-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001209191-04-049284.txt : 20041022
<SEC-HEADER>0001209191-04-049284.hdr.sgml : 20041022
<ACCEPTANCE-DATETIME>20041022172842
ACCESSION NUMBER:		0001209191-04-049284
CONFORMED SUBMISSION TYPE:	4/A
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20031231
FILED AS OF DATE:		20041022
DATE AS OF CHANGE:		20041022

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/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-16684
		FILM NUMBER:		041092616

	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

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			AIMCO PROPERTIES LP
		CENTRAL INDEX KEY:			0000926660
		STANDARD INDUSTRIAL CLASSIFICATION:	OPERATORS OF APARTMENT BUILDINGS [6513]
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-16684
		FILM NUMBER:		041092615

	BUSINESS ADDRESS:	
		STREET 1:		4582 S ULSTER ST PARKWAY
		STREET 2:		SUITE 1100
		CITY:			DENVER
		STATE:			CO
		ZIP:			80237
		BUSINESS PHONE:		3037578101

	MAIL ADDRESS:	
		STREET 1:		4582 S ULSTER ST PARKWAY
		STREET 2:		SUITE 1100
		CITY:			DENVER
		STATE:			CO
		ZIP:			80237
</SEC-HEADER>
<DOCUMENT>
<TYPE>4/A
<SEQUENCE>1
<FILENAME>doc4a.xml
<DESCRIPTION>FORM 4/A SUBMISSION
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4/A</documentType>

    <periodOfReport>2003-12-31</periodOfReport>

    <dateOfOriginalSubmission>2004-01-30</dateOfOriginalSubmission>

    <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>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0000926660</rptOwnerCik>
            <rptOwnerName>AIMCO PROPERTIES LP</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 (Class B)</value>
            </securityTitle>
            <transactionDate>
                <value>2003-12-31</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness>
                <value></value>
            </transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>617</value>
                    <footnoteId id="F1"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>2.23</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>40001</value>
                    <footnoteId id="F2"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnote</value>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">Because of a clerical error, these Limited Partnership Units (&quot;Units&quot;) were previously reported incorrectly on the reporting person's original Form 4 filed on 01/30/2004, and the amount of securities beneficially owned was reported incorrectly on the two Form 4s subsequently filed by the reporting person.  These Units were purchased directly by AIMCO Properties, L.P. (&quot;AIMCO Properties&quot;).</footnote>
        <footnote id="F2">This amount consists of: (1) 21,561 Units owned directly by AIMCO Properties.  AIMCO Properties is a joint filer with Apartment Investment and Management Company (&quot;AIMCO&quot;) for purposes of Section 13(d) of the Exchange Act.  The sole general partner of AIMCO Properties is AIMCO-GP, Inc., a wholly owned subsidiary of AIMCO; (2) 210 Units owned directly by AIMCO IPLP, L.P. (&quot;IPLP&quot;).  The sole general partner of IPLP is AIMCO/IPT, Inc. (&quot;AIMCO/IPT&quot;), a wholly owned subsidiary of AIMCO; (3) 4,408 Units owned directly by Cooper River Properties, L.L.C. (&quot;Cooper River&quot;).  Cooper River is a wholly owned subsidiary of IPLP, whose sole general partner is AIMCO/IPT, a wholly owned subsidiary of AIMCO; and (4) 13,822 Units owned directly by Madison River Properties, L.L.C. (&quot;Madison River&quot;).  Madison River is a wholly owned subsidiary of IPLP, whose sole general partner is AIMCO/IPT, a wholly owned subsidiary of AIMCO.</footnote>
    </footnotes>

    <remarks></remarks>

    <ownerSignature>
        <signatureName>/s/ Derek McCandless
Assistant Secretary
Apartment Investment
and Management Company</signatureName>
        <signatureDate>2004-10-22</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Derek McCandless, Assistant Secretary, AIMCO Properties, L.P.</signatureName>
        <signatureDate>2004-10-22</signatureDate>
    </ownerSignature>
</ownershipDocument>

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