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                                                  SEC FILE NUMBER
                                                  0-15348

                                                  CUSIP NUMBER

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

                              FORM 12b-25

                      NOTIFICATION OF LATE FILING

(Check One): [ ] Form 10-K  [ ] Form 20-F  [ ] Form 11-K  [X] Form 10-Q
             [ ] Form N-SAR

                      For Period Ended:  March 31, 1994
                      [ ] Transition Report on Form 10-K
                      [ ] Transition Report on Form 20-F
                      [ ] Transition Report on Form 11-K
                      [ ] Transition Report on Form 10-Q
                      [ ] Transition Report on Form N-SAR
                      For the Transition Period Ended:

Read Instruction (on back page Before Preparing Form.  Please Print or Type.

  NOTHING IN THIS FORM SHALL BE CONSTRUED TO IMPLY THAT THE COMMISSION HAS
              VERIFIED ANY INFORMATION CONTAINED HEREIN.

If the notification relates to a portion of the filing checked above,
identify the Item(s) to which the notification relates:

PART I - REGISTRANT INFORMATION

Full Name of Registrant

       MRI Business Properties Fund, LTD. III

Former Name if Applicable

       5665 Northside Drive N.W., Suite 370

Address of Principal Executive Office (Street and Number)

       Atlanta, GA 30328

City, State and Zip Code


PART II - RULES 12b-25(b) AND (c)

If the subject report could not be filed without unreasonable effort or
expense and the registrant seeks relief pursuant to Rule 12b-25(b), the
following should be completed.  (Check box if appropriate)

    (a) The reasons described in reasonable detail in Part III of this
        form could not be eliminated without unreasonable effort or expense;

[X] (b) The subject annual report, semi-annual report, transition report
        on Form 10-K, Form 20-F, 11-K, Form N-SAR, or portion thereof, will be
        filed on or before the fifteenth calendar day following the prescribed
        due date; or the subject quarterly report of transition report on Form
        10-Q, or portion thereof will be filed on or before the fifth calendar
        day following the prescribed due date; and

    (c) The accountant's statement or other exhibit required by Rule
        12b-25(c) has been attached if applicable.

PART III - NARRATIVE

State below in reasonable detail the reasons why the Form 10-K, 11-K,
10-Q, N-SAR, or the transition report or portion thereof, could not be
filed within the prescribed time period. (ATTACH EXTRA SHEETS IF NEEDED)

The transfer of accounting records to the new managing general partner
has delayed the filing of this report.

                    (ATTACH EXTRA SHEETS IN NEEDED)

PART IV - OTHER INFORMATION

(1) Name and telephone number of person to contact in regard to this
    notification

    Mr. Arthur N. Queler             404                    916-9090
           (Name)                (Area Code)           (Telephone Number)

(2) Have all other periodic reports required under Section 13 or
    15(d) of the Securities Exchange Act of 1934 or Section 30 of the
    Investment Company Act of 1940 during the preceding 12 months (or for
    such shorter period that the registrant was required to file such
    reports) been filed?  If answer is no, identify report(s). 

    [X] Yes  [ ] No

(3) Is it anticipated that any significant change in results of
    operations from the corresponding period for the last fiscal year will
    be reflected by the earnings statements to be included in the subject
    report or portion thereof?

    [ ] Yes  [X] No


    If so, attach an explanation of the anticipated change, both narratively
    and quantitatively, and, if appropriate, state the reasons why a
    reasonable estimate of the results cannot be made.

                MRI Business Properties Fund, LTD. III
             (Name of Registrant as Specified in Charter)

has caused this notification to be signed on its behalf by the
undersigned hereunto duly authorized.

Date   May 12, 1994                  By  /s/ Arthur N. Queler
                                         Arthur N. Queler,
                                         Executive Vice President Director

INSTRUCTION:  The form may be signed by an executive officer of the
registrant or by any other duly authorized representative.  The name and
title of the person signing the form shall be typed or printed beneath
the signature.  If the statement is signed on behalf of the registrant
by an authorized representative (other than an executive officer),
evidence of the representative's authority to sign on behalf of the
registrant shall be filed with the form.

                               ATTENTION

   Intentional misstatements or omissions of fact constitute Federal
               Criminal Violations (See 19 U.S.C. 1001).

                         GENERAL INSTRUCTIONS

1. This form is required by Rule 12b-25 (17 CFR 240.12b-25) of the
   General Rules and Regulations under the Securities Exchange Act of 1934.

2. One signed original and four conformed copies of this form and
   amendments thereto must be completed and filed with the Securities and
   Exchange Commission, Washington, D.C. 20549 in accordance with Rule 0-3
   of the General Rules and Regulations under the Act.  The information
   contained in or filed with the form will be made a matter of public
   record in the Commission files.

3. A manually signed copy of the form and amendments thereto shall be
   filed with each national securities exchange on which any class of
   securities of the registrant is registered.

4. Amendments to the notifications must also be filed on form 12b-25 but
   need not restate information that has been correctly furnished.  The
   form shall be clearly identified as an amended notification.