WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE. <ARTICLE> 5 <CIK> 0000761236 <NAME> NATIONAL PROPERTIES INVESTMENT TRUST <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> 12/31/98 <PERIOD-START> 1/1/98 <PERIOD-END> 3/31/98 <CASH> 0 <SECURITIES> 400,000 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 0 <PP&E> 6,545 <DEPRECIATION> 2,540 <TOTAL-ASSETS> 404,005 <CURRENT-LIABILITIES> 15,746 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 0 <OTHER-SE> 11,791,190 <TOTAL-LIABILITY-AND-EQUITY> 400,005 <SALES> 0 <TOTAL-REVENUES> 0 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 0 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 0 <INCOME-PRETAX> 0 <INCOME-TAX> 0 <INCOME-CONTINUING> 0 <DISCONTINUED> (10,726) <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (10,726) <EPS-PRIMARY> (0.01) <EPS-DILUTED> (0.01)