<?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>0001528362-12-000002</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>
            <recipient>
                <recipientName>Chester Ju</recipientName>
                <recipientCRDNumber>4695963</recipientCRDNumber>
                <associatedBDName>McDermott Investment Services, LLC</associatedBDName>
                <associatedBDCRDNumber>154926</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>42 Winter Street</street1>
                    <city>Natick</city>
                    <stateOrCountry>MA</stateOrCountry>
                    <stateOrCountryDescription>MASSACHUSETTS</stateOrCountryDescription>
                    <zipCode>01760</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>MI</state>
                    <description>MICHIGAN</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Robert A. Burch, Sr.</recipientName>
                <recipientCRDNumber>1045257</recipientCRDNumber>
                <associatedBDName>Proequities, Inc.</associatedBDName>
                <associatedBDCRDNumber>15708</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>2694 Bishop Drive, Suite 290</street1>
                    <city>San Ramon</city>
                    <stateOrCountry>CA</stateOrCountry>
                    <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                    <zipCode>94583</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Patrick R. Conway</recipientName>
                <recipientCRDNumber>1337831</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>Nathaniel M. Kuhn</recipientName>
                <recipientCRDNumber>4624143</recipientCRDNumber>
                <associatedBDName>Investacorp, Inc.</associatedBDName>
                <associatedBDCRDNumber>7684</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>1100 West Northwest Highway, Suite 203</street1>
                    <city>Mt. Prospect</city>
                    <stateOrCountry>IL</stateOrCountry>
                    <stateOrCountryDescription>ILLINOIS</stateOrCountryDescription>
                    <zipCode>60056</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>IL</state>
                    <description>ILLINOIS</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Inland Securities Corporation</recipientName>
                <recipientCRDNumber>15807</recipientCRDNumber>
                <associatedBDName>Inland Securities Corporation</associatedBDName>
                <associatedBDCRDNumber>15807</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>2901 Butterfield Road</street1>
                    <city>Oak Brook</city>
                    <stateOrCountry>IL</stateOrCountry>
                    <stateOrCountryDescription>ILLINOIS</stateOrCountryDescription>
                    <zipCode>60523</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>GA</state>
                    <description>GEORGIA</description>
                    <state>IL</state>
                    <description>ILLINOIS</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>John D. Robinson</recipientName>
                <recipientCRDNumber>1085991</recipientCRDNumber>
                <associatedBDName>Carlton &amp; Associates, Inc.</associatedBDName>
                <associatedBDCRDNumber>20999</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>14497 North Dale Mabry Highway</street1>
                    <street2>Suite 215</street2>
                    <city>Tampa</city>
                    <stateOrCountry>FL</stateOrCountry>
                    <stateOrCountryDescription>FLORIDA</stateOrCountryDescription>
                    <zipCode>33618</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>FL</state>
                    <description>FLORIDA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>John R. Showalter</recipientName>
                <recipientCRDNumber>3110703</recipientCRDNumber>
                <associatedBDName>Proequities, Inc.</associatedBDName>
                <associatedBDCRDNumber>15708</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>201 Osage Lane, Suite 1</street1>
                    <city>Waynesboro</city>
                    <stateOrCountry>VA</stateOrCountry>
                    <stateOrCountryDescription>VIRGINIA</stateOrCountryDescription>
                    <zipCode>22980</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>VA</state>
                    <description>VIRGINIA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Bruce C. Hatter</recipientName>
                <recipientCRDNumber>2963171</recipientCRDNumber>
                <associatedBDName>Proequities, Inc.</associatedBDName>
                <associatedBDCRDNumber>15708</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>201 Osage Lane, Suite 1</street1>
                    <city>Waynesboro</city>
                    <stateOrCountry>VA</stateOrCountry>
                    <stateOrCountryDescription>VIRGINIA</stateOrCountryDescription>
                    <zipCode>22980</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>VA</state>
                    <description>VIRGINIA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Troy Thomas</recipientName>
                <recipientCRDNumber>4691720</recipientCRDNumber>
                <associatedBDName>Centaurus Financial, Inc.</associatedBDName>
                <associatedBDCRDNumber>30833</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>2300 East Katella Avenue, Suite 200</street1>
                    <city>Anaheim</city>
                    <stateOrCountry>CA</stateOrCountry>
                    <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                    <zipCode>92806</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Peter A. Finnegan</recipientName>
                <recipientCRDNumber>1336798</recipientCRDNumber>
                <associatedBDName>Phalanx Trading, LLC</associatedBDName>
                <associatedBDCRDNumber>146993</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>65 Washington Street</street1>
                    <city>Hanover</city>
                    <stateOrCountry>MA</stateOrCountry>
                    <stateOrCountryDescription>MASSACHUSETTS</stateOrCountryDescription>
                    <zipCode>02339</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>MA</state>
                    <description>MASSACHUSETTS</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Robert A. Cannon</recipientName>
                <recipientCRDNumber>2765289</recipientCRDNumber>
                <associatedBDName>Pacific West Securities, Inc.</associatedBDName>
                <associatedBDCRDNumber>6390</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>371 NE Gilman Boulevard, Suite 310</street1>
                    <city>Issaquah</city>
                    <stateOrCountry>WA</stateOrCountry>
                    <stateOrCountryDescription>WASHINGTON</stateOrCountryDescription>
                    <zipCode>98027</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>WA</state>
                    <description>WASHINGTON</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Andrew S. Perri</recipientName>
                <recipientCRDNumber>2801727</recipientCRDNumber>
                <associatedBDName>Berthel, Fisher &amp; Company Financial Services, Inc.</associatedBDName>
                <associatedBDCRDNumber>13609</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>230 North Second Street, Suite 200</street1>
                    <city>Brighton</city>
                    <stateOrCountry>MI</stateOrCountry>
                    <stateOrCountryDescription>MICHIGAN</stateOrCountryDescription>
                    <zipCode>48116</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>FL</state>
                    <description>FLORIDA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Tomas J. Velken</recipientName>
                <recipientCRDNumber>1600404</recipientCRDNumber>
                <associatedBDName>Sigma Financial Corporation</associatedBDName>
                <associatedBDCRDNumber>14303</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>1078 Carol Lane, Suite 203</street1>
                    <city>Lafayette</city>
                    <stateOrCountry>CA</stateOrCountry>
                    <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                    <zipCode>94549</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Robin T. Naylor</recipientName>
                <recipientCRDNumber>1392433</recipientCRDNumber>
                <associatedBDName>Pacific West Securities, Inc.</associatedBDName>
                <associatedBDCRDNumber>6390</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>18331 SE 280th Street</street1>
                    <city>Kent</city>
                    <stateOrCountry>WA</stateOrCountry>
                    <stateOrCountryDescription>WASHINGTON</stateOrCountryDescription>
                    <zipCode>98042</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>WA</state>
                    <description>WASHINGTON</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Forrest J. Padilla</recipientName>
                <recipientCRDNumber>4804740</recipientCRDNumber>
                <associatedBDName>Independent Financial Group, LLC</associatedBDName>
                <associatedBDCRDNumber>7717</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>5075 Shoreham Place, Suite 200</street1>
                    <city>San Diego</city>
                    <stateOrCountry>CA</stateOrCountry>
                    <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                    <zipCode>92122</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>MI</state>
                    <description>MICHIGAN</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Lance C. Jones</recipientName>
                <recipientCRDNumber>4511781</recipientCRDNumber>
                <associatedBDName>Sammons Securities Company, LLC</associatedBDName>
                <associatedBDCRDNumber>115368</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>310 Regency Parkway, Suite 140</street1>
                    <city>Omaha</city>
                    <stateOrCountry>NE</stateOrCountry>
                    <stateOrCountryDescription>NEBRASKA</stateOrCountryDescription>
                    <zipCode>68114</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>TX</state>
                    <description>TEXAS</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Kenneth M. Chong</recipientName>
                <recipientCRDNumber>2972285</recipientCRDNumber>
                <associatedBDName>Sigma Financial Corporation</associatedBDName>
                <associatedBDCRDNumber>14303</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>13328 Valley Heart Drive North</street1>
                    <city>Sherman Oaks</city>
                    <stateOrCountry>CA</stateOrCountry>
                    <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                    <zipCode>91423</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>James E. Hall, Jr.</recipientName>
                <recipientCRDNumber>1753467</recipientCRDNumber>
                <associatedBDName>Centaurus Financial, Inc.</associatedBDName>
                <associatedBDCRDNumber>30833</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>1702 Lovering Avenue</street1>
                    <city>Wilmington</city>
                    <stateOrCountry>DE</stateOrCountry>
                    <stateOrCountryDescription>DELAWARE</stateOrCountryDescription>
                    <zipCode>19806</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>DE</state>
                    <description>DELAWARE</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>John S. Notman</recipientName>
                <recipientCRDNumber>1033267</recipientCRDNumber>
                <associatedBDName>Berthel, Fisher &amp; Company Financial Services, Inc.</associatedBDName>
                <associatedBDCRDNumber>13609</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>3133 West March Lane, Suite 2000</street1>
                    <city>Stockton</city>
                    <stateOrCountry>CA</stateOrCountry>
                    <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                    <zipCode>95219</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Joseph M. Geis</recipientName>
                <recipientCRDNumber>5623746</recipientCRDNumber>
                <associatedBDName>Crown Capital Securities, L.P.</associatedBDName>
                <associatedBDCRDNumber>6312</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>30220 Rancho Viejo Drive, Suite C</street1>
                    <city>San Juan Capistrano</city>
                    <stateOrCountry>CA</stateOrCountry>
                    <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                    <zipCode>92675</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Jerald F. Gunn</recipientName>
                <recipientCRDNumber>2475036</recipientCRDNumber>
                <associatedBDName>Pacific West Securities, Inc.</associatedBDName>
                <associatedBDCRDNumber>6390</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>236 Clara Street, Unit #6</street1>
                    <city>San Francisco</city>
                    <stateOrCountry>CA</stateOrCountry>
                    <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                    <zipCode>94107</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Joral T. Schmalle</recipientName>
                <recipientCRDNumber>4491484</recipientCRDNumber>
                <associatedBDName>Sigma Financial Corporation</associatedBDName>
                <associatedBDCRDNumber>14303</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>1009 Amito Drive</street1>
                    <city>Berkeley</city>
                    <stateOrCountry>CA</stateOrCountry>
                    <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                    <zipCode>94705</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>William S. Sheehan</recipientName>
                <recipientCRDNumber>2328614</recipientCRDNumber>
                <associatedBDName>Investors Capital Corp.</associatedBDName>
                <associatedBDCRDNumber>30613</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>2 Orr Hatch Drive</street1>
                    <city>Cornwall</city>
                    <stateOrCountry>NY</stateOrCountry>
                    <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                    <zipCode>12518</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CT</state>
                    <description>CONNECTICUT</description>
                    <state>MA</state>
                    <description>MASSACHUSETTS</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>David J. Hollander</recipientName>
                <recipientCRDNumber>2493724</recipientCRDNumber>
                <associatedBDName>Liberty Group, LLC</associatedBDName>
                <associatedBDCRDNumber>10636</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>900 North Shoreline Boulevard</street1>
                    <city>Mountain View</city>
                    <stateOrCountry>CA</stateOrCountry>
                    <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                    <zipCode>94043-1933</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Gary G. Benson</recipientName>
                <recipientCRDNumber>1182211</recipientCRDNumber>
                <associatedBDName>NPB Financial Group, LLC</associatedBDName>
                <associatedBDCRDNumber>137743</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>5435 Balboa Boulevard, Suite 106</street1>
                    <city>Encino</city>
                    <stateOrCountry>CA</stateOrCountry>
                    <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                    <zipCode>91316</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Philip J. Califano</recipientName>
                <recipientCRDNumber>2575299</recipientCRDNumber>
                <associatedBDName>Sagepoint Financial, Inc.</associatedBDName>
                <associatedBDCRDNumber>133763</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>755 West Ninth Street</street1>
                    <city>San Pedro</city>
                    <stateOrCountry>CA</stateOrCountry>
                    <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                    <zipCode>90731</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Terrell C. Lady</recipientName>
                <recipientCRDNumber>300391</recipientCRDNumber>
                <associatedBDName>VSR Financial Services, Inc.</associatedBDName>
                <associatedBDCRDNumber>14503</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>1311 Jamestown Road, Suite 101</street1>
                    <city>Williamsburg</city>
                    <stateOrCountry>VA</stateOrCountry>
                    <stateOrCountryDescription>VIRGINIA</stateOrCountryDescription>
                    <zipCode>23185</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>MD</state>
                    <description>MARYLAND</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Robert A. Horning</recipientName>
                <recipientCRDNumber>2311640</recipientCRDNumber>
                <associatedBDName>Centaurus Financial, Inc.</associatedBDName>
                <associatedBDCRDNumber>30833</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>2300 East Katella Avenue, Suite 200</street1>
                    <city>Anaheim</city>
                    <stateOrCountry>CA</stateOrCountry>
                    <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                    <zipCode>92806</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Ryan P. Vaughn</recipientName>
                <recipientCRDNumber>4727701</recipientCRDNumber>
                <associatedBDName>Proequities, Inc.</associatedBDName>
                <associatedBDCRDNumber>15708</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>4 West Main Street</street1>
                    <city>Strasburg</city>
                    <stateOrCountry>PA</stateOrCountry>
                    <stateOrCountryDescription>PENNSYLVANIA</stateOrCountryDescription>
                    <zipCode>17579</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>PA</state>
                    <description>PENNSYLVANIA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Ronald L. Ellis</recipientName>
                <recipientCRDNumber>1605740</recipientCRDNumber>
                <associatedBDName>Ameritas Investment Corp.</associatedBDName>
                <associatedBDCRDNumber>14869</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>607 North 1st Street</street1>
                    <city>San Jose</city>
                    <stateOrCountry>CA</stateOrCountry>
                    <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                    <zipCode>95112</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Donald L. Hartmann</recipientName>
                <recipientCRDNumber>1003231</recipientCRDNumber>
                <associatedBDName>JRL Capital Corporation</associatedBDName>
                <associatedBDCRDNumber>10225</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>7200 South Alton Way, Suite A-110</street1>
                    <city>Centennial</city>
                    <stateOrCountry>CO</stateOrCountry>
                    <stateOrCountryDescription>COLORADO</stateOrCountryDescription>
                    <zipCode>80112-2227</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CO</state>
                    <description>COLORADO</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>John P. Harvey, Jr.</recipientName>
                <recipientCRDNumber>4227692</recipientCRDNumber>
                <associatedBDName>Allied Beacon Partners, Inc.</associatedBDName>
                <associatedBDCRDNumber>46627</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>1100 Boulders Parkway, Suite 600</street1>
                    <city>Richmond</city>
                    <stateOrCountry>VA</stateOrCountry>
                    <stateOrCountryDescription>VIRGINIA</stateOrCountryDescription>
                    <zipCode>23225</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>NY</state>
                    <description>NEW YORK</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>George R. Veater</recipientName>
                <recipientCRDNumber>1482361</recipientCRDNumber>
                <associatedBDName>Sigma Financial Corporation</associatedBDName>
                <associatedBDCRDNumber>14303</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>7108 North Fresno Street, Suite 190</street1>
                    <city>Fresno</city>
                    <stateOrCountry>CA</stateOrCountry>
                    <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                    <zipCode>93720</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>David H. Yoder</recipientName>
                <recipientCRDNumber>4905015</recipientCRDNumber>
                <associatedBDName>Crown Capital Securities, L.P.</associatedBDName>
                <associatedBDCRDNumber>6312</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>570 Pinehurst South, #2</street1>
                    <street2>25 Dowd Circle</street2>
                    <city>Pinehurst</city>
                    <stateOrCountry>NC</stateOrCountry>
                    <stateOrCountryDescription>NORTH CAROLINA</stateOrCountryDescription>
                    <zipCode>28374</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>NC</state>
                    <description>NORTH CAROLINA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>5005502</totalOfferingAmount>
            <totalAmountSold>4069819</totalAmountSold>
            <totalRemaining>935683</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>49</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>350385</dollarAmount>
                <isEstimate>true</isEstimate>
            </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>
                <isEstimate>true</isEstimate>
            </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>2012-02-02</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
