<ARTICLE> 5
<LEGEND>
The schedule contains summary financial information extracted from MRI
Business Properties Fund, Ltd. III and is qualified in its entirety by
reference to such financial statements.
</LEGEND>

<MULTIPLIER> 1

       
                          
<PERIOD-TYPE>                YEAR
<FISCAL-YEAR-END>            SEP-30-1994
<PERIOD-START>               OCT-01-1993
<PERIOD-END>                 SEP-30-1994
<CASH>                          4,045,000
<SECURITIES>                            0
<RECEIVABLES>                     791,000
<ALLOWANCES>                            0
<INVENTORY>                             0
<CURRENT-ASSETS>                        0
<PP&E>                         48,352,000
<DEPRECIATION>               (15,432,000)
<TOTAL-ASSETS>                 37,756,000
<CURRENT-LIABILITIES>                   0
<BONDS>                                 0
<COMMON>                                0
<PREFERRED-MANDATORY>                   0
<PREFERRED>                             0
<OTHER-SE>                     20,386,000
<TOTAL-LIABILITY-AND-EQUITY>   37,756,000
<SALES>                         2,593,000
<TOTAL-REVENUES>               24,993,000
<CGS>                           2,331,000
<TOTAL-COSTS>                  18,420,000
<OTHER-EXPENSES>                  342,000
<LOSS-PROVISION>                        0
<INTEREST-EXPENSE>              1,527,000
<INCOME-PRETAX>                 4,036,000
<INCOME-TAX>                            0
<INCOME-CONTINUING>             4,036,000
<DISCONTINUED>                          0
<EXTRAORDINARY>                         0
<CHANGES>                               0
<NET-INCOME>                    4,036,000
<EPS-PRIMARY>                          36
<EPS-DILUTED>                          36