WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE. <ARTICLE> 5 <LEGEND> This schedule contains summary financial information extracted from Krupp Realty Fund 7 Financial Statements for the twelve months ended December 31, 1998 and is qualified in its entirety by reference to such financial statements. </LEGEND> <PERIOD-TYPE> 12-MOS <FISCAL-YEAR-END> DEC-31-1998 <PERIOD-END> DEC-31-1998 <CASH> 629,483 <SECURITIES> 0 <RECEIVABLES> 252,086<F1> <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 399,594 <PP&E> 22,578,139<F2><F4> <DEPRECIATION> (12,884,776)<F3><F4> <TOTAL-ASSETS> 10,974,576 <CURRENT-LIABILITIES> 558,157 <BONDS> 10,323,428<F4><F5> <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 92,941<F6> <OTHER-SE> 0 <TOTAL-LIABILITY-AND-EQUITY> 10,974,526 <SALES> 0 <TOTAL-REVENUES> 3,989,189<F7> <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 3,369,250<F8> <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 918,569 <INCOME-PRETAX> 0 <INCOME-TAX> 0 <INCOME-CONTINUING> 0 <DISCONTINUED> 0 <EXTRAORDINARY> 676,316<F4> <CHANGES> 0 <NET-INCOME> 377,686<F9> <EPS-PRIMARY> 0<F9> <EPS-DILUTED> 0(F9> <FN> <F1>Includes all receivables included in "prepaid expenses and other assets" on the Balance Sheet. <F2>Multi-family complexes of $22,262,484 and deferred expenses of $315,655. <F4>The Partnership sold Nora Corners Shopping Center to unaffiliated third parties with thirteen other properties for a total selling price of $138,000,000, of which the Partnership received $6,604,300, less repayment of the mortgage note payable and interest of $4,114,668 and its share of closing costs of $224,512. For financial reporting purposes, the Partnership realized a gain of $676,316 on the sale. <F3>Accumulated depreciation of $12,751,953 and accumulated amortization of $132,823. <F5>Represents mortgage notes payable. <F6>Total deficit of the General Partners of ($293,412) and equity of Limited Partners of $386,353. <F7>Includes all revenue of the Partnership. <F8>Includes operating expenses of $1,587,476, real estate taxes of $360,747 and depreciation and amortization of $1,421,027. <F9>Net income allocated $3,777 to the General Partners and $373,909 to the Limited Partners. Average net income per Unit of Limited Partner interest is $13.75 on 27,184 Units outstanding. </FN>