EXHIBIT 5
               [LETTERHEAD OF JAECKLE FLEISCHMANN & MUGEL, LLP]


                                August 21, 2001

Sizeler Property Investors, Inc.
2542 Williams Boulevard
Kenner, Louisiana  70062

               Re:  Sizeler Property Investors, Inc.
                    Registration Statement on Form S-3

Ladies and Gentlemen:

               We have acted as counsel to Sizeler Property Investors, Inc. (the
"Company"), a Maryland corporation, in connection with the preparation and
filing with the Securities and Exchange Commission of a Registration Statement
on Form S-3 (the "Registration Statement"), covering 1,500,000 shares of common
stock, $0.0001 par value per share, of the Company (the "Common Stock"), which
Common Stock will be sold pursuant to the terms and conditions of the Company's
Direct Stock Purchase and Dividend Reinvestment Plan and substantially in the
form of Company's Direct Stock Purchase and Dividend Reinvestment Plan (the
"Plan").

               We have examined such corporate records of the Company and other
documents as we have deemed necessary and appropriate under the circumstances to
furnish the following opinions:

               1.  The Company is a corporation duly organized and validly
existing under the laws of the State of Maryland.

               2.  When the Registration Statement has become effective under
the Securities Act of 1933, as amended, and the Common Stock has been sold and
delivered pursuant to the terms and conditions set forth in the Plan, the Common
Stock will be validly issued, fully-paid and non-assessable.

               We hereby consent to the filing of this letter as an exhibit to
the Registration Statement and we further consent to any and all references to
our name therein.

                                    Very truly yours,

                                    /s/ Jaeckle Fleischmann & Mugel, LLP