<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