<PAGE>1

          SECURITIES AND EXCHANGE COMMISSION

          Washington, D.C.  20549



          FORM 8-K



          Pursuant to Section 13 or 15(d) of the Securities and Exchange
          Act of 1934


          Date of Report (Date of earliest event reported): September 12,
          1997



          Exact name of registrant as specified in its charter: T. ROWE
          PRICE REALTY INCOME FUND IV, AMERICA S SALES-COMMISSION FREE REAL
          ESTATE LIMITED PARTNERSHIP


          State or other Jurisdiction of Incorporation or Organization:
          Maryland

          I.R.S. Employer Identification No.:95-4147931

          Commission File Number: 0-17636

          Address of principal executive offices:  100 East Pratt Street,
          Baltimore, Maryland  21202

          Registrant's telephone number, including area code: 1-800-638-
          5660


          Former name of former address, if changes since last report:   
          Not Applicable                               
























          <PAGE> 2

          Item 2.  Acquisition or Disposition of Assets.

          On September 12, 1997, T. Rowe Price Realty Income Fund IV,
          America s Sales-Commission-Free Real Estate Limited Partnership
          ("the Partnership") completed the sale of all of its real
          property assets, constituting substantially all of its assets
          (the "Assets"), to Glenborough Realty Trust Incorporated, a
          Maryland corporation, and Glenborough Properties, L.P., a
          California limited partnership corporation ("Purchaser").  The
          sales price of $23.8 million was paid in cash.  After closing
          costs, the net proceeds to the Partnership are expected to be
          approximately $23,750,000 in cash.

          A distribution of $19,105,755 ($105 per Unit) will be made on or
          about September 19, 1997 to Limited Partners of record as of
          September 12, 1997.  The Partnership will be liquidated and the
          balance of the Partnership s net assets are expected to be
          distributed to the Partners before the end of 1997.

          Item 7.  Financial Statements and Exhibits

               a.   Financial Statements of Business Acquired: Not
          applicable.

               b.   Pro Forma Financial Information 

          Subsequent to this sales transaction, the Partnership will no
          longer have any operating properties and will enter into
          liquidation.  The remaining assets of the Partnership consist
          almost exclusively of cash and short-term investments.  After
          extinguishing the remaining liabilities of the Partnership, all
          such assets will be distributed to the partners in the form of
          cash and the Partnership will be dissolved.

          Pursuant to the requirements of the Securities and Exchange Act
          of 1934, the registrant has daily caused this report to be signed
          on its behalf by the undersigned hereunto duly authorized.


                                   T. ROWE PRICE REALTY INCOME FUND IV,
                                   AMERICA S SALES-COMMISSION-FREE REAL
                                   ESTATE LIMITED PARTNERSHIP

                                        By:  T. Rowe Price Realty Income 
                                             Fund IV Management, Inc., as 
                                        General Partner


                                             By:  /s/Lucy B. Robins
                                                  Lucy B. Robins
                                                  Vice President
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1

          SECURITIES AND EXCHANGE COMMISSION

          Washington, D.C.  20549

          FORM 8-K

          Pursuant to Section 13 or 15(d) of the Securities and Exchange
          Act of 1934

          Date of Report (Date of earliest event reported): September 12,
          1997

          Exact name of registrant as specified in its charter: T. ROWE
          PRICE REALTY INCOME FUND IV, AMERICA S SALES-COMMISSION FREE REAL
          ESTATE LIMITED PARTNERSHIP

          State or other Jurisdiction of Incorporation or Organization:
          Maryland

          I.R.S. Employer Identification No.:95-4147931

          Commission File Number: 0-17636

          Address of principal executive offices:  100 East Pratt Street,
          Baltimore, Maryland  21202

          Registrant's telephone number, including area code: 1-800-638-
          5660

          Former name of former address, if changes since last report:   
          Not Applicable
2

          Item 2.  Acquisition or Disposition of Assets.

          On September 12, 1997, T. Rowe Price Realty Income Fund IV,
          America s Sales-Commission-Free Real Estate Limited Partnership
          ("the Partnership") completed the sale of all of its real
          property assets, constituting substantially all of its assets
          (the "Assets"), to Glenborough Realty Trust Incorporated, a
          Maryland corporation, and Glenborough Properties, L.P., a
          California limited partnership corporation ("Purchaser").  The
          sales price of $23.8 million was paid in cash.  After closing
          costs, the net proceeds to the Partnership are expected to be
          approximately $23,750,000 in cash.

          A distribution of $19,105,755 ($105 per Unit) will be made on or
          about September 19, 1997 to Limited Partners of record as of
          September 12, 1997.  The Partnership will be liquidated and the
          balance of the Partnership s net assets are expected to be
          distributed to the Partners before the end of 1997.

          Item 7.  Financial Statements and Exhibits

               a.   Financial Statements of Business Acquired: Not
          applicable.

               b.   Pro Forma Financial Information 

          Subsequent to this sales transaction, the Partnership will no
          longer have any operating properties and will enter into
          liquidation.  The remaining assets of the Partnership consist
          almost exclusively of cash and short-term investments.  After
          extinguishing the remaining liabilities of the Partnership, all
          such assets will be distributed to the partners in the form of
          cash and the Partnership will be dissolved.

          Pursuant to the requirements of the Securities and Exchange Act
          of 1934, the registrant has daily caused this report to be signed
          on its behalf by the undersigned hereunto duly authorized.

                                   T. ROWE PRICE REALTY INCOME FUND IV,
                                   AMERICA S SALES-COMMISSION-FREE REAL
                                   ESTATE LIMITED PARTNERSHIP

                                        By:  T. Rowe Price Realty Income 
                                             Fund IV Management, Inc., as 
                                        General Partner

                                             By:  /s/Lucy B. Robins
                                                  Lucy B. Robins
                                                  Vice President