BRAUVIN INCOME PLUS L P III
10-Q/A, 1995-07-13
REAL ESTATE OPERATORS (NO DEVELOPERS) & LESSORS
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                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C.  20549

                                   FORM 10-Q/A


[X]  Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange 
Act of 1934

     For the quarterly year ended     March  31, 1995      

                                       or

[  ] Transition Report Pursuant to Section 13 or 15(d) of the Securities 
Exchange Act of 1934

     For the transition period from              to                

     Commission File Number   0-19219                                       
                        
                        Brauvin Income Plus L.P. III     
                (Exact name of registrant as specified in its charter)

                 Delaware                             36-3639043   
      (State or other jurisdiction of              (I.R.S. Employer
      incorporation or organization)             Identification No.)

     150 South Wacker Drive, Chicago, Illinois           60606   
     (Address of principal executive offices)         (Zip Code)

                                     (312) 443-0922   
                (Registrant's telephone number, including area code)


     Indicate by check mark whether the registrant (1) has filed all reports 
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 
1934 during the preceding 12 months (or for such shorter period that the 
registrant was required to file such reports), and (2) has been subject to 
such filing requirements for the past 90 days.  Yes  X   No    .

<PAGE>
                          PART II - OTHER INFORMATION

ITEM 1. Legal Proceedings.

        None.

ITEM 2. Changes in Securities.

        None.

ITEM 3. Defaults Upon Senior Securities.

        None.

ITEM 4. Submission of Matters to a Vote of Security Holders.

        None.

ITEM 5. Other Information.

        None.

ITEM 6. Exhibits and Reports On Form 8-K.

        Exhibit 27-Financial Data Schedule.

<PAGE>
                                   SIGNATURES

   Pursuant to the requirements of the Securities Exchange Act of l934, the 
registrant has duly caused this report to be signed on its behalf by the 
undersigned thereunto duly authorized.



                     BY: Brauvin Realty Advisors III, Inc.
                         Corporate General Partner of
                         Brauvin Income Plus L.P. III 



                         BY:   /s/ Jerome J. Brault     
                               Jerome J. Brault
                               Chairman of the Board of Directors,
                               President and Chief Executive Officer

                         DATE: July 12, 1995



                         BY:   /s/ Thomas J. Coorsh     
                               Thomas J. Coorsh
                               Chief Financial Officer and Treasurer

                         DATE: July 12, 1995

<TABLE> <S> <C>

<ARTICLE>           5
       
<S>                 <C>
<PERIOD-TYPE>       3-MOS
<FISCAL-YEAR-END>   DEC-31-1995
<PERIOD-END>        MAR-31-1995
<CASH> 820,853             
<SECURITIES> 155,048    <F1>
<RECEIVABLES>   31,326    
<ALLOWANCES>       0
<INVENTORY>         0
<CURRENT-ASSETS>    0
<PP&E> 18,308,792   <F2>
<DEPRECIATION> 1,584,621     
<TOTAL-ASSETS>   17,810,754  
<CURRENT-LIABILITIES>    0
<BONDS>             0
    0
         0
<COMMON> 17,429,578   <F3>
<OTHER-SE>          0
<TOTAL-LIABILITY-AND-EQUITY> 17,810,754
<SALES>             0
<TOTAL-REVENUES> 549,519  <F4>
<CGS>               0
<TOTAL-COSTS> 140,813  <F5>
<OTHER-EXPENSES> (2,984)   <F6>
<LOSS-PROVISION>    0
<INTEREST-EXPENSE>  0
<INCOME-PRETAX>     0
<INCOME-TAX>        0
<INCOME-CONTINUING> 0
<DISCONTINUED>      0
<EXTRAORDINARY>     0
<CHANGES>           0
<NET-INCOME>    411,690
<EPS-PRIMARY>       0
<EPS-DILUTED>       0

<FN>
<F1>   "SECURITIES" REPRESENTS INVESTMENT IN JOINT VENTURE
<F2>   "PP&E" REPRESENTS INVESTMENT IN REAL ESTATE [LAND AND
BUILDING]
<F3>   "COMMON" REPRESENTS TOTAL PARTNERS CAPITAL
<F4>   "TOTAL REVENUES" REPRESENTS RENTAL, INTEREST, AND OTHER
INCOME
<F5>   "TOTAL COSTS" REPRESENTS TOTAL EXPENSES
<F6>   "OTHER EXPENSES" REPRESENTS INTEREST IN JOINT
       VENTURES' NET INCOME/LOSS
</FN>
        

</TABLE>


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