<ARTICLE> 5 <CIK> 0000808420 <NAME> ASSOCIATED PLANNERS REALTY INCOME FUND L.P. <PERIOD-TYPE> 9-MOS <FISCAL-YEAR-END> DEC-31-1997 <PERIOD-START> JAN-01-1997 <PERIOD-END> SEP-30-1997 <CASH> 133,405 <SECURITIES> 0 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 155,929 <PP&E> 4,887,188 <DEPRECIATION> (803,386) <TOTAL-ASSETS> 4,244,761 <CURRENT-LIABILITIES> 37,551 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 0 <OTHER-SE> 4,207,210 <TOTAL-LIABILITY-AND-EQUITY> 4,244,761 <SALES> 314,956 <TOTAL-REVENUES> 317,373 <CGS> 176,702 <TOTAL-COSTS> 176,702 <OTHER-EXPENSES> 0 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 0 <INCOME-PRETAX> 140,671 <INCOME-TAX> 0 <INCOME-CONTINUING> 0 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 140,671 <EPS-PRIMARY> 23.49 <EPS-DILUTED> 23.49