EXHIBIT 13
                                
                          ANNUAL REPORT TO UNITHOLDERS
                      FOR THE YEAR ENDED NOVEMBER 30, 1997
     
                         Commercial Properties 4, L.P.

     
     
     
     
Commercial Properties 4, L.P. is a limited partnership
formed in 1984 to acquire, operate and hold for
investment commercial real estate.  The Partnership's
sole remaining asset is the Crosswest Office Center
("Crosswest"), a three-story commercial office building
containing approximately 145,000 square feet located in
White Plains, New York, approximately twenty miles
north of New York City.
     









     


                                    Contents
     
                      1   Message to Investors
                      2   Financial Highlights
                      3   Consolidated Financial Statements
                      6   Notes to the Consolidated Financial Statements
                     10   Report of Independent Auditors
                     11   Net Asset Valuation
     
     
     
     
     
     
     
     


     
     
Administrative Inquiries  Performance      Inquiries/Form 10-Ks
Address Changes/Transfers                  First Data Investor Services Group
Service Data Corporation                   P.O. Box 1527
2424 South 130th Circle                    Boston, Massachusetts 02104-1527
Omaha, Nebraska 68144-2596                 Attn:  Financial Communications
800-223-3464                               800-223-3464



                              Message to Investors

Presented for your review is the 1997 Annual Report for Commercial
Properties 4, L.P.  This report includes an update on our intention
to market the Partnership's remaining property, Crosswest Office
Center ("Crosswest" or the "Property") and a review of operations
at the Property during the year.  Also included are financial
highlights and the Partnership's audited financial statements.

Market Update
The commercial office market continued to improve during 1997, with a
healthy economy increasing demand for office space in most areas of
the country.  Westchester County was no exception to this favorable
environment; lease rates and market values are steadily improving
as compared to a year earlier.  In consideration of these strong
conditions, as well as favorable capital markets and the completion
of significant capital improvements during the year, the General
Partners believe that the Property is well-positioned for sale.
Accordingly, we expect to engage a real estate brokerage firm to
assist with our efforts in marketing Crosswest for sale.  It is
anticipated that a sale of the Property and liquidation of the
Partnership will be completed during 1998. However, there can be no
assurance that the Property will be sold within this time frame, or
that any sale, if completed, will result in a particular price.
Once the Property is sold, the General Partners will distribute the
net proceeds together with the Partnership's remaining cash
reserves (after payment of, or provision for, the Partnership's
liabilities and expenses), and dissolve the Partnership.

Operations Update
The Property was 95% occupied at November 30, 1997, compared with 100%
a year earlier.  The decrease is primarily attributable to a 6,000
square foot increase in the Property's gross leasable area as a
result of the conversion of an existing first floor storage area
into commercial office space.  Leasing activity during the year
included one new lease totaling 1,437 square feet.  In addition,
three leases were renewed, totaling 4,743 square feet and two
tenants leasing a total of 4,125 square feet, extended leases.
Another two tenants increased their space by 1,135 square feet and
563 square feet, respectively, and extended their leases.  In order
to provide space for the 1,135 square foot expansion, the General
Partners negotiated an early termination with a tenant occupying
4,542 square feet, and collected an early termination fee.  In
1998, leases totaling 28,481 square feet, or approximately 20% of
the Property's leasable area, are scheduled to expire.  The General
Partner will continue to negotiate renewals and aggressively market
any leasable space.

General Information
As you are aware, several third parties have commenced partial tender
offers to purchase units of the Partnership at prices which are
below the Partnership's Net Asset Value.  In response, we
recommended that limited partners reject these offers because they
do not reflect the underlying value of the Partnership's assets.
According to published industry sources, most investors who hold
units of limited partnerships similar to the Partnership have
rejected these types of tender offers due to their inadequacy.

Summary
Our focus during 1998 will be to market Crosswest for sale.  Should a
sale be consummated, the General Partners will pay one or more
distributions to the Limited Partners and liquidate the
Partnership.  In the interim, we will continue to pursue leasing
initiatives at Crosswest to maintain and enhance its value.  We
will keep you apprised of significant developments in future
reports.

Very truly yours,

CP4 Real Estate Services Inc.        Hogan Stanton Investments, Inc.
General Partner                      General Partner of HS Advisors III, Ltd.
/s/Jeffrey C. Carter                 /s/ Mark P. Mikuta
Jeffrey C. Carter                    Mark P. Mikuta
President                            President

February 26, 1998



                      Financial Highlights


Selected Financial Data
For the Years Ended November 30,  1997     1996     1995      1994      1993
Dollars in thousands,
except per Unit data

Total income                   $ 2,852  $ 2,805  $ 2,630   $ 3,130   $ 3,373
Net loss                          (252)    (152)    (234)   (3,967)   (1,114)
Total assets at year end        13,235   15,119   15,417    15,525    26,131
Mortgage payable                 2,503    2,653    2,781     2,899     8,722
Net cash provided by
   (used for) operations          (180)     825      573       437        37
Net loss per limited
   partnership Unit             $(4.55)  $(2.82)  $(4.24)  $(70.12)  $(19.58)

   Total income remained largely unchanged from 1996, reflecting
   relatively stable leasing conditions at the Property.

   The higher net loss in 1997 is primarily attributable to
   higher property operating expenses and general and administrative
   expenses.



Consolidated Balance Sheets              At November 30,        At November 30,
                                                   1997                   1996
Assets
Real estate, at cost:
 Land                                        $2,000,000             $2,000,000
 Building and improvements                   19,032,005             18,241,490
                                             21,032,005             20,241,490
 Less accumulated depreciation               (9,208,423)            (8,337,153)
                                             11,823,582             11,904,337

Cash and cash equivalents                       133,958              1,339,034
Restricted cash                                 402,707                873,891
Rent receivable                                 106,351                 88,910
Prepaid expenses, net of accumulated amortization
 of $522,642 in 1997 and $423,728 in 1996       349,160                360,341
Deferred rent receivable                        317,316                370,148
Other assets, net of accumulated amortization
 of $72,108 in 1997 and $54,165 in 1996         101,775                182,233
  Total Assets                              $13,234,849            $15,118,894
Liabilities and Partners' Capital (Deficit)
Liabilities:
 Mortgage note payable                       $2,503,108             $2,653,177
 Accrued interest payable                             _                 17,135
 Accounts payable and accrued expenses          435,377                386,616
 Due to affiliates                            2,349,614              3,863,561
  Total Liabilities                           5,288,099              6,920,489
Partners' Capital (Deficit):
 General Partners                              (124,399)              (128,928)
 Limited Partners (56,341 units outstanding)  8,071,149              8,327,333
  Total Partners' Capital                     7,946,750              8,198,405
  Total Liabilities and Partners' Capital   $13,234,849            $15,118,894




Consolidated Statement of Partners' Capital (Deficit)
For the years ended November 30, 1997, 1996 and 1995
                                              General    Limited
                                              Partners   Partners    Total
Balance at November 30, 1994                $(140,127)  $8,725,272  $8,585,145
Net income  (loss)
                                                4,645     (238,951)   (234,306)
Balance at November 30, 1995                 (135,482)   8,486,321   8,350,839
Net income (loss)                               6,554     (158,988)   (152,434)
Balance at November 30, 1996                 (128,928)   8,327,333   8,198,405
Net income (loss)                               4,529     (256,184)   (251,655)
Balance at November 30, 1997                $(124,399)  $8,071,149  $7,946,750
                                
Consolidated Statements of Operations
For the years ended November 30,                 1997         1996        1995
Income
Rental                                     $2,779,607   $2,719,736  $2,574,200
Interest                                       72,217       85,121      55,393
  Total Income                              2,851,824    2,804,857   2,629,593
Expenses
Property operating                          1,371,457    1,292,614   1,214,013
Depreciation and amortization               1,101,770    1,101,925   1,069,494
Interest                                      401,254      410,759     430,618
General and administrative                    228,998      151,993     149,774
  Total Expenses                            3,103,479    2,957,291   2,863,899
  Net Loss                                  $(251,655)   $(152,434)  $(234,306)
Net Income (Loss) Allocated:
To the General Partners                      $  4,529     $  6,554    $  4,645
To the Limited Partners                      (256,184)    (158,988)   (238,951)
                                            $(251,655)   $(152,434)  $(234,306)
Per limited partnership unit
(56,341 outstanding)                           $(4.55)      $(2.82)     $(4.24)


Consolidated Statements of Cash Flows
For the years ended November 30,                 1997         1996        1995
Cash Flows From Operating Activities:
Net loss                                    $(251,655)   $(152,434)  $(234,306)
Adjustments to reconcile net loss to net cash
provided by operating activities:
 Depreciation                                 956,236      960,358     933,099
 Amortization                                 145,534      141,567     136,395
 Increase (decrease) in cash arising from changes
 in operating assets and liabilities:
  Restricted cash                             471,184     (104,116)   (344,987)
  Rent receivable                             (17,441)       1,775     (22,805)
  Prepaid expenses and other assets           (53,895)     (34,901)    (69,176)
  Deferred rent receivable                     52,832       30,996     (27,251)
  Accrued interest payable                    (17,135)        (826)       (764)
  Accounts payable and accrued expenses        48,761     (215,869)     (8,363)
  Due to affiliates                        (1,513,947)     198,778     210,885
Net cash provided by (used for) operating activities
                                             (179,526)     825,328     572,727
Cash Flows From Investing Activities:
Additions to real estate                     (875,481)    (218,026)   (306,338)
Net cash used for investing activities       (875,481)    (218,026)   (306,338)
Cash Flows From Financing Activities:
Mortgage principal payments                  (150,069)    (127,809)   (118,308)
Net cash used for financing activities       (150,069)    (127,809)   (118,308)
Net increase in cash and cash equivalents  (1,205,076)     479,493     148,081
Cash and cash equivalents,
 beginning of year                          1,339,034      859,541     711,460
Cash and cash equivalents, end of year      $ 133,958  $ 1,339,034   $ 859,541

Supplemental Disclosure of Cash Flow Information:
Cash paid during the year for interest    $ 1,614,514    $ 211,050   $ 220,552
Supplemental Disclosure of Non-Cash Investing Activities:
Tenant improvements funded
 through accounts payable                   $       _      $     _    $ 42,765


Notes to the Consolidated Financial Statements
November 30, 1997, 1996 and 1995

1. Organization
Commercial Properties 4, L.P. (the "Partnership") was organized
as a Limited Partnership under the laws of the State of Virginia
pursuant to a Certificate and Agreement of Limited Partnership
dated and filed November 1, 1984 (the "Partnership Agreement").
The Partnership was formed for the purpose of acquiring and
operating certain types of commercial real estate.  The General
Partners of the Partnership are CP4 Real Estate Services Inc.
("RE Services"), which is an affiliate of Lehman Brothers (see
below), and HS Advisors III, Ltd. ("HS Advisors"), which is an
affiliate of Goodman Segar Hogan Hoffler, L.P., (see below).  The
Partnership will continue until December 31, 2010, unless sooner
terminated in accordance with the terms of the Partnership
Agreement.

On July 31, 1993, Shearson Lehman Brothers Inc. sold certain of
its domestic retail brokerage and asset management businesses to
Smith Barney, Harris Upham & Co. Incorporated ("Smith Barney").
Subsequent to the sale, Shearson Lehman Brothers Inc. changed its
name to Lehman Brothers Inc. ("Lehman Brothers").  The
transaction did not affect the ownership of the General Partners.
However, the assets acquired by Smith Barney included the name
"Hutton".  Consequently, effective October 8, 1993, the Hutton
Real Estate Services XI, Inc. General Partner changed its name to
CP4 Real Estate Services Inc., and effective August 3, 1995,
Hutton/GSH Commercial Properties 4 changed its name to Commercial
Properties 4, L.P. to delete any reference to "Hutton".

On August 1, 1993, Goodman Segar Hogan, Incorporated ("GSH")
transferred all of its leasing, management and sales operations
to Goodman Segar Hogan Hoffler, L.P., a Virginia limited
partnership ("GSHH").  On that date, the leasing, management and
sales operations of a portfolio of properties owned by the
principals of Armada/Hoffler were also obtained by GSHH.  The
General Partner of GSHH is Goodman Segar Hogan Hoffler, Inc., a
Virginia corporation ("GSHH Inc."), which has a one percent
interest in GSHH.  The stockholders of GSHH Inc. are GSH with a
sixty-two percent stock interest and H.K. Associates, L.P., an
affiliate of Armada/Hoffler ("HK"), with a thirty-eight percent
stock interest.  The remaining ninety-nine percentage interests
in GSHH are limited partnership interests owned fifty percent by
GSH and forty-nine percent by HK.  The transaction did not affect
the ownership of the General Partners.

Effective May 31, 1994, Enal Productions ("Enal"), the coventurer
of Skytop Associates Joint Venture ("Skytop"), withdrew and
assigned all of its right, title and interest in Skytop to the
Partnership. The minority interest attributed to Enal in the
amount of $1,026,164 was accounted for as a reduction in the net
carrying value of real estate investments.  No consideration was
paid to Enal as part of this transaction.  As a result of the
withdrawal of Enal and the transfer of interest to the
Partnership, Skytop dissolved as of May 31, 1994.

2. Significant Accounting Policies

Consolidation The consolidated financial statements include the
accounts of the Partnership and its ventures, Skytop and Deerwood
Center Associates Joint Venture ("Deerwood").  The Partnership
had a 100% share of ownership of capital in both its ventures up
through the dissolution of Skytop on May 31, 1994.
As of November 30, 1997 and 1996, the consolidated
financial statements include the accounts of the Partnership and
Deerwood, in which the Partnership continues to have a 100% share
of ownership of capital.  Intercompany accounts and transactions
between the Partnership and its joint ventures have been
eliminated in consolidation.

Cash and Cash Equivalents Cash and cash equivalents consist of
short-term highly liquid investments which have maturities of
three months or less from the date of purchase.  The carrying
value approximates fair value because of the short maturity of
these instruments.

Restricted Cash Restricted cash represents funds escrowed for
future payment of real estate taxes, security deposits and excess
cash from Crosswest Office Center ("Crosswest" or the "Property")
operations escrowed for capital improvements and leasing
commissions (Note 6).

Real Estate Real estate investments consist of just one
commercial office building at November 30, 1997 and 1996, and are
recorded at cost less accumulated depreciation.  Cost includes
the initial purchase price of the property plus closing costs,
acquisition and legal fees and capital improvements.
Depreciation is computed using the straight-line method based on
estimated useful lives of 10 to 25 years, except for tenant
improvements, which are depreciated over the terms of the
respective leases.

Leases Leases are accounted for as operating leases.  Leasing
commissions are amortized over the terms of the respective leases
and are included in prepaid expenses, net of accumulated
amortization.

Accounting for Impairment In March 1995, the Financial Accounting
Standards Board issued Statement of Financial Accounting
Standards No. 121 Accounting for the Impairment of Long-Lived
Assets and for Long-Lived Assets to Be Disposed Of ("FAS 121"),
which requires impairment losses to be recorded on long-lived
assets used in operations when indicators of impairment are
present and the undiscounted cash flows estimated to be generated
by those assets are less than the assets' carrying amount.  FAS
121 also addresses the accounting for long-lived assets that are
expected to be disposed of.  The Partnership adopted FAS 121
during the fourth fiscal quarter of 1995.

Fair Value of Financial Instruments Statement of Financial
Accounting Standards No. 107, "Disclosures about Fair Value of
Financial Instruments" ("FAS 107"), requires that the Partnership
disclose the estimated fair values of its financial instruments.
Fair values generally represent estimates of amounts at which a
financial instrument could be exchanged between willing parties
in a current transaction other than in forced liquidation.
However, in many instances current exchange prices are not
available for certain of the Partnership's financial instruments,
since no active market generally exists for such financial
instruments.

Fair value estimates are subjective and are dependent on a number
of significant assumptions based on management's judgment
regarding future expected loss experience, current economic
conditions, risk characteristics of various financial
instruments, and other factors.  In addition, FAS 107 allows a
wide range of valuation techniques.  Therefore, comparisons
between entities, however similar, may be difficult.

Deferred Rent Receivable Deferred rent receivable consists of
rental income which is recognized on a straight-line basis over
the term of the respective leases but will not be received until
later periods.

Financing Costs Financing costs are amortized over the life of
the mortgage note (Note 6) and are included in other assets, net
of accumulated amortization.

Income Taxes No provision for income taxes has been made in the
financial statements since such taxes are the responsibility of
the individual partners rather than the Partnership.

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 amount 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.

Reclassifications Certain prior year amounts have been
reclassified in order to conform to the current year's
presentation.

3. The Partnership Agreement
The Partnership Agreement provides that the net cash from
operations, as defined, for each fiscal year will be distributed
on a quarterly basis 98% to the Limited Partners and 2% to the
General Partners until each Limited Partner has received a 9%
annual, noncumulative return on his adjusted capital investment,
as defined.  The remaining net cash from operations will then be
distributed to the General Partners until the General Partners
have received 10% of the aggregate net cash from operations
distributed to all partners.  The balance of net cash from
operations will then be distributed 90% to the Limited Partners
and 10% to the General Partners.

Net proceeds from sales or refinancings shall be distributed 99%
to the Limited Partners and 1% to the General Partners until each
Limited Partner has received an amount equal to his adjusted
capital and a 10% cumulative annual return thereon, reduced by
any net cash from operations previously distributed to such
Limited Partner.  The balance of net proceeds from sales or
refinancings will then be distributed 85% to the Limited Partners
and 15% to the General Partners.

Income before depreciation for any fiscal year and all gains from
sales or refinancings will be allocated in substantially the same
manner as net cash from operations.  Losses and depreciation for
any fiscal year shall be allocated 99% to the Limited Partners
and 1% to the General Partners.

Upon the dissolution of the Partnership, the General Partners
shall contribute to the capital of the Partnership, an amount not
to exceed 1% of the total capital contributions made by all the
Partners, less any prior capital contributions made by the
General Partners.  In no event shall the General Partners be
obligated to contribute an amount in excess of any negative
balance in their respective capital accounts, except as noted
below.

If as a result of the dissolution of the Partnership, the sum of
the Limited Partners' capital contributions plus an amount equal
to a 6% cumulative annual return on each Limited Partner's
adjusted capital value less any distributions made to each
Limited Partner from net cash flow from operations, exceeds
aggregate distributions to the Limited Partners of net proceeds
from a sale or refinancing, the General Partners will contribute
to the Partnership for distribution to the Limited Partners an
amount equal to the lesser of such excess or the aggregate
distribution of net proceeds from a sale or refinancing
distributed to the General Partners.

4. Transactions with Related Parties
The following is a summary of the amounts earned by or accrued to
the General Partners and their affiliates during the years ended
November 30, 1997, 1996 and 1995:

                             Unpaid Earned
                               November 30,                 Earned
                                      1997          1997      1996      1995
Advances and related interest   $1,258,289      $270,144  $198,685  $210,830
Acquisition fees                   623,925             _         _         _
Selling commissions                467,400             _         _         _
                                $2,349,614      $270,144  $198,685  $210,830

The advances from the General Partners bear interest at the prime
rate, and are to be repaid from future cash flows of the
Partnership, when available.  Payments of $1,500,000 and $250,000
were paid during the third and fourth quarter of 1997,
respectively.  Interest expense recorded on the advances was
$201,360, $198,685 and $210,830 during 1997, 1996 and 1995,
respectively.

Effective as of January 1, 1997, the Partnership began
reimbursing certain expenses incurred by RE Services, Inc. and
its affiliates in servicing the Partnerships to the extent
permitted by the partnership agreement.  In prior years,
affiliates of RE Services, Inc. had voluntarily absorbed these
expenses.  For the year ended November 30, 1997, $34,840 was
accrued, and $33,944 was paid.

5. Real Estate Investments
Since inception, the Partnership acquired two commercial office
buildings through investments in joint ventures as follows:
                       Rentable
                         Square                              Date      Purchase
Property Name              Feet           Location       Acquired         Price
Crosswest  (a)          152,000    Westchester, NY        9/10/85   $16,048,055
Reflections (b)         114,000   Jacksonville, FL       12/17/85   $11,300,170

(a) Crosswest was originally acquired by Skytop.

(b) Reflections was acquired by Deerwood and was sold on November
    30, 1994.

6. Mortgage Notes Payable

Skytop Associates Joint Venture On October 10, 1990, the
Partnership entered into a mortgage loan agreement with Apple
Bank for Savings.  The principal amount of the loan was
$1,973,861 and bore interest at 10.25% and was payable in equal
monthly installments of $18,117, applied to principal and
interest, commencing December 1, 1990 through October 1, 1993.
On October 1, 1993, the entire balance of the debt outstanding
was due and payable.  At the option of the General Partners, the
loan was extended to November 18, 1993.  The loan was
collateralized by Crosswest.

On November 18, 1993, the extended maturity date, the Partnership
obtained replacement financing on Crosswest from The Penn Mutual
Life Insurance Company, an unaffiliated party.  Total proceeds of
$3,000,000 were received and are collateralized by a Mortgage and
Security Agreement and an Assignment of Rents and Leases
Agreement encumbering Crosswest.  The Partnership increased the
amount of the mortgage debt on the Property in order to provide
funds to complete the leasing of the Property.  The term of the
loan is for seven years and at an annual interest rate of 7.75%
and requires monthly payments of principal and interest based on
a 15 year amortization schedule.  The loan also requires a
lockbox account, into which all excess rental receipts from
Crosswest are to be directly deposited each month.

As a result of the withdrawal of Enal and the transfer of Enal's
right, title, and interest in Skytop to the Partnership as of May
31, 1994, (Note 1), the Partnership agreed to be bound by all of
the obligations of Skytop pursuant to the Mortgage and Security
Agreement and the Assignment of Rents and Leases that encumbered
the property as of May 31, 1994.

Annual principal maturities of the mortgage note over the next
four years are as follows:

          1998                             $137,168
          1999                              161,143
          2000                              174,086
          2001                            2,030,711
                                         $2,503,108

Based on the borrowing rates currently available to the
Partnership for mortgage loans with similar terms and average
maturities, the fair value of long-term debt approximates
carrying value.

7. Rental Income Under Operating Leases
Future minimum rental income on noncancellable operating leases
at Crosswest as of November 30, 1997 is as follows:

          1998                           2,253,577
          1999                           1,626,483
          2000                           1,270,297
          2001                             608,765
          2002                             443,155
          Thereafter                       693,351
                                        $6,895,628

Generally, leases are for terms of three to five years, contain
renewal options and allow for increases in certain property
operating expenses to be passed on to tenants.

8. Reconciliation of Net Loss to Tax Loss
For the year ended November 30, 1997, taxable income exceeded the
net loss reported in the financial statements by $353,746.  For
the year ended November 30, 1996, taxable income exceeded the net
loss reported in the financial statements by $277,916.  For the
year ended November 30, 1995, the net loss reported in the
financial statements exceeded the tax loss by $131,312.  These
differences are due to the differences between the tax basis and
financial statement basis of buildings and improvements and the
use of accelerated methods of depreciating real estate for tax
purposes as compared to the straight-line method used for
financial statement purposes.  In addition, rental income is
recorded on a straight-line basis over the term of the lease for
financial statement purposes, and is reportable for tax purposes
when received or receivable.


                         Report of Independent Auditors






General and Limited Partners
Commercial Properties 4, L.P.
and Consolidated Ventures

We have audited the accompanying consolidated balance sheets of
Commercial Properties 4, L.P. and Consolidated Ventures as of
November 30, 1997 and 1996, and the related consolidated
statements of operations, partners' capital (deficit) and cash
flows for each of the three years in the period ended November
30, 1997.  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 management, as well as evaluating
the overall financial statement presentation.  We believe that
our audits provide a reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to
above present fairly, in all material respects, the consolidated
financial position of Commercial Properties 4, L.P. and
Consolidated Ventures at November 30, 1997 and 1996, and the
consolidated results of their operations and their cash flows for
each of the three years in the period ended November 30, 1997, in
conformity with generally accepted accounting principles.


ERNST & YOUNG LLP

Boston, Massachusetts
January 21, 1998

                              Net Asset Valuation

Comparison of Acquisition Costs to Appraised Value and Determination of
Net Asset Value Per $500 Unit at November 30, 1997 (Unaudited)
                                                                 Partnership's
                                            Aquisition Cost           Share of
                                       (Purchase Price Plus  November 30, 1997
                                           General Partners     1997 Appraised
Property              Date of Aquisition    Aquisition Fees)          Value (1)
Crosswest Office Centre         09-10-85        $17,478,593        $10,696,892

Cash and cash equivalents                                              133,958
Cash restricted                                                        402,707
Rent receivable                                                        106,351
Prepaid expenses                                                        53,718
Other assets                                                            47,515
                                                                    11,441,141
Less:
     Total Liabilities - net of mortgage loan                       (2,784,991)
Partnership Net Asset Value (3)                                     $8,656,150

Net Asset Value Allocated:
    Limited Partners                                                $8,569,589
    General Partners                                                    86,561
Net Asset Value Per Unit
    (56,341 units outstanding)                                         $152.10

(1)  This represents the Partnership's share of the November 30,
  1997 Appraised Value which was determined by an independent
  property appraisal firm.

(2)  The Partnership's share of the November 30, 1997 Appraised
  Value is net of the outstanding mortgage loan balance at
  November 30, 1997.

(3)  The Net Asset Value assumes a hypothetical sale at November
  30, 1997 of the Partnership's property at a price based upon
  its appraised value as a rental property and the distribution
  of the proceeds of such sale, combined with the Partnership's
  cash, after liquidation of the Partnership's liabilities, to
  the partners of the Partnership.  Real estate brokerage
  commissions payable to the General Partners or others are not
  determinable at this time and have not been estimated for
  purposes of this calculation.  Since the Partnership would
  incur real estate brokerage commissions and other selling
  expenses in connection with the sale of the property and other
  assets, cash available for distribution to the Partners would
  be less than the appraised Net Asset Value.

Limited Partners should note that appraisals are only estimates of
current value and actual values realizable upon sale may be
significantly different.  A significant factor in establishing an
appraised value is the actual selling price for the properties which
the appraiser believes are comparable.  In addition, the appraised
value does not reflect the actual costs which would be incurred in
selling the property.  As a result of these factors and the illiquid
nature of an investment in Units of the Partnership, the variation
between the appraised value of the Partnership's property and the
price at which Units of the Partnership could be sold may be
significant.  Fiduciaries of Limited Partners which are subject to
ERISA or other provisions of law requiring valuations of Units should
consider all relevant factors, including, but not limited to Net Asset
Value per Unit, in determining the fair market value of the investment
in the Partnership for such purposes.


Schedule III - Real Estate and Accumulated Depreciation
November 30, 1997

                                                                     Crosswest
Commercial Property:                                             Office Center
Location                                                       Westchester, NY
Construction date                                                         1985
Acquisition date                                                      09-10-85
Life on which depreciation in latest
income statements is computed                                    10 - 25 years
Encumbrances                                                      $  2,503,108
Initial cost to Partnership:
     Land                                                            2,000,000
     Building and improvements                                      14,048,055
Costs capitalized
subsequent to acquisition:
  Land, building
  and improvements                                                   5,072,739
Retirements                                                            (88,789)
Gross amount at which
carried at close of period (1):
  Land                                                             $ 2,000,000
  Building and improvements                                         19,032,005
                                                                  $ 21,032,005

Accumulated depreciation (2)                                       $ 9,208,423

(1) For Federal income tax purposes, the aggregate basis of land, buildings and
    improvements is $19,093,550.
(2) For Federal income tax purposes, the amount of accumulated depreciation is
    $8,401,958.

A reconciliation of the carrying amount of real estate and accumulated
depreciation for the years ended
November 30, 1997, 1996, and 1995:
                                         1997           1996              1995
Real estate investments:
Beginning of year                 $20,241,490    $20,027,287       $19,678,184
Additions                             875,481        218,026           349,103
Retirements                           (84,966)        (3,823)                _
End of year                       $21,032,005    $20,241,490       $20,027,287

Accumulated depreciation:
Beginning of year                  $8,337,153     $7,380,618        $6,447,519
Depreciation expense                  956,236        960,358           933,099
Retirements                           (84,966)        (3,823)                _
End of year                        $9,208,423     $8,337,153        $7,380,618
                                    
                                    
                                    
                                    
                                    
                        Consent of Independent Auditors
                                    
We consent to the incorporation by reference in this
Annual Report (Form 10-K) of Commercial Properties 4,
L.P. of our report dated January 21, 1998, included in
the 1997 Annual Report to Shareholders of Commercial
Properties 4, L.P. and Consolidated Ventures.
       
Our audit also included the financial statement schedule
of Commercial Properties 4, L.P. and Consolidated
Ventures listed in Item 14(a).  This schedule is the
responsibility of the Partnership's management.  Our
responsibility is to express an opinion based on our
audits.  In our opinion, the financial statement schedule
referred to above, when considered in relation to the
basic financial statements taken as a whole, presents
fairly in all material respects the information set forth
therein.
       
       
ERNST & YOUNG LLP
Boston, Massachusetts
January 21, 1998