<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0704</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001528362</cik>
        <entityName>Pharmacy Portfolio III DST</entityName>
        <issuerAddress>
            <street1>2901 BUTTERFIELD ROAD</street1>
            <city>OAK BROOK</city>
            <stateOrCountry>IL</stateOrCountry>
            <stateOrCountryDescription>ILLINOIS</stateOrCountryDescription>
            <zipCode>60523</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>630-218-4916</issuerPhoneNumber>
        <jurisdictionOfInc>DELAWARE</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Other</entityType>
        <entityTypeOtherDesc>Delaware Statutory Trust</entityTypeOtherDesc>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2011</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Capital Corporation</firstName>
                <lastName>Inland Private</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>2901 Butterfield Road</street1>
                <city>Oak Brook</city>
                <stateOrCountry>IL</stateOrCountry>
                <stateOrCountryDescription>ILLINOIS</stateOrCountryDescription>
                <zipCode>60523</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>III, L.L.C.</firstName>
                <lastName>Pharmacy Portfolio</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>2901 Butterfield Road</street1>
                <city>Oak Brook</city>
                <stateOrCountry>IL</stateOrCountry>
                <stateOrCountryDescription>ILLINOIS</stateOrCountryDescription>
                <zipCode>60523</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>III Exchange, L.L.C.</firstName>
                <lastName>Pharmacy Portfolio</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>2901 Butterfield Road</street1>
                <city>Oak Brook</city>
                <stateOrCountry>IL</stateOrCountry>
                <stateOrCountryDescription>ILLINOIS</stateOrCountryDescription>
                <zipCode>60523</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Patricia</firstName>
                <middleName>A.</middleName>
                <lastName>DelRosso</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>2901 Butterfield Road</street1>
                <city>Oak Brook</city>
                <stateOrCountry>IL</stateOrCountry>
                <stateOrCountryDescription>ILLINOIS</stateOrCountryDescription>
                <zipCode>60523</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Ms. DelRosso is the President of Inland Private Capital Corporation, the Member of Pharmacy Portfolio III Exchange, L.L.C., the Signatory Trustee of Pharmacy Portfolio III DST.</relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Other Real Estate</industryGroupType>
        </industryGroup>
        <issuerSize>
            <revenueRange>Decline to Disclose</revenueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>0001528362-11-000001</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2011-08-11</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>false</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isOtherType>true</isOtherType>
            <descriptionOfOtherType>Beneficial interests in Delaware Statutory Trust reflecting beneficial interests in real estate.</descriptionOfOtherType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>25000</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>Peter Fisher</recipientName>
                <recipientCRDNumber>1259923</recipientCRDNumber>
                <associatedBDName>Investacorp, Inc.</associatedBDName>
                <associatedBDCRDNumber>7684</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>2901 Butterfield Road</street1>
                    <city>Oak Brook</city>
                    <stateOrCountry>IL</stateOrCountry>
                    <stateOrCountryDescription>ILLINOIS</stateOrCountryDescription>
                    <zipCode>60523</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>IL</state>
                    <description>ILLINOIS</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Robert S. Smith</recipientName>
                <recipientCRDNumber>1412333</recipientCRDNumber>
                <associatedBDName>Concorde Investment Services, LLC</associatedBDName>
                <associatedBDCRDNumber>151604</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>8705 SW Nimbus Avenue, Suite 260</street1>
                    <city>Beaverton</city>
                    <stateOrCountry>OR</stateOrCountry>
                    <stateOrCountryDescription>OREGON</stateOrCountryDescription>
                    <zipCode>97008</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>OR</state>
                    <description>OREGON</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Leslie V. Anderton</recipientName>
                <recipientCRDNumber>873403</recipientCRDNumber>
                <associatedBDName>Wilson-Davis &amp; Co., Inc.</associatedBDName>
                <associatedBDCRDNumber>3777</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>236 South Main</street1>
                    <city>Salt Lake City</city>
                    <stateOrCountry>UT</stateOrCountry>
                    <stateOrCountryDescription>UTAH</stateOrCountryDescription>
                    <zipCode>84101</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>UT</state>
                    <description>UTAH</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Richard H. Hickman</recipientName>
                <recipientCRDNumber>1860694</recipientCRDNumber>
                <associatedBDName>Berthel Fisher &amp; Company Financial Services, Inc.</associatedBDName>
                <associatedBDCRDNumber>13609</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>532 29th, Suite A</street1>
                    <city>Des Moines</city>
                    <stateOrCountry>IA</stateOrCountry>
                    <stateOrCountryDescription>IOWA</stateOrCountryDescription>
                    <zipCode>50312</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>IA</state>
                    <description>IOWA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Vincent R. Bailey, Sr.</recipientName>
                <recipientCRDNumber>1845517</recipientCRDNumber>
                <associatedBDName>Berthel, Fisher &amp; Company Financial Services, Inc.</associatedBDName>
                <associatedBDCRDNumber>13609</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>22 South Fourth Street, Suite A</street1>
                    <city>Geneva</city>
                    <stateOrCountry>IL</stateOrCountry>
                    <stateOrCountryDescription>ILLINOIS</stateOrCountryDescription>
                    <zipCode>60134</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>IL</state>
                    <description>ILLINOIS</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>5005502</totalOfferingAmount>
            <totalAmountSold>1887971</totalAmountSold>
            <totalRemaining>3117531</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>5</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>350385</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse>This response is based on the assumption that the full amount of the potential sales commissions will be earned and paid.</clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>667627</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse></clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>Pharmacy Portfolio III DST</issuerName>
                <signatureName>/s/ Patricia A. DelRosso</signatureName>
                <nameOfSigner>Patricia A. DelRosso</nameOfSigner>
                <signatureTitle>President of the Member of the Signatory Trustee</signatureTitle>
                <signatureDate>2011-09-19</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
