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, 2000

                                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 preceding 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 $2,290,307.

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.

<PAGE>

                 BRAUVIN REAL ESTATE FUND L.P. 4
                  2000 FORM 10-KSB ANNUAL REPORT
                              INDEX

                              PART I
                                                                Page
Item 1.   Description of Business. . . . . . . . . . . . . . . . . . . 3

Item 2.   Description of Properties. . . . . . . . . . . . . . . . . . 6

Item 3.   Legal Proceedings. . . . . . . . . . . . . . . . . . . . . .14

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

                             PART II

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

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

Item 7.   Financial Statements and Supplementary Data. . . . . . . . .24

Item 8.   Changes in and Disagreements with Accountants on
          Accounting and Financial Disclosure. . . . . . . . . . . . .24

                             PART III

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

Item 10.  Executive Compensation . . . . . . . . . . . . . . . . . . .26

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

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

Item 13.  Exhibits, Consolidated Financial Statements and
          Reports on Form 8-K. . . . . . . . . . . . . . . . . . . . .29

Signatures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .30


                             PART I

Item 1.   Description of Business.

   Brauvin Real Estate Fund L.P. 4 (the "Partnership") is a
Delaware limited partnership formed in April 1984 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.  At December 31, 2000, the
Partnership had two rental properties, a 58% interest in a joint
venture which owns a third rental property and a 47% interest in a
joint venture which owns a fourth rental property.

   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 is assisting the General Partners in
determining the appropriate method and timing for the disposition
of the Partnership's assets.

   The General Partners have 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.

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

   On December 10, 1998, the Partnership received notice that an
unsolicited tender offer to purchase up to 25% of the outstanding
limited partnership interests of the Partnership (the "Units") was
to commence with a tender price of $120 per Unit.  The offer was
made, in part, by an entity that owned a nominal economic interest
in the Partnership and terminated on January 15, 1999. As a result
of this unsolicited tender offer approximately 1,092 economic
interests in the Partnership were transferred.

   On May 12, 1999, the Partnership received notice that an
unsolicited tender offer to purchase up to approximately 25% of the
outstanding Units was to commence with a tender price of $170 per
Unit.  The offer was made, in part, by an entity that owned a
nominal economic interest in the Partnership and expired on June
25, 1999.  As a result of this unsolicited tender offer
approximately 551 economic interests were transferred.

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

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

   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 eventually selling
properties.  Many of the factors affecting the ability of the
Partnership to compete are beyond the Partnership's control, such
as softened markets caused by an oversupply of similar rental
facilities, declining performance in the economy in which a
property is located, population shifts, reduced availability and
increased cost of financing, changes in zoning laws or changes in
patterns of the needs of users.  The marketability of the
properties may also be affected by prevailing interest rates and
existing tax laws.  The Partnership has retained ownership of its
properties for periods longer than anticipated at acquisition.

   Market conditions have 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 fallen at the Memphis,
Tennessee, Raleigh Square property from approximately $12.00 per
square foot in 1993 to approximately $11.04 per square foot in
2000.  The Albuquerque, New Mexico office market strengthened a bit
over the last two years.  Average rental rates at the Fortune
property have increased during this period from $10.16 per square
foot in 1995 to $15.30 per square foot in 2000.  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
$8.48 per square foot in 2000.  At Strawberry Fields in West Palm
Beach, Florida, the average spot rental rates have declined from
approximately $12.21 per square foot in 1993 to approximately $6.91
per square foot in 2000.

   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 discussion of the rental properties owned
and operated by the Partnership. 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.

   As of December 31, 2000, the Partnership owned the properties
described below:

(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 82% occupied at December
31, 2000.  The national anchor tenant is Toys "R" Us.

   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").  The interest rate
was reduced from 12.75% to 10.00% effective October 1992. The
Modified Loan included the August, September and October 1992
mortgage payments.  Since November 1992 and through September 1999,
principal and interest payments were based on a 25-year
amortization schedule.   The Partnership negotiated a extension of
the terms of the mortgage on Raleigh Springs on August 26, 1999 and
again on August 31, 2000.  The mortgage has been extended through
April 1, 2001.  Subsequent to the end of the year the Partnership
obtained a one year extension on the mortgage.  The outstanding
mortgage balance encumbered by the property was $4,569,276 at
December 31, 2000.

   The occupancy rate and average annual base rent per square foot
at December 31, 2000 and 1999 were as follows:

                                      2000      1999
 Occupancy Rate                       82%       93%
 Average Annual Base
    Rent Per Square Foot              $8.44    $8.16

 Raleigh Springs has one tenant which occupies ten percent or more
of the rentable square footage.  The following is a summary of the
tenant rent roll at December 31, 2000:

                          Annual      Lease
               Square      Base    Expiration   Renewal        Nature of
Tenant          Feet       Rent      Date       Options        Business
Toys "R" Us    36,416    $218,496   10/2017    10/5 yrs ea.   Toy Store
Others         57,487     634,788   Various     Various
Vacant         20,367          --
              114,270    $853,284

   T.J. Maxx, a former anchor tenant, vacated its space in January
1996 but continued to pay rent through its lease expiration, March
31, 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. The remaining space was leased to a carpet supplier.
This tenant moved to a smaller space in the first quarter of 2001
and, due to nonpayment of rent, has been evicted.  Due to the
vacancy cash flow from Raleigh Springs has decreased.  Management
of the Partnership continues to actively market this space to
alleviate this situation.

   In 2000, The Partnership received three offers for the Raleigh
property.  The offers ranged from $5.625 million to $6.2 million.
The Partnership successfully negotiated an increase in the highest
offer to $6.5 million and subsequently accepted this offer.  The
Partnership executed the contract for sale.  The buyer had a 45 day
due diligence period during which it could formally accept or
reject the sale.  Late in the third quarter the Partnership
received notice that the potential purchaser terminated the
contract.  After extensive negotiation, the contract was reinstated
at $5,835,000.  However, the potential purchaser again rejected the
contract in March, 2001.  It is likely the Partnership will
commence legal action against the potential purchaser to seek
collection of certain earnest money related to the contract.  The
property is again being marketed for sale.  This
offer was assessed by management as an estimate of net realizable
value on December 31, 2000.

(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.

   On June 26, 1997, the Partnership obtained a first mortgage
loan in the amount of $875,000, secured by Fortune, from American
National Bank and Trust Company (the "Replacement Loan").  The
Replacement Loan has a floating interest rate based on American
National Bank's prime rate, which at December 31, 2000 was 9.5%.
Principal is being amortized based on a 15-year amortization period
and is payable with interest on a monthly basis.  In 2000, the
Partnership repaid principal in the amount of $158,344.  The
Replacement Loan matures on June 30, 2001 at which time a balloon
mortgage payment in the amount of approximately $546,486 will be
due.  The outstanding  balance of the Replacement Loan was $570,796
at December 31, 2000.

   As of December 31, 2000, the Partnership was in violation of
the debt service coverage ratio.  Subsequent to year end, the
Partnership received a waiver of this covenant violation from the
mortgage lender for the period ended December 31, 2000.

   Fortune was 56% occupied at December 31, 2000.  Management of
the Partnership is actively marketing the vacant space.  Based on
management's best estimates, real estate held for sale was reduced
to approximately $1.3 million due in part to a decline in
occupancy.

   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.

   The occupancy rate and average annual base rent per square foot
at December 31, 2000 and 1999 were as follows:

                                     2000     1999
  Occupancy Rate                      56%      89%
  Average Annual Base
    Rent Per Square Foot          $11.75   $12.14

   Fortune has no tenants which individually occupy ten percent or
more of the rentable square footage.  The following is a summary of
the tenant rent roll at December 31, 2000:

                                 Annual   Lease
                      Square     Base    Expiration  Renewal
Tenant                 Feet      Rent       Date      Options
Others               16,450    $251,664    Various    Various
Vacant               13,050          --
                     29,500    $251,664


(c) Strawberry Fields Shopping Center ("Strawberry Fields")

   On December 12, 1985, the Partnership and Brauvin Real Estate
Fund L.P. 5 ("BREF 5"), an affiliated public real estate limited
partnership, formed a joint venture (the "Strawberry Joint
Venture") to purchase Strawberry Fields located in West Palm Beach,
Florida for $9,875,000.  The Partnership has a 58% interest and
BREF 5 has a 42% interest in the joint venture which owns
Strawberry Fields.  The purchase was funded with $3,875,000 cash at
closing and $6,000,000 from the proceeds of a first mortgage loan.

   In February 1993, the Strawberry Joint Venture finalized a
refinancing (the "Refinancing") of the first mortgage loan on
Strawberry Fields with the lender.

   Effective October 1, 1998, the Strawberry Joint Venture and the
Strawberry Lender agreed to modify and extend the first mortgage
loan.  As of October 1, 1998 and through the extended maturity
date, April 1, 2002, the interest rate has been reduced from 9% to
7% with principal amortization changed from a ten year period to an
eighteen year period.  The outstanding mortgage balance encumbered
by the property was $5,120,947 at December 31, 2000.

   Strawberry Fields is a neighborhood retail development
constructed on an 11.87 acre site in 1985.  Strawberry Fields was
initially anchored by Florida Choice, a combination food, drug and
general merchandise chain.  In 1987, the Kroger Company ("Kroger")
purchased Family Mart, the original lessee, and renamed the store.
Kroger then closed the Florida Choice store in November 1988;
however, the original lease terms remained in effect and Kroger
continued to pay rent.  Although Kroger is obligated to continue to
pay rent through March 31, 2005, the Strawberry Joint Venture
located and approved a sublease for a replacement tenant, Syms, a
national discount clothing retailer, to sublease the space for the
remainder of the original lease term.  Strawberry Fields' main
building contains 103,614 square feet of retail space and is
complemented by two outparcel sites plus an older 5,400 square foot
Uniroyal tire and automotive outlet.  The outparcel sites are
leased to Taco Bell, a division of Tricon Global, and Flagler
National Bank.  Strawberry Fields was 89% occupied at December 31,
2000.

   The Partnership received three bids on Strawberry Fields during
the latter part of 1999.  After negotiation the Joint Venture
accepted the high bid of $5.43 million and entered into a contract
for sale.  However, the prospective purchaser terminated its
interest in the property during its due diligence period.
Subsequent to this deal falling away the Joint Venture received
another offer for $5.35 million.  However, although the offer
exceeded the November, 1998 appraised value of $4.8 million, the
offer, after transaction costs, was below the mortgage balance at
the time.  The Strawberry Joint Venture accepted the initial high
bid in part because the property's underlying mortgage loan was
coming due; and the Strawberry Lender indicated that it would not
extend the maturity.  However, in the second quarter of 2000, the
Strawberry Joint Venture was successful in extending the loan for
a two year period.  This extension allows the Partnership to
continue to market the property and seek a greater sales price.
This $5.35 million offer was assessed by management as an estimate
of net realizable value at December 31, 2000.

   In 2001, the Partnership received an offer to purchase
Strawberry Fields for approximately $5.6 million.  In addition, the
Partnership received notice that Syms plans to exercise its right
of first refusal for the $5.6 million sale price.

   The Partnership is currently negotiating a purchase contract
with this potential purchaser.  The Partnership anticipates that
the potential closing will be in the second quarter of 2001.

   With the exception of Kroger, all leases at Strawberry Fields
are net with each tenant paying its pro rata share of operating
expenses.  Local tenant leases and outparcel ground leases provide
for the base rent to be increased in accordance with the Consumer
Price Index.  Even though Florida Choice has vacated the space and
the space has been sublet to Syms it is still required to pay any
increases in property taxes and insurance above the level incurred
in 1986 (the first year of operation).  Syms is not required to
share in the operating expenses.

   The occupancy rate and average annual base rent per square foot
at December 31, 2000 and 1999 were as follows:

                                      2000    1999

  Occupancy Rate                       89%     91%
  Average Annual Base
    Rent Per Square Foot              $6.91   $7.42


   Strawberry Fields has one tenant which occupies ten percent or
more of the rentable square footage.  The following is a summary of
the tenant rent roll at December 31, 2000:

                       Annual               Lease
                       Square     Base   Expiration   Renewal    Nature of
Tenant                  Feet      Rent       Date     Options    Business
Florida Choice (1)
(sublet by Syms)       54,300    $380,100   3/2005   8/5 yrs ea.  Discount
                                                                  Clothing
Others                 45,756     315,955   Various    Various
Vacant                 12,358          --
                      112,414    $696,055

  (1) Includes Syms and Florida Choice base rent.

(d) Sabal Palm Square ("Sabal Palm")

   On October 31, 1986, the Partnership and 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 interest only at 9.5% per annum until February 1992,
and required payments of principal and interest based on a 30 year
amortization schedule.

   Sabal Palm was required to make a balloon mortgage payment in
February 1997. Prior to the scheduled maturity of the First
Mortgage Loan, the lender granted Sabal Palm an extension until
April 1, 1997.  On March 31, 1997, Sabal Palm obtained a first
mortgage loan in the amount of $3,200,000 (the "First Mortgage
Loan"), secured by its real estate, from NationsBanc Mortgage
Capital Corporation.  The First Mortgage Loan bears interest at the
rate of 8.93% per annum, is amortized over a 25-year period,
requires monthly payments of principal and interest of
approximately $26,700 and matures 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.  The outstanding mortgage
balance encumbered by the property was $3,068,630 at December 31,
2000.

   Sabal Palm is a neighborhood shopping center consisting of
approximately 89,000 square feet of retail space situated on
approximately 9.7 acres of land.  Sabal Palm was constructed in
1985 and is anchored by a Winn Dixie food store and Walgreens.
Winn Dixie completed an approximately 6,500 square foot expansion
in the fourth quarter of 1992.  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 an 86%
economic occupancy at December 31, 2000.

   In the first quarter of 1998, the Partnership became aware that
both Winn-Dixie and Walgreens may vacate their respective spaces at
Sabal Palm prior to their lease termination dates.  In the second
quarter of 1998, Winn-Dixie vacated its space at the center.  Winn-
Dixie remains liable for rental payments under its lease at Sabal
Palm until April 2005.

   On August 7, 2000, Sabal Palm was given official notice that
Walgreens will vacate the space prior to its termination of the
lease in April 30, 2025.  The General Partners are working to
determine the most beneficial steps to be taken by the Partnership.


   The occupancy rate and average annual base rent per square foot
at December 31, 2000 and 1999 were as follows:

                                     2000           1999
 Occupancy Rate                       86%            81%

 Average Annual Base
    Rent Per Square Foot            $5.11          $6.43

   Sabal Palm has two tenants which individually occupy ten
percent or more of the rentable square footage.  The following is
a summary of the tenant rent roll at December 31, 2000:

                   Annual    Lease
                   Square    Base   Expiration   Renewal   Nature of
Tenant              Feet     Rent      Date      Options    Business
Winn-Dixie        41,983   $142,404   4/2005   5/5 yrs ea.  Food Store
Walgreens         13,000     81,252   4/2025   2/5 yrs ea.  Drug Store
Others            21,925    185,846   Various    Various
Vacant            12,025         --
                  88,933   $409,502


   In total, Sabal Palm has received six offers on the property
from unaffiliated parties ranging in price from $2.5 million to
$3.4 million.  After negotiation Sabal Palm accepted the highest
offer and completed negotiating the sale contract in June 2000.
The buyer had a 60 day due diligence period.  The buyer terminated
the contract within the due diligence period.

   In September 2000, Sabal Palm completed negotiating a new
contract for the sale of the property.  The new sale price is
$3,360,000.  The $3.36 million proposed sales price exceeded the
November, 1998 appraised value of $3.25 million.  The potential
purchaser had a 60 day due diligence period.  This buyer also
terminated the contract within the due diligence period.  This
$3.36 million offer was assessed by management as an estimate of
net realizable value on December 31, 2000.

   As a result of the two dark anchor spaces representing more
than 55,000 square feet of space or 62% of the property this center
has proved very difficult to sell.  The Partnership is continuing
to market this property for sale.  In addition, the Partnership is
reviewing a number of potential possibilities to sublease either or
both of the dark anchors.  However, Winn-Dixie and Walgreens have
been selective in their review of potential subtenants so as to
restrict potential competition.


   The Partnership's management determined that the events and
changes in circumstances did not indicate a change in the carrying
value of the asset.

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.  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.


<PAGE>

                             PART II

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

   At December 31, 2000, there were approximately 662 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 2000
and 1999.

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.

Year 2000

   The "Year 2000" problem concerns the inability of computer
technology systems to correctly identify and process date sensitive
information beyond December 31, 1999. Many computers  automatically
add the "19" prefix to the last two digits the computer reads for
the year when date information is needed in computer software
programs.  Thus when a date beginning on January 1, 2000 is entered
into a computer, the computer may interpret this date as the year
"1900" rather than "2000".

   The computer information technology systems which support the
Partnership consists of a network of personal computers linked to
a server built using hardware and software from mainstream
suppliers.  These systems do not have equipment that contains
embedded microprocessors, which may also pose a potential Year 2000
problem.  Additionally, there is no internally generated software
coding to correct as all of the software is purchased and licensed
from external providers.

   The Partnership utilizes two main software packages that
contain date sensitive information, (i) accounting and (ii)
investor relations.  In 1997, a program was initiated and completed
to convert from the existing accounting software to a new software
program that is Year 2000 compliant.  In 1998, the investor
relations software was also updated to a new software program that
is Year 2000 compliant.  All costs associated with these
conversions were expensed by the Partnership as incurred, and were
not material.  Management does not believe that any further
expenditures will be necessary for the systems to be Year 2000
compliant.  However, additional personal computers may be purchased
from time to time to replace existing machines.

   Also in 1997, management of the Partnership initiated formal
communications with all of its significant third party vendors,
service providers and financial institutions to determine the
extent to which the Partnership is vulnerable to those third
parties failure to remedy their own Year 2000 issue.  There can be
no guarantee that the systems of these third parties were converted
and will not have an adverse effect on the Partnership.

   The Partnership has not experienced any material adverse impact
on its operations or its relationships with tenants, vendors or
others.

Liquidity and Capital Resources

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

   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
has a floating interest rate based on American National Bank's
prime rate, which at December 31, 2000 was 9.5%.  Principal is
being amortized based on a 15-year amortization period and is
payable with interest on a monthly basis.  In 2000, the Partnership
repaid principal in the amount of $158,344.  The Replacement Loan
has been extended through June 30, 2001.  The occupancy level at
Fortune at December 31, 2000 was 56%, compared to 89% at December
31, 1999.

   Raleigh Springs has continued to generate a positive cash flow
despite losing T.J. Maxx, an anchor tenant, which occupied 21% of
the total space.  In November 1996, Methodist Hospital entered into
a lease for approximately 9,500 square feet.  The remaining space
was leased to a carpet supplier.  This tenant moved to a smaller
space in the first quarter of 2001 and, due to nonpayment of rent,
has been evicted.  The occupancy rate at Raleigh at December 31,
2000 was 82%, compared to 93% at December 31, 1999.

   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.  The mortgage has been extended through
April 1, 2002.  The Partnership is current on its mortgage payments
for the Raleigh Springs loan.

   In 2000, The Partnership received three offers for the Raleigh
property.  The offers ranged from $5.625 million to $6.2 million.
The Partnership successfully negotiated an increase in the highest
offer to $6.5 million and subsequently accepted this offer.  The
Partnership executed the contract for sale.  The buyer had a 45 day
due diligence period during which it could formally accept or
reject the sale.  Late in the third quarter the Partnership
received notice that the potential purchaser terminated the
contract.  After extensive negotiation, the contract was reinstated
at $5,835,000.  However, the potential purchaser again rejected the
contract in March, 2001.  It is likely the Partnership will
commence legal action against the potential purchaser to seek
collection of certain earnest money related to the contract.  The
property is again being marketed for sale.  This
offer was assessed by management as an estimate of net realizable
value on December 31, 2000.

   The Strawberry Joint Venture secured a replacement tenant,
Syms, a national discount clothing retailer, to sublease the Kroger
space at Strawberry Fields.  Syms opened for business in October
1992 and has signed a sublease for the remainder of the original
lease term which expires March 31, 2005.  Customer traffic at
Strawberry Fields has increased with the draw of Syms, making
vacant space more marketable.  The Strawberry Joint Venture is
aggressively marketing the property having engaged a prominent
local brokerage firm to assist the Strawberry Joint Venture's on-
site leasing representative in the marketing of the shopping
center.  The occupancy rate at Strawberry Fields at December 31,
2000 was 89%, compared to 91% at December 31, 1999.

   Effective October 1, 1998, the Strawberry Joint Venture and the
Strawberry Lender agreed to modify and extend the first mortgage
loan.  As of October 1, 1998 and through the extended maturity
date, April 1, 2002, the interest rate was reduced from 9% to 7%
with principal amortization changed from a ten year period to an
eighteen year period.

   In the second and fourth quarters of 1998, the Partnership
recorded an impairment of $1,564,101 and $504,935, respectively,
related to other than temporary declines in the value of real
estate for the Strawberry Fields property.  These impairments were
allocated to land and building based on the original acquisition
percentages.

   The Partnership received three bids on Strawberry Fields
during the latter part of 1999.  After negotiation the Joint
Venture accepted the high bid of $5.43 million and entered into a
contract for sale.  However, the prospective purchaser terminated
its interest in the property during its due diligence period.
Subsequent to this deal falling away the Joint Venture received
another offer for $5.35 million.  However, although the offer
exceeded the November, 1998 appraised value of $4.8 million, the
offer, after transaction costs, was below the mortgage balance at
the time.  The Strawberry Joint Venture accepted the initial high
bid in part because the property's underlying mortgage loan was
coming due; and the Strawberry Lender indicated that it would not
extend the maturity.  However, in the second quarter of 2000, the
Strawberry Joint Venture was successful in extending the loan for
a two year period.  This extension allows the Partnership to
continue to market the property and seek a greater sales price.
This $5.35 million offer was assessed by management as an estimate
of net realizable value at December 31, 2000.

   In 2001, the Partnership received an offer to purchase
Strawberry Fields for approximately $5.6 million.  In addition, the
Partnership received notice that Syms plans to exercise its right
of first refusal for the $5.6 million sales price.

   The Partnership is currently negotiating a purchase contract
with this potential purchaser.  The Partnership anticipates that
the potential closing will be in the second quarter of 2001.

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

   In the first quarter of 1998, the Partnership became aware that
both Winn-Dixie and Walgreens may vacate their respective spaces at
Sabal Palm prior to their lease termination dates.  In the second
quarter of 1998, Winn-Dixie vacated its space at the center.  Winn-
Dixie remains liable for rental payments under its lease at Sabal
Palm until April 2005.

   On August 7, 2000 Sabal Palm was given official notice that
Walgreens will vacate the space prior to their lease termination of
April 30, 2025.  The General Partners are working to determine the
most beneficial steps to be taken by the Partnership.

   In the fourth quarter of 1998, Sabal Palm recorded an
impairment of $1,499,958 related to an other than temporary decline
in the value of real estate for Sabal Palm.  This impairment has
been allocated to the land and building based on the original
acquisition percentages.

   In total, Sabal Palm has received six offers on the property
from unaffiliated parties ranging in price from $2.5 million to
$3.4 million.  After negotiation Sabal Palm accepted the highest
offer and completed negotiating the sale contract in June 2000.
The buyer had a 60 day due diligence period.  The buyer terminated
the contract within the due diligence period.

   In September 2000, Sabal Palm completed negotiating a new
contract for the sale of the property.  The new sale price is
$3,360,000.  The $3.36 million proposed sales price exceeded the
November, 1998 appraised value of $3.25 million.  The potential
purchaser had a 60 day due diligence period.  This buyer also
terminated the contract within the due diligence period.  This
$3.36 million offer was assessed by management as an estimate of
net realizable value on December 31, 2000.

   As a result of the two dark anchor spaces representing more
than 55,000 square feet of space or 62% of the property this center
has proved very difficult to sell.  The Partnership is continuing
to market this property for sale.  In addition, the Partnership is
reviewing a number of potential possibilities to sublease either or
both of the dark anchors.  However, Winn-Dixie and Walgreens have
been selective in their review of potential subtenants so as to
restrict potential competition.

   The Partnership's management determined that the events and
changes in circumstances did not indicate a change in the carrying
value of the asset.

   In 1998, the General Partners notified the Limited Partners
that they will explore 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 is assisting the General Partners in
determining the appropriate method and timing for the disposition
of the Partnership's assets.

   On December 10, 1998, the Partnership received notice that an
unsolicited tender offer to purchase up to 25% of the outstanding
Units was to commence with a tender price of $120 per Unit.  The
offer was made, in part, by an entity that owned a nominal economic
interest in the Partnership and to terminated on January 15, 1999.
As a result of this unsolicited tender offer approximately 1,092
economic interests in the Partnership were transferred.

   On May 12, 1999, the Partnership received notice that an
unsolicited tender offer to purchase up to approximately 25% of the
outstanding Units was to commence with a tender price of $170 per
Unit.  The offer was made, in part, by an entity that owned a
nominal economic interest in the Partnership and expired on June
25, 1999.  As a result of this unsolicited tender offer
approximately 551 economic interests in the Partnership were
transferred.

   The General Partners remained neutral as to the particular
merits or risks associated with the tender offer.  The General
Partners believed an informed determination of the true value of
the Units could be made after the receipt of the appraisals.  The
General Partners cautioned that the ultimate amount actually
received by each Limited Partner will be affected by items
including, but not limited to, the timing of the liquidation of the
assets, changes in market conditions, necessary Partnership
reserves and the sales prices that can be negotiated.

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

   The General Partners determined to pursue 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.

   To date, over 250 potential purchasers have been contacted
regarding the sale of the properties.  Of those contacted,
approximately 120 potential buyers have registered to receive
packages on one or more of the assets.  In addition, the properties
are listed on the Internet at Loopnet.com, the largest commercial
real estate website in the nation.

   As a result of this 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 accounting
principles generally accepted in the United States of America, the
Partnership's financial statements for periods subsequent to July
12, 1999 have been prepared on a liquidation basis.  Accordingly,
the carrying value of the assets is presented at net realizable
amounts and all 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, 2000.

   The General Partners expect to distribute proceeds from
operating cash flow, if any, and from the sale of real estate to
Limited Partners in a manner that is consistent with the investment
objectives of the Partnership.  Management of the Partnership
believes that cash needs may arise from time to time which will
have the effect of reducing distributions to Limited Partners to
amounts less than would be available from refinancing or sale
proceeds.  These cash needs include, among other things,
maintenance of working capital reserves in compliance with the
Agreement as well as payments for major repairs, tenant
improvements and leasing commissions in support of real estate
operations.

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, i.e., 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 year ended December 31, 2000
(Liquidation Basis) and the period January 1, 1999 thru July 12,
1999 (Going Concern Basis) and July 13, 1999 thru December 31, 1999
(Liquidation Basis)

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

   Prior to the adoption of the liquidation basis of accounting,
the Partnership recorded rental income on a straight line basis
over the life of the related leases.  Differences between rental
income earned and amounts due per the respective lease agreements
were credited or charged, as applicable, to deferred rent
receivable.  Upon adoption of the liquidation basis of accounting,
the Partnership wrote off the remaining deferred rent receivable
and ceased recording credits or charges to rental income to reflect
straight lining of the related leases.

   Prior to the adoption of the liquidation basis of accounting
depreciation was recorded on a straight line basis over the
estimated economic lives of the properties.  Upon the adoption of
the liquidation basis of accounting, real estate held for sale was
adjusted to estimated net realizable value and no depreciation
expense has been recorded.

   The Partnership generated net income of $139,000 for the year
ended December 31, 2000 as compared to a net loss of $93,000 for
the same period in 1999.  The $232,000 increase in net income is
primarily a result of the adoption of the liquidation basis of
accounting in 1999.

   Total income for the year ended December 31, 2000 was
$2,290,000 as compared to $2,221,000 for the same period in 1999.
The $69,000 increase in total income was primarily a result of a
$70,000 increase in other income.  Other income increased as a
result of an increase in tenant expense reimbursements.

   Total expenses for the year ended December 31, 2000 were
$1,809,000 as compared to $2,027,000 for the same period in 1999.
The $218,000 decrease in total expense was primarily a result of
the cessation of depreciation expense in 1999 as a result of the
adoption of the liquidation basis of accounting.

Results of Operations for the period January 1, 1999 to July 12,
1999 (Going Concern Basis) and July 13, 1999 thru December 31, 1999
(Liquidation Basis)

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

Item 7.  Financial Statements and Supplementary Data

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

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

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

 None.

<PAGE>

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

  MR. JAMES L. BRAULT (age 40) 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 a manager of Brauvin Real Estate Funds, L.L.C.,
Brauvin Capital Trust, L.L.C. and BA/Brauvin L.L.C.  He is an
officer of various Brauvin entities which act as the general
partners of four other publicly registered real estate programs.
Mr. Brault is executive vice president and assistant secretary and
is responsible for the overall operations of Brauvin Management
Company.  He is also an executive vice president and secretary of
Brauvin Net Lease V, Inc.  He is 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 34) is the treasurer and chief
financial officer of the Corporate General Partner and other
affiliates of the Corporate General Partner.  He is the chief
financial  officer of various Brauvin entities which act as the
general partners of four other publicly registered real estate
programs.  Mr. Murphy is also the chief financial officer of
Brauvin Management Company, Brauvin Financial, Inc., Brauvin
Securities, Inc. and Brauvin Net Lease V, Inc.  He is the
treasurer, chief financial officer and secretary of Brauvin Capital
Trust, Inc. He is responsible for the Partnership's accounting and
financial reporting to regulatory agencies.  He joined the Brauvin
organization in July 1994.  Prior to joining the Brauvin
organization he was in the accounting department of Zell/Merrill
Lynch and First Capital Real Estate Funds where he was responsible
for the preparation of the accounting and financial reporting for
several real estate limited partnerships and corporations.  Mr.
Murphy received a B.S. in Accounting from Northern Illinois
University in 1988.  Mr. Murphy is a Certified Public Accountant
and is a member of the Illinois Certified Public Accountants
Society.

Item 10.  Executive Compensation.

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

  The General Partners received an allocation of the Partnership's
net income or loss for 2000 and 1999.

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

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

  (c) - (h) Not applicable.

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

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

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

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

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

Item 12.  Certain Relationships and Related Transactions.

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

   (c)    Not applicable.

   (d)    There have been no transactions with promoters.

<PAGE>

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

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

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

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

               Exhibit No.    Description
                *3.(a)        Restated Limited Partnership
                              Agreement
                *3.(b)        Articles of Incorporation of Brauvin
                              Ventures, Inc.
                *3.(c)        By-Laws of Brauvin Ventures, Inc.
                *3.(d)        Amendment to the Certificate of
                              Limited Partnership of the
                              Partnership
                *10.(a)       Escrow Agreement
                *10.(b)(1)    Management Agreement
                 21.          Subsidiaries of the registrant
                *28.          Pages 10-15, A-9 to A-12 and A-14 to
                              A-17 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. 2-88609) on
        Form S-11 filed under the Securities Act of 1933.

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

(c) Form 8-K. None

(d) An annual report for the fiscal year 2000 will be sent to the
Limited Partners subsequent to this filing.

<PAGE>


                            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 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: May 9, 2001


<PAGE>

            INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

                                                                    Page

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

Consolidated Statement of Net Assets in Liquidation
as of December 31, 2000 . . . . . . . . . . . . . . . . . . . . . .  F-3

Consolidated Statement of Changes in Net Assets
in Liquidation (Liquidation Basis) for the year
ended December 31, 2000 . . . . . . . . . . . .. . . . . . . . . .   F-4

Consolidated Statements of Operations for the year
ended December 31, 2000 (Liquidation Basis), July 13,
1999 to December 31, 1999 (Liquidation Basis), and
January 1, 1999 to July 12, 1999 (Going Concern Basis). . . . . . .  F-5

Notes to Consolidated Financial Statements . . . . . . . . . . . .   F-6

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

<PAGE>

                  INDEPENDENT AUDITORS' REPORT

To the Partners of
Brauvin Real Estate Fund L.P. 4

We have audited the accompanying consolidated financial statements
of Brauvin Real Estate Fund L.P. 4, as of December 31, 2000, and
for the years ended December 31, 2000 and 1999 as listed in the
index to consolidated financial statements.  These consolidated
financial statements are the responsibility of the Partnership's
management.  Our responsibility is to express an opinion on these
consolidated financial statements based on our audits.

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

In our opinion, such consolidated financial statements present
fairly, in all material respects, the financial position of Brauvin
Real Estate Fund L.P. 4 and subsidiary at December 31, 2000, and
the results of their operations for the years ended December 31,
2000 and 1999 in conformity with accounting principles generally
accepted in the United States of America.


/s/ Deloitte & Touche

Chicago, Illinois
April 23, 2001


<PAGE>


   CONSOLIDATED STATEMENT OF NET ASSETS IN LIQUIDATION AS OF
                       DECEMBER 31, 2000



ASSETS

Real estate held for sale                              $12,079,375
Investment in Sabal
  Joint Venture (Note 7)                                    88,041
Cash and cash equivalents                                1,052,381
Tenant receivables                                         111,189
Escrow deposits                                              7,257
Other assets                                                22,547

  Total Assets                                          13,360,790

LIABILITIES
Mortgage notes payable (Note 4)                         10,261,019
Accounts payable and accrued expenses                      235,727
Deferred gain on sale of real estate (Note 2)              545,922
Reserve for estimated costs during
  the period of liquidation (Note 2)                       189,875
Tenant security deposits                                    69,565
Due to affiliates                                            7,607

  Total Liabilities                                     11,309,715

MINORITY INTEREST IN
 STRAWBERRY JOINT VENTURE                                 (198,580)

Net Assets in Liquidation                              $ 2,249,655









  See accompanying notes to consolidated financial statements.

<PAGE>

 CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS IN LIQUIDATION
(LIQUIDATION BASIS) FOR THE YEAR ENDED DECEMBER 31, 2000 AND THE
           PERIOD JULY 13, 1999 TO DECEMBER 31, 1999



Net assets at July 13, 1999                             $2,270,262

Income from operations                                      47,478

Adjustment to liquidation basis                           (207,299)

Net assets in liquidation at                             2,110,441
  January 1, 2000

Income from operations                                     139,214

Net assets in liquidation at
  December 31, 2000                                     $2,249,655










       See accompanying notes to consolidated financial statements.


  <PAGE>

                CONSOLIDATED STATEMENTS OF OPERATIONS

                           (Liquidation    (Liquidation     (Going
                              Basis)         Basis)     Concern Basis)
                             Year Ended   July 13, 1999    January 1,
                            December 31,  to December 31,  1999 to
                               2000           1999       July 12, 1999
INCOME
Rental (Note 6)             $ 1,919,749    $ 811,679    $ 1,124,439
Interest                         51,646       16,558         19,432
Other, primarily
  expense reimbursements        318,912       41,739        207,038
            Total income      2,290,307      869,976      1,350,909

EXPENSES
Interest                        888,658      383,631        538,962
Depreciation                         --           --        239,233
Real estate taxes               273,462      120,187        145,635
Repairs and maintenance          73,513       29,021         33,680
Management fees (Note 5)        127,116       49,063         77,431
Other property operating        117,808       50,809         59,969
General and administrative      328,405      108,026        191,511
            Total expenses    1,808,962      740,737      1,286,421

Income before minority
  and equity interests
  in joint ventures             481,345      129,239         64,488

Minority interest's
  share of Strawberry Joint
  Venture's net income          (97,899)     (32,203)       (23,937)

Equity interest in Sabal
  Palm Joint Venture's
  net income (loss)              53,143      (49,558)        26,189

Income before adjustment
  to liquidation basis          436,589       47,478         66,740

Adjustment to liquidation
              basis            (297,375)    (207,299)            --

Net income (loss)             $ 139,214   $ (159,821)   $    66,740

Net income (loss) allocated to:
  General Partners            $   1,392   $   (1,598)   $       667
  Limited Partners            $ 137,822   $ (158,223)   $    66,073

Net income (loss) per Limited
 Partnership Interest (9,550
  units outstanding)          $   14.43   $   (16.57)   $      6.92

    See accompanying notes to consolidated financial statements

<PAGE>

(1)  ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

  Organization

   Brauvin Real Estate Fund L.P. 4 (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 Partnership was formed on April 30, 1984 and 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.
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.

   The Partnership has acquired directly or through joint ventures
the land and buildings underlying Fortune Professional Building,
Raleigh Springs Marketplace, Strawberry Fields Shopping Center and
Sabal Palm Shopping Center.


<PAGE>

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

   Management's Use of Estimates

   The preparation of financial statements in conformity with
accounting principles generally accepted in the United States of
America 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 accounting principles generally accepted in the United States
of America, the Partnership's financial statements for periods
subsequent to July 12, 1999 have been prepared on a liquidation
basis.  Accordingly, the carrying value of the assets is presented
at net realizable amounts and all 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, 2000.

   Accounting Method

   The accompanying consolidated financial statements have been
prepared using the accrual method of accounting.

   Rental Income

   Prior to the presentation of the financial statements on the
liquidation basis, rental income was recognized on a straight line
basis over the life of the related leases.  Differences between
rental income earned and amounts due per the respective lease
agreements were credited or charged, as applicable, to deferred
rent receivable.

   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.

   Consolidation of Joint Venture Partnership

   The Partnership owns a 58% equity interest in an affiliated
joint venture ("Strawberry Joint Venture") which acquired
Strawberry Fields Shopping Center ("Strawberry Fields").  The
accompanying consolidated financial statements have consolidated
100% of the assets, liabilities, operations and partners' capital
of  Strawberry Joint Venture.  The minority interest in the
consolidated joint venture is adjusted for the joint venture
partner's share of income or loss and any cash contributions or
cash disbursements from the joint venture partner, Brauvin Real
Estate Fund L.P. 5 ("BREF 5").  All intercompany items and
transactions have been eliminated.

   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 a
liquidation basis, 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 were recorded on a straight-line
basis over the estimated economic lives of the properties, which
approximate 38 years, and the term of the applicable leases,
respectively.  All of the Partnership's properties are subject to
liens under first mortgages (see Note 4).

   Prior to the adoption of the liquidation basis of accounting,
the Partnership recorded impairments to reduce the cost basis of
real estate to its estimated fair value when the real estate is
judged to have suffered an impairment that is other than temporary.
The Partnership has performed an analysis of its long-lived assets,
and the Partnership's management determined that there were no
events or changes in circumstances that indicated that the carrying
amount of the assets may not be recoverable at December 31, 1999,
except as disclosed below.

   In the second and fourth quarters of 1999, the Partnership
recorded an impairment of $1,564,101 and $504,935, respectively,
related to an other than temporary decline in the value of real
estate for Strawberry Fields.  These impairments have been
allocated to land and building based on the original acquisition
percentages.

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

   Cash and Cash Equivalents

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

   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, 2000, 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, 2000,
(Note 2), assets were adjusted to net realizable value, and
liabilities were adjusted to estimated settlement amounts.

   Recent Accounting Pronouncements

   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 are required to be
adopted by the Partnership effective January 1, 2001.  The adoption
of SFAS 133 and SFAS 138 did not have a material impact on the
financial position, results of operations and cash flows of the
Partnership.

(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.  The net adjustment required to convert from the going
concern (historical cost) basis to the liquidation basis of
accounting was a decrease in assets of $207,299 which is included
in the December 31, 1999 statement of changes in net assets in
liquidation.

Significant changes in the carrying value of assets and liabilities
are summarized as follows:

     Increase in real estate held for sale (a)            $1,656,422
     Decrease in value of real estate                         (1,524)
     Write-off of deferred rent receivable                   (14,240)
     Write-off of mortgage points                             (1,660)
     Increase in deferred gain on sale
       of real estate                                     (1,656,422)
     Estimated liquidation costs                            (189,875)

     Total adjustment to liquidation basis                 $(207,299)

  (a) Net of estimated closing costs.

  As of March 31, 2000, the Partnership adjusted its investment in
real estate to an offer that was presented for the sale of
Strawberry Fields.  The effect of this adjustment was a reduction
in the real estate held for sale of $78,000, and a reduction in the
deferred gain on the sale of real estate of $78,000.

  As of June 30, 2000, the Partnership adjusted its investment in
real estate to an offer that was presented for the sale of Raleigh
Springs.  The effects of this adjustment were reductions in the
real estate held for sale and the deferred gain on the sale of real
estate of $292,500.

  As of December 31, 2000, the Partnership further adjusted its
investment in real estate to an offer that was presented for the
sale of Raleigh Springs.  The effects of this adjustment were
reductions in the real estate held for sale and the deferred gain
on the sale of real estate of $740,000.

  In the fourth quarter of 2000, the Partnership recorded a
reduction in real estate held for sale of $297,375 related to other
than temporary decline in the value of real estate for the Fortune
property.

(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 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, 2000, the Preferential Distribution Deficiency
equaled $13,501,315.

(4)  MORTGAGE NOTES PAYABLE

  Mortgage notes payable at December 31, 2000 consist of the
following:
                                         Interest     Date
                                 2000      Rate        Due
Raleigh Springs
  Marketplace                $ 4,569,276   (a)10%     04/01
Fortune Professional
  Building                       570,796   (b)9.5%    06/01
Strawberry Fields
  Shopping Center              5,120,947   (c)7%      04/02
                             $10,261,019

   Raleigh Springs Marketplace, Fortune Office Building and
Strawberry Fields serve as collateral under the respective
nonrecourse debt obligations.

   (a) Monthly principal and interest payments are based on a 25-
year amortization schedule (see Note 8).

   The carrying value of Raleigh at December 31, 2000 was
approximately $5,579,000.

   (b) Prior to June 26, 1997, the Partnership made monthly
payments of interest and principal payments based upon a:  (i) 25-
year amortization schedule plus 100% of Available Cash Flow from
July 1, 1992 through June 1, 1993; and (ii) 15-year amortization
schedule plus 50% of Available Cash Flow from July 1, 1993 through
July 1, 1997.

   The lender had the option to accelerate the loan maturity July
1 of each year, if the property was not:  (i) in good condition and
repair; (ii) occupied at a rate that is equal to the prevailing
occupancy rate for similar properties in the same locale; and (iii)
leased at rental rates which are at least 90% of the prevailing
rate for similar properties in the same locale.  The Partnership
was required to make a balloon mortgage payment in July 1997 of
approximately $934,000.

   On June 26, 1997, the Partnership obtained a first mortgage
loan in the amount of $875,000 secured by Fortune, from American
National Bank and Trust Company (the "Replacement Loan").  In
connection with the funding of the Replacement Loan, the
Partnership was required to reduce the principal balance of the
original 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 has a floating
interest rate based on American National Bank's prime rate, which
at December 31, 2000 was 9.5%.  Principal is being amortized based
on a 15-year amortization period and is payable with interest on a
monthly basis.  As of December 31, 2000, the Partnership was in
violation of its annual debt service coverage ratio.  Subsequent to
the year end, the Partnership received a waiver of this covenant
violation from the mortgage lender for the period ended December
31, 2000.

   The carrying value of Fortune at December 31, 2000 was
approximately $1,302,625.

(c)  Effective October 1, 1998, the Strawberry Joint Venture and
the Strawberry Lender agreed to modify and extend the first
mortgage loan.  As of October 1, 1998 and through the extended
maturity date, May 1, 2002, the interest rate has been reduced from
9% to 7% with principal amortization changed from a ten year period
to an eighteen year period.

   The carrying value of Strawberry Fields at December 31, 2000
was approximately $5,197,750.

   The Partnership is required to make balloon mortgage payments
for Raleigh Springs Marketplace in the amount of approximately
$4,543,000 on April 1, 2001, for Fortune Office Building in the
amount of approximately $546,500 on July 1, 2001 and for Strawberry
Fields in the amount of approximately $4,888,000 on April 1, 2002.

(5)  TRANSACTIONS WITH AFFILIATES

   Fees and other expenses paid or payable to the General Partners
or their affiliates for the years ended December 31, 2000 and 1999
were as follows:
                                             2000       1999
  Management fees                          $119,918   $118,576
  Reimbursable office expenses              126,565    118,624

  The Partnership believes the amounts paid to affiliates are
representative of amounts which would have been paid to independent
parties for similar services.  The Partnership had made all
payments to affiliates except for $7,607 for management fees, as of
December 31, 2000.

(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 (excluding
escalation amounts) is as follows:

Year ended December 31,
        2001                       $1,559,273
        2002                        1,200,752
        2003                          949,371
        2004                          735,612
        2005                          404,369
        Thereafter                  2,586,555
        Total                      $7,435,932

   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 at Raleigh and Florida
Choice (including the Syms sublease) at Strawberry Fields
approximate 11.4% and 19.8%, respectively, of rental income for the
Partnership for the year ended December 31, 2000.


(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,
                                      2000

Real estate held for sale         $3,150,250
Other assets                         172,061
                                   3,322,311

Mortgage note payable              3,068,630
Other liabilities                     62,686
                                   3,131,316
Net Assets in liquidation         $  190,995


                                                       Going Concern
                              Liquidation Basis           Basis
                           Year Ended   July 12, 1999  January 1, 1999
                          December 31,        to             to
                              2000   December 31, 1999  July 12, 1999

Rental income               $526,055      $ 212,844       $456,740
Other income                  86,837         (1,664)        52,694
                             612,892        211,180        509,434
Mortgage and
 other interest              280,277        118,956        173,479
Depreciation                      --             --         61,065
 Impairment                       --         12,414             --
Operating and
 administrative expenses     219,544        136,085        219,169
                             499,821        267,455        453,713
Income (loss) before adjustment
 to liquidation basis        113,071        (56,275)        55,721

Adjustment to liquidation
             basis                --        (49,167)            --
Net income(loss)           $ 113,071      $(105,442)      $ 55,721

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

  In the first quarter of 1998, the Partnership became aware that
both Winn-Dixie and Walgreens may vacate their respective spaces at
Sabal Palm prior to their lease termination dates.  In the second
quarter of 1998, Winn-Dixie vacated its space at the center.  Winn-
Dixie remains liable for rental payments under its lease at Sabal
Palm until April 2005.

  On August 7, 2000 Sabal Palm was given official notice that
Walgreens will vacate the space prior to their lease termination of
April 30, 2025.  The General Partners are working with Winn-Dixie
and Walgreens to find potential subtenants for the dark spaces.

  In the fourth quarter of 1998, Sabal Palm recorded an impairment
of $1,499,958 related to an other than temporary decline in the
value of real estate for the Sabal Palm property.  This impairment
was allocated to the land and building based on the original
acquisition percentages.

(8) MORTGAGE NOTE EXTENSION

  Subsequent to the end of the year the Partnership extended the
Raleigh maturity until April 1, 2002.


<PAGE>

                          EXHIBIT INDEX


Exhibit (21)           Subsidiaries of the Registrant


<PAGE>

                           Exhibit 21

Name of Subsidiary                  State of Formation

Brauvin Strawberry Fields
  Joint Venture                     Florida

Brauvin Sabal Palm Joint Venture    Florida