UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549
                                    FORM 10-K

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

    For the fiscal year ended December 31, 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:  2-95034LA

              ARMORED STORAGE INCOME INVESTORS LIMITED PARTNERSHIP 
                        (An Arizona Limited Partnership)
             ------------------------------------------------------
             (Exact name of registrant as specified in its charter)

           Arizona                                        86-0503193
-------------------------------                ---------------------------------
(State or other jurisdiction of                (IRS Employer Identification No.)
 incorporation or organization)

4425 N. 24th St., Ste. 225, Phoenix, Arizona                     85016
--------------------------------------------                   ----------
(Address of principal executive office)                        (Zip Code)

       Registrant's telephone number, including area code: (602) 230-1655

          Securities registered pursuant to Section 12(b) of the Act:

Title of each class                    Name of each exchange on which registered
-------------------                    -----------------------------------------
       NONE                                               NONE

          Securities registered pursuant to Section 12(g) of the Act:

                            LIMITED PARTNERSHIP UNITS
                            -------------------------
                                (Title of Class)

Indicate by check mark if disclosure of delinquent  filers  pursuant to Item 405
of Regulation  S-K is not contained  herein,  and will not be contained,  to the
best of registrant's  knowledge,  in definitive proxy or information  statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. [X]

Indicated  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 [ ]

As of March 1, 1999, 15,000 Limited  Partnership  Units were  outstanding.  Such
Limited Partnership Units were sold at $500 per Unit. However, no market for the
Limited  Partnership  Units of the Registrant exists and therefore the aggregate
market  value of the  Units  held by  non-affiliates  of the  Registrant  is not
determinable.

                      DOCUMENTS INCORPORATED BY REFERENCE
The  Registrant's  Prospectus dated March 9, 1985 filed pursuant to Rule 424 (c)
under the  Securities Act of 1933 as amended is  incorporated  by reference into
Parts I, II and III of this report  pursuant to Rule 12b-23 under the Securities
Exchange Act of 1934.
<PAGE>
                                     PART I

ITEM 1. BUSINESS

(a) GENERAL DEVELOPMENT OF BUSINESS

Armored Storage Income Investors  Limited  Partnership  (the  "Registrant") is a
limited  partnership  formed on  December 4, 1984 under the laws of the State of
Arizona to acquire,  develop,  own and operate  self-storage  facilities using a
minimum of mortgage  indebtedness.  The  Registrant  sold  $7,500,000 in Limited
Partnership Interests to the public pursuant to a Registration Statement on Form
S-18 under the Securities Act of 1933 (Registration Statement No. 2-95034LA), as
amended.  The offering commenced on March 8, 1985 and terminated on February 28,
1986.

(b) FINANCIAL INFORMATION ABOUT INDUSTRY SEGMENTS

The  Registrant  operates  in  only  one  industry  segment,   the  acquisition,
development,  operation and holding for investment of  self-storage  facilities.
Information  relating  to  the  Registrant's  revenues,   operating  profit  and
identifiable assets attributable  thereto for the fiscal year ended December 31,
1998 is set forth under Item 8 below.

(c) NARRATIVE DESCRIPTION OF BUSINESS

The  Self-Service   Storage  Association  (SSSA)  estimates  that  approximately
one-half of the population relocates every three years. Urban areas are becoming
more  congested,  houses are getting  smaller and people are  requiring  outside
storage space to meet their needs.  Business owners, too, are feeling the crunch
as the  square  foot cost of office  space  increases.  They need an  affordable
alternative  to using  expensive  office  space for the  storage of records  and
supplies.

Self-storage  is an  innovation  responding to the needs of the  community.  The
facilities  owned and operated by the Registrant are designed to offer low cost,
accessible  and secure  storage space for business and personal use. In addition
to indoor units,  special parking areas are available for convenient  storage of
recreational vehicles.  Computerized entry systems and on-site, live-in managers
provide an extra  measure of security.  The  facilities  of the  Registrant  are
designed for a comfortable architectural blend with the surrounding residential,
commercial and retail areas.

The  Partnership's   principal   investment   objectives  are:  (i)  to  provide
distributions of Cash Flow from operations; (ii) realize capital appreciation of
the  Partnership's  Properties;  (iii)  to  preserve  and  protect  the  Limited
Partner's capital; and, (iv) to develop a geographically  diversified investment
portfolio  of  self-storage  properties.  There can be no  assurance  that these
objectives will be attained.
<PAGE>
MARKETS AND COMPETITION.
The Phoenix and  Albuquerque  markets  have one of the greatest  saturations  of
storage  facilities  per  capita in the  country.  To meet the  competition  the
Registrant  is, and intends to  continue,  taking  steps to  maximize  efficient
operations and to differentiate its facilities from the competition.

GENERAL RISKS OF REAL ESTATE OWNERSHIP.
The Registrant's  investments are subject to the risks generally incident to the
ownership of real property.  These risks include the uncertainty of cash flow to
meet fixed obligations, adverse changes in national economic conditions, changes
in the  relative  demand for space in the locale of the  facility  (and thus the
relative  price which can be charged),  adverse local market  conditions  due to
changes in general or local economic conditions or neighborhood values,  changes
in interest rates and in the availability, cost and terms of mortgage funds, the
financial condition of tenants and sellers of properties, changes in real estate
tax rates and other operating expenses,  increased maintenance costs as a result
of the aging of facilities,  governmental  rules and fiscal  policies  including
possible  proposals for rent controls,  as well as acts of God, uninsured losses
and other factors.

SEASONALITY. The business of the Registrant is not generally subject to seasonal
variations.

EMPLOYEES.  The Registrant has no full-time employees.

(d) FINANCIAL INFORMATION ABOUT FOREIGN AND DOMESTIC OPERATIONS AND EXPORT SALES

The  registrant  does not derive any revenue from foreign  operations  or export
sales.

ITEM 2. DESCRIPTION OF PROPERTY

The Partnership has three self-storage  facilities,  two of which are located in
Phoenix, Arizona and one located in Albuquerque, New Mexico.

BELL ROAD, PHOENIX, ARIZONA
The Partnership  owns a three-story  enclosed  self-storage  facility at 1025 E.
Bell  Road,   Phoenix,   Arizona  ("Bell  Road").   This  facility  consists  of
approximately  81,500 gross square feet, built on 1.5 acres of land. The storage
facility  includes 807 indoor  spaces,  54 safety  deposit  boxes,  and 114 mail
boxes.  The property was acquired from an affiliate of the General  Partner at a
cost of $2,249,632  of which  $2,049,632  was  allocated  for the building,  and
$200,000  allocated for the land. The purchase price represented the affiliate's
cost in the land and  improvements.  The facility was acquired in November  1985
while still in the developmental  stage and became  operational in January 1986.
As of February 28, 1999, the facility had an occupancy level of 69%.
<PAGE>
63RD AVENUE AND MCDOWELL
The Partnership owns a self-storage facility at 63rd Avenue and McDowell Road in
Phoenix,  Arizona ("63rd Avenue"). This facility consists of 76,325 gross square
feet of rentable space consisting of eight separate single level buildings built
on 3.9 acres of land. A two-story  building  houses the office and the manager's
apartment.  The Registrant acquired the facility in December 1986 for a purchase
price of  $2,300,000.  As of February  28,  1999,  the facility had an occupancy
level of 83%.

TRAMWAY - ALBUQUERQUE, NEW MEXICO
The Partnership  owns a three-story  enclosed  facility  located at 12920 Indian
School Road, at the intersection of Tramway Boulevard in Albuquerque, New Mexico
("Tramway").  This facility consists of approximately  82,000 gross square feet,
built on 1.2 acres of land. The Partnership  purchased the undeveloped  property
from an affiliate of the General Partner in October 1985 for a purchase price of
$298,566,  which  represented the affiliate's cost in the land.  Construction of
the  facility  was  completed  in  September  1987  at a cost  of  approximately
$1,691,501. As of February 28, 1999, the facility had an occupancy level of 80%.

Additional  information relative to the Properties is provided elsewhere in this
report and is incorporated herein by reference.

ITEM 3. LEGAL PROCEEDINGS.

The Registrant is not subject to any material pending legal proceedings.

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

No matters were submitted to a vote of Limited  Partnership  Unit Holders during
the fourth quarter of the fiscal year covered by this report.

                                     PART II

ITEM 5. MARKET FOR THE REGISTRANT'S COMMON EQUITY AND RELATED SECURITY HOLDER
        MATTERS

(a)  MARKET  INFORMATION.  No market for Limited  Partnership Units exists or is
     expected to develop.

(b)  HOLDERS.  The  approximate  number of holders of the  Registrant's  Limited
     Partnership Units as of the close of business on December 31, 1998 was 991.

(c)  DIVIDENDS.  During the years ended December 31, 1993 through 1994, and 1996
     through  1998 the  Partnership  made  distributions  of cash to the Limited
     Partners.   No  distributions   were  made  in  1995.  The  source  of  the
     distributions were as follows:

                           1993      1994    1995     1996      1997      1998
                         --------  --------  -----  --------  --------  --------

From net income          $152,881  $209,961  $ -0-  $375,000  $376,773  $347,613
From partners' capital    147,119    90,039    -0-       -0-   148,227   252,387
                         --------  --------  -----  --------  --------  --------
                         $300,000  $300,000  $ -0-  $375,000  $525,000  $600,000
                         --------  --------  -----  --------  --------  --------
<PAGE>
The Registrant will make annual distributions,  to the extent available, of Cash
Available  for  Distribution.  There is,  however,  no  assurance  as to when or
whether such cash will be available for distribution to the Limited Partners.

Cash Available for Distribution is generally the  Partnership's  Excess Reserves
and Cash Flow after  reduction for any additions to reserves,  and after payment
of all operating cash expenses.

To the extent  available,  Cash Available for  Distribution  for any Partnership
fiscal  year  will be  distributed  95% to the  Limited  Partners  and 5% to the
General  Partner.  As  referred  to in Item 11,  the  general  partner  is to be
allocated a minimum of 1% of the cash available for distribution.

If in any period the General Partner determines that Partnership working capital
reserves are in excess of the amount deemed necessary for Partnership operations
(such  excess  being  called  "Excess  Reserves"),  such Excess  Reserves may be
distributed as Cash Available for Distribution.

Cash Available for  Distribution  will be distributed to the Limited Partners of
record as of the end of the applicable period in the ratio which the Units owned
by such Limited  Partner bears to the total Units owned by all Limited  Partners
entitled to such distribution.

ITEM 6. SELECTED FINANCIAL DATA

The following  selected  financial data should be read in  conjunction  with the
financial  statements  and notes thereto  included  under Item 8 of this report.
This  data  is not  covered  by the  opinion  of  independent  certified  public
accountants.

                                              For the Period
                          ------------------------------------------------------
                          Jan. 1, 1991  Jan. 1, 1992  Jan. 1, 1993  Jan. 1, 1994
Statement of                  Thru          Thru          Thru         Thru
Income Information:       Dec 31, 1991  Dec 31, 1992  Dec 31, 1993  Dec 31, 1994
                          ------------  ------------  ------------  ------------

Total Revenues              $ 832,283    $  896,654    $  898,749    $  976,287
Net Income (Loss)           $  81,394    $  151,204    $  160,927    $  221,012
Net Income (Loss) Per
 Limited Partnership Unit   $    5.15    $     9.58    $    10.19    $    14.00


                          Jan  1, 1995  Jan  1, 1996  Jan  1, 1997  Jan  1, 1998
Statement of                  Thru          Thru          Thru          Thru
Income Information:       Dec 31, 1995  Dec 31, 1996  Dec 31, 1997  Dec 31, 1998
                          ------------  ------------  ------------  ------------

Total Revenues              $ 1095,127   $ 1125,211    $ 1124,039    $ 1110,393
Net Income (Loss)           $  317,140   $  450,554    $  396,603    $  365,909
Net Income (Loss) Per
Limited Partnership Unit    $    20.08   $    28.54    $    25.11    $    23.17
<PAGE>
Balance Sheet                 As of         As of         As of         As of
Information:              Dec 31, 1991  Dec 31, 1992  Dec 31, 1993  Dec 31, 1994
                          ------------  ------------  ------------  ------------

Total Assets               $6,351,974    $6,209,730    $6,054,998    $5,973,592
Long-Term Debt             $  932,765    $  936,705    $  917,325    $  904,267
Partners' Capital          $5,338,640    $5,211,911    $5,069,808    $4,987,790
Distributions Per Unit     $    13.34    $    18.33    $    20.00    $    20.00

Balance Sheet                 As of         As of         As of         As of
Information:              Dec 31, 1991  Dec 31, 1992  Dec 31, 1993  Dec 31, 1994
                          ------------  ------------  ------------  ------------

Total Assets               $5,396,037    $5,461,547    $5,335,401    $5,094,010
Long-Term Debt             $      -0-    $      -0-    $      -0-    $      -0-
Partners' Capital          $5,304,930    $5,376,696    $5,242,996    $5,002,845
Distributions Per Unit     $      -0-    $    25.00    $    35.00    $    40.00

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
        OF OPERATIONS

(a)(1) and (a)(2) LIQUIDITY AND CAPITAL RESOURCES

The  Registrant  was  organized  in  December  1984 and its  offering of Limited
Partnership  Units was declared  effective March 8, 1985. The entire offering of
$7,500,000 was sold during the offering period.

The cash  balance at December  31, 1998 of $417,035  will be used  primarily  as
working capital reserves and, when appropriate, for distributions to the Limited
Partners.  Increases in capital  resources  and  corresponding  increases in the
Registrant's  liquidity are dependant upon the registrant's  ability to increase
rental income. See below for further discussion.

The registrant has acquired and developed all of its properties,  therefore,  no
significant  additional outlays of funds are expected beyond those items already
budgeted.

(a)(3) RESULTS OF OPERATIONS

The Partnership's three operating facilities and dates opened are as follows:

       Facility            Date Opened
       --------            -----------
       Bell Road           January 1986
       63rd Avenue         December 1986
       Tramway             September 1987

In 1998 the  Registrant's  facilities  generated  $1,089,040  in rental  income,
nearly identical to 1997. Occupancy figures are summarized as follows:

               Average Occupancy     High      Low     12/31/98
               -----------------     ----      ---     --------
Bell Road              81%            89%      74%        74%
63rd Avenue            77%            80%      72%        79%
Tramway                77%            80%      74%        78%

More recent occupancy data is found in Item 2.
<PAGE>
Rental income and  occupancies  decreased  slightly at each of our sites. A mini
building boom in storage  facilities is partly  responsible  for the decrease in
occupancy  rates.  Management  is  performing  due diligence at each facility to
determine where rents can be raised,  where  additional  marketing is necessary,
and what other  steps can be taken to increase  rental  revenues.  Revenues  are
expected  to be similar in 1999 as both  demand for and supply of storage  space
increases.

Expenses  relating to property  operations were $454,890 in 1998,  approximately
$18,000 more than 1997. Higher property taxes were responsible for the increase.
Partnership  administration  expenses  for 1998 were  slightly  less than  1997.
Expenses in 1999 should be similar to those in prior years.

Net cash  generated  from  operations  of  $565,578  was used to make the annual
distribution  and to rebuild cash reserves.  Should  management be successful in
reversing the recent trend of decreasing  rental income cash flow generated from
operations should increase accordingly.

Inflation has historically been a contributing  factor to the increase in rental
income levels and capital appreciation of income producing real estate. The most
significant  trends or  uncertainties  having  an  impact  on the  Partnership's
revenues are those associated with inflation, changes in demand for self-storage
spaces  and  fluctuations  in  rental  and  occupancy  rates of the  Partnership
properties. The modest inflation levels of the past several years have kept rent
increases to a minimum.  We continue to monitor the  properties  performance  to
maximize   long-term   capital   appreciation   which  is  consistent  with  the
Partnership's objectives.

The Company's  Assessment  of its Year 2000 issues is complete.  The Company has
determined  that there is likely to be no material  adverse  consequence of Year
2000 issues on the  Company's  business,  results of  operations,  or  financial
condition.  The  Company  has  few  information  technology  or  non-information
technology  aspects  which  may be  affected  by Year  2000;  those  that may be
affected are the computing system used to administer  operations.  Investigation
and queries of the software and hardware  supplier's  have determined by written
statements or other  assurances that they are Year 2000  compliant.  The Company
has no major supplier, vendor, or customers which is likely to materially affect
the  Company  if it is  affected  by the Year  2000  problem.  The  Company  has
determined that it is at little risk of material  disruption of its business due
to Year 2000 issues.

In the event the computing  system fails,  the company will purchase and replace
the  necessary  hardware  and  software  for  critical  systems  and contact the
software and hardware suppliers to replace, at their cost, the failed components
for  remaining  computers.   Costs  for  Year  2000  compliance  have  been  for
investigation  only and no remedial  actions have or have been taken.  The costs
have  been  minimal  and are not  material  to the  financial  condition  of the
Company. Moreover, it is not expected that any remedial action will be necessary
or appropriate.

ITEM 8: FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.

See Index to Financial Statements and Schedules attached hereto.

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
        FINANCIAL DISCLOSURES

        None
<PAGE>
ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

The Registrant is managed by its General  Partner,  Armored  Storage One Limited
Partnership.  Armored  Storage  One  Limited  Partnership  is managed by Armored
Management,  L.L.C,  the  members  of which are Carl R.  Spiekerman  and Dale D.
Ulrich.

The Partnership entered into an agreement with Armored Management, LLC to manage
the Partnership's  self-storage  facilities.  The terms of the agreement are for
one year and shall be renewed on a month-to-month  basis unless and until either
party  terminates the agreement.  The agreement  provides that the manager shall
receive,  as compensation for services,  the greater of $1000 per month or 6% of
the  actual  gross  cash  receipts  from the  prior  month for each of the three
facilities it manages.

The  Partnership  entered into an agreement  with Armored  Management to provide
administrative services to the Partnership, such as investor relations, database
management   (including   data  processing  of  investor   subscriptions,   fund
distributions,   ownership  changes,   and  subscription   input),   accounting,
preparation and/or  coordinating the preparation of periodic  regulatory reports
and tax  related  forms.  The term of the  agreement  is for one year and  shall
continue on a month-to-month basis unless either party terminates the agreement.
The  agreement  provides  that Armored  Management  shall receive a fixed fee of
$5000  per  month  as  compensation  for  its  services.  Additionally,  Armored
Management  bills the  Partnership for its cost of  participation  in the annual
partnership audit.

(a) IDENTIFICATION OF DIRECTORS
Carl R.  Spiekerman  and Dale D.  Ulrich  are the  managing  members  of Armored
Management  L.L.C.  Mr.  Spiekerman,  55,  is the  sole  shareholder  and  Chief
Executive Officer of The Environmental  Group, Inc., a Phoenix based real estate
development  firm. Mr.  Spiekerman holds a Bachelor's Degree from the University
of Puget Sound, Tacoma, Washington, and a Master's Degree from the University of
Washington.  Mr. Ulrich, 45, is a C.P.A. and a panel trustee for the District of
Arizona  Bankruptcy  Court and former president of the Arizona Society of CPA's.
Mr. Ulrich graduated from Marquette University, Milwaukee, Wisconsin.

(b) IDENTIFICATION OF EXECUTIVE OFFICERS

    None

(c) SIGNIFICANT EMPLOYEES

    None

(d) FAMILY RELATIONSHIPS

    None

(e) LEGAL PROCEEDINGS

    None
<PAGE>
ITEM 11. EXECUTIVE COMPENSATION

The General Partner, and its affiliates,  earned fees, commissions,  and expense
reimbursements, as permitted in the Limited Partnership Agreement, as follows:

For the Year Ended:                           12/31/98     12/31/97     12/31/96
                                              --------     --------     --------
Direct expenses relating to administration
of the Partnership which were reimbursed or
are to be reimbursed to the Managing General
Partner, or affiliates thereof                  None         $6000         None

General Partner's distributive share of cash
cash available for distribution                $6060(1)      $5303         $3788

Real estate commission upon the sale of
Partnership property payable to the
General Partner                                 None(2)      None          None

General Partner's share of sale or
refinancing proceeds                            None(3)      None          None

The foregoing  discussion of executive  compensation is complete and accurate to
the best  knowledge  of the  registrant's  management.  The  registrant  pays no
salaries or bonuses and has no stock options or restricted stock.  Moreover, the
registrant has no pension plans or long term incentive plans.  Registrant has no
employment agreements.

(1)Cash  Available for  Distribution,  if any, shall be  Distributed  95% to the
Limited  Partners,  and 5% to the General  Partner,  with the General  Partner's
share subordinated to a 10% annual cumulative, noncompounded return with respect
to the Limited Partners' Adjusted Capital Contributions.

If at any  time  the  allocation  and  distribution  provisions  of the  Limited
Partnership  Agreement do not result in the  allocation or  distribution  to the
General  Partners of an aggregate of at least one percent (1%) of the item being
allocated or  distributed,  the Limited  Partnership  Agreement  states that the
General Partners are to be allocated or distributed so much more of such item as
will cause the General  Partners to be allocated or distributed one percent (1%)
thereof.

(2)The General Partner,  or an affiliate,  is entitled to receive a subordinated
real estate  commission  in an amount not to exceed the lesser of  one-half  the
amount  customarily  charged by others  rendering  similar services or 3% of the
sale price.

(3)Sale or  refinancing  proceeds  will be  distributed  to Limited  Partners in
accordance  with their  Capital  Accounts in an amount  equal to their  Adjusted
Capital  Contributions,  then to the Limited  Partners in an amount,  if any, by
which actual Distributions of Cash Available for Distribution were less than the
preferred 10% return,  then to the General Partner, a subordinated  unpaid 5% of
Cash Available for Distribution,  and the remaining 85% to the Limited Partners,
and 15% to the General Partner.
<PAGE>
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

At  December  31,  1998  there  was  one  owner  of more  than 5% of the  voting
securities of the  Registrant.  Public Storage,  Inc. 701 Western Avenue,  Suite
200,  Glendale,  CA 91201,  owned 1,343 limited  partnership units  constituting
8.95% of all outstanding units.

At December 31, 1998 Dale D. Ulrich,  a member of the managing  general partner,
owned 229 limited partnership units, constituting 1.5% of the outstanding units.

There are no arrangements  known to the Registrant,  the operation of which may,
at a subsequent date, result in a change in control of the Registrant.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

During the year ended December 31, 1998 Armored  Management LLC received $64,861
in property management fees, $60,000 for partnership administration,  and $5,000
for assistance in the annual audit.

During the years ended December 31, 1997 and 1996 QuestCor,  an affiliate of the
General Partner, received the following compensation:

                                              1997        1996
                                             -------     -------
         Property management                 $64,581     $65,580
         Partnership administration          $60,000     $54,000
         Audit assistance                    $ 5,000     $ 5,000
<PAGE>
                                     PART IV

ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K

(a)(1) and (a)(2) LIST OF FINANCIAL STATEMENTS AND SCHEDULES AS A PART OF THIS
                  REPORT

Reports of Independent Certified Public Accountants

FINANCIAL STATEMENTS
         Balance sheet
         Statement of operations
         Statement of changes in partners' equity
         Statement of cash flows
         Notes to financial statements

(a)(3) LIST OF EXHIBITS FILED AS PART OF THIS REPORT
       None

(b)    REPORTS ON FORM 8-K
       None
<PAGE>
                                   SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Exchange Act of 1934,
the  Registrant  has duly  caused  this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

                                    ARMORED STORAGE INCOME INVESTORS
                                    LIMITED PARTNERSHIP

                                    By:  Armored Storage One Limited Partnership

                                    Its: General Partner



Dated: 3/25/99                      By: /s/ Carl R. Spiekerman
                                    --------------------------------------------
                                        Carl R. Spiekerman,
                                        Member, Armored Management L.L.C.

Pursuant to the requirements of the Securities Exchange Act of 1934, this report
has been  signed  below by the  following  person  in the  capacity  on the date
indicated.

     SIGNATURE                     TITLE                         DATE

/s/ Carl R. Spiekerman     for Armored Management, L.L.C.       3/25/99
----------------------     Managing General Partner of      ----------------
  Carl R. Spiekerman       Armored Storage One Limited
                           Partnership, the General
                           Partner of the Registrant
<PAGE>
                       [LETTERHEAD OF TOBACK CPAs, P.C.]

To the Partners of
Armored Storage Income Investors
  Limited Partnership
Phoenix, Arizona


                          INDEPENDENT AUDITOR'S REPORT

     We have audited the  accompanying  balance sheets of Armored Storage Income
Investors  Limited  Partnership as of December 31, 1998 and 1997 and the related
statements of operations,  changes in partners' equity,  and cash flows for each
of the three  years in the period  ended  December  31,  1998.  These  financial
statements   are  the   responsibility   of  the   Company's   management.   Our
responsibility  is to express an opinion on these financial  statements based on
our audits.

     We conducted  our audits in accordance  with  generally  accepted  auditing
standards.  Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement.  An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements.  An audit also includes
assessing the  accounting  principles  used and  significant  estimates  made by
management,  as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.

     In our opinion,  the financial statements referred to above present fairly,
in all material  respects,  the  financial  position of Armored  Storage  Income
Investors Limited  Partnership as of December 31, 1998 and 1997, and the results
of its  operations  and its cash flows for each of the three years in the period
ended  December  31,  1998 in  conformity  with  generally  accepted  accounting
principles.

                                                  /s/ Toback CPAs, P.C.

TOBACK CPAs, P.C.
Phoenix, Arizona
January 27, 1999
<PAGE>
                        ARMORED STORAGE INCOME INVESTORS
                               LIMITED PARTNERSHIP

                                 BALANCE SHEETS

                           DECEMBER 31, 1998 AND 1997

                                     ASSETS

                                                       1998             1997
                                                       ----             ----
Rental property and equipment:
    Land (Note 3)                                  $ 1,139,828      $ 1,139,828
    Building (Note 3)                                5,856,762        5,856,762
    Furniture and fixtures (Note 3)                    108,020           74,576
                                                   -----------      -----------
                                                     7,104,610        7,071,166
    Less accumulated depreciation                   (2,442,800)      (2,244,891)
                                                   -----------      -----------
                                                     4,661,810        4,826,275

Cash and cash equivalents                              417,035          490,961
Accounts receivable, net of allowance
    of $15,000 and 18,000                               15,000           18,000
Other assets                                               165              165
                                                   -----------      -----------
    Total assets                                   $ 5,094,010      $ 5,335,401
                                                   ===========      ===========

LIABILITIES AND PARTNERS' EQUITY

Accounts payable and accrued expenses              $    46,165      $    46,405
Unearned rent                                           45,000           46,000
                                                   -----------      -----------
    Total liabilities                                   91,165           92,405
                                                   -----------      -----------
Commitments (Note 4)

Partners' equity (Note 5):
    General partner                                     79,007           66,771
    Limited partners; 15,000 units outstanding       4,923,838        5,176,225
                                                   -----------      -----------
                                                     5,002,845        5,242,996
                                                   -----------      -----------
    Total liabilities and partners' equity         $ 5,094,010      $ 5,335,401
                                                   ===========      ===========

                          The accompanying notes are an
                  integral part of these financial statements.
                                                                               2
<PAGE>
                        ARMORED STORAGE INCOME INVESTORS
                               LIMITED PARTNERSHIP

                            STATEMENTS OF OPERATIONS

                  YEARS ENDED DECEMBER 31, 1998, 1997 AND 1996

                                             1998          1997          1996
                                          ----------    ----------    ----------
Rental income                             $1,089,040    $1,105,613    $1,118,127
Interest income                               21,353        18,426         7,084
                                          ----------    ----------    ----------
                                           1,110,393     1,124,039     1,125,211
                                          ----------    ----------    ----------
Expenses:
    Property operations                      454,890       436,207       393,958
    Partnership administration                91,685        96,005        84,114
    Depreciation and amortization            197,909       195,224       196,585
                                          ----------    ----------    ----------
                                             744,484       727,436       674,657
                                          ----------    ----------    ----------
Net income                                $  365,909    $  396,603    $  450,554
                                          ==========    ==========    ==========

Net income allocated to general partner   $   18,296    $   19,830    $   22,528

Net income allocated to limited partners     347,613       376,773       428,026
                                          ----------    ----------    ----------
Net income                                $  365,909    $  396,603    $  450,554
                                          ==========    ==========    ==========
Net income allocated to limited
    partners per limited
    partnership unit (Note 5)             $    23.17    $    25.11    $    28.54
                                          ==========    ==========    ==========
Distributions per
    limited partnership unit              $    40.00    $    35.00    $    25.00
                                          ==========    ==========    ==========
Number of limited partnership
    units outstanding                         15,000        15,000        15,000
                                          ==========    ==========    ==========

                          The accompanying notes are an
                  integral part of these financial statements.
                                                                               3
<PAGE>
                        ARMORED STORAGE INCOME INVESTORS
                               LIMITED PARTNERSHIP

                    STATEMENTS OF CHANGES IN PARTNERS' EQUITY

                  YEARS ENDED DECEMBER 31, 1998, 1997 AND 1996


                                        General        Limited
                                        partner        partners         Total
                                        -------        --------         -----

Balance, December 31, 1995             $ 33,504     $ 5,271,426     $ 5,304,930

   Distributions to partners             (3,778)       (375,000)       (378,788)

   Net Income                            22,528         428,026         450,554
                                       --------     -----------     -----------

Balance, December 31, 1996               52,244       5,324,452       5,376,696

   Distributions to partners             (5,303)       (525,000)

   Net income                            19,830         376,773         396,603
                                       --------     -----------     -----------

Balance, December 31, 1997               66,771       5,176,225       5,242,996

   Distributions to partners             (6,060)       (600,000)

   Net income                            18,296         347,613         365,909
                                       --------     -----------     -----------
Balance, December 31, 1998             $ 79,007     $ 4,923,838     $ 5,002,845
                                       ========     ===========     ===========

                          The accompanying notes are an
                  integral part of these financial statements.
                                                                               4
<PAGE>
                        ARMORED STORAGE INCOME INVESTORS
                               LIMITED PARTNERSHIP

                            STATEMENTS OF CASH FLOWS

                  YEARS ENDED DECEMBER 31, 1998, 1997 AND 1996


                                            1998          1997         1996
                                            ----          ----         ----
Cash flows from operating activities:
   Cash received from customers         $ 1,091,040   $ 1,102,481   $ 1,131,350
   Cash paid to suppliers and
   service providers                       (546,815)     (526,508)     (488,885)
   Interest received                         21,353        18,426         7,084
                                        -----------   -----------   -----------
   Net cash provided by
   operating activities                     565,578       594,399       649,549
                                        -----------   -----------   -----------
Cash flows from investing
  activities:
    Purchase of rental property
      and equipment                         (33,444)           --            --
                                        -----------   -----------   -----------
   Net cash provided used in
     investing activities                   (33,444)           --            --
                                        -----------   -----------   -----------
Cash flows from financing activities:
   Distributions to partners               (606,060)     (530,303)     (378,788)
                                        -----------   -----------   -----------
   Net cash used in financing
     activities                            (606,060)     (530,303)     (378,788)
                                        -----------   -----------   -----------
(Decrease) increase in cash
   and cash equivalents                     (73,926)       64,096       270,761

Cash and cash equivalents, beginning        490,961       426,865       156,104
                                        -----------   -----------   -----------
Cash and cash equivalents, ending       $   417,035   $   490,961   $   426,865
                                        ===========   ===========   ===========

                          The accompanying notes are an
                  integral part of these financial statements.

                                                                               5
<PAGE>
                        ARMORED STORAGE INCOME INVESTORS
                               LIMITED PARTNERSHIP

                      STATEMENTS OF CASH FLOWS (CONTINUED)

                  YEARS ENDED DECEMBER 31, 1998, 1997 AND 1996

                                               1998         1997         1996
                                               ----         ----         ----
Reconciliation of net income to net
  cash provided by operating activities:
   Net income                               $ 365,909    $ 396,603    $ 450,554
   Adjustments to reconcile net income
     to net cash provided by operating
     activities:
   Depreciation and amortization              197,909      195,224      196,585
   Changes in assets and liabilities:
     Decrease (increase)
       in accounts receivable                   3,000       (4,982)       8,666
   (Decrease) increase
     in accounts payable
     and accrued expenses                        (240)       5,704      (10,813)
   (Decrease) increase in unearned
     rent                                      (1,000)       1,850        4,557
                                            ---------    ---------    ---------
Net cash provided by operating activities   $ 565,578    $ 594,399    $ 649,549
                                            =========    =========    =========

                          The accompanying notes are an
                  integral part of these financial statements.
                                                                               6
<PAGE>
                        ARMORED STORAGE INCOME INVESTORS
                               LIMITED PARTNERSHIP

                          NOTES TO FINANCIAL STATEMENTS

 1. Partnership organization:

    Armored Storage Income Investors  Limited  Partnership (the Partnership) was
         organized  under  the  laws of the  State  of  Arizona  pursuant  to an
         agreement  of limited  partnership  filed  December  4,  1984,  for the
         purpose of acquiring,  developing,  owning and  operating  self-service
         storage  facilities  in Arizona  and New Mexico.  The  initial  general
         partners  were  Armored  Storage,  Inc.,  an Arizona  corporation  (the
         Managing General Partner) and Armored Storage One Limited  Partnership,
         an Arizona limited partnership. The Partnership commenced full activity
         on January 9, 1985. During 1986, the Partnership  completed an offering
         of limited  partnership units wherein 15,000 limited  partnership units
         were purchased by investors for $7,500,000.  In December, 1987, Armored
         Storage,  Inc.  withdrew from the  Partnership  and Armored Storage One
         Limited  Partnership  then  became the  Managing  General  Partner  and
         assumed  the  partner's  capital  account of Armored  Storage,  Inc. In
         February,   1994,  Armored  Management  Limited  Liability  Corporation
         (L.L.C.)  was  appointed  the  general  partner of Armored  Storage One
         Limited Partnership.

 2. Summary of significant accounting policies:

    Rental property and equipment:

    Rental property and equipment are stated at cost.  Depreciation  is provided
         on the straight-line method over the following estimated useful lives:

                                                     Years
                                                     -----

          Buildings                                    30
          Furniture and fixtures                        5

    Rental income:

    The  Partnership   generates  rental  income  from   month-to-month   rental
         agreements for space at its self-storage  facilities.  Rental income is
         recognized on the accrual basis.

    Accounts receivable are recorded for rental  payments that are delinquent at
         year end.  An  allowance  is  recorded  for  management's  estimate  of
         uncollectible  rental  receivables.  After  a  receivable  is  90  days
         delinquent, the contents of the unit are sold and the proceeds are used
         to reduce the receivable balance.

                                                                               7
<PAGE>
 2. Summary of significant accounting policies, continued:

    Income taxes:

    The  Partnership  does not record a provision for income taxes as any income
         or loss from the  partnership is recognized by the individual  partners
         for tax reporting purposes.  Differences between tax bases and reported
         amounts  of  the  Partnership  assets  and  liabilities  related  to  a
         difference in accumulated  depreciation  of  approximately  $600,000 at
         December 31, 1998 and capitalized syndication costs for tax purposes of
         approximately $960,000.

    Cash and cash equivalents:

    For  reporting in the statements of cash flows,  the  Partnership  considers
         all  certificates  of deposit and money market funds  purchased  with a
         maturity of three months or less to be cash equivalents.

    Concentration of risk:

    Periodically  during  the year,  the  Company  maintains  cash in  financial
         institutions   in  excess  of  the  amounts   insured  by  the  federal
         government.

    Advertising costs:

    Advertising costs are charged to operations as incurred.

    Accounting 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.

                                                                               8
<PAGE>
 3. Rental property and equipment:

    Rental property and equipment consist of the following:

                                                1998          1997
                                                ----          ----
    Land:
    Phoenix - Bell Road                      $  214,058   $  214,058
    Phoenix - 63rd Avenue                       606,222      606,222
    Albuquerque - Tramway Boulevard             319,548      319,548
                                             ----------   ----------
                                              1,139,828    1,139,828
                                             ----------   ----------
    Buildings:
    Phoenix - Bell Road                       2,214,474    2,214,474
    Phoenix - 63rd Avenue                     1,810,050    1,810,050
    Albuquerque - Tramway Boulevard           1,832,238    1,832,238
                                             ----------   ----------
                                              5,856,762    5,856,762
                                             ----------   ----------
    Furniture and fixtures:
    Phoenix - Bell Road                          44,438       32,624
    Phoenix - 63rd Avenue                        38,404       24,853
    Albuquerque - Tramway Boulevard              25,178       17,099
                                             ----------   ----------
                                                108,020       74,576
                                             ----------   ----------
                                             $7,104,610   $7,071,166
                                             ==========   ==========

 4. Commitments and related party transactions:

    Prior to January 1, 1998, the Partnership  had entered into  agreements with
         Chris Cap  Corporation  dba  QuestCor,  Inc.  (QuestCor)  to manage the
         Partnership's self-storage facilities. The agreements provided that the
         manager receive,  as compensation  for services,  the greater of $1,000
         per  month or 6% of the  gross  cash  receipts  for  each of the  three
         facilities  it  manages.  Effective  January 1, 1998,  the  partnership
         entered into an agreement  with similar terms with Armored  Management,
         L.L.C.  The term of the agreement is for one year through  December 31,
         1998.

                                                                               9
<PAGE>
4. Commitments and related party transactions, continued:

    Prior to January 1, 1998, the  Partnership  operated under an agreement with
         QuestCor to provide administrative services to the Partnership, such as
         investor relations,  database management  (including data processing of
         investor  subscriptions,  fund  distributions,  ownership changes,  and
         subscription  input),  accounting,  preparation and coordination of the
         preparation of periodic  regulatory  reports and tax related forms. The
         agreement provided for payment by the Partnership to Questcor of $5,000
         per month for 1997 and  $4,500 per month for 1996 as  compensation  for
         its services. Additionally, the Partnership paid QuestCor approximately
         $5,000 per year for  providing  assistance  in the  annual  Partnership
         audit. A 50% member of Armored Management, L.L.C. was a 50% shareholder
         of QuestCor.  Effective January 1, 1998, the partnership entered into a
         similar  agreement  with  Armored  Management,  L.L.C.  The term of the
         agreement is for one year through  December 31, 1998 and shall continue
         on a month-to-month basis unless either party terminates the agreement.

    The  following  are the  approximate  fees  paid to the  related  management
         companies for the years ended December 31, 1998, 1997 and 1996:

                                           1998        1997       1996
                                           ----        ----       ----
          Property management            $65,000     $65,500     $68,000
          Partnership administration      60,000      60,000      54,000
          Audit assistance                 5,000       5,000       5,000

    During the year ended December 31, 1997, an affiliate of the General Partner
         received  $6,000,  in direct expense  reimbursements  associated with a
         market study of the facilities.

 5. Partners' equity:

    The  limited  partnership  agreement provides that profits,  losses and cash
         available for distribution shall be allocated as follows:

    Allocation of net income:

    Net  income is to be allocated to the limited partners,  ninety-five percent
         (95%) in accordance  with their capital  percentages and to the general
         partner,  five percent  (5%),  until such time as the limited  partners
         have received in cash from all sources  (other than cash  available for
         distribution)  an amount equal to one hundred  percent  (100%) of their
         capital thereafter to the Limited Partners,  eighty-five  percent (85%)
         in  accordance  with  their  capital  percentages,  and to the  general
         partner, fifteen percent (15%).

                                                                              10
<PAGE>
5.  Partners' equity, continued:

    Allocation of net loss:

    Net  losses are to be allocated to the limited partners, ninety-nine percent
         (99%) in accordance  with their capital  percentages and to the general
         partner, one percent (1%), until such time as the limited partners have
         received  distributions  of cash  from all  sources  (other  than  cash
         available for  distribution)  in an amount equal to one hundred percent
         (100%)  of  their  capital  contributions;  thereafter  to the  limited
         partners,  eighty-five  percent (85%) in accordance  with their capital
         percentages and to the general partner, fifteen percent (15%).

    Cash available for distribution:

    All  cash available for  distribution,  if any,  realized by or available to
         the Partnership,  shall be distributed no less frequently than annually
         in the following percentages: (1) to the limited partners,  ninety-five
         percent (95%) in accordance with their capital percentages;  and (2) to
         the general  partner five percent  (5%)  subordinated  to a ten percent
         (10%)  annual  cumulative  noncompounded  return  with  respect  to the
         limited partner's adjusted capital  contributions  determined as of the
         first day of each calendar  quarter,  which  distribution  must be made
         before the general partner is entitled to participate in cash available
         for distribution.

    Cash available for distribution is generally the Partnership's net cash flow
         less amounts set aside as reserves.

    If   in any period the general partner  determines that Partnership  working
         capital  reserves  are in excess of the  amount  deemed  necessary  for
         Partnership operations, such excess reserves may be distributed as cash
         available for distribution.

    If,  at any time, the allocation and distribution  provisions of the Limited
         Partnership  Agreement do not result in the allocation or  distribution
         to the general partners of an aggregate of at least one percent (1%) of
         the item  being  allocated  or  distributed,  the  limited  partnership
         agreement  states  that  the  general  partner  is to be  allocated  or
         distributed so much more of such item as will cause the general partner
         to be allocated or distributed one percent (1%) thereof.

                                                                              11
<PAGE>
6. Partnership administration and property operations:

    Included in  partnership  administration  and  property  operations  are the
following expenses:

                                         1998           1997           1996
                                         ----           ----           ----
     Partnership administration:
         Accounting fees               $ 21,370       $ 21,690       $ 20,891

     Property operations:
         Advertising                     22,403         40,706         15,187
         Management fees                 64,861         65,580         68,426
         Property taxes                 110,386         90,596         78,081
         Repairs and maintenance         35,320         15,110         19,055
         Utilities                       59,303         65,030         59,464
         Wages and payroll taxes        108,508        103,498        100,062

 7. Impact of year 2000 (unaudited):

     The  Company's assessment of its Year 2000 issues is complete.  The Company
          has  determined  that  there  is  likely  to  be no  material  adverse
          consequence of Year 2000 issues on the Company's business,  results of
          operations,  or financial  condition.  The Company has few information
          technology or  non-information  technology aspects which may be affect
          by Year 2000; those that may be affected are the computing system used
          to administer  operations.  Investigation  and queries of the software
          and hardware  suppliers have determined by written statements or other
          assurances that they are Year 2000 compliant. The Company has no major
          supplier,  vendor,  or customers which is likely to materially  affect
          the Company if it is affected  by the Year 2000  problem.  The Company
          has determined that it is at little risk of material disruption of its
          business due to Year 2000 issues.

     In   the event the computing  system  fails,  the Company will purchase and
          replace the necessary  hardware and software for critical  systems and
          contact the software and hardware suppliers to replace, at their cost,
          the failed components for remaining computers. Costs for the Year 2000
          compliance have been for  investigation  only and no remedial  actions
          have or  will be  taken.  The  costs  have  been  minimal  and are not
          material to the financial condition of the Company.

                                                                              12