<TABLE> <S> <C>

          <ARTICLE> 5
          <LEGEND>
          This schedule contains summary financial information extracted
          from the
          consolidated financial statements of T. Rowe Price Realty
          Income Fund III,
          America's Sales-Commission-Free Real Estate Limited
          Partnership included in the
          accompanying Form 10-K for the year ended December 31, 1995
          and is qualified
          in its entirety by reference to such financial statements.
          </LEGEND>
          <CIK> 0000805298
          <NAME> T. ROWE PRICE REALTY INCOME FUND III, AMERICA'S
          SALES-COMMIS
                 
          <S>                             <C>
          <PERIOD-TYPE>                   YEAR
          <FISCAL-YEAR-END>                          DEC-31-1995
          <PERIOD-START>                             JAN-01-1995
          <PERIOD-END>                               DEC-31-1995
          <CASH>                                       3,436,000
          <SECURITIES>                                         0
          <RECEIVABLES>                                  759,000
          <ALLOWANCES>                                   230,000
          <INVENTORY>                                          0
          <CURRENT-ASSETS>                                     0<F1>
          <PP&E>                                      45,320,000
          <DEPRECIATION>                               7,831,000
          <TOTAL-ASSETS>                              41,733,000
          <CURRENT-LIABILITIES>                                0<F1>
          <BONDS>                                              0
          <COMMON>                                             0
          <PREFERRED-MANDATORY>                                0
          <PREFERRED>                                          0
          <OTHER-SE>                                  40,574,000<F2>
          <TOTAL-LIABILITY-AND-EQUITY>                41,733,000
          <SALES>                                              0
          <TOTAL-REVENUES>                             6,094,000
          <CGS>                                                0
          <TOTAL-COSTS>                                4,119,000
          <OTHER-EXPENSES>                                     0
          <LOSS-PROVISION>                               192,000
          <INTEREST-EXPENSE>                                   0
          <INCOME-PRETAX>                              1,783,000
          <INCOME-TAX>                                         0
          <INCOME-CONTINUING>                          1,783,000
          <DISCONTINUED>                                       0
          <EXTRAORDINARY>                                      0
          <CHANGES>                                            0
          <NET-INCOME>                                 1,783,000












          <EPS-PRIMARY>                                        0<F3>
          <EPS-DILUTED>                                        0
          <FN>
          <F1>Not contained in registrant's unclassified balance sheet.
          <F2>Partners' Capital.
          <F3>Not applicable.  Net income per limited partnership unit
          is $6.96.
          </FN>