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, 2005

                                 or

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

      For the transition period from               to

      Commission File Number               0-13402

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

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

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

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

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

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

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

                    Limited Partnership Interests
                          (Title of class)

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

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

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

State issuer's revenues for its most recent fiscal year $878,263.

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
                   2005 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                                 13

Item 4.   Submission of Matters to a Vote of
          Security Holders                                  13

                              PART II
Item 5.   Market for the Issuer's Limited Partnership Interests,
          Related Security Holder Matters and Small
          Business Issuer Purchases of Equity Securities    14

Item 6.   Management's Discussion and Analysis or Plan of
          Operation                                         14

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

Item 8b.  Other Information                                 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                                          29

Item 14.  Principal Accountant Fees and Services.           30

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 (which was
sold in December 2005).

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

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

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

   The Partnership has no employees.

   The   Partnership   utilized  its   proceeds   available   for
investment  towards the acquisition of properties.   However,  in
seeking  disposition  opportunities,  the  Partnership  will   be
competing  for  the sale of its 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 last remaining
property  may also be affected by prevailing interest  rates  and
existing tax laws.  The Partnership has retained ownership of its
properties for periods longer than anticipated at acquisition.

   Market  conditions  had weakened in several markets  resulting
in  lower  cash  flows  than  were originally  anticipated.   The
Partnership strives to maximize economic occupancy and, as  such,
must adjust rents to attract and retain tenants.  One measure  of
a  market's  relative strength or weakness is the current  rental
rate demanded by non-anchor tenants.  These rates are for tenants
who  generally  sign leases of three to five  years  and  are  an
indicator of the "spot" rental market.  Average rental rates  for
non-anchor  tenants,  expressed per square foot  per  year,  have
increased  at  the  Memphis, Tennessee, Raleigh Springs  property
from   approximately  $12.00  per  square   foot   in   1993   to
approximately $12.10 per square foot in 2005.

   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,  2004  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  66%  occupied  at
December  31, 2005.  The national anchor tenants are  AJ  Wright,
Sav A Lot and the Veterans Administration.

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

   In  November  1992, the Partnership negotiated a  modification
of  the  terms of the mortgage on Raleigh Springs with the lender
(the  "Modified Loan").  In October 1992, the interest  rate  was
reduced  from 12.75% to 10.00%.  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, continued to bear
interest  at  10%  per  annum, required monthly  installments  of
principal   and  interest  of  $46,839(based  upon  a   25   year
amortization  schedule) with a final payment of  unpaid  interest
and  principal  was  to be due on April 1, 2007.   Based  on  the
lenders approval of the termination of the Toys "R" US lease (see
below),  the  loan was to require additional lump  sum  principal
payments of $34,000 on December 31, 2005 and 2006.  In the fourth
quarter  of  2004,  the  Partnership  commenced  the  process  of
refinancing this debt.

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

   On  November  17, 2005, the Partnership paid off the  Modified
Loan  (in the amount of $3,910,423) from the proceeds from a  new
first   mortgage  loan  ("First  Mortgage")  in  the  amount   of
$4,400,000. This loan requires payments of interest only and  has
a  twelve-month maturity.  In addition, the Partnership  has  the
ability to extend this loan for an additional twelve-month period
(with the payment of an additional fee of $11,000).  Interest  is
payable based on the LIBOR rate plus 2.25%. On December 31,  2005
the total interest rate was approximately 6.62%.  The Partnership
was  also required to purchase a interest rate cap at a  cost  of
$2,500, which caps the LIBOR rate at 6.45% for a one year period.

   The  First  Mortgage  also required  the  establishment  of  a
$300,000  escrow  that  can be used for  the  payment  of  tenant
improvements and leasing commissions.

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

   The  outstanding mortgage balance encumbered by  the  property
was $4,400,000 at December 31, 2005.

   The  economic occupancy rate and average annual base rent  per
square foot at December 31, 2005 and 2004 were as follows:

                                2005       2004
  Occupancy Rate                66%        74%
  Average Annual Base
   Rent Per Square Foot        $9.12      $6.47


  Raleigh  Springs has two tenants (AJ Wright and Sav A Lot)which
occupy  ten percent or more of the rentable square footage.   The
following  is  a summary of the tenant rent roll at December  31,
2005:

                     Annual  Lease
           Square     Base Expiration   Renewal    Nature of
Tenant       Feet      Rent    Date      Options     Business
AJ Wright   25,000  $187,500 11/2014   10/5 yrs ea.Retail store
Sav A Lot   13,400    66,330 12/2008      3/5yr      Grocery
Others      37,417   479,051 Various     Various
Vacant      38,453        --
          114,270  $732,881

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

   In  the  first  quarter of 2006, the Partnership  received  an
expression  of interest in leasing the remaining space  that  was
the  former  Toys  "R"  Us.  The potential  tenant  is  requiring
significant  improvements  be made to  the  space  prior  to  its
occupancy.  The Partnership intends to pay for these improvements
through  the  use of the escrow funds held by the First  Mortgage
lender.   However, there can be no assurance that this  potential
tenant will ultimately sign a lease for this space.

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


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

   On  October 31, 1986, the Partnership and Brauvin Real  Estate
Fund  L.P. 5 ("BREF 5") formed a joint venture to purchase  Sabal
Palm,  a  shopping center in Palm Bay, Florida,  for  $5,924,000.
The  Partnership 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,  at  which
time  the loan required payments of principal and interest  based
on a 30 year amortization schedule.

   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.  Prior to April 29, 2003, the First Mortgage
Loan  bore interest at the rate of 8.93% per annum, was amortized
over a 25-year period, required monthly payments of principal and
interest of approximately $26,700 and was scheduled to mature  on
March 26, 2002 (later extended to April 2003).  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.

   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.  As of December 2005, Sabal Palm's anchor tenants were  Sav
A  Lot,  Family  Dollar  and Goodwill.  The  Goodwill  space  was
originally leased to Walgreens, which sublet its space until  the
end  of its lease term in April 2005 (as detailed below).   Sabal
Palm  has  several  outparcels,  which  are  not  owned  by   the
Partnership,  but  which  added to the  center's  appearance  and
customer activity.

   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 (which was approximately 42,000 square feet).  Winn-
Dixie failed to timely pay its rental obligation for November and
December 2001 and January through March 2002.

   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 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).   Family  Dollar  has taken  occupancy  in  the  center.
Separately,  the  Partnership  has  made  a  number  of  cosmetic
improvements to the center in preparation for its sale.  However,
the property was damaged by two of the hurricanes that struck the
Palm  Bay  area in the third quarter of 2004, which  delayed  the
sale of the property until December 2005 (as discussed below).

  A  requirement  of the Family Dollar lease was that  the  joint
venture  reimburse  the  tenant approximately  $127,000  for  the
substantial  improvements  made by the  tenant  to  the  existing
space.  The  joint venture reimbursed Family Dollar in  September
2004.

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

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

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

  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 had a right to require a repayment of principal
from  the joint venture in an amount not to exceed $500,000.   In
the  second  quarter  of  2004, pursuant  to  the  existing  loan
agreement,  the  lender requested repayment of principal  in  the
amount  of $250,000.  The lender agreed to allow for this payment
to  be  made  from the $1,000,000 on deposit with the lender  and
further  agreed to reduce the liquidity requirement to  $500,000.
Additionally, the lender agreed to fund from the deposit with the
lender  certain  improvements (up to  $245,000)  that  the  joint
venture was contemplating making in order to facilitate the  sale
of the property.

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

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

Risks of Ownership

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

Item 3.  Legal Proceedings.

   None.

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

   None.


                             PART II

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

   At  December  31, 2005, there were approximately  572  Limited
Partners  in  the Partnership.  There is currently no established
public  trading  market for the Units and it is  not  anticipated
that  a  public  market for the Units will develop.   Bid  prices
quoted  by  "partnership  exchanges"  vary  widely  and  are  not
considered  a reliable indication of market value.   Neither  the
Partnership  nor  Brauvin Ventures, Inc. (the "Corporate  General
Partner") will redeem or repurchase outstanding Units.

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

   There  were no cash distributions to Limited Partners in  2005
and 2004.

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

General

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



Liquidity and Capital Resources

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

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

   Once  the  occupancy of Raleigh Springs Marketplace  has  been
stabilized, the Partnership intends to sell this property under a
closed  bid process which will include identification  of  target
buyers  with proven financing ability and performance of  certain
evaluations  of  the  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

   Raleigh Springs Marketplace

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

   In  the  first  quarter of 2006, the Partnership  received  an
expression  of interest in leasing the remaining space  that  was
the  former Toys "R" Us (approximately 11,000 square feet).   The
potential tenant is requiring significant improvements be made to
the  space prior to their occupancy.  The Partnership intends  to
pay  for  these improvements through the use of the escrow  funds
held  by the First Mortgage lender (as detailed below).  However,
there  can  be  no  assurance  that this  potential  tenant  will
ultimately sign a lease for this space.

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

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

   On  November  17, 2005, the Partnership paid off the  Modified
Loan  (in the amount of $3,910,423) from the proceeds from a  new
first   mortgage  loan  ("First  Mortgage")  in  the  amount   of
$4,400,000. This loan requires payments of interest only and  has
a  twelve-month maturity.  In addition, the Partnership  has  the
ability to extend this loan for an additional twelve-month period
(with the payment of an additional fee of $11,000).  Interest  is
payable based on the LIBOR rate plus 2.25%. On December 31,  2005
the total interest rate was approximately 6.62%.  The Partnership
was  also required to purchase a interest rate cap at a  cost  of
$2,500, which caps the LIBOR rate at 6.45% for a one year period.

   The  First  Mortgage  also required  the  establishment  of  a
$300,000  escrow  that  can be used for  the  payment  of  tenant
improvements and leasing commissions.

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


   Sabal Palm Shopping Center

   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.  Prior to April 29, 2003, the First Mortgage
Loan  bore interest at the rate of 8.93% per annum, was amortized
over a 25-year period, required monthly payments of principal and
interest of approximately $26,700 and was scheduled to mature  on
March 26, 2002 (later extended to April 2003).  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.


     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.  As of December 2005, Sabal Palm's anchor tenants were  Sav
A  Lot,  Family  Dollar  and Goodwill.  The  Goodwill  space  was
originally leased to Walgreens, which sublet its space until  the
end  of its lease term in April 2005 (as detailed below).   Sabal
Palm  has  several  outparcels,  which  are  not  owned  by   the
Partnership,  but  which  added to the  center's  appearance  and
customer activity.

   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  remained  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 (which was approximately 42,000 square feet).  Winn-
Dixie failed to timely pay its rental obligation for November and
December 2001 and January through March 2002.

   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 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).   Family  Dollar  has taken  occupancy  in  the  center.
Separately,  the  Partnership  has  made  a  number  of  cosmetic
improvements to the center in preparation for its sale.  However,
the property was damaged by two of the hurricanes that struck the
Palm  Bay  area in the third quarter of 2004, which  delayed  the
sale of the property until December 2005 (as discussed below).

  A  requirement  of the Family Dollar lease was that  the  joint
venture  reimburse  the  tenant approximately  $127,000  for  the
substantial  improvements  made by the  tenant  to  the  existing
space.  The  joint venture reimbursed Family Dollar in  September
2004.

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

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

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

  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 had a right to require a repayment of principal
from  the joint venture in an amount not to exceed $500,000.   In
the  second  quarter  of  2004, pursuant  to  the  existing  loan
agreement,  the  lender requested repayment of principal  in  the
amount  of $250,000.  The lender agreed to allow for this payment
to  be  made  from the $1,000,000 on deposit with the lender  and
further  agreed to reduce the liquidity requirement to  $500,000.
Additionally, the lender agreed to fund from the deposit with the
lender  certain  improvements (up to  $245,000)  that  the  joint
venture was contemplating making in order to facilitate the  sale
of the property.

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

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


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, 2005  and
2004


   The  Partnership  generated a net income of $269,000  for  the
year ended December 31, 2005 as compared to a net loss of $56,000
for the same period in 2004.  The $325,000 increase in net income
is  the result of a decrease in total expenses of $951,000 and  a
decrease in total income of $1,250,000 and an increase in  equity
interest in Sabal Palm's net income of $623,000.

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

   Total  expenses  for  the year ended December  31,  2005  were
$1,180,000 as compared to $2,131,000 for the same period in 2004.
The $951,000 decrease in total expense was primarily a result  of
a $1,011,000 decrease in general and administrative expense and a
$76,000 decrease in management fees.  Partially offsetting  these
decreases  in  expenses  was  a  $125,000  increase  in  interest
expense,  and  a  $7,000  increase  in  repairs  and  maintenance
expense.   General  and administrative expenses  decreased  as  a
result  of  the  completions of the build out of several  of  the
previously   vacant   spaces  at  Raleigh  Springs   Marketplace.
Management  fees  decreased primarily as  a  result  of  expenses
associated  with  the 2004 lease termination  payment.   Interest
expense  increased as a result of expensing loan costs associated
with the Raleigh refinancing in 2005.


Results  of Operations for the years ended December 31, 2004  and
2003

   The  Partnership generated a net loss of $56,000 for the  year
ended  December 31, 2004 as compared to a net income  of  $55,000
for the same period in 2003.  The $111,000 decrease in net income
is  the  result  of an increase in total expenses  of  $1,370,000
offset  by  an  increase  in total income  of  $1,316,000  and  a
increase  in equity interest in Sabal Palm's net loss of $43,000.
Also affecting net income in 2004 was the decrease in gain on the
sale of property in the amount of $14,000.



   Total  income  for  the  year  ended  December  31,  2004  was
$2,128,000 as compared to $812,000 for the same period  in  2003.
This  increase  in  total income was primarily  a  result  of  an
increase  in lease termination fees of $1,345,000 and an increase
of  $28,000  in  other income partially offset by a  decrease  of
$58,000 in rental income.  The increase in lease termination fees
and  the decrease in rental revenue is primarily a result of  the
Toys `R Us termination in September, 2004.

   Total  expenses  for  the year ended December  31,  2004  were
$2,131,000 as compared to $761,000 for the same period  in  2003.
The  $1,371,000 increase in total expense was primarily a  result
of a $1,306,000 increase in general and administrative expense, a
$76,000  increase  in  management fees, an  $18,000  increase  in
repairs  and maintenance, partially offset by a $14,000  decrease
in  interest expense and a $13,000 decrease in operating expense.
The  increase  in  general  and administrative  expenses  relates
primarily  to lease commission payments, construction  costs  and
architectural fees paid at Raleigh Springs for AJ Wright and  the
Veterans Administration.  The increase in management fees  relate
to the lease termination payment.


Item 7.  Consolidated Financial Statements and Supplementary Data

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

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


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

  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.

Item 8b.  Other Information

  In  late  February 2006, the Internal Revenue Service  informed
the  Partnership  that  it was being assessed  penalties  in  the
amount  of $181,900 for late filing and failure to electronically
file  its  2004  partnership tax return.   The  Partnership  out-
sourced  these activities to a third party vendor.   This  vendor
had  successfully  completed the Partnership's 2003  tax  filings
and,  prior to the notice from the Internal Revenue Service,  the
Partnership believed that the vendor had also successfully  filed
its  2004  tax  returns.   The  Partnership  has  appealed  these
penalties.   The Partnership believes its appeal will be  granted
and  the  penalties  ultimately waived or reduced,  however,  the
Partnership has not received any further correspondence from  the
Internal Revenue Service.



                            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 72)  chairman  of  the  board  of
directors, president and chief executive officer of the Corporate
General  Partner,  as  well  as a principal  shareholder  of  the
Corporate General Partner.  He is a member and manager of Brauvin
Real  Estate  Funds,  L.L.C.  He is a member of  Brauvin  Capital
Trust L.L.C. and Brauvin Net Capital Manager, L.L.C.  Since 1979,
he   has  been  a  shareholder,  president  and  a  director   of
Brauvin/Chicago, Ltd.  He is an officer, director and one of  the
principal shareholders of various Brauvin entities which  act  as
the general partners of two 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 45) 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 two other publicly registered  real
estate  programs.   Mr. Brault is executive  vice  president  and
assistant secretary and is responsible for the overall operations
of  Brauvin  Management Company.  He is also  an  executive  vice
president  and secretary of Brauvin Net Lease V, Inc.   He  is  a
manager  of Brauvin Capital Trust, L.L.C., BA/Brauvin L.L.C.  and
Brauvin  Net  Capital,  L.L.C.  He is the  president  of  Brauvin
Capital Trust, Inc.  Prior to joining the Brauvin organization in
May  1989, he was a Vice President of the Commercial Real  Estate
Division of the First National Bank of Chicago ("First Chicago"),
based  in their Washington, D.C. office.  Mr. Brault joined First
Chicago in 1983 and his responsibilities included the origination
and  management of commercial real estate loans, as well  as  the
direct  management of a loan portfolio in excess of $150 million.
Mr.  Brault  received a B.A. in Economics from Williams  College,
Williamstown, Massachusetts in 1983 and an M.B.A. in Finance  and
Investments  from George Washington University, Washington,  D.C.
in 1987.  Mr. Brault is the son of Mr. Jerome J. Brault.

  MR.  THOMAS  E.  MURPHY  (age 39) 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 two other publicly registered  real  estate
programs.   Mr.  Murphy  is also the chief financial  officer  of
Brauvin  Management  Company, Brauvin  Financial,  Inc.,  Brauvin
Securities,  Inc.  and  Brauvin Net Lease  V,  Inc.   He  is  the
treasurer,  chief  financial officer  and  secretary  of  Brauvin
Capital  Trust,  Inc.  He is responsible  for  the  Partnership's
accounting  and financial reporting to regulatory  agencies.   He
joined  the  Brauvin  organization  in  July  1994.   Mr.  Murphy
received  a  B.S. in Accounting from Northern Illinois University
in  1988.  Mr. Murphy is a Certified Public Accountant and  is  a
member of the Illinois CPA Society.


Item 10.  Executive Compensation.

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

  The   General   Partners   received  an   allocation   of   the
Partnership's net income or loss for 2005 and 2004.

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

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

  (c) - (h) Not applicable.

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

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

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

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

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

Item 12.  Certain Relationships and Related Transactions.

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

   (c)   Not applicable.

   (d)   There have been no transactions with promoters.


Item 13.  Exhibits

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

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

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

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

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

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

  (c)  An annual report for the fiscal year 2005 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   2005,  2004  and  2003.    AMG  has   audited   the
Partnership's  financial statements for the years ended  December
31,  2005, 2004, 2003, 2002 and 2001.  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 $28,800 during 2005 and  $28,500  during
2004.

  AMG  had  a  continuing relationship with American Express  Tax
and Business Services Inc. ("TBS") from which it leased staff who
were full time, permanent employees of TBS and through which  its
partners  provided  non-audit services.   As  a  result  of  this
arrangement, AMG had no full time employees and, therefore,  none
of the audit services performed were provided by permanent, full-
time  employees  of  AMG.  Effective October  1,  2005,  TBS  was
acquired  by  RSM McGladrey, Inc. ("RSM") and AMG's  relationship
with  TBS has been replaced with a similar relationship with RSM.
AMG  manages  and supervises the audit engagement and  the  audit
staff and is exclusively responsible for the opinion rendered  in
connection with its audit.  Tax compliance services were provided
by  TBS for which fees billed amounted to $3,975 and $7,500 as of
December   31,  2005  and  2004,  respectively.   Tax  compliance
services for 2005 will be provided by RSM.

  No other services have been provided by TBS or RSM.

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



                             SIGNATURES

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



                         BRAUVIN REAL ESTATE FUND L.P. 4

                         BY:  Brauvin Ventures, Inc.
                              Corporate General Partner

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

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


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

                         INDIVIDUAL GENERAL PARTNER

                                   /s/ Jerome J. Brault
                                   Jerome J. Brault




                              Dated: March 29, 2006




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


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

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

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

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

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

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

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

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

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

5.   The  small business issuer's other certifying officer and  I
     have  disclosed,  based  on our most  recent  evaluation  of
     internal  control  over financial reporting,  to  the  small
     business issuer's auditors and the audit committee of  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 29, 2006




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


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

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

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

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

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

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

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

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

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

5.   The  small business issuer's other certifying officer and  I
     have  disclosed,  based  on our most  recent  evaluation  of
     internal  control  over financial reporting,  to  the  small
     business issuer's auditors and the audit committee of  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 29, 2006





                           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, 2005, 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 29, 2006



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

                         DATE:  March 29, 2006





             INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

                                                          Page

Report of Independent Registered Public Accounting Firm   F-2

Consolidated Statement of Net Assets in Liquidation
as of December 31, 2005                                   F-3

Consolidated Statement of Changes in Net Assets
in Liquidation for the year ended
December 31, 2005  (Liquidation Basis)                    F-4

Consolidated Statement of Changes in Net Assets
in Liquidation for the year ended
December 31, 2004  (Liquidation Basis)                    F-5

Consolidated Statements of Operations for the years ended
December 31, 2005 and 2004 (Liquidation Basis)            F-6

Notes to Consolidated Financial Statements                F-7

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



     REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Partners of
Brauvin Real Estate Fund L.P. 4

We   have   audited   the  accompanying  consolidated   financial
statements  of Brauvin Real Estate Fund L.P. 4 and subsidiary  as
of  December 31, 2005, and for the years ended December 31,  2005
and  2004  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 the standards of  the
Public Company Accounting Oversight Board (United States).  Those
standards  require that we plan and perform the audit  to  obtain
reasonable  assurance about whether the financial statements  are
free of material misstatement.  An audit includes examining, on a
test  basis,  evidence supporting the amounts and disclosures  in
the  financial  statements. An audit also includes assessing  the
accounting  principles  used and significant  estimates  made  by
management, as well as evaluating the overall financial statement
presentation.  We  believe that our audits provide  a  reasonable
basis for our opinion

In  our  opinion,  the consolidated financial statements  present
fairly, in all material respects, the consolidated net assets  in
liquidation of Brauvin Real Estate Fund L.P. 4 and subsidiary  at
December  31,  2005,  and  the changes in  their  net  assets  in
liquidation  and the results of their operations  for  the  years
ended  December  31, 2005 and 2004 in conformity with  accounting
principles generally accepted in the United States.


/s/ Altschuler, Melvoin and Glasser LLP

Chicago, Illinois
March 8, 2006



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


    CONSOLIDATED STATEMENT OF NET ASSETS IN LIQUIDATION AS OF
              DECEMBER 31, 2005 (LIQUIDATION BASIS)


ASSETS

Real estate held for sale                     $6,026,500
Investment in Sabal Palm
  Joint Venture (Note 7)                         102,050
Cash and cash equivalents                        729,416
Tenant receivables                                14,920
Escrow deposits                                  391,476
Other assets                                      20,357
                                             -----------
  Total Assets                                 7,284,719
                                             -----------

LIABILITIES
Mortgage note payable (Note 4)                 4,400,000
Accounts payable and accrued expenses            169,068
Deferred gain (Note 2)                           464,312
Reserve for estimated costs during
  the period of liquidation (Note 2)             138,075
Tenant security deposits                          15,813
Due to affiliates                                  4,549
                                             -----------
  Total Liabilities                            5,191,817
                                             -----------

Net Assets in Liquidation                    $ 2,092,902
                                             ===========










         See notes to consolidated financial statements.






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


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


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

Income from continuing operations                268,807
                                              ----------
Net assets in liquidation at
  December 31, 2005                           $2,092,902
                                              ==========

























         See notes to consolidated financial statements.




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



 CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS IN LIQUIDATION
              FOR THE YEAR ENDED DECEMBER 31, 2004
                       (LIQUIDATION BASIS)



Net assets in liquidation at
  January 1, 2004                            $1,880,062

Loss from continuing operations                 (55,967)
                                             ----------

Net assets in liquidation at
  December 31, 2004                          $1,824,095
                                             ==========









         See notes to consolidated financial statements.




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



              CONSOLIDATED STATEMENTS OF OPERATIONS
         FOR THE YEARS ENDED DECEMBER 31, 2005 AND 2004
                       (LIQUIDATION BASIS)

                             2005           2004
                           ---------     ---------
INCOME
Rental                     $  732,881    $  546,709
Interest                        1,748         3,041
Lease termination fee              --     1,400,000
Other, primarily tenant
  expense reimbursements      143,634       178,409
                           ----------    ----------
  Total income                878,263     2,128,159
                           ----------    ----------

EXPENSES
Interest                      539,896       414,745
Real estate taxes             122,963       123,535
Repairs and maintenance        26,478        19,785
Management fees (Note 5)       51,431       127,182
Other property operating       47,381        43,666
General and administrative    391,635     1,402,393
                           ----------    ----------
  Total expenses            1,179,784     2,131,306
                           ----------    ----------
Loss before
  equity interest            (301,521)       (3,147)

  Equity interest in Sabal
  Palm Joint Venture's
  net income(loss)            570,328       (52,820)
                           ----------    ----------

Net income (loss)          $  268,807    $ (55,967)
                           ==========    =========

Net income(loss) allocated
  to the General Partners  $    2,688    $    (560)
                           ==========    =========

Net income(loss) allocated
  to the Limited Partners  $  266,119    $  (55,407)
                           ==========    ==========

Net income (loss) per
  Limited Partnership
  Interest (9,550 units
  outstanding)             $    27.87    $    (5.80)
                           ==========    ==========

           See notes to consolidated financial statements




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

           NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
         For the years ended December 31, 2005 and 2004

(1)  ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

  Organization

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

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

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

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

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

   Management's Use of Estimates

   The  preparation  of financial statements in  conformity  with
generally  accepted accounting principles requires management  to
make  estimates and assumptions that affect the reported  amounts
of assets and liabilities and disclosure of contingent assets and
liabilities  at  the  date of the financial  statements  and  the
reported  amounts of revenues and expenses during  the  reporting
period.  Actual results could differ from those estimates.

   Basis of Presentation

   As  a  result of the July 12, 1999 authorization by a majority
of the Limited Partners to sell the Partnership's properties, the
Partnership has begun the liquidation process and, in  accordance
with  generally accepted accounting principles, the Partnership's
financial statements for periods subsequent to July 12, 1999 have
been   prepared   on   the  liquidation  basis   of   accounting.
Accordingly, the carrying values of assets are presented at their
net realizable amounts and liabilities are presented at estimated
settlement  amounts,  including estimated costs  associated  with
carrying  out  the  liquidation.  Preparation  of  the  financial
statements   on   a   liquidation  basis   requires   significant
assumptions  by management, including the estimate of liquidation
costs  and  the resolution of any contingent liabilities.   There
may be differences between the assumptions and the actual results
because  events  and circumstances frequently  do  not  occur  as
expected.  Those differences, if any, could result in a change in
the  net  assets  recorded  in the statement  of  net  assets  in
liquidation as of December 31, 2005.

   Accounting Method

   The  accompanying  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
$49,579  is  based  on specific identification  of  uncollectible
accounts and the Partnership's historical collection experience.

   Federal Income Taxes

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

   Principles of Consolidation

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

   Investment in Joint Venture Partnership

   The  Partnership  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
consolidated financial statements include the investment in Sabal
Palm  Joint Venture at estimated net realizable value  using  the
equity method of accounting.

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

   Investment in Real Estate

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

   Subsequent  to  the  adoption  of  the  liquidation  basis  of
accounting  (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.

   The  Partnership has adopted Statement of Financial Accounting
Standards No. 144, "Accounting for the Impairment or Disposal  of
Long-Lived   Assets"  ("SFAS  144").   SFAS   144   retains   the
recognition and measurement requirements of its predecessor,  but
resolves  significant  implementation issues.   In  addition,  it
applies  to  a  segment  of  a  business  accounted  for   as   a
discontinued operation.

   SFAS   144   has   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, 2005,  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,  2005,
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

   Variable Interest Entities

     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  for  calendar year end entities, is  effective  as  of
December  31,  2003.  The Partnership does not own  any  "special
purpose  entities" (as defined).  The adoption of FIN 46 has  not
had   a   significant  impact  on  the  Partnership's   financial
statements.

   Liabilities and Equity Characteristics

   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 150 has not had a significant  impact  on  the
Partnership's financial statements.

   Recent Accounting Pronouncements

   During  2005,  FASB issued Interpretation No. 47,  "Accounting
for Conditional Asset Retirement Obligations" ("FIN 47") which is
effective  for  the Partnership's year ended December  31,  2005.
FIN  47  is  an interpretation of FASB Statement No.  143  "Asset
Retirement  Obligations.   Under this standard,  a  company  must
record  a liability for a conditional asset retirement obligation
if  the fair value of the obligation can be reasonably estimated.
The  adoption  of FIN 47 did not have a material  effect  on  the
Partnership's consolidated financial statements.

   SFAS  No.  153, "Exchanges of Nonmonetary Assets-an  amendment
of  APB  Opinion  29" issued by FASB in December 2004,  generally
requires  exchanges of productive assets to be accounted  for  at
fair  value  rather than carryover basis unless the  transactions
lack  commercial  substance.   SFAS  No.  153  is  effective  for
nonmonetary asset exchanges occurring in fiscal periods beginning
after  June  15,  2005.  The adoption of this  statement  is  not
anticipated  to  have  a  material impact  on  the  Partnership's
financial position or results of operations.

   In  May  2005,  SFAS  No. 154, "Accounting Changes  and  Error
Corrections"  was  issued by FASB.  SFAS  No.  154  replaces  APB
Opinion  No. 20, "Accounting Changes" and SFAS No. 3,  "Reporting
Accounting  Changes  in  Interim  Financial  Statements."    This
statement requires voluntary changes in accounting policies to be
accounted  for retrospectively with prior periods to be  restated
as  if  the  newly  adopted policy had  always  been  used.   The
provisions  of  SFAS No. 154 could have an impact on  prior  year
financial   statements  if  the  Partnership  has  a  change   in
accounting policy.

   In  June  2005, FASB ratified its consensus in EITF Issue  04-
05,  "Determining  Whether  a General  Partner,  or  the  General
Partners  as a Group, Controls a Limited Partnership  or  Similar
Entity When the Limited Partners Have Certain Rights" (Issue  04-
05).    Issue  04-05  is  effective  for  all  new  or   modified
partnerships  after  June 29, 2005 and for all  new  partnerships
after  December 31, 2005.  The adoption of Issue  04-05  did  not
have an 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.


(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,   2005,   the  Preferential   Distribution
Deficiency equaled $18,276,315.

   (4) MORTGAGE NOTE PAYABLE

   Mortgage  note  payable at December 31, 2005 consists  of  the
following:
                                    Interest        Date
                        Balance        Rate         Due
Raleigh Springs
  Marketplace          $ 4,400,000  LIBOR+2.25%    12/06


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

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

   On  November 17, 2005, the Partnership paid off the prior loan
(in  the amount of $3,910,423) from the proceeds from a new first
mortgage  loan  ("First Mortgage") in the amount  of  $4,400,000.
This  loan  requires payments of interest only and has a  twelve-
month maturity.  In addition, the Partnership has the ability  to
extend this loan for an additional twelve-month period (with  the
payment  of  an additional fee of $11,000).  Interest is  payable
based  on  the  LIBOR rate plus 2.25%. On December 31,  2005  the
interest rate was approximately 6.62%.

   The  Partnership  was  also required to purchase  an  interest
rate  cap agreement with a maturity of December 15, 2006 in order
to  fix  the  underlying base rates of the  mortgage  (LIBOR)  at
6.45%.   The  notational  amount of  the  interest  rate  cap  is
identical  to  the notational amount of the mortgage  loan.   The
total cost related to the cap was $2,500.

   The  First  Mortgage  also required  the  establishment  of  a
$300,000  escrow  that  can be used for  the  payment  of  tenant
improvements and leasing commissions.

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


(5)  TRANSACTIONS WITH AFFILIATES

   Fees  and  other expenses incurred or payable to  the  General
Partners  or  their affiliates for the years ended  December  31,
2005 and 2004 were as follows:

                                  2005           2004
                                --------       --------
Management fees                 $ 51,431       $127,182
Reimbursable office expenses     108,122         85,822

   As  of  December  31,  2005,  the  Partnership  had  made  all
payments to affiliates except for $4,549 for management fees.



(6)  OPERATING LEASES

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

Year ending December 31,
        2006            $  600,687
        2007               537,575
        2008               509,033
        2009               418,116
        2010               268,202
        Thereafter         915,754
                        ----------
        Total           $3,249,367
                        ==========

At December 31, 2005, AJ Wright occupied approximately 22% of the
gross leaseable square footage of Raleigh Springs Marketplace.

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


(7)  EQUITY INVESTMENT

   The  Partnership  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,
                                 2005


Cash and cash equivalents          $140,542
Other assets                         84,852
                                   --------
                                    225,394
                                   --------

Other liabilities                     4,593
                                   --------
Net assets in liquidation          $220,801
                                   ========

                        Liquidation Basis
                For the years ended December 31,

                                  2005              2004
Rental income                  $  474,057        $ 432,097
Other income                      159,763          128,313
                               ----------        ---------
                                  633,820          560,410
                               ----------        ---------
Mortgage and
 other interest                   156,533          135,397
Operating and
 administrative expenses          453,749          537,395
                               ----------        ---------
                                  610,282          672,792
                               ----------        ---------
Net income (loss) before
  gain on sale of property         23,538         (112,382)

Gain on sale of property        1,189,925               --
                               ----------        ---------
Net income (loss)              $1,213,463        $(112,382)
                               ==========        =========

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

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

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

  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 had a right to require a repayment of principal
from  the joint venture in an amount not to exceed $500,000.   In
the  second  quarter  of  2004, pursuant  to  the  existing  loan
agreement,  the  lender requested repayment of principal  in  the
amount  of $250,000.  The lender agreed to allow for this payment
to  be  made  from the $1,000,000 on deposit with the lender  and
further  agreed to reduce the liquidity requirement to  $500,000.
Additionally, the lender agreed to fund from the deposit with the
lender  certain  improvements (up to  $245,000)  that  the  joint
venture was contemplating making in order to facilitate the  sale
of the property.

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

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


(8)  COMMITMENTS AND CONTINGENCIES

  In  late  February 2006, the Internal Revenue Service  informed
the  Partnership  that  it was being assessed  penalties  in  the
amount  of $181,900 for late filing and failure to electronically
file  its  2004  partnership tax return.   The  Partnership  out-
sourced  these activities to a third party vendor.   This  vendor
had  successfully  completed the Partnership's 2003  tax  filings
and,  prior to the notice from the Internal Revenue Service,  the
Partnership believed that the vendor had also successfully  filed
its  2004  tax  returns.   The  Partnership  has  appealed  these
penalties.   The Partnership believes its appeal will be  granted
and  the  penalties ultimately waived or reduced and accordingly,
no   provision  has  been  made  in  the  accompanying  financial
statements for such penalties, however, the Partnership  has  not
received  any  further correspondence from the  Internal  Revenue
Service.




                          EXHIBIT INDEX


Exhibit (21)           Subsidiaries of the Registrant






                           Exhibit 21

Name of Subsidiary                  State of Formation

Brauvin Sabal Palm Joint Venture          Florida

Brauvin Raleigh LLC                      Delaware