REALMARK PROPERTY INVESTORS LTD PARTNERSHIP V
NT 10-K, 1997-03-26
REAL ESTATE INVESTMENT TRUSTS
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                                  UNITED STATES

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                   FORM 12b-25

                           NOTIFICATION OF LATE FILING

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

For Period Ended:    December 31, 1996
                 ------------------------------------------------------------- 

      [ ] Transition  Report on Form 10-KSB
      [ ] Transition Report on Form 10-F
      [ ] Transition  Report on Form 11-K
      [ ] Transition Report on Form 10-QSB 
      [ ] Transition Report on Form N-SAR

      For the Transition Period Ended:
                                      ----------------------------------------

                REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP V
             (Exact Name of Registrant as specified in its Charter)

      Delaware                0-16561                      16-1275925
- --------------------    --------------------  --------------------------------
(State of Formation)   (Commission File No.) (IRS Employer Identification No.)

                             2350 North Forest Road
                                   Suite 12-A
                            Getzville, New York 14068
                     (Address of Principal Executive Office)

Registrant's Telephone Number:      (716) 636-0280

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 II 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-KSB,  Form 20-F,  Form 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  or  transition  report on Form  10-QSB,  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.

<PAGE>

PART III - NARRATIVE

      State below in reasonable detail the reasons why the Form 10-KSB, Form 20-
F, Form 11-K,  Form  10-QSB,  Form N-SAR,  or the  transition  report or portion
thereof, could not be filed within the prescribed time period.


       Additional time is required to complete financial statements.


PART IV - OTHER INFORMATION

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

           Greg Altman                    (716)              636-9090
      --------------------------------------------------------------------------
               (Name)                   (Area Code)      (Telephone Number)

(2)   Have all other periodic  report  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  statement to be included in the subject report or portion
      thereof?  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. [ ] Yes [X] No


<PAGE>

================================================================================


               REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP V
- --------------------------------------------------------------------------------
                 (Name of Registrant as Specified in Charter)

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


By:      /s/Joseph M. Jayson                               3/26/97
         ------------------------------              ------------------------
         Joseph M. Jayson,                                    Date
         President and General Partner



Pursuant to the requirements of the Securities Exchange Act of 1934, this report
has been signed by the following  persons on behalf of the registrant and in the
capacities and on the dates indicated.


By:      REALMARK PROPERTIES, INC.
         Corporate General Partner

         /s/Joseph M. Jayson                               3/26/97
         ------------------------------              ------------------------
         Joseph M. Jayson,                                    Date
         President and Director




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