EXHIBIT 23.1

                         Consent of Independent Auditors

We consent to the references to our firm under the caption "Experts" and in the
headnotes to "Summary Historical Financial Data" and "Selected Historical
Financial Data" in Amendment No. 2 to the Registration Statement (Form S-4, No.
333-85338) and related Prospectus of First American Strategic Real Estate
Portfolio, Inc. (the Company) for the registration of shares of its common stock
and to the use of our report dated March 27, 2002, with respect to the balance
sheet of the Company dated March 27, 2002 included therein, to the incorporation
by reference therein of our reports dated January 4, 2002, January 8, 2001, and
January 7, 2000, with respect to the financial statements of American Strategic
Income Portfolio Inc. and American Select Portfolio Inc., respectively, included
in their respective Annual Reports (Forms N-30D) for the years ended November
30, 2001, 2000, and 1999, and our reports dated July 2, 2002, June 29, 2001 and
July 12, 2000, with respect to the financial statements of American Strategic
Income Portfolio Inc. II and American Strategic Income Portfolio Inc. III,
respectively, included in their respective Annual Reports (Forms N-30D) for the
years ended May 31, 2002, 2001, and 2000, filed with the Securities and Exchange
Commission.

                                                           /s/ Ernst & Young LLP

Minneapolis, Minnesota
December 18, 2002