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

                               FORM 10-Q


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

      For the quarterly period ended    September 30, 1995

                                  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        0-10293    

                      BRAUVIN REAL ESTATE FUND I     
        (Exact name of registrant as specified in its charter)

                   Illinois                               36-3121769     
      (State or other jurisdiction of                 (I.R.S. Employer
        incorporation or organization)             Identification Number)

   150 South Wacker Drive, Suite 3200, Chicago, Illinois          60606   
                (Address of principal executive offices)        (Zip Code)

                            (312) 443-0922       
         (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 REAL ESTATE FUND I

                                 Index

                                                                Page
PART I Financial Information
Item 1.  Financial Statements . . . .                             3

       Statement of Net Liabilities in Liquidation at
       September 30, 1995 (unaudited)and December 31, 1994
       (audited) - (Liquidation Basis) . . . . . . . . . . .      4

       Statement of Changes in Net Liabilities in 
       Liquidation for the nine months ended September 30,
       1995 (unaudited) - (Liquidation Basis). . . . . . . .      5

       Statement of Changes in Net Liabilities in
       Liquidation for the three months ended
       September 30, 1995 (unaudited)-(Liquidation Basis). .      6

       Notes to Financial Statements . . . . . . . . . . . .      7

Item 2. Management's Discussion and Analysis of Financial
       Condition and Results of Operations . . . . . . . . .      10

PART II Other Information

Item 1. Legal Proceedings. . . . . . .......................      12

Item 2. Changes in Securities. . . .........................      12

Item 3. Defaults Upon Senior Securities. . . . .............      12

Item 4. Submission of Matters to a Vote of 
        Security Holders . . . . ...........................      12

Item 5. Other Information. . . . . .........................      12

Item 6. Exhibits and Reports on Form 8-K . . . . . . . .....      12

SIGNATURES   . . . . . . . . . . . . . . . . . . . . . .....      13
<PAGE>
                    PART I - FINANCIAL INFORMATION


ITEM 1.   Financial Statements 

     Except for the December 31, 1994 audited Statement of Net
Liabilities in Liquidation, the following Statement of Net Liabilities in
Liquidation as of September 30, 1995 and Statements of Changes in Net
Liabilities in Liquidation for the nine and three months ended September
30, 1995 for Brauvin Real Estate Fund I (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.

     These financial statements should be read in conjunction with the
financial statements and notes thereto included in the Partnership's 1994
Annual Report on Form 10-K.


<PAGE>
                      BRAUVIN REAL ESTATE FUND I
                   (an Illinois limited partnership)

             STATEMENTS OF NET LIABILITIES IN LIQUIDATION
                          (Liquidation Basis)


                                  September 30,          December 31,
                                     1995                   1994
                                  (Unaudited)            (Audited)

ASSETS                           
Cash and cash equivalents         $  391,510              $  144,483
Due from General Partner             234,500                 234,500
Tenant receivables                   132,489                 132,396
Other assets                          10,881           49,357
Real estate held for sale          2,843,690               4,031,033
 
  Total Assets                    $3,613,070                 $4,591,769
        

LIABILITIES
Accounts payable and other accrued 
  expenses                        $  316,062              $  551,855
Due to affiliates                    525,519                 790,099
Security deposits                     12,727                  44,607
Note payable                              --                 200,000
Mortgages payable                  2,843,690               3,673,628
Estimated losses through date of 
  liquidation                         30,000                    200,000
  
  Total Liabilities                3,727,998                  5,460,189
  
Net liabilities in liquidation    $  114,928                 $  868,420









                        See accompanying notes.
<PAGE>
                     BRAUVIN REAL ESTATE FUND I
                  (an Illinois limited partnership)

 STATEMENT OF CHANGES IN NET LIABILITIES IN LIQUIDATION-(UNAUDITED)
For the nine months ended September 30, 1995
                         (Liquidation Basis)



Net liabilities in liquidation at 
 December 31, 1994                                         $(868,420)
 
 Adjustment to provision of estimated 
 losses through date of liquidation                          753,492 

Net liabilities in liquidation at
 September 30, 1995                                       $(114,928)


























                        See accompanying notes.
<PAGE>
                     BRAUVIN REAL ESTATE FUND I
                  (an Illinois limited partnership)

 STATEMENT OF CHANGES IN NET LIABILITIES IN LIQUIDATION-(UNAUDITED)
For the three months ended September 30, 1995
                         (Liquidation Basis)



Net liabilities in liquidation at 
 June 30, 1995                                $ (196,810)         

Adjustments to provision of estimated 
 losses through date of liquidation                           81,882 

Net liabilities in liquidation at 
 September 30, 1995                                       $ (114,928)



























                        See accompanying notes.
<PAGE>
                      BRAUVIN REAL ESTATE FUND I
                   (an Illinois limited partnership)

                     NOTES TO FINANCIAL STATEMENTS

(1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

    Basis of Presentation

    The accompanying unaudited financial statements have been prepared
in accordance with generally accepted accounting principles for interim
financial information and with the instructions to Form 10-Q and Article
10 of Regulation S-X.  Accordingly, they do not include all of the
information and footnotes required by generally accepted accounting
principles for complete financial statements.  In the opinion of
management, all adjustments (consisting of normal recurring accruals)
considered necessary for a fair presentation have been included.   For
further information, refer to the financial statements and footnotes
thereto included in the Partnership's annual report on Form 10-K for the
year ended December 31, 1994.

    As a result of the General Partner's decision to cease operations,
and in accordance with generally accepted accounting principles, the
Partnership's financial statements as of September 30, 1995 have been
prepared on a liquidation basis.  Accordingly, the carrying values of
the assets are presented at estimated 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 required
significant assumptions by management, including assumptions regarding
the amounts that creditors would agree to accept in settlement of
obligations due them, the estimate of liquidation costs to be incurred
and the resolution of contingent liabilities, including tax liabilities,
resulting from the liquidation.  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 liabilities recorded in the statement of
net liabilities in liquidation as of September 30, 1995.

(2) MORTGAGES

    On May 16, 1995, the Partnership paid off the Mokena Industrial
Building first mortgage and note payable as the result of the sale of
Mokena Industrial Building to an unaffiliated third party for
approximately $1.9 million. (See Note 5.)
(3)     PROVISION OF ESTIMATED LOSSES THROUGH DATE OF LIQUIDATION

   At July 1, 1994, 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.  At
September 30, 1995, the provision for estimated losses through date of
liquidation was decreased by $170,000.  The net decrease was due to the
gain on the sale of the Mokena Industrial Building of $602,547, the nine
months ended September 30, 1995 net loss of $19,055 and an adjustment to
the provision of $753,492. The adjustment is the result of the
Partnership's reassessment of the estimate of costs to complete the
liquidation.
                                   
(4)  TRANSACTIONS WITH AFFILIATES

     The General Partners and other affiliates provide various services
to support operating activities of the Partnership.  Fees, commissions
and other expense incurred by the Partnership with respect to such
services for the nine months ended September 30, 1995 and 1994 were as
follows:

                                           1995         1994             
   Legal fees                           $ 25,843       $   894  
   Management fees and reimbursable
      administrative services            351,417        87,507          

     The Partnership believes the amounts paid to affiliates are
representative of amounts which would have been paid to independent
parties for similar services.  Management fees cannot exceed 5% of gross
operating revenues generated by the Partnership properties.  The
Partnership had payables to affiliates for management fees and
reimbursable administrative services of $525,519 and $756,804 at
September 30, 1995 and December 31, 1994, respectively.  The Partnership
had payables to affiliates for legal fees of  $33,295 at December 31,
1994.  No amounts were payable to affiliates for legal fees at September
30, 1995.

     In January 1989, the agreement with the property's Manager was
modified to reflect the fact that the Partnership would have no
obligation to record or remit any expense reimbursement which would
otherwise be payable, until such time as there was sufficient cash
available to remit such amounts.  During the third quarter, $268,222 of
previously unrecorded expenses were accrued and are to be paid from the
proceeds of the sale of the Mokena Industrial Building.

(5)  SALE OF MOKENA INDUSTRIAL BUILDING

     On May 16, 1995, the Partnership sold the Mokena Industrial
Building to an unaffiliated third party for  $1.9 million.  Pursuant to
the liquidation basis of accounting, the gain of $602,547 related to the
sale served to increase the provision of estimated losses through date
of liquidation.

(6)  CROSS CREEK RECEIVERSHIP

     The Partnership has commenced the process of transferring ownership
of Cross Creek to the property's lenders.  A receiver for the lender was
appointed on July 28, 1995.
<PAGE>
Item 2.   Management's Discussion and Analysis of Financial Condition
          and Results of Operations.

Liquidity and Capital Resources

     The General Partners of the Partnership have decided to conclude
the Partnership operations.  During the third quarter of 1995, the
Partnership continued to work toward the disposition of Cross Creek and
the winding up of its affairs. 

     On May 16, 1995, the Partnership sold the Mokena Industrial
Building to an unaffiliated third party for approximately $1.9 million. 
Proceeds from this sale satisfied the mortgage indebtedness.

     Over the last several quarters, the General Partners have been
analyzing several alternatives for Cross Creek Commons.  The General
Partners have worked with local and national brokers seeking new
tenants, have contemplated reconfiguring the Center to attract a new
anchor tenant (or tenants), and have marketed the property for sale. 
All of these efforts, however, have led the General Partners to the
conclusion that the property's current value is less than its mortgage
indebtedness.  Further, the property slipped below break-even during
1995 and has been unable to pay its real estate taxes.   Accordingly,
the Partnership has commenced the process of transferring its ownership
to the property's lender.  On July 28, 1995 a receiver for the lender
was appointed.  The lender has filed to foreclose but no final judgement
has been executed.

     The General Partners anticipated that this transfer process would
have been completed by this time. Once this has been accomplished, the
Partnership will conclude its affairs.  

Results of Operations - For the nine and three months ended September
30, 1995 compared to September 30, 1994

     Pursuant to its liquidation basis of accounting, results of
operations have been charged to the provision of estimated losses
through date of liquidation.  The results of operations for the nine
months ended September 30, 1995 reflect a net loss of $19,055 compared
to a net loss of $220,792 for the nine months ended September 30, 1994,
a decrease of approximately $201,800. The results of operations for the
three months ended September 30, 1995 reflect a net loss of $15,948
compared to a net loss of $33,157 for the three months ended September
30, 1994, a decrease of approximately $17,200.  The decrease in net loss
was due to a decrease in total expenses as a result of decrease in
properties owned and operated during 1995.
     Total revenue generated for the nine months ended September 30,
1995 was $685,295 compared to $806,885 for the nine months ended
September 30, 1994, a decrease of approximately $121,600.  Total revenue
for the three months ended September 30, 1995 was $193,004 compared to
$277,453 for the three months ended September 30, 1994, a decrease of
approximately $84,400.  The decrease in total revenue was due to the
decrease in properties owned and operated as the result of the sale of
Mokena Industrial Building in May 1995.

     Total expenses for the nine months ended September 30, 1995 were
$704,350 compared to $1,027,677 for the nine months ended September 30,
1994, a decrease of approximately $323,300.  Total expenses for the
three months ended September 30, 1995 was $208,952 compared to $310,610
for the three months ended September 30, 1994, a decrease of
approximately $101,600.  The decrease in expenses was mainly due to a
decrease in depreciation expense as a result of the liquidation basis of
accounting which reduced the properties to their net realizable value
and the decrease in repair and maintenance expense.
<PAGE>
                     PART II - OTHER INFORMATION

ITEM 1. Legal Proceedings.

        None.

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 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.



                                BY:  Brauvin Properties, Inc.
                                     Corporate General Partner of
                                     Brauvin Real Estate Fund I



                                     BY:    /s/ Jerome J. Brault
                                            Jerome J. Brault
                                            President and 
                                            Chief Executive Officer
                                            

                                     DATE:  November 14, 1995



                                     BY:    /s/ Thomas J. Coorsh
                                            Thomas J. Coorsh
                                            Chief Financial Officer
                                     

                                     DATE:  November 14, 1995