10-K/A

                          UNITED STATES
                SECURITIES AND EXCHANGE COMMISSION
                     Washington, D.C.  20549
                            FORM 10-K

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

  For the fiscal year ended     December 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)

  Securities registered pursuant to Section 12(b) of the Act:

  Title of each class              Name of each exchange on which registered 
             None                               None           


  Securities registered pursuant to Section 12(g) of the Act:

                  Limited Partnership Interests                

                         (Title of class)
    
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    .

Indicate by check mark if disclosure of delinquent filers pursuant
to Item 405 of Regulation S-K (Section 229.405 of this chapter) is
not contained herein, and will not be contained, to the best of
registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K
or any amendment to this Form 10-K. [ X ]

The aggregate sales price of the limited partnership interests of
the registrant (the "Units") to unaffiliated investors of the
registrant during the initial offering period was $21,307,600. 
This does not reflect market value.  This is the price at which the
Units were sold to the public during the initial offering period,
and there is no current market for the Units nor have any Units
been sold within the last 60 days prior to this filing except for
Units sold to or by the  registrant pursuant to the  registrant's
distribution reinvestment plan.

Portions of the Prospectus of the registrant dated October 30, 1989 
(the "Prospectus"), as supplemented December 7, 1989, December 20,
1989, April 24, 1990, December 12, 1990, August 29, 1991 and
September 17, 1991 and filed pursuant to Rule 424(b) and Rule 424 
under the Securities Act of 1933, as amended, are incorporated by
reference into Parts II, III and IV of this Annual Report on Form
10-K.

                            SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the
Securities Exchange Act of 1934, the Registrant has duly caused
this report to be signed on its behalf by the undersigned thereunto
duly authorized.
                         BRAUVIN INCOME PLUS L.P. III  
                         BY:Brauvin Realty Advisors III, Inc.
                         Corporate General Partner

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

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

                         By:   /s/ James L. Brault                          
                               James L. Brault
                               Vice President and Secretary

                               INDIVIDUAL GENERAL PARTNERS
                               

                               /s/ Jerome J. Brault            
                                    Jerome J. Brault                
                               

                                                              
DATED: JUNE 3, 1996            Cezar M. Froelich

EX-27

 

<ARTICLE>5
       
                           
<PERIOD-TYPE>                 12-MOS
<FISCAL-YEAR-END>             DEC-31-1995
<PERIOD-END>                  DEC-31-1995
<CASH>                        1,069,555
<SECURITIES>                  153,668 
<RECEIVABLES>                 36,572
<ALLOWANCES>                  0
<INVENTORY>                   0
<CURRENT-ASSETS>              0
<PP&E>                        18,308,792 
<DEPRECIATION>                1,869,626
<TOTAL-ASSETS>                17,780,591
<CURRENT-LIABILITIES>         0
<BONDS>                       0
<PREFERRED-MANDATORY>         0
<PREFERRED>                   0
<COMMON>                      17,385,752 
<OTHER-SE>                    0
<TOTAL-LIABILITY-AND-EQUITY>  17,780,591
<SALES>                       0
<TOTAL-REVENUES>              2,275,223 
<CGS>                         0
<TOTAL-COSTS>                 531,100 
<OTHER-EXPENSES>              (12,724) 
<LOSS-PROVISION>              0
<INTEREST-EXPENSE>            0
<INCOME-PRETAX>               0
<INCOME-TAX>                  0
<INCOME-CONTINUING>           0
<DISCONTINUED>                0
<EXTRAORDINARY>               0
<CHANGES>                     0
<NET-INCOME>                  1,756,847
<EPS-PRIMARY>                 0
<EPS-DILUTED>                 0

<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 MINORITY INTEREST AND JOINT 
          VENTURES' NET INCOME/LOSS