February 4, 2019

Benjamin S. Miller
Chief Executive Officer
Fundrise Income eREIT III, LLC
1601 Connecticut Avenue NW
Suite 300
Washington, DC 20009

       Re: Fundrise Income eREIT III, LLC
           Offering Statement on Form 1-A
           Filed December 21, 2018
           File No. 024-10927

Dear Mr. Miller:

       We have reviewed your offering statement and have the following
comments. In some of
our comments, we may ask you to provide us with information so we may better
understand your
disclosure.

       Please respond to this letter by amending your offering statement and
providing the
requested information. If you do not believe our comments apply to your facts
and
circumstances or do not believe an amendment is appropriate, please tell us why
in your
response. After reviewing any amendment to your offering statement and the
information you
provide in response to these comments, we may have additional comments. Unless
we note
otherwise, our references to prior comments are to comments in our December 13,
2018 letter.

Form 1-A filed December 21, 2018

General

1.     We note your response to prior comment 4 and the template provided as
Appendix A.
       Please revise your template to (i) more specifically break down the
components of your
       real estate investments; (ii) remove any reference to `market value' of
your shares; and
       (iii) clarify that your NAV is not based on, nor intended to comply
with, fair value
       standards under GAAP and may not be indicative of the price that you
would receive for
       your assets at current market conditions.

       We will consider qualifying your offering statement at your request. If
a participant in
your offering is required to clear its compensation arrangements with FINRA,
please have
FINRA advise us that it has no objections to the compensation arrangements
prior to
 Benjamin S. Miller
Fundrise Income eREIT III, LLC
February 4, 2019
Page 2

qualification.

        We remind you that the company and its management are responsible for
the accuracy
and adequacy of their disclosures, notwithstanding any review, comments, action
or absence of
action by the staff. We also remind you that, following qualification of your
Form 1-A, Rule 257
of Regulation A requires you to file periodic and current reports, including a
Form 1-K which
will be due within 120 calendar days after the end of the fiscal year covered
by the report.

        You may contact Kristina Marrone, Staff Accountant, at 202-551-3429 or
Kevin
Woody, Accounting Branch Chief, at 202-551-3629 if you have questions regarding
comments
on the financial statements and related matters. Please contact Sara von
Althann, Attorney-
Advisor, at 202-551-3207 or Jennifer Gowetski, Senior Counsel, at 202-551-3401
with any
other questions.



                                                           Sincerely,
FirstName LastNameBenjamin S. Miller
                                                           Division of
Corporation Finance
Comapany NameFundrise Income eREIT III, LLC
                                                           Office of Real
Estate and
February 4, 2019 Page 2                                    Commodities
FirstName LastName