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


	FORM 10-K

	ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
	OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2004



	Commission file number        33-17577

                   U.S. Realty Income Partners L.P.
 (Exact name of registrant as specified in its charter)

          Delaware                                        62-1331754
(State or other jurisdiction of                (I.R.S. Employer Identification
incorporation or organization)                 Number)

P. O. Box 58006, Nashville, Tennessee                                37205

(Address of principal executive offices)                         (Zip Code)

Registrant's telephone, including area code         (615)665-5959

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

 Title of each class         Name of each exchange on which registered
 NOT APPLICABLE              NOT APPLICABLE

	Securities registered pursuant to section 12(g) of the Act:
 NOT APPLICABLE
(Title of class)

     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____

     Indicate by check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K is not contained herein, and will not be contained,
to the best of registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part II of this Form 10-K or any
amendment to this Form 10-K.  Yes      No  X

     Indicate by check mark whether the registrant is an accelerated filer (as
defined by Rule 12b-2 of the Act). Yes      No  X

     The aggregate sales price of the limited partnership interests subscribed
for by non-affiliates was $4,858,000 at December 31, 2004 and April 2, 2005.
There is no public market for these interests.




	U.S. REALTY INCOME PARTNERS L.P.
	2004 FORM 10-K ANNUAL REPORT
	INDEX



	PART I

Item 1.  Business . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

Item 2.  Properties . . . . . . . . . . . . . . . . . . . . . . . . . . 4

Item 3.  Legal Proceedings. . . . . . . . . . . . . . . . . . . . . . . 5

Item 4.  Submission of Matters to a Vote of Limited Partners. . . . . . 5

	PART II

Item 5.  Market for the Registrant's Limited Partnership
         Interests and Related Limited Partner Matters. . . . . . . . . 6

Item 6.  Selected Financial Data. . . . . . . . . . . . . . . . . . . . 6

Item 7.  Management's Discussion and Analysis of Financial
         Condition and Results of Operations. . . . . . . . . . . . . . 7

Item 8.  Financial Statements and Supplementary Data. . . . . . . . . . 15

Item 9.  Changes in and Disagreements with Accountants on
         Accounting and Financial Disclosure. . . . . . . . . . . . . . 15

	PART III

Item 10. General Partner of the Partnership . . . . . . . . . . . . . . 17

Item 11. Compensation of General Partner and Affiliates . . . . . . . . 18

Item 12. Security Ownership of Certain Beneficial Owners
         and Management . . . . . . . . . . . . . . . . . . . . . . . . 19

Item 13. Certain Relationships and Related Transactions . . . . . . . . 19

Item 14. Principal Accountants' Fees and Services. . . . . . . .. . . . 20

	PART IV

Item 15. Exhibits and Financial Statement Schedules . . . . . . . . . . 21

Signatures. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22




	DOCUMENTS INCORPORATED BY REFERENCE

     Portions of the Prospectus of the Registrant dated November 30, 1987, as
supplemented through December 1998 and filed pursuant to Rule 424(b), are
hereby incorporated by reference.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

     Certain statements contained in this Form 10-K of U.S. Realty Income
Partners, L.P.(the "Partnership")other than historical facts may be considered
forward-looking statements within the meaning of Section 27A of the Securities
Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such
statements include, in particular, statements about our plans, strategies, and
prospects and are subject to certain risks and uncertainties, as well as known
and unknown risks, which could cause actual results to differ materially from
those projected or anticipated. Therefore, such statements are not intended to
be a guarantee of our performance in future periods. Such forward-looking
statements can generally be identified by our use of forward-looking
terminology such as "may," "will," "expect," "intend," "anticipate,"
"estimate," "believe," "continue," or other similar words. Specifically, among
others, we consider statements concerning projections of future operating
results and cash flows, our ability to meet future obligations, and the amount
and timing of future distributions to limited partners to be forward-looking
statements.

     Readers are cautioned not to place undue reliance on these forward-
looking statements, which speak only as of the date that this report is filed
with the Securities and Exchange Commission. Neither the Partnership nor the
general partner make any representations or warranties (expressed or implied)
about the accuracy of any such forward-looking statements. Actual results
could differ materially from any forward-looking statements contained in this
Form 10-K, and we do not intend to publicly update or revise any forward-
looking statements, whether as a result of new information, future events, or
otherwise.

     Any such forward-looking statements are subject to known and unknown
risks, uncertainties and other factors and are based on a number of
assumptions involving judgments with respect to, among other things, future
economic, competitive, and market conditions, all of which are difficult or
impossible to predict accurately. To the extent that our assumptions differ
from actual results, our ability to meet such forward-looking statements,
including our ability to generate positive cash flow from operations; provide
distributions to limited partners; and maintain the value of our real estate
properties, may be significantly hindered.


                                    PART 1

Item 1.  Business

     U.S. Realty Income Partners L.P. (the "Partnership") is a Delaware
limited partnership formed in 1987 for the purpose of acquiring, operating,
holding and ultimately disposing of existing income producing residential and
commercial real estate properties.  The Partnership sold $4,858,000 limited
partnership interests (the "Units") through November 30, 1989, when it
terminated its public offering (the "Offering") pursuant to a Registration
Statement on Form S-11 under the Securities Act of 1933, as amended, which
Offering registered 20,000 Units. The Partnership began admitting limited
partners on May 15, 1988.

     The principal investment objectives of the Partnership are:  (i)
preservation and protection of capital; (ii) long-term capital appreciation;
(iii) distribution of current cash flow, some of which may not be subject to
federal income taxes in the early years of the Partnership's operations; (iv)
build-up of equity through reduction of mortgage indebtedness on Partnership
properties; and (v) federal income tax deductions during the initial years of
the Partnership's operations which may be used to offset income from the
Partnership and possibly other passive sources.

     The Partnership is managed by the general partner of the Partnership
Vanderbilt Realty Joint Venture (the "General Partner").  Vanderbilt Realty
Associates, Inc., acts as the managing partner of the General Partner.  The
General Partner has the responsibility for the initial selection, evaluation
and negotiation of the investments for the Partnership.  In making the
Partnership's investments, the General Partner considered various real
property and financial factors, including the condition and use of the
property, the prospects for long-range liquidity, income-producing capacity,
long-term appreciation and income tax considerations.  In addition, the
General Partner considers the possible effect of shortages of materials,
supplies and energy sources.  As of December 31, 1992, the Partnership had
fully invested the proceeds raised in its offering through the purchase of two
properties through joint venture arrangements.

     The Partnership invested in property only if one or more of the following
conditions were met:  (1) during the period of at least one year preceding the
purchase, the property generated (or would have generated if leases currently
in existence had been in effect) cash flow in an amount estimated to be
consistent with the Partnership's objectives; or (2) for a period of at least
two years, the projection of income from the property based on executed leases
or other appropriate guarantees indicates the Partnership should obtain from
the property cash flow consistent with its investment objectives.

     Competitive conditions in the real estate industry are less volatile than
many other industries.  The Partnership's investment in properties is subject
to the local conditions in the market at that location and at that time.

    The Partnership has no employees.  The General Partner and its affiliates
are permitted to perform services for the Partnership for a competitive fee
and have done so.

     The business of the Partnership is not seasonal and the Partnership does
no foreign or export business.

     A presentation of information about industry segments is not applicable
because the Partnership operates solely in the real estate industry.

     The Partnership does not maintain a website.  Copies of Form 10-K will be
provided upon request free of charge.


Item 2.  Properties.

     In October 1988, the Partnership acquired a 66.67% interest in a
Tennessee joint venture known as Bellevue Plaza Partners owning as its primary
asset an improved shopping center located in Nashville, Tennessee.  The joint
venture interest was acquired for a purchase price of $1,500,000.  Please
refer to Supplement No. 2 dated October 26, 1988 for additional information
concerning the acquisition of this joint-venture interest which supplement is
incorporated herein by reference.

     In November 1988, the Partnership acquired a 50% ownership interest in a
joint venture known as DR/US West End General Partnership, a Virginia general
partnership (the "DR/US Joint Venture").  The DR/US Joint Venture owned an
office building located in Nashville, Tennessee.  See Supplement No. 3 dated
November 29, 1988 for additional information concerning this property which
supplement is incorporated herein by reference. The Partnership purchased its
interest for an initial contribution of $900,000.  In order to retain its 50%
interest, the Partnership contributed an additional $1,035,000 to the DR/US
Joint Venture by August 1989.  In 1991, an additional $150,000 was contributed
as part of a Chapter 11 reorganization.  In 1995, the DR/US Joint Venture
contributed its equity position in the office building to Daniels Southeast
Venture.  See "Liquidity and Capital Resources".

     In 2001, Daniels Southeast Venture completed the sale of its buildings
and distributed approximately $1,300,000 to the Partnership.

     The investment in the Bellevue Plaza Partners and its holdings of a strip
retail shopping center is presently the Partnership's only property and it is
fully leased.

Item 3.  Legal Proceedings.


    None.


Item 4.  Submission of Matters to a Vote of Limited Partners.

     No matters were submitted to the Limited Partners during the fourth
quarter ended December 31, 2004.



	PART II


Item 5.  Market for the Registrant's Limited Partnership Interests and Related
         Limited Partner Matters.

     At December 31, 2004, the Partnership had admitted Limited Partners
holding 4,858 Units.

     The Partnership does not currently intend to list the Units on a national
securities exchange, and there is no public market for the Units.  If a public
market for the Units does not develop, the Partnership may, in the sole
discretion of the General Partner, repurchase Units under certain
circumstances, as set forth in the Partnership's prospectus.  At the request
of a limited partner, other than a resident of the State of California, who
wishes to sell all or a part of the Limited Partner's Units, the General
Partner may assist such Limited Partner in locating a purchaser, within the
limit of applicable laws and regulations.  Neither the General Partner nor the
Partnership is obligated to redeem or repurchase Units.

Item 6.  Selected Financial Data.

	U.S. Realty Income Partners L.P.
	(a Delaware limited partnership)

                                         Year Ended December 31,
                               2004      2003      2002	    2001      2000
Selected Income Statement
  Data:

    Rental Income           $1,084,731 $968,211  $947,192  $878,254  $862,317

    Interest Income              3,827    5,844    11,174    42,325    28,372

    Interest Expense           240,305  254,783   268,903   282,025   294,906

    Depreciation and
      Amortization             267,084  263,739   261,660   260,420   254,954

    Operating Expense          288,584  276,281   258,157   263,419   246,590

    Income from Joint Venture    -0-       -0-     21,746 1,456,737   397,437

    Net Income               $ 161,828  $95,162  $112,064$1,524,183  $444,443

    Net Income Per
    Limited Partnership
      Interest                $  31.65 $  18.61 $   21.91 $  298.06  $  86.91



	U.S. Realty Income Partners L.P.
	(a Delaware limited partnership)

                                      Year Ended December 31,

                        2004        2003        2002	     2001        2000

Selected Balance
  Sheet Data:

   Property and
     Improvements
     -Net           $3,203,222   $3,219,610  $3,277,537  $3,364,773 $3,515,073

   Total Assets      4,473,957    4,596,838   4,793,184   4,986,731  4,885,507

   Notes Payable     3,143,358    3,357,658   3,557,481   3,743,183  3,915,764

   Cash Distributions
     to Limited
     Partners          200,000     200,000      200,000   1,300,000    400,000


   Cash Distributions
     Per Limited
     Partnership
     Interest             41.17        41.17       41.17     267.60      82.34

     The above selected financial data should be read in conjunction with the
consolidated financial statements and the related notes appearing elsewhere in
this annual report.

Item 7.  Management's Discussion and Analysis of Financial Condition and
Results of Operations.

     As of December 31, 2004, the Partnership had raised $4,858,000 in funds
from Limited Partners.  The Partnership's offering terminated in November
1989.

     During 1988 the Partnership purchased interests in two joint ventures
located in Nashville, Tennessee.

Bellevue

     In October 1988, the Partnership acquired a 66.67% interest in a
Tennessee joint venture known as Bellevue Plaza Partners holding as its
primary asset a shopping center located in Nashville, Tennessee
("Bellevue")which was renovated in 1988 and has approximately 71,000 in total
square footage.  The Bellevue property is currently 100% leased.  Lease rent
from the tenants amounts to approximately $70,000 per occupancy month.  In
addition, the tenants pay common area maintenance charges of approximately
$11,500 per month for a total of approximately $81,500 per month.



	On July 1, 1999, the joint venture obtained a $4,150,000 first mortgage
loan on this property from an unaffiliated lender.  The mortgage bears
interest at a rate of 7.25% per annum and requires monthly installments of
principal and interest of $37,884. The loan fully amortizes over 15 years.
After paying off Mass Mutual, the partnership had enough cash to pay for the
improvements made to the T. J. Maxx space. These funds had previously been
advanced by T. J. Maxx to the Partnership. This resulted in T. J. Maxx
beginning monthly rental payments in November of 1999. T. J. Maxx/Marshalls
moved into the center in November 1999 as planned. They occupy 28,300 square
feet.  Due to the refinancing, payments from T. J. Maxx have increased the
gross cash flow from the center by approximately $50,000 a year over the
previous tenant.

	In 2004 and 2003, $155,498 and $110,560, respectively, was incurred on
capitalized roof repairs.


DR/US West End

	In November 1988, the Partnership acquired a 50% ownership interest in a
joint venture known as DR/US West End General Partnership (the "Joint
Venture") which owns an office building located in Nashville, Tennessee.
During 2001, this joint venture was dissolved after the sale of the underlying
property.


Properties in Raleigh, NC

These properties consist of one 110,000 sq. ft. building (Center 98) and four
50,000 sq. ft. buildings (Park).  These buildings are operating according to
schedule.  Prudential Life Insurance Company has funded the Partnership with
approximately $7,280,000 to build a garage and a new 55,600 sq. ft. building
which was completed at the end of 1998.  Approximately 95% of this space has
been leased.  The new parking garage will have 178 spaces.

During early second quarter 1999, the partners of the Prudential/Daniel Office
Venture decided to investigate the potential for a sale of the entire
portfolio. In April 1999 representatives of the partners toured the properties
and each partner submitted an independent list of potential brokerage firms
that could handle the sale of a $50 million portfolio located in Raleigh and
Nashville.  After the review of these lists, the partners reduced the list to
three qualified groups:  Trammell Crow Company, Cushman & Wakefield and
Rockwood Realty Associates.  All three groups made presentations and were
interviewed in Atlanta on May 12, 1999.  All three firms were asked to make
site visits and to value the portfolio.  Based on such indicators as current
work load/listings, national focus, regional market knowledge, past
performance and pricing, Rockwood was selected on June 16, 1999.

During June and throughout July 1999, Rockwood did an exhaustive review of the
properties and of the Raleigh and Nashville markets.  Introductory letters
were distributed to a list of 257 national, regional and local prospective
purchasers. Forty-eight groups responded to the introductory letter, executed
confidentially agreements and then received the sales package prepared by
Rockwood with a portfolio price of $57,000,000.  During the month of September
on-site property inspections were coordinated for all of the interested
purchasers.  A call for offers was set for August 31.  Rockwood received seven
offers, two of which were for just Nashville or Raleigh.  The balance of the
six was for the entire portfolio.  The offers ranged from $43,000,000 to
$51,500,000 for the portfolio. After analyzing the offers, the Lord Baltimore
Group was selected in late September at a price of $51,500,000.  Lord
Baltimore's investment committee rejected the purchase due to single market
exposure in Raleigh of 370,000 square feet (the Somerset Properties).  The
next highest offer for the entire portfolio was $49,400,000.

However, the individual offers from two different prospective purchasers
totaled $50,500,000 and accordingly, the partnership accepted an offer for
Raleigh at $38,250,000 from Drucker and Faulk and for Nashville at $12,250,000
from Highwoods Properties.  Both of the purchasers agreed on these prices, but
failed to execute a purchase contract and terminated their respective interest
during the month of November.

During December and January 2000, Rockwood re-contacted the remaining
prospective purchasers who had made offers, as well as other groups who were
initially interested but did not make offers.  In 2000, the 3310 Office
Building was sold to a private investor for $12,200,000.  The Partnership
received $397,000 from the sale with an additional $70,000 placed in reserve.

In the spring of 2001 the office buildings in Raleigh, North Carolina were
sold.  Our share of the net proceeds was $1,300,000 and this was distributed
in September of 2001.

Liquidity and Capital Resources

	At December 31, 2004, the partnership had $582,545 in cash and cash
equivalents.  This represents 11.99% of capital raised. The Partnership had
established a working capital reserve of 5% of the gross proceeds of the
offering.  After May 15, 1990, the Partnership's Prospectus provided that the
working capital reserve could be reduced to 3% of capital raised depending
upon the Partnership's experience with its properties.  The working capital
was reduced to allow the Partnership to pay costs associated with the DR/US
refinancing.  In the event such reserves are insufficient to satisfy
unanticipated costs the Partnership will be required to borrow additional
funds to meet such costs.  The General Partner does not anticipate having to
borrow for working capital reserves in 2005.

	The General Partner had deemed it advisable not to make any cash
distributions prior to December 2000.  In December 2000, the General Partner
made a cash distribution of $400,000 to the Limited Partners.  This
represented the proceeds from the sale of the 3310 Office Building held in the
PruDan partnership.  In September 2001, the General Partner made a cash
distribution of $1,300,000 to the Limited Partners.  This represented the
proceeds from the sale of the remaining properties held in the PruDan
Partnership.  In December 2002, the General Partner made a cash distribution
of $200,000 to the Limited Partners.  This represented proceeds from operating
cash flow and excess funds from the sale of the PruDan properties in 2001.  In
December 2004 and 2003, the General Partner made cash distributions of
$200,000 each year to the Limited Partners.  This represented proceeds from
operating cash flow.

	On November 1, 1988, for an initial investment of $900,000, the
Partnership acquired a 50% interest in the DR/US West End General Partnership
(the "DR/US Joint Venture"), a Tennessee general partnership formed to own and
operate a commercial office building in Nashville, Tennessee (the "3310 Office
Building").

	In view of the expiration of the lease for the largest tenant of the
3310 Office Building and the maturity of the senior debt on the property, the
DR/US Joint Venture began to consider future plans for the 3310 Office
Building as well as a sale of the property and discussed possible alternatives
with third parties, including the Prudential Life Insurance Company of America
("Prudential").

	Effective August 1995, the DR/US Joint Venture contributed all of its
assets to a newly formed limited partnership, the Daniel S.E. Limited
Partnership; a Virginia limited partnership (the US/Daniel Venture").  The
US/Daniel Venture then contributed its assets to a newly-formed limited
liability company known as Prudential/Daniel Office Venture, LLC, (the "PruDan
L.L.C").  The members of PruDan LLC are the US/Daniel Venture and Prudential.

	The assets of PruDan LLC consisted of:  (1) the 3310 Office Building, a
107,000 square foot office building in Nashville, Tennessee; (2) the Somerset
Park Business Center, a 108,113 square foot six-story office building located
in Raleigh, North Carolina; and (3) Somerset Park, 207,326 square feet in four
two-story office building located in Raleigh, North Carolina (items 2 and 3
are collectively referred to as the "Somerset Buildings").  The assets of
PruDan LLC reflected indirect capital contributions from the Partnership,
Daniel Realty Company ("DRC") and First Daniel Realty Development Corporation
(collective, with DRC, "Daniel") and Prudential valued at $1,361,445,
$2,131,055 and $31,432,500, respectively, or equity interests of 3.9%, 6.1%
and 90.0%, respectively.  The Partnership's capital contribution consisted of
its interest in the assets of the DR/US Joint Venture, principally the 3310
Office Building. Daniel's capital contribution consisted of its interest in
the assets of the DR/US Joint Venture (valued at $355,600) and is interest in
the Somerset Buildings (valued at $1,775,455).  Prudential's capital
contribution consisted of payoff of $7,537,955 of debt on the 3310 Office
Building, plus $120,000 for a new roof repair escrow, purchasing Metropolitan
Life Insurance's interest in the Somerset Buildings, payoff of debt on the
Somerset Buildings, and transactions costs including due diligence, closing
costs, and fees for professional services (legal and accounting) totaling 1.5%
of the transaction.

	In reaching the decision to contribute the Partnership's interest in the
DR/US Joint Venture to the PruDan LLC, the General Partners considered a
number of factors:


	(1)	The 3310 Office Building was subject to a first mortgage loan with
a principal debt balance at June 30, 1995 of $6,634,502, bearing
interest at 9%, and scheduled to mature in April 1997.



	(2)	A single tenant, Gresham & Smith ("G&S"), occupied 45.9% of the
space in the 3310 Office Building providing base annual lease
income of $932,000 pursuant to a lease scheduled to terminate in
October, 1998, less than nineteen months after maturity of the
debt on the property.  This lease has been terminated.

	(3)	Based on its present projections, the DR/US Joint Venture
estimated that all of the existing cash flow between now and the
year 2000 would be required to pay the debt expense and establish
a reserve necessary to find a replacement tenant for G&S or to
make necessary tenant improvements.  The General Partners estimate
that approximately $1,200,000 could be required to make necessary
improvements to secure new tenants.

	In making these considerations, the General Partners considered two
alternatives to the formation of the PruDan LLC; refinancing and sale of the
3310 Office Building.  With the uncertainty surrounding the G&S lease, it was
unlikely that another lender would be willing to make a loan.  G&S would not
commit to extend their lease at this time and even if a new loan could be
procured, it is unlikely that there would be sufficient proceeds to pay off
the existing debt.  The mortgage problem created by the timing of the G&S
lease expiration also served to increase the difficulty in a sale of the
property.  For these reasons, the General Partners believe the PruDan LLC
presented the most viable option for the Partnership.

	The General Partners believed the Partnership's investment in the PruDan
LLC accomplished the following objectives:

	(1)	Eliminated the mortgage problem created by the expiration of the
G&S lease by retiring all debt on the 3310 Office Building;

	(2)	Reduced the direct risk to the Partnership involving the potential
expiration of the G&S lease and the potential loss of cash flow.

	(3)	Establishment of a strong working relationship with Prudential, an
entity with significant capital resources.

	(4)	Diversification of risk from single asset, single location to
multiple assets in different locations; and

	(5)	Access to cash flow from Bellevue Plaza formerly used for debt
service on the 3310 Office Building and now available for
distribution to the Partnership's limited partners.

These objectives were accomplished without requiring any additional debt or
the need for capital contributions from the Partnership's limited partners.






     The operational results of the Partnership for the years ended December
31, 2004, 2003 and 2002 are summarized below:


Year Ended December 31, 2004:

                                                  JOINT VENTURE
		                         BELLEVUE      PARTNERSHIP       TOTAL

Revenues	   		        $1,084,922    $     3,636    $1,088,558

Operating Expenses		           195,650         92,934       288,584
Interest                   		   240,305           -          240,305
Depreciation and Amortization		   256,656         10,428       267,084

                     			   692,611        103,362       795,973

Net Operating Income (Loss) 		   392,311      (  99,726)      292,585

Partnership Share          		    66 2/3%           100%

Partnership Net Income (Loss)		$  261,554     $(  99,726)   $  161,828
Partnership Cash Flow			$  114,207     $(  89,298)   $   24,909



Year Ended December 31, 2003:

                                                      JOINT VENTURE
		                         BELLEVUE      PARTNERSHIP     TOTAL

Revenues				$ 968,522     $    5,533    $ 974,055

Operating Expenses		          208,158         68,123      276,281
Interest                                  254,783           -         254,783
Depreciation and Amortization             253,311         10,428      263,739
                                          716,252         78,551      794,803

Net Operating Income (Loss)	          252,270        (73,018)     179,252

Partnership Share          	          66 2/3%           100%

Partnership Net Income (Loss)	        $ 168,180     $  (73,018)   $  95,162
Partnership Cash Flow   	          206,183     $  (62,590)   $ 143,593











Year Ended December 31, 2002:
                                                  JOINT VENTURE
                                     BELLEVUE      PARTNERSHIP     TOTAL


Revenues    		    	   $  948,119     $   31,993    $  980,112

Operating Expenses                    190,000         68,157       258,157
Interest                   	      268,903           -          268,903
Depreciation and Amortization         251,231         10,429       261,660
                                      710,134         78,586       788,720

Net Operating Income (Loss)	      237,985    (    46,593)      191,392

Partnership Share          	      66 2/3%           100%

Partnership Net Income (Loss)	   $  158,657    ($   46,593)   $  112,064
Partnership Cash Flow	  	   $  203,119    ($   36,164)   $  166,955




     The Partnership has utilized the proceeds of the offering as set forth
under "Estimated Use of Proceeds of the Offering," in the Partnership's
Prospectus to acquire, operate and hold for investment existing income
producing residential and commercial real estate properties. Since the
proceeds of the offering are less than the maximum amount the Partnership was
unable to diversify its investments to the extent initially desired.

     The Partnership has established a working capital reserve of 5% of the
gross proceeds of the offering.  After May 15, 1990 the Partnership's
Prospectus provided that the working capital reserve could be reduced to 3%
depending upon the Partnership's experience with its properties.  At December
31, 2004, the Partnership had $582,545 in cash and cash equivalents.  This
represents 11.99% of capital raised.  In the event such reserves are
insufficient to satisfy unanticipated costs, the Partnership will be required
to borrow additional funds to meet such costs.


    Due to the ongoing commitments with the lenders on the Joint Venture, the
General Partner had deemed it advisable not to make any cash distributions
since May 1990.  In December 2000, the General Partner distributed $400,000 to
the Limited Partners.  This represented the proceeds from the sale of the 3310
Office Building that was a part of the PruDan partnership. In September 2001,
the General Partner distributed $1,300,000 to the Limited Partners.  This
represented the proceeds from the sale of the remaining properties held in the
PruDan Partnership.  In December 2002, the General Partner distributed
$200,000 to the Limited Partners.  This represented operating cash flow and
the remaining funds from the sale of the PruDan properties.  In December 2003
and 2004, the General Partner distributed $200,000 each year to the Limited
Partners.  This represented operating cash flow.

     As of and for the year ended December 31, 2004, the Partnership recorded
a receivable from tenant of $105,425 for rents due for percentage of sales.
Information was available and rent revenue and receivable was estimable prior
to the release of the financial statements as of December 31, 2004 and for the
year then ended.


Application of Critical Accounting Policies

     Our accounting policies have been established to conform with generally
accepted accounting principles (GAAP). The preparation of financial statements
in conformity with GAAP requires management to use judgment in the application
of accounting policies, including making estimates and assumptions. These
judgments affect the reported amounts of assets and liabilities and disclosure
of contingent assets and liabilities at the dates of the financial statements
and the reported amounts of revenue and expenses during the reporting periods.
If management's judgment or interpretation of the facts and circumstances
relating to various transactions had been different, it is possible that
different accounting policies would have been applied; thus resulting in a
different presentation of the financial statements. Additionally, other
companies may utilize different estimates that may impact comparability of our
results of operations to those of companies in similar businesses.

     Below is a discussion of the accounting policies used by the partnership
and the Joint Venture, which are considered to be critical in that they may
require complex judgment in their application or require estimates about
matters that are inherently uncertain.

     We will be required to make subjective assessments as to the useful lives
of its depreciable assets. We will consider the period of future benefit of
the asset to determine the appropriate useful lives. These assessments have a
direct impact on net income. We expect that the estimated useful lives of the
Joint Ventures' assets by class will be as follows:




           Buildings                              39 years

           Building improvements                  15-39 years

           Tenant improvements                    Lease term

     We continually monitor events and changes in circumstances that could
indicate that the carrying amounts of the real estate assets in which we have
an ownership interest, either directly or through investments in the Joint
Venture, may not be recoverable. When indicators of potential impairment are
present which indicate that the carrying amounts of real estate assets may not
be recoverable, management assesses the recoverability of the real estate
assets by determining whether the carrying value of the real estate assets
will be recovered through the undiscounted future operating cash flows
expected from the use of the asset and its eventual disposition. In the event
that such expected undiscounted future cash flows do not exceed the carrying
value, management adjusts the real estate assets to the fair value and
recognizes an impairment loss. We have determined that there has been no
impairment in the carrying value of real estate assets we held as of December
31, 2004.

     Projections of expected future cash flows require management to estimate
future market rental income amounts subsequent to the expiration of current
lease agreements, property operating expenses, discount rates, the number of
months it takes to re-lease the property, and the number of years the property
is held for investment. The use of inappropriate assumptions in the future
cash flow analysis would result in an incorrect assessment of the property's
future cash flows and fair value, and could result in the overstatement of the
carrying value of real estate assets held by the Joint Venture and net income
of the Partnership.


Inflation
     The real estate market has not been affected significantly by inflation
in the past three years due to the relatively low inflation rate. However,
there are provisions in the majority of tenant leases, which would protect the
Partnership from the impact of inflation. These provisions include
reimbursement billings for operating expense pass-through charges, real estate
tax, and insurance reimbursements on a per-square-foot basis, or in some
cases, annual reimbursement of operating expenses above a certain per-square-
foot allowance. There is no assurance, however, that we would be able to
replace existing leases with new leases at higher base rental rates.


Item 7A. Quantitative and Qualitative Disclosures about Market Risk

     As the partnership's debt has a fixed rate of interest, which is the
Partnership's primary financial instrument, quantitative and qualitative risks
are not deemed significant.


Item 8.  Financial Statements and Supplementary Data.

     See Index to Consolidated Financial Statements on Page F-l of Form 10-K
for Financial Statements and Financial Statement schedule, where applicable.


Item 9.  Changes in and Disagreements with Accountants on Accounting and
           Financial Disclosure.

     The former independent accountants, Dempsey Vantrease & Follis PLLC,
resigned as the independent accountants effective December 2, 2003.
Unqualified opinions were issued on the financial statements of the registrant
for the past two years.  There were no disagreements with the former
accountants on any matter of accounting principles or practices, financial
statement disclosure, or auditing scope of procedure.  On January 24, 2004,
Rayburn, Bates & Fitzgerald, P.C. (formerly Rayburn, Betts & Bates, P.C.) were
appointed as the independent accountants for the Partnership.  Rayburn, Bates
& Fitzgerald, P.C. was not consulted prior to their engagement in 2004 or
2003.  No letter was to be issued by the new accountants related to item
304(a).


Item 9A.  Controls and Procedures.

     The Partnership maintains disclosure controls and procedures, as defined
in Rule 13a-15(e) promulgated under the Securities Exchange Act of 1934 (the
"Exchange Act") that are designed to insure that information required to be
disclosed by it in the reports that it files or submits under the Exchange Act
is recorded, processed, summarized and reported within the time periods
specified under the SEC's rules and forms and that such information is
accumulated and communicated to the Partnership's management, including its
Chief Executive Officer and Chief Accounting Officer, as appropriate, to allow
timely decision making regarding required disclosure.  The Partnership, under
the supervision and participation of its management, including the
Partnership's Chief Executive Officer and Chief Accounting Officer, carried
out an evaluation of the effectiveness of the design and operation of the
Partnership's disclosure controls and procedures as of the end of the period
covered by this report pursuant to the Exchange Act.  Based upon that
evaluation, the Chief Executive Officer and the Chief Accounting Officer
concluded that the Partnership's disclosure controls and procedures are
effective in ensuring that all material information required to be disclosed
in this annual report has been accumulated and communicated to them in a
manner appropriate to allow timely decisions regarding required disclosures.
During the quarter ended December 31, 2004, there have been no changes in the
Partnership's internal control over financial reporting that have materially
affected or are reasonably likely to materially affect, the Partnership's
internal control over financial reporting.


Item 9B.  Other Information.

For the quarter ended December 31, 2004, there were no  items required to be
disclosed under Form 8-K.



	PART III


Item 10.  General Partner of the Partnership.

     The General Partner of the Partnership is Vanderbilt Realty Joint
Venture, a Tennessee general partnership.  The constituent partners of
Vanderbilt Realty Joint Venture are Vanderbilt Realty Associates, Inc., a
Tennessee corporation wholly owned by Mr. Robert Bond Miller, and American
Financial Planners Group, Inc., a New York corporation.  The Partnership is
managed by the General Partner through Miller & Associates, Inc., an Affiliate
of the General Partner.

     The following persons are the principal representatives of the
constituent partners of the General Partner and are responsible for the day-
to-day operations of the Partnership:

     Name                                               Age

     Robert Bond Miller                                  69
     Donald R. Zoch                                      48
     Lee Rosenberg                                       51


     Robert Bond Miller.  Mr. Miller serves as President of Vanderbilt Realty
Associates, Inc., and Miller & Associates, Inc.  Prior to establishing Miller
& Associates, Inc., he served as President of Jacques-Miller, Inc., which he
co-founded in 1969.  During this tenure, Jacques-Miller, Inc., and its
affiliates acquired over 165 properties valued in excess of $600 million and
raised a total of $350 million in capital from 15,500 investors.

     From 1965 to 1968, Mr. Miller was in charge of the Nashville office of
Blair, Follin, Allen & Walker, where he was responsible for sales and
installation of fringe benefit programs, including life, disability and health
insurance plans.  Previously he was associated with Massachusetts Mutual Life
Insurance Co., from 1960 to 1965, during which time he became a Life Member of
the Million Dollar Roundtable and earned the Chartered Life Underwriter
designation.  A founding member of the International Association of Financial
Planners (IAFP), he established the organization's Nashville Chapter and
served as its first President.

     Mr. Miller received a Bachelor of Science degree in Aeronautics from St.
Louis University.  Following graduation, he served three years in the U.S. Air
Force, receiving his honorable discharge as a first lieutenant.


     Donald R. Zoch.  Mr. Zoch is an executive officer of American Financial
Planners Group, Inc.  Mr. Zoch has lectured extensively in this field and is a
Certified Financial Planner, Registered Investment Advisor and is licensed
with the National Association of Security Dealers, Inc. ("NASD").  Zoch & Zoch
Financial Group, Inc. has been active in the financial planning field since
1975; Mr. Zoch was an Adjunct Professor at the College of Financial Planning
in New Jersey and received a Bachelor of Arts degree in Business from Catholic
University of America, Washington, D.C.



     Lee Rosenberg.  Mr. Rosenberg is an executive officer of American
Financial Planners Group, Inc. and has more than 16 years experience in
financial planning Mr. Rosenberg has been a partner in ARS Financial Services,
Inc., Valley Stream, New York, a firm specializing in personal financing
planning for more than five years.  He is a Certified Financial Planner,
Registered Investment Advisor and is licensed with the NASD, and is currently
a member and serves on the Board of Directors of the Long Island Society of
the Institute of Certified Financial Planners as well as being a Director of
the New York Chapter of National Speakers Association.

     Mr. Rosenberg received a Bachelor of Arts degree in Business from
Brooklyn University, Brooklyn, New York.

     There are no family relationships among executive officers and directors.


Miller & Associates, Inc.

     Miller & Associates, Inc. was formed in 1986 by four individuals who were
officers of Jacques-Miller, Inc., a Tennessee corporation, which acts as a
general partner in real estate limited partnerships.  Three of these four
individuals are no longer affiliated with Miller & Associates, Inc.  Mr.
Robert Bond Miller is the sole shareholder of Miller & Associates, Inc.

     Mr. Miller, the president of Miller & Associates, Inc. served as
president of Jacques-Miller,Inc., a company he co-founded in 1969.  In
addition, Mr. Miller served as a general partner of Jacques-Miller Associates,
an affiliate of Jacques-Miller, Inc., which entity served as a general partner
of various investment partnerships sponsored by Jacques-Miller, Inc.

     The Partnership does not have a designated audit committee and therefore
has not named a "financial expert".  The general partner performs the duties
required of the audit committee.

     As the Partnership does not have employees, it has not adopted a code of
ethics.


Item 11.  Compensation of General Partner and Affiliates.

     The Partnership is required to pay certain fees, make distributions and
allocate a share of the profits and losses of the Partnership to the General
Partner.  See pages 11 to 13 of the Prospectus of the Partnership, which pages
are incorporated herein by reference, for a discussion of the compensation
payable to the General Partner and its Affiliates, as well as Note 7 to the
Financial Statements included herein.

     The General Partner and its Affiliates may not be reimbursed by the
Partnership for its overhead costs or expenses, and no overhead costs or
expenses of the General Partner or its Affiliates can be allocated to or paid
by the Partnership.  However, direct costs may be reimbursed, including
employee time spent on Partnership matters.  The foregoing reimbursements of
expenses will be made regardless of whether any distributions of Operating
Cash Flow are made to the Limited Partners.



Item 12.  Security Ownership of Certain Beneficial Owners and Management.

     (a)  Limited Partners were admitted beginning May 15, 1988 and admissions
ceased in November 1989, at which time the Partnership's offering terminated.
 As of this date, the Partnership is not aware of any person or group who has
subscribed for more than 5% of the outstanding Units.

     (b)  The officers and directors of the general partners of the General
Partner of the Partnership as a group have subscribed for the following Units:


Amount of Class               Beneficial Ownership       Percent of Class

Units of Limited
Partnership Interest                  None                       0%

     No officer or director of the general partners of the General Partner
possesses a right to acquire beneficial ownership of additional Units other
than those noted above.


Item 13.  Certain Relationships and Related Transactions.

     The Partnership is subject to various conflicts of interest arising out
of its relationship with the General Partner and its Affiliates.  All
agreements and arrangements, including those relating to compensation, between
the Partnership and the General Partner and its Affiliates are not the result
of arm's-length negotiations.

     Affiliates of the General Partner have been general partners or managers
of other limited partnerships or groups of investors, which have invested in
real properties.  In addition, the General Partner and its Affiliates have and
continue to form and manage or advise additional public and private real
estate investment entities.  The General Partner and its Affiliates will have
conflicts of interest in allocating management time, services and functions
between various existing partnerships and any future partnerships which they
may organize or serve, as well as other business ventures in which they are
involved.  Miller & Associates, Inc., which, for a property management fee,
may perform property management services for Partnership properties, and may
also, in the future, solicit outside property management accounts.

     Many of the officers and directors of the constituent partners of the
General Partner are also officers and directors of one or more entities (many
of which are affiliated with the General Partner) which engage in the
development, brokerage, sale, operation or management of real estate.

     The General Partner and its Affiliates do intend to sponsor privately
offered real estate partnerships although it is not anticipated that the
investment objectives of such partnerships will be the same as those of the
Partnership.


     The General Partner has certain interests in the Operating Cash Flow, Net
Sale or Refinancing Proceeds and profits and losses of the Partnership.
Because the timing and amount of Operating Cash Flow, Net Sale or Refinancing
Proceeds and profits and losses of the Partnership received by, or allocated
to, the Limited Partners may be affected by decisions of the General Partner,
including the timing of a sale of any of the Partnership properties, the
establishment and maintenance of reasonable reserves, the timing of
expenditures, the level of mortgage amortization and other matters, the
General Partner may have a conflict of interest with respect to such
determinations.

     Where conflicts arise from anticipated transactions with Affiliates of
the General Partner, the limitations described below have been adopted.

     While the Partnership will make no loans to the General Partner or its
Affiliates, the Partnership may borrow money from the General Partner or its
Affiliates but only on terms as to interest rate, security, fees and other
charges at least as favorable to the Partnership as that changed by
unaffiliated lending institutions in the same locality on comparable loans for
the same purpose.

     The General Partners and its Affiliates are not prohibited from providing
services to, and otherwise dealing or doing business with, persons who deal
with the Partnership, although there are no present arrangements with respect
to any such services.  However, no rebates or "give-ups" may be received by
the General Partner or any of its Affiliates, nor may the General Partner or
any such Affiliates participate in any reciprocal business arrangement which
would have the effect of circumventing any of the provisions of the Agreement.

     Zoch & Zoch Financial Group, Inc., a broker-dealer affiliated with the
General Partner, acted as Selling Agent in the offering but did not receive
selling commissions.

Item 14.  Principal Accountants' Fees and Services.

     During the years ended December 31, 2004, 2003, and 2002, the Partnership
was billed the aggregate fees set forth below by Rayburn, Bates & Fitzgerald,
P.C., the Partnership's principal accountant during 2004 and 2003 and Dempsey
Vantrease & Follis, PLLC, the Partnership's principal accountant during 2002:

	                       2004            2003	        2002
	Audit Fees            $16,500         9,500	       6,450
	Audit Related Fees        -             -  	         -
	Tax Fees                  -             -  	         -
	All Other Fees            -             -  	         -
		Total Fees    $16,500         9,500	       6,450

     Audit fees include fees related to the annual independent audit of the
Partnership's financial statements and reviews of quarterly reporting.

     The general partner who has the function of the audit committee requires
that all services Rayburn, Bates & Fitzgerald, P.C., the Partnership's
independent registered public accounting firm, may provide to the Partnership,
including audit services and permitted audit-related and non-audit services,
be pre-approved.  The general partner approved all audit services provided by
Rayburn, Bates & Fitzgerald, P.C.


	PART IV

Item 15.  Exhibits and Financial Statements Schedules

     (a)  Exhibits:

               (3)  Restated Limited Partnership Agreement of the Partnership
			  is hereby incorporated by reference to the Prospectus of
			  the Partnership dated November 30, 1987, as filed with
			  the Securities and Exchange Commission, File No. 33-17577,
			  as supplemented December 28, 1987, October 26, 1988, and
			  November 29, 1988.

(13) Annual Report (see index of consolidated financial
     statements filed with this annual report included in
     Item 8.)

(16) See Form 8-K filed January 23, 2004

        (31) Certification of Principal Executive and Chief Accounting
             Officer pursuant to Rule 13a-14(a)/15d-14(a)
		  (32) Certification of Principal Executive and Chief Accounting
                   Officer pursuant to 18 U.S.C. Section 1350, Sarbanes-Oxley
                    Act of 2002

     (b)  The following reports on Form 8-K were filed since the beginning of
the last quarter of the period covered by this report:

               NONE







	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.

                                  U.S. REALTY INCOME PARTNERS L.P.

                                  By:  Vanderbilt Realty Joint Venture
                                       the General Partner

                                       By:  Vanderbilt Realty Associates, Inc.
                                            its Managing General Partner

                                       By: _/s/Robert Bond Miller
                                           Robert Bond Miller
                                            President, Director, Chief
                                            Executive Officer, Chief Financial
                                            Officer and Chief Accounting
                                            Officer




April 2, 2005


Certification of Principal Executive Officer and Chief Financial Officer Under
Securities Exchange Act Rules 13a-14 and 15d-14

I, Robert Bond Miller, certify that:

1.

I have reviewed this annual report on Form 10-K of the Partnership;

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.

I am responsible for establishing and maintaining disclosure controls and
procedures (as defined in Exchange Act Rules 13a-15e and 15d-15e) for the
registrant and have:


(a)

designed such disclosure controls and procedures, or caused such
disclosure controls and procedures to be designed under my supervision,
to ensure that material information relating to the registrant,
including its consolidated subsidiary is made known to me by others
within that entity, 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 my conclusion 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 this annual report) that has materially affected, or is
reasonably likely to materially affect, the registrant's internal
control over financial reporting; and

5.

I have disclosed, based on my most recent evaluation of internal control
over financial reporting, to the registrant's auditors:


(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.

						By:       /s/Robert Bond Miller
	April 2, 2005				Robert Bond Miller
							President, Director, Chief Executive
						Officer, Chief Financial Officer and
			    			Chief Accounting Officer



CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350, AS ADOPTED
PURSUANT TO SECTION 906 OF THE
SARBANES-OXLEY ACT OF 2002


In connection with the Annual Report of U.S. Realty Income Partners L.P. (the
"Partnership") on Form 10-K for the period ending December 31, 2004 as filed
with the Securities and Exchange Commission on the date hereof (the "Report"),
I, Robert Bond Miller, President, Director, Chief Executive Officer and Chief
Accounting Officer, certify, pursuant to 18 U.S.C. Section 1350, as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1.	The Report fully complies with the requirements of section 13(a) or
15(d) of the Securities Exchange Act of 1934; and

2.	The information contained in the Report fairly presents, in all material
respects, the financial condition and the result of operations of the
Partnership.


Date:  April 2, 2005


/s/ Robert Bond Miller
Robert Bond Miller, President, Director, Chief Executive Officer and
  Chief Accounting Officer


A signed original of this written statement required by Section 906 has been
provided to U.S. Realty Income Partners L.P. and will be retained by U.S.
Realty Income Partners L.P. and furnished to the Securities and Exchange
Commission or its staff upon request.  The information furnished herein shall
not be deemed to be filed for purposes of Section 18 of the Securities
Exchange Act of 1934, nor shall it be deemed incorporated by reference in any
filing under the Securities Act of 1933.










1


2
1
Exhibit 31.1





Exhibit 32.1