<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-30-1995
<PERIOD-START>                              OCT-01-1994
<PERIOD-END>                                SEP-30-1995
<CASH>                                        2,904,000
<SECURITIES>                                          0
<RECEIVABLES>                                   448,000 <F1>
<ALLOWANCES>                                          0
<INVENTORY>                                           0
<CURRENT-ASSETS>                                      0
<PP&E>                                       31,143,000
<DEPRECIATION>                             (10,385,000) <F2>
<TOTAL-ASSETS>                               24,330,000
<CURRENT-LIABILITIES>                                 0
<BONDS>                                      15,578,000
<PREFERRED-MANDATORY>                                 0
<PREFERRED>                                           0
<COMMON>                                              0
<OTHER-SE>                                    7,500,000
<TOTAL-LIABILITY-AND-EQUITY>                 24,330,000
<SALES>                                               0
<TOTAL-REVENUES>                             22,903,000 <F3>
<CGS>                                                 0
<TOTAL-COSTS>                                12,062,000 <F4>
<OTHER-EXPENSES>                                      0
<LOSS-PROVISION>                                      0
<INTEREST-EXPENSE>                            1,082,000
<INCOME-PRETAX>                               9,551,000
<INCOME-TAX>                                          0
<INCOME-CONTINUING>                           9,551,000
<DISCONTINUED>                                        0
<EXTRAORDINARY>                                       0
<CHANGES>                                             0
<NET-INCOME>                                  9,551,000
<EPS-PRIMARY>                                     68.29
<EPS-DILUTED>                                     68.29
<FN>
<F1> Receivables include other assets of $148,000.
<F2> Depreciation includes an allowance for impairment of value of $800,000.
<F3> Total revenues include a gain on sale of property of $8,642,000.
<F4> Total costs include a provision for loss on sale of property of $800,000
</FN>