<PAGE>1
                                                           Schedule
              III

                        T. Rowe Price Realty Income Fund IV,
                America's Sales-Commission-Free Real Estate Limited
              Partnership

               Consolidated Real Estate and Accumulated Depreciation
                                 December 31, 1995
                               (Dollars in thousands)


              Description              Type
              Encumbrances

              Real Estate Property 
              Investments

              Tierrasanta              Business Park            $0
              San Diego, California 

              Goshen Plaza             Retail                    0
              Montgomery Cty, Maryland

              Westbrook Commons        Retail                    0
              Westchester, Illinois

              Burnham Building         Warehouse                 0
              Boca Raton, Florida

              Kent Sea Park            Business Park             0
              Kent, Washington

              Fairchild Corporate      Office                    0
              Center
              Irvine, California                                __


              Portfolio Totals                                  $0
                                                                ==






















              <PAGE>2





                               Initial Cost to Partnership      Costs 

              Capitalized
                                            Buildings and   Subsequent
              to
              Description        Land        Improvements
              Acquisition

              Real Estate 
              Property 
              Investments


              Tierrasanta        $1,800         $3,201       $(409)
              San Diego, 
              California

              Goshen Plaza        2,540          4,495       103 
              Montgomery County, 
              Maryland

              Westbrook Commons   1,700          3,415       530 
              Westchester, 
              Illinois

              Burnham Building      665          1,924       0 
              Boca Raton, Florida

              Kent Sea Park       1,470          3,415       497 
              Kent, Washington

              Fairchild Corporate   800            880       (309)
              Center
              Irvine, California ______         ______       ______

              Portfolio Totals  $ 9,055        $17,330       $  412 
                                 ======         ======       ======























              <PAGE>3

                                 Gross Amounts at which Carried at 
                                   Close of Period
                                       
                                                Buildings
                                                   and     
              Description             Land      Improvements   Total

              Real Estate 
              Property Investments

              Tierrasanta          $ 1,800          $ 2,792    $ 4,592
              San Diego, 
              California

              Goshen Plaza           2,540            4,598      7,138
              Montgomery Cty, 
              Maryland

              Westbrook Commons      1,700            3,945    5,645
              Westchester, 
              Illinois

              Burnham Building         665            1,924      2,589
              Boca Raton, Florida

              Kent Sea Park          1,470            3,912    5,382
              Kent, Washington

              Fairchild Corporate      880              571      1,451
              Center
              Irvine, California    ______           ______    ______

              Portfolio Totals     $ 9,055          $17,742    $26,797
                                    ======           ======    ======






























              <PAGE>4


                               Accumulated          Date of     Date  
              Description      Depreciation       Construction
              Acquired


              Real Estate 
              Property Investments

              Tierrasanta          $ 1,142             1984    05/88
              San Diego, 
              California

              Goshen Plaza             896             1989    11/90
              Montgomery County, 
              Maryland

              Westbrook Commons        688             1982    12/90
              Westchester, 
              Illinois

              Burnham Building         304             1980    01/91
              Boca Raton, Florida

              Kent Sea Park            652             1972    08/91
              Kent, Washington

              Fairchild Corporate      166             1979    07/88
              Center
              Irvine, California                                              ______

              Portfolio Totals     $ 3,848
                                    ======































              <PAGE>5

                                                       Life on which
                                                        Depreciation
                                                         in Latest
                                                        Statement of
                                                       Operations is
              Description                                Computed   

              Real Estate Property Investments

              Tierrasanta                                  5 - 40
              years
              San Diego, California

              Goshen Plaza                                 5 - 40
              years
              Montgomery Cty, Maryland

              Westbrook Commons                            5 - 40
              years  Westchester, Illinois

              Burnham Building                             5 - 40
              years                           Boca Raton, Florida

              Kent Sea Park                                5 - 40
              years 
              Kent, Washington

              Fairchild Corporate Center                   5 - 40
              years 
              Irvine,California


              Notes:

                (1) The Partnership recorded a provision for value
                impairment in connection with Tierrasanta for $733 in
                1994.  See note 6 of Notes to Consolidated Financial
                Statements.

                (2) In conjunction with the Partnership acquiring
                Fairchild Corporate Center in 1994, the Partnership
                reduced the previously recorded valuation allowance
                for the property, formerly known as Brinderson Plaza,
                by $3 and the remaining allowance of $582 (including
                $75 in 1993) was reclassified as a reduction in the
                carrying value of the property.  See note 5 of Notes
                to Consolidated Financial Statements.

                (3) The Partnership sold Metropolitan Industrial in
                June 1994.  See note 4 of Notes to Consolidated
                Financial Statements.















































































              <PAGE>6

                (4) Reconciliation of real estate owned:

                                              1995        1994 
              1993

                     Balance at beginning 
                       of period             $26,273    $32,830 
              $32,491
                     Additions during period     633        290      
              339
                     Property dispositions 
                       during period              --                                                               (5,532)  --
                     Reductions during period   (109)        --     -
              -
                                              _______                                                              _______
              _______
                                                                                             26,797     27,588    
              32,830

                     Provision for value 
                        impairment                --     (1,315)      
              --
                                              -------    -------  ---
              ----
                     Balance at end of 
                       period                $26,797    $26,273 
              $32,830
                                              =======    =======
              ======

                (5) Reconciliation of accumulated depreciation:

                                                1995       1994    
              1993

                    Balance at beginning 
                     of period               $ 3,171    $ 2,537   $
              1,718
                    Property dispositions 
                     during period                --       (239)  -- 
                    Reductions during 
                     period                     (109)        --       
              -- 
                    Depreciation expense         786        873      
              819
                                               ______     ______
              ______

                    Balance at end of 
                     period                  $ 3,848    $ 3,171   $
              2,537













                                              =======    =======
              =======

                    Reductions in real estate owned and depreciation
                    during 1995 reflect the write-off of tenant
                    improvements relating to tenants who have vacated
                    the property.


                (6)  Aggregate cost of real estate owned at December
                     31, 1995 for Federal income tax purposes was
                     approximately $24,715.