<ARTICLE> 5 <LEGEND> This schedule contains summary financial information extracted from Krupp Realty Fund 7 Financial Statements for the nine months ended September 30, 1997 and is qualified in its entirety by reference to such financial statements. </LEGEND> <PERIOD-TYPE> 9-MOS <FISCAL-YEAR-END> DEC-31-1997 <PERIOD-END> SEP-30-1997 <CASH> 2,707,271 <SECURITIES> 0 <RECEIVABLES> 254,367<F1> <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 363,441 <PP&E> 29,940,058<F2> <DEPRECIATION> (15,233,961)<F3> <TOTAL-ASSETS> 18,031,176 <CURRENT-LIABILITIES> 713,939 <BONDS> 14,539,741<F4> <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 2,777,496<F5> <OTHER-SE> 0 <TOTAL-LIABILITY-AND-EQUITY> 18,031,176 <SALES> 0 <TOTAL-REVENUES> 3,569,395<F6> <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 2,777,879<F7> <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 849,510 <INCOME-PRETAX> 0 <INCOME-TAX> 0 <INCOME-CONTINUING> 0 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (57,994)<F8> <EPS-PRIMARY> 0<F8> <EPS-DILUTED> 0<F8> <FN> <F1>Includes all receivables included in "prepaid expenses and other assets" on the Balance Sheet. <F2>Multi-family complexes of $19,798,407, retail center of $9,719,126 and deferred expenses of $422,525. <F3>Accumulated depreciation of $15,113,428 and accumulated amortization of $120,533. <F4>Represents mortgage notes payable. <F5>Total deficit of the General Partners of ($260,798) equity of Limited Partners of $3,038,294. <F6>Includes all revenue of the Partnership. <F7>Includes operating expenses of $1,385,987, real estate taxes of $346,431 and depreciation and amortization of $1,045,461. <F8>Net loss allocated ($580) to the General Partners and ($57,414) to the Limited Partners. Average net loss per Unit of Limited Partner interest is ($2,11). </FN>