UNITED STATES
                SECURITIES AND EXCHANGE COMMISSION
                     Washington, D.C.  20549
                            Form 10-K
(Mark One)
(X) ANNUAL  REPORT  PURSUANT  TO  SECTION   13  OR  15 (d)  OF    
    THE  SECURITIES EXCHANGE ACT OF 1934   (FEE REQUIRED)

For the fiscal year ended     December 31, 1995
                             or
( ) TRANSITION  REPORT  PURSUANT  TO  SECTION  13  OR  15(d) OF THE 
    SECURITIES EXCHANGE ACT OF 1934     (NO FEE REQUIRED)         
                                                   
For the transition period from                to 

Commission file number             0-16171 

           USAA Income Properties IV Limited Partnership          
      (Exact name of registrant as specified in its charter)

     Delaware                            74-2449334
(State of Organization)        (I.R.S. Employer Identification No.)

     8000 Robert F. McDermott Fwy., IH 10 West, Suite 600,        
                 San Antonio, Texas  78230-3884                   
   (Address of principal executive offices)      (Zip Code)

Registrant's telephone number, including area code:  (210) 498-7391

Securities registered pursuant to Section 12(b) of the Act:
                                                                  
                                    Name of each exchange on   
Title of each class                      which registered      
       None                                       None            
                                  
Securities registered pursuant to section 12(g) of the Act:

              UNITS OF LIMITED PARTNERSHIP INTERESTS
                         (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
III of this Form 10-K or any amendment to this Form 10-K.    [ X ]

State the aggregate market value of the voting stock held by non-
affiliates of the registrant:  Not Applicable

DOCUMENTS INCORPORATED BY REFERENCE: 

Certain portions of the prospectus of the registrant dated June 8,
1987, as supplemented, filed pursuant to Rule 424(b) or (c) under
the Securities Act of 1933 are incorporated by reference in Parts
I and III.

<PAGE>
                        TABLE OF CONTENTS


PART I

Item 1.   Business

Item 2.   Properties

Item 3.   Legal Proceedings

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

PART II

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

Item 6.   Selected Financial Data

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

Item 8.   Financial Statements and Supplementary Data

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

PART III

Item 10.  Directors and Executive Officers of the General Partner

Item 11.  Executive Compensation

Item 12.  Security Ownership of Certain Beneficial Owners and     
          Management

Item 13.  Certain Relationships and Related Transactions

PART IV

Item 14.  Exhibits, Consolidated Financial Statement Schedule and
          Reports on Form 8-K

Signatures

Index to Exhibits

<PAGE>
                               PART I


Item 1. Business

         USAA Income Properties IV Limited Partnership (the
"Partnership") is a limited partnership formed February 5, 1987,
under the Uniform Limited Partnership Act of the State of Delaware
to invest in a diversified portfolio of income-producing real
properties such as shopping centers, office buildings, apartments,
industrial buildings and other similar income-producing real
property.  The Partnership has three principal business objectives: 
(i) to preserve and protect the Partnership's capital (ii) to
obtain long-term appreciation in the value of its properties, and
(iii) to provide partially "tax-sheltered" distributions of cash
from operations.  Defined terms used herein shall have the meanings
as set forth under the caption "Glossary" contained at pages 87-89
of the Prospectus, dated June 8, 1987, filed pursuant to Rule
424(b), attached as Exhibit 99.a and incorporated herein by
reference.

         The Partnership Agreement authorized the issuance of up to
160,000 Limited Partnership Interests at a price of $500 each.  The
Partnership sold $30,247,500 in Limited Partnership Interests
(60,495 Interests at $500 per Interest) from the commencement of
the offering of Interests on or about July 1, 1987, through the
completion of the offering on February 29, 1988.  Limited Partners
are not required to make any additional capital contributions.  

         Proceeds available to the Partnership for investment in
properties were used to acquire the following properties in fiscal
year 1987:  Linear Technology Corporate Headquarters, Eastman Kodak
Building, and 1881 Pine Street (Century Electric Office Building). 
During 1988, the Partnership acquired a 55.8% joint venture
interest in USAA Chelmsford Associates Joint Venture which owns the
Apollo Computer Research and Development Headquarters Building. 
See "Item 2 Properties".  

         Competitive conditions for the Partnership's properties in
1995 were as follows:

         The Linear Technology Building, located in Milpitas, Santa
Clara County, California, is located three miles north of the San
Jose Municipal Airport and eight miles from Stanford University. 
At December 31, 1995, the building was 100% leased by Linear
Technology Corporation as its corporate headquarters under a lease
which expires in 2000.  During 1995, the lease with Linear
Technology was renewed for an additional five years.  The tenant
renewed at a monthly rate of $.75 per square foot for the 42,130
square foot building, down from the previous monthly rate of $1.15
per square foot.  This new rate reflects the current market
conditions in the area surrounding the property.  An allowance for
tenant improvements has been provided at a total of approximately
$168,500 to be paid out of the working capital reserve.  As of
December 31, 1995, none of the allowance had been expended.  Linear 

<PAGE>
Technology provided approximately $459,000 of annual rental income
to the Partnership in 1995 and $561,000 during 1994 and 1993, which
represented approximately 11% of total Partnership rental income
for 1995, 1994 and 1993.

         The Linear Technology Building is located in the Milpitas
submarket of the Silicon Valley.  This submarket had approximately
300,000 square feet of available research and development (R & D)
space as of December 31, 1995, with a vacancy factor of 4% compared
to a 13% vacancy factor as of December 31, 1994.  The submarket had
net absorption of approximately 635,000 square feet in 1995.

         The Eastman Kodak Building is located in Sorrento Valley, San
Diego, California near the intersection of Interstates 5 and 805. 
At December 31, 1995, the building was 100% leased, with Kodak
occupying 34,600 square feet and Invitrogen Corporation occupying
the remaining 23,147 square feet.  Kodak's lease expires in
February 1998.  The Invitrogen lease expires in April 1996 and the
tenant is in need of additional space.  This need for additional
space can not be accommodated at the Kodak property; therefore,
Invitrogen plans to construct and occupy their own building. 
Invitrogen is seeking a possible short-term extension until the
construction of their new building is complete.  Kodak has made no
commitment to take Invitrogen's space.

         The Kodak Building is located in the Sorrento Valley R & D
submarket.  The vacancy rate in the submarket decreased to
approximately 9.5% as of the end of 1995 compared to 17% in 1994. 
Total inventory in the Sorrento Valley R & D submarket was
approximately 1.3 million square feet with 125,000 square feet
available at the end of 1995.

         The Century Electric Office Building is located in St. Louis,
Missouri near Interstate 44, the Gateway Arch, and Union Station. 
MagneTek, the single tenant at Century Electric, vacated the
property at the expiration of its lease in May 1995.  A broker was
hired in 1994 to lease the property either as a single-tenant or
multi-tenant building.  The property has undergone some
improvements to prepare the building for new tenants and will be
marketed as 1881 Pine Street.  In December, a marketing center was
completed at the property to aid in showing to prospective tenants. 
MagneTek provided approximately $537,000 of rental income to the
Partnership during 1995, $1,306,000 during 1994 and $1,305,000
during 1993.  This represented approximately 13% of total
Partnership rental income for 1995, 26% for 1994 and 25% for 1993. 

         At the end of 1995, the parking lot improvements at 1881
Pine Street were approximately 98% complete and are anticipated to
be complete in March 1996 at a total cost of approximately $172,000,
down from the anticipated cost of $185,000.  Improvements included
demolition of an old fence, and installation of new lights, new asphalt,
striping, wrought iron fencing, landscaping and parking lot access
gates with a card entry reader system.  The cost of improvements
will be funded from the working capital reserve.


<PAGE>
         The 1881 Pine Street property is located in the Downtown St.
Louis submarket.  The occupancy rate as of the end 1995 in this
submarket was approximately 82% as compared to approximately 83% as
of 1994.  The occupancy rate in the overall St. Louis office market
remained stable at approximately 88%.

         USAA Chelmsford Associates Joint Venture, the joint venture
in which the Partnership holds a 55.8% interest, owns and operates
the Apollo Computer Research and Development Headquarters Building
which is located in Chelmsford, Massachusetts, a suburb of Boston. 
The property is an office/R & D building and is 100% leased to
Hewlett-Packard Company, successor in interest to Apollo Computer,
Inc.  During 1995, negotiations with Hewlett-Packard Company
resulted in the renewal of their lease for an additional 41 months. 
The new monthly rental rate of $.57 per square foot for the 291,424
square foot building will begin January 1997.  This rate is lower
than the current rate of approximately $.76 per square foot and
reflects the current market conditions in the area surrounding the
property. An allowance for tenant improvements was provided at a
total of approximately $565,000 to be paid from the working capital
reserve.  As of December 31, 1995, approximately $108,000 of the
allowance has been expended.  This tenant provided approximately
$2,759,000 of annual rental income to the Partnership in 1995,
$2,761,000 in 1994 and $2,763,000 in 1993 which represented
approximately 65% of total Partnership rental income for 1995 and
54% for 1994 and 1993.

         The Apollo Computer Building is located within the 495
Markets/Metrowest submarket of the Greater Boston market.  This
building is configured in a way that allows it to compete as 
office or  R & D.  Total inventory in the submarket was
approximately 11.3 million square feet of office space with an
occupancy rate of approximately 89% as of December 31, 1995
compared to an occupancy rate of approximately 88% as of the end of
1994. Total inventory of R & D space was approximately 2.6 million
square feet as of the end of 1995 with an occupancy of
approximately 88%.  There is no R & D construction underway. 

         See "Item 2 Properties" for further information pertaining
to the status of the Partnership's properties.
         
         The Partnership has no employees; it has, however, entered
into an Advisory Agreement with USAA Real Estate Company (the
"Adviser"), a wholly-owned subsidiary of USAA Capital Corporation,
which is a wholly-owned subsidiary of United Services Automobile
Association ("USAA").  The Adviser is responsible for managing the
day-to-day operations of the Partnership.                     

         The General Partner (the "General Partner") of the
Partnership is USAA Properties IV, Inc., a Texas corporation and a
subsidiary of the Adviser.  The General Partner has the general
responsibility for management of the Partnership's business and
oversees the activities of the Adviser.  

<PAGE>
Item 2. Properties

         The Partnership owns, either directly or through a joint
venture, the properties described below as of December 31, 1995:

         Location                   Description of Property

Milpitas, California        Linear Technology Corporate
                            Headquarters: An office building
                            containing approximately 42,130 net
                            leasable square feet situated on 2.66
                            acres.  At December 31, 1995, the
                            property was 100% occupied and
                            average monthly cash rental was
                            approximately $39,000.  There is no
                            debt on this property.  The
                            Partnership has 100% fee-simple
                            ownership.

San Diego, California       Eastman Kodak Building:  An office
                            building containing approximately
                            57,747 net leasable square feet
                            situated on 4.64 acres.  At December
                            31, 1995, the property was 100%
                            occupied and average monthly cash
                            rental was $58,000.  The mortgage
                            payable on this property is
                            $1,192,098.  The Partnership has 100%
                            fee-simple ownership.

St. Louis, Missouri         1881 Pine Street:  An office building
                            containing approximately 106,340 net
                            leasable square feet situated on
                            approximately 1 acre.  At December
                            31, 1995, the property was not
                            leased.  There is no debt on this
                            property.  The Partnership has 100%
                            fee-simple ownership.
  
Chelmsford, Massachusetts   Apollo Computer Research and
                            Development Headquarters Building: 
                            An office/research and development
                            facility containing approximately
                            291,424 net leasable square feet
                            situated on 26.651 acres.  At
                            December 31, 1995, the property was
                            100% leased and average monthly cash
                            rental was $237,000.  The mortgage
                            payable on this property is
                            $15,446,788.  This building is 100%
                            owned in fee-simple by USAA
                            Chelmsford Associates Joint Venture. 
                            The Partnership holds a 55.8%
                            interest in this joint venture.

See notes 3, 4, 5, 6, 7, and 10 of Notes to Consolidated Financial
Statements in Item 8, for further discussion relating to the
properties and encumbrances thereon.

<PAGE>
Item 3. Legal Proceedings

       There are no material legal proceedings pending to which the
General Partner or the Partnership is a party or to which any of
the Partnership's properties are subject.


Item 4. Submission of Matters to a Vote of Security Holders
       
       No matters were submitted to a vote of security holders
during the fourth quarter of the fiscal year covered by this report
through the solicitation of proxies or otherwise.

                            PART II

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

       There is no established public trading market for the
Interests, and it is not anticipated that a public market will
develop.  Upon request, Real Estate Limited Partnership Investor
Services, a department in the USAA Real Estate Company, may assist
a Limited Partner desiring to transfer his Interests.  The limited
market for the Interests may adversely affect the value of the
Interests.  The purchase price for the Interests upon resale and
all other terms of a resale transaction are subject to negotiation
between the buyer and the seller.

       As of December 31, 1995, there were 2,989 Limited Partners
of the Partnership, owning an aggregate of 60,495 Interests.

       During the year ended December 31, 1995, quarterly
distributions totaling $907,425 and $9,166 were distributed to the
Limited Partners and General Partner, respectively, for a total of
$916,591 in cash distributions.  These distributions represented a
return of capital for both the Limited Partners and General
Partner.

       During the year ended December 31, 1994, quarterly
distributions totaling $907,426 and $9,166 were distributed to the
Limited Partners and General Partner, respectively, for a total of
$916,592 in cash distributions.  The return of capital portion of
1994 distributions was $355,803 and $3,594 for the Limited Partners
and General Partner, respectively.
  
       Future cash distributions to Limited Partners are
anticipated.  It is anticipated that distributions will be reduced
due to significant decreases in future cash flows as a result of
lease expirations, renewals at lower rental rates which reflect
market conditions and substantial re-leasing costs.

<PAGE>
<TABLE>
Item 6.  Selected Financial Data

                      USAA INCOME PROPERTIES IV LIMITED PARTNERSHIP
                                   SELECTED FINANCIAL DATA
                   Years Ended December 31, 1995, 1994, 1993, 1992 and 1991
<CAPTION>
                               1995         1994         1993         1992         1991
<S>                         <C>          <C>          <C>          <C>          <C>  
Rental Income                4,276,734    5,119,505    5,126,096    5,261,380    5,264,946
Interest Income                144,048       73,388       35,848       43,819       84,623
Net Income(Loss)              (267,510)     557,195      622,013      731,669      851,769
Net Income(Loss) per Limited
  Partnership Interest (1)       (4.38)        9.12        10.18        11.97        13.94
Taxable Income                 122,089    1,053,107      920,808      979,092      910,196
Taxable Income per
  Limited Partnerhip
  Interest (1)                    2.00        17.23        15.07        16.02        14.90
Cash Distributions             916,591      916,592    1,191,567    1,649,864    1,967,616
Cash Distributions per
  Limited Partnership
  Interest (2)                   15.00        15.00        19.50        27.00        32.20
Total Assets at Period End  48,773,131   50,430,042   51,237,941   52,386,006   53,725,616
Total Mortgages and Note
  Payable at Period End     22,638,886   22,839,334   23,022,114   23,188,785   23,340,750



     (1)  Based on limited partnership interests issued at period end and net
          income(loss)/taxable income allocated to Limited Partners.

     (2)  Based on limited partnership interests issued at each quarter end and
          cash distributions allocated to Limited Partners.

     The above selected financial data should be read in conjunction with the consolidated
     financial statements and related notes appearing elsewhere in this report.
</TABLE>
<PAGE>
Item 7.  Management's Discussion and Analysis of Financial        
         Condition and Results of Operations

Liquidity and Capital Resources

At December 31, 1995, the Partnership had cash of $61,643 and
temporary investments of $2,217,339.  Included in these amounts
was the working capital reserve and funds held for payment of
current obligations of the Partnership.  Accounts receivable
consisted of amounts due from tenants.  Deferred charges and
other assets  consisted primarily of deferred rent resulting from
recognition of income as required by generally accepted
accounting principles.  Accounts payable consisted of amounts due
to USAA Real Estate Company for management fees and reimbursable
expenses and amounts due to third parties for expenses incurred
for operations.  Other liabilities consisted of security deposits
and prepaid rent.  

The original lease with Linear Technology, the single tenant at
the Linear Technology Building in Milpitas, California, expired
in June 1995.  During the year, negotiations with Linear resulted
in a five year renewal.  The tenant renewed at a monthly rental
rate of $.75 per square foot for the 42,130 square foot building,
down from the previous monthly rate of $1.15 per square foot. 
This new rate reflects the current market conditions in the area
surrounding the property.  An allowance for tenant improvements
has been provided for a total of approximately $168,500 to be
paid out of the working capital reserve.  As of December 31,
1995, none of the allowance had been expended.

During May 1995, MagneTek vacated 1881 Pine Street (formerly
known as the Century Electric Building) in St. Louis, Missouri. 
This property has undergone some improvements to prepare the
building for new tenants.  In December, a marketing center was
completed at the property to show prospective tenants.  A broker
was hired in 1994 to lease the property as either a single-tenant
or multi-tenant building.  Rental rates for new leases will be
lower than the previous rate reflecting market conditions in the
area surrounding the property.

At end of 1995, the parking lot improvements at 1881 Pine Street 
were approximately 98% complete and are anticipated to be
complete in March 1996 at a total cost of approximately $172,000,
down from the anticipated cost of $185,000.  Improvements included
demolition of an old fence, and installation of new lights, new
asphalt, striping, wrought iron fencing, landscaping, and parking
lot access gates with a card entry reader system.  The cost of
improvements will be funded from the working capital reserve.

Although the lease with Hewlett-Packard Company, the single
tenant at the Apollo Building in Chelmsford, Massachusetts, did
not expire until 1996, negotiations during 1995 resulted in a
renewal.  The tenant has agreed to renew for an additional 41
months at a monthly rate of $.57 per square foot for the 291,424
square foot building.  This rate is lower than the current rate 

<PAGE>
of approximately $.76 per square foot and reflects the current
market conditions in the area surrounding the property.  This new
lease expires in May 2000.  An allowance for tenant improvements
was provided at a total of approximately $565,000 to be paid from
the working capital reserve.  As of December 31, 1995,
approximately $108,000 of the allowance had been expended.

Total cash distributions in 1995 to Partners remained consistent
with total cash distributions to Partners in 1994.  The single
tenant lease at 1881 Pine Street expired in May 1995 and
substantial expenditures for tenant improvements are anticipated
beginning in 1996 as new leases are signed.  Linear renewed its
lease effective June 1995 for an additional five years with
approximately $168,500 in tenant improvement costs and a rental
rate decrease to reflect market conditions.  Apollo renewed its
lease effective January 1997 for an additional 41 months at a
reduced rental rate to reflect current market conditions and with
$565,000 in tenant improvement costs.  In addition, the
Invitrogen lease expires in 1996.  Due to significant decreases
in 1996 cash flow, reductions in distributions are anticipated
for 1996.

Future liquidity is expected to result from cash generated from
the operations of the properties, interest on temporary
investments and ultimately through the sale of the properties.


Results of Operations

For the three-years ended December 31, 1995, income was generated 
from rental income from the income-producing real estate
properties and from interest income earned on the funds in
temporary investments.

Expenses incurred during the same periods were associated with
the operation of the Partnership's properties, interest on the
mortgages and note payable, and various other costs required for
administration of the Partnership.

During 1995, 1994 and 1993, two of the Partnership's properties
were single-tenant properties with absolute triple net leases. 
Under an absolute triple net lease, the lessee is required to
make all payments for expenses related to the use and occupation
of the leased premises, including real estate taxes and
assessments, property and liability insurance, repairs and
maintenance, utilities and other operating costs associated with
the property.  Accordingly, the Partnership received rental
income and the lessee absorbed all such expenses on these
properties.

Rental income decreased for 1995 as compared to 1994 primarily
due to the single tenant at 1881 Pine Street vacating the
property in May 1995 upon expiration of the lease.  Also
contributing to the decrease in rental income was the rent
reduction at Linear.  The tenant at Linear renewed at a monthly 

<PAGE>
rate of $.75 per square foot for the 42,130 square foot building,
which is lower than the previous monthly rate of $1.15 per square
foot and reflects the current market conditions in the area
surrounding the property.

Depreciation increased for 1995 as compared to 1994 due to
improvements at 1881 Pine Street and Kodak.  The increase in
depreciation in 1994 as compared to 1993 was attributable to the
tenant improvements for the Kodak lease placed in service January
1994.  Other direct expenses were higher for 1995 as compared to
1994 as a result of sidewalk repairs, property tax payments and
demolition costs at the 1881 Pine Street property to enhance the
appearance of the property for showing to prospective tenants. 
Also contributing to the increase was parking lot repairs at the
Apollo Building which was part of the tenant improvement
allowance.  Other direct expenses for 1994 reflected an increase
as compared to 1993 due to an increase in marketing expenses and
an evaluation of the heating and air conditioning system at 1881
Pine Street, and an increase in property earthquake insurance at
Kodak and Linear.  

Higher interest rates and an increase in cash reserves accounted
for the increase in interest income for 1995 and 1994 as compared
to 1993.

General and administrative expenses decreased for 1995 as
compared to 1994 due to a reduction in charges for preparation of
federal and state tax returns, a reduction in a partnership
earnings tax paid to the City of St. Louis and a decrease in
printing charges.  The increase in general and administrative
expenses for 1994 as compared to 1993 was attributable to a
partnership earnings tax paid to the City of St. Louis.

The management fee payable to the adviser is based on cash flow
from operations of the Partnership adjusted for cash reserves and
fluctuated accordingly.  

Interest expense decreased in 1995 and 1994 as compared to 1993
due to principal balance reductions.

Minority interest in joint venture earnings decreased for 1995 as
compared to 1994 due to a decrease in net income of the joint
venture property as a result of parking lot repairs offset
somewhat by a decrease in interest expense.   Minority interest
in joint venture earnings increased for 1994 as compared to 1993
as a result of a decrease in interest expense. 

<PAGE>
Inflation

An increase in inflation could affect the Partnership's
investments through increases in various administrative costs of
Partnership operation.  The adverse effect inflation may have
would be offset to some extent by increases in rental rates
charged tenants at the Partnership's properties. 

<PAGE>
<TABLE>
Item 8.  Financial Statements and Supplementary Data

                      USAA INCOME PROPERTIES IV LIMITED PARTNERSHIP
                                 CONSOLIDATED BALANCE SHEETS
                                  DECEMBER 31, 1995 AND 1994
<CAPTION>

                                                         1995          1994
<S>                                                <C>             <C> 
ASSETS

Rental properties, net (notes 3, 4, and 7)         $  46,218,351    47,806,604
Temporary investments, at cost which approximates 
market value:
     USAA Mutual Fund, Inc. (note 8)                          --        13,920
     Money market fund                                 2,217,339     2,180,318
                                                       2,217,339     2,194,238
Cash                                                      61,643        14,506
   Cash and cash equivalents                           2,278,982     2,208,744

Accounts receivable                                       81,956        63,505
Deferred charges and other assets                        193,842       351,189

                                                   $  48,773,131    50,430,042


LIABILITIES AND PARTNERS' EQUITY

Mortgages payable (note 7)                         $  16,638,886    16,839,334
Note payable to affiliate (notes 4, 7, and 8)          6,000,000     6,000,000
Accounts payable, including amounts due
   to affiliates of $44,323 and $34,886                   57,801        59,971
Other liabilities                                        251,595       250,852
         Total liabilities                            22,948,282    23,150,157

Minority interest in joint venture (note 4)            4,310,989     4,581,924

Partners' equity:
   General Partner:
      Capital contribution                                 1,000         1,000
      Cumulative net income                               52,678        55,353
      Cumulative distributions                          (121,876)     (112,710)
                                                         (68,198)      (56,357)
   Limited Partners (60,495 interests):
      Capital contributions, net of offering costs    28,432,650    28,432,650
      Cumulative net income                            5,215,136     5,479,971
      Cumulative distributions                       (12,065,728)  (11,158,303)
                                                      21,582,058    22,754,318
         Total Partners' equity                       21,513,860    22,697,961

Commitment (note 12)
                                                   $  48,773,131    50,430,042


See accompanying notes to consolidated financial statements.
</TABLE>
<PAGE>
<TABLE>
                      USAA INCOME PROPERTIES IV LIMITED PARTNERSHIP
                           CONSOLIDATED STATEMENTS OF OPERATIONS
                       Years Ended December 31, 1995, 1994 and 1993
<CAPTION>
 
                                                         1995          1994          1993
<S>                                                <C>               <C>           <C>   
INCOME
Rental income                                      $   4,276,734     5,119,505     5,126,096
Less direct expenses, including
   depreciation of $1,873,494,
   $1,866,275 and $1,784,167                           2,094,869     1,977,988     1,859,924

     Net operating income (note 6)                     2,181,865     3,141,517     3,266,172
Interest income (note 8)                                 144,048        73,388        35,848

         Total income                                  2,325,913     3,214,905     3,302,020


EXPENSES
General and administrative (note 8)                      197,963       233,198       207,904
Management fee (note 8)                                   90,376        91,449       129,404
Interest (notes 7 and 8)                               2,134,420     2,152,088     2,168,197
Minority interest in joint venture 
   earnings (note 4)                                     170,664       180,975       174,502
         Total expenses                                2,593,423     2,657,710     2,680,007

Net income (loss)                                  $    (267,510)      557,195       622,013

Net income (loss) per limited partnership interest $       (4.38)         9.12         10.18


See accompanying notes to consolidated financial statements.
</TABLE>

<PAGE>
<TABLE>
                USAA INCOME PROPERTIES IV LIMITED PARTNERSHIP
                 CONSOLIDATED STATEMENTS OF PARTNERS' EQUITY
                 Years Ended December 31, 1995, 1994 and 1993
<CAPTION>

                                                       General       Limited
                                                       Partner       Partners       Total
<S>                                                <C>              <C>           <C> 
Balances at December 31, 1992                      $     (47,068)   23,673,980    23,626,912

Net income                                                 6,220       615,793       622,013
Distributions                                            (11,915)   (1,179,652)   (1,191,567)
Balances at December 31, 1993                            (52,763)   23,110,121    23,057,358

Net income                                                 5,572       551,623       557,195
Distributions                                             (9,166)     (907,426)     (916,592)
Balances at December 31, 1994                            (56,357)   22,754,318    22,697,961

Net loss                                                  (2,675)     (264,835)     (267,510)
Distributions                                             (9,166)     (907,425)     (916,591)
Balances at December 31, 1995                      $     (68,198)   21,582,058    21,513,860



See accompanying notes to consolidated financial statements.
</TABLE>

<PAGE>
<TABLE>
                  USAA INCOME PROPERTIES IV LIMITED PARTNERSHIP
                       CONSOLIDATED STATEMENTS OF CASH FLOWS
                   Years Ended December 31, 1995, 1994 and 1993
<CAPTION>

                                                         1995          1994          1993
<S>                                                <C>              <C>           <C>         
Cash flows from operating activities:
   Net income (loss)                               $    (267,510)      557,195       622,013
   Adjustments to reconcile net income (loss) to net
      cash provided by operating activities:
         Depreciation                                  1,873,494     1,866,275     1,784,167
         Amortization                                     24,108        24,108        26,880
         Decrease (increase) in accounts receivable      (18,451)       12,959        33,942
         Decrease in deferred charges 
           and other assets                              133,239       144,745        72,009
         Increase (decrease) in accounts payable,
           accrued expenses and other liabilities         (1,427)      127,383       (12,262)
         Minority interest in joint venture earnings     170,664       180,975       174,502

           Cash provided by operating activities       1,914,117     2,913,640     2,701,251

Cash flows used in investing activities -
   Additions to rental properties                       (285,241)      (39,306)     (741,896)

Cash flows from financing activities:
   Repayment of mortgages payable                       (200,448)     (182,780)     (166,671)
   Distributions to co-venturer                         (441,599)     (574,080)     (574,080)
   Distributions to partners                            (916,591)     (916,592)   (1,191,567)

           Cash used in financing activities          (1,558,638)   (1,673,452)   (1,932,318)

Net increase in cash and cash equivalents                 70,238     1,200,882        27,037

Cash and cash equivalents at beginning
   of year                                             2,208,744     1,007,862       980,825

Cash and cash equivalents at end of year           $   2,278,982     2,208,744     1,007,862


See accompanying notes to consolidated financial statements.
</TABLE>

<PAGE>
         USAA INCOME PROPERTIES IV LIMITED PARTNERSHIP
            NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                 December 31, 1995, 1994 and 1993


1.  Organization, Summary of Significant Accounting Policies and
    Other

    USAA Income Properties IV Limited Partnership is engaged
    solely in the business of real estate investment; therefore,
    presentation of information about industry segments is not
    applicable.

    The Partnership owns office buildings in Milpitas,
    California; San Diego, California; St. Louis, Missouri and a
    joint venture  interest in a research and development
    property in Chelmsford, Massachusetts.  The Partnership's
    revenue is subject to changes in the economic environments of
    these areas.

    The General Partner, USAA Properties IV, Inc., is a wholly-
    owned subsidiary of USAA Real Estate Company (Realco), which
    is a wholly-owned subsidiary of USAA Capital Corporation,
    which is a wholly-owned subsidiary of United Services
    Automobile Association (USAA).

    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 those estimates.

    Rental properties are valued at cost.  The carrying amount of
    a property is not changed for temporary fluctuations in value
    unless the carrying value is believed to be permanently
    impaired.  In 1995, the Partnership adopted the provisions of
    Financial Accounting Standards Board Statement No. 121,
    "Accounting for Impairment of Long-lived Assets and for Long-
    lived Assets to be Disposed of," (Statement 121).  Statement
    121 provides guidance for determining impairment of long-
    lived assets utilizing undiscounted future cash flows.  Based
    on the provisions of Statement 121, the Partnership's long-
    lived assets,  real  estate  and  improvements,  are  not
    considered impaired.  The adoption of this Statement had no
    financial statement impact.

    Depreciation is provided over the estimated useful lives of
    the properties using the straight-line method.  The estimated
    lives of the buildings and improvements is 30 years (31.5 -
    39 years for Federal income tax purposes).


<PAGE>
    Rental income is recognized under the operating method,
    whereby aggregate rentals are reported on a straight-line
    basis as income over the life of the lease.  Rental income
    recognized was $142,781, $148,920 and $99,643 less than the
    amount due per the lease agreements for the years ended
    December 31, 1995, 1994 and 1993, respectively.

    No provision or credit for income taxes has been made as the
    liability for such taxes is that of the Partners rather than
    the Partnership.  The Partnership files its tax return on an
    accrual basis.

    For purposes of the Consolidated Statements of Cash Flows,
    all highly liquid marketable securities that have a maturity
    at purchase of three months or less, and money market mutual
    funds are considered to be cash equivalents.  

    The consolidated financial statements include the accounts of
    the Partnership and its majority-owned joint venture.  All
    significant intercompany accounts have been eliminated in
    consolidation. 

    For financial reporting purposes, net income is allocated 1%
    to the General Partner and 99% to the Limited Partners.  Net
    income per limited partnership interest is based upon the
    limited partnership interests outstanding at the end of the
    period and net income allocated to the Limited Partners.

    Cash distributions per limited partnership interest were
    $15.00 for 1995 and 1994 and $19.50 for 1993, and were based
    on the limited partnership interests outstanding at each
    quarter end and the cash distributions allocated to Limited
    Partners.


2.  Partnership Agreement

    Pursuant to the terms of the Partnership Agreement, Net Cash
    from Operations shall be allocated and paid 1% to the General
    Partner and 99% to the Limited Partners.  Any Net Cash from
    Operations received by a Limited Partner shall count toward
    his 6% cumulative Preferred Return, as defined in the
    Partnership Agreement.  Net Proceeds from Sales or
    Refinancings, shall be allocated and paid 1% to the General
    Partner and 99% to the Limited Partners until the Limited
    Partners have been returned their Original Invested Capital
    from Net Proceeds from Sales or Refinancings, plus their
    Preferred Return.  Second, Net Proceeds from Sales or
    Refinancings shall be allocated and paid to the Adviser in
    payment of any unpaid Subordinated Disposition Fee.  Third,
    Net Proceeds from Sales or Refinancings shall be allocated
    and paid 90% to the Limited Partners and 10% to the General
    Partner.


<PAGE>
    Generally, all items of income, gain, loss, deduction and
    credit from operations will be allocated 99% to the Limited
    Partners and 1% to the General Partner.  Net gain or net loss
    from the sale or other disposition of a property shall be
    allocated as described in the Partnership Agreement.


3.  Rental Properties

    Rental properties at December 31 consisted of the following:


                                      1995           1994    
    Buildings and improvements    $ 50,831,721     50,546,480
    Land                             9,020,016      9,020,016
                                    59,851,737     59,566,496
    Less accumulated depreciation (13,633,386)    (11,759,892)

                                  $ 46,218,351     47,806,604

4.  Investment in Joint Venture

    On May 31, 1988, the Partnership entered into the USAA
    Chelmsford Associates Joint Venture with USAA Real Estate
    Company for the ownership and operation of the Apollo
    Computer Research and Development Headquarters Building.  The
    Partnership contributed $9,000,000 for its 55.8% joint
    venture interest.  The contribution consisted of $3,000,000
    in remaining offering proceeds and $6,000,000 in proceeds
    from a note payable to USAA Real Estate Company (note 7).


<PAGE>
    Summary financial information for the joint venture as of
    December 31, 1995 and 1994 and for the years ended December
    31, 1995, 1994 and 1993 follows:

                             ASSETS
                                        1995        1994
Cash                                $   346,262     240,404
Property, net                        24,957,807  25,783,464
Account receivable                       74,356      54,507
Deferred rent and other assets           64,102     125,358
                                    $25,442,527  26,203,733


                      LIABILITIES AND EQUITY

Liabilities:
Mortgage payable                    $15,446,788  15,592,159   
Accounts payable                        232,946     235,249
                                     15,679,734  15,827,408

Equity:
  USAA Income Properties IV          
    Limited Partnership               5,451,804   5,794,401 
  Co-venturer - affiliate             4,310,989   4,581,924
        Total equity                  9,762,793  10,376,325
                                    $25,442,527  26,203,733


                            OPERATIONS

                          1995          1994        1993

Revenues               $ 2,771,135    2,771,501   2,770,921
Operating expenses         (63,018)     (30,885)    (32,723)
Other expenses              (8,967)      (5,484)     (6,134)
Depreciation              (895,877)    (895,877)   (895,878)
Interest expense        (1,416,805)  (1,429,437) (1,440,971)
   Net income          $   386,468      409,818     395,215

Equity in net income: 
  USAA Income Properties IV
   Limited Partnership $   215,804      228,843     220,713
 Co-venturer - affiliate   170,664      180,975     174,502
                       $   386,468      409,818     395,215

Cash distributions:   
  USAA Income Properties IV
   Limited Partnership $   558,401      725,920     725,920
 Co-venturer - affiliate   441,599      574,080     574,080
                       $ 1,000,000    1,300,000   1,300,000

<PAGE>
5.  Minimum Future Rentals

    Operating leases with tenants have remaining terms from four
    months to five years.  Minimum future rentals are cash payments
    to be received under non-cancelable leases over the lease terms
    and do not necessarily represent rental income under generally
    accepted accounting principles.  Rental income reported in the
    Consolidated Statements of Operations is recognized under the
    operating method, whereby aggregate rentals are reported on a
    straight-line basis as income over the life of the lease. 
    Approximate minimum future rentals are as follows:


            1996             $ 3,598,000
            1997               2,737,000
            1998               2,439,000
            1999               2,379,000
            2000               1,023,000
            Thereafter                --
                             $12,176,000 

6.  Triple Net Leases

    During 1995, 1994 and 1993, the Partnership had ownership
    interests in two office buildings occupied by single tenants. 
    The lease agreements between the tenants and the Partnership
    were absolute triple net lease arrangements whereby the lessee
    is required to make all payments for expenses related to the use
    and occupation of the leased premises including real estate
    taxes and assessments, property and liability insurance, repairs
    and maintenance, utilities and other operating costs associated
    with the property.  Accordingly, net operating income reflected
    only rental income and excluded all expenses directly related
    to the operations of the property as payments for such expenses
    are made directly by the lessee.

<PAGE>
7.  Mortgages and Note Payable

    Mortgages payable at December 31:

                                          1995           1994    
   
    9.625% first mortgage note,
    payable in monthly install-
    ments of $14,391, including
    interest, due August 1, 2008;
    secured by rental property
    with a depreciated cost of 
    approximately $6,195,000.           $  1,192,098   1,247,175 
                                                                  

    9.125% first mortgage note,
    due August 1, 2001, interest
    only payable monthly for the
    first five years; interest and
    principal of $130,181 are
    payable monthly for the
    remaining term with a balloon 
    payment of $14,361,580; secured
    by rental property with a
    depreciated cost of approxi-
    mately $25,354,000.                   15,446,788   15,592,159
                                        $ 16,638,886   16,839,334

    On May 31, 1988, $6,000,000 of the total $9,000,000 Partnership
    investment in USAA Chelmsford Associates Joint Venture was
    borrowed from USAA Real Estate Company (note 4).  The unsecured
    demand note payable bears interest at 10%, payable monthly, with
    a due date of September 1, 1997.  

    Aggregate maturities of mortgages and note payable for 1996
    through 2000 are $219,803, $6,241,070, $264,374, $289,934 and
    $317,946 respectively.  

    Cash payments for interest expense were $2,134,420, $2,152,088
    and $2,168,197 for 1995, 1994 and 1993, respectively.


8.  Transactions with Affiliates

    USAA Real Estate Company (the Adviser) may receive property
    acquisition fees of up to 5% of gross offering proceeds, real
    estate brokerage commissions of up to 2% of the aggregate
    selling prices of properties sold and management fees of 9% of
    adjusted cash flow from operations.

    A portion of the Partnership's working capital reserve and other
    available funds were invested in USAA Mutual Fund, Inc. and
    earned interest thereon at market rates.


<PAGE>
    Quorum  Real  Estate Services Corporation (also known as USAA 
    Realty Company), an affiliate of the General Partner, provides
    property management and leasing services for the properties and
    may receive fees of up to 6% of property cash receipts for those
    services.  
<TABLE>
    A summary of transactions with affiliates follows:
<CAPTION>
                      Reimbursement   Interest   Management     Lease      Interest
                     of Expenses (1)   Income       Fees     Commissions  Expense (2)    Total
<S>                <C>                  <C>        <C>            <C>        <C>        <C>                           
USAA Mutual
Fund, Inc.:
  1995             $             --        (27)         --           --           --        (27)
  1994                           --       (542)         --           --           --       (542)
  1993                           --     (7,939)         --           --           --     (7,939)

USAA Real Estate
Company:
  1995                      108,885         --      90,376           --      600,000    799,261
  1994                      110,947         --      91,449           --      600,000    802,396
  1993                      107,046         --     129,404           --      600,000    836,450

Quorum Real Estate
Services Corporation:
  1995                       36,559         --      52,802        9,487           --     98,848
  1994                       22,556         --      63,118        8,865           --     94,539
  1993                       13,818         --      58,350       10,588           --     82,756


(1)  Reimbursement of expenses represents amounts paid or accrued as reimbursement of expenses 
     incurred on behalf of the Partnership at actual cost and does not include any mark-up or
     items normally considered as overhead.
(2)  Represents interest expense incurred on a note payable (note 7).
</TABLE>
<PAGE>
9.  Income Taxes

    A reconciliation of financial statement net income (loss) to
    taxable income follows:

                                           1995       1994        1993

  Net income (loss)-financial statement 
    basis                               $ (267,510)   557,195   622,013
  Less:
    Taxable income over financial
     statement income - USAA 
     Chelmsford Associates                  99,037    227,432    98,736
    Increase in deferred rent               77,506    83,647     34,369
  Plus:
    Excess financial statement depreciation
     over tax depreciation                 233,836   230,903    169,546
    Other reconciling items                (20,780)  (46,070)    (3,856)
  Taxable income                        $  122,089 1,053,107    920,808


10.  Major Customer Information

     During 1995, the Partnership recorded approximately $2,759,000,
     $537,000 and $459,000 of rental income from single-tenant leases
     which represented approximately 65%, 13% and 11% of total rental
     income, respectively.  

     During 1994, the Partnership recorded approximately $2,761,000,
     $1,306,000 and $561,000 of rental income from single-tenant
     leases which represented approximately 54%, 26% and 11% of total
     rental income, respectively.  

     During 1993, the Partnership recorded approximately $2,763,000,
     $1,305,000 and $561,000 of rental income from single-tenant
     leases which represented approximately 54%, 25% and 11% of total
     rental income, respectively.  

  
11.  Fair Value of Financial Instruments

     The carrying value of cash and cash equivalents approximates 
     fair value due to the short maturity of these instruments.

     The fair value of mortgages and note payable at December 31,
     1995 and 1994 was $21,677,908 and $21,733,260, respectively, and
     was estimated by discounting the future cash flows using
     interest rates currently being offered for mortgage loans and
     notes with similar characteristics and maturities.

<PAGE>
12.  Commitment
  
     During 1995, the Linear Technology lease was renewed for an
     additional five years.  The original lease expiration has been
     extended from June 1995 to June 2000.  The Partnership has
     committed to funding approximately $168,500 for tenant
     improvements to be paid out of the working capital reserve.  As
     of December 31, 1995, none of the allowance had been expended.

     During 1995, the lease with Hewlett-Packard Company at the
     Apollo Building was renewed for an additional 41 months.  The
     original lease expiration has been extended from December 1996
     to May 2000.  The Partnership has committed to funding
     approximately $565,000 to be paid from the working capital
     reserve.  As of December 31, 1995, $108,000 of the allowance had
     been expended.


<PAGE>
                   Independent Auditors' Report

The Partners
USAA Income Properties IV Limited Partnership:

  We have audited the accompanying consolidated balance sheets of
USAA Income Properties IV Limited Partnership and majority-owned
joint venture as of December 31, 1995 and 1994, and the related
consolidated statements of operations, partners' equity, and cash
flows for each of the years in the three-year period ended December
31, 1995.  These consolidated financial statements are the
responsibility of the Partnership's management.  Our responsibility
is to express an opinion on these consolidated financial statements
based on our audits.

  We conducted our audits in accordance with generally accepted
auditing standards.  Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement.  An audit
includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements.  An audit also
includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall
financial statement presentation.  We believe that our audits
provide a reasonable basis for our opinion.

  In our opinion, the consolidated financial statements referred
to above present fairly, in all material respects, the financial
position of USAA Income Properties IV Limited Partnership and
majority-owned joint venture as of December 31, 1995 and 1994, and
the results of their operations and their cash flows for each of
the years in the three-year period ended December 31, 1995, in
conformity with generally accepted accounting principles.




                                          /S/KPMG PEAT MARWICK LLP
                                          KPMG PEAT MARWICK LLP


San Antonio, Texas
January 29, 1996

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

     Not applicable.

                                 
<PAGE>
                            Part III


Item 10. Directors and Executive Officers of the Registrant

       The General Partner of the Partnership is USAA Properties
IV, Inc., a Texas corporation.

       As of January 1, 1996, the directors and executive officers
of the General Partner were as follows:


                                   POSITION WITH 
           NAME                   GENERAL PARTNER


       Edward B. Kelley          Chairman, President,
                                 Chief Executive Officer and
                                 Director

       T. Patrick Duncan         Vice Chairman
                                 Senior Vice President -
                                 Real Estate Operations and
                                 Director

       Randal R. Seewald         Vice President, Secretary,
                                 Legal Counsel and Director

       Martha J. Barrow          Vice President -
                                 Administration and
                                 Finance/Treasurer

       S. Wayne Peacock          Vice President -
                                 Portfolio Management

       David A. Rosales          Assistant Vice President - 
                                 Controller 

       Susan T. Wallace          Assistant Vice President - 
                                 Acquisitions and Dispositions

       David M. Holmes           Assistant Vice President -
                                 Capital Investments

       John G. Meadows           Assistant Vice President - 
                                 Southeast Real Estate Region 

       Stephen S. King           Assistant Vice President -
                                 Western Real Estate Region

       All of the foregoing directors and executive officers have
been elected to serve one-year terms until the annual meeting of
the General Partner.  All of the foregoing officers have served in
the capacities indicated since their election, with the exception
of Martha J. Barrow who was elected Vice President - Administration 

<PAGE>
and Finance/Treasurer, Randal R. Seewald's promotion to Vice
President - Legal Counsel, Secretary and Director, S. Wayne
Peacock's promotion to Vice President - Portfolio Management all
effective February 18, 1995, and David M. Holmes who was named
Assistant Vice President - Capital Investments effective October
31, 1995.

       There are no arrangements or understandings between or among
any of said directors or executive officers to be elected or
selected as such, nor are there any family relationships among any
of the foregoing directors and executive officers.  The foregoing
directors and executive officers are also officers and/or directors
of various affiliated companies of the General Partner.

       The age and business experience of each of the directors and
executive officers of the General Partner is as follows:

       Edward B. Kelley, 55, joined USAA in April 1989 and is Vice
Chairman, President, Chief Executive Officer and Director of USAA
Real Estate Company and Chairman, President, Chief Executive
Officer and Director of USAA Real Estate Development Company, USAA
Real Estate Management Company, Quorum Real Estate Services
Corporation, USAA Properties Fund, Inc., USAA Investors I, Inc.,
USAA Investors II, Inc., USAA Properties II, Inc., USAA Properties
III, Inc., USAA Properties IV, Inc., La Paz, Inc., USAA Real Estate
Equities, Inc., Alhambra Gables One, Inc., L. A. Wilshire One,
Inc., USAA Real Estate - Midwest, Inc., and Las Colinas Management
Company.  He also serves as Chief Executive Officer, President and
Director of Fiesta Texas Showpark, Inc., La Cantera Development
Company and La Cantera Hospitality, Inc.  Mr. Kelley is also
Chairman of the Board, Chief Executive Officer and Director of USAA
Equity Advisors, Inc.  Mr. Kelley serves as President and Director
of USAA Health Services, Inc.  All of the previously named
companies are affiliates of the General Partner.  He graduated from
St. Mary's University of San Antonio, Texas with a Bachelor of
Business Administration Degree in Finance in 1964 and was awarded
a Master of Business Administration Degree, in Finance, by Southern
Methodist University, Dallas, Texas in 1967.  Mr. Kelley was
employed by Barshop Enterprises, Inc., of San Antonio, Texas from
July 1980 until April 1989 where he was President and an Advisory
Director of Barshop Enterprises, Inc. and its corporate
subsidiaries.  The Barshop group of companies is engaged in the
development, management and ownership of commercial real estate
properties in San Antonio and other Texas cities.  He is past
Chairman of the Board and a member of the Executive Committee of
the Greater San Antonio Chamber of Commerce; member of the Board of
Directors, Executive Committee, and past President of the San
Antonio chapter of the National Association of Industrial and
Office Parks; a member of the Board of Directors of the San Antonio
Economic Development Foundation, and past Chairman of the Board of
Trustees of St. Mary's University and its Executive Committee.  Mr.
Kelley is a member of the Board of Directors and Executive
Committee, Vice President of the Board of Directors, and Chairman
of the 1994 Friends of Scouting Bexar County Campaign; member of
the Board of Trustees of St. Mary's University; member of the Board
of Trustees of the Baptist Children's Home of San Antonio and a
member of Board of Trustees for the United Way of San Antonio and
Bexar County.


<PAGE>
       T. Patrick Duncan, 46, is Senior Vice President - Real
Estate Operations and Director of USAA Real Estate Company, USAA
Real Estate Equities, Inc. and USAA Health Services, Inc.  He also
serves as Senior Vice President, Director and Vice Chairman of USAA
Real Estate Development Company, USAA Real Estate Management
Company, Quorum Real Estate Services Corporation, USAA Properties
Fund, Inc., USAA Investors I, Inc., USAA Investors II, Inc., USAA
Properties II, Inc., USAA Properties III, Inc., USAA Properties IV,
Inc., La Paz, Inc., USAA Equity Advisors, Inc., Alhambra Gables
One, Inc., L. A. Wilshire One, Inc., USAA Real Estate-Midwest,
Inc., and Las Colinas Management Company.  All of the previously
named companies are affiliates of the General Partner.  He is a
1972 graduate of the University of Arizona and was awarded the
Bachelor of Science Degree with a dual major in Accounting and
Finance.  Prior to joining USAA in 1986, Mr. Duncan was an audit
manager with Deloitte Touche and Company and Comptroller of
Trammell Crow Company in Dallas, Texas.  Mr. Duncan is a Certified
Public Accountant in the states of Texas and Arizona and holds a
Texas Real Estate Brokers License.  He holds memberships in the 
Texas and Arizona State Societies of Certified Public Accountants,
the International Council of Shopping Centers, the Urban Land
Institute, The National Association of Real Estate Investment
Trusts and the Pension Real Estate Association.  Mr. Duncan serves
as Vice Chairman of the Board of Directors of the Daughters of
Charity.

       Randal R. Seewald, 43, began his career with USAA in 1976,
and is currently Vice President, Director, Secretary and Legal
Counsel of USAA Real Estate Development Company, USAA Real Estate
Management Company, USAA Properties Fund, Inc., USAA Properties II,
Inc., USAA Properties III, Inc., USAA Properties IV, Inc., USAA
Investors I, Inc., USAA Investors II, Inc., Alhambra Gables One,
Inc., L. A. Wilshire One, Inc., USAA Real Estate-Midwest, Inc., La
Paz, Inc., USAA Equity Advisors, Inc., USAA Health Services, Inc.,
and Las Colinas Management Company.  He is also Vice President,
Secretary and Legal Counsel of USAA Real Estate Company, Quorum
Real Estate Services Corporation and USAA Real Estate Equities,
Inc.  Mr. Seewald serves as Vice President, Legal Counsel,
Treasurer and Secretary of Fiesta Texas Showpark, Inc., La Cantera
Development Company and La Cantera Hospitality, Inc.  All of the
previously named companies are affiliates of the General Partner. 
Mr. Seewald holds a Bachelor of Business Administration from Texas
A&M University and a J.D. from St. Mary's University School of Law. 
He is a member of the State Bar of Texas, the American Bar
Association and the San Antonio Bar Association.

       Martha J. Barrow, 48, is Vice President, Administration and
Finance, and Treasurer of USAA Real Estate Company, Alhambra Gables
One, Inc., L.A. Wilshire One, Inc., La Paz, Inc., Las Colinas
Management Company, Quorum Real Estate Services Corporation, USAA
Health Services, Inc., USAA Investors I, Inc., USAA Investors II,
Inc., USAA Properties Fund, Inc., USAA Properties II, Inc., USAA
Properties III, Inc., USAA Properties IV, Inc., USAA Real Estate-
Midwest, Inc., USAA Real Estate Development Company, USAA Real
Estate Equities, Inc., and USAA Real Estate Management Company.  

<PAGE>
Ms. Barrow serves as President of USAA Equity Advisors, Inc.  All
of the previously named companies are affiliates of the General
Partner.  Ms. Barrow joined USAA in June 1983.  Prior to joining
USAA, she served as a Tax Accountant of La Quinta Motor Inns, Inc.
and as Senior Accountant with NL Industries.  She is a Certified
Public Accountant in the state of Texas and is a member of the
Texas Society of Certified Public Accountants.  She is a license
holder for Securities Registration Series 7, Series 63, and Series
24.  Ms. Barrow holds a Bachelor of Business Administration in
Accounting from Pan American and a Master of Business
Administration from St. Mary's University.  She is active in the
promotion of activities with Northside Independent School District.

       S. Wayne Peacock, 37, is Vice President, Portfolio
Management of USAA Real Estate Company, USAA Properties Fund, Inc.,
USAA Properties II, Inc., USAA Properties III, Inc., USAA
Properties IV, Inc., USAA Investors I, Inc., USAA Investors II,
Inc., Quorum Real Estate Services Corporation, USAA Real Estate
Equities, Inc., Alhambra Gables One, Inc., L. A. Wilshire One,
Inc., USAA Equity Advisors, Inc., USAA Real Estate Development
Company, and USAA Real Estate-Midwest, Inc.  He is also a Director
of Quorum Real Estate Services Corporation.  All of the previously
named companies are affiliates of the General Partner.  Mr. Peacock
joined USAA in January 1992.  Mr. Peacock has previous real estate
experience with Coldwell Banker and Merrill Lynch.  He graduated in
1981 from Tulane University, New Orleans, Louisiana, where he
received a Bachelor of Arts degree in Economics.  Mr. Peacock is a
Certified Commercial Investment Manager (CCIM).  He holds
memberships in the San Antonio Board of Realtors and CCIM.

       David A. Rosales, 39, is Assistant Vice President -
Controller for USAA Real Estate Company, Alhambra Gables One, Inc.,
L.A. Wilshire One, Inc., La Paz, Inc., Las Colinas Management
Company, USAA Equity Advisors, Inc., USAA Investors I, Inc., USAA
Investors II, Inc., USAA Properties Fund, Inc., USAA Properties II,
Inc., USAA Properties III, Inc., USAA Properties IV, Inc., USAA
Real Estate - Midwest, Inc., USAA Real Estate Development Company,
USAA Real Estate Equities, Inc., and USAA Real Estate Management
Company.  He is also Assistant Vice President, Controller and
Director of Quorum Real Estate Services Corporation.  All of the
previously named companies are affiliates of the General Partner.
Mr. Rosales joined USAA in September 1983.  He holds a Bachelor of
Business Administration from St. Mary's University and a Master of
Business Administration from Our Lady of the Lake University.  He
is a Certified Public Accountant in the state of Texas and holds
memberships in the Texas Society of CPAs, the San Antonio chapter
of CPAs and the American Institute of CPAs.  Mr. Rosales also holds
membership in the National Association of Real Estate Companies. 
He serves as Chairman of the Board of Communities in Schools-San
Antonio, Inc.



<PAGE>
       Susan T. Wallace, 41, is Assistant Vice President -
Acquisitions and Dispositions for USAA Real Estate Company, USAA
Properties Fund, Inc., USAA Properties II, Inc., USAA Properties
III, Inc., USAA Properties IV, Inc., USAA Investors I, Inc., USAA
Investors II, Inc., USAA Equity Advisors, Inc., Alhambra Gables
One, Inc., L. A. Wilshire One, Inc., USAA Real Estate-Midwest,
Inc., and USAA Real Estate Equities, Inc.  All of the previously
named companies are affiliates of the General Partner.  Ms. Wallace
attended Bowling Green State University in Bowling Green, Ohio and
the University of Cincinnati in Cincinnati, Ohio.  From December
1983 until September 1988 she served as Director with USAA Real
Estate Company where she was responsible for the identification of
equity investments and acquisition of the identified investments. 
Prior to joining USAA Real Estate Company, she was Project Director
and Division Manager for Gibraltar Savings Association of Houston,
Texas.  Ms. Wallace holds a Texas Real Estate License, is a
graduate of the Realtors Institute and is a member of the San
Antonio and Texas Board of Realtors, the National Association of
Realtors, the National Association of Real Estate Investment
Managers and the International Association of Corporate Real Estate
Executives.  She also serves as President of the Affordable Housing
Investors Council.

       David M. Holmes, 35, is Assistant Vice President, Capital
Investments for USAA Real Estate Company, USAA Properties Fund,
Inc., USAA Properties II, Inc., USAA Properties III, Inc., USAA
Properties IV, Inc., USAA Investors I, Inc., USAA Investors II,
Inc., USAA Equity Advisors, Inc., Alhambra Gables One, Inc., L. A.
Wilshire One, Inc., and USAA Real Estate-Midwest, Inc.  All of the
previously named companies are affiliates of the General Partner.
Mr. Holmes joined USAA in May 1985.  His responsibilities include
new property acquisition and capital market activities.  He acts as
the primary contact for real estate securitization transactions and
coordinates contact with banking relationships, alliance partners
and other third party development or financing sources.  Prior to
joining USAA, Mr. Holmes was a tax consultant with Touche Ross &
Company in San Antonio.  He is a 1982 graduate of Trinity
University, San Antonio, Texas, where he received a Bachelor of
Business Administration with a concentration in Accounting and
Finance and is a Certified Public Accountant in the state of Texas. 
He has served on the Board of Directors of Big Brothers and Sisters
of San Antonio and is a member of the Finance Committee of the San
Antonio Public Library.

       John G. Meadows, 51, joined USAA Real Estate Company in
December 1984 as Executive Director of Real Estate Asset
Management.  Currently he serves as Assistant Vice President of
Quorum Real Estate Services Corporation and Manager of Southeast
Region Property Management and Leasing, Assistant Vice President of
USAA Real Estate Company, USAA Real Estate Development Company,
USAA Properties Fund, Inc., USAA Investors I, Inc., USAA Investors
II, Inc., USAA Properties II, Inc., USAA Properties III, Inc., and
USAA Properties IV, Inc.  All of the previously named companies are
affiliates of the General Partner.  Prior to joining USAA, Mr.
Meadows was Assistant Vice President and Trust Officer of M Realty,
the commercial real estate division of M Bank (formerly known as 

<PAGE>
Mercantile National Bank) Dallas, Texas.  His responsibilities
included acquisitions, leasing management, and dispositions of two
open-ended co-mingled real estate investment funds, and leasing
management and disposition of all commercial properties held in
trust.  He received a Bachelor of Science from Texas A&M in 1970
and a Masters Degree from Texas A&M in 1972 in Agricultural
Management.  Mr. Meadows holds Real Estate Brokers licenses in
Texas and Florida.

       Stephen S. King, 39, is Assistant Vice President - Western
Real Estate Region of USAA Real Estate Company, L.A. Wilshire One,
Inc., La Paz, Inc., USAA Investors I, Inc., USAA Properties III,
Inc., and USAA Properties IV, Inc.  All of the previously named
companies are affiliates of the General Partner.  Mr. King joined
USAA in July 1993.  Prior to joining USAA, Mr. King had fifteen
years of professional real estate development, construction and
management experience.  He graduated in 1978 from Texas A&M
University, where he received a Bachelor of Arts in Economics.  Mr.
King is a member of the Institute of Real Estate Management (IREM),
the Building Owners and Managers Association (BOMA) and the
National Association of Realtors.

<PAGE>
Item 11. Executive Compensation

       The directors and officers of the General Partner of the
Partnership receive no current or proposed remuneration from the
Partnership or the General Partner.

       The General Partner is entitled to receive a share of cash
distributions, profits and losses and sales and refinancing
proceeds as described under the caption "Management Compensation"
at pages 12-15 and "Income and Losses and Cash Distributions" at
pages 46-49 of the Prospectus, dated June 8, 1987, filed pursuant
to Rule 424(b).  Copies of these pages are attached hereto as
Exhibit 99.b and incorporated herein by reference.  For the year
ended December 31, 1995, the General Partner received cash
distributions of $9,166.


Item 12. Security Ownership of Certain Beneficial Owners and
         Management

(a)  Security Ownership of Certain Beneficial Owners
       
                 Name and      
                Address of         Amount and
  Title of      Beneficial      Nature of Beneficial  Percent of
   Class           Owner          Ownership (1)          Class

  Limited     USAA Properties   6,090 Limited          10.1%
  Partnership IV, Inc. (General Partnership Interests    
  Interests Partner)(2)
              8000 Robert F. McDermott
              Fwy.,IH 10 West,
              Suite 600
              San Antonio, Texas   

       (1) The Amended and Restated Agreement of Limited
           Partnership provides that the General Partner will vote
           such Interests in the same proportion as all other
           Limited Partners in the event a vote of Limited
           Partners is taken.

       (2) USAA Properties IV, Inc. is a wholly-owned subsidiary
           of USAA Real Estate Company, which is a wholly-owned
           subsidiary of USAA Capital Corporation, which is a
           wholly-owned subsidiary of USAA.


(b)  Security Ownership of Management

   None of the officers and directors of the General Partner of
the Partnership beneficially own equity securities of the
registrant or any of its parents.

   No arrangements are known to the Partnership which may result
in a change of control of the Partnership.


<PAGE>
Item 13.   Certain Relationships and Related Transactions


       The Partnership is permitted to engage in various
transactions involving the General Partner or its affiliates.

       Pursuant to the Advisory Agreement, the Adviser, an
affiliate of the General Partner, can receive, in the aggregate,
property acquisition fees of up to 5% of the gross offering
proceeds; real estate brokerage commissions of up to 2% of the
aggregate selling prices of properties sold; and 9% of adjusted
cash flow from operations as its management fee.

       An affiliate of the General Partner, USAA Investment
Management Company, received selling commissions equal to 4% of the
gross proceeds from sales of limited partnership interests and an
expense allowance equal to 2% of the gross offering proceeds for
organizational and offering expenses.  USAA Investment Management
Company may receive a maximum annual advisory fee of 1/2 of 1% of
the amount of any temporary investment in a money market fund or
mutual fund sponsored by USAA or any affiliate of USAA.  A portion
of the Partnership's working capital reserve and other available
funds were invested in USAA Mutual Fund, Inc.

       An affiliate of the General Partner, Quorum Real Estate
Services Corporation (also known as USAA Realty Company), provides
property management and leasing services for the properties and may
receive fees of up to 6% of property cash receipts for those
services.


<PAGE>
<TABLE>
   A summary of transactions with affiliates follows for the years
ended December 31, 1995, 1994 and 1993:

<CAPTION>

                      Reimbursement   Interest   Management     Lease      Interest
                     of Expenses (1)   Income       Fees     Commissions  Expense (2)    Total
<S>                <C>                  <C>        <C>            <C>        <C>        <C>                              
USAA Mutual
Fund, Inc.:
  1995             $             --        (27)         --           --           --        (27)
  1994                           --       (542)         --           --           --       (542)
  1993                           --     (7,939)         --           --           --     (7,939)

USAA Real Estate
Company:
  1995                      108,885         --      90,376           --      600,000    799,261
  1994                      110,947         --      91,449           --      600,000    802,396
  1993                      107,046         --     129,404           --      600,000    836,450

Quorum Real Estate
Services Corporation:
  1995                       36,559         --      52,802        9,487           --     98,848
  1994                       22,556         --      63,118        8,865           --     94,539
  1993                       13,818         --      58,350       10,588           --     82,756


(1)  Reimbursement of expenses represents amounts paid or accrued as reimbursement of expenses 
     incurred on behalf of the Partnership at actual cost and does not include any mark-up or
     items normally considered as overhead.
(2)  Represents interest expense incurred on a note payable.
</TABLE>
<PAGE>
                             PART IV


Item 14.   Exhibits, Consolidated Financial Statement Schedule
           and Reports on Form 8-K

       The following documents are filed as part of this report.

(a)     1. Consolidated Financial Statements
             
           The following consolidated financial statements,
           notes to consolidated financial statements and
           independent auditors' report are included in Part II
           Item 8:

           Consolidated Balance Sheets as of 
             December 31, 1995 and 1994

           Consolidated Statements of Operations 
             for the Years Ended December 31, 
             1995, 1994 and 1993

           Consolidated Statements of Partners' 
             Equity for the Years Ended 
             December 31, 1995, 1994 and 1993  

           Consolidated Statements of Cash Flows
             for the Years Ended December 31, 
             1995, 1994 and 1993 

           Notes to Consolidated Financial Statements

           Independent Auditors' Report

        2. Consolidated Financial Statement Schedule

           Real Estate and Accumulated
             Depreciation as of December 31, 
             1995 (Schedule III)

           Independent Auditors' Report
           
       All other schedules have been omitted as the schedules
are not required under the related instructions, are not
applicable, or the information required thereby is set forth in
the consolidated financial statements or the notes thereto.    

<PAGE>
Item 14.(a) 3.  Exhibits


         Exhibit
           No.               Description
           3(a)  Restated Certificate and Agreement of           
                 Limited Partnership dated as of June 8,
                 1987,attached as Exhibit A to the Partnership's
                 Prospectus dated June 8, 1987 filed pursuant
                 to Rule 424(b), (Regis. No. 33-11892) 
                 incorporated herein by this reference.

           27    Financial Data Schedules

          99(a)  "Glossary" pages 87-89 contained in the
                 Prospectus dated June 8, 1987, filed as a 
                 part of Amendment No. 2 to the Registration
                 Statement on Form S-11 (File No. 33-11892).

          99(b)  "Management Compensation" at pages 12-15 and
                 "Income and Losses and Cash Distributions"
                 at pages 46-49 of the Prospectus, dated June
                 8, 1987, filed as part of Amendment No. 2 to
                 the Registration Statement on Form S-11
                 (File No. 33-11892).

Item 14. (b)  Reports filed on Form 8-K

    No Current Reports on Form 8-K have been filed during the
last quarter covered by this Form 10-K.

<PAGE>
<TABLE>
SCHEDULE III          USAA INCOME PROPERTIES IV LIMITED PARTNERSHIP
                         Real Estate and Accumulated Depreciation
                                    December 31, 1995

<CAPTION>
                                                                            Cost Capitalized
                                                  Initial Cost to              Subsequent to
                                                    Partnership                  Acquisition
                                                           Buildings
  Year of        Date                                         and                        Carrying
Construction   Acquired       Description         Land    Improvements  Improvements      Costs
<S>          <C>           <C>               <C>           <C>              <C>             <C>                      
    1986     July 20, 1987 Linear Technology
                           Office Bldg.,
                           Milpitas, CA      $   777,000    4,936,164        --             --

    1987     Oct. 26, 1987 Eastman Kodak
                           Office Bldg.,
                           San Diego, CA       2,425,416    4,419,437       1,543,630       --

    1987     Dec. 31, 1987 1881 Pine Street
                           Office Bldg.,
                           St. Louis, MO         500,000   12,428,162         730,427       --

    1987     May 31, 1988  Apollo Computer 
                           Research and
                           Development
                           Headquarters
                           Building,
                           Chelmsford, MA      4,800,000   26,952,547         523,680       --

                                             $ 8,502,416   48,736,310       2,797,737       --
<CAPTION>

                                                     Gross Amount at Which
                                                      Carried at Close of
                                                             Period
                                                           Buildings   Total Investment Accumulated    Related
  Year of        Date                                         and        Properties    Depreciation  Mortgages
Construction   Acquired       Description         Land    Improvements     (2)(4)        (1) (3)    Payable (5)
<S>          <C>           <C>                 <C>         <C>             <C>          <C>         <C>                   
    1986     July 20, 1987 Linear Technology
                           Office Bldg.,
                           Milpitas, CA          777,000    4,936,164       5,713,164    1,384,840      --

    1987     Oct. 26, 1987 Eastman Kodak
                           Office Bldg.,
                           San Diego, CA       2,425,416    5,778,341       8,203,757    2,008,280   1,192,098

    1987     Dec. 31, 1987 1881 Pine Street
                           Office Bldg.,
                           St. Louis, MO       1,012,600   12,645,988      13,658,588    3,317,617      --

    1987     May 31, 1988  Apollo Computer 
                           Research and
                           Development
                           Headquarters
                           Building,
                           Chelmsford, MA      4,805,000   27,471,228      32,276,228    6,922,649  15,446,788

                                               9,020,016   50,831,721      59,851,737   13,633,386  16,638,886

<PAGE>
Schedule III (continued)

NOTES:
(1) Depreciation is based on a 30 year life, straight-line method for buildings.
<S>                                                      <C>
(2) Reconciliation of real estate:
    Balance at December 31, 1992                         $ 58,785,294
      Additions during period-improvements                    741,896
    Balance at December 31, 1993                           59,527,190
      Additions during period-improvements                     39,306
    Balance at December 31, 1994                           59,566,496
      Additions during period-improvements                    285,241
    Balance at December 31, 1995                         $ 59,851,737

(3) Reconciliation of accumulated depreciation:
    Balance at December 31, 1992                         $  8,109,450
      Depreciation during period                            1,784,167
    Balance at December 31, 1993                            9,893,617
      Depreciation during period                            1,866,275
    Balance at December 31, 1994                           11,759,892
      Depreciation during period                            1,873,494
    Balance at December 31, 1995                         $ 13,633,386

(4) The aggregate cost of real estate owned by the Partnership at December 31, 1995 for Federal
    Income Tax Purposes is $59,716,910, including $31,767,968 of the Partnership's share of real
    estate owned by joint venture.
(5) The investment property is pledged as security for the mortgages payable for which there is no
    recourse to the Partnership.
</TABLE>
<PAGE>
                  INDEPENDENT AUDITORS' REPORT 



THE PARTNERS
USAA INCOME PROPERTIES IV LIMITED PARTNERSHIP:


Under date of January 29, 1996, we reported on the consolidated
balance sheets of USAA Income Properties IV Limited Partnership
and majority-owned joint venture as of December 31, 1995 and
1994, and the related consolidated statements of operations,
partners' equity, and cash flows for each of the years in the
three-year period ended December 31, 1995.  In connection with
our audits of the aforementioned consolidated financial
statements, we also have audited the related consolidated
financial statement schedule as listed in Item 14(a)2.  This
consolidated financial statement schedule is the responsibility
of the Partnership's management. Our responsibility is to express
an opinion on the consolidated financial statement schedule based
on our audits.

In our opinion, such consolidated financial statement schedule,
when considered in relation to the basic consolidated financial
statements taken as a whole, presents fairly, in all material
respects, the information set forth therein.





                                           /S/KPMG PEAT MARWICK LLP
                                           KPMG PEAT MARWICK LLP

San Antonio, Texas
January 29, 1996


<PAGE>
                           SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the
Securities and Exchange Act of 1934, USAA INCOME PROPERTIES IV
LIMITED PARTNERSHIP has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized:

USAA INCOME PROPERTIES IV LIMITED PARTNERSHIP
(Registrant)

By: USAA INCOME PROPERTIES IV, INC.,
General Partner

By: /s/Edward B. Kelley
Edward B. Kelley
Chairman, President,
Chief Operating Officer
and Director

Date: March 28, 1996

Pursuant to the requirements of the Securities Exchange Act of
1934, this report has been signed below by the following persons on
behalf of the registrant and in the capacities and on the dates
indicated.


/s/Edward B. Kelley                    Date: March 28, 1996
Edward B. Kelley                       
Director, Chairman of the Board,
President and Chief Operating Officer
of the General Partner


/s/T. Patrick Duncan                   Date: March 28, 1996
T. Patrick Duncan
Director, Vice Chairman,
Senior Vice President - Real Estate
Operations of the General Partner


/s/Randal R. Seewald                   Date: March 28, 1996
Randal R. Seewald
Director, Vice President,
Secretary and Legal Counsel



<PAGE>
         USAA INCOME PROPERTIES IV LIMITED PARTNERSHIP
                                
                       INDEX TO EXHIBITS


                                                    Sequentially
Exhibit                                               Numbered
  No.                   Description                     Page

  3(a)   Restated Certificate and Agreement
         of Limited Partnership dated as of 
         June 8, 1987, attached as Exhibit A
         to the Partnership's Prospectus dated 
         June 8, 1987 filed pursuant to Rule 424
         (b), (Regis. No. 33-11892) incorporated
         herein by this reference.                       

  27     Financial Data Schedules

 99(a)   "Glossary" pages 87-89 contained in the 
         Prospectus dated June 8, 1987, filed
         as a part of Amendment No. 2 to the 
         Registration Statement on Form S-11 (File 
         No. 33-11892).

 99(b)   "Management Compensation" at pages
         12-15 and "Income and Losses and Cash 
         Distributions" at pages 46-49 of the 
         Prospectus, dated June 8, 1987, filed 
         as part of Amendment No. 2 to the Registration 
         Statement on Form S-11 (File No. 33-11892).