<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>                                     9-MOS
<FISCAL-YEAR-END>                           SEP-30-1995
<PERIOD-START>                              OCT-01-1994
<PERIOD-END>                                JUN-30-1995
<CASH>                                        6,465,000
<SECURITIES>                                          0
<RECEIVABLES>                                   728,000 <F1>
<ALLOWANCES>                                          0
<INVENTORY>                                           0
<CURRENT-ASSETS>                                      0
<PP&E>                                       49,146,000
<DEPRECIATION>                              (16,605,000)
<TOTAL-ASSETS>                               39,734,000
<CURRENT-LIABILITIES>                                 0
<BONDS>                                      15,581,000
<COMMON>                                              0
<PREFERRED-MANDATORY>                                 0
<PREFERRED>                                           0
<OTHER-SE>                                   22,762,000
<TOTAL-LIABILITY-AND-EQUITY>                 39,734,000
<SALES>                                               0
<TOTAL-REVENUES>                             11,763,000
<CGS>                                                 0
<TOTAL-COSTS>                                 8,441,000
<OTHER-EXPENSES>                                      0
<LOSS-PROVISION>                                      0
<INTEREST-EXPENSE>                              762,000
<INCOME-PRETAX>                               2,376,000
<INCOME-TAX>                                          0
<INCOME-CONTINUING>                           2,376,000
<DISCONTINUED>                                        0
<EXTRAORDINARY>                                       0
<CHANGES>                                             0
<NET-INCOME>                                  2,376,000
<EPS-PRIMARY>                                        21
<EPS-DILUTED>                                        21
<FN>
<F1> Receivable includes other assets of $165,000.
</FN>