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, 2004

                                 or

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

      For the transition period from               to

      Commission File Number               0-13402

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

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

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

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

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

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

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

                    Limited Partnership Interests
                          (Title of class)

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

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

State issuer's revenues for its most recent fiscal year $2,128,159.

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
                   2004 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                                 15

Item 4.   Submission of Matters to a Vote of
          Security Holders                                  15

                              PART II
Item 5.   Market for the Issuer's Limited Partnership
          Interests and Related Security Holder Matters     16

Item 6.   Management's Discussion and Analysis or Plan of
          Operation                                         16

Item 7.   Financial Statements and Supplementary Data       26

Item 8.   Changes in and Disagreements with Accountants on
          Accounting and Financial Disclosure               26

Item 8a.  Controls and Procedures.                          26

Item 8b.  Other Information                                 27

                              PART III
Item 9.   Directors, Executive Officers, Promoters and
          Control Persons; Compliance with Section 16(a)
          of the Exchange Act                               28

Item 10.  Executive Compensation                            30

Item 11.  Security Ownership of Certain Beneficial Owners
          and Management                                    30

Item 12.  Certain Relationships and Related Transactions    31

Item 13.  Exhibits                                          32

Item 14.  Principal Accountant Fees and Services.           33

Signatures                                                  34
                             PART I

Item 1.   Description of Business.

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

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

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

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

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

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

   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, changes in zoning laws or changes  in
patterns  of  the  needs  of  users.  The  marketability  of  the
properties may also be affected by prevailing interest rates  and
existing tax laws.  The Partnership has retained ownership of its
properties for periods longer than anticipated at acquisition.

   Market  conditions  had weakened in several markets  resulting
in  lower  cash  flows  than  were originally  anticipated.   The
Partnership strives to maximize economic occupancy and, as  such,
must adjust rents to attract and retain tenants.  One measure  of
a  market's  relative strength or weakness is the current  rental
rate demanded by non-anchor tenants.  These rates are for tenants
who  generally  sign leases of three to five  years  and  are  an
indicator of the "spot" rental market.  Average rental rates  for
non-anchor  tenants,  expressed per square foot  per  year,  have
decreased  at  the  Memphis, Tennessee, Raleigh Springs  property
from   approximately  $12.00  per  square   foot   in   1993   to
approximately  $7.96 per square foot in 2004 ($10.68  per  square
foot in 2003). The average rental rates for non-anchor tenants at
Sabal Palm in Palm Bay, Florida have decreased from approximately
$10.88  per square foot in 1995 to approximately $9.08 per square
foot in 2004 ($9.13 per square foot in 2003).

   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,  2003  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  74%  occupied  at
December  31, 2004.  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, which continues to
bear interest at 10% per annum, requires monthly installments  of
principal   and  interest  of  $46,839(based  upon  a   25   year
amortization  schedule) with a final payment of  unpaid  interest
and  principal due on April 1, 2007.  Based on the lenders recent
approval of the termination of the Toys "R" Us lease (see below),
the  loan will require additional lump sum principal payments  of
$8,500 on or before December 1, 2004 and then commencing December
1,  2005 annual lump sum principal payments of $34,000.   In  the
fourth quarter of 2004, the Partnership commenced the process  of
refinancing the existing debt. Subsequent to December  31,  2004,
the  Partnership received a proposal from a potential  lender  to
refinance the existing debt as well as provide for the funding of
additional improvement dollars for Raleigh Springs.  The proposal
requires  payments of interest only with a maturity  twenty  four
months  after  the initial draw.  The proposed variable  interest
rate  is  a  function of occupancy at Raleigh Springs.   However,
there  can  be  no  assurances  that  the  Partnership  will   be
successful in refinancing the existing indebtedness.

   The  outstanding mortgage balance encumbered by  the  property
was $4,054,787 at December 31, 2004.

   The  economic occupancy rate and average annual base rent  per
square foot at December 31, 2004 and 2003 were as follows:

                               2004       2003
                              ------     ------
  Occupancy Rate                74%        67%
  Average Annual Base
   Rent Per Square Foot        $6.47      $7.77


  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,
2004:

                     Annual   Lease
           Square     Base  Expiration   Renewal    Nature of
Tenant       Feet      Rent    Date      Options     Business
--------   -------  -------- -------   ----------   ----------
AJ Wright   25,000  $187,500 11/2014   10/5 yrs ea. Retail store
Sav A Lot   13,400    72,360 12/2008      3/5yr       Grocery
Others      46,487   286,849 Various     Various
Vacant      29,353        --
           -------  --------
           114,270  $546,709
           =======  ========

  T.J.  Maxx,  a  former  anchor tenant,  vacated  its  space  in
January  1996.  During the third quarter of 1996 a  health  group
signed a $9.00 per square foot lease for approximately 40% of the
T.J.  Maxx space.  In the fourth quarter of 2001, the Partnership
leased  13,400  square feet of space to Sav  A  Lot,  a  national
grocery  chain. In the third quarter of 2004, Sav A Lot exercised
its  first  option and extended the lease maturity through  2008.
In the first quarter of 2002, the health group gave notice to the
Partnership  that  it  would vacate  the  9,500  square  feet  it
occupied  at  the expiration of its base term which  occurred  in
April, 2002.  As a result of these vacancies, Raleigh Springs was
in  a negative cash flow position.  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 by Toys "R" Us  to  the  Partnership
(such  payment  in  the  amount of  $1,400,000  was  received  in
September 2004).  The Partnership anticipates the payment covered
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, the Partnership leased  approximately
10,000  square feet of the former medical space 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.  Further, in the fourth quarter of  2004,  the
Partnership leased three additional suites containing a total  of
7,500 square feet of space.

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


(b) Fortune Professional Building ("Fortune")

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

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

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

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

(c) Sabal Palm Square ("Sabal Palm")

   On  October 31, 1986, the Partnership and Brauvin Real  Estate
Fund  L.P. 5 ("BREF 5") formed a joint venture to purchase  Sabal
Palm,  a  shopping center in Palm Bay, Florida,  for  $5,924,000.
The  Partnership has a 47% interest and BREF 5 has a 53% interest
in  the  joint  venture which owns Sabal Palm.  The purchase  was
funded  with $2,724,000 cash at closing and a $3,200,000  interim
loan.   On February 19, 1987, the joint venture obtained a  first
mortgage loan in the amount of $3,200,000 collateralized by Sabal
Palm  from  an  unaffiliated lender.  The loan was  payable  with
interest  only  at 9.5% per annum until February 1992,  at  which
time  the loan required payments of principal and interest  based
on a 30 year amortization schedule.

     Sabal  Palm is a neighborhood shopping center consisting  of
approximately  89,000  square feet of retail  space  situated  on
approximately  9.7 acres of land.  Sabal Palm was constructed  in
1985 and is currently anchored by a Sav A Lot, a Walgreens (which
has subsequently sublet its space as detailed below) and a Family
Dollar.   Sabal Palm has several outparcels, which are not  owned
by  the Partnership, but which add to the center's appearance and
customer  activity.  Sabal Palm had a 72% economic  occupancy  at
December 31, 2004.

   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.

   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.

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

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

   Due  to  non-payment of Winn-Dixie's rental  obligations,  the
joint  venture did not make its mortgage payments for Sabal  Palm
in November and December 2001 and January through March 2002 thus
resulting  in  a default on its loan.  In April 2002,  the  joint
venture and the lender agreed to a twelve month extension of  the
existing  mortgage loan.  The loan extension was subject  to  the
lease  termination of Winn-Dixie and Winn-Dixie's  payment  of  a
$300,000 termination fee and payment of all past due amounts thus
curing the default.  As a requirement of the extension, the joint
venture  and  the  lender agreed to use  the  proceeds  from  the
termination  to redemize the former Winn-Dixie space  into  three
spaces as well as certain other improvements to the center.   The
joint  venture 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  joint venture has made  a  number  of  cosmetic
improvements to the center in preparation for its sale.  However,
the  property was recently damaged by two of the hurricanes  that
struck  the Palm Bay area in the third quarter of 2004  and  will
likely delay the sale of the property.  The property's damage was
primarily cosmetic and we do not believe the structural integrity
or  economic viability of the building has diminished.  Temporary
repair  work  has been completed.  However due to  the  extensive
damage elsewhere in the area, permanent repairs were not able  to
commence until the first quarter of 2005.

   The  joint  venture has also received renewed  expressions  of
interest for the potential sale of the property.  There can be no
assurance  that  a sale will be consummated; however,  the  joint
venture is continuing to evaluate its opportunities.

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

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

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

  Additionally, the lender 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  is contemplating making in order to facilitate the  sale
of the property.


   The  loan matures on May 3, 2005.  Due to the fact that damage
caused  by the hurricanes in 2004 is currently in the process  of
being  repaired, the joint venture does not believe  it  will  be
able to repay the loan in May.  Therefore, tThe joint venture has
requested  an nine month extension of the facility.   Discussions
with  the  lender are ongoing but there can be no assurance  that
the  lender  will grant the extension.  On April  13,  2005,  the
joint  venture and the lender agreed to terms for  a  nine  month
extension  of the current mortgage note.  The lender is requiring
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
is required to pay an extension fee in the amount of $5,000.  All
other terms and conditions remain the same.


   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.  In addition, the joint venture will be making a number  of
other  repairs  and  improvements to the center  to  improve  its
marketability  for  sale.  These improvements will  include  roof
repair   (and  repainting)  and  parking  lot  repairs  including
restriping.

     The carrying value of Sabal Palm approximated $3,028,000  at
December 31, 2004.

     The economic occupancy rate and average annual base rent per
square foot at December 31, 2004 and 2003 were as follows:

                               2004    2003
                               -----   -----
  Occupancy Rate                72%     58%

  Average Annual Base
     Rent Per Square Foot       $7.45   $7.52

   Sabal  Palm  has  three tenants that individually  occupy  ten
percent or more of the rentable square footage.  The following is
a summary of the tenant rent roll at December 31, 2004:


                      Annual    Lease
             Square    Base   Expiration Renewal    Nature of
Tenant        Feet     Rent      Date    Options     Business
---------   ------- --------  --------  ---------  -----------
Sav A Lot    14,350 $ 79,765   10/2012 5/5 yrs ea.  Food Store
Walgreens    13,000   81,252  4/2005(a)2/5 yrs ea.  Drug Store
Family
  Dollar (b) 10,675   31,250   12/2013 2/5 yrs ea. Dollar Store
Others       26,425  239,830  Various    Various
Vacant       24,483       --
             ------ --------
             88,933 $432,097
             ====== ========

  (a) Tenant has a right to terminate lease in April, 2005.
  (b) Tenant began paying rent in July 2004.


Risks of Ownership

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


Item 3.  Legal Proceedings.

   None.


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

   None.




                             PART II

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

   At  December  31, 2004, there were approximately  577  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  2004
and 2003.

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

General

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



Liquidity and Capital Resources

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

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

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

Property Status

   Fortune Office Building

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

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

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


   Raleigh Springs Marketplace

  T.J.  Maxx,  a  former  anchor tenant,  vacated  its  space  in
January  1996.  During the third quarter of 1996 a  health  group
signed a $9.00 per square foot lease for approximately 40% of the
T.J.  Maxx space.  In the fourth quarter of 2001, the Partnership
leased  13,400  square feet of space to Sav  A  Lot,  a  national
grocery  chain. In the third quarter of 2004, Sav A Lot exercised
its  first  option and extended the lease maturity through  2008.
In the first quarter of 2002, the health group gave notice to the
Partnership  that  it  would vacate  the  9,500  square  feet  it
occupied  at  the expiration of its base term which  occurred  in
April, 2002.  As a result of these vacancies, Raleigh Springs was
in  a negative cash flow position.  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 by 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, the Partnership leased  approximately
10,000  square feet of the former medical space 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.  Further, in the fourth quarter of  2004,  the
Partnership leased three additional suites containing a total  of
7,500 square feet of space.

   In  November  1992, the Partnership negotiated a  modification
of  the  terms of the mortgage on Raleigh Springs with the lender
(the  "Modified Loan").  In October 1992, the interest  rate  was
reduced  from 12.75% to 10.00%.  Since November 1992 and  through
September 1999, principal and interest payments were based  on  a
25-year amortization schedule.  The Modified Loan capitalized the
August,  September  and  October  1992  mortgage  payments.   The
Partnership negotiated an extension of the terms of the  mortgage
on  August  26, 1999 and August 30, 2000. On March 11, 2002,  the
Partnership  accepted a proposal to modify  the  Raleigh  Springs
mortgage  loan.   Under the terms of the proposal,  the  maturity
date was extended to April 1, 2007.  The loan, which continues to
bear interest at 10% per annum, requires monthly installments  of
principal  and  interest  of  $46,839  (based  upon  a  25   year
amortization  schedule) with a final payment of  unpaid  interest
and principal due on April 1, 2007.  Based on the lender's recent
approval  of the termination of the Toys "R" Us lease,  the  loan
will require additional lump sum principal payments of $8,500  on
or  before December 1, 2004 and then commencing December 1,  2005
annual  lump  sum principal payments of $34,000.  In  the  fourth
quarter  of  2004,  the  Partnership  commenced  the  process  of
refinancing the existing debt. Subsequent to December  31,  2004,
the  Partnership received a proposal from a potential  lender  to
refinance the existing debt as well as provide for the funding of
additional improvement dollars for Raleigh Springs.  The proposal
requires  payments  of interest only with a  maturity  24  months
after the initial draw.  The proposed variable interest rate is a
function of occupancy at Raleigh Springs.  However, there can  be
no   assurances  that  the  Partnership  will  be  successful  in
refinancing the existing indebtedness.


   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.

   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.

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

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

   Due  to  non-payment of Winn-Dixie's rental  obligations,  the
joint  venture did not make its mortgage payments for Sabal  Palm
in November and December 2001 and January through March 2002 thus
resulting  in  a default on its loan.  In April 2002,  the  joint
venture and the lender agreed to a twelve month extension of  the
existing  mortgage loan.  The loan extension was subject  to  the
lease  termination of Winn-Dixie and Winn-Dixie's  payment  of  a
$300,000 termination fee and payment of all past due amounts thus
curing the default.  As a requirement of the extension, the joint
venture  and  the  lender agreed to use  the  proceeds  from  the
termination  to redemize the former Winn-Dixie space  into  three
spaces as well as certain other improvements to the center.   The
joint  venture 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  joint venture has made  a  number  of  cosmetic
improvements to the center in preparation for its sale.  However,
the  property was recently damaged by two of the hurricanes  that
struck  the Palm Bay area in the third quarter of 2004  and  will
likely delay the sale of the property.  The property's damage was
primarily cosmetic and we do not believe the structural integrity
or  economic viability of the building has diminished.  Temporary
repair  work  has been completed.  However due to  the  extensive
damage elsewhere in the area, permanent repairs were not able  to
commence until the first quarter of 2005.

   The  joint  venture has also received renewed  expressions  of
interest for the potential sale of the property.  There can be no
assurance  that  a sale will be consummated; however,  the  joint
venture is continuing to evaluate its opportunities.

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

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

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

  Additionally, the lender 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  is contemplating making in order to facilitate the  sale
of the property.

   Due  to the fact that damage caused by the hurricanes in  2004
is  currently in the process of being repaired, the joint venture
does  not  believe  it will be able to repay  the  loan  in  May.
Therefore,  the joint venture has requested an extension  of  the
facility.   On April 13, 2005, the joint venture and  the  lender
agreed  to  terms  for  a  nine month extension  of  the  current
mortgage  note.  The lender is requiring 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 is required to  pay  an
extension  fee  in  the amount of $5,000.  All  other  terms  and
conditions remain the same.

   The  loan matures on May 3, 2005.  Due to the fact that damage
caused  by the hurricanes in 2004 is currently in the process  of
being  repaired the Partnership does not believe it will be  able
to  repay the loan in May.  The Partnership has requested a  nine
month extension of the facility.  Discussions with the lender are
ongoing but there can be no assurance that the lender will  grant
the extension.

   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.  In addition, the joint venture will be making a number  of
other  repairs  and  improvements to the center  to  improve  its
marketability  for  sale.  These improvements will  include  roof
repair   (and  repainting)  and  parking  lot  repairs  including
restriping.

   In  total, Sabal Palm has received six offers on the  property
ranging  in  price  from  $2.2  million  to  $3.4  million.   The
Partnership continues to market the property for sale.  With  the
recent  execution  of  the Family Dollar lease  for  12%  of  the
center, the Partnership anticipates that potential sales activity
will improve in 2005.


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, 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  an
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.


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

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

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

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

Item 7.  Financial Statements and Supplementary Data

  See  Index  to  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

None.

                            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 71)  chairman  of  the  board  of
directors, president and chief executive officer of the Corporate
General  Partner,  as  well  as a principal  shareholder  of  the
Corporate General Partner.  He is a member and manager of Brauvin
Real  Estate  Funds,  L.L.C.  He is a member of  Brauvin  Capital
Trust  L.L.C.   Since 1979, he has been a shareholder,  president
and  a  director  of  Brauvin/Chicago, Ltd.  He  is  an  officer,
director and one of the principal shareholders of various Brauvin
entities  which  act  as  the general  partners  of  three  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 44) 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 three other publicly registered  real
estate  programs.   Mr. Brault is executive  vice  president  and
assistant secretary and is responsible for the overall operations
of  Brauvin  Management Company.  He is also  an  executive  vice
president  and secretary of Brauvin Net Lease V, Inc.   He  is  a
manager  of  Brauvin Capital Trust, L.L.C. and BA/Brauvin  L.L.C.
He  is  the  president of Brauvin Capital Trust, Inc.   Prior  to
joining  the  Brauvin organization in May 1989,  he  was  a  Vice
President  of  the Commercial Real Estate Division of  the  First
National  Bank  of  Chicago  ("First Chicago"),  based  in  their
Washington, D.C. office.  Mr. Brault joined First Chicago in 1983
and  his responsibilities included the origination and management
of commercial real estate loans, as well as the direct management
of  a  loan  portfolio  in excess of $150  million.   Mr.  Brault
received a B.A. in Economics from Williams College, Williamstown,
Massachusetts  in 1983 and an M.B.A. in Finance  and  Investments
from George Washington University, Washington, D.C. in 1987.  Mr.
Brault is the son of Mr. Jerome J. Brault.

  MR.  THOMAS  E.  MURPHY  (age 38) 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 three other publicly registered real  estate
programs.   Mr.  Murphy  is also the chief financial  officer  of
Brauvin  Management  Company, Brauvin  Financial,  Inc.,  Brauvin
Securities,  Inc.  and  Brauvin Net Lease  V,  Inc.   He  is  the
treasurer,  chief  financial officer  and  secretary  of  Brauvin
Capital  Trust,  Inc.  He is responsible  for  the  Partnership's
accounting  and financial reporting to regulatory  agencies.   He
joined  the  Brauvin  organization  in  July  1994.   Mr.  Murphy
received  a  B.S. in Accounting from Northern Illinois University
in  1988.  Mr. Murphy is a Certified Public Accountant and  is  a
member of the Illinois Certified Public Accountants Society.


Item 10.  Executive Compensation.

  (a  &  b) The Partnership is required to pay certain fees, make
distributions and allocate a share of the profits and  losses  of
the  Partnership  to the Corporate General Partner  as  described
under  the caption "Compensation Table" on pages 10 to 12 of  the
Partnership's  Prospectus, as supplemented, and the  sections  of
the  Agreement entitled "Distributions of Operating  Cash  Flow,"
"Allocation of Profits, Losses and Deductions," "Distribution  of
Net  Sale  or Refinancing Proceeds" and "Compensation of  General
Partners  and  Their  Affiliates" on pages A-9  to  A-12  of  the
Agreement  attached as Exhibit A to the Partnership's Prospectus.
The  relationship  of  the  Corporate General  Partner  (and  its
directors and officers) to its affiliates is set forth  above  in
Item 9.  Reference is also made to Notes 3 and 5 of the Notes  to
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 2004 and 2003.

  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 2004 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  2003  and 2004.   AMG has audited  the  Partnership's
financial  statements for the years ended December 31,  2004  and
2003.   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 $18,750 during 2004 and  $32,750  during
2003.

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

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

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



                             SIGNATURES

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



                         BRAUVIN REAL ESTATE FUND L.P. 4

                         BY:  Brauvin Ventures, Inc.
                              Corporate General Partner

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

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


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

                         INDIVIDUAL GENERAL PARTNER

                                   /s/ Jerome J. Brault
                                   Jerome J. Brault




                              Dated: April 14, 2005






         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: April 14, 2005





         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: April 14, 2005





                           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, 2004, 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-KQSB fairly presents, in
all  material  respects, the financial condition and  results  of
operations of Brauvin Real Estate Fund L.P. 4.

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



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

                         DATE:  April 14, 2005



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

                         DATE:  April 14, 2005

                   INDEX TO FINANCIAL STATEMENTS

                                                          Page

Report of Independent Registered Public Accounting Firm   F-2

Statement of Net Assets in Liquidation
as of December 31, 2004 (Liquidation Basis)               F-3

Statement of Changes in Net Assets
in Liquidation for the period January 1, 2004 to
December 31, 2004  (Liquidation Basis)                    F-4

Statement of Changes in Net Assets
in Liquidation for the period January 1, 2003 to
December 31, 2003  (Liquidation Basis)                    F-5

Statements of Operations for the years ended
December 31, 2004 and 2003 (Liquidation Basis).           F-6

Notes to 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 financial statements of Brauvin
Real  Estate Fund L.P. 4 and subsidiary as of December 31,  2004,
and  for the years ended December 31, 2004 and 2003 as listed  in
the  index  to financial statements.  These financial  statements
are  the  responsibility  of the Partnership's  management.   Our
responsibility  is  to  express an  opinion  on  these  financial
statements based on our 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 financial statements present fairly, in  all
material respects, the financial position of Brauvin Real  Estate
Fund  L.P. 4 and subsidiary at December 31, 2004, and the results
of  their  operations for the years ended December 31,  2004  and
2003  in conformity with accounting principles generally accepted
in the United States.


/s/ Altschuler, Melvoin and Glasser LLP

Chicago, Illinois
February 14, 2005, except for Note 4 as to which the date is
March 3, 2005 and Note 7 as to which the date is April 13, 2005.





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


 STATEMENT OF NET ASSETS IN LIQUIDATION AS OF DECEMBER 31, 2004
                       (LIQUIDATION BASIS)


ASSETS

Real estate held for sale                     $6,026,500
Investment in Sabal Palm
  Joint Venture (Note 7)                         384,772
Cash and cash equivalents                        384,961
Tenant receivables                                41,641
Utility deposits                                   2,370
Other assets                                      10,070
                                              ----------
  Total Assets                                 6,850,314
                                              ----------

LIABILITIES
Mortgage notes payable (Note 4)                4,054,787
Accounts payable and accrued expenses            193,265
Deferred gain on sale of real estate (Note 2)    464,312
Reserve for estimated costs during
  the period of liquidation (Note 2)             199,325
Tenant security deposits                          22,163
Due to affiliates                                 92,367
                                              ----------
  Total Liabilities                            5,026,219
                                              ----------

Net Assets in Liquidation                     $1,824,095
                                              ==========










         See accompanying notes to financial statements.




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



STATEMENT OF CHANGES IN NET ASSETS IN LIQUIDATION  FOR THE PERIOD
              JANUARY 1, 2004 TO DECEMBER 31, 2004
                       (LIQUIDATION BASIS)


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

Loss from operations                             (55,967)

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






























         See accompanying notes to financial statements.






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




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



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

Income from operations                            40,963

Gain on sale of property                          13,901
                                              ----------
Net assets in liquidation at
  December 31, 2003                           $1,880,062
                                              ==========

























         See accompanying notes to financial statements.






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




                    STATEMENTS OF OPERATIONS
         FOR THE YEARS ENDED DECEMBER 31, 2004 AND 2003
                       (LIQUIDATION BASIS)

                               2004          2003
                           ----------    ----------
INCOME
Rental                     $  546,709    $  605,190
Interest                        3,041         2,082
Lease termination fee       1,400,000        55,000
Other, primarily tenant
  expense reimbursements      178,409       149,785
                           ----------    ----------
  Total income              2,128,159       812,057
                           ----------    ----------
EXPENSES
Interest                      414,745       428,305
Real estate taxes             123,535       126,427
Repairs and maintenance        19,785         1,952
Management fees (Note 5)      127,182        51,090
Other property operating       43,666        56,754
General and administrative  1,402,393        96,402
                           ----------    ----------
  Total expenses            2,131,306       760,930
                           ----------    ----------
(Loss) income before
  equity interest              (3,147)       51,127

  Equity interest in Sabal
  Palm Joint Venture's
  net loss                    (52,820)      (10,164)
                           ----------    ----------
Net (loss) income before
 gain on sale of property     (55,967)       40,963
Gain on sale of property           --        13,901
                           ----------    ----------

Net (loss) income          $  (55,967)    $  54,864
                           ==========     =========
Net (loss) income allocated
  to the General Partners  $     (560)    $     549
                           ==========     =========
Net (loss) income allocated
  to the Limited Partners  $  (55,407)    $  54,315
                           ==========     =========
Net income per

  Limited Partnership
  Interest (9,550 units
  outstanding)             $    (5.80)    $    5.69
                           ==========     =========

           See accompanying notes to financial statements





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

                  NOTES TO FINANCIAL STATEMENTS
         For the years ended December 31, 2004 and 2003

(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.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

   Management's Use of Estimates

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

   Basis of Presentation

   As  a  result of the July 12, 1999 authorization by a majority
of the Limited Partners to sell the Partnership's properties, the
Partnership has begun the liquidation process and, in  accordance
with  generally accepted accounting principles, the Partnership's
financial statements for periods subsequent to July 12, 1999 have
been   prepared   on   the  liquidation  basis   of   accounting.
Accordingly, the carrying values of assets are presented at their
net realizable amounts and liabilities are presented at estimated
settlement  amounts,  including estimated costs  associated  with
carrying  out  the  liquidation.  Preparation  of  the  financial
statements   on   a   liquidation  basis   requires   significant
assumptions  by management, including the estimate of liquidation
costs  and  the resolution of any contingent liabilities.   There
may be differences between the assumptions and the actual results
because  events  and circumstances frequently  do  not  occur  as
expected.  Those differences, if any, could result in a change in
the  net  assets recorded in the statement of net  assets  as  of
December 31, 2004.

   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
$27,117  is  based  on specific identification  of  uncollectible
accounts and the Partnership's historical collection experience.

   Federal Income Taxes

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

   Investment in Joint Venture Partnership

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

   Investment in Real Estate

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

   Subsequent  to  the  adoption  of  the  liquidation  basis  of
accounting  (see Note 2), the Partnership adjusted its investment
in  real  estate  to  estimated net realizable  value,  which  is
recorded  as  real  estate  held  for  sale.   Additionally,  the
Partnership suspended recording any further depreciation expense.

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

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

   The  Partnership has adopted Statement of Financial Accounting
Standards No. 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, 2004,  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,  2004,
assets  were  adjusted to net realizable value,  and  liabilities
were adjusted to estimated settlement amounts.

   Derivatives and Hedging Instruments

   In   June  1998,  the  Financial  Accounting  Standards  Board
("FASB")  issued Statement of Financial Accounting Standards  No.
133,   "Accounting   for  Derivative  Instruments   and   Hedging
Activities" ("SFAS 133"), which requires that all derivatives  be
recognized as assets and liabilities in the balance sheet and  be
measured at fair value.  SFAS 133 also requires changes  in  fair
value  of  derivatives  to be recorded  each  period  in  current
earnings or comprehensive income depending on the intended use of
the  derivatives.  In June, 2000, the FASB issued SFAS 138, which
amends  the  accounting and reporting standards of SFAS  133  for
certain derivatives and certain hedging activities.  SFAS 133 and
SFAS  138  were adopted by the Partnership effective  January  1,
2001.  The Partnership had no derivatives in 2004 and 2003.

   Recent Accounting Pronouncements

     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."

   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 and FIN 46 has not had a significant
impact on the Partnership's financial statements.


(2)  ADJUSTMENT TO LIQUIDATION BASIS

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

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


(3)  PARTNERSHIP AGREEMENT

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

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

   At   December   31,   2004,   the  Preferential   Distribution
Deficiency equaled $17,321,315.


(4) MORTGAGE NOTES PAYABLE

   Mortgage  notes  payable at December 31, 2004 consist  of  the
following:
                                    Interest     Date
                        Balance        Rate      Due
                       ---------    --------   ------
Raleigh Springs
  Marketplace          $ 4,054,787    10%       04/07


Maturities of the mortgage notes payable are as follows:

     2005               $  206,465
     2006                  219,585
     2007                3,638,737
                        ----------
                        $4,054,787
                        ==========

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

Raleigh Springs Marketplace

    Monthly  principal and interest payments are based on  a  25-
year  amortization schedule.  In the first quarter of  2001,  the
mortgage  holder  agreed to extend the maturity of  the  mortgage
until April 1, 2002.  On March 11, 2002, the Partnership accepted
a  proposal  to  modify the Raleigh Springs Marketplace  mortgage
loan.   Under  the terms of the proposal, the maturity  date  was
extended  to  April 1, 2007.  The loan, which continues  to  bear
interest  at  10%  per  annum, requires monthly  installments  of
principal   and  interest  of  $46,839(based  upon  a   25   year
amortization  schedule) with a final payment of  unpaid  interest
and  principal  on  April 1, 2007.  Based on the  lenders  recent
approval of the termination of the Toys "R" Us lease (see below),
the  loan will require additional lump sum principal payments  of
$8,500 on or before December 1, 2004 and then commencing December
1,  2005  annual  lump sum principal payments  of  $34,000.   The
carrying  value  of Raleigh Springs Marketplace at  December  31,
2004 was approximately $6,026,500.

   In  the fourth quarter of 2004, the Partnership commenced  the
process of refinancing the existing debt.  Subsequent to December
31,  2004,  the Partnership received a proposal from a  potential
lender to refinance the existing debt as well as provide for  the
funding  of  additional improvement dollars for Raleigh  Springs.
The  proposal requires payments of interest only with a  maturity
twenty four months after the initial draw.  The proposed variable
interest  rate  is  a function of occupancy at  Raleigh  Springs.
However, there can be no assurances that the Partnership will  be
successful in refinancing the existing indebtedness.

Fortune Professional Building

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

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


(5)  TRANSACTIONS WITH AFFILIATES

   Fees  and  other expenses incurred or payable to  the  General
Partners  or  their affiliates for the years ended  December  31,
2004 and 2003 were as follows:

                                 2004            2003
                               --------         -------
Management fees                $127,182         $50,350
Reimbursable office expenses     85,822          72,936

   As  of  December  31,  2004,  the  Partnership  had  made  all
payments to affiliates except for $86,611 for management fees and
$5,756  for a working capital advance that was repaid in  January
2005.


(6)  OPERATING LEASES

   The  Partnership  is the lessor in operating lease  agreements
with  tenants  at  its various properties.   The  minimum  future
rental  income  to be received on these operating  leases  is  as
follows:

Year ending December 31,
        2005            $  636,935
        2006               534,086
        2007               445,656
        2008               373,031
        2009               380,874
        Thereafter       1,159,914
                        ----------
        Total           $3,530,496
                        ==========

   Collection   of  future  rental  income  under   these   lease
agreements  is  subject  to  the  financial  stability   of   the
underlying tenants.  Rental income received from Toys "R" Us  and
Sav   a   Lot  at  Raleigh  Springs  approximate  29%  and   14%,
respectively, of rental income for the Partnership for  the  year
ended December 31, 2004.

(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,
                                    2004
                                 ----------

Real estate held for sale        $3,028,375
Cash held in pledge account         755,058
Other assets                         72,758
                                 ----------
                                  3,856,191
                                 ----------

Mortgage note payable             3,000,000
Other liabilities                    33,854
                                 ----------
                                  3,033,854
                                 ----------
Net assets in liquidation        $  822,357
                                 ==========


                        Liquidation Basis
                For the years ended December 31,

                                   2004              2003
                                ---------         --------
Rental income                   $ 432,097         $379,105
Other income                      128,313           96,802
                                ---------         --------
                                  560,410          475,907
                                ---------         --------
Mortgage and
 other interest                   135,397          178,288
Operating and
 administrative expenses          537,395          319,245
                                ---------         --------
                                  672,792          497,533
                                ---------         --------

Net loss                        $(112,382)        $(21,626)
                                =========         ========

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

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

   In  the  second quarter of 1998, Winn-Dixie vacated its  space
at the center (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.

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

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

   Due  to  non-payment of Winn-Dixie's rental  obligations,  the
joint  venture did not make its mortgage payments for Sabal  Palm
in November and December 2001 and January through March 2002 thus
resulting  in  a default on its loan.  In April 2002,  the  joint
venture and the lender agreed to a twelve month extension of  the
existing  mortgage loan.  The loan extension was subject  to  the
lease  termination of Winn-Dixie and Winn-Dixie's  payment  of  a
$300,000 termination fee and payment of all past due amounts thus
curing the default.  As a requirement of the extension, the joint
venture  and  the  lender agreed to use  the  proceeds  from  the
termination  to redemize the former Winn-Dixie space  into  three
spaces as well as certain other improvements to the center.   The
joint  venture 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 recently damaged by two of the hurricanes  that
struck  the Palm Bay area in the third quarter of 2004  and  will
likely delay the sale of the property.  The property's damage was
primarily cosmetic and we do not believe the structural integrity
or  economic viability of the building has diminished.  Temporary
repair  work  has been completed.  However due to  the  extensive
damage elsewhere in the area, permanent repairs were not able  to
commence until the first quarter of 2005.

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

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

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

  Additionally, the lender 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  is contemplating making in order to facilitate the  sale
of the property.

   Due  to the fact that damage caused by the hurricanes in  2004
is  currently in the process of being repaired, the joint venture
does  not  believe  it will be able to repay  the  loan  in  May.
Therefore,  the joint venture has requested an extension  of  the
facility.   On April 13, 2005, the joint venture and  the  lender
agreed  to  terms  for  a  nine month extension  of  the  current
mortgage  note.  The lender is requiring 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 is required to  pay  an
extension  fee  in  the amount of $5,000.  All  other  terms  and
conditions remain the same.

   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.  In addition, the joint venture will be making a number  of
other  repairs  and  improvements to the center  to  improve  its
marketability  for  sale.  These improvements will  include  roof
repair   (and  repainting)  and  parking  lot  repairs  including
restriping.


                          EXHIBIT INDEX


Exhibit (21)           Subsidiaries of the Registrant

                           Exhibit 21

Name of Subsidiary                  State of Formation

Brauvin Sabal Palm Joint Venture          Florida