<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-30-1996
<PERIOD-START>                     OCT-01-1995
<PERIOD-END>                       DEC-31-1995
<CASH>                             7,429,000
<SECURITIES>                       0
<RECEIVABLES>                      0
<ALLOWANCES>                       0
<INVENTORY>                        0
<CURRENT-ASSETS>                   0
<PP&E>                             15,421,000
<DEPRECIATION>                     (4,684,000)                   
<TOTAL-ASSETS>                     18,526,000
<CURRENT-LIABILITIES>              0
<BONDS>                            7,673,000
<COMMON>                           0
<PREFERRED-MANDATORY>              0
<PREFERRED>                        0
<OTHER-SE>                         10,630,000
<TOTAL-LIABILITY-AND-EQUITY>       18,526,000
<SALES>                            0
<TOTAL-REVENUES>                   4,341,000<F1>
<CGS>                              0
<TOTAL-COSTS>                      940,000             
<OTHER-EXPENSES>                   0
<LOSS-PROVISION>                   0
<INTEREST-EXPENSE>                 108,000
<INCOME-PRETAX>                    3,130,000
<INCOME-TAX>                       0
<INCOME-CONTINUING>                3,130,000
<DISCONTINUED>                     0
<EXTRAORDINARY>                    0
<CHANGES>                          0
<NET-INCOME>                       3,130,000
<EPS-PRIMARY>                      23.74
<EPS-DILUTED>                      23.74
<FN>
<F1> Total revenues include a gain on sale of property of $2,699,000.
</FN>