EXHIBIT 31.2

              CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO
                  SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

     I, John W. Alvey, certify that:

     1. I have reviewed this quarterly report of Maxus Realty Trust, Inc.;

     2. Based on my knowledge, this report does not contain any untrue statement
of a  material  fact or omit to  state a  material  fact  necessary  to make the
statements made, in light of the circumstances  under which such statements were
made, not misleading with respect to the period covered by this report;

     3. Based on my knowledge,  the financial  statements,  and other  financial
information included in this report, fairly present in all material respects the
financial  condition,  results of operations and cash flows of the registrant as
of, and for, the periods presented in this report;

     4. The registrant's  other certifying  officer(s) and I are responsible for
establishing and maintaining  disclosure  controls and procedures (as defined in
Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

        a) designed such disclosure  controls  and  procedures,  or caused  such
disclosure  controls and  procedures to be designed  under our  supervision,  to
ensure that  material  information  relating to the  registrant,  including  its
consolidated subsidiaries,  is made known to us by others within those entities,
particularly during the period in which this report is being prepared;

        b) evaluated  the  effectiveness of the registrant's disclosure controls
and  procedures  and  presented  in   this  report  our  conclusions  about  the
effectiveness  of the disclosure  controls and procedures,  as of the end of the
period covered by this report based on such evaluation; and

        c) disclosed  in  this  report  any  change in the registrant's internal
control  over  financial   reporting  that occurred during the registrant's most
recent fiscal quarter (the registrant's  fourth fiscal quarter in the case of an
annual  report)  that  has  materially  affected,  or  is  reasonably  likely to
materially affect, the registrant's  internal control over financial  reporting;
and

     5. The registrant's other certifying officer(s) and I have disclosed, based
on  our  most recent evaluation of internal control over financial reporting, to
the  registrant's  auditors and the audit committee of the registrant's board of
directors (or persons performing the equivalent functions):

         a) all significant  deficiencies  and material weaknesses in the design
or  operation of  internal control over financial reporting which are reasonably
likely  to  adversely  affect  the  registrant's  ability  to  record,  process,
summarize and report financial information; and

         b) any  fraud,  whether  or  not  material, that involves management or
other employees who have a significant role in the registrant's internal control
over financial reporting.

Date: August 11, 2003
                                        /s/ John W. Alvey
                                        ------------------------
                                        John W. Alvey
                                        Vice President and Chief Financial
                                        and Accounting Officer of
                                        Maxus Realty Trust, Inc.