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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Pursuant to Section 13 or 15(d) of the Securities and Exchange
Act of 1934
Date of Report (Date of earliest event reported): November 12,
1996
Exact name of registrant as specified in its charter: T. ROWE
PRICE REALTY INCOME FUND III, AMERICA'S SALES-COMMISSION-FREE
REAL ESTATE LIMITED PARTNERSHIP
State or other Jurisdiction of Incorporation or Organization:
Maryland
I.R.S. Employer Identification No.:52-1363144
Commission File Number: 0-14308
Address of principal executive offices: 100 East Pratt Street,
Baltimore, Maryland 21202
Registrant's telephone number, including area code: 1-800-638-
5660
Former name of former address, if changes since last report:
Not Applicable
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Item 5. Other Events
At the end of 1995 T. Rowe Price Realty Income Fund III,
America's Sales-Commission-Free Real Estate Limited Partnership
(the "Partnership") conducted its annual formal unit valuation.
The valuation of the Partnership's properties was performed by
the General Partner, and then reviewed by an independent
professional appraiser. The estimated value of limited
partnership units resulting from this process was $158 per unit.
A $21.60 per unit distribution for the September 1996 quarter
representing the sales proceeds of Fairchild Corporate Center
will be made on or about November 16, 1996 to limited partners of
record on September 30, 1996, together with $2.00 per unit from
operations. After this distribution, the adjusted December 31,
1995 estimated value is $143 per unit. There is no assurance
that units can be sold at a price equal to this estimated value,
and this valuation is not necessarily representative of the value
of the units when the Partnership ultimately liquidates its
holdings.
T. ROWE PRICE REALTY INCOME FUND III,
AMERICA'S SALES-COMMISSION-FREE REAL
ESTATE LIMITED PARTNERSHIP
By: T. Rowe Price Realty Income
Fund III Management, Inc., as
General Partner
By: /s/Lucy B. Robins
Lucy B. Robins
Vice President
