10-Q/A

                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C.  20549

                                   FORM 10-Q/A



[X]  Quarterly Report Pursuant to Section 13 or 15(d) of the Securities
     Exchange Act of 1934

     For the quarterly period ended       March 31, 1995                

                                       or

[ ]  Transition Report Pursuant to Section 13 or 15(d) of the Securities
     Exchange Act of 1934

     For the transition period from              to                

     Commission File Number   0-13402  

                     Brauvin Real Estate Fund L.P. 4                      
             (Exact name of registrant as specified in its charter)

          Delaware                                     36-3304339       
     (State or other jurisdiction of               (I.R.S. Employer
      incorporation or organization)               Identification No.)

          150 South Wacker Drive, Chicago, Illinois      60606         
          (Address of principal executive offices)     (Zip Code)

                                (312) 443-0922                           
              (Registrant's telephone number, including area code)

     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


                       PART II - OTHER INFORMATION


      ITEM 1.                Legal Proceedings.
                                None.

      ITEM 2.                Changes in Securities.
                                None.

      ITEM 3.                Defaults Upon Senior Securities.
                                None.

      ITEM 4.                Submission Of Matters To a Vote of Security 
                                Holders.
                                None.

      ITEM 5.                Other Information.
                                None.

      ITEM 6.                Exhibits and Reports On Form 8-K.
                                Exhibit 27- Financial Data Schedule



                                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.



              BY:   Brauvin Ventures, Inc.
                    Corporate General Partner of
                    Brauvin Real Estate Fund L.P. 4 



                    BY:   /s/ Jerome J. Brault                        
                                 Jerome J. Brault
                          Chairman of the Board of
                          Directors and President

                    DATE: July 13, 1995



                    BY:   /s/ Thomas J. Coorsh                        
                                Thomas J. Coorsh
                          Chief Financial Officer and Treasurer

                    DATE: July 13, 1995

EX-27

 

<ARTICLE>           5
       
                 
<PERIOD-TYPE>       3-MOS
<FISCAL-YEAR-END>   DEC-31-1995
<PERIOD-END>        MAR-31-1995
<CASH>              437,996
<SECURITIES>    1,015,584     
<RECEIVABLES> 116,403     
<ALLOWANCES>   19,476    
<INVENTORY>         0
<CURRENT-ASSETS>    0
<PP&E> 20,236,625     
<DEPRECIATION> 4,645,710     
<TOTAL-ASSETS> 17,401,887    
<CURRENT-LIABILITIES>    0
<BONDS>    12,120,853 
<PREFERRED-MANDATORY>    0
<PREFERRED>         0
<COMMON> 4,364,473    
<OTHER-SE>          0
<TOTAL-LIABILITY-AND-EQUITY> 17,401,887
<SALES>             0
<TOTAL-REVENUES> 526,928    
<CGS>               0
<TOTAL-COSTS> 573,742  
<OTHER-EXPENSES> (25,849)    
<LOSS-PROVISION>    0
<INTEREST-EXPENSE>  0
<INCOME-PRETAX>     0
<INCOME-TAX>        0
<INCOME-CONTINUING> 0
<DISCONTINUED>      0
<EXTRAORDINARY>     0
<CHANGES>           0
<NET-INCOME> 27,649      
<EPS-PRIMARY>       0
<EPS-DILUTED>       0


<F1>   "SECURITIES" REPRESENTS INVESTMENT IN JOINT VENTURE
<F2>   "PP&E" REPRESENTS INVESTMENT IN REAL ESTATE [LAND AND
BUILDING]
<F3> "BONDS" REPRESENTS MORTGAGES PAYABLE
<F4>   "COMMON" REPRESENTS TOTAL PARTNERS CAPITAL
<F5>   "TOTAL REVENUES" REPRESENTS RENTAL, INTEREST, AND OTHER
INCOME
<F6>   "TOTAL COSTS" REPRESENTS TOTAL EXPENSES
<F7>   "OTHER EXPENSES" REPRESENTS INTEREST IN JOINT
       VENTURES' NET INCOME/LOSS