[ARTICLE] 5 [CIK] 0000024148 [NAME] CONTINENTAL REAL ESTATE PARTNERS LTD [PERIOD-TYPE] 3-MOS [FISCAL-YEAR-END] DEC-31-1998 [PERIOD-END] MAR-31-1998 [CASH] 1292723 [SECURITIES] 0 [RECEIVABLES] 0 [ALLOWANCES] 0 [INVENTORY] 0 [CURRENT-ASSETS] 237725 [PP&E] 13993648 [DEPRECIATION] 11703681 [TOTAL-ASSETS] 3820415 [CURRENT-LIABILITIES] 2355645 [BONDS] 0 [PREFERRED-MANDATORY] 0 [PREFERRED] 0 [COMMON] 0 [OTHER-SE] 1464770 [TOTAL-LIABILITY-AND-EQUITY] 3820415 [SALES] 133948 [TOTAL-REVENUES] 133948 [CGS] 0 [TOTAL-COSTS] 0 [OTHER-EXPENSES] 186705 [LOSS-PROVISION] 0 [INTEREST-EXPENSE] 0 [INCOME-PRETAX] (52757) [INCOME-TAX] 0 [INCOME-CONTINUING] (52757) [DISCONTINUED] 0 [EXTRAORDINARY] 0 [CHANGES] 0 [NET-INCOME] (52757) [EPS-PRIMARY] (1.67) [EPS-DILUTED] (1.67)