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, 2001

                                  or

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

     For the transition period from               to

     Commission File Number               0-13402

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

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

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

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

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

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

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

                   Limited Partnership Interests
                           (Title of class)

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

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

State issuer's revenues for its most recent fiscal year $1,752,411.

The aggregate sales price of the limited partnership interests of the
issuer (the "Units") to unaffiliated investors of the issuer was
$9,550,000.  This does not reflect market value.  This is the price at
which the Units were sold to the public.  There is no current
established trading market for these Units, nor have any Units been
sold within the last 60 days prior to this filing.

Portions of the Prospectus of the registrant dated February 16, 1984,
and filed pursuant to Rule 424(b) under the Securities Act of 1933, as
amended, are incorporated by reference into Parts II and III of this
Annual Report on Form 10-KSB.

                   BRAUVIN REAL ESTATE FUND L.P. 4
                    2001 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 . . . . . . . . . . . . . . . . . . . . .15

                               PART II

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

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

Item 7. Financial Statements and Supplementary Data. . . . . . . .25

Item 8. Changes in and Disagreements with Accountants on
        Accounting and Financial Disclosure. . . . . . . . . . . .25

                               PART III

Item 9. Directors, Executive Officers, Promoters and
        Control Persons; Compliance with Section 16(a)
        of the Exchange Act. . . . . . . . . . . . . . . . . . . .26

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

Item 11.Security Ownership of Certain Beneficial Owners
        and Management . . . . . . . . . . . . . . . . . . . . . .28

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

Item 13.Exhibits, Consolidated Financial Statements and
        Reports on Form 8-K. . . . . . . . . . . . . . . . . . . .30

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



                               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, 2001, the Partnership had two
rental properties, a 58% interest in a joint venture which owned 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.

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

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

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

     In 2001, the Strawberry Joint Venture received an offer to purchase
Strawberry Fields for $5.585 million.  In addition, Syms exercised its
right of first refusal on the sale of the property.  Accordingly, the
Strawberry Joint Venture executed a purchase and sale agreement with
Syms for $5.585 million in the second quarter of 2001.

     On July 20, 2001, Strawberry Fields was sold to Syms for the
contract price.  At closing, the Strawberry Joint Venture received net
sales proceeds of approximately $299,000.

     The Partnership has no employees.

     The Partnership utilized its proceeds available for investment
towards the acquisition of properties.  However, in seeking disposition
opportunities, the Partnership will be competing for the sale of its
properties with many established and experienced firms, as well as
individuals and entities who own single properties similar to those
owned by the Partnership.  The Partnership, therefore, expects keen
competition in connection with the sale of its properties.

Market Conditions/Competition

     The Partnership faces active competition in all aspects of its
business and must compete with entities which own properties similar in
type to those owned by the Partnership.  Competition exists in such
areas as attracting and retaining creditworthy tenants, financing
capital improvements and selling properties.  Many of the factors
affecting the ability of the Partnership to compete are beyond the
Partnership's control, such as softened markets caused by an oversupply
of similar rental facilities, declining performance in the economy in
which a property is located, population shifts, reduced availability
and increased cost of financing, changes in zoning laws or changes in
patterns of the needs of users.  The marketability of the properties
may also be affected by prevailing interest rates and existing tax
laws.  The Partnership has retained ownership of its properties for
periods longer than anticipated at acquisition.

     Market conditions 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 risen at the Memphis, Tennessee, Raleigh Square property
from approximately $12.00 per square foot in 1993 to approximately
$13.66 per square foot in 2001.  The Albuquerque, New Mexico office
market strengthened a bit over the last few years.  Average rental
rates at the Fortune property have increased during this period from
$10.16 per square foot in 1995 to $10.69 per square foot in 2001.  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 $9.38 per square foot in 2001.

     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, 2001, 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 78% occupied at December 31, 2001.  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").  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 has
reached an agreement in principle to extend the existing mortgage loan
through April 2007 under the same terms and conditions of the existing
loan.  The Partnership is current on its mortgage payments for the
Raleigh Springs loan.

     The outstanding mortgage balance encumbered by the property was
$4,459,184 at December 31, 2001.

     The economic occupancy rate and average annual base rent per square
foot at December 31, 2001 and 2000 were as follows:

                                       2001       2000
   Occupancy Rate                      78%        82%
   Average Annual Base
    Rent Per Square Foot               $8.31     $8.44

   Raleigh Springs has two tenants which occupy ten percent or more of
the rentable square footage.  The following is a summary of the tenant
rent roll at December 31, 2001:

                             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
Sav A Lot         13,400        --(a)
Others            39,836   544,218  Various    Various
Vacant            24,618        --
                 114,270  $762,714

(a) Tenant's rent did not start until the end of December.

     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 decreased in 2001.  However, in the fourth quarter of 2001, the
Partnership leased this space to Sav A Lot, a national grocery chain.
In the first quarter of 2002, the health group gave notice to the
Partnership that it will be vacating the 9,500 square feet it occupies
at the expiration of its base term in April, 2002.  The Partnership
anticipates that Raleigh Springs will be in a negative cash flow
position until this space is released.

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

     Effective March 11, 2002, the Partnership accepted a proposal to
modify the Raleigh Springs mortgage loan.  Under the terms of the
proposal, the maturity date will be extended to April 1, 2007.  The
loan which will continue to bear interest at 10% per annum, will
continue to be payable in monthly installments of principal and
interest of $46,839 (base upon a 25 year amortization schedule) with a
final payment of unpaid interest and principal on April 1, 2007.
(b) Fortune Professional Building ("Fortune")

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

     Fortune was required to make a balloon mortgage payment in July
1997 of approximately $934,000.  On June 26, 1997, the Partnership
obtained the Replacement Loan in the amount of $875,000 secured by
Fortune, from American National Bank and Trust Company.  In connection
with the funding of the Replacement Loan, the Partnership was required
to reduce the outstanding principal balance of the original mortgage
loan by approximately $59,000, out of cash and cash equivalents, to
release the original mortgage loan and pay loan fees of approximately
$33,000.  The Replacement Loan has a floating interest rate based on
American National Bank's prime rate, which at December 31, 2001 was
4.75%.  Principal is being amortized based on a 15-year amortization
period and is payable with interest on a monthly basis.  The
Replacement Loan has been extended through June 30, 2002.  The
occupancy level at Fortune at December 31, 2001 was 66%, compared to
56% at December 31, 2000.  In the third quarter of 2001, the
Partnership changed the on-site leasing and management representative
in order to improve the property's occupancy.  In addition, the
Partnership has replaced the local representative marketing the
property for sale.

     Management of the Partnership is actively marketing the vacant
space.  Based on management's best estimates, at December 31, 2001,
real estate held for sale was reduced to approximately $960,000 due in
part to a decline in occupancy.

      In 2001, the Partnership repaid principal in the amount of
$99,968.  The outstanding  balance of the Replacement Loan was $470,828
at December 31, 2001.

     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 economic occupancy rate and average annual base rent per square
foot at December 31, 2001 and 2000 were as follows:

                                        2001   2000
    Occupancy Rate                      66%    56%
    Average Annual Base
    Rent Per Square Foot              $11.58  $11.75

     Fortune has no tenants that individually occupy ten percent or more
of the rentable square footage.  The following is a summary of the
tenant rent roll at December 31, 2001:

                                 Annual    Lease
                       Square      Base   Expiration   Renewal
Tenant                  Feet       Rent      Date      Options
Others                 19,450   $207,908   Various     Various
Vacant                 10,050         --
                       29,500   $207,908


(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 had a 58% interest and BREF 5 had 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 was reduced from 9% to 7% with principal
amortization changed from a ten year period to an eighteen year period.

     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 was 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.

     The Partnership received three bids on Strawberry Fields during the
latter part of 1999.  After negotiation the Strawberry 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.  Subsequently, the
Strawberry 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 allowed the Partnership to continue to
market the property and seek a greater sales price.

     In 2001, the Partnership received an offer to purchase  Strawberry
Fields for approximately $5.585 million.  In addition, Syms exercised
its right of first refusal on the sale of the property.  Accordingly,
the Strawberry Joint Venture executed a purchase and sale agreement
with Syms for the $5.585 million in the second quarter of 200l.

     On July 20, 2001, Strawberry Fields was sold to Syms for the
contract price.  At closing, the Strawberry Joint Venture received net
sales proceeds of approximately $299,000.


(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 with interest only
at 9.5% per annum until February 1992, and required payments of
principal and interest based on a 30 year amortization schedule.

     Sabal Palm 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 $3,028,386 at December 31, 2001.

     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 84% economic occupancy at
December 31, 2001.

     In the second quarter of 1998, Winn-Dixie vacated its space at the
center.  Winn-Dixie remains liable for the rental payments under its
lease at Sabal Palm until April 2005.  Winn-Dixie failed to timely pay
its rental obligation for November and December 2001 and from January
through March 2002, and is currently in default.  The Partnership has
filed suit against Winn Dixie and is pursuing its legal remedies
against the tenant.

     On August 7, 2000, Sabal Palm was given notice that Walgreens will
vacate the space prior to its termination of the lease in April 30,
2025.  The General Partners are considering potential lease buyout and
potential releasing strategies for these tenants.

     The economic occupancy rate and average annual base rent per square
foot at December 31, 2001 and 2000 were as follows:

                                        2001   2000
   Occupancy Rate                       84%     86%

   Average Annual Base
    Rent Per Square Foot               $5.94   $5.11

     Sabal Palm has two tenants that individually occupy ten percent or
more of the rentable square footage.  The following is a summary of the
tenant rent roll at December 31, 2001:

                        Annual   Lease
               Square    Base    Expiration  Renewal      Nature of
Tenant          Feet     Rent      Date       Options     Business
Winn-Dixie     41,983 $186,982   4/2005    5/5 yrs ea.    Food Store
Walgreens      13,000   81,252   4/2025(a) 2/5 yrs ea.    Drug Store
Others         19,325  181,243   Various    Various
Vacant         14,625       --
               88,933 $449,477

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

     In total, Sabal Palm has received six offers on the property from
unaffiliated parties ranging in price from $2.2 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 $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.

     As a result of the two vacant 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 have Winn-Dixie "buy out" its
remaining lease obligation at a discount and to use the proceeds to
split its space into smaller more leaseable units in an effort to
sublease either or both of the "dark" anchors.  The Partnership has
made  material progress in this regard; but, no definitive conclusion
has been reached.  To the extent the Partnership is successful
replacing Winn Dixie with smaller tenants, the redemizing of the anchor
space will require a substantial investment by the Partnership into the
property.  Any such investment will be evaluated on the benefits to the
Partnership including the increased potential value to the Partnership
and the likelihood that the property will be sold sooner.  In addition,
the Partnership has approached the lender regarding allowing Winn-Dixie
to buy out its lease and a potential extension of the loan maturity.
In the third quarter of 2001, the Partnership received notification
that the lender would not agree to the Partnership's request.  As a
result of the lender rejecting the Partnerships request and Winn-
Dixie's current lease default, in the third quarter of 2001, Sabal Palm
recorded an adjustment to liquidation basis of $114,367 related to an
other than temporary decline in the value of real estate for Sabal
Palm.

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

     As of December 31, 2001, the Partnership has adjusted the carrying
value of this property to the approximate outstanding mortgage loan.

     In April 2002, the joint venture and the lender agreed to a twelve
month extension of the existing loan.  The loan extension was subject
to the lease termination of Winn-Dixie and Winn-Dixie's payment of a
termination fee.  As a requirement of the extension, the joint venture
and the lender agreed to use the proceeds from the termination to
redemize the former Winn-Dixie space into three spaces as well as
certain other improvements to the center.  The joint venture has signed
a lease with Sav A Lot a national grocery chain for 14,350 square feet
(one of the demized spaces).  In addition, the joint venture is in
lease negotiations with a potential retail tenant for 10,675 square
feet in another one of the demized spaces.  However, at this time,
there can be no assurance that the joint venture and this potential
tenant will execute the lease as the terms are presented.  Further,
Walgreens has approached the joint venture with a proposal to sublease
their space in the center to another retail tenant.  The joint venture
is currently reviewing this proposal.

Risks of Ownership

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

Item 3.  Legal Proceedings.

     None.


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

     None.


                               PART II

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

     At December 31, 2001, there were approximately 590 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 2001 and
2000.

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

General

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

Liquidity and Capital Resources

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

     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.

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

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

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

     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.

     In 2001, over 1,000 potential investors were contacted regarding
the sale of the properties.  Of this group, approximately 180 became
registered potential buyers for the properties.  Combined with prior
periods, there have been approximately 300 potential buyers.  In
addition, the properties are listed on the Internet at Loopnet.com, the
largest commercial real estate website in the nation.

Property Status

     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, 2001 was
4.75%.  Principal is being amortized based on a 15-year amortization
period and is payable with interest on a monthly basis.  The
Replacement Loan has been extended through June 30, 2002.  The
occupancy level at Fortune at December 31, 2001 was 66%, compared to
56% at December 31, 2000.  In the third quarter of 2001, the
Partnership changed the on-site leasing and management representative
in order to improve the property's occupancy.  In addition, the
Partnership has replaced the local representative marketing the
property for sale.

     In 1996, Raleigh Springs lost an anchor tenant, T.J. Maxx, which
occupied 21% of the total space.  In November 1996, Methodist Hospital
entered into a lease for approximately 9,500 square feet.  The
remaining space was leased to a carpet supplier.  This tenant moved to
a smaller space in the first quarter of 2001 and, due to nonpayment of
rent, has been evicted.  The occupancy rate at Raleigh at December 31,
2001 was 78%, compared to 82% at December 31, 2000.  However, during
the second quarter of 2001, the Partnership executed a letter of intent
with a national grocery chain for space representing approximately 12%
of the center.  In the fourth quarter 2001, this space was successfully
leased to Sav A Lot.  In the first quarter of 2002, the health group
gave notice to the Partnership that it will be vacating the 9,500
square feet it occupies and the expiration of its base term is April,
2002.  The Partnership anticipates that this property will be in a
negative cash flow position until this space is released.

     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.    In March of 2002,
the lender verbally agreed to a twelve month extension of the existing
loan, subject to certain terms and conditions.  Documentation is
currently being prepared by the lender.  There can be no assurances
that the extension will ultimately be executed.  The Partnership is
current on its mortgage payments for the Raleigh Springs loan.

     In 2000, the Partnership received three offers for Raleigh Springs.
The offers ranged from $5.625 million to $6.2 million.  The Partnership
successfully negotiated an increase in the highest offer to $6.5
million and subsequently accepted this offer.  The Partnership executed
the contract for sale.  The buyer had a 45 day due diligence period
during which it could formally accept or reject the sale.  Late in the
third quarter the Partnership received notice that the potential
purchaser terminated the contract.  After extensive negotiation, the
contract was reinstated at $5,835,000.  However, the potential
purchaser again rejected the contract in March, 2001.  The Partnership
received $15,000 of the earnest money as settlement of potential legal
claims against the contract party.

     In 2001, the Strawberry Joint Venture received an offer to purchase
Strawberry Fields for $5.585 million.  In addition, Syms exercised its
right of first refusal on the sale of the property.  Accordingly, the
Strawberry Joint Venture executed a purchase and sale agreement with
Syms for $5.585 million in the second quarter of 2001.

     On July 20, 2001, Strawberry Fields was sold to Syms for the
contract price.  At closing Strawberry Joint Venture received net sales
proceeds of approximately $299,000.

     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 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.  Winn-Dixie failed to timely pay its
rental obligation for November and December 2001 and January through
March, 2002.  Winn-Dixie is currently in default and the Partnership is
pursuing its legal remedies against the tenant.

     On August 7, 2000 Sabal Palm was given notice that Walgreens will
vacate the space prior to their lease termination of April 30, 2025.
The General Partners are considering potential lease buyout and
potential releasing strategies for these tenants.

     In total, Sabal Palm has received six offers on the property
ranging in price from $2.2 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 $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.

     As a result of the two vacant 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 have Winn-Dixie "buy out" their
remaining lease obligation at a discount and to use the proceeds to
split its space into smaller more leaseable units in an effort to
sublease either or both of the "dark" anchors.  The Partnership has
made  material progress in this regard; but, no definitive conclusion
has been reached.  To the extent the Partnership is successful
replacing Winn Dixie with smaller tenants, the redemizing of the anchor
space will require a substantial investment by the Partnership into the
property.  Any such investment will be evaluated on the benefits to the
Partnership including the increased potential value to the Partnership
and the likelihood that the property will be sold sooner.  In addition,
the Partnership has approached the lender regarding allowing Winn-Dixie
to buy out their lease and a potential extension of the loan maturity.
In the third quarter of 2001, the Partnership received notification
that the lender would not agree to the Partnership's request.  As a
result of the lender rejecting the Partnerships request and Winn-
Dixie's current lease default, in the third quarter of 2001, Sabal Palm
recorded an adjustment to liquidation basis of $114,367 related to an
other than temporary decline in the value of real estate for Sabal
Palm.

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

     In April 2002, the joint venture and the lender agreed to a twelve
month extension of the existing loan.  The loan extension was subject
to the lease termination of Winn-Dixie and Winn-Dixie's payment of a
termination fee.  As a requirement of the extension, the joint venture
and the lender agreed to use the proceeds from the termination to
redemize the former Winn-Dixie space into three spaces as well as
certain other improvements to the center.  The joint venture has signed
a lease with Sav A Lot a national grocery chain for 14,350 square feet
(one of the demized spaces).  In addition, the joint venture is in
lease negotiations with a potential retail tenant for 10,675 square
feet in another one of the demized spaces.  However, at this time,
there can be no assurance that the joint venture and this potential
tenant will execute the lease as the terms are presented.  Further,
Walgreens has approached the joint venture with a proposal to sublease
their space in the center to another retail tenant.  The joint venture
is currently reviewing this proposal.

     Due to the nonpayment of Winn-Dixie's rental obligations, the
Partnership did not make its mortgage payments for Sabal Palm in
November and December 2001 and January through March 2002 as a result,
the Partnership is currently in default on its loan.  However, the
lender has taken no action and the twelve month extension currently
being contemplated with the lender will include the Partnership's
payment of all past due amounts.

     As a result of the July 1999 authorization by a majority of the
Limited Partners to sell the Partnership's properties,  the Partnership
has begun the liquidation process and, in accordance with generally
accepted accounting principles, the Partnership's financial statements
for periods subsequent to July 12, 1999 have been prepared on the
liquidation basis of accounting.  Accordingly, the carrying values of
the assets are 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 the liquidation basis of accounting 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, 2001.

     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 that 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.  The Partnership anticipates the loss of its second largest
tenant at Raleigh Springs.  As a result of a loss of this tenant,
Raleigh Springs will likely not cover its operating expenses until
additional leasing is achieved.  With regard to Sabal Palm, if the
retenanting of the anchor space is successful, an additional capital
investment will be required.  In addition, it is likely that the
Partnership will be required to make a significant loan reduction for
the Fortune property in order to extend the term of the debt.  The debt
matures in June, 2002.

Results of Operations

     The Partnership's revenue and expenses are affected primarily by
the operations of the properties.  Property operations, and in
particular the components of income, demand for space and rental rates
are, to a large extent, determined by local and national market
conditions.

     These conditions have generally adversely impacted the
Partnership's property economics.

     The General Partners conduct an in-depth assessment of each
property's physical condition as well as a demographic analysis to
assess opportunities for increasing occupancy and rental rates and
decreasing operating costs.  In all instances, decisions concerning
restructuring of loan terms, reversions and subsequent operation of the
property are made with the intent of maximizing the potential proceeds
to the Partnership and, therefore, return of investment and income to
Limited Partners.

     In certain instances and under limited circumstances, management of
the Partnership entered into negotiations with lenders for the purpose
of restructuring the terms of loans to provide for debt service levels
that could be supported by operations of the properties.  When
negotiations are unsuccessful, management of the Partnership considers
the possibility of reverting the properties to the first mortgage
lender.  Foreclosure proceedings may require 6 to 24 months to
conclude.

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


Results of Operations for the years ended December 31, 2001 and 2000

     The Partnership generated a net loss of $97,000 for the year ended
December 31, 2001 as compared to net income of $139,000 for the same
period in 2000.  The $236,000 decrease in net income is the result of
a decrease in total income of $538,000,and a decrease in total expenses
of $45,000.  Minority interest share in Strawberry's net income
decreased $276,000 and equity interest in Sabal Palm's net loss
decreased $138,000.  Also affecting net income was the gain on the sale
of Strawberry in the amount of $720,000 and an increase in the
adjustment to liquidation basis of $49,000.

     Total income for the year ended December 31, 2001 was $1,752,000 as
compared to $2,290,000 for the same period in 2000. This decrease in
total income was primarily a result of a $491,000 decrease in rental
income, a $22,000 decrease in interest income and a $26,000 decrease in
other income.  Rental income decreased primarily as a result of a
decrease in rental income at Strawberry of $355,000, which was a result
of the property being sold on July 20, 2001.  In addition, also
affecting rental income were decreases at Raleigh and Fortune of
$90,000 and $46,000, respectively, primarily as a result of the
decrease in occupancy during 2001. Interest income decreased as a
result of the decline in interest rates.

     Total expenses for the year ended December 31, 2001 were $1,764,000
as compared to $1,809,000 for the same period in 2000.  The $45,000
decrease in total expense was primarily a result of a $200,000 decrease
in interest expense, a $19,000 decrease in real estate tax expense, a
$30,000 decrease in management fees, and a $15,000 decrease in
operating expense, partially offset by a $212,000 increase in repairs
and maintenance expense. Interest expense, real estate tax expense,
management fees, and operating expense decreased primarily as a result
of the sale of Strawberry on July 20, 2001. Repairs and maintenance
increased primarily as a result of roof and parking lot repairs at
Raleigh Springs.

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 generally accepted accounting
principles, the Partnership's financial statements for periods
subsequent to July 12, 1999 have been prepared on the liquidation basis
of accounting.

     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.

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.

   On November 6, 2001 the Partnership dismissed Deloitte & Touche LLP
as its independent accountant.  Deloitte & Touche LLP's report on the
financial statements for 2000 and 1999 did not contain an adverse
opinion or disclaimer of opinion and was not modified as to
uncertainty, audit scope or accounting principles.  In the
Partnership's fiscal years ended 1999 and 2000 and the subsequent
interim period preceding the dismissal there were no disagreements with
Deloitte & Touche LLP on any matter of accounting principles or
practices, financial statement disclosure or auditing scope or
procedure which would have caused Deloitte & Touche LLP to make
reference to the matter in their report.  There were no reportable
events as that term is described in Item 304(a)(1)(iv)(B) of Regulation
S-B.

   On November 7, 2001, the Partnership engaged Altschuler, Melvoin and
Glasser LLP as its independent accountant.  Neither the Partnership
(nor someone on its behalf) consulted Altschuler, Melvoin and Glasser
LLP regarding: (i) the application of accounting principles to a
specific transaction, either completed or proposed, or the type of
audit opinion that might be rendered on the Partnership's financial
statements; or (ii) any matter that was either the subject of a
disagreement or a reportable event.


                          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 68) 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 41) 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 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 35) 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 2001 and 2000.

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

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

    (c) - (h) Not applicable.

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

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

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

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

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

Item 12.    Certain Relationships and Related Transactions.

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

     (c)    Not applicable.

     (d)    There have been no transactions with promoters.


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

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

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

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

                 Exhibit No.    Description
                  *3.(a)        Restated Limited Partnership
                                Agreement
                  *3.(b)        Articles of Incorporation of Brauvin
                                Ventures, Inc.
                  *3.(c)        By-Laws of Brauvin Ventures, Inc.
                  *3.(d)        Amendment to the Certificate of Limited
                                Partnership of the Partnership
                  *10.(a)       Escrow Agreement
                  *10.(b)(1)    Management Agreement
                   21.          Subsidiaries of the registrant
                  *28.          Pages 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.

    On November 6, 2001, the Partnership dismissed Deloitte & Touche LLP
as its independent accountant.  Additionally on November 7, 2001 the
Partnership engaged Altschuler, Melvoin and Glasser LLP as its
independent accountant.  This Form 8-K was dated November 6, 2001 and
filed on November 14, 2001.

(d) An annual report for the fiscal year 2001 will be sent to the
Limited Partners subsequent to this filing.




                              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: April 29, 2002


              INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

                                                            Page

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

Independent Auditors' Report . . . . . . . . . . . . . . .  F-3

Consolidated Statement of Net Assets in Liquidation
as of December 31, 2001 (Liquidation Basis) . . . . . . . . F-4

Consolidated Statement of Changes in Net Assets
in Liquidation for the year ended
December 31, 2001  (Liquidation Basis)  . . . . . . . . . . F-5

Consolidated Statement of Changes in Net Assets
in Liquidation for the year ended
December 31, 2000  (Liquidation Basis)  . . . . . . . . . . F-6

Consolidated Statements of Operations for the years ended
December 31, 2001 and 2000 (Liquidation Basis). . . . . . . F-7

Notes to Consolidated Financial Statements  . . . . . . . . F-8

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


                       INDEPENDENT AUDITORS' REPORT

Partners of
Brauvin Real Estate Fund L.P. 4

We have audited the accompanying consolidated financial statements of
Brauvin Real Estate Fund L.P. 4, as of December 31, 2001, and for the
year then ended 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 audit.

We conducted our audit 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 audit provides
a reasonable basis for our opinion.

In our opinion, the consolidated financial statements present fairly,
in all material respects, the financial position of Brauvin Real Estate
Fund L.P. 4 and subsidiary at December 31, 2001, and the results of
their operations for the year then ended in conformity with accounting
principles generally accepted in the United States of America.


/s/ Altschuler, Melvoin and Glasser LLP

Chicago, Illinois
February 8, 2002, except as to
Note 8 which is as of March 11, 2002 and
Note 7 which is as of April 23, 2002



                 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 and subsidiary for the year ended
December 31, 2000 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 audit.

We conducted our audit 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 audit provides
a reasonable basis for our opinion.

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

/s/ Deloitte & Touche LLP


Chicago, Illinois
April 23, 2001



     CONSOLIDATED STATEMENT OF NET ASSETS IN LIQUIDATION AS OF
                         DECEMBER 31, 2001
                        (LIQUIDATION BASIS)


ASSETS

Real estate held for sale                              $ 6,983,000
Investment in Sabal
  Joint Venture (Note 7)                                    66,276
Cash and cash equivalents                                  954,015
Tenant receivables                                         117,659
Utility deposits                                             2,707
Other assets                                                13,560

    Total Assets                                         8,137,217

LIABILITIES
Mortgage notes payable (Note 4)                          4,930,012
Accounts payable and accrued expenses                      195,176
Deferred gain on sale of real estate (Note 2)              464,312
Reserve for estimated costs during
    the period of liquidation (Note 2)                     189,875
Tenant security deposits                                    26,645
Due to affiliates                                            2,804

    Total Liabilities                                    5,808,824

MINORITY INTEREST IN
 STRAWBERRY JOINT VENTURE                                  175,244

Net Assets in Liquidation                              $ 2,153,149








    See accompanying notes to consolidated financial statements.




CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS IN LIQUIDATION  FOR
                  THE YEAR ENDED DECEMBER 31, 2001
                        (LIQUIDATION BASIS)


Net assets in liquidation at January 1, 2001            $2,249,655

Gain on sale of property                                   720,295

Loss from operations                                      (816,801)


Net assets in liquidation at
    December 31, 2001                                   $2,153,149









    See accompanying notes to consolidated financial statements.


CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS IN LIQUIDATION
                FOR THE YEAR ENDED DECEMBER 31, 2000
                        (LIQUIDATION BASIS)



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

Income from operations                                     139,214

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











      See accompanying notes to consolidated financial statements.



               CONSOLIDATED STATEMENTS OF OPERATIONS
          FOR THE YEARS ENDED DECEMBER 31, 2001 AND 2000
                        (LIQUIDATION BASIS)

                                         2001          2000
INCOME
Rental                               $1,429,209    $1,919,749
Interest                                 30,047        51,646
Other, primarily tenant
    expense reimbursements              293,155       318,912
    Total income                      1,752,411     2,290,307
EXPENSES
Interest                                688,228       888,658
Real estate taxes                       254,240       273,462
Repairs and maintenance                 285,988        73,513
Management fees (Note 5)                 97,073       127,116
Other property operating                103,236       117,808
General and administrative              335,284       328,405
    Total expenses                    1,764,049     1,808,962
(Loss) income before
    minority and equity
    interests                           (11,638)      481,345
Minority interest's
    share of Strawberry Fields
    Joint Venture's net income         (373,824)      (97,899)
Equity interest in Sabal
    Palm Joint Venture's
    net (loss) income                   (85,214)       53,143
Net (loss) income before
 adjustment to liquidation
 basis and gain on sale of
 property                              (470,676)      436,589
Adjustment to liquidation
 basis                                 (346,125)     (297,375)
Gain on sale of property                720,295            --

Net (loss) income                    $  (96,506)   $  139,214
Net (loss) income allocated
    to the General Partners          $     (965)   $    1,392
Net (loss) income allocated
    to the Limited Partners          $  (95,541)   $  137,822
Net (loss) income per
    Limited Partnership
    Interest (9,550 units
    outstanding)                     $   (10.00)   $    14.43
     See accompanying notes to consolidated financial statements



(1) ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

    Organization

     The financial statements consolidate the accounts of Brauvin Real
Estate Fund L.P. 4 (the "Partnership") and a joint venture ("Strawberry
Joint Venture") in which the Partnership has a 58% interest.
Additionally, the Partnership has a 47% interest in another joint
venture, which is accounted for using the equity method of accounting.

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

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

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

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

     Management's Use of Estimates

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

     Basis of Presentation

     As a result of the July 12, 1999 authorization by a majority of the
Limited Partners to sell  the Partnership's properties, the Partnership
has begun the liquidation process and, in accordance with generally
accepted accounting principles, the Partnership's financial statements
for periods subsequent to July 12, 1999 have been prepared on the
liquidation basis of accounting.  Accordingly, the carrying values of
assets are presented at their net realizable amounts and liabilities
are presented at estimated settlement amounts, including estimated
costs associated with carrying out the liquidation.  Preparation of the
financial statements on a liquidation basis requires significant
assumptions by management, including the estimate of liquidation costs
and the resolution of any contingent liabilities.  There may be
differences between the assumptions and the actual results because
events and circumstances frequently do not occur as expected.  Those
differences, if any, could result in a change in the net assets
recorded in the statement of net assets as of December 31, 2001.

     Accounting Method

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

     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 had 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 significant
intercompany balances 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 the
liquidation basis of accounting, the operating properties acquired by
the Partnership were stated at cost including acquisition costs,
leasing commissions, tenant improvements and net of impairment.
Depreciation and amortization 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).

     The Partnership records impairment charges 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, 2001, except as detailed
in Note 2.

     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, 2001, 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, 2001, (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.

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

     In June 2001, the FASB issued Statement of Financial Accounting
Standards No. 143, "Accounting for Asset Retirement Obligations" ("SFAS
143"), which is effective for years beginning after June 15, 2002.
SFAS requires recognition of a liability and associated asset for the
fair value of costs arising from legal obligations associated with the
retirement of tangible long-lived assets.  The asset is to be allocated
to expense over its estimated useful life.

     In August 2001, the FASB issued Statement of Financial Accounting
Standards No. 144, "Accounting for the Impairment or Disposal of Long-
Lived Assets" ("SFAS 144"), which is effective for fiscal years
beginning after December 15, 2001.  SFAS 144 supersedes FASB Statement
No. 121, "Accounting for the Impairment of Long-Lived Assets and Long-
Lived Assets to Be Disposed Of" ("SFAS 121").  SFAS 144 retains the
recognition and measurement requirements of SFAS 121, but resolves
significant SFAS 121 implementation issues.  In addition, it applies to
a segment of a business accounted for as a discontinued operation
(which was formerly covered by portions of Accounting Principles Board
Opinion No. 30).

     The Partnership does not believe that the adoption of SFAS 141,
142, 143 and 144 will have a significant impact on its financial
statements.

(2)  ADJUSTMENT TO LIQUIDATION BASIS

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

     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.

     As of June 30, 2001, the Partnership adjusted its investment in
real estate to a subsequent offer that was presented for the sale of
Raleigh Springs.  The effects of this adjustment was an increase in the
real estate held for sale and an increase in deferred gain of $429,000.

     As of June 30, 2001, the Partnership adjusted its investment in
real estate to a subsequent offer that was presented for the sale of
Strawberry Fields.  The effects of this adjustment was an increase in
the real estate held for sale and an increase in deferred gain of
$229,125.

     In July, 2001, the Partnership sold Strawberry Fields, resulting in
an adjustment to real estate held for sale.  Real estate held for sale
was decreased by $5,426,875, deferred gain on sale was decreased by
$758,235 and a gain on sale of property of $720,295 was recorded as a
result of the sale.

     As of December 31, 2001, the Partnership adjusted its investment in
real estate for the Raleigh Springs property.  The effects of this
adjustment was an increase in the real estate held for sale and an
increase in deferred gain of $18,500.

     In the fourth quarter of 2001, the Partnership recorded a
reduction in real estate held for sale of $346,125 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 their Adjusted
Investment (the "Preferential Distribution"), as such term is defined
in the Agreement.  In the event the full Preferential Distribution is
not made in any year (herein referred to as a "Preferential
Distribution Deficiency") and Operating Cash Flow is available in
following years in excess of the Preferential Distribution for said
year, then the Limited Partners shall be paid such excess Operating
Cash Flow until they have been paid any unpaid Preferential
Distribution Deficiency from prior years.  Net Sale Proceeds, as
defined in the Agreement, received by the Partnership shall be
distributed as follows:  (a) first, to the Limited Partners until such
time as the Limited Partners have been paid an amount equal to the
amount of their Adjusted Investment; (b) second, to the Limited
Partners until such time as the Limited Partners have been paid an
amount equal to any unpaid Preferential Distribution Deficiency; and
(c) third, 85% of any remaining Net Sale Proceeds to the Limited
Partners, and the remaining 15% of the Net Sale Proceeds to the General
Partners.

     At December 31, 2001, the Preferential Distribution Deficiency will
not be achieved by the Partnership.

(4)  MORTGAGE NOTES PAYABLE

     Mortgage notes payable at December 31, 2001 consist of the
following:
                                    Interest      Date
                            2001      Rate         Due
Raleigh Springs
    Marketplace         $ 4,459,184(a) 10%        04/02
Fortune Professional
    Building                470,828(b) 4.75%      06/02

                        $ 4,930,012

     Raleigh Springs Marketplace and Fortune Professional Building serve
as collateral under the respective nonrecourse debt obligations.

     (a) Monthly principal and interest payments are based on a 25-year
amortization schedule.  In the first quarter of 2001, the mortgage
holder agreed to extend the maturity of the mortgage until April 1,
2002.  In March of 2002, the lender verbally agreed to a twelve month
extension of the existing loan, subject to certain terms and
conditions.  Documentation is currently being prepared by the lender.
There can be no assurances that the extension will ultimately be
executed.  The carrying value of Raleigh at December 31, 2001 was
approximately $6,026,500.

     (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, 2001 was 4.75%.  Principal is being amortized
based on a 15-year amortization period and is payable with interest on
a monthly basis.  As of December 31, 2001, 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, 2001.

     The carrying value of Fortune at December 31, 2001 was adjusted to
$956,500.

     The Partnership is required to make balloon mortgage payments for
Raleigh Springs Marketplace in the amount of approximately $4,420,000
on April 1, 2002 and for Fortune Office Building in the amount of
approximately $442,000 on June 30, 2002.  However, the Partnership has
reached an agreement in principle to extend the existing mortgage loan
for Raleigh Springs Marketplace through April 2007 under the same terms
and conditions of the existing loan

(5)  TRANSACTIONS WITH AFFILIATES

     Fees and other expenses paid or payable to the General Partners or
their affiliates for the years ended December 31, 2001 and 2000 were as
follows:

                                   2001                  2000
Management fees                  $89,669              $119,918
Reimbursable office expenses     115,541               126,565

     The Partnership had made all payments to affiliates except for
$2,804 for management fees, as of December 31, 2001.

(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,
          2002                     $  758,976
          2003                        619,221
          2004                        474,246
          2005                        246,726
         2006                         218,496
          Thereafter                2,367,040
          Total                    $4,684,705

     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 approximate 15.29% of
rental income for the Partnership for the year ended December 31, 2001.
(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,
                                        2001

Real estate held for sale                  $3,028,375
Other assets                                  234,922
                                            3,263,297

Mortgage note payable                       3,028,386
Other liabilities                              90,224
                                            3,118,610
Net assets in liquidation                  $  144,687




                           Liquidation Basis
                  For the years ended December 31,


                                       2001              2000

Rental income                         $481,081         $526,055
Other income                            63,760           86,837
                                       544,841          612,892
Mortgage and
 other interest                        276,762          280,277
Adjustment to liquidation              121,875               --
Operating and
 administrative expenses               327,512          219,544

                                       726,149          499,821


Net(loss)income                      $(181,308)        $113,071


    The Sabal Palm 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 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.  Winn-Dixie failed to timely
pay its rental obligation for November and December 2001 and January
through March 2002 and is currently in default.

    On August 7, 2000 Sabal Palm was given notice that Walgreens will
vacate the space prior to its lease termination of April 30, 2025.
The General Partners are considering potential lease buyout and
potential releasing strategies for these tenants.

     The Partnership has approached the lender regarding allowing Winn-
Dixie to buy out its lease and a potential extension of the loan
maturity.  In the third quarter of 2001, the Partnership received
notification that the lender would not agree to the Partnership's
request.  As a result of the lender rejecting the Partnership's
request and Winn-Dixie's current lease default, in the third quarter
of 2001, Sabal Palm recorded an adjustment to the liquidation basis
of accounting of $114,367 related to an other than temporary decline
in the value of real estate for Sabal Palm.

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

    In April 2002, the joint venture and the lender agreed to a twelve
month extension of the existing loan.  The loan extension was subject
to the lease termination of Winn-Dixie and Winn-Dixie's payment of a
termination fee.  As a requirement of the extension, the joint
venture and the lender agreed to use the proceeds from the
termination to redemize the former Winn-Dixie space into three spaces
as well as certain other improvements to the center.  The joint
venture has signed a lease with Sav A Lot a national grocery chain
for 14,350 square feet (one of the demized spaces).  In addition, the
joint venture is in lease negotiations with a potential retail tenant
for 10,675 square feet in another one of the demized spaces.
However, at this time, there can be no assurance that the joint
venture and this potential tenant will execute the lease as the terms
are presented.  Further, Walgreens has approached the joint venture
with a proposal to sublease their space in the center to another
retail tenant.  The joint venture is currently reviewing this
proposal.

    As a result of nonpayment of Winn-Dixie's rental obligations, the
Partnership did not make its mortgage payments for Sabal Palm in
November and December 2001.


(8) SUBSEQUENT EVENT

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

                           EXHIBIT INDEX


Exhibit (21)  Subsidiaries of the Registrant


                            Exhibit 21

Name of Subsidiary                            State of Formation

Brauvin Strawberry Fields
    Joint Venture                                   Florida

Brauvin Sabal Palm Joint Venture                    Florida