<PAGE>
                          UNITED STATES
                SECURITIES AND EXCHANGE COMMISSION
                     Washington, D.C.  20549

                           FORM 10-Q/A
                       AMENDMENT NUMBER 1


 [X]  Quarterly Report Pursuant to Section 13 or 15(d) of the
      Securities Exchange Act of 1934

  For the quarterly period ended     June 30, 1999

                                or

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

  For the transition period from              to


  Commission File Number   0-21536

             Brauvin Corporate Lease Program IV L. P.
      (Exact name of registrant as specified in its charter)

                   Delaware                         36 -3800611

        (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
       (Registrant's telephone number, including area code)

  Indicate by check mark whether the registrant (1) has filed
all reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 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    .

<PAGE>
             BRAUVIN CORPORATE LEASE PROGRAM IV L.P.
                 (a Delaware limited partnership)

                              INDEX
                                                                Page
                             PART I
Financial Information

Item 1. Consolidated Financial Statements. . . . . . . . . .      4

         Consolidated Statements of Net Assets at
         June 30, 1999 (Liquidation Basis) and Balance Sheet
         at December 31, 1998 (Going Concern Basis)  . . . . .    5

         Consolidated Statement of Changes in Net Assets
         in Liquidation for the period June 18, 1999 to
         June 30, 1999 (Liquidation Basis) . . . . . . . . . .    6

        Consolidated Statements of Operations for the period
         January 1, 1999 to June 18, 1999 and for the
         six months ended June 30, 1998
         (Going Concern Basis) . . . . . . . . . . . . . . .      7


         Consolidated Statements of Operations for the
         period April 1, 1999 to June 18, 1999
         and the three months ended June 30, 1998
         (Going Concern Basis) . . . . . . . . . . . . . . .      8

         Consolidated Statements of Partners' Capital for
         the period January 1, 1998 to June 18, 1999
         (Going Concern Basis). . . . . . . . . . . . . . . .     9

         Consolidated Statements of Cash Flows for the
         period January 1, 1999 to June 18, 1999
         and for the six months ended June 30, 1998
         (Going Concern Basis) . . . . . . . . . . . . . . .      10


          Notes to Consolidated Financial Statements. . . . .     11



Item 2. Management's Discussion and Analysis of Financial
          Condition and Results of Operations . . . . . . . .     24

        Item 3. Quantitative and Qualitative Disclosures about

         Market Risk . . . . . . . . . . . . . . . . . . . .      33


PART II Other Information

Item 1. Legal Proceedings. . . . . . . . . . . . . . . . . .      34

Item 2. Changes in Securities. . . . . . . . . . . . . . . .      34

Item 3. Defaults Upon Senior Securities. . . . . . . . . . .      34

Item 4. Submissions of Matters to a Vote of
         Security Holders. . . . . . . . . . . . . . . . . .      34

Item 5. Other Information. . . . . . . . . . . . . . . . . .      34

Item 6. Exhibits and Reports on Form 8-K . . . . . . . . . .      34

SIGNATURES . . . . . . . . . . . . . . . . . . . . . . . . .      35

<PAGE>
                  PART I - FINANCIAL INFORMATION

ITEM 1.  Consolidated Financial Statements

  Except for the December 31, 1998 Balance Sheet, the following
Consolidated Statements of Net Assets as of June 30, 1999
(Liquidation Basis),Consolidated Statement of Changes in Net Assets
in Liquidation (Liquidation Basis) for the period June 18, 1999 to
June 30, 1999,  Consolidated Statements of Operations for the
period January 1, 1999 to  June 18, 1999 and for the six months
ended June 30, 1998 (Going Concern Basis),Consolidated Statements
of Operations for the period April 1, 1999 thru June 18, 1999  and
the three months ended June 30, 1998 (Going Concern Basis),
Consolidated Statements of Partners' Capital for the period January
1, 1998 to June 18, 1999 (Going Concern Basis), and Consolidated
Statements of Cash Flows for the period January 1, 1999 thru June
18, 1999 and for the six months ended June 30, 1998 (Going Concern
Basis) for Brauvin Corporate Lease Program IV L. P.  (the
"Partnership") are unaudited and have not been examined by
independent public accountants but reflect, in the opinion of the
management, all adjustments necessary to present fairly the
information required.  All such adjustments are of a normal
recurring nature.

  These consolidated financial statements should be read in
conjunction with the consolidated financial statements and notes
thereto included in the Partnership's 1998 Annual Report on Form
10-K.

<PAGE>
             BRAUVIN CORPORATE LEASE PROGRAM IV L.P.
                 (a Delaware limited partnership)

  CONSOLIDATED STATEMENTS OF NET ASSETS IN LIQUIDATION AS OF
    JUNE 30, 1999 AND BALANCE SHEET DATED DECEMBER 31, 1998
                          (Unaudited)
                                        (Liquidation   (Going Concern
                                            Basis)         Basis)
                                          June 30,      December 31,
                                            1999            1998
ASSETS
 Land                                            --    $ 3,933,663
 Buildings and improvements                      --      9,295,966
                                                 --     13,229,629
 Less: Accumulated depreciation                  --     (1,400,375)
 Net investment in real estate                   --     11,829,254
Real estate held for sale               $13,215,542             --
Investment in Joint Ventures (Note 5):
   Brauvin Bay County Venture               246,811        250,782
Cash and cash equivalents                   364,182        514,439
Restricted cash                             109,404             --
Rent receivable                                  --          9,664
Deferred rent receivable                         --        510,867
Prepaid offering costs                      175,163        175,163
  Total Assets                          $14,111,102    $13,290,169

LIABILITIES AND PARTNERS' CAPITAL
Accounts payable and accrued expenses   $   177,793    $   179,524
Rent received in advance                     81,109         59,502
Deferred gain on sale of real estate      1,551,594             --
Reserve for estimated costs during
 the liquidation period                      98,300             --
Due to affiliates                             4,050          1,608
  Total Liabilities                       1,912,846        240,634
Minority Interest in Brauvin
 Gwinnett County Venture                    646,400        682,419
Net Assets in Liquidation               $11,551,856

PARTNERS' CAPITAL
General Partners                                            23,130
Limited Partners                                        12,343,986
  Total Partners Capital                                12,367,116
Total Liabilities and Partners' Capital                $13,290,169

   See accompanying notes to consolidated financial statements.
<PAGE>
             BRAUVIN CORPORATE LEASE PROGRAM IV L.P.
                 (a Delaware limited partnership)


CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS IN LIQUIDATION
              (LIQUIDATION BASIS) FOR THE PERIOD
                 JUNE 18, 1999 TO JUNE 30, 1999
                          (Unaudited)

Net Assets June 18, 1999
(Going Concern Basis)                          $12,191,191

Adjustments to Liquidation Basis                  (639,335)

Net Assets in Liquidation
at June 30, 1999                               $11,551,856






See accompanying notes to consolidated financial statements.
<PAGE>
            BRAUVIN CORPORATE LEASE PROGRAM IV L.P.
                (a Delaware limited partnership)
             CONSOLIDATED STATEMENTS OF OPERATIONS
        For the period January 1, 1999 to June 18, 1999
              and January 1, 1998 to June 30, 1998
                     (Going Concern Basis)
                          (Unaudited)

                                         January l, 1999    Six months
                                        to June 18, 1999   ended June 30
                                                                1998
INCOME:
     Rental                                      $807,304       $731,248
     Interest                                       9,643          7,857
     Other                                         33,959         53,542
      Total income                                850,906        792,647

EXPENSES:
     General and administrative                   124,577        117,665
     Management fees (Note 4)                       7,744          7,252
     Depreciation                                 122,094        139,626
     Valuation fees                                               59,500
     Transaction costs (Note 6)                    70,966         41,092
     Bad debt expense                              86,864             --
      Total expenses                              412,245        365,135

Income before minority and equity
     interests in joint venture                   438,661        427,512
Minority interests' share in Brauvin
     Gwinnett County Venture's net income         (31,061)       (30,676)
Equity interest in Brauvin Bay
     County Venture                                10,430          9,793

Net income                                       $418,030       $406,629

Net income allocated to the
     General Partners                            $  8,361       $  8,133

Net income allocated to the
     Limited Partners                            $409,669       $398,496

Net income per Limited Partner Interest          $   0.25       $   0.24
(1,632,510 units outstanding)




  See accompanying notes to consolidated financial statements.
<PAGE>

            BRAUVIN CORPORATE LEASE PROGRAM IV L.P.
                (a Delaware limited partnership)
             CONSOLIDATED STATEMENTS OF OPERATIONS
         For the period April 1, 1999 to June 18, 1999
              and three months ended June 30, 1998
                     (Going Concern Basis)
                          (Unaudited)

                                                   1999           1998
INCOME:
     Rental                                      $403,282       $365,216
     Interest                                       4,741          4,614
     Other                                         16,176          4,192
      Total income                                424,199        374,022

EXPENSES:
     General and administrative                    73,420         70,801
     Management fees (Note 4)                       3,842          3,671
     Depreciation                                  61,047         62,388
     Valuation fees                                     -         59,500
     Transaction costs (Note 6)                    35,012         24,421
     Bad debt expense                              49,364             --
      Total expenses                              222,685        220,781

Income before minority and equity
     interests in joint venture                   201,514        153,241
Minority interests' share in Brauvin
     Gwinnett County Venture's net income         (15,966)       (15,797)
Equity interest in Brauvin Bay
     County Venture                                 5,267          4,843

Net income                                       $190,815       $142,287

Net income allocated to the
     General Partners                            $  3,816       $  2,846

Net income allocated to the
     Limited Partners                            $186,999       $139,441

Net income per Limited Partner Interest          $   0.11       $   0.09
(1,632,510 units outstanding)


   See accompanying notes to consolidated financial statements.

<PAGE>

            BRAUVIN CORPORATE LEASE PROGRAM IV L.P.
                (a Delaware limited partnership)


           CONSOLIDATED STATEMENTS OF PARTNERS' CAPITAL
      For the periods from January 1, 1998 to June 18, 1999
                          (Unaudited)

                               General      Limited
                               Partners     Partners*     Total

Balance, January 1, 1998       $ 16,995   $12,525,130  $12,542,125

Net income                       11,774       576,944      588,718
Cash distributions               (5,639)     (758,088)    (763,727)

Balance December 31, 1998        23,130    12,343,986   12,367,116

Net income                        8,361       409,669      418,030
Cash distributions                   --      (593,956)    (593,956)

Balance June 18, 1999           $ 31,491   $12,159,699  $12,191,190



*Total Units sold, including those raised through the Plan, at June
30, 1999 and December 31, 1998 were 1,632,510.  Cash distributions
to Limited Partners per Unit were approximately $0.36 and $0.46,
for the six months ended June 30, 1999 and the year ended December
31, 1998.



   See accompanying notes to consolidated financial statements.

<PAGE>

            BRAUVIN CORPORATE LEASE PROGRAM IV L.P.
                 (a Delaware limited partnership)

              CONSOLIDATED STATEMENTS OF CASH FLOWS
      For the period January 1, 1999 to June 18, 1999 and
               For the Six Months Ended June 30,
                     (Going Concern Basis)
                          (Unaudited)


                                                       1999        1998
Cash flows from operating activities:
   Net income                                         $418,030   $406,629
   Adjustments to reconcile net income to net
     cash provided by operating activities:
     Depreciation and amortization                     122,094    139,626
     Minority interests in Brauvin Gwinnett
          County Venture's net income                   31,061     30,676
     Equity interest in Brauvin Bay
    County Venture's net income                        (10,430)    (9,793)
   Bad debt expense                                     86,864         --
   Changes in:
     Restricted cash                                  (109,404)        --
     Tenant receivables                                (77,200)        --
     Deferred rent receivable                          (12,314)   (42,558)
     Other assets                                           --      3,840
     Accounts payable and
       accrued expenses                                 (1,731)    73,604
    Rent received in
       advance                                          21,607        281
     Due to affiliates                                   2,442        (69)
 Net cash provided by operating activities             471,019    602,236
Cash flows from investing activities:
   Change in investment in marketable
      securities                                            --     35,075
   Distribution from Brauvin Bay
     County Venture                                     14,400     11,760
   Cash provided by investing
     activities                                         14,400     46,835

Cash flows from financing activities:
   Cash distributions to Limited Partners             (593,956)  (329,002)
   Cash distributions to General Partners                   --     (5,639)
   Cash distribution to minority interest
    in Brauvin Gwinnett County Venture                 (41,720)   (36,356)

   Cash used in financing activities                  (635,676)  (370,997)

   Net (decrease) increase in cash and
    cash equivalents                                  (150,257)   278,074
 Cash and cash equivalents at beginning
    of period                                          514,439    139,508

 Cash and cash equivalents at end of period           $364,182   $417,582

  See accompanying notes to consolidated financial statements.
<PAGE>
            BRAUVIN CORPORATE LEASE PROGRAM IV L.P.
                (a Delaware limited partnership)

           NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                          (Unaudited)


(1) ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

   ORGANIZATION

   Brauvin Corporate Lease Program IV L.P. (the "Partnership") is a
Delaware limited partnership formed on August 7, 1991 for the
purpose of acquiring debt-free ownership of existing,
income-producing retail and other commercial properties
predominantly subject to "triple-net" leases.  It was anticipated
that these properties will be leased primarily to corporate lessees
of national and regional retail businesses, service providers and
other users consistent with "triple-net" lease properties.  The
leases provide for a base minimum annual rent and increases in rent
such as through participation in gross sales above a stated level,
fixed increases on specific dates or indexation of rent to indices
such as the Consumer Price Index.  The General Partners of the
Partnership are Brauvin Realty Advisors IV, Inc. and Jerome J.
Brault. Brauvin Realty Advisors IV, Inc. is owned by Messrs. Brault
(beneficially)(50%) and Cezar M. Froelich (50%).  Mr. Froelich
resigned as a director of the Corporate General Partner in December
1994 and as an Individual General Partner effective as of September
17, 1996.  Brauvin Securities, Inc., an affiliate of the General
Partners, is the selling agent of the Partnership.  The Partnership
is managed by an affiliate of the General Partners.

   The Partnership filed a Registration Statement on Form S-11 with
the Securities and Exchange Commission which was declared effective
on December 12, 1991.  Per the terms of the Restated Limited
Partnership Agreement of the Partnership (the "Agreement"), 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 27, 1992.  The Partnership's
offering was anticipated to close on December 11, 1992 but the
Partnership obtained an extension until December 11, 1993.  A total
of 1,600,831 Units were sold to the public through the offering at
$10 per Unit ($16,008,310).  Through June 30, 1999 and  December
31, 1998 the Partnership has sold $16,443,810 of Units,
respectively.  These totals include $435,100 of Units raised by
Limited Partners who utilized their distributions of Operating Cash
Flow to purchase additional Units through the Partnership's
distribution reinvestment plan (the "Plan").  Units valued at
$118,706 have been repurchased by the Partnership from Limited
Partners liquidating their investment in the Partnership and have
been retired as of June 30, 1999 and December 31, 1998.  As of June
30, 1999 the Plan participants own Units which approximate 3% of
the total Units sold.

   The Partnership has acquired the land and buildings underlying a
Steak n Shake restaurant, a Children's World Learning Center, two
Chuck E. Cheese's restaurants, a Mrs. Winner's Chicken and Biscuit
restaurant, a House of Fabrics store, a Volume ShoeSource store, an
East Side Mario's Restaurant, a Blockbuster Video Store, and a
Walden Books Store.  In addition, the Partnership has acquired a
70.2% and 24.0% equity interest in two joint ventures with three
entities affiliated with the Partnership.  These joint ventures own
the land and building underlying a CompUSA store and a Blockbuster
Video store.

   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 these estimates.

   Basis of Presentation

   As a result of the settlement agreement (see Note 6) which was
approved by the United States District Court for the Northern
District of Illinois on June 18, 1999 the Partnership has begun the
liquidation process and, in accordance with generally accepted
accounting principles, the Partnership's financial statements for
periods subsequent to June 18, 1999 have been prepared on a
liquidation basis.  Accordingly, the carrying value of the assets
is presented at net realizable amounts and all liabilities are
presented at estimated settlement amounts, including estimated
costs associated with carrying out the liquidation.  Preparation of
the financial statements on a liquidation basis requires
significant assumptions by management, including the estimate of
liquidation costs and the resolution of any contingent liabilities.
There may be differences between the assumptions and the actual
results because events and circumstances frequently do not occur as
expected.  Those differences, if any, could result in a change in
the net assets recorded in the statement of net assets as of June
30, 1999.

   Accounting Method

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

   Rental Income

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


   Federal Income Taxes

   Under the provisions of the Internal Revenue Code, the
Partnership's income and losses are reportable by the partners on
their respective income tax returns.  Accordingly, no provision is
made for Federal income taxes in the consolidated financial
statements.  However, in certain instances, the Partnership has
been required under applicable state law to remit directly to the
tax authorities amounts representing withholding from distributions
paid to partners.

   Consolidation of Joint Venture

   The Partnership owns a 70.2% equity interest in a joint venture,
which owns the land and the building underlying one CompUSA store.
The accompanying financial statements have consolidated 100% of the
assets, liabilities, operations and partners' capital of Brauvin
Gwinnett County Venture.  All significant intercompany accounts
have been eliminated.

   Investment in Joint Venture

   The Partnership owns a 24% equity interest in a joint venture,
Brauvin Bay County Venture, which owns one Blockbuster Video store.
The accompanying financial statements include the investment in
Brauvin Bay County Venture using the equity method of accounting.

   Investment in Real Estate

 Prior to the adoption of the liquidation basis,  the Partnership
classified its real estate investments as held for sale and the
properties were stated at the lower of cost including acquisition
costs, or net realizable value. Depreciation expense is computed on
a straight-line basis over approximately 39 years.

  In 1998, the Partnership engaged LaSalle Partners, Inc. to
prepare an evaluation of the Partnership's properties.  As a result
of this evaluation, in the third quarter of 1998, the Partnership
recorded a provision for impairment of $242,000 related to an other
than temporary decline in the real estate value.  The provision has
been recorded to land and building based on the original
acquisition percentages.

  Organization and Offering Costs

  Organization costs represent costs incurred in connection with
the organization and formation of the Partnership.  Organization
costs were amortized over a period of five years using the
straight-line method.  Offering costs represent costs incurred in
selling Units, such as the printing of the Prospectus and marketing
materials, and have been recorded as a reduction of Limited
Partners' capital.

  Prepaid offering costs represent amounts in excess of the defined
percentages of the gross proceeds.  Prior to the commencement of
the Partnership's proxy solicitation (See Note 6), gross proceeds
were expected to increase due to the purchase of additional Units
through the Plan and the prepaid offering costs would be
transferred to offering costs and treated as a reduction in
Partners' Capital.

  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.

  Restricted Cash

  Per the terms of the settlement agreement (see Note 6) the
Partnership was required to establish a cash reserve that will be
restricted for the payment of the General Partners legal fees and
costs.  The release of these funds to the General Partners is
subject to the certification by the Special Master that the General
Partners have been cooperative, did not breach their fiduciary
duties to the Limited Partners, did not breach the settlement
agreement or the Partnership Agreement and used their best efforts
to manage the affairs of the Partnership in such a manner as to
maximize the value and marketability of the Partnerships' assets in
accordance with their obligations under the Partnership Agreement.

  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 June 30, 1999 and
December 31, 1998,  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.

  The carrying amounts of the following items are a reasonable
estimate of fair value: cash and cash equivalents; tenant
receivables; accounts payable and accrued expenses; rent received
in advance and due to affiliate.

(2) Adjustment to Liquidation Basis

  On June 18, 1999, in accordance with the liquidation basis of
accounting, assets were adjusted to estimated net realizable value
and liabilities were adjusted to estimated settlement amounts,
including estimated costs associated with carrying out the
liquidation.  The net adjustment required to convert from the going
concern (historical cost) basis to the liquidation basis of
accounting was a decrease in assets of $639,335 which is included
in the June 30, 1999 statement of changes in net assets in
liquidation.  Significant changes in the carrying value of assets
and liabilities are summarized as follows:

   Increase in real estate held for sale (a)              $1,508,382
   Decrease in minority interest in Brauvin
   Gwinett County Venture                                     25,359
   Write-off of deferred rent receivable                    (523,182)
   Increase in deferred gain on sale
      of real estate                                      (1,551,594)
   Estimated liquidation costs                               (98,300)

   Total adjustment to liquidation basis                  $ (639,335)
   (a)net of estimated closing costs

 (3) PARTNERSHIP AGREEMENT

 Distributions

 All Operating Cash Flow, as defined in the Agreement, during the
period commencing with the date the Partnership accepts
subscriptions for Units totaling $1,200,000 and terminating on the
Termination Date, as defined in the Prospectus, shall be
distributed to the Limited Partners on a quarterly basis.
Distributions of Operating Cash Flow, if available, shall be made
within 45 days following the end of each calendar quarter or are
paid monthly within 15 days of the end of the month, depending upon
the Limited Partner's preference, commencing with the first quarter
following the Termination Date.  Operating Cash Flow during such
period shall be distributed as follows:  (a) first, to the Limited
Partners until the Limited Partners receive an amount equal to a 9%
non-cumulative, non-compounded annual return on Adjusted
Investment, as defined in the Agreement, commencing on the last day
of the calendar quarter in which the Unit was purchased (the
"Current Preferred Return"); and (b) thereafter, any remaining
amounts will be distributed 98% to the Limited Partners (on a pro
rata basis) and 2% to the General Partners.

 The net proceeds of a sale or refinancing of a Partnership
property shall be distributed as follows:

    * first, pro rata to the Limited Partners until each Limited
   Partner has received an amount equal to a 10% cumulative,
   non-compounded, annual return of Adjusted Investment (the
   "Cumulative Preferred Return");

    * second, to the Limited Partners until each Limited Partner has
   received an amount equal to the amount of his Adjusted
   Investment, apportioned pro rata based on the amount of the
   Adjusted Investment; and

    * thereafter, 95% to the Limited Partners (apportioned pro rata
   based on Units) and 5% to the General Partners.

 Profits and Losses

 Net profits and losses from operations of the Partnership
[computed without regard to any allowance for depreciation or cost
recovery deductions under the Internal Revenue Code of 1986, as
amended (the "Code")] for each taxable year of the Partnership
shall be allocated to each Partner in the same ratio as the cash
distributions received by such Partner attributable to that period
bears to the total cash distributed by the Partnership.  In the
event that there are no cash distributions, net profits and losses
from operations of the Partnership (computed without regard to any
allowance for depreciation or cost recovery deductions under the
Code) shall be allocated 99% to the Limited Partners and 1% to the
General Partners.  Notwithstanding the foregoing, all depreciation
and cost recovery deductions allowed under the Code shall be
allocated 2% to the General Partners and 98% to the Class A
Investors, as defined in the Agreement.

 The net profit of the Partnership from any sale or other
disposition of a Partnership property shall be allocated (with
ordinary income being allocated first) as follows:  (a) first, an
amount equal to the aggregate deficit balances of the Partners'
Capital Accounts, as such term is defined in the Agreement, shall
be allocated to each Partner who or which has a deficit Capital
Account balance in the same ratio as the deficit balance of such
Partner's Capital Account bears to the aggregate of the deficit
balances of all Partners' Capital Accounts; (b) second, to the
Limited Partners until the Capital Account balances of the Limited
Partners are equal to any unpaid Cumulative Preferred Return as of
such date; (c) third, to the Limited Partners until the Capital
Account balances of the Limited Partners are equal to the sum of
the amount of their Adjusted Investment plus any unpaid Cumulative
Preferred Return; (d) fourth, to the General Partners until their
Capital Account balances are equal to any previously subordinated
fees; and (e) thereafter, 95% to the Limited Partners and 5% to the
General Partners.  The net loss of the Partnership from any sale or
other disposition of a Partnership property shall be allocated as
follows:  (a) first, an amount equal to the aggregate positive
balances in the Partners' Capital Accounts, to each Partner in the
same ratio as the positive balance in such Partner's Capital
Account bears to the aggregate of all Partners' positive Capital
Accounts balances; and (b) thereafter, 95% to the Limited Partners
and 5% to the General Partners.

(4)    TRANSACTIONS WITH RELATED PARTIES

 The Partnership pays an affiliate of the General Partners an
acquisition fee in the amount of up to 5% of the gross proceeds of
the Partnership's offering for the services rendered in connection
with the process pertaining to the acquisition of a property.
Acquisition fees related to the properties not ultimately purchased
by the Partnership are expensed as incurred.

 The Partnership paid an affiliated entity a non-accountable
selling expense allowance in an amount equal to 2% of the gross
proceeds of the Partnership's offering, a portion of which may be
reallowed to participating dealers.

 In the event that the Partnership does not use more than 2% of the
gross proceeds of the offering for the payment of legal,
accounting, escrow, filing and other fees incurred in connection
with the organization or formation of the Partnership, the
Partnership may pay the General Partners any unused portion of the
2% of the gross proceeds of the offering allowed for organization
and offering expenses, not to exceed 1/2% of the gross proceeds of
the offering.  The General Partners will use such funds to pay
certain expenses of the offering incurred by them not covered by
the definition of organization and offering expenses.

 An affiliate of the General Partners provides leasing and
re-leasing services to the Partnership in connection with the
management of Partnership properties.  The property management fee
payable to an affiliate of the General Partners is 1% of the gross
revenues of each Partnership property.

 An affiliate of the General Partners or the General Partners will
receive a real estate brokerage commission in connection with the
disposition of Partnership properties.  Such commission will be in
an amount equal to the lesser of:  (i) 3% of the sale price of the
property; or (ii) 50% of the real estate commission customarily
charged for similar services in the locale of the property being
sold; provided, however, that receipt by the General Partners or
one of their affiliates of such commission is subordinated to
receipt by the Limited Partners of their Current Preferred Return.

 An affiliate of one of the former General Partners provided
securities and real estate counsel to the Partnership.

 Fees, commissions and other expenses paid or payable to the
General Partners or its affiliates for the six months ended June
30, 1999 and 1998 were as follows:

                                          1999        1998
Management fees                          $ 7,744     $ 7,252
Reimbursable operating
 expense                                  65,069      51,313

 As of June 30, 1999 and December 31, 1998, the Partnership has
made all payments to affiliates except for $4,050 and $1,608,
respectively, related to management fees.

(5)     INVESTMENT IN JOINT VENTURE

 The Partnership owns an equity interest in the Brauvin Bay County
Venture and reports its investment on the equity method.  The
following are condensed financial statements for the Brauvin Bay
County Venture:
                   BRAUVIN BAY COUNTY VENTURE

                                (Liquidation          (Going Concern
                                  Basis)                 Basis)
                              June 30,             December 31,
                                1999                   1998

Land and buildings, net                 $       --           $1,033,942
Real estate held for sale                1,028,651                   --
Other assets                                18,210               17,330
                                        $1,046,861           $1,051,272


Liabilities                             $   16,427           $    4,296

Net assets in liquidation               $1,030,434

Partners' capital                                             1,046,976

                                                             $1,051,272

     GOING CONCERN BASIS

                               January 1, 1999     January 1, 1998
                                      to                to
                                  June 18,1999       June 30, 1998

Rental and other income                 $54,625           $54,714

Expenses:
 Depreciation                             8,823             8,823
 Management fees                            794               582
 Operating and
  administrative                          1,550             4,503
                                         11,167            13,908

Net income                              $43,458           $40,806

<PAGE>

(6)     SALE OF PROPERTIES AND LITIGATION

        Sale of Properties

     Pursuant to the terms of an agreement of purchase and sale of
assets dated as of June 14, 1996, as amended March 24, 1997, June
30, 1997, September 30, 1997, December 31, 1997, March 31, 1998 and
June 30, 1998 (the "Sale Agreement"), the Partnership proposed to
sell (the "Sale") substantially all of the Partnership's properties
(the "Assets") to Brauvin Real Estate Funds L.L.C., a Delaware
limited liability company affiliated with certain of the General
Partners (the "Purchaser"), for a purchase price of $12,489,100, in
cash, which was approximately $7.65 per Unit.   Although the Sale
will not be consummated, the following text describes the
transaction.  If certain conditions of the Transaction were met,
the Partnership would be liquidated and the Class A Limited
Partners would have received a liquidating distribution of
approximately $6.95 to $7.50 per Unit in cash based upon the time
such Class A Limited Partners invested in the Partnership and Class
B Limited Partners would have received a liquidating distribution
of approximately $8.44 to $8.73 per Unit.  Of the liquidating
distributions (of both Class A and Class B investors) referred to
above, approximately $0.38 was already distributed to the Limited
Partners.  The Limited Partners holding a majority of the Units
voted on the Sale on November 8, 1996.  The Limited Partners also
voted on the adoption of an amendment to the Agreement, to allow
the Partnership to sell or lease property to affiliates (this
amendment, together with the Sale shall be referred to herein as
the "Transaction").

    The sale price to be paid to the Limited Partners in connection
with the Sale was based on the fair market value of the Assets.
Cushman & Wakefield Valuation Advisory Services ("Cushman &
Wakefield"), an independent appraiser, the largest real estate
valuation and consulting organization in the United States, was
engaged by the Partnership to prepare an appraisal of the Assets,
to satisfy the Partnership's requirements under the Employee
Retirement Income Security Act of 1974, as amended.  On April 1,
1996, Cushman & Wakefield determined the fair market value of the
Assets to be $12,489,100, or $7.65 per Unit.  Subsequently, the
Partnership purchased a 24% interest in Brauvin Bay County Venture.
Based on the terms of the Sale Agreement, the fair market value of
the Assets would have increased by the amount of the investment in
Brauvin Bay County Venture, and correspondingly, the Partnership's
cash holdings were reduced by the same amount and, therefore, the
total liquidating distribution would remain unchanged.  The
liquidating distribution also included all remaining cash of the
Partnership, less net earnings of the Partnership from and after
August 1, 1996 through December 31, 1996, less the Partnership's
actual costs incurred and accrued through the effective time of
filing of the certificate of dissolution, including reasonable
reserves in connection with:  (i) the proxy solicitation; (ii) the
Sale (as detailed in the Sale Agreement); and (iii) the winding up
of the Partnership, including preparation of the final audit, tax
return and K-1s (collectively, the "Transaction Costs") and less
all other outstanding Partnership liabilities.

    The General Partners were not to receive any fees in connection
with the Transaction and would receive only a de minimis
liquidating distribution of less than $17,000 in the aggregate in
accordance with the terms of the Agreement.

    The Managing General Partner and his son, James L. Brault, an
executive officer of the Corporate General Partner, were to have a
minority ownership interest in the Purchaser.

    The Sale was not completed primarily due to certain litigation.
The General Partners believe that these lawsuits were without merit
and therefore, continued to vigorously defend against them.

    Distributions of the Partnership's net earnings for the periods
January 1, 1998 to March 31, 1998, April 1, 1998 to June 30, 1998,
July 1, 1998 to September 30, 1998, and October 1, 1998 to December
31, 1998 were made to the Limited Partners on May 8, 1998, August
15, 1998, November 15, 1998, and February 15, 1999, respectively,
in the amounts of approximately $329,000, $179,100, $250,000, and
$306,100.

    Distributions of the Partnership's net earnings for the period
January 1, 1999 to March 31, 1999 and April 1, 1999 to June 30,
1999 were made to Limited Partners on May 17, 1999 and August 15,
1999 in the amount of approximately $287,800 and $226,400.

    As detailed below under "Litigation", by agreement of the
Partnership and the General Partners and pursuant to a motion of
the General Partners, the District Court entered an order
preventing the Partnership and the General Partners from completing
the Sale or otherwise disposing of all or substantially all of the
Partnership's assets until further order of the Court.

Litigation

    Two legal actions, as hereinafter described, against the
General Partners of the Partnership and affiliates of such General
Partners, as well as against the Partnership on a nominal basis in
connection with the sale, have been settled.  On April 13, 1999,
all the parties to the litigation reached an agreement to settle
the litigation, subject to the approval by the United States
District Court for the Northern District of Illinois.  This
approval was obtained on June 18, 1999.  Management believes that
the settlement will not have a material financial impact on the
Partnership.  The terms of the settlement agreement, along with a
Notice to the Class, were forwarded to the Limited Partners in the
second  quarter.  One additional legal action, which was dismissed
on January 28, 1998 had also been brought against the General
Partners of the Partnership and affiliates of such General
Partners, as well as the Partnership on a nominal basis in
connection with the sale.  With respect to these actions the
Partnership and the General Partners and their named affiliates
denied all allegations set forth in the complaints and vigorously
defended against such claims.

<PAGE>

Item 2.  Management's Discussion and Analysis of Financial
        Condition and Results of Operations.

General

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

Year 2000

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

    The Partnership's computer information technology systems
consist of a network of personal computers linked to a server built
using hardware and software from mainstream suppliers.  The
Partnership does not own any equipment that contains embedded
microprocessors, which may also pose a potential Year 2000 problem.
Additionally, the Partnership has no internally generated software
coding to correct as all of the Partnership's software is purchased
and licensed from external providers.  These external providers
have assured management that their systems are, or will be, Year
2000 compliant.

    The Partnership has two main software packages that contain
date sensitive information, (i) accounting and (ii) investor
relations.  In 1997, the Partnership initiated and completed the
conversion from its existing accounting software to a new software
program that is Year 2000 compliant.  In 1998, the investor
relations software was also updated to a new software program that
is Year 2000 compliant.  Management has determined that the Year
2000 issue will not pose significant operational problems for its
remaining computer software systems.  All costs associated with
these conversions are expensed as incurred, and are not material.
Management does not believe that any further expenditures will be
necessary for the Partnership to be Year 2000 compliant.  However,
existing personal computers may be replaced from time to time with
newer machines.

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

    The most reasonably likely worst case scenario for the
Partnership with respect to the Year 2000 issue would be the
inability of certain tenants to timely make their rental payments
beginning in January 2000. This could result in the Partnership
temporarily suffering a depletion of the Partnership's cash
reserves as expenses will need to be paid while the cash flows from
revenues are delayed.  The Partnership has no formal Year 2000
contingency plan.

Liquidity and Capital Resources

 The Partnership commenced an offering to the public on December
12, 1991 of 3,300,000 Units, 300,000 of which were available only
through the Plan.  The Offering was anticipated to close on
December 11, 1992, but was extended until December 11, 1993 with
the appropriate governmental approvals.  None of the Units were
subscribed and issued between December 12, 1991 and December 31,
1991, pursuant to the Offering.  The Offering was conditioned upon
the sale of $1,200,000, which was achieved on April 27, 1992.

 Prior to the commencement of the Partnership's proxy solicitation,
the Partnership raised a total of $16,008,310 through the Offering
and an additional $435,100 through the Plan through December 31,
1998.  As of June 30, 1999, Units valued at $118,706 have been
repurchased by the Partnership from Limited Partners liquidating
their original investment and have been retired.

 The Partnership purchased the land and buildings underlying a
Steak n Shake restaurant and a Children's World Learning Center in
1992.  In 1993, the Partnership purchased the land and buildings
underlying two Chuck E. Cheese's restaurants, a Mrs. Winner's
Chicken & Biscuit restaurant, a House of Fabrics store, and a
Volume ShoeSource.  Additionally in 1993, the Partnership acquired
a 70.2% equity interest in a joint venture with affiliated public
real estate limited partnerships that acquired the land and
building underlying a CompUSA computer superstore.  The Partnership
acquired the land and buildings underlying an East Side Mario's
restaurant, a Blockbuster Video store and a Waldens Books Store in
1994.  In 1996, the Partnership acquired a 24% equity interest in
a joint venture with affiliated public real estate limited
partnerships that acquired the land and building underlying a
Blockbuster Video store.

 The following is additional information regarding the Partnership
acquisition during the last three years:
 On October 31, 1996, the Partnership purchased a 24% equity
interest in a joint venture with affiliated public real estate
limited partnerships, the Brauvin Bay County Venture.  The Bay
County Venture purchased real property upon which is operated a
newly constructed Blockbuster Video store.  The property contains
6,466 square foot building located on a 40,075 square foot parcel
of land.

 During the fourth quarter of 1996, the Partnership recorded a
provision for impairment of $660,000 to adjust the carrying value
of the real estate for the Volume ShoeSource ($356,400) and the
Walden Books Store ($303,600) to its estimated realizable value.
These provisions have been recorded as reductions of each
property's cost, and allocated to the land and building based on
the original acquisition percentages for each property.

 During the fourth quarter of 1996, a provision for impairment of
$197,000 was recorded to adjust the carrying value of the
investment in real estate of the CompUSA property to its estimated
net realizable value.  This provision has been recorded as a
reduction of the property's cost, and allocated to the land and
building based on the original acquisition cost allocation of
approximately 37% (land) and 63% (building).

 During the fourth quarter of 1998, the Partnership recorded a
provision for impairment of $242,000 to adjust the carrying value
of the real estate for the House of Fabrics ($214,000) and the
Walden Books Store ($28,000) to their estimated realizable value.
These provisions have been recorded as reductions of each
property's cost, and allocated to the land and building based on
the original acquisition percentages for each property.


 Below is a table summarizing the historical data for distribution
rates per unit:

 Distribution
     Date         1999 (a)    1998 (b)   1997(c)    1996

February 15        $.1875          --     $.2422    $.2000

May 15              .1763      $.2015      .1093     .1875

August 15           .1387       .1097      .1767        --

November 15            --       .1531      .5411        --


 (a) The 1999 distribution was made on May 17, 1999.

  (b) The 1998 distributions were made on May 8, 1998, August 15,
  1998, November 15, 1998 and February 15, 1999.

  (c) The 1997 distributions were made on June 30, 1997, July 15,
  1997, October 22, 1997 and December 31, 1997.

  Distributions of the Partnership's net earnings for the periods
January 1, 1998 to March 31, 1998, April 1, 1998 to June 30, 1998,
July 1, 1998 to September 30, 1998, and October 1, 1998 to December
31, 1998 were made to Limited Partners on May 8, 1998, August 15,
1998, November 15, 1998, and February 15, 1999, respectively, in
the amounts of approximately $329,000, $179,100, $250,000, and
$306,100.

  Distributions of the Partnership's net earnings for the period
January 1, 1999 to March 31, 1999 and April 1, 1999 to June 30,
1999 were made on May 17, 1999 and August 15, 1999, respectively,
in the amount of approximately $287,800 and $226,400.

  Per the terms of the Sale, the Partnership's net earnings from
April 1996 through July 1996 were to be distributed to the Limited
Partners in conjunction with the closing of the Sale.  However,
because of the lengthy delay and the uncertainty of the ultimate
closing date, the General Partners decided to make a significant
distribution on December 31, 1997 of the Partnership's earnings.
Included in the December 31, 1997 distribution was any prior period
earnings including amounts previously reserved for anticipated
closing costs. Based on the August 12, 1998 ruling of the District
Court in the Christman litigation, it is not possible for the Sale
to be consummated.

  Future increases in the Partnership's distributions will depend
on increased sales at the Partnership's properties, resulting in
additional percentage rent.  Rental increases, to a lesser extent,
may occur due to increases in receipts from certain leases based
upon increases in the Consumer Price Index or scheduled increases
of base rent.

  Although the Sale will not be consummated, the following text
describes the Transaction.  Pursuant to the terms of the Sale
Agreement the Limited Partners were to have received approximately
$7.65 per Unit. If certain conditions of the Transaction were met,
the Partnership would have been liquidated and the Class A Limited
Partners would have received a liquidating distribution of
approximately $6.95 to $7.50 per Unit in cash based upon the time
such Class A Limited Partners invested in the Partnership and Class
B Limited Partners would have received a liquidating distribution
of approximately $8.44 to $8.73 per Unit.  Of the liquidating
distributions (of both Class A and Class B investors) referred to
above, approximately $0.38 was distributed to the Limited Partners
in the December 31, 1997 distribution.

  The Partnership drafted a proxy statement, which required prior
review and comment by the Commission, to solicit proxies for use at
the Special Meeting originally to be held at the offices of the
Partnership on September 24, 1996.  As a result of various legal
issues, as described in "Legal Proceedings", the Special Meeting
was adjourned to November 8, 1996 at 10:30 a.m.  The purpose of the
Special Meeting was to vote upon the Sale and certain other matters
as described in the Proxy.

  At the Special Meeting, Limited Partners were also asked to
approve the adoption of an amendment to the Agreement to allow the
Partnership to sell or lease property to affiliates.  Neither the
Delaware Revised Limited Partnership Act nor the Agreement provide
Limited Partners not voting in favor of the Transaction with
dissenters' appraisal rights.

  The sale price that was to be paid to the Limited Partners in
connection with the Sale was based on the fair market value of the
properties of the Partnership (the "Assets").  Cushman & Wakefield
Valuation Advisory Services ("Cushman & Wakefield"), an independent
appraiser, the largest real estate valuation and consulting
organization in the United States, was engaged by the Partnership
to prepare an appraisal of the Assets, to satisfy the Partnership's
requirements under the Employee Retirement Income Security Act of
1974, as amended.  On April 1, 1996, Cushman & Wakefield determined
the fair market value of the Assets to be $12,489,100, or $7.65 per
Unit.  Subsequently, the Partnership purchased a 24% interest in
Brauvin Bay County Venture.  Based on the terms of the Sale
Agreement, the fair market value of the Assets was to be increased
by the amount of the investment in Brauvin Bay County Venture, and
correspondingly, the Partnership's cash holdings were reduced by
the same amount and, therefore, the total liquidating distribution
would remain unchanged.  The liquidating distribution included all
remaining cash of the Partnership, less net earnings of the
Partnership from and after August 1, 1996 through December 31,
1996, less the Partnership's actual costs incurred and accrued
through the effective time of filing of the certificate of
dissolution, including reasonable reserves in connection with:  (i)
the proxy solicitation; (ii) the Sale (as detailed in the Sale
Agreement); and (iii) the winding up of the Partnership, including
preparation of the final audit, tax return and K-1s (collectively,
the "Transaction Costs") and less all other outstanding Partnership
liabilities.

  Cushman & Wakefield subsequently provided an opinion as to the
fairness of the Transaction to the Limited Partners from a
financial point of view. In its opinion, Cushman & Wakefield
advised that the price per Unit reflected in the proposed
Transaction was fair from a financial point of view to the Limited
Partners. Cushman & Wakefield's determination that a price is
"fair" does not mean that the price was the highest price which
might be obtained in the marketplace, but rather that based on the
appraised values of the properties, the price reflected in the
proposed transaction was believed by Cushman & Wakefield to be
reasonable.

  Mr. Jerome J. Brault is the Managing General Partner of the
Partnership and Brauvin Realty Advisors IV, Inc. is the Corporate
General Partner. Mr. Cezar M. Froelich resigned his position as an
Individual General Partner of the Partnership effective as of
September 17, 1996. The General Partners were not to receive any
fees in connection with the Transaction and were to receive only a
de minimis liquidating distribution of less than $17,000 in the
aggregate in accordance with the terms of the Agreement.

  The Managing General Partner and his son, James L. Brault, an
executive officer of the Corporate General Partner, were to have a
minority ownership interest in the Purchaser. Therefore, the
Messrs. Brault had an indirect economic interest in consummating
the Transaction that was in conflict with the economic interests of
the Limited Partners.  Mr. Froelich has no affiliation with the
Purchaser.

   Although the Special Meeting was held and an affirmative vote of
the majority of the Limited Partners was received, the District
Court in the Christman litigation ruled on August 12, 1998 in favor
of the plaintiffs' motion for partial summary judgement, holding
that the Agreement did not allow the Limited Partners to vote in
favor or against the Transaction by proxy.

  As discussed in "Legal Proceedings", all the parties to the
litigation reached an agreement to settle the litigation, subject
to the approval by the United States District Court for the
Northern District of Illinois.  Unfortunately, however, the delay
caused by the litigation has had an adverse effect on the
Partnership today as well as on future prospects.

  On January 16, 1998, by agreement of the Partnership and the
General Partners and pursuant to a motion of the General Partners,
the District Court entered an order preventing the Partnership and
the General Partners from completing the Sale, or otherwise
disposing of all or substantially all of the Assets, until further
order of the Court.

  On January 28, 1998, the District Court entered an Order of
Reference to Special Master, designating a Special Master and
vesting the Special Master with authority to resolve certain
aspects of the lawsuit subject to the District Court's review and
confirmation.  The Special Master has been empowered to determine
how the assets of the Partnership should be sold or disposed of in
a manner which allows the Limited Partners to maximize their
financial return in the shortest practicable time frame.  In
addition, early in the second quarter of 1998, the Special Master
retained a financial advisor (the "Financial Advisor"), at the
expense of the Partnership, to assist the Special Master.  The
Financial Advisor was engaged to perform a valuation of the
properties of the Partnership as well as a valuation of the
Partnership itself.  The cost to the Partnership for the services
of the Financial Advisor was $70,000.

  On November 4, 1998, the Special Master filed an additional
Report and Recommendation with the District Court, requesting that
the Court withdraw its Order of Reference to Special Master on the
grounds it would be impossible to effect the sale of the
Partnership's properties in a manner that maximizes the financial
return to Limited Partners in a short time frame, unless certain
litigation issues are resolved.  The District Court has accepted
this Report and Recommendation.

  On January 21, 1999, plaintiffs filed another amended complaint,
adding additional claims against the General Partners and seeking
class certification under Federal Rule 23 as to the newly added
claims, and as to all other claims in plaintiffs' complaint which
had not been previously certified.  The District Court granted
plaintiffs' request for class certification as to all of the claims
not previously certified, and certified all of the claims of the
plaintiffs' complaint under Rule 23(b)(1), 23(b)(2)and 23(b)(3).

  In addition, pursuant to the General Partners' motion, the
District Court dismissed as moot certain of plaintiffs' claims,
including plaintiffs' claim that the General Partners violated
certain of the rules of the Securities and Exchange Commission by
allegedly making false and misleading statements in the Proxy.  The
District Court similarly dismissed as moot a counterclaim that had
been made against class plaintiffs and their counsel for violating
the federal securities laws.

  On April 13, 1999, all of the parties reached a Settlement
Agreement encompassing all matters in the lawsuit.  The Settlement
Agreement is subject to the approval by the District Court, and the
Limited Partners will be provided with a written notice concerning
its terms.  The settlement will not have a material financial
impact to the Partnership.

  As a result of the settlement agreement that was approved by the
United States District Court for the Northern District of Illinois
on June 18, 1999 the Partnership has begun the liquidation process.
The settlement agreement gave the Special Master authority to
liquidate the assets of the Partnership in an orderly manner, to
this end the Special Master has retained the services of
theFinancial Advisor who is actively marketing the properties for
sale.

Results of operations - For the period January 1, 1999 to June 18,
1999 and the six months ended June 30, 1998 (Amounts rounded to
nearest 000's)

  Results of operations for the period January 1, 1999 to June 18,
1999 reflected net income of $418,000 compared to net income of
$407,000 for the six months ended June 30, 1998, an increase of
approximately $11,000.

  Total income for the period January 1, 1999 to June 18, 1999 was
$851,000 compared to $793,000 for the six months ended June 30,
1998 an increase of $58,000.  The increase was due primarily to a
$76,000 increase in rental income from the addition of a new tenant
at the House of Fabrics property and a decrease in other income of
$20,000.

  Total expenses for the period January 1, 1999 to June 18, 1999
were $412,000 compared to $365,000 for the six months ended June
30, 1998 an increase of $47,000.  The increase was due primarily to
an increase in bad debt expense of $87,000, an increase of $30,000
in transaction costs related to professional fees associated with
the settlement of the class action suit, offset by a $60,000
decrease in valuation fees and an $18,000 decrease in depreciation
expense.

Results of Operations - For the period April 1, 1999 to June 18,
1999 and three months ended June 30,1998 (Amounts rounded to 000's)

  Results of operations for the period April 1, 1999 to June 18,
1999 reflected net income of $191,000 compared to net income of
$142,000 for the three months ended June 30, 1998, an increase of
approximately $49,000.

  Total income for the period April 1, 1999 thru June 18, 1999 was
$424,000 compared to $374,000 for the three months ended June 30,
1998 an increase of $50,000.  The increase was due primarily to a
$38,000 increase in rental income from the addition of a new tenant
at the House of Fabrics property, and a $12,000 increase in other
income.

  Total expenses for the period April 1, 1999 thru June 18, 1999
were $223,000 compared to $221,000 for the three months ended June
30, 1998 an increase of $2,000.  The increase was due primarily to
a increase in bad debt expense of $49,000 which was offset by a
decrease in valuation fees of $60,000 and a decrease of $10,000 in
transaction costs related to professional fees associated with the
settlement of the class action lawsuit.

Item 3.   Quantitative and Qualitative Disclosures About Market
          Risk.

   The Partnership does not engage in any hedge transactions or
derivative financial instruments, or have any interest sensitive
obligations.

                  PART II - OTHER INFORMATION

ITEM 1. Legal Proceedings.

        Two legal actions, as hereinafter described, against the
General Partners of the Partnership and affiliates of such General
Partners, as well as against the Partnership on a nominal basis in
connection with the sale, have been settled.  On April 13, 1999,
all the parties to the litigation reached an agreement to settle
the litigation, subject to the approval by the United States
District Court for the Northern District of Illinois.  This
approval was obtained on June 18, 1999.  Management believes that
the settlement will not have a material financial impact on the
Partnership.  The terms of the settlement agreement, along with a
Notice to the Class, were forwarded to the Limited Partners in the
second  quarter.  One additional legal action, which was dismissed
on January 28, 1998 had also been brought against the General
Partners of the Partnership and affiliates of such General
Partners, as well as the Partnership on a nominal basis in
connection with the sale.  With respect to these actions the
Partnership and the General Partners and their named affiliates
denied all allegations set forth in the complaints and vigorously
defended against such claims.

ITEM 2. Changes in Securities.

        None.

ITEM 3. Defaults Upon Senior Securities.

        None.

ITEM 4. Submission Of Matters To a Vote of Security Holders.

        None.

ITEM 5. Other Information.

        None.

ITEM 6. Exhibits and Reports On Form 8-K.

        Exhibit 27.  Financial Data Schedule

<PAGE>
                           SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the
Securities Exchange Act of 1934, the Registrant has duly caused
this report to be signed on its behalf by the undersigned thereunto
duly authorized.


                          BRAUVIN CORPORATE LEASE PROGRAM IV L.P.
                         BY:  Brauvin Realty Advisors IV, Inc.
                              Corporate General Partner

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


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


                       INDIVIDUAL GENERAL PARTNER

                              /s/ Jerome J. Brault
                              Jerome J. Brault



                       DATED: August 19, 1999
<PAGE>