<ARTICLE> 5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1996 <PERIOD-END> MAR-31-1996 <CASH> 4,195,922 <SECURITIES> 0 <RECEIVABLES> 19,074 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 0 <PP&E> 7,808,133 <F1> <DEPRECIATION> 129,016 <TOTAL-ASSETS> 11,988,995 <CURRENT-LIABILITIES> 0 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 13,000 <OTHER-SE> 11,946,695 <TOTAL-LIABILITY-AND-EQUITY> 11,988,995 <SALES> 0 <TOTAL-REVENUES> 269,414 <F2> <CGS> 0 <TOTAL-COSTS> 109,484 <F3> <OTHER-EXPENSES> 0 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 0 <INCOME-PRETAX> 0 <INCOME-TAX> 0 <INCOME-CONTINUING> 0 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 159,930 <EPS-PRIMARY> 0.13 <EPS-DILUTED> 0 <FN> <F1> "PP&E" REPRESENTS INVESTMENT IN REAL ESTATE <F2> "TOTAL REVENUES" REPRESENTS RENTAL, INTEREST, AND OTHER INCOME <F3> "TOTAL COSTS" REPRESENTS TOTAL EXPENSES </FN>