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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 June 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      





























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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 1-2 of Exhibit 19 hereto, the Partnership's
          Quarterly Report to Security-Holders, which letter is hereby
          incorporated by reference herein.

          PART II - OTHER INFORMATION

          Item 5.  Other Information.

                   On July 28, 1997, the Partnership began mailing to the
          Limited Partners a consent solicitation statement seeking their
          consent to a sale of substantially all of the Partnership s
          assets to Glenborough Realty Trust Incorporated and to complete
          the liquidation of the Partnership.  The solicitation will expire
          on September 11, 1997, unless extended.

          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

                   None.


                   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:  August 14, 1997              By: /s/ Lucy B. Robins
                                                  Lucy B. Robins
                                                  Vice President



          Date:  August 14, 1997              By: /Mark S. Finn 
                                                  Mark S. Finn
                                                  Chief Accounting Officer
                                                  for the Partnership
































          The Quarterly Report to Limited Partners for the Quarter ended
          June 30, 1997 should be inserted here.