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

                           FORM 10-KSB

[X]Annual Report Under Section 13 or 15(d) of the Securities
   Exchange Act of  1934

   For the fiscal year ended   December 31, 2001

                                or

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

   For the transition period from               to

   Commission File Number               0-14481

                Brauvin Real Estate Fund L.P. 5
     (Name of small business issuer in its charter)

              Delaware                        36-3432071
   (State or other jurisdiction of       (I.R.S. Employer
    incorporation or organization)      Identification No.)

   30 North LaSalle Street, Chicago, Illinois         60602
    (Address of principal executive offices)       (Zip Code)

                        (312) 759-7660
                   (Issuer's telephone number)

Securities registered pursuant to Section 12(b)of the Exchange Act:

   Title of each class                Name of each exchange on
                                          which registered
              None                              None

Securities registered pursuant to Section 12(g)of the Exchange Act:

                 Limited Partnership Interests
                         (Title of class)


Check whether the issuer (1) filed all reports required to be filed
by Section 13 or 15(d) of the Exchange Act during the past 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   .

Check if there is no disclosure of delinquent filers in response to
Item 405 of Regulation S-B is not contained in this form, and no
disclosure will be contained, to the best of registrant's
knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-KSB or any
amendment to this Form 10-KSB. [X]

State issuer's revenues for its most recent fiscal year $1,294,680.

The aggregate sales price of the limited partnership interests of
the issuer (the "Units") to unaffiliated investors of the issuer
was $9,914,500.  This does not reflect market value.  This is the
price at which the Units were sold to the public.  There is no
current established trading market for these Units, nor have any
Units  been sold within the last 60 days prior to this filing.

Portions of the Prospectus of the registrant dated March 1, 1985,
as supplemented, and filed pursuant to Rule 424(b) and 424(c)under
the Securities Act of 1933, as amended, are incorporated by
reference into Parts II and III of this Annual Report on Form
10-KSB.


                 BRAUVIN REAL ESTATE FUND L.P. 5
                  2001 FORM 10-KSB ANNUAL REPORT
                              INDEX

                              PART I
                                                                   Page

Item 1. Description of Business. . . . . . . . . . . . . . . . . . . 3

Item 2. Description of Properties. . . . . . . . . . . . . . . . . . 7

Item 3. Legal Proceedings. . . . . . . . . . . . . . . . . . . . . .14

Item 4. Submission of Matters to a Vote of Security
        Holders. . . . . . . . . . . . . . . . . . . . . . . . . . .14

                             PART II
Item 5. Market for the Issuer's Limited Partnership
        Interests and Related Security Holder Matters. . . . . . . .15

Item 6. Management's Discussion and Analysis or Plan
        of Operation . . . . . . . . . . . . . . . . . . . . . . . .15

Item 7. Consolidated Financial Statements and
        Supplementary Data . . . . . . . . . . . . . . . . . . . . .24

Item 8. Changes in and Disagreements with Accountants on
        Accounting and Financial Disclosure. . . . . . . . . . . . .24

                             PART III
Item 9. Directors, Executive Officers, Promoters and
        Control Persons; Compliance with Section 16(a)
        of the Exchange Act. . . . . . . . . . . . . . . . . . . . .26

Item 10.Executive Compensation . . . . . . . . . . . . . . . . . . .28

Item 11.Security Ownership of Certain Beneficial Owners
        and Management . . . . . . . . . . . . . . . . . . . . . . .28

Item 12.Certain Relationships and Related Transactions . . . . . . .29

Item 13.Exhibits, Consolidated Financial Statements and
        Reports on Form 8-K. . . . . . . . . . . . . . . . . . . . .30

Signatures . . . . . . . . . . . . . . . . . . . . . . . . . . . . .32


                 BRAUVIN REAL ESTATE FUND L.P. 5
                 (a Delaware limited partnership)

                              PART I

Item 1. Description of Business.

   Brauvin Real Estate Fund L.P. 5 (the "Partnership") is a
Delaware limited partnership formed in 1985 whose business has been
devoted exclusively to acquiring, operating, holding for investment
and disposing of existing office buildings, shopping centers and
industrial and retail commercial buildings, all in greater
metropolitan areas.

   The General Partners originally intended to dispose of the
Partnership's properties approximately five to eight years after
acquisition of each property, with a view toward liquidation of the
Partnership.  Due to the past real estate market conditions and
economic trends in the areas where the Partnership's properties are
located, the General Partners believed it to be in the best
interest of the Partnership to retain the properties until such
time as the General Partners reasonably believed it was appropriate
to dispose of the Partnership's properties.  In order to make this
determination, the General Partners periodically evaluated market
conditions.  In 1998, the General Partners notified the Limited
Partners that they will explore various alternatives to sell the
Partnership's assets.  In this regard, the Partnership engaged a
nationally known appraisal firm to value the Partnership's assets.
Additionally, this firm is assisting the General Partners in
determining the appropriate method and timing for the disposition
of the Partnership's assets.

   The General Partners have determined to pursue the disposition
of the Partnership's assets.  In 1999, the Partnership solicited
and received the votes of the Limited Partners to approve a sale of
all of the Partnership's properties, either on an individual or
group basis, and to subsequently liquidate the Partnership.  The
solicitation, which was approved by the Limited Partners in the
third quarter of 1999, stated that the Partnership's properties may
be sold individually or in any combination provided that the total
sales price for the properties included in the transaction equals
or exceeds 70% of the aggregate appraised value for such
properties, which valuation was conducted by an independent third
party appraisal firm.

   The Partnership intends to sell the properties under a closed
bid process which will include identification of target buyers with
proven financing ability and performance of certain evaluations of
the properties, such as environmental testing.  Potential buyers
will be requested to sign confidentiality agreements to safeguard
the Partnership's confidential proprietary information.  The
General Partners have determined that each bid must be all cash,
completely unconditional and accompanied by a substantial deposit.

   The amended and restated limited partnership agreement (the
"Agreement") provides that the Partnership shall terminate December
31, 2025, unless sooner terminated.  The General Partners shall in
no event dispose of the properties after that date.

   As of December 31, 1998, the Partnership had acquired one
rental property, a 42% interest in a joint venture which acquired
a second rental property and a 53% interest in a joint venture
which acquired a third rental property.  A fourth rental property
which the Partnership had acquired a 54% interest in a joint
venture was foreclosed upon on May 15, 1995 and the joint venture
was terminated and dissolved in 1996.  The Partnership will not
purchase any additional properties.  Operations currently consist
of operating the real estate properties which have been managed by
Brauvin Management Company (an affiliate of the General Partners).
The focus of property management activities has been improvement in
the economic performance of the properties with the goal of
maximizing value to the Partnership upon disposition.

   On December 10, 1998, the Partnership received notice that an
unsolicited tender offer to purchase up to 25% of the outstanding
limited partnership interests of the Partnership (the "Units") was
to commence with a tender price of $80 per Unit.  The offer was
being made, in part, by an entity that owned a nominal economic
interest in the Partnership and  terminated on January 15, 1999.
As a result of this unsolicited tender offer approximately 609
economic interests in the Partnership were transferred.

   On May 12, 1999, the Partnership received notice that an
unsolicited tender offer to purchase up to approximately 25% of the
outstanding Units was to commence with a tender price of $170 per
Unit.  The offer was made, in part, by an entity that owned a
nominal economic interest in the Partnership and expired on June
25, 1999.  As a result of this unsolicited tender offer
approximately 777 economic interests in the Partnership were
transferred.

   On June 20, 2001, the Partnership received an unsolicited
tender offer to purchase up to 4,950 of the outstanding Units for
$100 per Unit.  The offer was made by a group that currently
beneficially owns the economic interests with respect to
approximately 14.5% of the outstanding Units.  The offer period
expired on August 17, 2001.  Subsequent to August 17, 2001 the
tender offer was increased to $120 per unit and the term was
extended to October 1, 2001.  As of October 1, 2001, 404 economic
interests were transferred as a result of this tender offer.  Upon
completion of the Offer, the purchasers held an aggregate of
approximately 1,842 economic interests, or approximately 19% of the
outstanding total Units.

   The General Partners remained neutral as to the particular
merits or risks associated with these tender offers.  The General
Partners cautioned that the ultimate amount actually received by
each Limited Partner will be affected by items including, but not
limited to, the timing of the liquidation of the assets, changes in
market conditions, necessary Partnership reserves and the sales
prices that can be negotiated.

   The General Partners further informed the Limited Partners
that, for those investors who were primarily interested in
liquidating their Units immediately, the tender offers provided
such an opportunity.

   In 2001, the Strawberry Joint Venture received an offer to
purchase Strawberry Fields for $5.585 million.  In addition, Syms
exercised its right of first refusal on the sale of the property.
Accordingly, the Strawberry Joint Venture executed a purchase and
sale agreement with Syms for $5.585 million in the second quarter
of 2001.

   On July 20, 2001, Strawberry Fields was sold to Syms for the
contract price.  At closing, the Strawberry Joint Venture received
net sales proceeds of approximately $299,000.

   The Partnership has no employees.

Market Conditions/Competition

   The Partnership faces active competition in all aspects of its
business and must compete with entities which own properties
similar in type to those owned by the Partnership.  Competition
exists in such areas as attracting and retaining creditworthy
tenants, financing capital improvements and eventually selling
properties.  Many of the factors affecting the ability of the
Partnership to compete are beyond the Partnership's control, such
as softened markets caused by an oversupply of similar rental
facilities, declining performance in the economy in which a
property is located, population shifts, reduced availability and
increased cost of financing, changes in zoning laws or changes in
patterns of the needs of users.  The marketability of the
properties may also be affected by prevailing interest rates and
existing tax laws.  The Partnership has retained ownership of its
properties for periods longer than anticipated at acquisition.

   Market conditions have weakened in several markets resulting in
lower cash flows than were originally anticipated.  The Partnership
strives to maximize economic occupancy and, as such, must adjust
rents to attract and retain tenants.  One measure of a market's
relative strength or weakness is the current rental rate demanded
by non-anchor tenants.  These rates are for tenants who generally
sign leases of three to five years and are an indicator of the
"spot" rental market.  The average rental rates for non-anchor
tenants at Sabal Palm in Palm Bay, Florida have decreased from
approximately $10.88 per square foot in 1995 to approximately $9.38
per square foot in 2001.  Non-anchor tenant average rental rates,
expressed per square foot per year, have increased at the Crown
Point property located in Kingsport, Tennessee, from approximately
$8.90 per square foot in 1993 to approximately $11.80 per square
foot in 2001.  However, the Partnership has not benefitted greatly
from that increase due to the existence of several leases that were
negotiated in prior years.

   The Partnership, by virtue of its ownership of real estate, is
subject to federal and state laws and regulations covering various
environmental issues.  Management of the Partnership retains the
services of third parties who hold themselves out to be experts in
the field to assess a wide range of environmental issues and
conduct tests for environmental contamination.  Management believes
that all real estate owned by the Partnership is in full compliance
with applicable environmental laws and regulations.

Item 2. Description of Properties.

   The following is a discussion of the rental properties owned
and operated by the Partnership.  For the purpose of the
information disclosed in this section, the following terms are
defined as follows:

      Occupancy Rate:  The occupancy rate is defined as the occupied
   square footage at December 31, divided by the total square
   footage excluding square footage of outparcels, if any.

      Average Annual Base Rent Per Square Foot:  The average annual
   base rent per square foot is defined as the total effective
   base rental income for the year divided by the average square
   feet occupied excluding outparcels, if any.

      Average Square Feet Occupied:  The average square feet occupied
   is calculated by averaging the occupied square feet at the
   beginning of the year with the occupied square feet at the end
   of the year excluding outparcels, if any.

   In the opinion of the General Partners, the Partnership has
provided for adequate insurance coverage of its real estate
investment properties.

   During the year ended December 31, 2001, the Partnership owned
the properties described below:

(a) Crown Point Shopping Center ("Crown Point")

   On September 12, 1985, the Partnership acquired Crown Point, an
approximately 71,500 square foot shopping center located in
Kingsport, Sullivan County, Tennessee.  Crown Point is composed of
a main building, constructed in two phases, and two out parcel
buildings of approximately 6,500 square feet.  Phase I of Crown
Point and one out parcel building were completed in 1984.  Phase II
of Crown Point and the other out parcel building were completed in
1985.  The anchor tenant is a Food City grocery.  Burger King, a
division of Grand Metropolitan PLC, is located in one of the out
parcel buildings which is also owned by the Partnership.  Crown
Point was 84% occupied at December 31, 2001.

   The Partnership purchased Crown Point for $5,341,696 consisting
of approximately $1,775,000 paid in cash at closing and the balance
by assuming an existing first mortgage loan of $3,566,696.  The
lender provided the first mortgage loan through the sale of tax-
exempt bonds.  The loan had a 30-year term and bore interest at the
rate of 9.69% per annum.  On December 28, 1995, the loan balance
was paid in full when the Crown Point property was refinanced with
NationsBanc Mortgage Capital Corporation.  The refinancing resulted
in a $3,275,000 non-recourse loan with a fixed interest rate of
7.55%.  The outstanding mortgage balance encumbered by the property
is $2,750,895 at December 31, 2001.  The outstanding mortgage
balance is currently being amortized based on a twenty year term
and has a maturity of January 1, 2003.

   The occupancy rate and average annual base rent per square foot
at December 31, 2001 and 2000 were as follows:

                             2001      2000
Occupancy Rate                84%       84%
Average Annual Base
Rent Per Square Foot         $8.30    $7.96

  Crown Point has one tenant who individually occupies ten percent
or more of the rentable square footage.  The following is a summary
of the tenant rent roll at December 31, 2001:

                           Annual    Lease
                 Square      Base   Expiration Renewal    Nature of
Tenant            Feet      Rent      Date     Options     Business
Food City        39,652   $257,738   8/2004   5/5 yrs ea.  Food Store
Others           20,467    241,537   Various   Various
Vacant           11,333         --
                 71,452   $499,275

   The Partnership has accepted an offer for the acquisition of
Crown Point in the amount of $4,800,000.  This price is below the
1998 appraised value of $5.95 million.

   The General Partners believe that the decrease in the value of
the property is the result of a significant tenant that had
occupied approximately 17% of the center and then vacated at the
end of 1999.

   The carrying value of this property on December 31, 2001 is
approximately $4,662,000 based on the purchase agreement price of
$4,800,000.  The purchase agreement was executed on February 1,
2002 with a third party, and the due diligence period expires on
April 5, 2002.

(b) Strawberry Fields Shopping Center ("Strawberry Fields")

   On December 12, 1985, the Partnership and Brauvin Real Estate
Fund L.P. 4 ("BREF 4"), an affiliated public real estate limited
partnership, formed a joint venture (the "Strawberry Joint
Venture") to purchase Strawberry Fields located in West Palm Beach,
Florida for $9,875,000.  The Partnership has a 42% interest in the
joint venture which owns Strawberry Fields and BREF 4 has a 58%
interest in the joint venture which owns Strawberry Fields.  The
purchase was funded with $3,875,000 cash at closing and $6,000,000
from the proceeds of a first mortgage loan.

   In February 1993, the Strawberry Joint Venture finalized a
refinancing (the "Refinancing") of the first mortgage loan on
Strawberry Fields with the lender.

   Effective October 1, 1998, the Strawberry Joint Venture and the
Strawberry Lender agreed to modify and extend the first mortgage
loan.  As of October 1, 1998 and through the extended maturity
date, April 1, 2002, the interest rate was reduced from 9% to 7%
with principal amortization changed from a ten year period to an
eighteen year period.

   Strawberry Fields is a neighborhood retail development
constructed on an 11.87 acre site in 1985.  Strawberry Fields was
initially anchored by Florida Choice, a combination food, drug and
general merchandise chain.  In 1987, the Kroger Company ("Kroger")
purchased Family Mart, the original lessee, and renamed the store.
Kroger then closed the Florida Choice store in November 1988;
however, the original lease terms remained in effect and Kroger
continued to pay rent.  Although Kroger is obligated to continue to
pay rent through March 31, 2005, the Strawberry Joint Venture
located and approved a sublease for a replacement tenant, Syms, a
national discount clothing retailer, to sublease the space for the
remainder of the original lease term.  Strawberry Fields' main
building contains 103,614 square feet of retail space and is
complemented by two outparcel sites plus an older 5,400 square foot
Uniroyal tire and automotive outlet.  The outparcel sites are
leased to Taco Bell, a division of Tricon Global, and Flagler
National Bank.

   The Partnership received three bids on Strawberry Fields during
the latter part of 1999.  After negotiation the Strawberry Joint
Venture  accepted the high bid of $5.43 million and entered into a
contract for sale.  However, the prospective purchaser terminated
its interest in the property during its due diligence period.
Subsequent to this deal falling away the Strawberry Joint Venture
received another offer for $5.35 million.  However, although the
offer exceeded the November, 1998 appraised value of $4.8 million,
the offer, after transaction costs, was below the mortgage balance
at the time.  The Strawberry Joint Venture accepted the initial
high bid in part because the property's underlying mortgage loan
was coming due and the Strawberry Lender indicated that it would
not extend the maturity.  However, in the second quarter of 2000,
the Strawberry Joint Venture was successful in extending the loan
for a two year period.  This extension allowed the Partnership to
continue to market the property and seek a greater sales price.

   In 2001, the Strawberry Joint Venture received an offer to
purchase Strawberry Fields for $5.585 million.  In addition, Syms
exercised its right of first refusal on the sale of the property.
Accordingly, the Strawberry Joint Venture executed a purchase and
sale agreement with Syms for $5.585 million in the second quarter
of 2001.

   On July 20, 2001, Strawberry Fields was sold to Syms for the
contract price.  At closing, the Strawberry Joint Venture received
net sales proceeds of approximately $299,000.


(c)Sabal Palm Square ("Sabal Palm")

   On October 31, 1986, the Partnership and BREF 4 formed a joint
venture to purchase Sabal Palm, a shopping center in Palm Bay,
Florida, for $5,924,000.  The Partnership has a 53% interest and
BREF 4 has a 47% interest in the joint venture which owns Sabal
Palm.  The purchase was funded with $2,724,000 cash at closing and
a $3,200,000 interim loan.  On February 19, 1987, the joint venture
obtained a first mortgage loan in the amount of $3,200,000
collateralized by Sabal Palm from an unaffiliated lender.  The loan
was payable with interest only at 9.5% per annum until February
1992, and required payments of principal and interest based on a 30
year amortization schedule.

   Sabal Palm was required to make a balloon mortgage payment in
February 1997. Prior to the scheduled maturity of the First
Mortgage Loan, the lender granted Sabal Palm an extension until
April 1, 1997.  On March 31, 1997, Sabal Palm obtained a first
mortgage loan in the amount of $3,200,000 (the "First Mortgage
Loan"), secured by its real estate, from NationsBanc Mortgage
Capital Corporation.  The First Mortgage Loan bears interest at the
rate of 8.93% per annum, is amortized over a 25-year period,
requires monthly payments of principal and interest of
approximately $26,700 and matures on March 26, 2002.  A portion of
the proceeds of the First Mortgage Loan, approximately $3,077,000,
was used to retire Sabal Palm's existing mortgage from Lincoln
National Pension Insurance Company.  The outstanding mortgage
balance encumbered by the property was $3,028,386 at December 31,
2001.

   Sabal Palm is a neighborhood shopping center consisting of
approximately 89,000 square feet of retail space situated on
approximately 9.7 acres of land.  Sabal Palm was constructed in
1985 and is anchored by a Winn Dixie food store and Walgreens.
Winn Dixie completed an approximately 6,500 square foot expansion
in the fourth quarter of 1992.  Sabal Palm has several outparcels,
which are not owned by the Partnership, but which add to the
center's appearance and customer activity.  Sabal Palm had an 84%
economic occupancy at December 31, 2001.

   In the second quarter of 1998, Winn-Dixie vacated its space at
the center.  Winn-Dixie remains liable for the rental payments
under its lease at Sabal Palm until April 2005.  Winn-Dixie failed
to timely pay its rental obligation for November and December 2001
and from January through March 2002, and is currently in default.
The Partnership has filed suit against Winn Dixie and is pursuing
its legal remedies against the tenant.

   On August 7, 2000, Sabal Palm was given notice that Walgreens
will vacate the space prior to its termination of the lease in
April 30, 2025.  The General Partners are considering potential
lease buyout and potential releasing strategies for these tenants.

   The economic occupancy rate and average annual base rent per
square foot at December 31, 2001 and 2000 were as follows:

                                       2001        2000
 Occupancy Rate                         84%         86%

 Average Annual Base
    Rent Per Square Foot              $5.94       $5.11


   Sabal Palm has two tenants that individually occupy ten percent
or more of the rentable square footage.  The following is a summary
of the tenant rent roll at December 31, 2001:

                           Annual    Lease
                Square      Base   Expiration   Renewal    Nature of
Tenant           Feet       Rent     Date       Options     Business
Winn-Dixie      41,983   $186,982   4/2005     5/5 yrs ea.  Food Store
Walgreens       13,000     81,252   4/2025(a)  2/5 yrs ea.  Drug Store
Others          19,325    181,243   Various      Various
Vacant          14,625         --
                88,933   $449,477

     (a) Tenant has a right to terminate lease at April, 2005.

   In total, Sabal Palm has received six offers on the property
from unaffiliated parties ranging in price from $2.2 million to
$3.4 million.  After negotiation Sabal Palm accepted the highest
offer and completed negotiating the sale contract in June 2000.
The buyer had a 60 day due diligence period.  The buyer terminated
the contract within the due diligence period.

   In September 2000, Sabal Palm completed negotiating a new
contract for the sale of the property.  The $3.36 million proposed
sales price exceeded the November, 1998 appraised value of $3.25
million.  The potential purchaser had a 60 day due diligence
period.  This buyer also terminated the contract within the due
diligence period.

   As a result of the two vacant anchor spaces representing more
than 55,000 square feet of space or 62% of the property, this
center has proved very difficult to sell.  The Partnership is
continuing to market this property for sale.  In addition, the
Partnership is reviewing a number of potential possibilities to
have Winn-Dixie "buy out" its remaining lease obligation at a
discount and to use the proceeds to split its space into smaller
more leaseable units in an effort to sublease either or both of the
"dark" anchors.  The Partnership has made  material progress in
this regard; but, no definitive conclusion has been reached.  To
the extent the Partnership is successful replacing Winn Dixie with
smaller tenants, the redemizing of the anchor space will require a
substantial investment by the Partnership into the property.  Any
such investment will be evaluated on the benefits to the
Partnership including the increased potential value to the
Partnership and the likelihood that the property will be sold
sooner.  In addition, the Partnership has approached the lender
regarding allowing Winn-Dixie to buy out its lease and a potential
extension of the loan maturity.  In the third quarter of 2001, the
Partnership received notification that the lender would not agree
to the Partnership's request.  As a result of the lender rejecting
the Partnership's request and Winn-Dixie's current lease default,
in the third quarter of 2001, Sabal Palm recorded an adjustment to
the liquidation basis of accounting of $114,367 related to an other
than temporary decline in the value of real estate for Sabal Palm.

   In the fourth quarter of 2001, Sabal Palm recorded a further
adjustment to liquidation basis of $7,508 related to an other than
temporary decline in the value of real estate at Sabal Palm.

   As of December 31, 2001, the Partnership has adjusted the
carrying value of this property to the approximate outstanding
mortgage loan.

   In April 2002, the joint venture and the lender agreed to a
twelve month extension of the existing loan.  The loan extension
was subject to the lease termination of Winn-Dixie and Winn-Dixie's
payment of a termination fee.  As a requirement of the extension,
the joint venture and the lender agreed to use the proceeds from
the termination to redemize the former Winn-Dixie space into three
spaces as well as certain other improvements to the center.  The
joint venture has signed a lease with Sav A Lot a national grocery
chain for 14,350 square feet (one of the demized spaces).  In
addition, the joint venture is in lease negotiations with a
potential retail tenant for 10,675 square feet in another one of
the demized spaces.  However, at this time, there can be no
assurance that the joint venture and this potential tenant will
execute the lease as the terms are presented.  Further, Walgreens
has approached the joint venture with a proposal to sublease their
space in the center to another retail tenant.  The joint venture is
currently reviewing this proposal.

Risks of Ownership

   The possibility exists that the tenants of the Partnership's
properties may be unable to fulfill their obligations pursuant to
the terms of the leases, including making base rent payments or
percentage rent payments to the Partnership.  Such defaults by one
or more of the tenants could have an adverse effect on the
financial situation of the Partnership.  Furthermore, the
Partnership may be unable to replace these tenants due to
competition in the market at the time any vacancy occurs.
Additionally, there are costs to the Partnership when replacing
tenants such as leasing commissions and tenant improvements.  Such
improvements may require expenditure of Partnership funds otherwise
available for distribution.

Item 3.    Legal Proceedings.

  None.


Item 4.    Submission of Matters to a Vote of Security Holders.

  None.

                               PART II

Item 5. Market for the Issuer's Limited Partnership Interests
        and Related Security Holder Matters.

   At December 31, 2001, there were approximately 605 Limited
Partners in the Partnership.  There is currently no established
public trading market for the Units and it is not anticipated that
a public market for the Units will develop.  Bid prices quoted by
"partnership exchanges" vary widely and are not considered a
reliable indication of market value.  Neither the Partnership nor
Brauvin Ventures, Inc. (the "Corporate General Partner") will
redeem or repurchase outstanding Units.

   Pursuant to the terms of the Agreement, there are restrictions
on the ability of the Limited Partners to transfer their Units.  In
all cases, the General Partners must consent to any substitution of
a Limited Partner.

   There were no cash distributions to Limited Partners for 2001
and 2000.

Item 6. Management's Discussion and Analysis or Plan of Operation.

General

   Certain statements in this Annual Report that are not
historical fact constitute "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995.
Discussions containing forward-looking statements may be found in
this section and in the section entitled "Description of Business."
Without limiting the foregoing, words such as "anticipates",
"expects", "intends", "plans" and similar expressions are intended
to identify forward-looking statements.  These statements are
subject to a number of risks and uncertainties.  Actual results
could differ materially from those projected in the forward-looking
statements.  The Partnership undertakes no obligation to update
these forward-looking statements to reflect future events or
circumstances.

Liquidity and Capital Resources

   The Partnership intends to satisfy its short-term liquidity
needs through cash flow from the properties.  Mortgage notes
payable are expected to be satisfied through property sales.

   On December 10, 1998, the Partnership received notice that an
unsolicited tender offer to purchase up to 25% of the outstanding
limited partnership interests of the Partnership (the "Units") was
to commence with a tender price of $80 per Unit.  The offer was
being made, in part, by an entity that owned a nominal economic
interest in the Partnership and  terminated on January 15, 1999.
As a result of this unsolicited tender offer approximately 609
economic interests in the Partnership were transferred.

   On May 12, 1999, the Partnership received notice that an
unsolicited tender offer to purchase up to approximately 25% of the
outstanding Units was to commence with a tender price of $170 per
Unit.  The offer was made, in part, by an entity that owned a
nominal economic interest in the Partnership and expired on June
25, 1999.  As a result of this unsolicited tender offer
approximately 777 economic interests in the Partnership were
transferred.

   On June 20, 2001, the Partnership received an unsolicited
tender offer to purchase up to 4,950 of the outstanding Units for
$100 per Unit.  The offer was made by a group that currently
beneficially owns the economic interests with respect to
approximately 14.5% of the outstanding Units.  The offer period
expired on August 17, 2001.  Subsequent to August 17, 2001 the
tender offer was increased to $120 per unit and the term was
extended to October 1, 2001.  As of October 1, 2001, 404 economic
interests were transferred as a result of this tender offer.  Upon
completion of the Offer, the purchasers held an aggregate of
approximately 1,842 economic interests, or approximately 19% of the
outstanding total Units.

   The General Partners remained neutral as to the particular
merits or risks associated with these tender offers.  The General
Partners cautioned that the ultimate amount actually received by
each Limited Partner will be affected by items including, but not
limited to, the timing of the liquidation of the assets, changes in
market conditions, necessary Partnership reserves and the sales
prices that can be negotiated.

   The General Partners further informed the Limited Partners
that, for those investors who were primarily interested in
liquidating their Units immediately, the tender offers provided
such an opportunity.

   The General Partners have determined to pursue the disposition
of the Partnership's assets.  In 1999, the Partnership solicited
and received the votes of the Limited Partners to approve a sale of
all of the Partnership's properties, either on an individual or
group basis, and to subsequently liquidate the Partnership.  The
solicitation, which was approved by the Limited Partners in the
third quarter of 1999, stated that the Partnership's properties may
be sold individually or in any combination provided that the total
sales price for the properties included in the transaction equals
or exceeds 70% of the aggregate appraised value for such
properties, which valuation was conducted by an independent third
party appraisal firm.

   The Partnership intends to sell the properties under a closed
bid process which will include identification of target buyers with
proven financing ability and performance of certain evaluations of
the properties, such as environmental testing.  Potential buyers
will be requested to sign confidentiality agreements to safeguard
the Partnership's confidential proprietary information.  The
General Partners have determined that each bid must be all cash,
completely unconditional and accompanied by a substantial deposit.

   In 2001, over 1,000 potential investors were contacted
regarding the sale of the properties.  Of this group, approximately
180 became registered potential buyers for the properties.
Combined withe prior periods, there have been approximately 300
potential buyers.  In addition, the properties are listed on the
Internet at Loopnet.com, the largest commercial real estate website
in the nation.


Property Status

   The anchor tenant at Crown Point is Food City.  The overall
occupancy level at Crown Point was 84% at December 31, 2001 and 84%
at December 31, 2000.

    On December 28, 1995, the loan balance of the acquisition
financing was paid in full when Crown Point was refinanced with
NationsBanc Mortgage Capital Corporation.  The refinancing resulted
in a $3,275,000 non-recourse loan with a fixed interest rate of
7.55% and a maturity of January 1, 2003.

   The carrying value of this property on December 31, 2001 is
approximately $4,662,000 based on the purchase contract price of
$4,800,000.  This contract was executed on February 1, 2002 and is
subject to a 45 day due diligence period.

   In 2001, the Strawberry Joint Venture received an offer to
purchase Strawberry Fields for $5.585 million.  In addition, Syms
exercised its right of first refusal on the sale of the property.
Accordingly, the Strawberry Joint Venture executed a purchase and
sale agreement with Syms for $5.585 million in the second quarter
of 2001.

   On July 20, 2001, Strawberry Fields was sold to Syms for the
contract price.  At closing, the Strawberry Joint Venture received
net sales proceeds of approximately $299,000.

   Sabal Palm was required to make a balloon mortgage payment in
February 1997. Prior to the scheduled maturity of the First
Mortgage Loan, the lender granted Sabal Palm an extension until
April 1, 1997.  On June 30, 1997, Sabal Palm obtained a first
mortgage loan in the amount of $3,200,000 (the "First Mortgage
Loan") secured by its real estate, from NationsBanc Mortgage
Capital Corporation.  The First Mortgage Loan bears interest at the
rate of 8.93% per annum, is amortized over a 25-year period,
requires monthly payments of principal and interest of
approximately $26,700 and matures on March 26, 2002.  A portion of
the proceeds of the First Mortgage Loan, approximately $3,077,000
was used to retire Sabal Palm's existing mortgage from Lincoln
National Pension Insurance Company.

   In the second  quarter of 1998, Winn-Dixie vacated its space at
the center.  Winn-Dixie remains liable for rental payments under
its lease at Sabal Palm until April 2005.  Winn-Dixie failed to
timely pay its rental obligation for November and December of 2001
and January through March, 2002.  Winn-Dixie is currently in
default and the Partnership is pursuing its legal remedies against
the tenant.

   On August 7, 2000 Sabal Palm was given notice that Walgreens
will vacate the space prior to its lease termination of April 30,
2025.  The General Partners are considering potential lease buyout
and potential releasing strategies for these tenants.

   In total, Sabal Palm has received six offers on the property
ranging in price from $2.2 million to $3.4 million.  After
negotiation Sabal Palm accepted the highest offer and completed
negotiating the sale contract in June 2000.  The buyer had a 60 day
due diligence period.  The buyer terminated the contract within the
due diligence period.

   In September 2000, Sabal Palm completed negotiating a new
contract for the sale of the property.  The $3.36 million proposed
sales price exceeded the November, 1998 appraised value of $3.25
million.  The potential purchaser had a 60 day due diligence
period.  This buyer also terminated the contract within the due
diligence period.

   As a result of the two vacant anchor spaces representing more
than 55,000 square feet of space or 62% of the property, this
center has proved very difficult to sell.  The Partnership is
continuing to market this property for sale.  In addition, the
Partnership is reviewing a number of potential possibilities to
have Winn-Dixie "buy out" its remaining lease obligation at a
discount and to use the proceeds to split its space into smaller
more leaseable units in an effort to sublease either or both of the
"dark" anchors.  The Partnership has made  material progress in
this regard; but, no definitive conclusion has been reached.  To
the extent the Partnership is successful replacing Winn-Dixie with
smaller tenants, the redemizing of the anchor space will require a
substantial investment by the Partnership into the property.  Any
such investment will be evaluated on the benefits to the
Partnership including the increased potential value to the
Partnership and the likelihood that the property will be sold
sooner.  In addition, the Partnership has approached the lender
regarding allowing Winn-Dixie to buy out its lease and a potential
extension of the loan maturity.  In the third quarter of 2001, the
Partnership received notification that the lender would not agree
to the Partnership's request.  As a result of the lender rejecting
the Partnership's request and Winn-Dixie's current lease default,
in the third quarter of 2001, Sabal Palm recorded an adjustment to
the liquidation basis of accounting of $114,367 related to an other
than temporary decline in the value of real estate for Sabal Palm.

   In the fourth quarter of 2001, Sabal Palm recorded a further
adjustment to the liquidation basis of accounting of $7,508 related
to an other than temporary decline in the value of real estate at
Sabal Palm.

   In April 2002, the joint venture and the lender agreed to a
twelve month extension of the existing loan.  The loan extension
was subject to the lease termination of Winn-Dixie and Winn-Dixie's
payment of a termination fee.  As a requirement of the extension,
the joint venture and the lender agreed to use the proceeds from
the termination to redemize the former Winn-Dixie space into three
spaces as well as certain other improvements to the center.  The
joint venture has signed a lease with Sav A Lot a national grocery
chain for 14,350 square feet (one of the demized spaces).  In
addition, the joint venture is in lease negotiations with a
potential retail tenant for 10,675 square feet in another one of
the demized spaces.  However, at this time, there can be no
assurance that the joint venture and this potential tenant will
execute the lease as the terms are presented.  Further, Walgreens
has approached the joint venture with a proposal to sublease their
space in the center to another retail tenant.  The joint venture is
currently reviewing this proposal.

   Due to the nonpayment of Winn-Dixie's rental obligations, the
Partnership did not make its mortgage payments for Sabal Palm in
November and December 2001 and January through March 2002, as a
result, the Partnership is currently in default on its loan.
However, the lender has taken no action and the twelve month
extension currently being contemplated with the lender will include
the Partnership's payment of all past due amounts.

   As a result of the July 1999 authorization by a majority of the
Limited Partners to sell the Partnership's properties,  the
Partnership has begun the liquidation process and, in accordance
with generally accepted accounting principles, the Partnership's
financial statements for periods subsequent to July 12, 1999 have
been prepared on the liquidation basis of accounting.  Accordingly,
the carrying values of the assets are presented at net realizable
amounts and liabilities are presented at estimated settlement
amounts, including estimated costs associated with carrying out the
liquidation.  Preparation of the financial statements on the
liquidation basis of accounting requires significant assumptions by
management, including the estimate of liquidation costs and the
resolution of any contingent liabilities.  There may be differences
between the assumptions and the actual results because events and
circumstances frequently do not occur as expected.  Those
differences, if any, could result in a change in the net assets
recorded in the statement of net assets as of December 31, 2001.

   The General Partners expect to distribute proceeds from
operating cash flow, if any, and from the sale of real estate to
Limited Partners in a manner that is consistent with the investment
objectives of the Partnership.  Management of the Partnership
believes that cash needs may arise from time to time which will
have the effect of reducing distributions to Limited Partners to
amounts less than would be available from refinancing or sale
proceeds.  These cash needs include, among other things,
maintenance of working capital reserves in compliance with the
Agreement as well as payments for major repairs, tenant
improvements and leasing commissions in support of real estate
operations.  In particular, the retenanting of Sabal Palm, if
successful, will require an additional capital investment by the
Partnership.

Results of Operations

   The Partnership's revenue and expenses are affected primarily
by the operations of the properties.  Property operations, and in
particular the components of income, demand for space and rental
rates are, to a large extent, determined by local and national
market conditions.

   These conditions have generally adversely impacted the
Partnership's property economics.  Rental and occupancy rates have
generally been below where they were when the properties were
acquired.

   The General Partners conduct an in-depth assessment of each
property's physical condition as well as a demographic analysis to
assess opportunities for increasing occupancy and rental rates and
decreasing operating costs.  In all instances, decisions concerning
restructuring of loan terms, reversions and subsequent operation of
the property are made with the intent of maximizing the potential
proceeds to the Partnership and, therefore, return of investment
and income to Limited Partners.

   In certain instances and under limited circumstances,
management of the Partnership entered into negotiations with
lenders for the purpose of restructuring the terms of loans to
provide for debt service levels that could be supported by
operations of the properties.  When negotiations are unsuccessful,
management of the Partnership considers the possibility of
reverting the properties to the first mortgage lender.  Foreclosure
proceedings may require 6 to 24 months to conclude.

   An affiliate of the Partnership and the General Partners is
assigned responsibility for day-to-day management of the
properties.  The affiliate receives a combined management and
leasing fee which cannot exceed 6% of gross revenues generated by
the properties.  Management fee rates are determined by the extent
of services provided by the affiliate versus services that may be
provided by third parties, i.e., independent leasing agents.  In
all instances, fees paid by the Partnership to the property
management affiliate are, in the General Partners opinion,
comparable to fees that would be paid to independent third parties.

Results of Operations for the years ended December 31, 2001 and
2000

   The Partnership generated net income of $456,000 for the year
ended December 31, 2001 as compared to a net income of $364,000 for
the same period in 2000.  The $92,000 increase in net income is
primarily the result of a decrease in total income of $79,000
offset by an increase in total expenses of $243,000.  Minority
interest share in Sabal Palm's net loss increased $138,000 and
equity interest in Strawberry's net income increased $276,000.

   Total income for the year ended December 31, 2001 was
$1,295,000 as compared to $1,374,000 for the same period in 2000.
The $79,000 decrease in total income was primarily a result of a
$27,000 decrease in rental income, a $20,000 decrease in interest
income and a $32,000 decrease in other income.  Rental income
decreased primarily as a result of a decline in percentage rents
earned which related to a vacated anchor tenant at Sabal Palm.
Interest income decreased as a result of the decline in interest
rates.  The decrease in other income was the result of a correction
in the year 2000 relating to prior year's billings for certain
tenants at the Partnership's shopping centers.

   Total expenses for the year ended December 31, 2001 were
$1,176,000 as compared to $1,055,000 for the same period in 2000.
The $121,000 increase in total expense was primarily a result of a
$78,000 increase in bad debt expense and a $38,000 increase in
repairs and maintenance.  The increase in bad debt expense was
primarily due to the Partnership recording an allowance for bad
debts of approximately $76,000 from Winn-Dixie at the Sabal Palm
property.  The $38,000 increase in repairs and maintenance was due
to a $17,000 increase at Crown Point and an $11,000 increase at
Sabal Palm.  The increase at Sabal Palm was mainly due to roof
repairs.  The increase at Crown Point was mainly due to parking lot
repairs.

Results of Operations for the year ended December 31, 2000
(Liquidation Basis) and the period January 1, 1999 thru July 12,
1999 (Going Concern Basis) and July 13, 1999 thru December 31, 1999
(Liquidation Basis)

   As a result of the Partnership's adoption of the liquidation
basis of accounting, and in accordance with generally accepted
accounting principles, the Partnership's financial statements for
periods subsequent to July 12, 1999 have been prepared on a
liquidation basis.

   Prior to the adoption of the liquidation basis of accounting,
the Partnership recorded rental income on a straight line basis
over the life of the related leases.  Differences between rental
income earned and amounts due per the respective lease agreements
were credited or charged, as applicable, to deferred rent
receivable.  Upon adoption of the liquidation basis of accounting,
the Partnership wrote off the remaining deferred rent receivable
and ceased recording credits or charges to rental income to reflect
straight lining of the related leases.

   Prior to the adoption of the liquidation basis of accounting
depreciation was recorded on a straight line basis over the
estimated economic lives of the properties.  Upon the adoption of
the liquidation basis of accounting, real estate held for sale was
adjusted to estimated net realizable value and no depreciation
expense has been recorded.

   The Partnership generated net income of $364,000 for the year
ended December 31, 2000 as compared to a net loss of $203,000 for
the same period in 1999.  The $567,000 increase in net income is
primarily a result of the adoption of the liquidation basis of
accounting in 1999.

   Total income for the year ended December 31, 2000 was
$1,374,000 as compared to $1,439,000 for the same period in 1999.
The $65,000 decrease in total income was primarily a result of a
$121,000 decrease in rental income.  Rental income decreased
primarily as a result of a decline in average occupancy at Sabal
Palm Shopping Center.

   Total expenses for the year ended December 31, 2000 were
$1,055,000 as compared to $1,421,000 for the same period in 1999.
The $366,000 decrease in total expenses was primarily a result of
the cessation of depreciation expense in July 1999 as a result of
the adoption of the liquidation basis of accounting.  Additionally,
contributing to the decline in expenses was a decline of $93,000 in
repairs and maintenance primarily relating to a 1999 project to
improve the appearance of the Crown Point Shopping Center.
Further, general and administrative expenses declined $107,000
between the periods primarily as a result of a decline in bad debt
expense.

Item 7. Consolidated Financial Statements and Supplementary Data.

   See Index to Consolidated Financial Statements on Page F-1 of
this Form 10-KSB for consolidated financial statements where
applicable.

   The financial information required in Item 310(b) of Regulation
S-B is not applicable.

Item 8. Changes in and Disagreements with Accountants on
        Accounting and Financial Disclosure.

   On November 6, 2001 the Partnership dismissed Deloitte & Touche
LLP as its independent accountant.  Deloitte & Touche LLP's report
on the financial statements for either of the past two years did
not contain an adverse opinion or disclaimer of opinion and was not
modified as to uncertainty, audit scope or accounting principles.
In the Partnership's fiscal years ended 1999 and 2000 and the
subsequent interim period preceding the dismissal there were no
disagreements with Deloitte & Touche LLP on any matter of
accounting principles or practices, financial statement disclosure
or auditing scope or procedure which would have caused Deloitte &
Touche LLP to make reference to the matter in their report.  There
were no reportable events as that term is described in Item
304(a)(1)(iv)(B) of Regulation S-B.

   On November 7, 2001, the Partnership engaged Altschuler,
Melvoin and Glasser LLP as its independent accountant.  Neither the
Partnership (nor someone on its behalf) consulted Altschuler,
Melvoin and Glasser LLP regarding: (i) the application of
accounting principles to a specific transaction, either completed
or proposed, or the type of audit opinion that might be rendered on
the Partnership's financial statements; or (ii) any matter that was
either the subject of a disagreement or a reportable event.

                            PART III

Item 9. Directors, Executive Officers, Promoters and Control
        Persons; Compliance with Section 16(a) of The Exchange Act.

  The General Partners of the Partnership are:
        Brauvin Ventures, Inc., an Illinois corporation
        Mr. Jerome J. Brault, individually

  Brauvin Ventures, Inc. was formed under the laws of the State of
Illinois in 1983, with its issued and outstanding shares being owned
by A.G.E. Realty Corporation, Inc. (50%), and Messrs. Jerome J.
Brault (beneficially) (25%) and Cezar M. Froelich (25%).

  The principal officers and directors of the Corporate General
Partner are:

  Mr. Jerome J. Brault  . . . . .Chairman of the Board of Directors,
                                                  Director and President

  Mr. James L. Brault. . . . . . . . . . . .Vice President and Secretary

  Mr. Thomas E. Murphy . . . . . . . . . . . . . . . . . . Treasurer and
                                                 Chief Financial Officer

   The business experience during the past five years of the
General Partners, officers and directors is as follows:

   MR. JEROME J. BRAULT (age 68) chairman of the board of
directors, president and chief executive officer of the Corporate
General Partner, as well as a principal shareholder of the Corporate
General Partner.  He is a member and manager of Brauvin Real Estate
Funds, L.L.C.  He is a member of Brauvin Capital Trust L.L.C.  Since
1979, he has been a shareholder, president and a director of
Brauvin/Chicago, Ltd.  He is an officer, director and one of the
principal shareholders of various Brauvin entities which act as the
general partners of four other publicly registered real estate
programs.  He is an officer, director and one of the principal
shareholders of Brauvin Associates, Inc., Brauvin Management
Company, Brauvin Advisory Services, Inc. and Brauvin Securities,
Inc., Illinois companies engaged in the real estate and securities
businesses.  He is a director, president and chief executive officer
of Brauvin Net Lease V, Inc.  He is the chief executive officer of
Brauvin Capital Trust, Inc.  Mr. Brault received a B.S. in Business
from DePaul University, Chicago, Illinois in 1959.

   MR. JAMES L. BRAULT (age 41) is a vice president and secretary
and is responsible for the overall operations of the Corporate
General Partner and other affiliates of the Corporate General
Partner.  He is an officer of various Brauvin entities which act as
the general partners of four other publicly registered real estate
programs.  Mr. Brault is executive vice president and assistant
secretary and is responsible for the overall operations of Brauvin
Management Company.  He is also an executive vice president and
secretary of Brauvin Net Lease V, Inc.  He is a manager of Brauvin
Real Estate Funds, L.L.C., Brauvin Capital Trust, L.L.C. and
BA/Brauvin L.L.C.  He is the president of Brauvin Capital Trust,
Inc.  Prior to joining the Brauvin organization in May 1989, he was
a Vice President of the Commercial Real Estate Division of the First
National Bank of Chicago ("First Chicago"), based in their
Washington, D.C. office.  Mr. Brault joined First Chicago in 1983
and his responsibilities included the origination and management of
commercial real estate loans, as well as the direct management of
a loan portfolio in excess of $150 million.  Mr. Brault received a
B.A. in Economics from Williams College, Williamstown, Massachusetts
in 1983 and an M.B.A. in Finance and Investments from George
Washington University, Washington, D.C. in 1987.  Mr. Brault is the
son of Mr. Jerome J. Brault.

   MR. THOMAS E. MURPHY (age 35) is the treasurer and chief
financial officer of the Corporate General Partner and other
affiliates of the Corporate General Partner.  He is the chief
financial officer of various Brauvin entities which act as the
general partners of four other publicly registered real estate
programs.  Mr. Murphy is also the chief financial officer of Brauvin
Management Company, Brauvin Financial, Inc., Brauvin Securities,
Inc. and Brauvin Net Lease V, Inc.  He is the treasurer, chief
financial officer and secretary of Brauvin Capital Trust, Inc. He
is responsible for the Partnership's accounting and financial
reporting to regulatory agencies.  He joined the Brauvin
organization in July 1994.  Prior to joining the Brauvin
organization he was in the accounting department of Zell/Merrill
Lynch and First Capital Real Estate Funds where he was responsible
for the preparation of the accounting and financial reporting for
several real estate limited partnerships and corporations.  Mr.
Murphy received a B.S. in Accounting from Northern Illinois
University in 1988.  Mr. Murphy is a Certified Public Accountant and
is a member of the Illinois Certified Public Accountants Society.

Item 10.  Executive Compensation.

   (a & b) The Partnership is required to pay certain fees, make
distributions and allocate a share of the profits and losses of the
Partnership to the Corporate General Partner or other affiliates as
described under the caption "Compensation Table" on pages 11 to 13
of the Partnership's Prospectus, as supplemented, and the sections
of the Agreement entitled "Distributions of Operating Cash Flow",
"Allocation of Profits, Losses and Deductions", "Distribution of Net
Sale or Refinancing Proceeds" and "Compensation of General Partners
and Their Affiliates" on pages A-9 to A-13 of the Agreement attached
as Exhibit A to the Partnership's Prospectus.  The relationship of
the Corporate General Partner (and its directors and officers) to
its affiliates is set forth above in Item 9.  Reference is also made
to Notes 3 and 5 of the Notes to Consolidated Financial Statements
filed with this annual report for a description of such
distributions and allocations.

   The General Partners received a share of Partnership income or
loss for 2001 and 2000.

   An affiliate of the General Partners is reimbursed for its
direct expenses relating to the administration of the Partnership.

   The Partnership does not have any employees and therefore there
is no compensation paid.

  (c - h)         Not applicable.

          Item 11.  Security Ownership of Certain Beneficial Owners and
          Management.

            (a)     No person or group is known by the Partnership to own
          beneficially more than 5% of the outstanding voting Units
          of the Partnership.

            (b)     The officers and directors of the Corporate General
          Partner do not, individually or as a group, own any
          Units.

            (c)     The Partnership is not aware of any arrangements, the
          operations of which may result in a change of control of
          the Partnership.

   No officer or director of the Corporate General Partner
possesses a right to acquire beneficial ownership of Units.  The
General Partners will share in the profits, losses and distributions
of the Partnership as outlined in Item 10, "Executive Compensation."

Item 12. Certain Relationships and Related Transactions.

   (a & b) The Partnership is entitled to engage in various
transactions involving affiliates of the Corporate General Partner
of the Partnership, as described in the section of the Partnership's
Prospectus, as supplemented, entitled "Compensation Table" and
"Conflicts of Interest" at pages 11 to 16 and the section of the
Agreement entitled "Rights, Duties and Obligations of General
Partners" at pages A-15 to A-18 of the Agreement.  The relationship
of the Corporate General Partner to its affiliates is set forth in
Item 10. Cezar M. Froelich resigned as an individual general partner
of the Partnership effective 90 days after August 14, 1997 but
remains a shareholder of the Corporate General Partner.  He is also
a principal of the law firm of Shefsky & Froelich Ltd., which firm
acted as securities and real estate counsel to the Partnership.
Reference is made to Note 5 of the Notes to Consolidated Financial
Statements filed with this annual report for a summary of
transactions with affiliates.

   As a precondition to the financing at Crown Point, the lender
required that ownership of the property reside in a single purpose
entity ("SPE").  To accommodate the lender's requirements, ownership
of the property was transferred in 1995 to the SPE, Brauvin/Crown
Point L.P., which is owned 99% by the Partnership and 1% by an
affiliate of the General Partners.  Distributions of Brauvin/Crown
Point L.P. are subordinated to the Partnership which effectively
precludes any distributions from the SPE to affiliates of the
General Partners.  The creation of Brauvin/Crown Point L.P. did not
affect the Partnership's economic ownership of the Crown Point
property.  Furthermore, this change in ownership structure had no
material effect on the financial statements of the Partnership.

   (c) Not applicable.

   (d) There have been no transactions with promoters.




Item 13. Exhibits, Consolidated Financial Statements and Reports
          on Form 8-K.

   (a) The following documents are filed as part of this report:

      (1) (2)  Consolidated Financial Statements. (See Index to
               Consolidated Financial Statements filed with this
               annual report).
      (3)      Exhibits required by the Securities and Exchange
               Commission Regulation S-B Item 601:

               Exhibit No.    Description
                 *3.(a)       Restated Limited Partnership
                              Agreement
                 *3.(b)       Articles of Incorporation of Brauvin
                              Ventures, Inc.
                 *3.(c)       By-Laws of Brauvin Ventures, Inc.
                 *3.(d)       Amendment to the Certificate of
                              Limited Partnership of the
                              Partnership
                 *10.(a)      Escrow Agreement
                 *10.(b)(1)   Management Agreement
                 21.          Subsidiaries of the registrant
                 *28.         Pages 11-16, A-9 to A-13 and A-15 to
                              A-18 of the Partnership's Prospectus
                              and the Agreement dated March 1,
                              1985, as supplemented.

* Incorporated by reference from the exhibits filed with the
Partnership's registration statement (File No. 2-95633) on Form S-11
filed under the Securities Act of 1933.

  (b)   No portions of the annual report have been incorporated
        by reference in this Form 10-KSB.

  (c)   Form 8-K. None.

  (d)   An annual report for the fiscal year 2000 will be sent
        to the Limited Partners subsequent to this filing.

  (e) Reports on Form 8-K.

  On November 6, 2001, the Partnership dismissed Deloitte & Touche
LLP as its independent accountant.  Additionally on November 7, 2001
the Partnership engaged Altschuler, Melvoin and Glasser LLP as its
independent accountant.  This Form 8-K was dated November 6, 2001
and filed on November 14, 2001.


                           SIGNATURES

In accordance with Section 13 or 15(d) of the Exchange Act, the
registrant caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.



                    BRAUVIN REAL ESTATE FUND L.P. 5

                    BY:  Brauvin Ventures, Inc.
                         Corporate General Partner

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

                         By:  /s/ James L. Brault
                              James L. Brault
                              Vice President and Secretary

                         By:  /s/ Thomas E. Murphy
                              Thomas E. Murphy
                              Chief Financial Officer and
                              Treasurer

                         INDIVIDUAL GENERAL PARTNER

                              /s/ Jerome J. Brault
                              Jerome J. Brault

Dated: April 29, 2002


           INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

                                                           Page
Independent Auditors' Report . . . . . . . . . . . . . . .  F-2

Independent Auditors' Report . . . . . . . . . . . . . . .  F-3

Consolidated Statement of Net Assets in Liquidation
as of December 31, 2001 (Liquidation Basis) . . . . . . . . F-4

Consolidated Statement of Changes in Net Assets
in Liquidation for the period January 1, 2001 to
December 31, 2001  (Liquidation Basis)  . . . . . . . . . . F-5

Consolidated Statement of Changes in Net Assets
in Liquidation for the period January 1, 2000 to
December 31, 2000  (Liquidation Basis)  . . . . . . . . . . F-6

Consolidated Statements of Operations for the years ended
December 31, 2001 and 2000 (Liquidation Basis). . . . . . . F-7

Notes to Consolidated Financial Statements  . . . . . . . . F-8

All other schedules provided for in Item 13 (a) of Form 10-KSB are
either not required, not applicable, or immaterial.


                  INDEPENDENT AUDITORS' REPORT

Partners of
Brauvin Real Estate Fund L.P. 5


We have audited the accompanying consolidated financial statements
of Brauvin Real Estate Fund L.P. 5, as of December 31, 2001, and
for the year then ended as listed in the index to consolidated
financial statements.  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 audit.

We conducted our audit in accordance with auditing standards
generally accepted in the United States of America.  Those
standards require that we plan and perform the audit to obtain
reasonable assurance about whether the  financial statements are
free of material misstatement.  An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the
financial statements.  An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation.  We believe that our audit provides a reasonable
basis for our opinion.

In our opinion, the consolidated financial statements present
fairly, in all material respects, the financial position of Brauvin
Real Estate Fund L.P. 5 and subsidiary at December 31, 2001, and
the results of their operations for the year then ended in
conformity with generally accepted accounting principles.

/s/ Altschuler, Melvoin and Glasser LLP


Chicago, Illinois
February 8, 2002, except as to Note 4
 which is as of April 23, 2002








INDEPENDENT AUDITORS' REPORT

To the Partners of
Brauvin Real Estate Fund L.P. 5

We have audited the accompanying consolidated financial statements
of Brauvin Real Estate Fund L.P. 5 and subsidiary for the year
ended December 31, 2000 as listed in the index to consolidated
financial statements.  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 audit.

We conducted our audit in accordance with auditing standards
generally accepted in the United States of America.  Those
standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are
free of material misstatement.  An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the
financial statements.  An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation.  We believe that our audit provides a reasonable
basis for our opinion.

In our opinion, such consolidated financial statements present
fairly, in all material respects, the results of operations of
Brauvin Real Estate Fund L.P. 5 and subsidiary for the year ended
December 31, 2000 in conformity with accounting principles
generally accepted in the United States of America.

/s/ Deloitte & Touche LLP


Chicago, Illinois
April 23, 2001



                BRAUVIN REAL ESTATE FUND L.P. 5
                (a Delaware limited partnership)

   CONSOLIDATED STATEMENT OF NET ASSETS IN LIQUIDATION AS OF
                       DECEMBER 31, 2001

ASSETS
Real estate held for sale                              $ 7,689,875
Cash and cash equivalents                                  869,045
Tenant receivables                                          71,298
Investment in Strawberry Fields
  joint venture                                            175,244
Escrow deposits                                            276,694
Other assets                                                27,931

  Total Assets                                           9,110,087

LIABILITIES
Mortgage notes payable (Note 4)                          5,779,281
Accounts payable and accrued expenses                      170,727
Deferred gain on sale of real estate (Note 2)              504,085
Reserve for estimated costs during
  the period of liquidation (Note 2)                       190,315
Tenant security deposits                                    29,806
Due to affiliates                                            5,181

  Total Liabilities                                      6,679,395

MINORITY INTEREST IN
  SABAL PALM JOINT VENTURE                                  66,276

Net Assets in Liquidation                              $ 2,364,416









  See accompanying notes to consolidated financial statements.






       CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS IN
                   LIQUIDATION FOR THE PERIOD
    JANUARY 1, 2001 TO DECEMBER 31, 2001 (LIQUIDATION BASIS)




Net assets in liquidation at January 1, 2001            $1,908,750

Income from operations                                     455,666

Net assets in liquidation at
  December 31, 2001                                     $2,364,416












  See accompanying notes to consolidated financial statements



       CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS IN
                   LIQUIDATION FOR THE PERIOD
    JANUARY 1, 2000 TO DECEMBER 31, 2000 (LIQUIDATION BASIS)






Net assets in liquidation at
  January 1, 2000                                       $1,544,831

Income from operations                                     363,919

Net assets in liquidation at
  December 31, 2000                                     $1,908,750










  See accompanying notes to consolidated financial statements





             CONSOLIDATED STATEMENTS OF OPERATIONS
         FOR THE YEARS ENDED DECEMBER 31, 2001 AND 2000
                      (LIQUIDATION BASIS)



                                            2001           2000
INCOME
Rental                                  $1,092,287     $1,119,627
Interest                                    27,479         47,294
Other, primarily tenant
  expense reimbursements                   174,914        207,209
Total income                             1,294,680      1,374,130

EXPENSES
Interest                                   488,164        499,393
Real estate taxes                          138,941        134,613
Repairs and maintenance                     66,877         29,346
Management fees (Note 5)                    77,156         87,995
Other property operating                    73,850         77,703
Bad debt expense                            77,595             --
General and administrative                 253,594        225,917
Total expenses                           1,176,177      1,054,967

Income before minority
  and equity interests                     118,503        319,163

Minority interest's
  share of Sabal Palm's
  net loss (income)                         85,214        (53,144)
Equity interest in
  Strawberry Fields Joint
  Venture's net income                     373,824         97,900
Income before adjustment
   to liquidation basis                    577,541        363,919
Adjustment to liquidation
   basis                                  (121,875)            --

Net income                              $  455,666      $ 363,919
Net income allocated
  to the General Partners               $    4,557      $   3,639
Net income allocated
  to the Limited Partners               $  451,109      $ 360,280
Net income per
  Limited Partnership
  Interest (9,914.5 units
  outstanding)                          $    45.50      $   36.34

  See accompanying notes to consolidated financial statements.



                BRAUVIN REAL ESTATE FUND L.P. 5
                (a Delaware limited partnership)

           NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
          For the years ended December 31, 2001 and 2000

(1)  ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

  ORGANIZATION

   The financial statements consolidate the accounts of Brauvin
Real Estate Fund L.P. 5 (the "Partnership") and joint ventures in
which the Partnership has a 50% interest or greater.  Additionally,
the Partnership has a 42% interest in another joint venture which
is accounted for using the equity method of accounting.

   The Partnership was organized on June 28, 1985.  The General
Partners of the Partnership are Brauvin Ventures, Inc. and Jerome
J. Brault. On August 8, 1997, Mr. Cezar M. Froelich resigned as an
Individual General Partner effective 90 days from August 14, 1997.
Brauvin Ventures Inc. is owned by A.G.E. Realty Corporation Inc.
(50%) and by Messrs. Brault (beneficially) (25%) and Froelich
(25%).  A. G. Edwards & Sons, Inc. and Brauvin Securities, Inc.,
affiliates of the General Partners, were the selling agents of the
Partnership.  The Partnership is managed by an affiliate of the
General Partners.

   The general partners of the Partnership filed a Registration
Statement on Form S-11 with the Securities and Exchange  Commission
which became effective on March 1, 1985.  The sale of the minimum
of $1,200,000 of limited partnership interests of the Partnership
(the "Units") necessary for the Partnership to commence operations
was achieved on June 28, 1985 and the Partnership was formed.  The
Partnership's offering closed on February 28, 1986.  A total of
$9,914,500 of Units were subscribed for and issued between March
1, 1985 and February 28, 1986 pursuant to the Partnership's public
offering.

   Properties acquired by the Partnership either directly or
indirectly through joint ventures are: (a) Crown Point, (b)
Strawberry Fields (which was sold in July 2001) and (c) Sabal Palm
shopping centers.

   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

   Management's Use of Estimates

   The preparation of financial statements in conformity with
generally accepted accounting principles requires management to
make estimates and assumptions that affect the reported amounts of
assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the
reported amounts of revenues and expenses during the reporting
period.  Actual results could differ from those estimates.

   Basis of Presentation

   As a result of the July 12, 1999 authorization by a majority
of the Limited Partners to sell the Partnership's  properties the
Partnership has begun the liquidation process and, in accordance
with generally accepted accounting principles, the Partnership's
financial statements for periods subsequent to July 12, 1999 have
been prepared on the liquidation basis of accounting.  Accordingly,
the carrying values of the assets are presented at estimated net
realizable amounts and liabilities are presented at estimated
settlement amounts, including estimated costs associated with
carrying out the liquidation.  Preparation of financial statements
on the liquidation basis of accounting requires significant
assumptions by management, including the estimate of liquidation
costs and the resolution of any contingent liabilities.  There may
be differences between the assumptions and the actual results
because events and circumstances frequently do not occur as
expected.  Those differences, if any, could result in a change in
the net assets recorded in the statement of net assets as of
December 31, 2001.

   Accounting Method

   The accompanying consolidated financial statements have been
prepared using the accrual method of accounting.

   Federal Income Taxes

   Under the provisions of the Internal Revenue Code, the
Partnership's income and losses are reportable by the partners on
their respective income tax returns.  Accordingly, no provision is
made for Federal income taxes in the financial statements.

   Consolidation of Special Purpose Entity

   The Partnership has one special purpose entity ("SPE"),
Brauvin/Crown Point L.P., which is  owned 99% by the Partnership
and 1% by an affiliate of the General Partners.  The creation of
the SPE did not affect the Partnership's economic ownership of the
property.

   Consolidation of Joint Venture Partnership

   The Partnership owns a 53% interest in the Sabal Palm Joint
Venture which owns Sabal Palm Shopping Center.  The accompanying
financial statements have consolidated 100% of the assets,
liabilities, operations and partners' capital of Sabal Palm Joint
Venture.  The minority interests of the consolidated joint venture
is adjusted for the respective joint venture partner's share of
income or loss and any cash contributions from or distributions to
the joint venture partner Brauvin Real Estate Fund L.P. 4 ("BREF
4").  All significant intercompany balances and transactions have
been eliminated.

   Investment in Joint Venture

   The Partnership owns a 42% equity interest in Strawberry Fields
Joint Venture (Note 7).  Strawberry Fields is reported as an
investment in an affiliated joint venture.  The accompanying
financial statements include the investment in Strawberry Fields
Joint Venture at estimated net realizable value using the equity
method of accounting on a liquidation basis.

   Investment in Real Estate

   Prior to the preparation of the financial statements on the
liquidation basis of accounting, the operating properties acquired
by the Partnership were stated at cost including acquisition costs,
leasing commissions, tenant improvements and net of impairment.
Depreciation and amortization expense were computed on a
straight-line basis over approximately 31.5 years and the term of
the applicable leases, respectively.  All of the Partnership's
properties are subject to liens under first mortgages (see Note 4).

   The Partnership records impairment charges to reduce the cost
basis of real estate to its estimated fair value when the real
estate is judged to have suffered an impairment that is other than
temporary.  The Partnership has performed an analysis of its long-
lived assets, and the Partnership's management determined that
there were no events or changes in circumstances that indicated
that the carrying amount of the assets may not be recoverable at
December 31, 2001, except as detailed in Note 2.

   Subsequent to the adoption of the liquidation basis of
accounting (see Note 2), the Partnership adjusted its investment
in real estate to estimated net realizable value, which is recorded
as real estate held for sale.  Additionally, the Partnership
suspended recording any further depreciation expense.

   Cash and Cash Equivalents

   Cash and cash equivalents include all highly liquid debt
instruments with an original maturity within three months from date
of purchase.

   Estimated Fair Value of Financial Instruments

   Disclosure of the estimated fair value of financial instruments
is made in accordance with the requirements of Statement of
Financial Accounting Standards No. 107, "Disclosures About Fair
Value of Financial Instruments".  The estimated fair value amounts
have been determined by using available market information and
appropriate valuation methodologies.  However, considerable
judgement is necessarily required in interpreting market data to
develop estimates of fair value.

   The fair value estimates presented herein are based on
information available to management as of December 31, 2001, but
may not necessarily be indicative of the amounts that the
Partnership could realize in a current market exchange.  The use
of different assumptions and/or estimation methodologies may have
a material effect on the estimated fair value amounts.

   In connection with the adoption of the liquidation basis of
accounting, assets were adjusted to net realizable value and
liabilities were adjusted to estimated settlement amounts, which
approximates their fair value at December 31, 2001.

   Recent Accounting Pronouncements

   In June 1998, the Financial Accounting Standards Board ("FASB")
issued Statement of Financial Accounting Standards No. 133,
"Accounting for Derivative Instruments and Hedging Activities"
("SFAS 133"), which requires that all derivatives be recognized as
assets and liabilities in the balance sheet and be measured at fair
value.  SFAS 133 also requires changes in fair value of derivatives
to be recorded each period in current earnings or comprehensive
income depending on the intended use of the derivatives.  In June,
2000, the FASB issued SFAS 138, which amends the accounting and
reporting standards of SFAS 133 for certain derivatives and certain
hedging activities.  SFAS 133 and SFAS 138 were adopted by the
Partnership effective January 1, 2001.  The adoption of SFAS 133
and SFAS 138 did not have an impact on the financial position,
results of operations and cash flows of the Partnership.

   In July 2001, the FASB issued Statement of Financial Accounting
Standards No. 141, "Business Combinations" ("SFAS 141").  SFAS 141
requires the purchase method of accounting for business
combinations initiated after June 30, 2001 and eliminates the
pooling-of-interests method.  In July 2001, the FASB issued
Statement of Financial Accounting Standards No. 142, "Goodwill and
Other Intangible Assets" ("SFAS 142"), which is effective January
1, 2002.  SFAS 142 requires, among other things, the discontinuance
of goodwill amortization.  In addition, the standard includes
provisions for the reclassification of certain existing recognized
intangibles as goodwill, reassessment of the useful lives of
existing recognized intangibles, reclassification of certain
intangibles out of previously reported goodwill and the
identification of reporting units for purposes of assessing
potential future impairments of goodwill.

   In June 2001, the FASB issued Statement of Financial Accounting
Standards No. 143, "Accounting for Asset Retirement Obligations"
("SFAS 143"), which is effective for years beginning after June 15,
2002.  SFAS requires recognition of a liability and associated
asset for the fair value of costs arising from legal obligations
associated with the retirement of tangible long-lived assets.  The
asset is to be allocated to expense over its estimated useful life.

   In August 2001, the FASB issued Statement of Financial
Accounting Standards No. 144, "Accounting for the Impairment or
Disposal of Long-Lived Assets" ("SFAS 144"), which is effective for
fiscal years beginning after December 15, 2001.  SFAS 144
supersedes FASB Statement No. 121, "Accounting for the Impairment
of Long-Lived Assets and Long-Lived Assets to Be Disposed Of"
("SFAS 121").  SFAS 144 retains the recognition and measurement
requirements of SFAS 121, but resolves significant SFAS 121
implementation issues.  In addition, it applies to a segment of a
business accounted for as a discontinued operation (which was
formerly covered by portions of Accounting Principles Board Opinion
No. 30).

   The Partnership does not believe that the adoption of SFAS 141,
142, 143 and 144 will have a significant impact on its financial
statements.

(2)  ADJUSTMENT TO LIQUIDATION BASIS

   On July 12, 1999, in accordance with the liquidation basis of
accounting, assets were adjusted to estimated net realizable value
and liabilities were adjusted to estimated settlement amounts,
including estimated costs associated with carrying out the
liquidation.

   In 2000, the Partnership recorded a reduction in real estate
held for sale of $423,150 net of real estate improvements of
$82,440 related to other than temporary decline in the value of
real estate for the Crown Point property.

   In the second quarter of 2001, the Partnership recorded
reductions in real estate held for sale and deferred gain of
$259,350 related to other than temporary decline in the value of
real estate for the Crown Point property.

   In the third quarter of 2001, the Partnership recorded a
reduction in real estate held for sale and an increase in the
adjustment to liquidation basis in the amount of $114,367 related
to other than temporary decline in the value of real estate for the
Sabal Palm property.

   In the fourth quarter of 2001, the Partnership recorded a
reduction in real estate held for sale and an increase in the
adjustment to liquidation basis in the amount of $7,508 related to
other than temporary decline in the value of real estate for the
Sabal Palm property.

   In the fourth quarter of 2001, the Partnership recorded a
reduction in real estate held for sale and deferred gain of
$438,750 related to other than temporary decline in the value of
real estate for the Crown Point property.

(3)  PARTNERSHIP AGREEMENT

   The Partnership Agreement (the "Agreement") provides that 99%
of the net profits and losses from operations of the Partnership
for each fiscal year shall be allocated to the Limited Partners and
1% of net profits and losses from operations shall be allocated to
the General Partners.  The net profit of the Partnership from the
sale or other disposition of a Partnership property shall be
allocated as follows:  first, there shall be allocated to the
General Partners the greater of:  (i) 1% of such net profits; or
(ii) the amount distributable to the General Partners as Net Sale
Proceeds from such sale or other disposition, as defined in the
Agreement; and second, all remaining profits shall be allocated to
the Limited Partners.  The net loss of the Partnership from any
sale or other disposition of a Partnership property shall be
allocated as follows:  99% of such net loss shall be allocated to
the Limited Partners and 1% of such net loss shall be allocated to
the General Partners.

   The Agreement provides that distributions of Operating Cash
Flow, as defined in the Agreement, shall be distributed 99% to the
Limited Partners and 1% to the General Partners.  The receipt by
the General Partners of such 1% of Operating Cash Flow shall be
subordinated to the receipt by the Limited Partners of Operating
Cash Flow equal to a 10% per annum, cumulative, non-compounded
return on Adjusted Investment, as such term is defined in the
Agreement (the "Preferential Distribution").  In the event the full
Preferential Distribution is not made in any year (herein referred
to as a "Preferential Distribution Deficiency") and Operating Cash
Flow is available in following years in excess of the Preferential
Distribution for said years, then the Limited Partners shall be
paid such excess Operating Cash Flow until they have paid any
unpaid Preferential Distribution Deficiency from prior years.  Net
Sale Proceeds, as defined in the Agreement, received by the
Partnership shall be distributed as follows:  (a) first, to the
Limited Partners until such time as the Limited Partners have been
paid an amount equal to the amount of their Adjusted Investment;
(b) second, to the Limited Partners until such time as the Limited
Partners have been paid an amount equal to any unpaid Preferential
Distribution Deficiency; and (c) third, 85% of any remaining Net
Sale Proceeds to the Limited Partners, and the remaining 15% of the
Net Sale Proceeds to the General Partners.  The Preferential
Distribution Deficiency at December 31, 2001 equaled $14,052,327.


(4)  MORTGAGE NOTES PAYABLE

   Mortgage notes payable at December 31, 2001 consist of the
following:

                                            Interest     Date
                                             Rate        Due
Crown Point Shopping
  Center (a)              $2,750,895        7.55%         1/03
Sabal Palm Square
  Shopping Center (b)      3,028,386        8.93%         3/02
                          $5,779,281

  Each shopping center serves as collateral under its respective
nonrecourse debt obligation.

Maturities of the mortgage notes payable are as follows:

                                 2002          $3,138,251
                                 2003           2,641,030
                                               $5,779,281

  (a)  On December 28, 1995, the acquisition loan was paid in full
when the Crown Point loan was refinanced by NationsBanc Mortgage
Capital Corporation.  The refinancing resulted in a $3,275,000 non-
recourse loan with a fixed interest rate of 7.55%, and amortization
based on a 20-year term with a maturity of January 1, 2003.

  As a precondition to the financing, the successor lender
required that ownership of the property reside in a single purpose
entity ("SPE").  To accommodate the lender's requirements,
ownership of the property was transferred to the SPE, Brauvin/Crown
Point L.P., which is owned 99% by the Partnership and 1% by an
affiliate of the General Partners.  Distributions of Brauvin/Crown
Point L.P. are subordinated to the Partnership which effectively
precludes any distributions from the SPE to affiliates of the
General Partners.  The creation of Brauvin/Crown Point L.P. did not
affect the Partnership's economic ownership of the Crown Point
property.  Furthermore, this change in ownership structure had no
material effect on the financial statements of the Partnership.

  The carrying value of Crown Point at December 31, 2001 was
approximately $4,662,000.

  (b)  On February 19, 1987, the Partnership and its joint venture
partner obtained a first mortgage loan in the amount of $3,200,000
from an unaffiliated lender.  The loan was payable with interest
only at 9.5% per annum until February 1992 and then required
payments of principal and interest based on a 30-year amortization
schedule.  Sabal Palm was required to make a balloon mortgage
payment in February 1997.  Prior to the scheduled maturity, the
lender granted Sabal Palm an extension until April 1, 1997.

  On March 31, 1997, Sabal Palm obtained a first mortgage loan in
the amount of $3,200,000 (the "First Mortgage Loan") secured by its
real estate, from NationsBanc Mortgage Capital Corporation.  The
First Mortgage Loan bears interest at the rate of 8.93% per annum,
is amortized over a 25-year period, requires monthly payments of
principal and interest of approximately $26,700 and matures on
March 26, 2002.  A portion of the proceeds of the First Mortgage
Loan, approximately $3,077,000, was used to retire Sabal Palm's
existing mortgage from Lincoln National Pension Insurance Company.

  In the second  quarter of 1998, Winn-Dixie vacated its space at
the center.  Winn-Dixie remains liable for rental payments under
its lease at Sabal Palm until April 2005.  Winn-Dixie failed to
timely pay its rental obligation for November and December 2001,
and is currently in default.

  On August 7, 2000 Sabal Palm was given official notice that
Walgreens will vacate the space prior to its lease termination of
April 30, 2025.  Walgreens remains current on its rental
obligations.  The General Partners are considering potential lease
buyout and potential releasing strategies for these tenants.

  The Partnership has approached the lender regarding allowing
Winn-Dixie to buy out its lease and a potential extension of the
loan maturity.  In the third quarter of 2001, the Partnership
received notification that the lender would not agree to the
Partnership's request.

  In April 2002, the joint venture and the lender agreed to a
twelve month extension of the existing loan.  The loan extension
was subject to the lease termination of Winn-Dixie and Winn-Dixie's
payment of a termination fee.  As a requirement of the extension,
the joint venture and the lender agreed to use the proceeds from
the termination to redemize the former Winn-Dixie space into three
spaces as well as certain other improvements to the center.  The
joint venture has signed a lease with Sav A Lot a national grocery
chain for 14,350 square feet (one of the demized spaces).  In
addition, the joint venture is in lease negotiations with a
potential retail tenant for 10,675 square feet in another one of
the demized spaces.  However, at this time, there can be no
assurance that the joint venture and this potential tenant will
execute the lease as the terms are presented.  Further, Walgreens
has approached the joint venture with a proposal to sublease their
space in the center to another retail tenant.  The joint venture
is currently reviewing this proposal.

  As a result of the nonpayment of Winn-Dixie's rental
obligations, the Partnership did not make its mortgage payments for
Sabal Palm in November and December 2001 and January through March
2002.

  The carrying value of Sabal Palm approximated $3,028,000 at
December 31, 2001.


(5)    TRANSACTIONS WITH AFFILIATES

  Fees and other expenses paid or payable to the General Partners
or their affiliates for the years ended December 31, 2001 and 2000
were as follows:

                                      2001          2000
  Management fees                   $77,156        $87,995
  Reimbursable office
     expenses                        96,367         88,173

   As of December 31, 2001, the Partnership had made all payments
to affiliates, except for management fees of $5,181.


(6)  OPERATING LEASES

   The Partnership is the lessor in operating lease agreements
with tenants at its various properties.  The minimum future rental
income to be received on these operating leases (excluding
escalation amounts) is as follows:

Years ended December 31,

       2002                      $1,054,774
       2003                         942,555
       2004                         701,488
       2005                         255,146
     2006                           171,460
       Thereafter                 1,729,108
       Total                     $4,854,531

   Contingent rental income (based upon tenant sales above certain
amounts) approximated $40,655 and $139,581, in 2001 and 2000,
respectively.

   Collection of future rental income under these lease agreements
is subject to the financial stability of the underlying tenants.
Minimum rentals received from Food City, the anchor tenant of Crown
Point, approximated 23.6% and 26.3% of rental income for the years
ended December 31, 2001 and 2000, respectively.  Minimum rentals
received from Winn Dixie and Walgreens, the anchor tenants of
Sabal, approximated 17.1% and 14.5% of rental income and 7.4% and
8.3% of rental income for the years ended December 31, 2001 and
2000, respectively.

(7)  EQUITY INVESTMENT

   The Partnership owns a 42% interest in Strawberry Fields Joint
Venture, located in West Palm Beach, Florida, and accounts for its
investment under the equity method.  The following are condensed
financial statements for Strawberry Fields Joint Venture:

                                      (Liquidation Basis)
                                         December 31,
                                             2001

Cash and cash equivalents                  $  420,483
Other assets                                      337
                                              420,820

Other liabilities                               2,000
                                                2,000
Net assets in liquidation                  $  418,820





                                          Liquidation Basis
                                   For the period
                                    January 1, 2001     Year ended
                                     to July 20,        December 31,
                                        2001              2000

Rental income                          $458,587         $813,883
Other income                             63,268           77,417
                                        521,855          891,300
Mortgage and
 other interest                         197,377          364,068
Operating and
 administrative expenses                154,716          294,137
                                        352,093          658,205

Income before gain on sale              169,762          233,095

Gain on sale                            720,295               --

Net income                             $890,057         $233,095

  The Partnership received three bids on Strawberry Fields during
the latter part of 1999.  After negotiation the Joint Venture
accepted the high bid of $5.43 million and entered into a contract
for sale.  However, the prospective purchaser terminated its
interest in the property during its due diligence period.
Subsequently, the Joint Venture received another offer for $5.35
million.  However, although the offer exceeded the November, 1998
appraised value of $4.8 million, the offer, after transaction
costs, was below the mortgage balance at the time.  The Joint
Venture accepted the initial high bid in part because the
property's underlying mortgage loan was coming due; and the lender
indicated that it would not extend the maturity.  However, in the
second quarter of 2000, the Strawberry Joint Venture was successful
in extending the loan for a two year period.  This extension
allowed the Partnership to continue to market the property and seek
a greater sales price.

  On January 27, 2000, the Partnership executed a contract to sell
Strawberry Fields to an unaffiliated third party in the approximate
amount of $5,430,000 subject to certain due diligence
contingencies.  Subsequently, the potential purchaser rescinded its
offer.

  In 2001, the Joint Venture received an offer to purchase
Strawberry Fields for $5.585 million.  In addition, Syms (a tenant
at Strawberry Fields) exercised its right of first refusal on the
sale of the property.  Accordingly, the Joint Venture executed a
purchase and sale agreement with Syms for $5.585 million in the
second quarter of 2001.

  On July 20, 2001, Strawberry Fields was sold to Syms for the
contract price.  At closing, the Strawberry Joint Venture received
net sales proceeds of approximately $299,000.

(8)    SUBSEQUENT EVENT

  On February 1, 2002, the Partnership entered into an agreement
to sell the Crown Point property for an aggregate consideration of
$4,800,000.  The agreement provides the prospective buyer a 45 day
period to review the property and make a final determination if the
property will be acquired by the prospective purchaser.
Accordingly, there can be no assurance that the purchase will be
consummated.

                        EXHIBIT INDEX


Exhibit (21)           Subsidiaries of the Registrant


                           Exhibit 21


Name of Subsidiary                            State of Formation

Brauvin Strawberry Fields
  Joint Venture                                     Florida

Brauvin Sabal Palm Joint Venture                    Florida

Brauvin/Crown Point L.P.                            Delaware