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<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER"><BR>
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<P ALIGN="CENTER">UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C.  20549</P>
</B><P ALIGN="CENTER"></P>
<B><P ALIGN="CENTER">FORM 8-K</P>
</B><P ALIGN="CENTER"></P>
<P ALIGN="CENTER">CURRENT REPORT</P>
<P ALIGN="CENTER"></P>
<P ALIGN="CENTER">Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</P>
<P ALIGN="CENTER"></P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">Date of Report: May 19, 2005<BR>
(Date of earliest event reported)</P>
<P ALIGN="CENTER"></P>
<P ALIGN="CENTER">&nbsp;</P>
<B><P ALIGN="CENTER">Inland Monthly Income Fund II, L.P.<BR>
</B>(Exact name of registrant as specified in the charter)</P>
<P ALIGN="CENTER"></P>
<P>&nbsp;</P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=0 WIDTH=654>
<TR><TD WIDTH="33%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Delaware</FONT></TD>
<TD WIDTH="33%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">0-17593</FONT></TD>
<TD WIDTH="33%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">36-3587209</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=2><P>(State or other jurisdiction of incorporation)</FONT></TD>
<TD WIDTH="33%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=2><P>(Commission File No.)</FONT></TD>
<TD WIDTH="33%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=2><P>(IRS Employer Identification No.)</FONT></TD>
</TR>
</TABLE>

<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">2901 Butterfield Road<BR>
Oak Brook, Illinois 60523<BR>
(Address of Principal Executive Offices)</P>
<P ALIGN="CENTER"></P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">(630) 218-8000<BR>
(Registrant's telephone number including area code)</P>
<P ALIGN="CENTER"></P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">Not Applicable<BR>
Former name or former address, if changed since last report)</P>

<P>&nbsp;</P>
<P>&nbsp;</P>
<hr>
<B><P>Item 2.01&nbsp;&nbsp;Acquisition or Disposition of Assets<BR>
</P>
</B><P>On May 19, 2005, the Partnership sold one of its assets, the 84,000 square foot commercial/retail building, located at Arizona Road and Warner Road, in Chandler, Arizona. The property was sold to Ethan Christopher, LLC, an unaffiliated third party, for $2,875,000, on an all cash basis.  The property had a basis of approximately $2,723,000, resulting in a gain of approximately $76,000, net of closing costs.  Net sales proceeds of approximately $2,695,000 will be distributed to the Limited Partners.</P>

<P>&nbsp;</P>
<B><P>Item 9.01&nbsp;&nbsp;Financial Statements and Exhibits</P>
</B>
<OL TYPE="a">

<LI>Financial Statements.  Not Applicable</LI>

<LI>Pro Forma Financial Information - Narrative</LI></OL>


<P>&nbsp;</P>
<P>As a result of the sale of this property, prospectively there will be no property operations included in the financial statements of the Partnership relating to this property.  The following sets forth the amounts of selected accounts in the financial statements of the Partnership relating solely to this property.</P>
</FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=0 WIDTH=505>
<TR><TD WIDTH="48%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="26%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">For the three <BR>
months ended <BR>
<U>March 31, 2005</U></FONT></TD>
<TD WIDTH="26%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">For the year <BR>
ended <BR>
<U>December 31, 2004</U></FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=2><P>Rental Income</FONT></TD>
<TD WIDTH="26%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$               -&nbsp;</FONT></TD>
<TD WIDTH="26%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$               -&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=2><P>Operating Expenses</FONT></TD>
<TD WIDTH="26%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">&nbsp;&nbsp;&nbsp;&nbsp;34,927&nbsp;</FONT></TD>
<TD WIDTH="26%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">&nbsp;&nbsp;&nbsp;&nbsp;194,622&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=2><P>Impairment loss</FONT></TD>
<TD WIDTH="26%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
<TD WIDTH="26%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">587,000&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=2><P>Depreciation</FONT></TD>
<TD WIDTH="26%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">&nbsp;&nbsp;13,540&nbsp;</FONT></TD>
<TD WIDTH="26%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">&nbsp;&nbsp;93,957&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=2><P>Net loss</FONT></TD>
<TD WIDTH="26%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">&nbsp;(48,467)</FONT></TD>
<TD WIDTH="26%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">&nbsp;(875,579)</FONT></TD>
</TR>
</TABLE>

<FONT FACE="Arial" SIZE=2></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=0 WIDTH=638>
<TR><TD WIDTH="88%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
</TABLE>

<hr>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">SIGNATURES<BR>
</P>
</FONT>
</B><FONT FACE="Arial" SIZE=2><P>Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>
</FONT>
<P ALIGN="RIGHT"><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=0 WIDTH=397>
<TR><TD WIDTH="73%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Arial" SIZE=2><P>Inland's Monthly Income Fund, L.P.</FONT></TD>
<TD WIDTH="27%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="73%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Arial" SIZE=2><P>(Registrant)</FONT></TD>
<TD WIDTH="27%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="14%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="86%" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
</TR>
<TR><TD WIDTH="14%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="86%" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
</TR>
<TR><TD WIDTH="14%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="86%" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
</TR>
<TR><TD WIDTH="14%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=2><P>By:</FONT></TD>
<TD WIDTH="86%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Arial" SIZE=2><P>/s/ Kelly Tucek</FONT></TD>
</TR>
<TR><TD WIDTH="14%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="86%" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
</TR>
<TR><TD WIDTH="14%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="86%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Arial" SIZE=2><P>Kelly Tucek</FONT></TD>
</TR>
<TR><TD WIDTH="14%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="86%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Arial" SIZE=2><P>Vice President of General Partner and principal financial officer of Inland's Monthly Income Fund, L.P.</FONT></TD>
</TR>
<TR><TD WIDTH="14%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="86%" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
</TR>
<TR><TD WIDTH="14%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=2><P>Date:</FONT></TD>
<TD WIDTH="86%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Arial" SIZE=2><P>May 23, 2005</FONT></TD>
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{"company-data": {"conformed-name": "INLAND MONTHLY INCOME FUND II L P", "cik": "0000835322", "assigned-sic": "6500", "irs-number": "363587209", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-17593", "film-number": "05851310"}, "business-address": {"street1": "2901 BUTTERFIELD RD", "city": "OAK BROOK", "state": "IL", "zip": "60521", "phone": "7082188000"}, "mail-address": {"street1": "2901 BUTTERFIELD RD", "city": "OAKBROOK", "state": "IL", "zip": "60521"}}
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report: May 19, 2005
(Date of earliest event reported)
Inland Monthly Income Fund II, L.P.
(Exact name of registrant as specified in the charter)
Delaware
0-17593
36-3587209
(State or other jurisdiction of incorporation)
(Commission File No.)
(IRS Employer Identification No.)
2901 Butterfield Road
Oak Brook, Illinois 60523
(Address of Principal Executive Offices)
(630) 218-8000
(Registrant's telephone number including area code)
Not Applicable
Former name or former address, if changed since last report)
Item 2.01  Acquisition or Disposition of Assets
On May 19, 2005, the Partnership sold one of its assets, the 84,000 square foot commercial/retail building, located at Arizona Road and Warner Road, in Chandler, Arizona. The property was sold to Ethan Christopher, LLC, an unaffiliated third party, for $2,875,000, on an all cash basis.  The property had a basis of approximately $2,723,000, resulting in a gain of approximately $76,000, net of closing costs.  Net sales proceeds of approximately $2,695,000 will be distributed to the Limited Partners.
Item 9.01  Financial Statements and Exhibits
Financial Statements.  Not Applicable
Pro Forma Financial Information - Narrative
As a result of the sale of this property, prospectively there will be no property operations included in the financial statements of the Partnership relating to this property.  The following sets forth the amounts of selected accounts in the financial statements of the Partnership relating solely to this property.
For the three
months ended
March 31, 2005
For the year
ended
December 31, 2004
Rental Income
$               -
$               -
Operating Expenses
34,927
194,622
Impairment loss
-
587,000
Depreciation
13,540
93,957
Net loss
(48,467)
(875,579)
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Inland's Monthly Income Fund, L.P.
(Registrant)
By:
/s/ Kelly Tucek
Kelly Tucek
Vice President of General Partner and principal financial officer of Inland's Monthly Income Fund, L.P.
Date:
May 23, 2005