<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from Shelter
Properties III Limited Partnership 1995 Third Quarter 10-QSB and is qualified in
its entirety by reference to such 10-QSB
</LEGEND>
<CIK> 0000353282
<NAME> SHELTER PROPERTIES III LIMITED PARTNERSHIP
<MULTIPLIER> 1
       
                             
<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-END>                               SEP-30-1995
<CASH>                                         514,925
<SECURITIES>                                   703,712
<RECEIVABLES>                                   31,954
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                                     0<F1>
<PP&E>                                      24,702,550
<DEPRECIATION>                              12,196,238
<TOTAL-ASSETS>                              15,484,088
<CURRENT-LIABILITIES>                                0<F1>
<BONDS>                                      8,627,231
<COMMON>                                             0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<OTHER-SE>                                   5,895,054
<TOTAL-LIABILITY-AND-EQUITY>                15,484,088
<SALES>                                              0
<TOTAL-REVENUES>                             3,743,424
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                             3,743,379
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                             593,173
<INCOME-PRETAX>                                (1,899)
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                            (1,899)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                   (1,899)
<EPS-PRIMARY>                                    (.03)
<EPS-DILUTED>                                        0
<FN>
<F1>
The Registrant has an unclassified balance sheet.
</FN>