UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
                               ------------------

                                    FORM 10-Q
                                   (mark one)

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

                 For the quarterly period ended: March 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 000-16757


                          CONCORD MILESTONE PLUS, L.P.
             (Exact Name of Registrant as Specified in its Charter)


               Delaware                                 52-1494615
(State or Other Jurisdiction of             (I.R.S. Employer Identification No.)
 Incorporation or Organization)

150 EAST PALMETTO PARK ROAD
               4TH FLOOR
       BOCA RATON, FLORIDA                                  33432
(Address of Principal Executive Offices)                  (Zip Code)

                                 (561) 394-9260
               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 for the
past 90 days. Yes X No



<PAGE>

PART I - FINANCIAL INFORMATION

Item 1.  Financial Statements

                          CONCORD MILESTONE PLUS, L.P.
                             (a Limited Partnership)

                                 BALANCE SHEETS

                MARCH 31, 1998 (Unaudited) AND DECEMBER 31, 1997

                                     ASSETS
<TABLE>
<CAPTION>

                                                                                                   March 31, 1998  December 31, 1997

Property, at cost
<S>                                                                                               <C>                <C>            
    Building and improvements .................................................................   $    15,469,687    $    15,453,945
    Less: accumulated depreciation ............................................................         5,574,259          5,413,087
                                                                                                  ---------------    ---------------

    Building and improvements, net ............................................................         9,895,428         10,040,858
    Land ......................................................................................        10,987,034         10,987,034
                                                                                                  ---------------    ---------------

    Total property ............................................................................        20,882,462         21,027,892

Cash and cash equivalents .....................................................................           224,139            257,905
Accounts receivable ...........................................................................           149,145            123,152
Restricted cash ...............................................................................           307,005            269,895
Prepaid expenses and other assets, net ........................................................            81,964             67,516
Debt financing costs, net .....................................................................           297,670            305,504
                                                                                                  ---------------    ---------------
      Total assets ............................................................................   $    21,942,385    $    22,051,864
                                                                                                  ===============    ===============

                                            LIABILITIES AND PARTNERS' CAPITAL
Liabilities:
Mortgage loans payable ........................................................................   $    16,636,964    $    16,683,574
Accrued interest ..............................................................................           116,985            117,308
Accrued expenses and other liabilities ........................................................           336,501            341,263
Accrued expenses payable to affiliates ........................................................            14,602             73,935
                                                                                                  ---------------    ---------------
    Total liabilities .........................................................................        17,105,052         17,216,080
                                                                                                  ---------------    ---------------

Partners' capital:
General partner ...............................................................................           (74,192)          (74,207)
Limited partners:
    Class A Interests, 1,518,800 ..............................................................         4,911,525          4,909,991
                                                                                                  ---------------    ---------------
    Total partners' capital ...................................................................         4,837,333          4,835,784
                                                                                                  ---------------    ---------------

    Total liabilities and partners' capital ...................................................   $    21,942,385    $    22,051,864
                                                                                                  ===============    ===============
</TABLE>


                                 See Accompanying Notes to Financial Statements

                                                           -2-
<PAGE>

                          CONCORD MILESTONE PLUS, L.P.
                             (a Limited Partnership)

                       STATEMENTS OF REVENUES AND EXPENSES

                                   (Unaudited)

               FOR THE THREE MONTHS ENDED MARCH 31, 1998 AND 1997

<TABLE>
<CAPTION>

                                                                                                    March 31,1998    March 31, 1997
Revenues:
<S>                                                                                               <C>               <C>            
Rent ..........................................................................................   $       628,805   $       692,868
Reimbursed expenses ...........................................................................           109,695           115,241
Interest and other income .....................................................................             2,662             6,140
                                                                                                  ---------------   ---------------

    Total revenues ............................................................................           741,162           814,249
                                                                                                  ---------------   ---------------

Expenses:
Interest expense ..............................................................................           339,387           411,300
Depreciation and amortization .................................................................           171,801           142,606
Management and property expenses ..............................................................           177,139           191,758
Administrative and management fees to related party ...........................................            33,181            34,858
Professional fees and other expenses ..........................................................            18,105            24,395
                                                                                                  ---------------   ---------------

    Total expenses ............................................................................           739,613           804,917
                                                                                                  ---------------   ---------------

Net income ....................................................................................   $         1,549   $         9,332
                                                                                                  ===============   ===============

Net income attributable to:

    Limited partners ..........................................................................   $         1,534   $         9,239
    General partner ...........................................................................                15                93
                                                                                                  ---------------   ---------------

Net income ....................................................................................   $         1,549   $         9,332
                                                                                                  ===============   ===============

Income per weighted average
Limited Partnership 100 Class A
Interests outstanding .........................................................................   $           .10   $           .61
                                                                                                  ===============   ===============

Weighted average number of 100
Class A interests outstanding .................................................................            15,188            15,188
                                                                                                  ===============   ===============
</TABLE>


                                 See Accompanying Notes to Financial Statements

                                                           -3-
<PAGE>

                          CONCORD MILESTONE PLUS, L.P.
                             (a Limited Partnership)

                   STATEMENTS OF CHANGES IN PARTNERS' CAPITAL

                                   (Unaudited)

                    FOR THE THREE MONTHS ENDED MARCH 31, 1998

<TABLE>
<CAPTION>


                                                                                           General                 Class A
                                                                      Total                Partner               Interests


PARTNERS' CAPITAL (DEFICIT)
<S>                                                    <C>                    <C>                     <C>                 
      January 1, 1998 ...............................  $          4,835,784   $            (74,207)   $          4,909,991

Distributions .......................................                  --                     --                      --
Net Income ..........................................                 1,549                     15                   1,534
                                                       --------------------   --------------------    --------------------

PARTNERS' CAPITAL (DEFICIT)
      March 31, 1998 ................................  $          4,837,333   $            (74,192)   $          4,911,525
                                                       ====================   ====================    ====================


</TABLE>


                                 See Accompanying Notes to Financial Statements

                                                           -4-
<PAGE>

                          CONCORD MILESTONE PLUS, L.P.
                             (a Limited Partnership)

                            STATEMENTS OF CASH FLOWS

                                   (Unaudited)

               FOR THE THREE MONTHS ENDED MARCH 31, 1998 AND 1997

<TABLE>
<CAPTION>

                                                                                               March 31,1998     March 31, 1997
CASH FLOWS FROM OPERATING ACTIVITIES:
<S>                                                                                          <C>                <C>            
Net income ...............................................................................   $         1,549    $         9,332
Adjustments to reconcile net income to net
        cash provided by operating activities:
        Depreciation and amortization ....................................................           171,801            142,606
        Change in operating assets and liabilities:
        (Increase) decrease in accounts receivable .......................................           (25,993)            14,233
        Increase in prepaid expenses and other
             assets, net .................................................................           (17,244)           (49,289)
        (Decrease) increase in accrued interest ..........................................              (323)           411,300
        (Decrease) increase in accrued expenses
             and other liabilities .......................................................            (4,762)            62,379
        (Decrease) increase in due to affiliate ..........................................           (59,333)             3,599
                                                                                             ---------------    ---------------

Net cash provided by operating activities ................................................            65,695            594,160
                                                                                             ---------------    ---------------

CASH FLOWS FROM INVESTING ACTIVITIES:
        Property improvements ............................................................           (15,741)           (31,261)
                                                                                             ---------------    ---------------

CASH FLOWS FROM FINANCING ACTIVITIES:
        Increase in restricted cash ......................................................           (37,110)                 0
        Principal repayments on mortgage loans payable ...................................           (46,610)                 0
        Cash distributions to partners ...................................................                 0            (52,007)
                                                                                             ---------------    ---------------
Net cash used in financing activities ....................................................           (83,720)           (52,007)

NET (DECREASE) INCREASE IN CASH AND CASH
        EQUIVALENTS ......................................................................           (33,766)           510,892

CASH AND CASH EQUIVALENTS,
        BEGINNING OF PERIOD ..............................................................           257,905            326,120
                                                                                             ---------------    ---------------

CASH AND CASH EQUIVALENTS,
        END OF PERIOD ....................................................................   $       224,139    $       837,012
                                                                                             ===============    ===============

SUPPLEMENTAL DISCLOSURE OF CASH FLOW
        INFORMATION:

Cash paid during the period for interest .................................................   $       339,710    $             0
                                                                                             ===============    ===============
</TABLE>

                                See Accompanying Notes to Financial Statements

                                                           -5-

<PAGE>
                          CONCORD MILESTONE PLUS, L.P.
                             (a Limited Partnership)

                          NOTES TO FINANCIAL STATEMENTS

                                   (Unaudited)

                    FOR THE THREE MONTHS ENDED MARCH 31, 1998


        The accompanying  financial  statements have been prepared in accordance
with generally accepted accounting  principles for interim financial information
and with  the  instructions  to Form  10-Q and  Rule  10-01 of  Regulation  S-X.
Accordingly,  they do not include all of the information and footnotes  required
by generally accepted accounting  principles for complete financial  statements.
In the opinion of management,  all adjustments  (consisting of normal  recurring
accruals) considered  necessary for a fair presentation have been included.  The
financial  statements as of and for the period ended March 31, 1998 and 1997 are
unaudited. The results of operations for the interim periods are not necessarily
indicative of the results of operations for the fiscal year. Certain information
for  1997 has been  reclassified  to  conform  to the 1998  presentation.  These
financial statements should be read in conjunction with the financial statements
and footnotes included thereto in the Partnership's  financial  statements filed
on form 10-K for the year ended December 31, 1997.

Recently Issued Accounting Pronouncements

        The  Partnership  adopted  Statement of Financial  Accounting  Standards
("SFAS") No. 130, "Reporting Comprehensive Income" in the first quarter of 1998.
Because the Partnership has no items of other comprehensive income,  adoption of
this standard had no effect on current or prior financial statement displays.

        The Partnership also adopted SFAS No. 131,  "Disclosures  about Segments
of an Enterprise and Related Information" in the first quarter of 1998. Adoption
of SFAS No. 131 did not have a material  effect on disclosures  presented by the
Partnership, as the Partnership operates as a single segment.



                                                           -6-

<PAGE>



Item 2.  Management's Discussion and Analysis of Financial Condition and Results
of Operations

General

        Certain  statements  made in  this  report  constitute  "forward-looking
statements"  within the meaning of Section 27A of the Securities Act of 1933, as
amended (the "Securities Act") and Section 21E of the Securities Exchange Act of
1934, as amended (the "Exchange Act"). Such  forward-looking  statements include
statements  regarding  the  intent,   belief  or  current  expectations  of  the
Partnership   and  its   management   and  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   or   implied   by  such
forward-looking  statements.  Such  factors  include,  among other  things,  the
following:  general  economic and business  conditions,  which will, among other
things,  affect the demand for retail space or retail  goods,  availability  and
creditworthiness  of  prospective  tenants,   lease  rents  and  the  terms  and
availability of financing; adverse changes in the real estate markets including,
among other things,  competition with other  Partnerships;  risks of real estate
development  and  acquisition;   governmental   actions  and  initiatives;   and
environment/safety requirements.


Organization and Capitalization

        Concord  Milestone  Plus,  L.P.,  a Delaware  limited  partnership  (the
"Partnership"), was formed on December 12, 1986, for the purpose of investing in
existing income-producing commercial and industrial real estate. The Partnership
began  operations  on August 20, 1987,  and  currently  owns and operates  three
shopping centers located in Searcy, Arkansas;  Valencia,  California;  and Green
Valley, Arizona.



                                                           -7-

<PAGE>



        The Partnership commenced a public offering on April 8, 1987 in order to
fund the Partnership's real property  acquisitions.  The Partnership  terminated
its public offering on April 2, 1988 and was fully subscribed to with a total of
16,452 Bond Units and 15,188  Equity Units  issued.  Each Bond Unit  consists of
$1,000  principal  amount of Bonds and 36 Class B  Interests.  Each  Equity Unit
consists  of  100  Class  A  Interests  and  100  Class  B  Interests.   Capital
contributions  to the Partnership  consisted of $15,187,840 from the sale of the
Equity Units and $592,272 which represent the Class B Interests from the sale of
the Bond Units.

Results of Operations

Comparison of Three Months Ended March 31, 1998 to Three Months Ended March
31, 1997

        The  Partnership  recognized  net income of $1,549 for the three  months
ended March 31, 1998 as compared to income of $9,332 for the same period in 1997
due to the following factors:

        A decrease in revenues of $73,087,  or 9.0%,  to $741,162  for the three
months  ended March 31, 1998 as compared to $814,249  for the three months ended
March 31,  1997  primarily  due to the  following:  (1) a decrease  in base rent
revenue  primarily due to two  additional  vacancies in 1998;  (2) a decrease in
percentage  rent  revenue due to a decline in tenant sales and (3) a decrease in
tenant reimbursements due to a reduction in management and property expenses.

        A decrease in management and property  expenses of $14,619,  or 7.6%, to
$177,139  for the three  months ended March 31, 1998 as compared to $191,758 for
the three months ended March 31, 1997 primarily due to the following: (1) common
area expenses decreasing as a result of cost savings efforts by management,  and
(2) reduced insurance expense due to lower insurance premiums.

        A decrease in interest expense of $71,913, or 17.5%, to $339,387 for the
three  months  ended March 31, 1998 as compared to $411,300 for the three months
ended March 31, 1997 due to a decrease of  approximately 2% in the interest rate
on the mortgage loans in 1998 compared to the interest rate on the bonds payable
in 1997. The Partnership  closed on three new fixed rate first mortgage loans in
September  1997,  the  proceeds  of which  were used to  redeem  all of the then
outstanding bonds payable.



                                                           -8-

<PAGE>



        An increase in  depreciation  and  amortization  expense of $29,195,  or
20.5%,  to  $171,801  for the three  months  ended March 31, 1998 as compared to
$142,606  for  the  three  months  ended  March  31,1997  primarily  due  to the
following:  (1) an increase in depreciation expense due to property improvements
expenditures throughout 1997, and (2) an increase in amortization expense due to
debt financing costs associated with the 1997 bond refinancing.

        A decrease in professional  fees and other expenses of $6,290, or 25.8%,
to $18,105 for the three  months ended March 31, 1998 as compared to $24,395 for
the three  months  ended March 31, 1997 due to trustee fees no longer being paid
in 1998 as the bonds payable were refinanced during September 1997.

Liquidity and Capital Resources

        The General Partner believes that the Partnership's expected revenue and
working  capital  is  sufficient  to meet the  Partnership's  current  operating
requirements for the next twelve months. Nevertheless, because the cash revenues
and expenses of the  Partnership  will depend on future facts and  circumstances
relating to the Partnership's properties, as well as market and other conditions
beyond the  control of the  Partnership,  a  possibility  exists  that cash flow
deficiencies may occur. Currently, a significant amount (approximately $307,000)
of the  Partnership's  working  capital is still in the control of the holder of
the first  mortgage as funds held in escrow for real estate  taxes,  and pending
resolution of certain circumstances. There are currently no material commitments
for capital expenditures.

        The Partnership  suspended making distributions  subsequent to the first
quarter of 1997 due to the cost of addressing an environmental  issue identified
at the  Valencia  Property  and  payment of  certain  expenses  relative  to the
refinancing.  The Partnership is anticipating resuming  distributions as soon as
the Partnership's working capital requirements are funded.

        Management  is not aware of any other  trends,  events,  commitments  or
uncertainties  that will or are likely to  materially  impact the  Partnership's
liquidity.

        Net cash  provided  by  operating  activities  of $65,695  for the three
months ended March 31, 1998  included  (i) a net income of $1,549 (ii)  non-cash
adjustments of $171,801 for depreciation  and  amortization  expense and (iii) a
net change in operating assets and liabilities of $107,655.

        Net cash  provided by  operating  activities  of $594,160  for the three
months  ended March 31, 1997  included (i) net income of $9,332,  (ii)  non-cash
adjustments of $142,606 for depreciation  and  amortization  expense and (iii) a
net change in operating assets and liabilities of $442,222.


                                                           -9-
<PAGE>

        Net cash used in  investing  activities  of $15,741 for the three months
ended March 31, 1998 was for capital expenditures for property improvements.

        Net cash used in  investing  activities  of $31,261 for the three months
ended March 31, 1997 was for capital expenditures for property improvements.

        Net cash used in  financing  activities  of $83,720 for the three months
ended March 31, 1998 included (i) principal repayments on mortgage loans payable
of $46,610 and (ii) an increase in restricted cash of $37,110.

        Net cash used in  financing  activities  of $52,007 for the three months
ended March 31, 1997 was for cash distributions to partners.

PART II - OTHER INFORMATION

Item 6.  Reports on Form 8-K

        (b) No reports on form 8-K were filed during the quarter covered by this
Report.


                                                           -10-

<PAGE>


                                                        SIGNATURES

        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.



DATE:         May 8, 1998                CONCORD MILESTONE PLUS, L.P.
       -------------------------         ----------------------------
                                                           (Registrant)



                                    BY:     CM PLUS CORPORATION
                                            General Partner




                                    By:     /S/ Robert Mandor
                                            Robert Mandor
                                            Director and Vice President



                                    By:     /S/ Patrick Kirse
                                            Patrick Kirse
                                            Treasurer and Controller


                                                           -11-