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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0001209191-04-027104.txt : 20040521
<SEC-HEADER>0001209191-04-027104.hdr.sgml : 20040521
<ACCEPTANCE-DATETIME>20040521124644
ACCESSION NUMBER:		0001209191-04-027104
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040514
FILED AS OF DATE:		20040521

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MULTI BENEFIT REALTY FUND 87-1
		CENTRAL INDEX KEY:			0000802200
		STANDARD INDUSTRIAL CLASSIFICATION:	OPERATORS OF NONRESIDENTIAL BUILDINGS [6512]
		IRS NUMBER:				943026785
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		55 BEATTIE PLACE
		CITY:			GREENVILLE
		STATE:			SC
		ZIP:			80222
		BUSINESS PHONE:		3037578101

	MAIL ADDRESS:	
		STREET 1:		55 BEATTIE PLACE
		CITY:			GREENVILLE
		STATE:			SC
		ZIP:			80222

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			APARTMENT INVESTMENT & MANAGEMENT CO
		CENTRAL INDEX KEY:			0000922864
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-16684
		FILM NUMBER:		04823443

	BUSINESS ADDRESS:	
		STREET 1:		4582 SOUTHULSTER ST PARKWAY
		CITY:			DENVER
		STATE:			CO
		ZIP:			80237
		BUSINESS PHONE:		3037578101

	MAIL ADDRESS:	
		STREET 1:		4582 S ULSTER ST PARKWAY
		CITY:			DENVER
		STATE:			CO
		ZIP:			80237
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>doc4.xml
<DESCRIPTION>FORM 4 SUBMISSION
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2004-05-14</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000802200</issuerCik>
        <issuerName>MULTI BENEFIT REALTY FUND 87-1</issuerName>
        <issuerTradingSymbol>NONE</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0000922864</rptOwnerCik>
            <rptOwnerName>APARTMENT INVESTMENT &amp; MANAGEMENT CO</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>4582 SOUTH ULSTER STREET PARKWAY</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 1100</rptOwnerStreet2>
            <rptOwnerCity>DENVER</rptOwnerCity>
            <rptOwnerState>CO</rptOwnerState>
            <rptOwnerZipCode>80237</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Limited Partnership Units</value>
            </securityTitle>
            <transactionDate>
                <value>2004-05-14</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness>
                <value></value>
            </transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>50.0000</value>
                    <footnoteId id="F1"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>2.2300</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>40151.0000</value>
                    <footnoteId id="F2"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnote Below</value>
                    <footnoteId id="F2"/>
                    <footnoteId id="F3"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">These Limited Partnership Units (&quot;Units&quot;) were directly purchased by AIMCO Properties, L.P. (&quot;AIMCO Properties&quot;).</footnote>
        <footnote id="F2">Consists of 21,711 Units held by AIMCO Properties; 210 Units held by AIMCO IPLP, L.P. (&quot;IPLP&quot;); 4,408 Units held by Cooper River Properties, L.L.C. (&quot;Cooper&quot;); and 13,822 Units held by Madison River Properties, L.L.C. (&quot;Madison&quot;).</footnote>
        <footnote id="F3">AIMCO Properties is a joint filer with AIMCO-GP, Inc. (&quot;AIMCO-GP&quot;) and Apartment Investment and Management Company for purposes of Section 13(d) reporting of the Exchange Act.  AIMCO-GP is the sole general partner of AIMCO Properties and a wholly-owned subsidiary of AIMCO.  IPLP is a joint filer with AIMCO/IPT, Inc. (&quot;AIMCO/IPT&quot;) and AIMCO for purposes of Section 13(d) reporting of the Exchange Act.  AIMCO/IPT is the sole general partner of IPLP and a wholly-owned subsidiary of AIMCO.  Cooper is a joint filer with AIMCO, AIMCO/IPT and IPLP for purposes of Section 13(d) reporting of the Exchange Act. Cooper is a wholly-owned subsidiary of IPLP, whose sole general partner is AIMCO/IPT, a wholly-owned subisidary of AIMCO.  Madison is a joint filer with AIMCO, AIMCO/IPT and IPLP for purposes of Section 13(d) reporting of the Exchange Act.  Madison is a wholly-owned subsidiary of IPLP, whose sole general partner is AIMCO/IPT, a wholly-owned subsidiary of AIMCO.</footn
ote>
    </footnotes>

    <remarks></remarks>

    <ownerSignature>
        <signatureName>/s/ Derek McCandless
Assistant Secretary
Apartment Investment and Management Company</signatureName>
        <signatureDate>2004-05-21</signatureDate>
    </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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