<PAGE>1

          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 September 30, 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      





























          <PAGE>2

          PART I - FINANCIAL INFORMATION

          Item 1.  Financial Statements

                             CONSOLIDATED BALANCE SHEETS
                                    (In thousands)

                                          September 30,  December 31,
                                              1997           1996
                                         ____________   ____________

          Assets

          Real Estate Property Investments
              Land  . . . . . . . . . . . .                 $   7,413
              Buildings and Improvements  .                    15,818
                                                             ________
                                                               23,231

              Less:  Accumulated Depreciation 
                and Amortization  . . . . .                    (3,050)
                                                             ________
                                                               20,181

          Cash and Cash Equivalents . . . .     $   6,432       1,769

          Receivables  (less allowance of $28 
              in 1996)  . . . . . . . . . .            11         525
          Other Assets  . . . . . . . . . .             -         242
                                                 ________    ________
                                                $   6,443   $  22,717
                                                 ________    ________
                                                 ________    ________

          Liabilities and Partners' Capital

          Security Deposits and Prepaid Rents               $     209
          Accrued Real Estate Taxes . . . .                       358
          Accounts Payable and Other 
              Accrued Expenses  . . . . . .     $      53         270
          Minority Interest . . . . . . . .             -         688
                                                 ________    ________

          Total Liabilities . . . . . . . .            53       1,525
          Partners' Capital . . . . . . . .         6,390      21,192
                                                 ________    ________
                                                $   6,443   $  22,717
                                                 ________    ________
                                                 ________    ________

          The accompanying notes are an integral part of the consolidated
          financial statements.












          <PAGE> 3

                        CONSOLIDATED STATEMENTS OF OPERATIONS
                        (In thousands except per-unit amounts)


                                   January 1        Years Ended
                                    through         December 31,
                                 September 30,    
                                        ____________________


                                      1997          1996      1995
                                   __________   _________    _________

          Revenues

          Rental Income . . . .     $   2,153    $  3,366   $   3,616
          Interest Income . . .            94          99          90
                                     ________    ________    ________
                                        2,247       3,465       3,706
                                     ________    ________    ________

          Expenses  . . . . . .

          Property Operating 
              Expenses  . . . .           404         709         940
          Real Estate Taxes . .           345         568         589
          Depreciation and 
              Amortization  . .           159         745         786
          Decline of Property 
              Values  . . . . .             -       1,099           -
          Partnership Management 
              Expenses  . . . .           433         511         347
                                     ________    ________    ________
                                        1,341       3,632       2,662
                                     ________    ________    ________

          Income (Loss) from Operations 
              before Real Estate 
              Sold  . . . . . .           906        (167)      1,044

          Gain on Real Estate 
              Sold  . . . . . .         4,004         582           -
                                     ________    ________    ________
          Net Income  . . . . .     $   4,910    $    415   $   1,044
                                     ________    ________    ________
                                     ________    ________    ________


















          <PAGE> 4

                                     January 1        Years Ended
                                      through         December 31,
                                    September 30,            
                                 _________________    
                              
                                        1997       1996      1995
                                        ______   ________    _______

          Activity per Limited 
              Partnership Unit

          Net Income  . . . . .     $    6.40    $   0.53   $    1.35
                                     ________    ________    ________
                                     ________    ________    ________

          Cash Distributions Declared
              from Operations .     $    1.34    $   1.95   $    1.88
              as Return of 
                Capital . . . .          0.94           -           -
              from Sale 
                Proceeds  . . .         22.71        2.53           -
                                     ________    ________    ________

          Total Distributions 
              Declared  . . . .     $   24.99    $   4.48   $    1.88
                                     ________    ________    ________
                                     ________    ________    ________

          Weighted Average Number of 
              Units Outstanding       765,320     773,703     766,443
                                     ________    ________    ________
                                     ________    ________    ________


          The accompanying notes are an integral part of the consolidated
          financial statements. 




























          <PAGE> 5

                     CONSOLIDATED STATEMENTS OF PARTNERS' CAPITAL
                                    (In thousands)


                                     General     Limited
                                     Partner     Partners     Total
                                     ________    ________   ________

          Balance, December 31, 
              1994  . . . . . .     $     (58)   $ 24,733   $  24,675
          Net Income  . . . . .            10       1,034       1,044
          Reinvestments in Units            -         999         999
          Redemptions of Units              -        (299)       (299)
          Cash Distributions  .           (24)     (2,285)     (2,309)
                                      _______     _______     _______

          Balance, December 31, 
              1995  . . . . . .           (72)     24,182      24,110
          Net Income  . . . . .             4         411         415
          Reinvestments in Units            -         421         421
          Redemptions of Units              -        (502)       (502)
          Cash Distributions  .            (7)     (3,245)     (3,252)
                                      _______     _______      ______

          Balance, December 31, 
              1996  . . . . . .           (75)     21,267      21,192
          Net Income  . . . . .             9       4,901       4,910
          Redemptions of Units              -         (96)        (96)
          Cash Distributions  .           (15)    (19,682)    (19,697)
          Capital Contribution             81           -          81
                                      _______     _______     _______

          Balance, September 30, 
              1997  . . . . . .     $       0    $  6,390   $   6,390
                                      _______     _______     _______
                                      _______     _______     _______


          The accompanying notes are an integral part of the consolidated
          financial statements.
























          <PAGE> 6

                        CONSOLIDATED STATEMENTS OF CASH FLOWS
                                    (In thousands)

                                   January 1       Years Ended
                                    through        December 31,
                                 September 30,       _________  

                                      1997          1996       1995
                                 _____________     ________  __________

          Cash Flows from 
              Operating Activities

          Net Income  . . . . .     $   4,910    $    415    $  1,044
          Adjustments to Reconcile 
          Net Income to Net Cash
            Provided by Operating 
             Activities
               Depreciation and 
                  Amortization            159         745         786
               Decline of Property 
                  Values  . . .             -       1,099           -
               Gain on Real Estate 
                  Sold  . . . .        (4,004)       (582)          -
               Change in 
                  Receivables .           452          94          (1)
               Change in Other 
                  Assets  . . .            52          35        (125)
               Change in Security 
                  Deposits and 
                  Prepaid Rents          (209)          9           3
               Change in Accrued 
                  Real Estate 
                  Taxes . . . .          (358)          5          27
               Change in Accounts 
                  Payable and 
                  Other Accrued 
                  Expenses  . .          (178)         36         (86)
                                      ________    ________    ________

          Net Cash Provided 
             by Operating 
             Activities . . . .           824       1,856       1,648
                                      ________    ________    ________




















          <PAGE> 7

                                   January 1         Years Ended
                                    through          December 31,
                                 September 30,        __________  

                                      1997          1996       1995
                                 _____________     ________    __________

          Cash Flows from Investing 
             Activities

          Proceeds from Property 
             Dispositions . . .        23,749       1,956           -
          Investments in Real 
             Estate . . . . . .          (198)       (443)       (633)
                                     ________    ________    ________

          Net Cash Provided by 
             (Used in) Investing 
             Activities . . . .        23,551       1,513        (633)
                                     ________    ________    ________

          Cash Flows from Financing 
             Activities

          Capital Contribution             81           -           -
          Cash Distributions  .       (19,697)     (3,252)     (2,309)
          Reinvestments in Units            -         421         999
          Redemptions of Units            (96)       (502)       (299)
                                      ________    ________    ________

          Net Cash Used in Financing 
             Activities . . . .        (19,712)     (3,333)     (1,609)
                                      ________    ________    ________

          Cash and Cash Equivalents

          Net Change during 
             Period . . . . . .         4,663          36        (594)
          At Beginning of Year          1,769       1,733       2,327
                                     ________    ________    ________

          At End of Period  . .       $ 6,432    $  1,769    $  1,733
                                     ________    ________    ________
                                     ________    ________    ________

          The accompanying notes are an integral part of the consolidated
          financial statements. 

















          <PAGE> 8
                      NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

          NOTE 1 - THE PARTNERSHIP AND ITS LIQUIDATION

          T. Rowe Price Realty Income Fund IV, America's
          Sales-Commission-Free Real Estate Limited Partnership (the
          Partnership) was formed in 1987 under the Delaware Revised
          Uniform Limited Partnership Act for the purpose of acquiring,
          operating, and disposing of existing income-producing commercial
          and industrial real estate properties. T. Rowe Price Realty
          Income Fund IV Management, Inc. is the General Partner.

             The Partnership had a reinvestment plan whereby Limited
          Partners could elect to have cash distributions automatically
          reinvested in additional units of the Partnership. The price of
          units sold through the plan was established at least annually by
          the General Partner based upon the estimated value of a unit. The
          plan was terminated in 1996.

             The Partnership also had a redemption plan whereby Limited
          Partners could request that the Partnership redeem their units.
          The redemption price of a unit was 90% of the estimated value per
          unit as determined by the General Partner. The plan was
          terminated in 1997.

             In accordance with the provisions of the partnership
          agreement, income and cash distributions from operations have
          been allocated and paid, and gains on real estate sold before
          September 12, 1997, allocated, to the General and Limited
          Partners at rates of 1% and 99%, respectively. All sales proceeds
          were paid, and the gain on the liquidating sale of the
          Partnership's interests in its five remaining properties on
          September 12, 1997, were allocated, 100% to the Limited Partners.

             After the sale of its remaining properties on September 12,
          1997, the Partnership entered into its final liquidating phase.
          Later in September, the Partnership made a partial liquidating
          distribution of $19,106,000 to the Limited Partners and a final
          distribution to the General Partner of $10,000.

             The Partnership will declare and make a final liquidating
          distribution of its remaining net assets based on final balances
          in the partners' capital accounts. This final distribution will
          be made by December 31, 1997, to Limited Partners only and,
          thereafter, the Partnership will be dissolved.

             The accompanying financial statements for 1997 include
          estimates of the costs of liquidating the Partnership. Results of
          operations from October 1, 1997, until the date of the final
          liquidating distribution are not expected to be significant and
          will consist primarily of interest income and the settlement of
          receivables and payables.













          <PAGE> 9

          NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

          The Partnership's financial statements are prepared in accordance
          with generally accepted accounting principles which requires the
          use of estimates and assumptions by the General Partner. 

             The consolidated financial statements include the accounts of
          the Partnership and its pro-rata share of the partnership
          accounts of Tierrasanta 234 and Penasquitos 34 (Westbrook
          Commons) in which the Partnership had 40% and 50% interests,
          respectively. They also include the Partnership's 20% pro-rata
          share of the partnership accounts of Fairchild 234 until the
          property's disposition in 1996. The other partners in these
          ventures are affiliates of the Partnership. Additionally, the
          accounts of Goshen Road Limited Partnership in which the
          Partnership had a 90% interest have been consolidated. All
          intercompany accounts and transactions have been eliminated in
          consolidation.

             The Partnership reviewed its real estate property investments
          for impairment whenever events or changes in circumstances
          indicated that the property carrying amounts may not have been
          recoverable. Such a review resulted in the Partnership recording
          a provision for impairment of the carrying value of its real
          estate property investments whenever the estimated future cash
          flows from a property's operations and projected sale were less
          than the property's net carrying value.

             Depreciation was calculated primarily on the straight-line
          method over the estimated useful lives of buildings and
          improvements, which range from 5 to 40 years. Lease commissions
          and tenant improvements were capitalized and amortized over the
          life of the lease using the straight-line method.

             Cash equivalents consist of money market mutual funds, the
          cost of which is equivalent to fair value.

             The Partnership used the allowance method of accounting for
          doubtful accounts. Provisions for uncollectible tenant
          receivables in the amounts of $19,000, $34,000, and $269,000,
          were recorded in 1997, 1996, and 1995, respectively. Bad debt
          expense is included in Property Operating Expenses.

             Rental income was recognized on a straight-line basis over the
          term of each lease. Rental income accrued, but not yet billed,
          was included in Other Assets and aggregated $188,000 at December
          31, 1996.


















          <PAGE> 10

             Under provisions of the Internal Revenue Code and applicable
          state taxation codes, partnerships are generally not subject to
          income taxes; therefore, no provision has been made for any
          income taxes in the accompanying consolidated financial
          statements.

          NOTE 3 - PROPERTY VALUATIONS

          On January 1, 1996, the Partnership adopted Statement of
          Financial Accounting Standards No. 121, "Accounting for the
          Impairment of Long-Lived Assets and for Long-Lived Assets to Be
          Disposed Of," which changed the Partnership's method of
          accounting for its real estate property investments when
          circumstances indicated that the carrying amount of a property
          might not have been recoverable. Measurement of an impairment
          loss on an operating property subsequent to adoption was based on
          the estimated fair value of the property, which became the
          property's new cost basis, rather than the sum of expected future
          cash flows. Properties held for sale subsequent to adoption were
          no longer depreciated but continued to be reflected at the lower
          of historical cost or estimated fair value less anticipated
          selling costs.

             Based upon a review of market conditions, estimated holding
          period and future performance expectations of each Partnership
          property, the General Partner determined that the net carrying
          value of Tierrasanta was not fully recoverable from future
          operations and disposition, and recognized an impairment charge
          of $1,099,000 in 1996.

          NOTE 4 - PROPERTY DISPOSITIONS

          On August 28, 1996, Fairchild Corporate Center was sold and the
          Partnership received net proceeds of $1,956,000. The net book
          value of the Partnership's 20% interest at the date of sale was
          $1,374,000, after deduction of accumulated depreciation, and
          previously recorded declines in property value. Accordingly, the
          Partnership recognized a $582,000 gain on the sale of this
          property.

             On September 12, 1997, the Partnership sold its interests in
          its five remaining properties-Burnham Building, Goshen Plaza,
          Kent Sea Park, Tierrasanta and Westbrook Commons-to a single,
          third-party buyer for net proceeds of $23,749,000. The sale was
          approved by a majority of the Limited Partners on September 11,
          1997. The net book value of the Partnership's interests in the
          five properties was $19,745,000 after accumulated depreciation
          expense and previously recorded declines in property values.
          Accordingly, the Partnership recognized a $4,004,000 gain on the
          sale of its interests in these properties.













          <PAGE> 11

          NOTE 5 - TRANSACTIONS WITH RELATED PARTIES

          As compensation for services rendered in managing the
          Partnership, the General Partner earns a partnership management
          fee equal to 9% of net operating proceeds. The General Partner
          earned partnership management fees of $94,000, $191,000, and
          $85,000 in 1997, 1996, and 1995, respectively. In addition, the
          General Partner's share of cash available for distribution from
          operations, as discussed in Note 1, totaled $10,000, $15,000, and
          $15,000 in 1997, 1996, and 1995, respectively.

             In accordance with the partnership agreement, certain
          operating expenses are reimbursable to the General Partner. The
          General Partner's reimbursement of such expenses totaled $78,000,
          $74,000, and $58,000 for communications and administrative
          services performed on behalf of the Partnership in 1997, 1996,
          and 1995, respectively.

             An affiliate of the General Partner earned a normal and
          customary fee of approximately $3,000, $3,000, and $6,000 from
          the money market mutual funds in which the Partnership made its
          interim cash investments during 1997, 1996, and 1995,
          respectively.

             The partnership agreement includes provisions requiring that
          the General Partner make a capital contribution upon the
          liquidation of the Partnership if, at that time, the General
          Partner's capital account has a deficit balance. On September 24,
          1997, the General Partner contributed $81,000 to the Partnership
          thereby increasing its capital account from a deficit balance to
          zero.

             LaSalle Advisors Limited Partnership (LaSalle) was the
          Partnership's advisor and was compensated for its advisory
          services directly by the General Partner. LaSalle was reimbursed
          by the Partnership for certain operating expenses pursuant to its
          contract with the Partnership to provide real estate advisory,
          accounting, and other related services to the Partnership.
          LaSalle's reimbursement for such expenses totaled $49,000,
          $80,000, and $80,000 during 1997, 1996, and 1995, respectively.

             An affiliate of LaSalle earned $58,000, $84,000, and $78,000
          in 1997, 1996, and 1995, respectively, for property management
          fees and leasing commissions on tenant renewals and extensions at
          several of the Partnership's properties.

          NOTE 6 - RECONCILIATION OF FINANCIAL STATEMENT TO TAXABLE INCOME

          As described in Note 2, the Partnership has not incurred any
          income tax liability; however, certain timing differences exist
          between amounts reported in net income (loss) for financial 













          <PAGE> 12

          statement and federal income tax purposes. These differences (in
          thousands) are summarized below:

                                          1997       1996      1995
                                       _________   ________   _________
          Net income reported 
              in financial 
              statements  . . .     $   4,910    $    415    $  1,044
          Allowances for 
              Doubtful accounts           (51)       (320)        246
              Declines of 
                property 
                values  . . . .        (1,833)     (2,218)          -
          Interest income . . .             -           -         252
          Other items . . . . .            56          39        (128)
                                     ________   _________    ________

          Taxable income (loss)     $   3,082    $ (2,084)   $  1,414
                                     ________   _________    ________
                                     ________   _________    ________












































          <PAGE> 13

          INDEPENDENT AUDITORS' REPORT

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

          We have audited the consolidated balance sheets of T. Rowe Price
          Realty Income Fund IV, America's Sales-Commission-Free Real
          Estate Limited Partnership and its consolidated ventures as of
          September 30, 1997 and December 31, 1996, and the related
          consolidated statements of operations, partners' capital and cash
          flows for the period January 1, 1997 through September 30, 1997
          and for the years ended December 31, 1996 and 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 consolidated financial statements are free of material
          misstatement. An audit includes examining, on a test basis,
          evidence supporting the amounts and disclosures in the
          consolidated financial statements. An audit also includes
          assessing the accounting principals used and significant
          estimates made by management, as well as evaluating the overall
          consolidated 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 T. Rowe Price Realty Income Fund IV,
          America's Sales-Commission-Free Real Estate Limited Partnership
          and its consolidated ventures as of September 30, 1997 and
          December 31, 1996, and the results of their operations and their
          cash flows for the period January 1, 1997 through September 30,
          1997 and for the years ended December 31, 1996 and 1995, in
          conformity with generally accepted accounting principles.

          KPMG Peat Marwick LLP

          Chicago, Illinois
          October 23, 1997




















          <PAGE> 14


          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 net income for its final nine months was
          $4,910,000, which included a gain of $4,004,000.  Net income
          amounted to $6.40 per unit.  For the year ended December 31,
          1996, the Partnership reported net income of $415,00 or $0.53 per
          unit, which included a net loss of $167,000 from operations and a
          gain of $582,000 from the sale of Fairchild.  The Partnership s
          remaining properties were sold on September 12, 1997, for net
          proceeds of $23,551,000 and the gain of $4,004,000.

              The Partnership paid $25 per unit on September 19, 1997,
          which was a substantial portion of the total liquidating
          distributions.  The Partnership anticipates making a final
          liquidating distribution in early December of 1997.

          PART II - OTHER INFORMATION

          Item 4  Submission of Matters to a Vote of Security Holders

              On September 11, 1997, the limited partners of the
          Partnership approved a proposal to sell all of the Partnership s
          remaining real estate properties to Glenborough Realty Trust, and
          thereafter dissolve and liquidate the Partnership.  Under the
          terms of the Partnership s Agreement of Limited Partnership, no
          meeting was required in connection with the proposal, and the
          vote was taken through a written consent solicitation.

              Limited partners holding 85% (653,158) of the outstanding
          units of limited partnership interest ("Units") cast votes on the
          proposal.  Of these, 621,651 Units were voted in favor of the
          proposal, 27,655 against, and 3,852 abstained.

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

              (a)Exhibits.

                27 - Financial Data Schedule

              (b)Reports on Form 8-K

                Report on Form 8-K dated September 12, 1997, reporting the
                sale of the Partnership s real estate properties and a
                distribution of a portion of the proceeds.

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













          <PAGE> 15


                                      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:  November 13, 1997            By: /s/ Lucy B. Robins
                                                  Lucy B. Robins
                                                  Vice President



          Date:  November 13, 1997            By: /Mark S. Finn 
                                                  Mark S. Finn
                                                  Chief Accounting Officer
                                                  for the Partnership