<ARTICLE> 5 <CIK> 0000808420 <NAME> ASSOCIATED PLANNERS REALTY INCOME FUND LP <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1997 <PERIOD-START> JAN-01-1997 <PERIOD-END> MAR-31-1997 <CASH> 72,433 <SECURITIES> 0 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 103,609 <PP&E> 4,887,188 <DEPRECIATION> (752,159) <TOTAL-ASSETS> 4,259,248 <CURRENT-LIABILITIES> 30,217 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 0 <OTHER-SE> 4,229,031 <TOTAL-LIABILITY-AND-EQUITY> 4,259,248 <SALES> 101,757 <TOTAL-REVENUES> 102,017 <CGS> 58,431 <TOTAL-COSTS> 58,431 <OTHER-EXPENSES> 0 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 0 <INCOME-PRETAX> 43,586 <INCOME-TAX> 0 <INCOME-CONTINUING> 0 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 43,586 <EPS-PRIMARY> 7.25 <EPS-DILUTED> 7.25