FORM 10-KSB--Annual or Transitional Report
                 (Added by 34-30968, eff. 8/13/92, as amended.)

[X]   Annual Report Under Section 13 or 15(d) of the Securities Exchange Act of
      1934 [Fee Required]

                   For the fiscal year ended December 31, 1995
                                       or
[  ]  Transition Report Under Section 13 or 15(d) of the Securities Exchange Act
      of 1934 [No Fee Required]

                  For the transition period.........to.........

                         Commission file number 0-14534
 
                    JACQUES-MILLER REALTY PARTNERS, L.P. III
                 (Name of small business issuer in its charter)

       Delaware                                               62-1217852
(State or other jurisdiction of                             (I.R.S. Employer
incorporation or organization)                              Identification No.)

One Insignia Financial Plaza, P.O. Box 1089
    Greenville, South Carolina                                  29602
(Address of principal executive offices)                      (Zip Code)

                    Issuer's telephone number (864) 239-1000

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

                                      None

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

                      Units of Limited Partnership Interest
                                (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 of 1934 during the past 12 months (or for such
shorter period that the registrant 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 contained in this form, and no disclosure will be contained, to
the best of registrant'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]



                                     PART I

Item 1. Description of Business

    Jacques-Miller Realty Partners, L.P.III (the "Registrant") is a Delaware
limited partnership formed in November 1984.  

    The Registrant originally invested in three properties.  All of these
properties have been either sold or foreclosed upon.

    The terms of the transactions between the Registrant and affiliates of the
General Partners of the Registrant are set forth in Item 12 below to which
reference is hereby made for a description of such terms and transactions.

Employees

    There were no full-time employees of the Registrant at December 31, 1995.
During 1995 and 1994, management and administrative services were provided by
Insignia Financial Group, Inc.  See Item 12. "Certain Relationships and Related
Transactions" for further discussion of the affiliates and the compensation and
reimbursement from the Registrant during 1995 and 1994.


Item 2.  Description of Property

    During 1995 and 1994, no properties were owned by the Registrant.


Item 3.  Legal Proceedings

    In 1989, the Partnership sold an apartment complex located in Indiana which
resulted in a gain for federal and state tax purposes.  In December of 1991, the
Indiana Department of Revenue (the "Department") issued a notice of proposed
assessment in the amount of $30,685 in tax, $6,115 in interest and $3,069 in
penalty to the Partnership.  This assessment related to allegedly required
withholding of taxes for all non-resident partners of Indiana resulting from
their distributive share of partnership income in Indiana resulting from this
property sale.  In November of 1995, after several years of negotiating, the
Partnership entered into a settlement agreement with the Department resulting in
the following:

    (1) The Partnership would not be liable for income tax withholding on
        amounts paid or credited to any of its limited partners.

    (2) The Partnership would remit to the Department adjusted gross income tax
        withholding of $19,190, including $6,097 in interest, for amounts paid
        or credited to its non-resident general partners during 1989.

    (3) The Department waived all penalties for unpaid withholding taxes.


    (4) The Department, upon payment of the tax withholding noted in (2) above,
        cancelled the outstanding assessments, demand notices and tax warrants
        issued against the Partnership for any taxable year prior to January 1,
        1990.

    (5) The Department agreed that the Partnership and its partners would not be
        liable for Indiana income tax withholding for any taxable year ending
        prior to January 1, 1990, and would be released and discharged from any
        such liability.

    The settlement of $19,190 paid to the Department has been reflected as a
distribution on behalf of the general partners in the accompanying statement of
changes in net assets in liquidation.  The resolution of this contingency
enabled the Partnership to distribute its remaining cash to the partners and
liquidate the Partnership in 1995.


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

    The Registrant did not submit any matter to a vote of its security holders
during the fiscal year covered by this report.


                                     PART II


Item 5. Market for Partnership Equity and Related Partner Matters

    In 1995, the Partnership paid all administrative and liquidation costs and
made a final distribution to partners of $209,252.  The Partnership was legally
terminated as of December 31, 1995, at which time the remaining Units were
cancelled.


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

Liquidity and Capital Resources

    The Partnership paid all administrative and liquidation costs in 1995 and
was terminated in December.

Results of Operations

    The Registrant incurred a decrease in net assets in liquidation of $225,628
for the year ended December 31, 1995.  Income  consisted of only interest
income.  Expenses included audit and tax fees, printing costs, and postage. 
Total distributions to Partners included $19,190 allocated to the general
partners for the settlement of the Indiana tax issue in the fourth quarter of
1995 (See Note C of the Financial Statements).

Item 7.  Financial Statements

JACQUES-MILLER REALTY PARTNERS L.P. III

LIST OF FINANCIAL STATEMENTS



        Independent Auditors' Report

        Statement of Net Assets in Liquidation - December 31, 1995

        Statements of Changes in Net Assets in Liquidation - Years ended
        December 31, 1995 and 1994

        Notes to Financial Statements



                Report of Ernst & Young LLP, Independent Auditors



The Partners
Jacques Miller Realty Partners L. P. III


We  have  audited the  accompanying statement  of net  assets in  liquidation of
Jacques Miller  Realty  Partners L.P.  III   as  of December  31, 1995,  and the
related statements of changes in  net assets in liquidation for each of  the two
years in the period ended December 31, 1995.  These financial statements are the
responsibility  of  the  Partnership s  management.   Our  responsibility is  to
express an opinion on these financial statements based on our audits.

We  conducted  our  audits  in  accordance  with  generally  accepted   auditing
standards.  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 the
Partnership s management, as well  as evaluating the overall financial statement
presentation.   We believe that our  audits provide a  reasonable basis  for our
opinion.

In our opinion, the  financial statements referred to  above present fairly,  in
all  material respects, the  net assets in liquidation  of Jacques Miller Realty
Partners L. P.  III as of December 31,  1995, and the results of its  changes in
net assets in liquidation for each of the two years in the period ended December
31, 1995, in conformity with generally accepted accounting principles applied on
the liquidation basis of accounting.


                                             /s/ERNST & YOUNG LLP


Greenville, South Carolina
 March 4, 1996

                     JACQUES-MILLER REALTY PARTNERS L.P. III

                     STATEMENT OF NET ASSETS IN LIQUIDATION

                                December 31, 1995


                                                                            
 Assets                                                             $   None
                                                                            
 Liabilities                                                            None
                                                                           
 Net Assets in liquidation (Notes A and C)                          $   None

                 See Accompanying Notes to Financial Statements

                     JACQUES-MILLER REALTY PARTNERS L.P. III

               STATEMENTS OF CHANGES IN NET ASSETS IN LIQUIDATION 
<TABLE>
<CAPTION>
                                                                            
                                        Limited                       
                                      Partnership    General      Limited
                                         Units      Partners      Partners     Total   
<S>                                     <C>        <C>          <C>          <C>   
 Net assets in liquidation                                                            
    December 31, 1993                    15,189     $  8,162     $230,924     $239,086
                                                                                      
 For the year ended                                                                   
    December 31, 1994:                                                                
                                                                                      
 Interest income                             --           64        6,374        6,438
                                                                                      
 Administrative expenses                     --         (199)     (19,697)     (19,896)
                                                                                      
 Net assets in liquidation at                                                         
    December 31, 1994                    15,189        8,027      217,601      225,628
                                                                                      
 For the year ended                                                                   
    December 31, 1995:                                                                
                                                                                      
 Interest income                             --           79        7,842        7,921
                                                                                      
 Administrative expenses                     --         (243)     (24,054)     (24,297)
                                                                                      
 Reallocation of capital                     --       13,228      (13,228)          --
                                                                                      
 Distribution to Partners (Note C)      (15,189)     (21,091)    (188,161)    (209,252)
                                                                                      
 Net assets in liquidation at                                                         
    December 31, 1995                      None         None         None         None
                                                                                      
<FN>                                                                                      
                 See Accompanying Notes to Financial Statements
</TABLE>

                     JACQUES MILLER REALTY PARTNERS L.P. III

                          Notes to Financial Statements

                                December 31, 1995


Note A   Organization and Significant Accounting Policies

Organization

Jacques Miller  Realty  Partners L.P.  III  (the "Partnership")  is  a  Delaware
limited partnership  that was organized in November 1984 to  acquire and operate
residential and  commercial real estate properties.   The  Partnership sold  its
last  remaining property in 1991.  The Partnership was  legally terminated as of
December 31, 1995.


Basis of Presentation

The  accompanying financial statements are prepared on  the liquidation basis of
accounting since the Partnership has no operating assets remaining.  


Allocations to Partners

Net earnings (loss) of  the Partnership and taxable  income (loss) are allocated
99% to  the limited partners and 1%  to the general partners.   Distributions of
available cash  (cash flow) and profits  from sales  dispositions are  allocated
among  the limited  partners  and the  general partners  in accordance  with the
agreement of limited partnership.  


Note B   Transactions with Affiliated Parties

On   December  31,  1991,  an  affiliate  of   Insignia  Financial  Group,  Inc.
("Insignia") acquired  substantially all  of the assets  of Jacques-Miller, Inc.
However, the General Partner Interest of the Partnership was not acquired.  As a
result  of  a  separate Advisory  Agreement  between  the Partnership  and  IFGP
Corporation, an affiliate of Insignia, Insignia and its  affiliates succeeded to
those asset management  and property  management duties previously  performed by
Jacques-Miller, Inc.

No fees were charged  to the Partnership by Insignia and its  affiliates in 1994
or in 1995.

Note C   Indiana Tax Issue

In  1989, the Partnership  sold an  apartment complex  located in  Indiana which
resulted in a gain for federal and state tax purposes.  In December of 1991, the
Indiana Department  of Revenue  (the "Department") issued a  notice of  proposed
assessment  in the amount  of $30,685 in tax,  $6,115 in interest  and $3,069 in
penalty to  the Partnership.    This assessment  related to  allegedly  required
withholding of  taxes for  all non-resident partners of  Indiana resulting  from
their  distributive share of  partnership income in Indiana  resulting from this
property  sale.   In November of  1995, after several years  of negotiating, the
Partnership entered into a settlement agreement with the Department resulting in
the following:

    (1) The  Partnership would  not  be liable  for  income tax  withholding  on
        amounts paid or credited to any of its limited partners.

    (2) The  Partnership would remit to the Department adjusted gross income tax
        withholding of $19,190, including  $6,097 in interest, for amounts  paid
        or credited to its non-resident general partners during 1989.

    (3) The Department waived all penalties for unpaid withholding taxes.

    (4) The Department, upon payment  of the tax withholding noted in (2) above,
        cancelled the  outstanding assessments, demand notices  and tax warrants
        issued against the Partnership for any taxable year  prior to January 1,
        1990.

    (5) The Department agreed that the Partnership and its partners would not be
        liable  for Indiana income tax  withholding for any  taxable year ending
        prior to January 1, 1990, and  would be released and discharged from any
        such liability.

    The settlement  of $19,190 paid  to the  Department has been  reflected as a
distribution on  behalf of the general partners in the accompanying statement of
changes  in net  assets  in liquidation.    The resolution  of  this contingency
enabled the Partnership to  distribute its  remaining cash to  the partners  and
liquidate the Partnership in 1995.

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

      None.

                                    PART III


Item 9.  Directors and Executive Officers

      The General Partners of the Registrant were:

      Jacques-Miller, Inc., a Tennessee Corporation
      J.M. Realty III, A Tennessee general partnership

      Jacques-Miller, Inc., the  Managing General Partner, was formed under the
laws of the State of Tennessee in 1972.

      The principal  executive  officer and  director  of the  Managing  General
Partner was:

       Name                   Age                            Position           

C. David Griffin              49                  President, Chief Operating
                                                  Officer and Director
Biographies

    C. David Griffin.  Mr. Griffin became President and Chief  Operating Officer
of  Jacques-Miller, Inc.  in August  1987.   He is  an officer  and director  of
Jacques-Miller  Property  Management,   Inc.  and  several  other  wholly  owned
subsidiaries of Jacques-Miller, Inc., all of which render ancillary services  to
the partnerships  sponsored by  the General  Partners.   From 1972  to 1981, Mr.
Griffin, a CPA, was a partner of Blankenship, Summar & Associates, an accounting
firm.

    J.M.  Realty III is  a Tennessee general partnership  whose constituents are
Messrs.  John F. Jacques, Robert Bond  Miller, Mitchum E. Warren,  Jr., C. David
Griffin, and F.S.C. Realty Advisory Corp., a Georgia company formed in May 1982,
and FN Equities, Inc., a California company  formed in May 1983.  F.S.C.  Realty
Advisors  Corporation  is  a  wholly  owned  subsidiary  of  Financial  Services
Corporation,  the parent company  of FSC Securities Corporation  and Westamerica
Financial Corporation, two of  the Selling Agents herein.  FN Equities,  Inc. is
an  affiliate  of  one  of the  Selling  Agents,  Financial  Network  Investment
Corporation.

Insignia Transaction

    On  December  31,  1991,  an  affiliate of  Insignia  Financial  Group, Inc.
("Insignia") of  Greenville, South  Carolina acquired  substantially all  of the
assets of Jacques-Miller, Inc. (the Managing General Partner of the  Registrant)
including  Jacques-Miller's  property management  organization.    However,  the
General Partner Interest  of the Registrant was not acquired.  As  a result of a
separate  Advisory Agreement  between  the Registrant  and IFGP  Corporation, an
affiliate  of Insignia,  Insignia and  its affiliates  succeeded to  those asset
management  and  property management  duties  previously  performed  by Jacques-
Miller.


Item 10.  Executive Compensation

    The  Registrant was not required to and did not pay remuneration to officers
and/or directors of the Managing  General Partner during 1995 or 1994.  See Item
12.  "Certain Relationships and Related  Transactions" below  and Note B  of the
Notes  to  the  Financial  Statements  for  a  discussion  of  compensation  and
reimbursements paid to the General Partners and certain affiliates.


Item 11.  Security Ownership of Certain Beneficial Owners and Management

    During  December  1995,  the  outstanding  Units  were  cancelled  and   the
Partnership terminated.


Item 12.  Certain Relationships and Related Transactions

    The  Registrant was  entitled to  engage  in various  transactions involving
affiliates of the  Managing General Partner.   The relationship of the  Managing
General Partner to its affiliates  is set forth in Item 9.  The General Partners
receive a  share of the  Registrant's profits and losses.   Effective January 1,
1992, affiliates  of Insignia  assumed day-to-day  management  services for  the
Registrant.  During 1995 or 1994, Insignia received no fees for its services.

    The General Partners may be reimbursed for their direct expenses relating to
offering and administration of the Registrant.  Also as a matter of convenience,
the General Partners pay certain direct property operating expenses on behalf of
the Registrant for which they are  reimbursed.  During 1995 or 1994, there  were
no reimbursements to the General Partner.


Item 13.  Exhibits and Reports on Form 8-K

        (a)    Exhibits:  See Exhibit Index contained herein.

        (b)    No Reports  on Form 8-K  were filed during  the fourth quarter of
               1995.

                                   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.



                              JACQUES-MILLER REALTY PARTNERS L.P. III

                              BY:   Jacques-Miller, Inc.                  
                                    Corporate General Partner  



                              BY:   /s/C. David Griffin                        
                                    C. David Griffin
                                    President and Chief Operating Officer

                              Date: March 14, 1996



   In  accordance with the  Exchange Act, this report  has been  signed below by
the following persons on  behalf of the Registrant and in the  capacities and on
the date indicated.



/s/C. David Griffin          President and Chief Operating       March 14, 1996
C. David Griffin             Officer (Principal Executive
                             Officer)


                                  EXHIBIT INDEX


Exhibit


3        Partnership Agreement  is incorporated by reference to Exhibit A to the
         Prospectus contained in  the   Registrant's  Registration   Statement  
         (2-94561) as  filed with the  Commission pursuant to  Rule 424(b) under
         the Act.

10(a)    Advisory  Agreement, dated  December  30, 1991  between  Jacques-Miller
         Realty Partners  L.P. III and  Insignia GP Corporation  is incorporated
         by reference to the  exhibit filed with the Registrant's  Annual Report
         on Form 10-K for the fiscal year ended December 31, 1991.

16       Letter  from the  Registrant's former independent  accountant regarding
         its  concurrence  with   the  statements  made  by  the  Registrant  is
         incorporated by  reference to  the exhibit  filed with  Form 8-K  dated
         September 30, 1992.

22       Subsidiaries:  The Registrant has no subsidiaries.

27       Financial Data Schedule

99       Additional Exhibits:  Not applicable