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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

FORM 10-Q

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

For the quarterly period ended March 31, 1997        

Commission File Number 0-17636   


Exact Name of Registrant as Specified in Its Charter: T. ROWE
PRICE REALTY INCOME FUND IV, AMERICA'S SALES-COMMISSION-FREE REAL
ESTATE LIMITED PARTNERSHIP


State or Other Jurisdiction of Incorporation or Organization:
Delaware

I.R.S. Employer Identification No.: 95-4147931

Address and zip code of Principal Executive offices: 100 East
Pratt Street, Baltimore, Maryland 21202  

Registrant's telephone number, including area code: 1-800-638-5660      

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      

















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PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

     The financial statements of T. Rowe Price Realty Income Fund
IV, America's Sales-Commission-Free Real Estate Limited
Partnership ("Partnership") are set forth in Exhibit 19 hereto,
which statements are incorporated by reference herein.  

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

Liquidity and Capital Resources and Results of Operations
        
        The Partnership's liquidity and capital resources and
its results of operations are discussed in the Chairman's letter
to partners on pages 1-3 of Exhibit 19 hereto, the Partnership's
Quarterly Report to Security-Holders, which letter is hereby
incorporated by reference herein.

Redemption Plan

        The General Partner suspended the Partnership's
Repurchase Plan, effective upon its acceptance of the offer by
Glenborough Realty Trust Incorporated to purchase all of its
remaining real estate investments, as more fully discussed in the
Partnership's Report on Form 8-K dated April 11, 1997.

PART II - OTHER INFORMATION
        
Item 6. Exhibits and Reports on Form 8-K:

      (a) Exhibits.

          19 - Quarterly Report Furnished to Security-Holders, 
          including Financial Statements of the Partnership

          27 - Financial Data Schedule

         (b)   Reports on Form 8-K

          (1) Report on Form 8-K dated January 17, 1997, filed
              with the Commission on January 22, 1997, regarding
              planned quarterly distributions and current
              estimated unit value.







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          (2) Report on Form 8-K dated April 11, 1997, filed
              with the Commission on April 14, 1997, relating to
              the execution of a definitive contract with
              Glenborough Realty Trust Incorporated.

         All other items are omitted because they are not
applicable or the answers are none.













































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                            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.


                              T. ROWE PRICE REALTY INCOME FUND
                              IV, AMERICA'S SALES-COMMISSION-
                              FREE REAL ESTATE LIMITED
                              PARTNERSHIP



                              By:  T. Rowe Price Realty Income
                                   Fund IV Management, Inc.,
                                   General Partner



Date:  May 14, 1997                By:      /s/Kenneth J. Rutherford
                                            Kenneth J. Rutherford
                                            Vice President



Date:  May 14, 1997           By:  /s/Joseph P. Croteau 
                                   Joseph P. Croteau
                                   Principal Financial Officer
                                   of the Partnership and 
                                   Controller 
                                       

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The Quarterly Report to Limited Partners for the Quarter ended
March 31, 1997 should be inserted here.