U.S. SECURITIES AND EXCHANGE COMMISSION
                     WASHINGTON, D.C. 20549
                                
                          FORM 12b-25
                  NOTIFICATION OF LATE FILING
                          (Check One):

[X] Form 10-K  [ ] Form 20-F  [ ] Form 11-K  [ ] Form 10-Q 
                    [ ] Form N-SAR

     For Period Ended:          December 31, 1996     
     [ ] 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:                             

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:     Brauvin Income Plus L.P. III   
     
     Former Name if Applicable:                  N/A              
     
     Address of Principal Executive Office (Street and Number):
          150 South Wacker Drive, Chicago, Illinois    60606

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):

[ ] (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 or 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 or transaction 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

     The Partnership is requesting a fifteen day extension of
time so that a complete and accurate presentation of all
information can be presented to the Limited Partners.

Part IV - Other Information

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

          Tom Murphy                        (312) 443-0922     
                (Name)                   (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 preceeding 12
months or for such shorter period that the registrant was
required to file such report(s) been filed? If the 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?    [X] Yes   [ ] 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.

     The significant change in the results of operations for this
Partnership compared to the corresponding period for the last
fiscal year relates to the costs of the Transaction as outlined
in the August 23, 1996 proxy.  Total Transaction costs of
approximately $297,000 have been reflected in the statement of
operations for the year ended December 31, 1996, while no such
costs were recorded for the year ended December 31, 1995.

                  Brauvin Income Plus L.P.  III                 
          (Name of Registrant as specified in the charter)

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

Date: March 31, 1997     By:  Brauvin Realty Advisors III, Inc.
                              Corporate General Partner of
                              Brauvin Income Plus L.P. III

                              /s/ James L. Brault               
 
                              James L. Brault
                              Executive Vice President