<ARTICLE> 5 <LEGEND> THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM BOTH THE MARCH 31, 1997 BALANCE SHEET AND STATEMENT OF INCOME AND EXPENSES AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. </LEGEND> <CIK> 0000711512 <NAME> AMERICAN REPUBLIC REALTY FUND I <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1997 <PERIOD-END> MAR-31-1997 <CASH> 56,480 <SECURITIES> 0 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 0 <PP&E> 16,817,227 <DEPRECIATION> 8,548,635 <TOTAL-ASSETS> 8,581,599 <CURRENT-LIABILITIES> 0 <BONDS> 7,018,832 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 0 <OTHER-SE> (2,892,233) <TOTAL-LIABILITY-AND-EQUITY> 8,581,599 <SALES> 0 <TOTAL-REVENUES> 599,779 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 464,019 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 61,727 <INCOME-PRETAX> 0 <INCOME-TAX> 0 <INCOME-CONTINUING> 0 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 83,017 <EPS-PRIMARY> 7.55 <EPS-DILUTED> 0