<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>                      3-MOS
<FISCAL-YEAR-END>                  SEP-30-1995
<PERIOD-START>                     OCT-01-1994
<PERIOD-END>                       DEC-31-1994
<CASH>                                        4,223,000
<SECURITIES>                                          0
<RECEIVABLES>                                   580,000 <F1>
<ALLOWANCES>                                          0
<INVENTORY>                                           0
<CURRENT-ASSETS>                                      0
<PP&E>                                       48,639,000
<DEPRECIATION>                             (15,823,000)
<TOTAL-ASSETS>                               37,619,000
<CURRENT-LIABILITIES>                                 0
<BONDS>                                      15,722,000
<COMMON>                                              0
<PREFERRED-MANDATORY>                                 0
<PREFERRED>                                           0
<OTHER-SE>                                   20,620,000
<TOTAL-LIABILITY-AND-EQUITY>                 37,619,000
<SALES>                                               0
<TOTAL-REVENUES>                              3,457,000
<CGS>                                                 0
<TOTAL-COSTS>                                 2,805,000
<OTHER-EXPENSES>                                      0
<LOSS-PROVISION>                                      0
<INTEREST-EXPENSE>                              255,000
<INCOME-PRETAX>                                 234,000
<INCOME-TAX>                                          0
<INCOME-CONTINUING>                             234,000
<DISCONTINUED>                                        0
<EXTRAORDINARY>                                       0
<CHANGES>                                             0
<NET-INCOME>                                    234,000
<EPS-PRIMARY>                                         2
<EPS-DILUTED>                                         2

<FN>
<F1> Accounts receivable includes other assets of $228,000.
</FN>