FORM 8-K


                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                 CURRENT REPORT



                       Pursuant to Section 13 or 15(d) of
                       the Securities Exchange Act of 1934


                                  July 24, 1997
                                  -------------
                                 Date of Report
                        (Date of earliest event reported)



                        Metric Income Trust Series, Inc.
                        --------------------------------
                          (Exact name of registrant as
                            specified in its charter)




      0-18294                 California                 94-3087630
     ---------                -----------                -----------
    (Registration           (State or Other            (IRS Employer
        File                 Jurisdiction of            Identification
       Number)               Incorporation)                 Number)





           One California Street, San Francisco, California 94111-5415
           -----------------------------------------------------------
               (Address of principal executive offices) (Zip Code)


               Registrant's telephone number, including area code:

                                 (415) 678-2000

                    (800) 347-6707 Watts line for all states






ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS

(a)  The Registrant was organized to acquire,  hold for investment,  manage, and
     ultimately  sell   income-producing  real  properties  and  investments  in
     securities.  In the normal course of its business,  the registrant sold the
     Arlington (Green Oaks Boulevard), Texas Stop N Go on July 24, 1997.

TERMS OF ORIGINAL ACQUISITION

On November 30, 1989 the Registrant acquired Stop N Go store #2378 in Arlington,
Texas for $1,462,000 including  acquisition fees and other miscellaneous closing
costs.

TERMS OF DISPOSITION AND FINANCING

The Registrant  sold the Arlington  (Green Oaks  Boulevard),  Texas Stop N Go on
July 24, 1997. The net sales price was $1,413,000.  After payment of expenses of
sale, the proceeds to the Registrant were $1,303,000.

CARRYING AMOUNT AT DATE OF SALE

At the  date  of  sale,  the  carrying  amount  of  the  land  and  improvements
approximated $1,408,000 (including $73,000 deferred lease income receivable) and
$1,353,000 on a book basis and tax basis, respectively.

LOSS ON SALE

The loss  recognized  on the sale  approximated  $105,000  and $50,000 on a book
basis and tax basis, respectively.

ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS

(a)  Exhibits.

     1.   Earnest Money Contract for Stop N Go store located in Arlington (Green
          Oaks Boulevard), Texas dated June 5, 1997








                                    SIGNATURE

Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
Registrant  has duly  caused  this  Report  to be  signed  on its  behalf by the
undersigned, thereunto duly authorized.

                             METRIC INCOME TRUST SERIES, INC.,
                             a California Corporation


                             By:     /s/ William A. Finelli
                                     ------------------------
                                     William A. Finelli
                                     Chief Financial Officer


                             Date:     November 10, 1997
                                     ------------------------