SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB

(Mark One)

X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
- ---
ACT OF 1934

For the quarter period ended February 28, 2002
-----------------

___ 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 000-11023

MAXUS REAL PROPERTY INVESTORS-FOUR, L.P.
(Exact name of small business issuer as specified in its charter)

Missouri 43-1250566
- ------------------------ -------------------
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)

104 Armour Road, North Kansas City, Missouri 64116
- -------------------------------------------- -------
(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code (816) 303-4500
----------------

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
---- ----

INDEX

Page
PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS:
Balance Sheets 3
Statements of Operations 4
Statements of Cash Flows 5

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS
OF OPERATIONS 7

PART II - OTHER INFORMATION 8

ITEM 1. LEGAL PROCEEDINGS 8
ITEM 2. CHANGES IN SECURITIES 9
ITEM 3. DEFAULTS UPON SENIOR SECURITIES 9
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS 9
ITEM 5. OTHER INFORMATION 9
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K 9

SIGNATURES 10
EXHIBIT INDEX 11

PART 1 - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

MAXUS REAL PROPERTY INVESTORS - FOUR, L.P.
(A LIMITED PARTNERSHIP)
BALANCE SHEETS

February 28, November 30,
2002 2001
(Unaudited)

ASSETS:
Investment property
Land ................................................. $ 1,014,000 1,014,000
Buildings and improvements ........................... 15,713,000 15,615,000
---------- ----------
16,727,000 16,629,000
Less accumulated depreciation ........................ 9,992,000 9,844,000
---------- ----------
Total investment property .................... 6,735,000 6,785,000

Cash .................................................... 935,000 1,048,000
Accounts receivable, less allowance for doubtful accounts --- 30,000
Prepaid expenses ........................................ 40,000 48,000
Deferred expenses, less accumulated amortization ........ 90,000 93,000
Income tax deposit ...................................... 109,000 109,000
---------- ----------
Total assets ................................. $ 7,909,000 8,113,000
========== ==========

LIABILITIES AND PARTNERS' DEFICIT:

Liabilities:
Mortgage notes payable ............................... $ 9,900,000 9,900,000
Accounts payable and accrued expenses ................ 221,000 216,000
Real estate taxes payable ............................ 23,000 125,000
Refundable tenant deposits ........................... 88,000 94,000
---------- ----------
Total liabilities ............................ 10,232,000 10,335,000
Partners' deficit ....................................... (2,323,000) (2,222,000)
---------- ----------
Total liabilities and partners' deficit ...... $ 7,909,000 8,113,000
========== ==========

MAXUS REAL PROPERTY INVESTORS - FOUR, L.P.
(A LIMITED PARTNERSHIP)
STATEMENTS OF OPERATIONS
(UNAUDITED)

Three Months Ended
February 28, February 28,
2002 2001

Revenues:
Rental ............................................... $ 655,000 649,000
Other ................................................ 71,000 56,000
------- -------
Total revenues ............................... 726,000 705,000
------- -------
Expenses:
Depreciation and amortization ........................ 150,000 135,000
Repairs and maintenance, including common
area maintenance .................................. 87,000 80,000
Real estate taxes .................................... 35,000 34,000
Interest ............................................. 184,000 184,000
Professional fees .................................... 67,000 30,000
General and administrative ........................... 58,000 54,000
Utilities ............................................ 27,000 36,000
Property management fees - related parties ........... 43,000 42,000
Other ................................................ 55,000 56,000
------- -------
Total expenses ............................... 706,000 651,000
------- -------
Net Income ................................... $ 20,000 54,000
======= =======
Net income allocation:
General partners ..................................... $ --- 1,000
Limited partners ..................................... 20,000 53,000
------- -------
$ 20,000 54,000
======= =======
Limited partners' data:
Net income per unit .................................. $ 1.61 3.92
======= =======

Weighted average limited partnership units outstanding 12,173 13,529
======= =======

MAXUS REAL PROPERTY INVESTORS-FOUR, L.P.
(A LIMITED PARTNERSHIP)
STATEMENTS OF CASH FLOWS
(UNAUDITED)

Three Months Ended
February 28, February 28,
2002 2001

Cash flows from operating activities:
Net income ......................................... $ 20,000 54,000
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization .......... 150,000 135,000
Changes in accounts affecting operations:
Accounts receivable ............... 30,000 21,000
Prepaid expenses .................. 8,000 (21,000)
Accounts payable and accrued expenses 5,000 99,000
Real estate taxes payable ......... (102,000) 23,000
Refundable tenant deposits ........ (6,000) 1,000
Deferred expenses ................. --- (10,000)
--------- ---------
Net cash provided by operating activities 105,000 302,000
--------- ---------

Cash flows from investing activities - capital expenditures (97,000) (22,000)
--------- ---------

Cash flows from financing activities - distributions ... (121,000) ---
--------- ---------

Net (decrease) increase in cash (113,000) 280,000

Cash, beginning of period .............................. 1,048,000 1,186,000
--------- ---------

Cash, end of period .................................... $ 935,000 1,466,000
========= =========

Supplemental disclosure of cash flow information -
cash paid during the quarter for interest .......... $ 184,000 184,000
========= =========

MAXUS REAL PROPERTY INVESTORS-FOUR, L.P.
(A LIMITED PARTNERSHIP)
NOTES TO UNAUDITED FINANCIAL STATEMENTS
THREE MONTHS ENDED FEBRUARY 28, 2002 AND FEBRUARY 28, 2001

(1) Summary of Significant Accounting Policies

Refer to the financial statements of Maxus Real Property Investors - Four, L.P.,
formerly known as Nooney Real Property Investors - Four, L.P. (the "Partnership"
or the "Registrant"), for the year ended November 30, 2001, which are contained
in the Partnership's Annual Report on Form 10-KSB, for a description of the
accounting policies which have been continued without change. Also, refer to the
footnotes to those statements for additional details of the Partnership's
financial condition. The details in those notes have not changed except as a
result of normal transactions in the interim. In the opinion of the general
partner, all adjustments (which include only normal recurring adjustments)
necessary to present fairly the financial position, results of operations and
cash flows at February 28, 2002 and for all periods presented have been made.
The results for the three-month period ended February 28, 2002 are not
necessarily indicative of the results which may be expected for the entire year.

Certain reclassifications have been made to the prior period amounts to conform
to the current period presentation.

(a) Description of Business

The Partnership is a limited partnership organized under the laws of the State
of Missouri on February 9, 1982. The Partnership was organized to invest
primarily in income-producing real properties such as shopping centers, office
buildings and other commercial properties, apartment buildings, warehouses, and
light industrial properties. The Partnership's portfolio is comprised of an
apartment building located in West St. Louis County, Missouri (Woodhollow
Apartments).

(b) Basis of Accounting

The financial statements include only those assets, liabilities, and results of
operations of the partners which relate to the business of Maxus Real Property
Investors-Four, L.P. The statements do not include assets, liabilities, revenues
or expenses attributable to the partners' individual activities. No provision
has been made for federal and state income taxes since these taxes are the
responsibility of the partners.

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ITEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS

This 10-QSB contains forward-looking information (as defined in the Private
Securities Litigation Reform Act of 1995) that involves risk and uncertainty,
including trends in the real estate investment market, projected leasing and
sales, and future prospects for the Partnership. Actual results could differ
materially from those contemplated by such statements.

Liquidity and Capital Resources

Cash as of February 28, 2002 was $935,000, a decrease of $113,000 from November
30, 2001. Cash provided from operating activities for the three months ended
February 28, 2002 was $105,000. The decrease in cash provided by operating
activities was due primarily to payment of 2001 real estate taxes in December
2001. Investing activities used $97,000 due to property and equipment purchases.
Distributions of $10 per limited partner unit were paid in January 2002.

Results of Operations

For the three month period ended February 28, 2002, the Partnership's revenues
were $726,000 compared with $705,000 for the three months ended February 28,
2001. Revenues increased by $21,000 (3.0%) for the three months ended February
28, 2002 compared to the same period ended February 28, 2001. The increase in
revenue is due to an increase in rental income of $6,000, the result of an
increase in occupancy, and miscellaneous income of $15,000.

For the three month periods ended February 28, 2002 and February 28, 2001, the
Partnership's expenses were $706,000 and $651,000, respectively. Expenses
increased by $55,000 (8.4%) for the three month period ended February 28, 2002
compared to the same period ended February 28, 2001. The increase in expenses is
primarily due to an increase in professional fees of $37,000 resulting from a
property tax study done in the first quarter of 2002 and an increase in
depreciation and amortization expenses of $15,000.

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PART II. OTHER INFORMATION

ITEM 1: LEGAL PROCEEDINGS

Maxus Real Property Investors - Four, L.P. and Maxus Capital Corp. v. O. Bruce
Mills, Case No. 01-0905-CW-W-SOW, United States District Court for the Western
District of Missouri.

On August 17, 2001, the Registrant and its general partner, Maxus Capital Corp.,
filed suit against defendant O. Bruce Mills ("Mills") for securities fraud,
injunctive relief, tortious interference with contract, and declaratory
judgment. These claims arose out of Mills' tender offer to the limited partners
of the Registrant in which the Registrant believes that Mills misrepresented the
legal status of units tendered to him, failed to disclose possible tax
consequences of this tender offer and misrepresented the purposes of the
Registrant's self-tender offer that closed on or about June 5, 2001. The
Registrant believes this lawsuit was necessitated by Mills' misrepresentations
to the limited partners of the Registrant and his refusal to correct those
misrepresentations.

On October 5, 2001, Mills filed a motion to dismiss or to transfer claiming that
this case should either be dismissed or transferred to the United States
District Court for the Eastern District of Missouri. On November 26, 2001, the
Court rejected Mills' motion holding that this case was properly brought in the
United States District Court for the Western District of Missouri. On December
6, 2001, Mills filed a second motion to dismiss, this time alleging that the
complaint fails to state claims upon which relief can be granted. The Registrant
and Maxus Capital Corp. opposed this second motion to dismiss; however, the
motion was granted on or about February 13, 2002.

O. Bruce Mills v. Maxus Capital Corp. Corp. and Maxus Real Property Investors -
Four, L.P., Case No. 01CC-004237, Circuit Court of St. Louis County, Missouri.

On December 11, 2001, Mills filed suit against the Registrant and Maxus Capital
Corp. in St. Louis County, Missouri alleging that the Registrant and Maxus
Capital Corp. had refused to recognize Mills as the owner of units that were
tendered to him and had converted distributions allegedly owed to Mills. Mills
also brought a claim for injunctive relief. On December 19, 2001, a hearing was
held on Mills' request for injunctive relief in which Mills sought an order from
the court recording him on the books and records of the Registrant as the owner
for units that were tendered to him during his tender offer and seeking the
escrow of any distributions made by the Registrant for the units tendered to
Mills. The Court refused to exempt Mills from complying with the transfer
requirements to have units transferred on the books and records of the
Registrant, but the Court did require that the Registrant escrow any
distributions made for units tendered to Mills until such time as the Court can
determine who should receive the distributions. Mills was required to post a
$7,000 bond as security for the relief granted by the Court. On or about
February 26, 2002, the Registrant and Maxus Capital Corp. filed a pleading
responding to the claims brought by Mills. The Registrant believes these claims
are meritless.

Bond Purchase, L.L.C. and Maxus Real Property Investors - Four, L.P. v. CGS Real
Estate Company, Inc., Case No. 58 E 115 00016 01, American Arbitration
Association

An arbitration action was brought by the Registrant to recover insurance
premiums paid by the Registrant that were being wrongfully withheld by the
former management of the partnership, CGS Real Estate Company, Inc. ("CGS"). On
April 26, 2001, an arbitration hearing was held regarding this issue. On May 8,
2001, the arbitrator ruled in favor of the Registrant and awarded the Registrant
the entirety of the damages it was seeking ($18,731), all of its attorneys' fees
($14,583), post-judgment interest at a rate of 9% per annum from the date of the
award until the award was paid in full, and denied CGS any recovery on its
counterclaim. The arbitrator also required that CGS pay all of the expenses for
the arbitration totaling $5,780. In December 2001, CGS paid all monies that were
due to the Registrant plus accrued interest.

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

The Board of Directors of the Partnership's general partner (Maxus Capital
Corp.) declared a cash distribution of $10 per limited partnership unit that was
paid on January 10, 2002 to holders of record as of January 1, 2002. The
Partnership anticipates declaring a cash distribution of $10 per limited
partnership unit each quarter.

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

(a) Exhibits

See Exhibit Index on Page 11

(b) Reports on Form 8-K

No reports on Form 8-K were filed by the Registrant during the
first quarter of 2002.

SIGNATURES

Pursuant to the requirements 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.

Dated: April 12, 2002 MAXUS REAL PROPERTY INVESTORS-FOUR, L.P.
By: MAXUS CAPITAL CORP.
General Partner

By: /s/John W. Alvey
John W. Alvey
Director, Vice President
Treasurer
(Principal Financial and Accounting Officer)

EXHIBIT INDEX

Exhibit Number Description

3.1 Amended and Restated Agreement and Certificate of Limited Partnership
dated April 7, 1982 is incorporated by reference to the Form 10-K for
the year ended November 30, 1999 filed by the Registrant under the
Securities Act of 1933 (File No. 000-11023)

3.2 Amendment of Certificate of Limited Partnership date December 21, 1999
is incorporated by reference to the Form 8-K filed by the Registrant on
January 21, 2000 under the Securities Act of 1933 (File No. 000-11023)