<ARTICLE> 5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1998 <PERIOD-END> MAR-31-1998 <CASH> 689,351 <SECURITIES> 524,829 <F1> <RECEIVABLES> 99,137 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 0 <PP&E> 12,155,434 <F2> <DEPRECIATION> 3,087,039 <TOTAL-ASSETS> 10,715,911 <CURRENT-LIABILITIES> 231,700 <BONDS> 6,279,889 <F3> <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 3,378,681 <F4> <OTHER-SE> 0 <TOTAL-LIABILITY-AND-EQUITY> 10,715,911 <SALES> 0 <TOTAL-REVENUES> 485,615 <F5> <CGS> 0 <TOTAL-COSTS> 212,400 <F6> <OTHER-EXPENSES> 66,958 <F7> <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 137,304 <INCOME-PRETAX> 0 <INCOME-TAX> 0 <INCOME-CONTINUING> 0 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 68,953 <EPS-PRIMARY> 0 <EPS-DILUTED> 0 <FN> <F1> "SECURITIES" REPRESENTS INVESTMENT IN JOINT VENTURE <F2> "PP&E" REPRESENTS INVESTMENT IN REAL ESTATE [LAND AND BUILDING] <F3> "BONDS" REPRESENTS MORTGAGES PAYABLE <F4> "COMMON" REPRESENTS TOTAL PARTNERS CAPITAL <F5> "TOTAL REVENUES" REPRESENTS RENTAL, INTEREST, AND OTHER INCOME <F6> "TOTAL COSTS" REPRESENTS TOTAL EXPENSES LESS INTEREST EXPENSE <F7> "OTHER EXPENSES" REPRESENTS INTEREST IN JOINT VENTURES' NET INCOME/LOSS </FN>