<ARTICLE> 5
<CIK>  0000082473 
<NAME> REALTY REFUND TRUST
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          JAN-31-1999
<PERIOD-START>                             FEB-01-1998
<PERIOD-END>                               APR-30-1998
<CASH>                                       1,856,501
<SECURITIES>                                         0
<RECEIVABLES>                                3,215,827
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                                     0<F1>
<PP&E>                                      52,256,717
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                              57,329,045
<CURRENT-LIABILITIES>                                0<F1>
<BONDS>                                     51,294,905
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                             0
<OTHER-SE>                                   6,034,140
<TOTAL-LIABILITY-AND-EQUITY>                57,329,045
<SALES>                                              0
<TOTAL-REVENUES>                             3,782,584
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                             2,718,903
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                             628,512
<INCOME-PRETAX>                                      0
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                                  0
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                   435,169
<EPS-PRIMARY>                                      .26
<EPS-DILUTED>                                      .26
<FN>
<F1>The registrant utilizes an unclassified balance sheet therefore the
    captions "total current assets" and "total current liabilities" are not 
    applicable.
</FN>