2005.


Risks of Ownership

     The possibility exists that the tenants of the Partnership's
properties 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.

                               PART II

Item 5.  Market for the Issuer's Limited Partnership Interests
         and Related Security Holder Matters.

     At December 31, 2003, there were approximately 607 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 2003 and
2002.

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 the properties.  Mortgage notes payable are
expected to be satisfied through property sales.

     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.

     The Partnership intends to sell the properties under a closed bid
process which will include identification of target buyers with proven
financing ability and performance of certain evaluations of the
properties, 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

     Fortune Office Building

     Fortune was required to make a balloon mortgage payment in July
1997 of approximately $934,000.  On June 26, 1997, the Partnership
obtained the Replacement Loan in the amount of $875,000 secured by
Fortune, from American National Bank and Trust Company.  In connection
with the funding of the Replacement Loan, the Partnership was required
to reduce the outstanding principal balance of the original mortgage
loan by approximately $59,000, out of cash and cash equivalents, to
release the original mortgage loan and pay loan fees of approximately
$33,000.  The Replacement Loan had a floating interest rate based on
American National Bank's prime rate plus one half percent.  Principal
was amortized at $5,000 per month.  In the third quarter the
Partnership made a $50,000 principal payment.  The Replacement Loan was
extended through June 30, 2003.

     In 2002, the Partnership made a number of cosmetic improvements to
the property to help attract potential purchasers. In the third quarter
of 2002, the Partnership received two offers for the sale of the
property.    The Partnership negotiated the terms of a letter of intent
with the most attractive offer.

     On February 4, 2003, the Fortune property was sold for a gross
sales price of $1,050,000.  Net proceeds delivered to the Partnership
at closing, inclusive of closing costs and prorations, was
approximately $580,000.  The Partnership has recorded a gain of
approximately $13,900 on the sale of this property.


     Raleigh Springs Marketplace

     In 1996, Raleigh Springs lost an anchor tenant, T.J. Maxx, which
occupied 21% of the total space.  In November 1996, Methodist Hospital
entered into a lease for approximately 9,500 square feet.  The
remaining space was leased to a carpet supplier.  This tenant moved to
a smaller space in the first quarter of 2001 and, due to nonpayment of
rent, was evicted.  The occupancy rate at Raleigh at December 31, 2003
was 67%, compared to 65% at December 31, 2002.

     T.J. Maxx, a former anchor tenant, vacated its space in January
1996.  During the third quarter of 1996 a health group signed a $9.00
per square foot lease for approximately 40% of the T.J. Maxx space.  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 first quarter
of 2002, the health group gave notice to the Partnership that it would
vacate the 9,500 square feet it occupied at the expiration of its base
term which occurred in April, 2002.  Raleigh Springs is currently and
will remain in a negative cash flow position until this space is
released.  In the first quarter of 2004, the Partnership reached an
agreement in princiapl with a national clothing retailer to take
approximately 25,000 square feet of part of the space currently leased
to Toys "R" Us.  If the Partnership is successful in negotiating a
lease with the prospective tenant, the lease will require substantial
reconfiguration to the existing space and tenant improvements.  This
potential lease is subject to a successful termination and buyout of
the existing Toys "R" Us lease.  The Partnership is currently
negotiating with Toys "R" Us for the termination and a substantial
buyout payment of Toys "R" Us to the Partnership.  The Partnership
anticipates the payment will cover all of the conversion and tenant
build out costs required by the new potential tenant. There can be no
assurance that the Partnership will ultimately be able to negotiate the
lease or the successful buyout of the Toys "R" Us lease.  In addition,
the Partnership is in discussion with a rent-to-own retailer for the
remaining 10,000 square feet of the Toys "R" Us lease.  The Partnership
is in preliminary discussions with two other sizable tenants.  The
Partnership is in discussions with a potential user for the 9,500
square feet previously leased to a health care provider.  There can be
no assurance that these preliminary discussions will ultimately result
in consummation of actual leases.  Separately, the Partnership has
recently leased approximately 4,800 square feet to a liquor store.

     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%.  Since November 1992 and 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 an extension of the
terms 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.  The maturity date has been extended to April 1,
2007 and continues to bear interest at 10% per annum.  The loan will
continue to require 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 due on April 1, 2007.


     Sabal Palm Shopping Center

     Sabal Palm was required to make a balloon mortgage payment in
February 1997. Prior to the scheduled maturity of the First Mortgage
Loan, the lender granted Sabal Palm an extension until April 1, 1997.
On June 30, 1997, Sabal Palm obtained a first mortgage loan in the
amount of $3,200,000 (the "First Mortgage Loan") secured by its real
estate, from NationsBanc Mortgage Capital Corporation.  The First
Mortgage Loan bears interest at the rate of 8.93% per annum, is
amortized over a 25-year period, requires monthly payments of principal
and interest of approximately $26,700 and matured on March 26, 2002.
A portion of the proceeds of the First Mortgage Loan, approximately
$3,077,000 was used to retire Sabal Palm's existing mortgage from
Lincoln National Pension Insurance Company.

     On August 7, 2000, Sabal Palm was given notice that Walgreens will
vacate the space prior to its lease termination of April 30, 2005.
Walgreens moved out, however, it remains liable for rental payments
under its lease with Sabal Palm. The joint venture and Walgreens
reached an agreement with a subtenant for the occupancy of this space
through the initial term ending in April 2005.  Subsequently, the joint
venture entered into a new direct lease with the replacement tenant for
this space through June 30, 2007.

    In the second  quarter of 1998, Winn-Dixie vacated its space at the
center.   Winn-Dixie failed to timely pay its rental obligation for
November and December 2001 and January through March, 2002.

     As a result of Winn-Dixie's lease default, in the third quarter of
2001, Sabal Palm recorded an adjustment to liquidation basis of
$114,367 related to an other than temporary decline in the value of
real estate for Sabal Palm.

     In the fourth quarter of 2001, Sabal Palm recorded a further
adjustment to liquidation basis of $7,508 related to an other than
temporary decline in the value of real estate at Sabal Palm.

     Due to non-payment of Winn-Dixie's rental obligations, the joint
venture did not make its mortgage payments for Sabal Palm in November
and December 2001 and January through March 2002 thus resulting in a
default on its loan.  In April 2002, the joint venture and the lender
agreed to a twelve month extension of the existing mortgage loan.  The
loan extension was subject to the lease termination of Winn-Dixie and
Winn-Dixie's payment of a $300,000 termination fee and payment of all
past due amounts thus curing the default.  As a requirement of the
extension, the joint venture and the lender agreed to use the proceeds
from the termination to redemize the former Winn-Dixie space into three
spaces as well as certain other improvements to the center.  The joint
venture has signed a lease with Sav A Lot, a national grocery chain,
for 14,350 square feet (one of the demized spaces).  In addition, the
joint venture is in lease negotiations with a potential tenant to lease
approximately 10,675 square feet (another one of the demized spaces).
The joint venture has also received renewed expressions of interest for
the potential sale of the property.  There can be no assurance that
either the potential lease or sale will be consummated; however, the
joint venture is continuing to evaluate both opportunities.

     In total, Sabal Palm has received six offers on the property
ranging in price from $2.2 million to $3.4 million.   The Partnership
continues to market the property for sale.  With the recent execution
of the Family Dollar lease for 12% of the center, the Partnership
anticipate that potential sales activity will improve in 2004.

     On March 17, 2003, the joint venture obtained a loan commitment
from AmSouth Bank in the amount of $3,250,000.  The loan proposal
provides  for payment of interest only for a 24-month term subject to
various tests to be met at a six-month period from close and a nine-
month period from close.  If these tests are not met the joint venture
will be required to reduce the principal outstanding by a cumulative
amount ranging from $250,000 to $500,000 depending on the test.

     On April 29, 2003, the Sabal Palm joint venture closed on the
$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 joint
venture expects to use the remaining proceeds primarily to finance
certain tenant improvements and leasing costs.

     In January 2004, Sabal Palm was not in compliance with the net
operating income requirement established in the loan and as a result
the lender has a right to require a repayment of principal from the
joint venture in an amount not to exceed $500,000.  The lender has not
requested this repayment from the joint venture.

     The new loan bears interest at LIBOR plus 2.85% and is payable
interest only monthly until maturity (May 3, 2005) at which time all
unpaid interest and principal is due.  The loan is 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 have each guaranteed the repayment of 50% of the joint venture
obligations under the loan documents and the manager has agreed to
subordinate payment of the management fee to the payment of the loan
obligations.

     Additionally, the lender has 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.
Results of Operations

     The Partnership's revenue and expenses are affected primarily by
the operations of the properties.  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 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 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.

     An affiliate of the Partnership and the General Partners is
assigned responsibility for day-to-day management of the properties.
The affiliate receives a combined management and leasing fee which
cannot exceed 6% of gross revenues generated by the properties.
Management fee rates are determined by the extent of services provided
by the affiliate versus services that may be provided by third parties,
e.g., independent leasing agents.  In all instances, fees paid by the
Partnership to the property management affiliate are, in the General
Partners' opinion, comparable to fees that would be paid to independent
third parties.


Results of Operations for the years ended December 31, 2003 and 2002

     The Partnership generated a net income of $55,000 for the year
ended December 31, 2003 as compared to a net loss of $328,000 for the
same period in 2002.  The $383,000 increase in net income is the result
of a decrease in total expenses of $591,000 offset by a decrease in
total income of $226,000 and a decrease in equity interest in Sabal
Palm's net loss of $3,000.  Also affecting net income in 2003 was the
gain on the sale of property in the amount of $14,000 related to the
sale of Fortune.

     Total income for the year ended December 31, 2003 was $812,000 as
compared to $1,038,000 for the same period in 2002. This decrease in
total income was primarily a result of a $228,000 decrease in rental
income, a $1,000 decrease in interest income and a $53,000 decrease in
other income offset by a $55,000 increase in lease termination fee
related to a tenant at Raleigh Springs. Rental income decreased
primarily as a result of a decrease in rental income at Fortune, which
was a result of the property being sold in February, 2003.  Interest
income decreased as a result of the decline in interest rates.

     Total expenses for the year ended December 31, 2003 were $761,000
as compared to $1,352,000 for the same period in 2002.  The $591,000
decrease in total expense was primarily a result of a $44,000 decrease
in interest expense, a $54,000 decrease in real estate tax expense, a
$17,000 decrease in management fees, a $114,000 decrease in repairs and
maintenance expense, and a $55,000 decrease in operating expense.  All
of these changes in the above detailed expenses primarily relate to the
Fortune sale.  In addition general and administrative expense decreased
$307,000 as a result of reclassing certain expenses against the reserve
for estimated costs of liquidation.

Results of Operations for the years ended December 31, 2002 and 2001

     The Partnership generated a net loss of $328,000 for the year ended
December 31, 2002 as compared to a net loss of $97,000 for the same
period in 2001.  The $231,000 increase in net loss is the result of a
decrease in total income of $714,000 and a decrease in total expenses
of $412,000.  Minority interest share in Strawberry's net income
decreased $372,000 and equity interest in Sabal Palm's net loss
decreased $72,000.  Also affecting net income was the decrease of gain
on the sale of property in the amount of $720,000 and an decrease in
the adjustment to liquidation basis of $346,000.

     Total income for the year ended December 31, 2002 was $1,038,000 as
compared to $1,752,000 for the same period in 2001. This decrease in
total income was primarily a result of a $596,000 decrease in rental
income, a $27,000 decrease in interest income and a $90,000 decrease in
other income.  Rental income decreased primarily as a result of a
decrease in rental income at Strawberry of $459,000, which was a result
of the property being sold on July 20, 2001.  In addition, also
affecting rental income were decreases at Raleigh Springs and Fortune
of $120,000 and $18,000, respectively. Raleigh's rents decreased as a
result of the decrease in occupancy during 2002. Interest income
decreased as a result of the decline in interest rates.

     Total expenses for the year ended December 31, 2002 were $1,352,000
as compared to $1,764,000 for the same period in 2001.  The $412,000
decrease in total expense was primarily a result of a $216,000 decrease
in interest expense, a $74,000 decrease in real estate tax expense, a
$29,000 decrease in management fees, and a $171,000 decrease in repairs
and maintenance expense,  partially offset by a $68,000 increase in
general and administrative expense and a $9,000 increase in operating
expense. Interest expense, real estate tax expense, management fees,
and operating expense decreased primarily as a result of the sale of
Strawberry on July 20, 2001. Repairs and maintenance expense decreased
in 2002 primarily as a result of roof and parking lot repairs at
Raleigh Springs in 2001.


Item 7.  Consolidated Financial Statements and Supplementary Data

   See Index to Consolidated Financial Statements on Page F-1 of this
Form 10-KSB for consolidated 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.

   None.


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.




                              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 70) 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.  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 four 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 43) 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 four 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. and
BA/Brauvin 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 37) 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 four
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 Certified Public
Accountants 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 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 2003 and 2002.

    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 Consolidated Financial Statements for a
summary of transactions with affiliates.

     (c)    Not applicable.

     (d)    There have been no transactions with promoters.


Item 13.    Exhibits, Consolidated Financial Statements and Reports on
            Form 8-K.

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

(1) (2)  Consolidated Financial Statements. (See Index to
         Consolidated 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)   Form 8-K. None.

    (d)   An annual report for the fiscal year 2003 will be sent
          to the Limited Partners subsequent to this filing.

Item 14.  Principal Accountant Fees and Services

    Altschuler, Melvoin and Glasser LLP("AMG") has been engaged by the
General Partners as the Partnership's independent auditor for the years
2002 and 2003.   AMG has audited the Partnership's financial statements
for the years ended December 31, 2003 and 2002.  AMG has not performed
any other services for the Partnership.

    The aggregate fees billed for each of the last two years professional
services rendered by AMG for the audit of the Partnership's annual
financial statements and reviews included in Form 10-KSB aggregated
$32,750 during 2003 and $40,750 during 2002.

    AMG has a continuing relationship with American Express Tax and
Business Services Inc. ("TBS") from which it leases staff who are full
time, permanent employees of TBS and through which its partners provide
non-audit services.  As a result of this arrangement, AMG has no full
time employees and, therefore, none of the audit services performed
were provided by permanent, full-time employees of AMG.  AMG manages
and supervises the audit engagement and the audit staff and is
exclusively responsible for the opinion rendered in connection with its
audit.  TBS has been engaged to provide tax return preparation for the
Partnership.

    Other services, which do not include Financial Information System
Design and Implementation fees, have been provided by TBS.

    In accordance with policies of the board of directors of the
Corporate General Partner, all services provided by AMG and TBS are
required to be 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: March 26, 2004



          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 consolidated 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 consolidated 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 26, 2004


          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 consolidated 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 consolidated 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 26, 2004






                             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, 2003,
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 26, 2004



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

                           DATE:  March 26, 2004



         INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

                                                            Page

Independent Auditors' Report . . . . . . . . . . . . . . .  F-2

Consolidated Statement of Net Assets in Liquidation
as of December 31, 2003 (Liquidation Basis) . . . . . . . . F-3

Consolidated Statement of Changes in Net Assets
in Liquidation for the period January 1, 2003 to
December 31, 2003  (Liquidation Basis)  . . . . . . . . . . F-4

Consolidated Statement of Changes in Net Assets
in Liquidation for the period January 1, 2002 to
December 31, 2002  (Liquidation Basis)  . . . . . . . . . . F-5

Consolidated Statements of Operations for the years ended
December 31, 2003 and 2002 (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.


                   INDEPENDENT AUDITORS' REPORT

Partners of
Brauvin Real Estate Fund L.P. 4

We have audited the accompanying consolidated financial statements of
Brauvin Real Estate Fund L.P. 4 and subsidiary as of December 31, 2003,
and for the years ended December 31, 2003 and 2002 as listed in the
index to consolidated financial statements.  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 audits.

We conducted our audits in accordance with auditing standards generally
accepted in the United States of America.  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 present fairly,
in all material respects, the financial position of Brauvin Real Estate
Fund L.P. 4 and subsidiary at December 31, 2003, and the results of
their operations for the years ended December 31, 2003 and 2002 in
conformity with accounting principles generally accepted in the United
States.


/s/ Altschuler, Melvoin and Glasser LLP

Chicago, Illinois
January 21, 2004









     CONSOLIDATED STATEMENT OF NET ASSETS IN LIQUIDATION AS OF
                         DECEMBER 31, 2003
                        (LIQUIDATION BASIS)


ASSETS

Real estate held for sale                              $ 6,026,500
Investment in Sabal Palm
  Joint Venture (Note 7)                                   390,592
Cash and cash equivalents                                  432,056
Tenant receivables                                          36,093
Due from affiliates`                                        14,940
Utility deposits                                             2,370
Other assets                                                29,752

    Total Assets                                         6,932,303

LIABILITIES
Mortgage notes payable (Note 4)                          4,203,210
Accounts payable and accrued expenses                      143,052
Deferred gain on sale of real estate (Note 2)              464,312
Reserve for estimated costs during
    the period of liquidation (Note 2)                     224,775
Tenant security deposits                                    12,563
Due to affiliates                                            4,329

    Total Liabilities                                    5,052,241



Net Assets in Liquidation                              $ 1,880,062










    See accompanying notes to consolidated financial statements.


CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS IN LIQUIDATION  FOR
          THE PERIOD JANUARY 1, 2003 TO DECEMBER 31, 2003
                        (LIQUIDATION BASIS)


Net assets in liquidation at January 1, 2003            $1,825,198

Income from operations                                      40,963

Gain on sale of property                                    13,901

Net assets in liquidation at
    December 31, 2003                                   $1,880,062



















    See accompanying notes to consolidated financial statements.


    CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS IN LIQUIDATION
        FOR THE  PERIOD JANUARY 1, 2002 TO DECEMBER 31, 2002
                        (LIQUIDATION BASIS)



Net assets in liquidation at
    January 1, 2002                                     $2,153,149


Loss from operations                                      (327,951)

Net assets in liquidation at
    December 31, 2002                                   $1,825,198




















      See accompanying notes to consolidated financial statements.


               CONSOLIDATED STATEMENTS OF OPERATIONS
          FOR THE YEARS ENDED DECEMBER 31, 2003 AND 2002
                        (LIQUIDATION BASIS)

                                         2003          2002
INCOME
Rental                               $  605,190    $  833,083
Interest                                  2,082         2,686
Lease termination fee                    55,000            --
Other, primarily tenant
    expense reimbursements              149,785       202,709
    Total income                        812,057     1,038,478
EXPENSES
Interest                                428,305       472,225
Real estate taxes                       126,427       180,357
Repairs and maintenance                   1,952       115,330
Management fees (Note 5)                 51,090        67,973
Other property operating                 56,754       112,177
General and administrative               96,402       403,688
    Total expenses                      760,930     1,351,750
Income (loss) before
    minority and equity
    interests                            51,127      (313,272)
Minority interest's
    share of Strawberry Fields
    Joint Venture's net income               --        (1,359)
Equity interest in Sabal
    Palm Joint Venture's
    net loss                            (10,164)      (13,320)
Net income(loss) before
 adjustment to liquidation
 basis and gain on sale of
 property                                40,963      (327,951)
Gain on sale of property                 13,901            --

Net income(loss)                     $   54,864    $ (327,951)
Net income(loss) allocated
    to the General Partners          $      549    $   (3,280)
Net income(loss) allocated
    to the Limited Partners          $   54,315    $ (324,671)
Net income(loss) per
    Limited Partnership
    Interest (9,550 units
    outstanding)                     $     5.69    $   (34.00)
     See accompanying notes to consolidated financial statements


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

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
           For the years ended December 31, 2003 and 2002

(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 joint venture ("Strawberry
Joint Venture") in which the Partnership had a 58% interest.
Additionally, the Partnership has 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.

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.  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 as of December 31, 2003.

     Accounting Method

     The accompanying consolidated financial statements have been
prepared using the accrual method 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
management's estimate of the amounts that will ultimately be collected.
An allowance for doubtful accounts of $5,625 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.


     Investment in Joint Venture Partnership

     The Partnership owns a 47% equity interest in  Sabal Palm Joint
Venture (see Note 7).  Sabal Palm is reported as an investment in an
affiliated joint venture.  The accompanying financial statements
include the investment in Sabal Palm Joint Venture at estimated net
realizable value using the equity method of accounting.

     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.  All of the Partnership's properties were subject
to liens under first mortgages (see Note 4).

     Subsequent to the adoption of the liquidation basis of accounting
(see Note 2), 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.

     The Partnership has adopted Statement of Financial Accounting
Standards No. 141, "Business Combinations" ("SFAS 141").  SFAS 141
requires the purchase method of accounting for business combinations
initiated after June 30, 2001 and eliminates the pooling-of-interests
method.  In July 2001, the FASB issued Statement of Financial
Accounting Standards No. 142, "Goodwill and Other Intangible Assets"
("SFAS 142"), which is effective January 1, 2002.  SFAS 142 requires,
among other things, the discontinuance of goodwill amortization.  In
addition, the standard includes provisions for the reclassification of
certain existing intangibles, reassessment of the useful lives of
existing intangibles, reclassification of certain intangibles out of
previously reported goodwill and the identification of reporting units
for purposes of assessing potential future impairments of goodwill.

     Application of the statements to future acquisitions, if any, could
result in the recognition, upon acquisition of additional intangible
assets(acquired in-place lease origination costs and acquired above
market leases) and liabilities (acquired below market leases), which
would be amortized over the remaining terms of the acquired leases.

     The Partnership has adopted Statement of Financial Accounting
Standards No. 143, "Accounting for Asset Retirement Obligations" ("SFAS
143"), which is effective for years beginning after June 15, 2002.
SFAS 143 requires recognition of a liability and associated asset for
the fair value of costs arising from legal obligations associated with
the retirement of tangible long-lived assets.  The asset is to be
allocated to expense over its estimated useful life.

     In August 2001, the FASB issued Statement of Financial Accounting
Standards No. 144, "Accounting for the Impairment or Disposal of Long-
Lived Assets" ("SFAS 144"), which was effective for fiscal years
beginning after December 15, 2001.  SFAS 144 supersedes FASB Statement
No. 121, "Accounting for the Impairment of Long-Lived Assets and Long-
Lived Assets to Be Disposed Of" ("SFAS 121").  SFAS 144 retains the
recognition and measurement requirements of SFAS 121, but resolves
significant SFAS 121 implementation issues.  In addition, it applies to
a segment of a business accounted for as a discontinued operation.

      SFAS 143 and SFAS 144 have not had a significant impact on the
Partnership's financial statements.


     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

     Disclosure of the estimated fair value of financial instruments is
made in accordance with the requirements of Statement of Financial
Accounting Standards No. 107, "Disclosures About Fair Value of
Financial Instruments".  The estimated fair value amounts have been
determined by using available market information and appropriate
valuation methodologies.  However, considerable judgement is
necessarily required in interpreting market data to develop estimates
of fair value.

     The fair value estimates presented herein are based on information
available to management as of December 31, 2003, but may not
necessarily be indicative of the amounts that the Partnership could
realize in a current market exchange.  The use of different assumptions
and/or estimation methodologies may have a material effect on the
estimated fair value amounts.

     In connection with the adoption of the liquidation basis of
accounting, which approximates fair value at December 31, 2003, 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 balance sheet and be measured at fair value.  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.
The Partnership had no derivatives in 2003 and 2002.

     Recent Accounting Pronouncements

       In April 2002, FASB issued Statement of Financial Accounting
Standards No. 145, "Rescission of FASB Statements No. 4, 44, Amendment
of FASB No. 13, and Technical Corrections" ("SFAS 145").  Generally,
the rescission of FASB No. 4, "Reporting Gains and Losses from
Extinguishment of Debt" would require that debt extinguishment costs
are to no longer be treated as extraordinary items.  The amendment to
FASB No. 13, "Accounting for Leases" requires sale-leaseback accounting
for certain lease modifications that have the economic effects that are
similar to sale-leaseback transactions.  This statement is generally
effective for the year ending December 31, 2003.

       In November 2002, FASB issued FASB Interpretation No. 45,
"Guarantor's Accounting and Disclosure Requirements for Guarantees,
Including Indirect Guarantees of Indebtedness of Others" (FIN 45).  FIN
45 elaborates on the disclosures to be made by a guarantor in its
interim and annual financial statements about its obligations under
certain guarantees that it has issued and clarifies that a guarantor is
required to recognize, at inception of the guarantee, a liability for
the fair value of the obligation undertaken in issuing the guarantee.
The initial recognition and measurement provisions of FIN 45 are
applicable to guarantees issued or modified after December 31, 2002.
The disclosure requirements of FIN 45 are effective for periods ending
after December 15, 2002.

       In January 2003, FASB  issued interpretation No. 46,
"Consolidation of Variable Interest Entities" (FIN 46). FIN 46
addresses consolidation by business enterprises of certain variable
interest entities in which the equity investors do not have the
characteristics of a controlling financial interest or do not have
sufficient equity at risk for the entity to finance its activities
without additional subordinated financial support from other parties.

     This interpretation was revised in December 2003 and shall, for
calendar year end entities, be effective as of December 31, 2003 for
"special purpose entities" (as defined) and as of December 31, 2004 for
all other entities.  The Partnership does not own any "special purpose
entities."

     In May 2003, FASB issued Statement of Financial Accounting
Standards No. 150, "Accounting for Certain Financial Instruments with
the Characteristics of both Liabilities and Equity" ("SFAS 150"), which
is effective for all financial instruments entered into or modified
after May 31, 2003, and is otherwise effective beginning July 1, 2003.
SFAS 150 establishes standards for how an entity classifies and
measures certain financial instruments with characteristics of both
liabilities and equity.

     The adoption of SFAS 145 and SFAS 150 and FIN 45 and FIN 46 has not
had a significant impact on the Partnership's financial statements.


(2)  ADJUSTMENT TO LIQUIDATION BASIS

     On July 12, 1999, in accordance with the liquidation basis of
accounting, assets were adjusted to estimated net realizable value and
liabilities were adjusted to estimated settlement amounts, including
estimated costs associated with carrying out the liquidation.

     In February, 2003, the Partnership sold Fortune Professional
Building resulting in an adjustment to real estate held for sale of
$956,500 and a gain on sale of property of $13,901.


(3)  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, 2003, the Preferential Distribution Deficiency
equaled $16,366,315.


(4)  MORTGAGE NOTES PAYABLE

     Mortgage notes payable at December 31, 2003 consist of the
following:
                                      Interest        Date
                        Balance         Rate          Due
Raleigh Springs
    Marketplace      $ 4,203,210        10%          04/07


Maturities of the mortgage notes payable are as follows:

       2004                         $ 148,423
       2005                           163,965
       2006                           181,135
       2007                         3,709,687
                                   $4,203,210

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

Raleigh Springs Marketplace

     Monthly principal and interest payments are based on a 25-year
amortization schedule.  In the first quarter of 2001, the mortgage
holder agreed to extend the maturity of the mortgage until April 1,
2002.  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 continues to bear interest at 10% per annum, requires 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. The carrying value of Raleigh Springs
Marketplace at December 31, 2003 was approximately $6,026,500.

Fortune Professional Building

    On June 26, 1997, the Partnership obtained a first mortgage loan in
the amount of $875,000 secured by Fortune Professional Building, from
American National Bank and Trust Company.  The loan had a floating
interest rate based on American National Bank's prime rate plus one
half percent.  Principal was amortized at $5,000 per month.  In the
third quarter of 2002 the Partnership paid a $50,000 principal payment
on this mortgage note payable.

    On February 4, 2003, Fortune was sold for a gross sales price of
$1,050,000 and the outstanding loan was repaid in full.


(5)  TRANSACTIONS WITH AFFILIATES

     Fees and other expenses incurred or payable to the General Partners
or their affiliates for the years ended December 31, 2003 and 2002 were
as follows:

                                   2003                  2002
Management fees                  $50,350              $ 59,084
Reimbursable office expenses      72,936               106,718

     The Partnership had made all payments to affiliates except for
$4,329 for management fees, as of December 31, 2003.  The Partnership
has a balance of $14,940 due from an affiliate as a result of a deposit
error.


(6)  OPERATING LEASES

     The Partnership is the lessor in operating lease agreements with
tenants at its various properties.  The minimum future rental income to
be received on these operating leases (exclusive of the Fortune
property which was sold in February 2003) is as follows:

Year ending December 31,
          2004                     $  519,568
          2005                        356,565
          2006                        291,749
          2007                        248,846
          2008                        240,346
          Thereafter                2,123,053
          Total                    $3,780,127

     Collection of future rental income under these lease agreements is
subject to the financial stability of the underlying tenants.  Rental
income received from Toys "R" Us and Sav a Lot at Raleigh Springs
approximate 37% and 12%, respectively, of rental income for the
Partnership for the year ended December 31, 2003.

(7)  EQUITY INVESTMENT

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

     The following are condensed financial statements for Sabal Palm:

                                   Liquidation Basis
                                    December 31,
                                        2003

Real estate held for sale                  $3,028,375
Other assets                                1,109,596
                                            4,137,971

Mortgage note payable                       3,250,000
Other liabilities                              53,252
                                            3,303,252
Net assets in liquidation                  $  834,719

                           Liquidation Basis
                  For the years ended December 31,

                                            2003              2002

Rental income $379,105                     $398,858
Other income                                 96,802          371,717
                                            475,907          770,575
Mortgage and
 other interest                             178,288          270,875
Operating and
 administrative expenses                    319,245          528,041

                                            497,533          798,916

    Net loss                               $(21,626)        $(28,341)

    The original Sabal Palm first mortgage loan bore interest at the
rate of 8.93% per annum, was to be amortized over a 25-year period,
required monthly payments of principal and interest of approximately
$26,700 and matured on March 26, 2002.  A portion of the proceeds of
the first mortgage loan, approximately $3,077,000, was used to retire
Sabal Palm's existing mortgage from Lincoln National Pension
Insurance Company.  Subsequent to the end of the first quarter of
2003, this loan was repaid and replaced with a new facility described
below.

    On August 7, 2000, Sabal Palm was given notice that Walgreens will
vacate the space prior to its lease termination of April 30, 2005.
Walgreens moved out, however, it remains liable for rental payments
under its lease with Sabal Palm. The joint venture and Walgreens
reached an agreement with a subtenant for the occupancy of this space
through the initial term ending in April 2005.  Subsequently, the
joint venture entered into a new direct lease with the replacement
tenant for this space through June 30, 2007.

    In the second  quarter of 1998, Winn-Dixie vacated its space at the
center.   Winn-Dixie failed to timely pay its rental obligation from
November 2001 and through March 2002 and was in default.

    Due to non-payment of Winn-Dixie's rental obligations, the joint
venture did not make its mortgage payments for Sabal Palm in November
and December 2001 and January through March 2002 thus resulting in a
default on its loan.  In April 2002, the joint venture and the lender
agreed to a twelve month extension of the existing mortgage loan.
The loan extension was subject to the lease termination of Winn-Dixie
and Winn-Dixie's payment of a $300,000 termination fee and payment of
all past due amounts thus curing the default.  As a requirement of
the extension, the joint venture and the lender agreed to use the
proceeds from the termination to redemize the former Winn-Dixie space
into three spaces as well as certain other improvements to the
center.  The joint venture has signed a lease with Sav A Lot, a
national grocery chain, for 14,350 square feet (one of the demized
spaces).  Sav A Lot took occupancy of its space in October, 2002.  In
addition, in the first quarter of 2004 the joint venture executed a
lease  with Family Dollar (a national discount retailer) to lease
approximately 10,675 square feet (another one of the demized spaces).
The joint venture has also received renewed expressions of interest
for the potential sale of the property.  There can be no assurance
that a sale will be consummated; however, the joint venture is
continuing to evaluate its opportunities.

    On March 17, 2003, the Sabal Palm joint venture obtained a loan
commitment from AmSouth Bank in the amount of $3,250,000.  The loan
proposal provides  for payment of interest only for a 24-month term
subject to various tests to be met at a six-month period from close
and a nine-month period from close.  If these tests are not met the
joint venture will be required to reduce the principal outstanding by
an amount ranging from $250,000 to $500,000.

    On April 29, 2003, the Sabal Palm joint venture closed on the
$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
joint venture expects to use the remaining proceeds primarily to
finance certain tenant improvements and leasing costs.

    In January 2004, Sabal Palm was not in compliance with the net
operating income requirement established in the loan and as a result
the lender has a right to require a repayment of principal from the
joint venture in an amount not to exceed $500,000.  The lender has
not requested this repayment from the joint venture.

    The new loan bears interest at LIBOR plus 2.85% and is payable
interest only monthly until maturity (May 3, 2005) at which time all
unpaid interest and principal is due.  The loan is 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 have each guaranteed the repayment of 50% of the joint
venture obligations under the loan documents and the manager has
agreed to subordinate payment of the management fee to the payment of
the loan obligations.

    Additionally, the lender has 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.


                           EXHIBIT INDEX


Exhibit (21)  Subsidiaries of the Registrant

                            Exhibit 21

Name of Subsidiary                            State of Formation

Brauvin Strawberry Fields
    Joint Venture                                   Florida

Brauvin Sabal Palm Joint Venture                    Florida