FORM 10-Q

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549
     (Mark One)
     [X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
          OF THE SECURITIES EXCHANGE ACT OF 1934

          For the quarterly period ended SEPTEMBER 30, 1998

                                       OR

     [ ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
          OF THE SECURITIES EXCHANGE ACT OF 1934

          For the transition period from                 to

                        Commission file number 33-11013

                     ASSOCIATED PLANNERS REALTY INCOME FUND
             (Exact name of registrant as specified in its charter)

             CALIFORNIA                                  95-4120092
          (State or other Jurisdiction of              (I.R.S. Employer
          incorporation or organization)               Identification No.)

                        5933 W. CENTURY BLVD., SUITE 900
                          LOS ANGELES, CALIFORNIA 90045
                    (Address of principal executive offices)
                                   (Zip Code)

                                 (310) 670-0800
              (Registrant's telephone number, including area code)

                 ___________________________________________________
   (Former name, former address and former fiscal year, if changed since last
                                    report)

     Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to 
such filing requirements for the past 90 days.
 Yes      X         No             

<PAGE>
<TABLE>
                     ASSOCIATED PLANNERS REALTY INCOME FUND
                       (A CALIFORNIA LIMITED PARTNERSHIP)

ITEM 1.   FINANCIAL STATEMENTS

     In the opinion of the Co-General Partner (West Coast Realty Advisors, 
Inc.) of Associated Planners Realty Income Fund (the "Partnership"), all 
adjustments necessary for a fair presentation of the Partnership's results for 
the three and nine months ended September 30, 1998 and 1997, have been made in 
the following financial statements which are normal and recurring in nature.  
However, such financial statements are unaudited and are subject to any year-
end adjustments that may be necessary.

<CAPTION>
                                 BALANCE SHEETS
              SEPTEMBER 30, 1998 (UNAUDITED) AND DECEMBER 31, 1997


                                         SEPTEMBER 30, 1998  December 31, 1997
<S>                                                   <C>              <C>
ASSETS
Rental real estate, less accumulated
   Depreciation (Note 2)                          $3,631,335       $4,058,189
Cash and cash equivalents                            217,779          230,503
Other assets                                           9,940           14,486

TOTAL ASSETS                                      $3,859,054       $4,303,178

LIABILITIES AND PARTNERS' EQUITY
LIABILITIES
   Accounts payable:
        Trade                                        $ 4,554        $   4,609
        Related party (Note 3)                         9,486            8,421
   Security deposits                                  29,400           29,400

TOTAL LIABILITIES                                     43,440           42,430

PARTNERS' EQUITY (NOTE 6)
  Limited partners:
   $1,000 stated value per unit _ authorized
   12,000 units; issued and outstanding 5,096      3,805,343        4,212,880
  General partners                                    10,271           47,868

TOTAL PARTNERS' EQUITY                             3,815,614        4,260,748

TOTAL LIABILITIES AND PARTNERS' EQUITY            $3,859,054       $4,303,178


</TABLE>
[FN]
                See accompanying notes to financial statements.

<PAGE>
<TABLE>
                     ASSOCIATED PLANNERS REALTY INCOME FUND
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                         STATEMENTS OF PARTNERS' EQUITY

                      NINE MONTHS ENDED SEPTEMBER 30, 1998
                                  (UNAUDITED)
<CAPTION>
                                            LIMITED  PARTNERS     GENERAL
                                   TOTAL     UNITS    AMOUNT      PARTNER
<S>                                 <C>        <C>      <C>         <C>
BALANCE AT DECEMBER 31, 1997     $4,260,748   5,096 $4,212,880    $47,868

Net (loss)                        (156,360)      --  (147,641)    (8,719)

Distributions to limited partners (259,896)      --  (259,896)         --

Distributions to general partner   (28,878)      --         --   (28,878)

BALANCE AT  SEPTEMBER 30, 1998   $3,815,614   5,096 $3,805,343    $10,271

</TABLE>
<TABLE>
                      NINE MONTHS ENDED SEPTEMBER 30, 1997
                                  (UNAUDITED)
<CAPTION>
                                            LIMITED  PARTNERS     GENERAL
                                    TOTAL    UNITS    AMOUNT      PARTNER
<S>                                  <C>       <C>      <C>         <C>
BALANCE AT DECEMBER 31, 1996      $4,242,067  5,096 $4,205,288    $36,779

Net income                           140,671     --    119,688     20,983

Distributions to limited partners  (157,976)     --  (157,976)         --

Distributions to general partner    (17,552)     --         --   (17,552)

BALANCE AT  SEPTEMBER 30, 1997    $4,207,210  5,096 $4,167,000    $40,210

</TABLE>
[FN]
                See accompanying notes to financial statements.

<PAGE>
<TABLE>
                     ASSOCIATED PLANNERS REALTY INCOME FUND
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                              STATEMENTS OF INCOME
            THREE AND NINE MONTHS ENDED SEPTEMBER 30, 1998 AND 1997
                                  (UNAUDITED)
<CAPTION>

                                 THREE MONTHS THREE MONTHS NINE MONTHS NINE MONTHS
                                     ENDED        ENDED       ENDED       ENDED
                                  SEPTEMBER    SEPTEMBER   SEPTEMBER   SEPTEMBER
                                   30, 1998     30, 1997    30, 1998    30, 1997
<S>                                    <C>           <C>        <C>         <C>
REVENUES:
  Rental                             $129,510     $106,885    $336,228    $314,956
  Interest                              3,018        1,353       8,408       2,417

                                      132,528      108,238     344,636     317,373
COSTS AND EXPENSES:
   Operating                           11,182       12,058      28,391      41,750
   Property taxes                       1,506        5,045       2,994      15,136
   Property management fees             6,485        5,660      16,345      15,646
   General and administrative           3,889        8,839      26,412      27,330
   Depreciation and amortization       25,618       25,613      76,854      76,840
   Impairment in value                350,000          ---     350,000         ---

                                      398,680       57,215     500,996     176,702

NET INCOME (LOSS)                  $(266,152)      $51,023  $(156,360)    $140,671

NET INCOME PER
 LIMITED PARTNERSHIP UNIT            $(47.46)        $8.56    $(28.97)      $23.49

</TABLE>
[FN]
                See accompanying notes to financial statements.
<PAGE>
<TABLE>
                     ASSOCIATED PLANNERS REALTY INCOME FUND
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                            STATEMENTS OF CASH FLOWS
                 NINE MONTHS ENDED SEPTEMBER 30, 1998 AND 1997
                                  (UNAUDITED)
<CAPTION>

                                                   NINE          NINE
                                                  MONTHS        MONTHS
                                                  ENDED          ENDED
                                              SEPTEMBER 30,  SEPTEMBER 30,
INCREASE (DECREASE) IN CASH AND CASH               1998           1997
EQUIVALENTS

<S>                                                  <C>            <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)                                 $(156,360)      $140,671
Adjustments to reconcile net income to net
cash provided by operating activities:
     Depreciation and amortization                    76,854        76,840
     Impairment loss (Note 2)                        350,000           ---
Increase (decrease) from changes in:
     Other assets                                      4,546        14,818
     Accounts payable                                  1,010         2,622
     Security deposits and prepaid rents                 ---         1,775
NET CASH PROVIDED BY OPERATING ACTIVITIES            276,050       236,726

CASH FLOWS FROM FINANCING ACTIVITIES
 Distributions to limited partners                 (259,896)     (157,976)
 Distributions to general partners                  (28,878)      (17,552)
NET CASH (USED IN) FINANCING ACTIVITIES            (288,774)     (175,528)

NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS                                         (12,724)        61,198

CASH AND CASH EQUIVALENTS, BEGINNING OF
PERIOD                                               230,503        72,207

CASH AND CASH EQUIVALENTS,  END OF PERIOD           $217,779      $133,405

</TABLE>
[FN]
                See accompanying notes to financial statements.

<PAGE>    
                ASSOCIATED PLANNERS REALTY INCOME FUND
                  (A CALIFORNIA LIMITED PARTNERSHIP)

                    SUMMARY OF ACCOUNTING POLICIES

BUSINESS
Associated Planners Realty Income Fund (the "Partnership), a California 
limited partnership, was formed on December 23, 1986 under the Revised Limited
Partnership Act of the State of California for the purpose of developing or
acquiring, managing and operating unleveraged income producing real estate.  
The Partnership met its minimum funding of $1,200,000 on February 26, 1988 and
terminated its offering on September 5, 1989.  The Partnership was formed to
acquire income-producing real property throughout the United States with
emphasis on properties located in California and southwestern states.  The
Partnership purchases such properties on an all cash basis and originally
intended on owning and operating such properties for investment over an
anticipated holding period of approximately five to ten years.

BASIS OF PRESENTATION
The financial statements do not give effect to any assets that the partners 
may have outside of their interest in the partnership, nor to any personal
obligations, including income taxes, of the partners.

RENTAL REAL ESTATE AND ESTATE AND DEPRECIATION
Assets are stated at cost.  Depreciation is computed using the straight-line
method over estimated useful lives ranging from 31.5 to 40 years for financial
reporting and income tax reporting purposes.

In the event that facts and circumstances indicate that the cost of an asset 
may be impaired, an evaluation of recoverability would be performed.  If an
evaluation is required, the estimated future undiscounted cash flows 
associated with the asset would be compared to the carrying amount to 
determine if a write-down to market value is required.

LEASE COMMISSIONS
Lease commissions which are paid to real estate brokers for locating tenants 
are capitalized and amortized over the life of the lease.

RENTAL REVENUE
Rental revenue is recognized when the amount is due and payable under the 
terms of a lease agreement.

STATEMENTS OF CASH FLOWS
For purposes of the statements of cash flows, the Partnership considers cash 
in the bank and all highly-liquid investments purchased with original 
maturities of three months or less to be cash and cash equivalents.

<PAGE>

                     ASSOCIATED PLANNERS REALTY INCOME FUND
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                         SUMMARY OF ACCOUNTING POLICIES
                                  (CONTINUED)

USE OF ESTIMATES
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions 
that affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of revenues and expenses during the reporting period.
Actual results could differ from those estimates.

EARNINGS (LOSS) PER UNIT
On March 3, 1997, the FASB issued Statement of Financial Accounting Standards
No. 128, "Earnings Per Unit" (SFAS 128).  This pronouncement provides a
different method of calculating earnings per unit than is currently used in
accordance with APB 15, "Earnings Per Unit".  SFAS 128 provides for the
calculation of Basic and Diluted earnings per unit.  Basic earnings per unit
includes no dilution and is computed by dividing income available to common
unitholders by the weighted average number of common units outstanding for the
period.  Diluted earnings per unit reflects the potential dilution of 
securities that could unit in the earnings of the entity, similar to fully 
diluted earnings per unit.  Except where the provisions of the Securities and 
Exchange Commission's Staff Accounting Bulletin No. 98 are applicable, common 
unit equivalents have been excluded in all years presented in the Statements 
of Operations when the effect of their inclusion would be anti-dillutive. SFAS
128 is effective for fiscal years and interim periods after December 15, 
1997.  The Partnership has adopted this pronouncement during the fiscal year 
ended December 31, 1997.  The adoption of SFAS 128 did not effect earnings 
per unit for fiscal year ended December 31, 1997 and prior years.

NEW ACCOUNTING PRONOUNCEMENTS
Statement of Financial Accounting Standards No. 130  (SFAS No. 130) "Reporting
Comprehensive Income," issued by the Financial Accounting Standards Board is
effective for financial statements with fiscal years beginning after December
15, 1997.  Earlier application is permitted.  SFAS No. 130 establishes 
standards for reporting and display of comprehensive income and its components
in a full set of general-purpose financial statements.  The Partnership has 
not determined the effect on its financial position or results of operations, 
is any, from the adoption of this statement.

<PAGE>

                     ASSOCIATED PLANNERS REALTY INCOME FUND
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                         SUMMARY OF ACCOUNTING POLICIES
                                  (CONTINUED)

NEW ACCOUNTING PRONOUNCEMENTS (CONT.)
Statement of Financial Accounting Standards No. 131 (SFAS No. 131), 
"Disclosure about Segments of an Enterprise and Related Information," issued 
by the Financial Accounting Standards Board is effective for financial 
statements with fiscal years beginning after December 15, 1997.  The new 
standard requires that public business enterprises report certain information
about operating segments in complete sets of financial statements of the 
enterprises and in condensed financial statements of interim periods issued to 
shareholders.  It also requires that public business enterprises report certain
information about their products and services, the geographic areas in which 
they operate and their major customers.  The Partnership has not determined 
the effect on its financial position or results of operations, if any, from the
adoption of this statement.

<PAGE>

                    ASSOCIATED PLANNERS REALTY INCOME FUND
                       (A CALIFORNIA LIMITED PARTNERSHIP)
                        NOTES TO FINANCIAL STATEMENTS
     THREE AND NINE MONTHS ENDED SEPTEMBER 30, 1998 AND 1997 (UNAUDITED)
                       AND YEAR ENDED DECEMBER 31, 1997

NOTE 1 - NATURE OF PARTNERSHIP BUSINESS

Associated Planners Realty Income Fund, a California limited partnership (the
"Fund"), was formed on December 23, 1986 under the Revised Limited Partnership
Act of the State of California for the purpose of acquiring, managing, and
operating income-producing real estate.

The Partnership began accepting subscriptions in October 1987 and closed the
offering on September 5, 1989.  The Partnership began operations in March 
1988.

Under the terms of the partnership agreement, the General Partners (West Coast
Realty Advisors, Inc. and W. Thomas Maudlin Jr.) are entitled to cash
distributions from 10% to 15%.  The General Partners are also entitled to net
income (loss) allocations varying from 1% to 15% and 1% of depreciation and
amortization in accordance with the partnership agreement. Further, the 
General Partners receive acquisition fees for locating and negotiating the 
purchase of rental real estate, management fees for operating the Partnership 
and a commission on the sale of the partnership properties.

NOTE 2 - RENTAL REAL ESTATE

The Partnership owns the following two rental real estate properties:
                                                                  Acquisition
Location (Property Name)                 Date Purchased                  Cost

Chino, California  (Yorba Center)                                 $ 1,882,283
 Less: Yorba Center Property Impairment  October 25, 1988           (350,000)
Revised Yorba Center Property Value                                 1,532,283
San Marcos, California (90%)            January 9, 1990             2,816,904
San Marcos, California (10%)            November 1, 1996              188,001

The major categories of rental real estate:
                                       September 30, 1998    December 31, 1997

Land                                          $1,332,861           $1,332,861
Building and improvements                      3,554,327            3,554,327

                                               4,887,188            4,887,188
Less: Impairment loss                            350,000                  ---
Less: Accumulated depreciation                   905,853              828,999

Net rental real estate                         3,631,335            4,058,189

<PAGE>

                     ASSOCIATED PLANNERS REALTY INCOME FUND
                       (A CALIFORNIA LIMITED PARTNERSHIP)
                         NOTES TO FINANCIAL STATEMENTS
      THREE AND NINE MONTHS ENDED SEPTEMBER 30, 1998 AND 1997 (UNAUDITED)
                  AND YEAR ENDED DECEMBER 31, 1997 (CONTINUED)

NOTE 2 - RENTAL REAL ESTATE (CONTINUED)

A significant portion of the Partnership's rental revenue was earned from
tenants whose individual rents represented more than 10% of total rental
revenue.    Specifically:

            One tenant accounted for 58% of total rental revenue in 1998
            One tenant accounted for 58% of total rental revenue in 1997
            One tenant accounted for 48% of total rental revenue in 1996

During the quarter ending September 30, 1998, the Partnership determined that
the total expected future cash flows from disposition of the Yorba Center
property located in Chino, California are less than the carrying value of the
property.  Therefore, the Yorba Center property was deemed to be impaired.  
As a result, an impairment loss of $350,000 was recorded, measured as the 
amount by which the carrying amount of the asset exceeded its fair value less 
cost to sell.  Fair value was determined based on a negotiated sales contract 
with an unrelated buyer of the property (See Note 5).

On November 1, 1996, Associated Planners Realty Income Fund ("Income Fund")
purchased the remaining real estate asset from Associated Planners Realty 
Growth Fund ("Growth Fund").  This asset consisted of the 10% interest that 
Income Fund had not already owned in an office building located in San Marcos, 
California.

Income Fund paid $185,968 on November 2, 1996 for the 10% interest in the San
Marcos property.  This amount consisted of $188,001 for the property itself,
less $2,032 for the share of a cash security deposit from the current tenant
that Growth Fund retained.  There is no debt in connection with the property.

NOTE 3 - RELATED PARTY TRANSACTIONS

      (a) For Partnership management services rendered to the Partnership, the
General Partner is entitled to receive 10% of all distributions of Cash from
Operations.  These amounts totaled $16,987 for the quarter ended September 30,
1998 and $5,945 for the quarter ended September 30, 1997, and $28,878 for the
nine months ended September 30, 1998 and $17,552 for the nine months ended
September 30, 1997.

      (b) For administrative services provided to the Partnership, the General
Partner, in accordance with the partnership agreement, is entitled to
reimbursement for the cost of certain personnel and relevant expenses.  These
amounts totaled $9,000 for the nine months ended September 30, 1998 and
September 30, 1997 and $3,000 for the quarters ending September 30, 1998 and
1997.

<PAGE>
                     ASSOCIATED PLANNERS REALTY INCOME FUND
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                         NOTES TO FINANCIAL STATEMENTS
      THREE AND NINE MONTHS ENDED SEPTEMBER 30, 1998 AND 1997 (UNAUDITED)
                  AND YEAR ENDED DECEMBER 31, 1997 (CONTINUED)

NOTE 3 - RELATED PARTY TRANSACTIONS (CONT.)

      (c) Property management fees incurred in accordance with the Partnership
Agreement to West Coast Realty Management, Inc., an affiliate of the corporate
General Partner, totaled $6,485 for the quarter ended September 30, 1998, and
$5,660 for the quarter ended September 30, 1997, and $16,345 for the nine 
months ended September 30, 1998 and $15,646 for the nine months ended 
September 30, 1997.

NOTE 4 - NET INCOME AND CASH DISTRIBUTIONS PER LIMITED PARTNERSHIP UNIT

The Net Income per Limited Partnership Unit was computed in accordance with 
the partnership agreement on the basis of the weighted average number of 
outstanding Limited Partnership Units of 5,096 for 1998 and 1997.

The Limited Partner cash distributions, computed in accordance with the
Partnership Agreement, were as follows:

Record Date              Outstanding         Amount           Total
                            Units           Per Unit       Distribution

June 30, 1998               5,096            $30.00          $152,880
December 31, 1997           5,096             21.00           107,016
June 30, 1997               5,096             10.50            53,508
March 31, 1997              5,096             10.50            53,508
December 31, 1996           5,096             10.00            50,960

Total                                                        $417,872


The Partnership began paying distributions on a semi-annual basis with the 
first record date and payment date being December 31, 1997 and 
February 6, 1998, respectively.  This change will permit the Partnership to 
operate more efficiently with lower Partnership operating expenses.  These 
semi-annual distributions will include cash distributions for the previous six 
months of operations.

<PAGE>
                     ASSOCIATED PLANNERS REALTY INCOME FUND
                       (A CALIFORNIA LIMITED PARTNERSHIP)
                         NOTES TO FINANCIAL STATEMENTS
      THREE AND NINE MONTHS ENDED SEPTEMBER 30, 1998 AND 1997 (UNAUDITED)
                  AND YEAR ENDED DECEMBER 31, 1997 (CONTINUED)

NOTE 5 - SUBSEQUENT EVENTS

The Partnership has negotiated contracts for the sale of the Partnerships
properties.  The sales prices for the properties are as follows:

      Yorba Shopping Center in Chino, CA              $1,250,000
      San Marcos Industrial Building in San Marcos, CA 2,700,000

Sales prices listed above are before sales commissions, 5-6% of the sales
prices, and before title insurance and escrow closing costs.  Buyers have due
diligence periods in which to determine their satisfaction with the property 
and the availability of financing.  Consequently, until buyers waive 
contingencies, these sales are contingent.

<PAGE>

                     ASSOCIATED PLANNERS REALTY INCOME FUND
                        (A CALIFORNIA LIMITED PARTNERSHIP)

ITEM 2.     MANAGEMENT'S DISCUSSION AND ANALYSIS OF
            FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Certain statements in the Management Discussion and Analysis constitute
"forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995 (the "Reform Act").  Such forward-looking
statements involve known and unknown risks, uncertainties, and other factors
which may cause the actual results, performance or achievements of the
Partnership to be materially different from any future results, performance or
achievements, expressed of implied by such forward-looking statements.

INTRODUCTION

The Partnership began offering for sale limited partnership units on October 
20, 1987.  On February 26, 1988, the Partnership reached its minimum offer 
level of $1,200,000.  The Partnership sold units throughout the remainder of 
the year, and had raised $3,891,000 in gross proceeds or $3,483,788 net of 
syndication costs and sales commissions as of December 31, 1988.  During 
1989, the Partnership continued to raise funds through the sale of Units and 
had raised $5,106,000 in gross proceeds or $4,594,101 net of syndication costs
and sales commissions as of September 5, 1989, the day the Partnership 
terminated its offering of limited partnership units.

The Partnership was organized for the purpose of investing in, holding, and
managing improved, leveraged income-producing property, such as residential
property, office buildings, commercial buildings, industrial properties, and
shopping centers.  The Partnership originally intended on owning and operating
such properties for investment over an anticipated holding period of
approximately five to ten years.

The Partnership's principal investment objectives are to invest in rental 
real estate properties which will:

      (1)   Preserve and protect the Partnership's invested capital;

      (2)   Provide for cash distributions from operations;

      (3)   Provide gains through potential appreciation; and

      (4) Generate Federal income tax deductions so that during the early 
          years of property operations, a portion of cash distributions may be
          treated as a return of capital for tax purposes and, therefore, may
          not represent taxable income to the limited partners.

<PAGE>
                    ASSOCIATED PLANNERS REALTY INCOME FUND
                      (A CALIFORNIA LIMITED PARTNERSHIP)

ITEM 2.     MANAGEMENT'S DISCUSSION AND ANALYSIS OF
            FINANCIAL CONDITION AND RESULTS OF OPERATIONS (CONTINUED)

The ownership and operation of any income-producing real estate is subject to
those risks inherent in all real estate investments, including national and
local economic conditions, the supply and demand for similar types of
properties, competitive marketing conditions, zoning changes, possible 
casualty losses, increases in real estate taxes, assessments, and operating 
expenses, as well as others.

The Partnership is operated by West Coast Realty Advisors, Inc. ("WCRA") (the
corporate General Partner) and Mr. W. Thomas Maudlin Jr. (an individual 
General Partner), collectively the "General Partner," subject to the terms of 
the Amended and Restated Agreement of Limited Partnership.  The Partnership 
has no employees, and all administrative services are provided by WCRA, the 
corporate General Partner.

RESULTS OF OPERATIONS - NINE MONTHS ENDED SEPTEMBER 30, 1998 VS. NINE MONTHS
ENDED SEPTEMBER 30, 1997

Operations for the nine months ended September 30, 1998 reflect an entire 
period of operations for the two properties owned by the Partnership.

Rental revenue increased $21,272 (6.8%) during the nine months ended September
30, 1998 compared to the nine months ended September 30, 1997 due primarily to
higher rent collected from the San Marcos property.  Interest income increased
$5,991 (248%) for the nine months ended September 30, 1998 as compared to the
nine months ended September 30, 1997.  This increase is primarily due to a 
large amount of funds held from approximately January 1, 1998 to August 10, 
1998 as a result of the Partnership electing to pay distributions semiannually
instead of quarterly.

The Partnership's overall costs and expenses increased for the nine months 
ended September 30, 1998 compared to the nine months ended September 30, 
1997.  Total expenses increased from $176,702 as of September 30, 1997 to 
$500,996 as of September 30, 1998, a $342,294 (183.5%) increase.  This 
increase was the result of the Partnership recording a $350,000 impairment 
loss on the Yorba Center property during the quarter ending September 30, 
1998, plus increases in property management fees and depreciation expense, 
offset by decreases in operating expenses, property taxes and general and 
administrative expenses.

<PAGE>

                     ASSOCIATED PLANNERS REALTY INCOME FUND
                      (A CALIFORNIA LIMITED PARTNERSHIP)

ITEM 2.     MANAGEMENT'S DISCUSSION AND ANALYSIS OF
            FINANCIAL CONDITION AND RESULTS OF OPERATIONS (CONTINUED)


RESULTS OF OPERATIONS - NINE MONTHS ENDED SEPTEMBER 30, 1998 VS. NINE MONTHS
ENDED SEPTEMBER 30, 1997 (CONT.)

During the quarter ending September 30, 1998, the Partnership determined that
the total expected future cash flows from disposition of the Yorba Center
property located in Chino, California are less than the carrying value of the
property.  Therefore, the Yorba Center property was deemed to be impaired.  As 
a result, an impairment loss of $350,000 was recorded, measured as the amount 
by which the carrying amount of the asset exceeded its fair value less cost to
sell.  Fair value was determined based on a negotiated sales contract with a
buyer of the property.

Property management fees increased $699 (4.5%) as a result of higher rental
revenue collected from the San Marcos property during the nine months ended
September 30, 1998 compared to the nine months ended September 30, 1997.
Depreciation expense increased $14 as a result of timing differences from the
nine months ended September 30, 1997.  Operating expenses decreased 13,359 
(32%) as a result lower leasing commissions, common area maintenance, 
utilities and property insurance during the nine months ended September 30, 
1998 compared to the nine months ended September 30, 1997.   Property taxes 
decreased $12,142 (85%) primarily as a result of the elimination of a 
one-time prior year property tax assessment imposed by the County of San 
Bernardino for the Yorba Center property.  General and administrative 
expenses decreased $918 (3.4%) primarily due to lower legal and accounting 
fees paid during the nine months ended September 30, 1998 compared to the 
nine months ended September 30, 1997. 

Net loss for the nine months ended September 30, 1998 was $156,360 or $297,031
(211.1%) less than the $140,671 in net income for the nine months ended
September 30, 1997.  This decrease in net income can be attributed to the
Partnership recording a $350,000 impairment loss on the Yorba Center property
during the quarter ending September 30, 1998, offset by lower overall costs 
and expenses and increases in total rental revenue and interest income.

RESULTS OF OPERATIONS - THREE MONTHS ENDED SEPTEMBER 30, 1998 VS. THREE MONTHS
ENDED SEPTEMBER 30, 1997

Operations for the quarter ended September 30, 1998 reflect an entire period 
of operations for the two properties owned by the Partnership.

<PAGE>
                     ASSOCIATED PLANNERS REALTY INCOME FUND
                      (A CALIFORNIA LIMITED PARTNERSHIP)

ITEM 2.     MANAGEMENT'S DISCUSSION AND ANALYSIS OF
            FINANCIAL CONDITION AND RESULTS OF OPERATIONS (CONTINUED)

RESULTS OF OPERATIONS - THREE MONTHS ENDED SEPTEMBER 30, 1998 VS. THREE MONTHS
ENDED SEPTEMBER 30, 1997 (CONT.)

Rental revenue increased $22,625 (21.2%) during the quarter ended September 
30, 1998 compared to the quarter ended September 30, 1997 due primarily to 
higher rent collected from the San Marcos property.  Interest income 
increased $1,665 (123%) for the quarter September 30, 1998 as compared to the
quarter ended September 30, 1997.  This increase is primarily due to a large 
amount of funds held from approximately January 1, 1998 to August 10, 1998 as 
a result of the Partnership electing to pay distributions semiannually 
instead of quarterly.

The Partnership's overall costs and expenses increased for the quarter ended
September 30, 1998 compared to the quarter ended September 30, 1997.  Total
expenses increased from $57,215 as of September 30, 1997 to $398,680 as of
September 30, 1998, a $341,465 (596.8%) increase.  This increase was the 
result of the Partnership recording a $350,000 impairment loss on the Yorba 
Center property during the quarter ending September 30, 1998 plus increases 
in property management fees and depreciation expense, offset by decreases in 
general and administrative expenses, property taxes and operating expenses.

During the quarter ending September 30, 1998, the Partnership determined that
the total expected future cash flows from disposition of the Yorba Center
property located in Chino, California are less than the carrying value of the
property.  Therefore, the Yorba Center property was deemed to be impaired.  As 
a result, an impairment loss of $350,000 was recorded, measured as the amount 
by which the carrying amount of the asset exceeded its fair value less cost 
to sell.  Fair value was determined based on a negotiated sales contract with 
a buyer of the property.

Property management fees increased $825 (14.6%) as a result of higher rental
revenue collected during the quarter September 30, 1998 compared to the 
quarter ended September 30, 1997.  Depreciation expense increased $5 as a 
result of timing differences from the quarter ended September 30, 1997.  
General and administrative expenses decreased $4,950 (56%) due primarily to 
lower legal and accounting and general business insurance.  Property taxes 
decreased $3,539 (70%) primarily as a result of the elimination of a one-time 
prior year property tax assessment imposed by the County of San Bernardino 
for the Yorba Center property. Operating expenses decreased $876 (7.3%) as a 
result lower leasing commissions, common area maintenance, and property 
insurance during the quarter September 30, 1998 compared to the quarter 
September 30, 1997.

<PAGE>

                     ASSOCIATED PLANNERS REALTY INCOME FUND
                      (A CALIFORNIA LIMITED PARTNERSHIP)

ITEM 2.     MANAGEMENT'S DISCUSSION AND ANALYSIS OF
            FINANCIAL CONDITION AND RESULTS OF OPERATIONS (CONTINUED)

RESULTS OF OPERATIONS - THREE MONTHS ENDED SEPTEMBER 30, 1998 VS. THREE MONTHS
ENDED SEPTEMBER 30, 1997 (CONT.)

Net loss for the quarter ended September 30, 1998 was $266,152 or $317,175
(621.6%) less than the net income of $51,023 for the quarter ended September 
30, 1997.  This decrease in net income can be attributed to the Partnership
recording a $350,000 impairment loss on the Yorba Center property during the
quarter ending September 30, 1998, offset by lower overall costs and expenses
and increases in total rental revenue and interest income.

LIQUIDITY AND CAPITAL RESOURCES

During the nine months ended September 30, 1998, the Partnership made
distributions to the general and limited partners totaling $118,907 and 
$169,867 (for the record dates of December 31, 1997 and June 30, 1998, 
respectively), of which approximately $74,375 constituted a return of 
capital.  Distributions of $118,907 and $169,867 compared favorably to the 
$155,789 and $279,494 in cash generated from property operations (net income 
plus depreciation expense) for the six months ended December 31, 1997 and 
June 30, 1998 on which such distributions were based.  On February 6, 1998 
and on August 10, 1998, the Partnership made distributions to the limited 
partners totaling $107,016 and $152,880, respectively.  Additionally, the 
partnership distributed $11,891 and $16,987 to the general partner during the
nine months ended September 30, 1998 for the record dates of December 31, 
1997 and June 30, 1998, respectively.  Distributions are determined by 
management based on cash flow and the liquidity position of the Partnership 
and anticipated occupancy of the properties.  It is the intention of 
management to make semi-annual distributions of cash, subject to maintenance 
of reasonable reserves.

Management uses cash as its primary measure of a partnership's liquidity.  The
amount of cash that represents adequate liquidity for a real estate limited
partnership depends on several factors.  Among them are:

      1.    Relative risk of the partnership;
      2.    Condition of the partnership's properties;
      3.    Stage in the partnership's life cycle (e.g., money-raising,
            acquisition, operating or disposition phase); and
      4.    Distribution to partners

<PAGE>
                     ASSOCIATED PLANNERS REALTY INCOME FUND
                       (A CALIFORNIA LIMITED PARTNERSHIP)

ITEM 2.     MANAGEMENT'S DISCUSSION AND ANALYSIS OF
            FINANCIAL CONDITION AND RESULTS OF OPERATIONS (CONTINUED)

LIQUIDITY AND CAPITAL RESOURCES (CONT.)

The Partnership has adequate liquidity based upon the above four factors.  The
first factor refers to the approximately 1% property reserve requirement of
capital funds raised that the Partnership currently has; this relatively low
reserve level is appropriate since all Partnership properties are acquired
without the use of debt financing.  The 1% property reserve requirement is the
minimum guideline that is disclosed in the Partnership's prospectus; the
Partnership had more than enough funds to meet this requirement as of 
September 30, 1998.  The second factor relates to the condition of the 
Partnership's properties.  Since the properties are in good condition, no 
unusual maintenance and repair expenditures are anticipated.  The third 
factor is relevant to the Partnership because after the January 1990 purchase
of the San Marcos property, the Partnership had effectively completed its 
acquisition phase, and entered the operating phase.  The subsequent purchase 
of the remaining 10% interest in San Marcos property was achieved utilizing a
combination of reserves and undistributed operating profits that were held 
back for the purpose of facilitating the acquisition.  The fourth factor 
relates to partner distributions.  The Partnership makes semi-annual 
distributions from the results of operations.  Such distributions are subject
to payments of Partnership expenses and reasonable reserves for expenses, 
maintenance, and replacements.

During the nine months ended September 30, 1998, the Partnership paid the
General Partner a partnership management fee of $28,878.  The partnership
management fee distribution to the general partner was calculated and paid in
accordance with the Partnership Agreement.

The Tax Reform Acts of 1986 and 1987 and the Revenue Reconciliation Acts of 
1990 and 1993 did not have a material impact on the Partnership's operations.

The effects of the economy, inflation and changing prices have not had a
material impact on the Partnership's revenues and income from operations. 
During the years of the Partnership's existence, inflationary pressures in 
the U.S. economy have been minimal, and this has been consistent with the 
experience of the Partnership in operating rental real estate in California.  
The Partnership has several clauses in the leases with its properties' tenants
that would help alleviate much of the negative impact of inflation.

<PAGE>

                     ASSOCIATED PLANNERS REALTY INCOME FUND
                      (A CALIFORNIA LIMITED PARTNERSHIP)

ITEM 2.     MANAGEMENT'S DISCUSSION AND ANALYSIS OF
            FINANCIAL CONDITION AND RESULTS OF OPERATIONS (CONTINUED)

CASH FLOWS - NINE MONTHS ENDED SEPTEMBER 30, 1998 VS. NINE MONTHS ENDED
SEPTEMBER 30, 1997

Cash and cash equivalents decreased $12,724 for the nine months ended 
September 30, 1998 compared to a $61,198 increase for the nine months ended 
September 30, 1997.  Cash provided from operating activities amounted to 
$276,050 for the nine months ended September 30, 1998, with the largest 
contributor being $270,494 in cash basis net income.  In contrast, during the
nine months ended September 30, 1997, cash provided from operating activities
amounted to $236,726 with the largest contributor being $217,511 in cash basis 
net income.  There were no investing activities during the nine months ended 
September 30, 1998 and September 30, 1997.  Cash used for financing activities
amounted to $288,774 during the nine months ended September 30, 1998 due to 
distributions to the limited and general partners.  In contrast, cash used 
for financing activities for the nine months ended September 30, 1997 
amounted to $175,528 due to distributions to the limited and general partners.

PENDING PROPERTY DISPOSITIONS

The Partnership has negotiated contracts for the sale of the Partnerships
properties.  The sales prices for the properties are as follows:

      Yorba Shopping Center in Chino, CA              $1,250,000
      San Marcos Industrial Building in San Marcos, CA 2,700,000

Sales prices listed above are before sales commissions, 5-6% of the sales
prices, and before title insurance and escrow closing costs.  Buyers have due
diligence periods in which to determine their satisfaction with the property 
and the availability of financing.  Consequently, until buyers waive 
contingencies, these sales are contingent.

During the quarter ending September 30, 1998, the Partnership determined that
the total expected future cash flows from disposition of the Yorba Center
property located in Chino, California are less than the carrying value of the
property.  Therefore, the Yorba Center property was deemed to be impaired.  
As a result, an impairment loss of $350,000 was recorded, measured as the 
amount by which the carrying amount of the asset exceeded its fair value less 
cost to sell.  Fair value was determined based on a negotiated sales contract 
with a buyer of the property.

<PAGE>

                     ASSOCIATED PLANNERS REALTY INCOME FUND
                       (A CALIFORNIA LIMITED PARTNERSHIP)

ITEM 2.     MANAGEMENT'S DISCUSSION AND ANALYSIS OF
            FINANCIAL CONDITION AND RESULTS OF OPERATIONS (CONTINUED)

NEW ACCOUNTING PRONOUNCEMENTS
Statement of Financial Accounting Standards No. 130  (SFAS No. 130) "Reporting
Comprehensive Income," issued by the Financial Accounting Standards Board is
effective for financial statements with fiscal years beginning after December
15, 1997.  Earlier application is permitted.  SFAS No. 130 establishes 
standards for reporting and display of comprehensive income and its components
in a full set of general-purpose financial statements.  The Partnership has 
not determined the effect on its financial position or results of operations, 
is any, from the adoption of this statement.

Statement of Financial Accounting Standards No. 131 (SFAS No. 131), 
"Disclosure about Segments of an Enterprise and Related Information," issued 
by the Financial Accounting Standards Board is effective for financial 
statements with fiscal years beginning after December 15, 1997.  The new 
standard requires that public business enterprises report certain information 
about operating segments in complete sets of financial statements of the 
enterprises and in condensed financial statements of interim periods issued to 
shareholders.  It also requires that public business enterprises report 
certain information about their products and services, the geographic areas in 
which they operate and their major customers.  The Partnership has not 
determined the effect on its financial position or results of operations, if 
any, from the adoption of this statement.

IMPACT OF YEAR 2000
Many existing computer systems and applications, and other control devices, 
use only two digits to identify a year in the date field, without considering 
the impact of the upcoming change in the century. As a result, such systems 
and applications could fail or create erroneous results unless corrected so 
that they can process data related to the year 2000. The Partnership relies on 
its systems, applications and devices in operating and monitoring all major 
aspects of its business, including financial systems (such as general ledger, 
accounts receivable, accounts payable and shareholder servicing), and embedded 
computer chips, networks and telecommunications equipment and end products. 
The Partnership also relies, directly and indirectly, on external systems of
business enterprises such as its advisor, lessees, suppliers, creditors,
financial organizations, and of governmental entities for accurate exchange 
of data. The Partnership's current estimate is that the costs associated with 
the year 2000 issue will not have a material adverse effect on the results of
operations or financial position of the Partnership. However, despite the
Partnership's efforts to address the year 2000 impact on its internal systems,
the Partnership may not have fully identified such impact or whether it can
resolve it without disruption of its business and without incurring 
significant expense. In addition, even if the internal systems of the 
Partnership are not materially affected by the year 2000 issue, the 
Partnership could be affected through disruption in the operations of the 
enterprises with which the Partnership interacts.

<PAGE>

                     ASSOCIATED PLANNERS REALTY INCOME FUND
                      (A CALIFORNIA LIMITED PARTNERSHIP)

                                   PART  II

                      O T H E R    I N F O R M A T I O N


ITEM 1.     LEGAL PROCEEDINGS

            None


ITEM 2.     CHANGES IN SECURITIES

            None


ITEM 3.     DEFAULTS UPON SENIOR SECURITIES

            None


ITEM 4.     SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

            None


ITEM 5.     OTHER INFORMATION

            None


ITEM 6.     EXHIBIT AND REPORTS ON FORM 8-K

            (a) Information required under this section has been included in
                the financial statements.

            (b) Reports on Form 8-K
                None

<PAGE>

                    ASSOCIATED PLANNERS REALTY INCOME FUND
                      (A CALIFORNIA LIMITED PARTNERSHIP)



                             S I G N A T U R E S



      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.



                     ASSOCIATED PLANNERS REALTY INCOME FUND
                        A California Limited Partnership
                                  (Registrant)





November 10, 1998        By:  WEST COAST REALTY ADVISORS, INC.   
                                 A California Corporation,
                                     A General Partner




                                    W. Thomas Maudlin, Jr.
                                          President





November 10, 1998
                                       John R. Lindsey
                                  Vice President/Treasurer

<PAGE>