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, 1997

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

                   Commission file number 0-17651

                      HIGH CASH PARTNERS, L.P.
       (Exact name of registrant as specified in its charter)

        Delaware                                  13-3347257
(State or other jurisdiction of                (I.R.S. Employer
 incorporation or organization)               Identification No.)

      c/o CB Commercial Real Estate
        Group, Inc.
      5190 Neil Road, Suite 100
      Reno, Nevada  89502-8500                      06830
(Address of principal executive offices)          (Zip Code)

Registrant's telephone number, including area code:  212-399-9193
Securities registered pursuant to Section 12(b) of the Act:

                                   Name of each exchange on which
 Title of each class                          registered

        None                                     None

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

              Units of Limited Partnership Interest
                       (Title of class)

     Indicate by check mark whether 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 Registrant was required to file
such reports), and (2) has been subject to such filing
requirements for the past 90 days.  Yes  X    No

     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]













































PART I

Item 1.   Business

High Cash Partners, L.P. (the "Partnership") is a Delaware
limited partnership formed in 1986 for the primary purpose of
investing in, holding, operating and otherwise acting with
respect to office buildings, shopping centers and other
commercial and industrial properties.

In 1989, the Partnership used all the net proceeds from its
public offering of units of limited partnership interest
("Units") to acquire Sierra Marketplace, a community retail
shopping center completed in October 1988 and situated on 18.67
acres in the southern portion of Reno, Nevada ("Sierra
Marketplace" or the "Property").  Sierra Marketplace consists of
two main buildings and three "out parcel" structures containing
approximately 233,000 square feet of net leasable area.  Sierra
Marketplace has 35 tenants.  Two tenants, Smith's Management
Corp., a large food and drug store, and Good Guys, Inc., a
consumer electronics store, accounted for approximately 21% and
22%, respectively, of the Partnership's total rental income
revenues in 1997.  Smith's Management Corp. occupies 68,972
square feet and has a lease that extends through mid-2008; Good
Guys, Inc. occupies 16,961 square feet and has a lease that
extends through 2003.  The Property is subject to a mortgage,
which is described in Item 7, "Management's Discussion and
Analysis of Financial Condition and Results of Operations -
Liquidity and Capital Resources" below.

Until November 1997, Levitz Furniture Corporation ("Levitz") had
occupied approximately 53,000 square feet at Sierra Marketplace
under a lease that extended through 2008.  Levitz accounted for
approximately 16% of the Partnership's total rental income
revenues in 1997.  During 1997, Levitz filed for bankruptcy
protection under Chapter 11 of the United States Bankruptcy Code.
In November 1997, Levitz vacated its premises, although it
continues to pay rent under the lease, although such payments are
expected to terminate as of April 2, 1998.  See Item 7,
"Management's Discussion and Analysis of Financial Condition and
Results of Operations - Liquidity and Capital Resources" below.

Locale and Competition

The Partnership believes there are approximately 8.44 million
square feet of retail space in the Reno area, including two
regional malls and 69 community, neighborhood and strip centers.
Sierra Marketplace is located in the southern section of Reno,
which is well developed commercially along major thoroughfares
with substantial residential development along secondary streets.
The primary trade area is considered affluent to middle class.
Although there is little room for significant new competing
development in the immediate geographical vicinity of the
Property, the competition for non-anchor tenants (including
existing tenants whose leases expire) is strong among existing
centers due to the overall market vacancy for this type of space.
In addition, a portion of the land available for development in
the immediate geographic vicinity of the Property has been
developed by centers predominantly occupied by large anchor
tenants.  New leases being signed at Sierra Marketplace are at
equal or lower per-square-foot rentals than the expiring leases.
See Item 7, "Management's Discussion and Analysis of Financial
Condition and Results of Operations - Liquidity and Capital
Resources" and "- Real Estate Market" below.

Employees

The Partnership does not have any employees.  Services are
performed for the Partnership by Pembroke HCP, LLC, the
Partnership's Managing General Partner (the "Managing General
Partner"), and Pembroke Realty Management LLC ("Pembroke
Realty"), an affiliate of the Managing General Partner.  Certain
services are performed for Pembroke Realty by CB Commercial Real
Estate Group, Inc., an unaffiliated management company ("CB
Commercial").  See Item 10, "Directors and Executive Officers of
Registrant", Item 11, "Executive Compensation", Item 12,
"Security Ownership of Certain Beneficial Owners and Management"
and Item 13, "Certain Relationships and Related Transactions"
below.


Item 2.   Properties

See Item 1, "Business" above.


Item 3.   Legal Proceedings

See Item 7, "Management's Discussion and Analysis of Financial
Condition and Results of Operations - Liquidity and Capital
Resources" below with regard to Levitz.


Item 4.   Submission of Matters to a Vote of Security Holders

No matters were submitted to a vote of security holders during
the fourth quarter of 1997.



PART II


Item 5.   Market for Registrant's Securities and Related Security
          Holder Matters

There is no established public trading market for the Units, and
it is not anticipated that such a market will develop.

In 1987, the U.S. Congress adopted certain rules concerning
"publicly traded partnerships".  Beginning in 1998, the effect of
being classified as a publicly traded partnership would be that
the Partnership would be taxed as a corporation.  On November 29,
1995, the Internal Revenue Service adopted final regulations
("Final Regulations") describing when interests in partnerships
will be considered to be publicly traded.  The Final Regulations
do not take effect with respect to existing partnerships until
the year 2006.  During 1997, the rules concerning publicly traded
partnerships were again amended for years beginning in 1998.  Due
to the nature of the Partnership's income and to the low volume
of transfers of Units in the past, it is not anticipated that the
Partnership will be treated as a publicly traded partnership
under currently applicable rules and interpretations or under the
Final Regulations.

There are certain restrictions in the Partnership's Partnership
Agreement that may limit the ability of a limited partner to
transfer Units.  Such restrictions could impair the ability of a
limited partner to liquidate its investment in the event of an
emergency or for any other reason.

As of March 1, 1998, there were approximately 1,460 holders of
Units, owning an aggregate of 96,472 Units.

Quarterly distributions per Unit during 1997 and 1996 were as
follows:


     Distribution with
     Respect to Quarter Ended    Amount of Distribution Per Unit

                                      1997            1996
                                      ____            ____

     March 31                    $    -0-       $     3.13
     June 30                     $    -0-       $     3.13
     September 30                $    -0-       $     3.13
     December 31                 $    -0-       $     3.13

The source of distributions in 1996 was cash flow from
operations.

There are no material legal restrictions on distributions in the
Partnership's Partnership Agreement.  See, however, Item 7,
"Management's Discussion and Analysis of Financial Condition and
Results of Operations - Liquidity and Capital Resources" below
for a discussion of financial conditions affecting the
Partnership's ability to make distributions.

Item 6.   Selected Financial Data

                                 Year ended December 31,
                          ______________________________________

                              1997         1996         1995
                          ___________  ___________  ___________

Revenues                  $ 2,686,095  $ 2,637,022  $ 2,632,230
Net Loss(1)               $(7,238,860) $  (640,184) $  (442,098)
Net (Loss) Per Unit(1)(2) $    (74.29) $     (6.57) $     (4.54)
Distributions Per Unit(2) $    -       $     12.52  $     12.52
Long-term Obligations(3)  $17,540,481  $15,691,865  $14,030,719
Total Assets              $18,716,205  $24,485,903  $24,652,234


                           Year ended December 31,
                          ________________________

                              1994         1993
                          ___________  ___________

Revenues                  $ 2,477,410  $ 2,321,894
Net Loss(1)               $  (357,863) $  (298,167)
Net (Loss) Per Unit(1)(2) $     (3.67) $     (3.06)
Distributions Per Unit(2) $     12.50  $     12.50
Long-term Obligations(3)  $12,548,175  $11,222,229
Total Assets              $24,814,694  $25,186,722

_____________
(1)  The 1997 amount includes a write-down for impairment of
     $6,475,500, or $(66.45) per Unit.

(2)  Based upon the weighted average number of Units outstanding.

(3)  Consisting of the principal amount of the RAM 2 loan plus
     deferred interest on that loan, which are described in Item
     7, "Management's Discussion and Analysis of Financial
     Condition and Results of Operations - Liquidity and Capital
     Resources" below.
Item 7.   Management's Discussion and Analysis of Financial
          Condition and Results of Operations

Liquidity and Capital Resources

The Partnership uses working capital reserves set aside from the
proceeds of its public offering in 1989 and undistributed cash
flow from operations as its primary measure of liquidity.  At
December 31, 1997, working capital reserves amounted to
approximately $2,981,000.  Such reserves may be used to fund
capital expenditures, insurance, real estate taxes and loan
payments.  All expenditures during 1997 were funded from cash
flow from operations.

At December 31, 1997, the total amount outstanding on the
Partnership's mortgage loan payable to Resources Accrued Mortgage
Investors 2 L.P. ("RAM 2") was $17,540,481, which included
deferred interest payable of $11,040,481.  The mortgage does not
permit a prepayment before March 1, 1999, and, therefore, the
Partnership may not be able to refinance the mortgage before that
date.  At March 1, 1999, the total amount outstanding on the
mortgage is expected to be approximately $20,000,000.  If the
value of the Property does not exceed $20,000,000 at March 1,
1999, the Partnership may not be able to refinance the mortgage
at that time.  The mortgage matures on February 28, 2001.  At
that time, the total amount outstanding on the mortgage is
expected to be approximately $25,000,000.  If the value of the
Property at that time does not exceed $25,000,000, the
Partnership may lose its entire investment in the Property.  In
that connection, in the first quarter of 1997, the value of the
Property was written down to $15,875,000.  See "Write-Down for
Impairment" below.

The mortgage further requires the Partnership to provide RAM 2
with a current appraisal of the Property upon RAM 2's request.
If it is determined, based upon the requested appraisal, that the
sum of (i) the principal balance of the mortgage loan plus all
other then outstanding indebtedness secured by the Property and
(ii) all accrued and unpaid interest on the mortgage at 6.22% per
annum, compounded monthly (that sum, the "Measurement Amount"),
exceeds 85% of the appraised value, an amount equal to such
excess would become immediately due and payable to RAM 2.

To date, the lender has not requested an appraisal.  There can be
no assurance that, if the lender requests an appraisal, 85% of
the appraised value will equal the Measurement Amount.  At
December 31, 1997, the Measurement Amount was approximately
$11,283,000, which was approximately $2,211,000 less than 85% of
the $15,875,000 value to which the Property was written down in
the first quarter of 1997.  As interest on the mortgage accrues,
the Measurement Amount will increase, and, therefore, unless the
value of the Property increases sufficiently from the value to
which it was written down in the first quarter of 1997, the
Measurement Amount eventually will exceed 85% of the appraised
value of the Property.

Until November 1997, Levitz had occupied approximately 23% of the
space at the Property (i.e., approximately 1,000 out of
approximately 233,000 square feet of net leasable area).  Rent
under the lease for each of 1997, 1996 and 1995 was approximately
$412,000, which was approximately 16% of the Partnership's total
rental income revenues in each such period.  In November 1997,
Levitz, which had filed for protection under Chapter 11 of the
Bankruptcy Code, vacated its space.  Levitz continues to pay rent
to the Partnership, although such payments are expected to
terminate as of April 2, 1998. The vacancy at the Levitz space
will result in a loss of income to the Partnership, and may
adversely affect the surrounding tenants, particulary in light of
the limited visibility those tenants have to the main
thoroughfare.

See "Real Estate Market" below.  The Partnership is actively
seeking a substitute tenant.  However, there can be no assurance
the Partnership will succeed in finding a substitute tenant
promptly or on terms comparable to those under the Levitz lease.
In addition, the Partnership expects to make substantial
expenditures in order to secure a substitute tenant and in
connection with a new lease.

The level of leasing activity cannot be predicted, particularly
in light of the Levitz situation, and, therefore, the amount of
further capital expenditures arising from leasing activity is
uncertain.  There can be no assurance the Partnership will have
sufficient liquidity both to make such capital expenditures, and
to make the payments that may be required under the RAM 2 loan.
If there is a default on the RAM 2 loan, the Partnership would be
materially and adversely affected.  Consequently, the Partnership
has declared no distribution payable for 1997 and will not
declare any distribution for the foreseeable future in order to
build up cash reserves.

Real Estate Market

A substantial decline in the market value of the Property
reflects real estate market conditions in the vicinity of Sierra
Marketplace.  Recently built shopping centers in the vicinity
have increased competition for tenants.  This competitive factor,
together with the fact that much of the unleased space at the
Property (including the Levitz space) has only limited visibility
to the main thoroughfare and the fact that the space occupied by
Levitz is expected to be vacant for at least some period, have
hindered the lease-up of new space.  As a result, the
Partnership's investment in the Property is at risk.

Write-Down for Impairment

The value of the Property is reflected in the Partnership's
financial statements at the lower of depreciated cost or
estimated fair value.  A write-down for impairment with respect
to the Property may be recorded from time to time based upon
quarterly reviews of the Property. In performing this review,
management considers the estimated fair value of the Property
based upon undiscounted future cash flows, as well as other
factors, such as the current occupancy situation in the region
where the Property is located.  Because this determination of
estimated fair value is based upon future economic events, the
amounts ultimately realized upon a disposition of the Property
may differ materially from the value reflected in the
Partnership's financial statements.

A write-down for impairment is inherently subjective and is based
upon management's best estimate of current conditions and
assumptions about expected future conditions.  The Partnership
may provide for additional write-downs in the future and such
write-downs could be material. In the first quarter of 1997,
prior management determined that the aggregate undiscounted
future cash flows from the Property over the anticipated holding
period were below the value of the Property reflected in the
Partnership's financial statements at March 31, 1997 and,
therefore, an impairment existed.  Prior management performed an
internal analysis of the Property, which indicated an estimated
fair value of approximately $15,875,000.  Consequently, a
write-down for impairment of $6,475,500 was recorded at March 31,
1997.  No additional write-down for impairment was required
during 1997.

Results of Operations

1997 vs. 1996

Revenues increased for 1997 compared with 1996, primarily due to
an increase in base rentals in 1997 and an increase in interest
income and other income.  Interest income increased principally
due to the build-up of cash reserves referred to in "Liquidity
and Capital Resources" above.

Costs and expenses increased for 1997 compared with 1996,
primarily due to the $6,475,500 write-down for impairment in the
first quarter of 1997 and an increase in mortgage interest
expense, partially offset by a decrease in general and
administrative expenses.  Mortgage interest increased by $187,470
due to the compounding effect from the deferral of the interest
on the zero coupon mortgage.

As a result of the foregoing, the net loss increased for 1997
compared with 1996.  For 1997, the net loss was $7,238,860,
compared with $640,184 for 1996.












































1996 vs. 1995

Revenues increased slightly for 1996 compared with 1995,
primarily due to an increase in rental income partially offset by
a decrease in other income.  Rental income increased due to an
increase in insurance escalations at the Property.  Other income
decreased due to less transfer fee income.

Costs and expenses increased for 1996 compared with 1995,
primarily due to an increase in mortgage loan interest expense.
Mortgage loan interest expense increased due to the compounding
effect from the deferral of the interest on the zero coupon
mortgage.

As a result of the foregoing, the net loss increased for 1996
compared with 1995.  For 1996, the net loss was $640,184,
compared with $442,098 for 1995.

Inflation

Inflation has not had a material impact on the Partnership's
operations or financial condition during the last three years and
is not expected to have a material impact in the future.

Year 2000

Costs associated with the year 2000 conversion are not expected
to have a material effect on the Partnership.























Item 8. Financial Statements and Supplementary Data


                        HIGH CASH PARTNERS, L.P.

                         FINANCIAL STATEMENTS

              YEARS ENDED DECEMBER 31,1997,1996 AND 1995


                                INDEX
                                _____

                                                         Page
                                                        Number
                                                        ______

Independent Auditor's Report                             F-1

    Financial statements - years ended
      December 31, 1997, 1996 and 1995

         Balance sheets                                  F-2

         Statements of operations                        F-3

         Statement of partners' equity                   F-4

         Statements of cash flows                        F-5

         Notes to financial statements                   F-6

    Schedule II:

         Valuation and qualifying accounts               F-15

    Schedule III:

         Real estate and accumulated depreciation        F-16

All other financial statement schedules are omitted because they
are not applicable or the required information is presented in
the financial statements or notes thereto.








Item 9.

Changes in and Disagreements with Accountants on Accounting and
Financial Disclosure.

None.













































To the Partners of
High Cash Partners, L.P.



                       INDEPENDENT AUDITOR'S REPORT


We have audited the accompanying balance sheets of High Cash
Partners, L.P. (a limited partnership) as of December 31, 1997
and 1996, and the related statements of operations, partners'
equity and cash flows for each of the three years in the period
ended December 31, 1997.  Our audits also included the financial
statement schedules listed in the Index at Item 14(a)2.  These
financial statements and the financial statement schedules are
the responsibility of the Partnership's management.  Our
responsibility is to express an opinion on the financial
statements and financial statement schedules 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 High Cash Partners, L.P. as of December 31, 1997 and 1996, and
the results of its operations and its cash flows for each of the
three years in the period ended December 31, 1997 in conformity
with generally accepted accounting principles.  Also, in our
opinion, such financial statement schedules, when considered in
relation to the basic financial statements taken as a whole,
present fairly in all material respects the information set forth
therein.




Hays & Company



February 28, 1998
New York, New York

                      HIGH CASH PARTNERS, L.P.

                          BALANCE SHEETS
                                              December 31,
                                 _______________________________
                                       1997              1996
                                 _____________     _____________
ASSETS
   Real estate, net              $  15,551,179     $  22,465,506
   Cash and cash equivalents         3,052,039         1,774,565
   Other assets                         53,739            93,509
   Tenant receivables, net              29,737            78,929
   Prepaid insurance premiums           29,511            73,394
                                 _____________     _____________
                                 $  18,716,205     $  24,485,903
                                 =============     =============
LIABILITIES AND PARTNERS' EQUITY

Liabilities
   Mortgage loan payable         $   6,500,000     $   6,500,000
   Deferred interest payable        11,040,481         9,191,865
   Distributions payable                -                305,007
   Accounts payable and accrued
     expenses                          127,680           125,520
   Due to affiliates                     2,890            78,817
   Tenants' security deposits
     payable                            54,579            55,259
                                 _____________     _____________

       Total liabilities            17,725,630        16,256,468

                                 ______________    _____________

Commitments and contingencies
  (Notes 3, 4, 5 and 9)

Partners' equity

   Limited partners' equity
     (as restated)(96,472
     units issued and
     outstanding)                      980,669         8,147,140
   General partners' equity
     (as restated)                       9,906            82,295
                                 _____________     _____________
       Total partners' equity          990,575         8,229,435
                                 _____________     _____________
                                 $  18,716,205     $  24,485,903
                                 =============     =============
See notes to financial statements.
                       HIGH CASH PARTNERS, L.P.

                       STATEMENTS OF OPERATIONS

                                  Year ended December 31,
                        ________________________________________
                            1997          1996             1995
                        ____________  ____________   ___________
Revenues
   Rental income        $  2,573,611  $  2,562,666   $ 2,556,124
   Other income                5,966         1,640         4,900
   Interest income           106,518        72,716        71,206
                        ____________  ____________   ___________
                           2,686,095     2,637,022     2,632,230
                        ____________  ____________   ___________

Cost and expenses
   Mortgage loan interest  1,848,616      1,661,146    1,482,544
   Operating                 617,589        604,082      595,487
   Depreciation and
     amortization            495,094        478,846      476,282
   Partnership management
     fees                    301,475        301,475      301,175
   Administrative            109,507        152,073      141,545
   Property management
     fee                      77,174         79,584       76,995
   Write-down for
     impairment            6,475,500              -            -
                        ____________  _____________  ___________
                           9,924,955      3,277,206    3,074,328
                        ____________  _____________  ___________

Net loss                $ (7,238,860) $    (640,184) $   (44,209)
                        ============  =============  ===========

Net loss attributable
  to
   Limited partners     $ (7,166,471) $    (633,782) $  (437,677)
   General partners          (72,389)        (6,402)      (4,421)
                        ____________  _____________  ___________
                        $ (7,238,860) $    (640,184) $  (442,098)
                        ============  =============  ===========

Net loss per unit of
  limited partnership
  interest (96,472
  units outstanding)    $     (74.29) $       (6.57) $     (4.54)
                        ============  =============  ===========

See notes to financial statements.

                   HIGH CASH PARTNERS, L.P.

                STATEMENT OF PARTNERS' EQUITY

       YEARS ENDED DECEMBER 31, 1995, 1996 AND 1997

                          General      Limited         Total
                         Partners'    Partners'      Partners'
                          Equity       Equity         Equity
                       ___________  ____________  ____________
Balance,
  January 1, 1995      $ (122,664)  $ 11,874,441  $ 11,751,777

Reallocation of
  partners' equity
  (Note 10)               240,182       (240,182)            -
                       __________   ____________  ____________
Balance,
  January 1, 1995
  (as restated)           117,518     11,634,259    11,751,777

Net loss - 1995            (4,421)      (437,677)     (442,098)

Distributions to
  partners($12.52
  per limited partner
  unit)                   (12,200)    (1,207,830)   (1,220,030)
                       __________   ____________  ____________

Balance,
  December 31, 1995
  (as restated)           100,897      9,988,752    10,089,649

Net loss - 1996            (6,402)      (633,782)     (640,184)

Distributions to
  partners ($12.52 per
  limited unit)           (12,200)    (1,207,830)   (1,220,030)
                       __________   ____________  ____________

Balance,
  December 31, 1996
  (as restated)            82,295      8,147,140     8,229,435

Net loss - 1997           (72,389)    (7,166,471)   (7,238,860)
                       __________   ____________  ____________
Balance,
  December 31, 1997    $    9,906   $    980,669  $    990,575
                       ==========   ============  ============
See notes to financial statements.

                    HIGH CASH PARTNERS, L.P.

                    STATEMENTS OF CASH FLOWS

                                   Year ended December 31,
                           _____________________________________
                               1997        1996          1995
                           ___________  ___________  ___________
INCREASE (DECREASE) IN
  CASH AND CASH EQUIVALENTS

Cash flows from operating
  activities
    Net loss               $(7,238,860) $  (640,184) $  (442,098)
    Adjustments to
      reconcile net loss
      to net cash provided
      by operating
      activities
        Write-down for
          impairment         6,475,500            -            -
        Deferred interest
          expense            1,848,616    1,661,146    1,482,544
        Depreciation and
          amortization         495,094      478,846      476,282
        Other assets                 -       10,346       13,180
    Changes in assets and
      liabilities
        Tenant receivables      49,192       77,679     (127,933)
        Other assets            (7,330)     (13,048)     (20,912)
        Prepaid real estate
          taxes                      -       59,393         (611)
        Prepaid insurance
          premiums              43,883      (31,037)       3,857
        Accounts payable and
          accrued expenses       2,160       35,190       18,817
        Due to affiliates      (75,927)      (2,053)      (5,625)
        Tenant's security
          deposits payables       (680)        (400)       1,983
                           ___________  ___________  ___________

             Net cash pro-
               vided by
               operating
               activities    1,591,648    1,635,878    1,399,424
                           ___________  ___________  ___________




Cash flows from investing
  activities
    Additions to real
      estate                    (9,167)     (48,559)     (17,000)
                           ___________  ___________  ___________
Cash flows from financing
  activities
    Distributions to
    partners                  (305,007)  (1,220,030)  (1,218,081)
                           ___________  ___________  ___________

Net increase in cash and
  cash equivalents           1,277,474      367,289      164,343

Cash and cash equivalents,
  beginning of year          1,774,565    1,407,276    1,242,933
                           ___________  ___________  ___________

Cash and cash equivalents,
  end of year              $ 3,052,039  $ 1,774,565  $ 1,407,276
                           ===========  ===========  ===========



























See notes to financial statements


                     HIGH CASH PARTNERS, L.P.

                  NOTES TO FINANCIAL STATEMENTS

          YEARS ENDED DECEMBER 31, 1997, 1996 AND 1995

1    ORGANIZATION

     High Cash Partners, L.P. (formerly High Income Partners L.P.
     - Series 87) (the "Partnership") was formed in May 1986
     pursuant to the Delaware Revised Uniform Limited Partnership
     Act for the purpose of acquiring and operating real estate.
     The Partnership will terminate on December 31, 2030 or
     sooner, in accordance with its Amended and Restated
     Agreement of Limited Partnership (the "Limited Partnership
     Agreement").  The Partnership filed a Form S-11 registration
     statement with the Securities and Exchange Commission, which
     became effective on June 29, 1988, covering an offering of
     400,000 limited partnership units (subject to increase, if
     the Underwriter exercised its right to sell an additional
     200,000 units) at $250 per unit.

     The Partnership's public offering terminated on June 29,
     1990, at which time the Partnership had accepted
     subscriptions for 77,901 limited partnership units
     (including those units sold to the initial limited partner)
     for aggregate net proceeds of $17,284,566 (gross proceeds of
     $19,475,250, less organization and offering costs
     aggregating $2,190,684).  The Partnership received $2,500
     and $1,000 for contributions to the Partnership from the
     initial limited partner and the general partners,
     respectively.  The Partnership had committed 100% of its net
     proceeds available for investment to the Sierra Marketplace
     acquisition, a retail shopping center.

     The Partnership sold 18,571 unregistered limited partnership
     units to Integrated Resources, Inc. ("Integrated"), the
     former parent of the original Managing General Partner of
     the Partnership, for aggregate net proceeds of $4,120,441
     (gross proceeds of $4,642,750, less organization and
     offering costs aggregating $522,309).  Simultaneously,
     Integrated sold these units to the Partnership's three bank
     creditors.  The sale of the aforementioned units, effective
     January 1, 1991, was part of a transaction that enabled the
     Partnership to repay its unsecured loans on December 19,
     1990.





                     HIGH CASH PARTNERS, L.P.

                  NOTES TO FINANCIAL STATEMENTS

          YEARS ENDED DECEMBER 31, 1997, 1996 AND 1995


2    SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

     Leases

     The Partnership accounts for its leases under the operating
     method.  Under this method, revenue is recognized as rentals
     become due, except for stepped leases, where revenue is
     recognized on a straight-line basis over the life of the
     lease.

     Depreciation

     Depreciation is computed using the straight-line method over
     the estimated useful life of the property, which is
     approximately 40 years.   The cost of the property
     represents the initial cost of the property to the
     Partnership plus acquisition and closing costs.  Repairs and
     maintenance are charged to operations as incurred.

     Write-down for impairment

     A write-down for impairment is recorded based upon a
     quarterly review of the property in the Partnership's
     portfolio.  Real estate property is carried at the lower of
     depreciated cost or estimated fair value.  In performing
     this review, management considers the estimated fair value
     of the property based upon undiscounted future cash flows,
     as well as other factors, such as the current occupancy, the
     prospects for the property and the economic situation in the
     region where the property is located.  Because this
     determination of estimated fair value is based upon future
     economic events, the amounts ultimately realized upon a
     disposition may differ materially from the carrying value.

     A write-down is inherently subjective and is based upon
     management's best estimate of current conditions and
     assumptions about expected future conditions.  The
     Partnership may provide for write-downs in the future and
     such write-downs could be material.





                     HIGH CASH PARTNERS, L.P.

                  NOTES TO FINANCIAL STATEMENTS

          YEARS ENDED DECEMBER 31, 1997, 1996 AND 1995


     Financial statements

     The financial statements include only those assets,
     liabilities and results of operations that relate to
     the business of the Partnership.

     Cash and cash equivalents

     For the purpose of the statements of cash flows, the
     Partnership considers all short-term investments that have
     original maturities of three months or less to be cash
     equivalents.

     Substantially all the Partnership's cash and cash
     equivalents are held at one financial institution.

     Fair value of financial instruments

     The fair value of financial instruments is determined by
     reference to market data and other valuation techniques as
     appropriate.  The Partnership's financial instruments
     include cash and cash equivalents and a mortgage loan
     payable.  Unless otherwise disclosed, the fair value of
     financial instruments approximates their recorded values.

     Net loss and distributions per unit of limited partnership
     interest

     Net loss and distributions per unit of limited partnership
     interest are computed based upon the number of units
     outstanding (96,472) during the years ended December 31,
     1997, 1996 and 1995.

     Income taxes

     No provisions have been made for federal, state and local
     income taxes, since they are the personal responsibility of
     the partners.

     The income tax returns of the Partnership are subject to
     examination by federal, state and local taxing authorities.
     Such examinations could result in adjustments to Partnership


                     HIGH CASH PARTNERS, L.P.

                  NOTES TO FINANCIAL STATEMENTS

          YEARS ENDED DECEMBER 31, 1997, 1996 AND 1995


     losses, which could affect the income tax liability of the
     individual partners.

     Recently issued accounting pronouncements

     The Financial Accounting Standards Board has recently issued
     several new accounting pronouncements. Statement No. 128,
     "Earnings per Share", established standards for computing
     and presenting earnings per share, and became effective for
     financial statements for both interim and annual periods
     ending after December 15, 1997. Statement No. 129,
     "Disclosure of Information about Capital Structure",
     established standards for disclosing information about an
     entity's capital structure, and became effective for
     financial statements for periods ending after December 15,
     1997. Statement No. 130, "Reporting Comprehensive Income",
     establishes standards for reporting and display of
     comprehensive income and its components, and is effective
     for fiscal years beginning after December 15, 1997.
     Statement No. 131, "Disclosures about Segments of an
     Enterprise and Related Information", establishes standards
     for the way that public business enterprises report
     information about operating segments in annual financial
     statements and requires that those enterprises report
     selected information about operating segments in interim
     financial reports issued to shareholders. It also
     established standards for related disclosures about products
     and services, geographic areas and major customers, and is
     effective for financial statements for periods beginning
     after December 15, 1997.

     Management of the Partnership does not believe these new
     standards have, or will have, a material effect on the
     Partnership's reported operating results, per unit amounts,
     financial position or cash flows.

     Reclassifications

     Certain reclassifications have been made to the financial
     statements shown for the prior years in order to conform to
     the current year's classifications.




                     HIGH CASH PARTNERS, L.P.

                  NOTES TO FINANCIAL STATEMENTS

          YEARS ENDED DECEMBER 31, 1997, 1996 AND 1995


     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.

3    CHANGE IN GENERAL PARTNER OWNERSHIP, CONFLICTS OF INTEREST
     AND TRANSACTIONS WITH RELATED PARTIES

     Until June 13, 1997, the Managing General Partner of the
     Partnership was Resources High Cash, Inc. ("RHC").  RHC was,
     until November 3, 1994, a wholly-owned subsidiary of
     Integrated, at which time, pursuant to the consummation of
     Integrated's Plan of Reorganization, substantially all the
     assets of Integrated, but not the stock of RHC, were sold to
     Presidio Capital Corp. ("Presidio").  RHC is a wholly-owned
     subsidiary of XRC Corp. ("XRC"), which is a subsidiary of
     Presidio.  The other general partner of the Partnership was,
     until June 13, 1997, Presidio AGP Corp. ("AGP"), a Delaware
     Corporation that is a wholly-owned subsidiary of Presidio.
     Presidio also is the parent of other entities that were, or
     may have been, engaged in businesses that may have been in
     competition with the Partnership.  Accordingly, conflicts of
     interest may have arisen between the Partnership and such
     other businesses.

     A partnership affiliated with the predecessor General
     Partners, Resources Accrued Mortgage Investors 2 L.P. ("RAM
     2"), whose managing general partner is owned by Presidio,
     made a zero coupon first mortgage loan to the Partnership
     (Note 5).

     Effective April 1, 1991, Integrated purchased, in an
     arms-length transaction from an unaffiliated third party,
     8,361 limited partnership units ("Units"). Effective January
     1, 1995, pursuant to the consummation of Integrated's Plan
     of Reorganization, these units were transferred to XRC.  For


                     HIGH CASH PARTNERS, L.P.

                  NOTES TO FINANCIAL STATEMENTS

          YEARS ENDED DECEMBER 31, 1997, 1996 AND 1995


     the years ended December 31, 1996 and 1995, XRC earned
     quarterly distributions from those Units of $104,680.  No
     distributions were declared during 1997.

     On June 13, 1997, RHC and AGP sold their general partnership
     interests to Pembroke HCP LLC ("Pembroke HCP") and Pembroke
     AGP Corp. ("Pembroke AGP"), respectively.  In the same
     transaction, XRC sold its 8,361 Units to Pembroke Capital
     II, LLC, an affiliate of Pembroke HCP and Pembroke AGP.
     Subsequently, Pembroke Capital II LLC acquired beneficial
     ownership of an aggregate of an additional 1,640 Units in
     the secondary market.

     Prior to the sale of the general partnership interest in the
     Partnership to Pembroke HCP and Pembroke AGP, Wexford
     Management LLC ("Wexford") had performed management and
     administrative services for Presidio, XRC and XRC's direct
     and indirect subsidiaries, as well as for the Partnership.
     During the years ended December 31, 1997 and 1996,
     reimbursable payroll expenses paid to Wexford by the
     Partnership amounted to $17,822 and $46,226 respectively.

     The Partnership had been a party to a supervisory management
     agreement with Resources Supervisory Management Corp.
     ("Resources Supervisory"), an affiliate of RHC and AGP,
     pursuant to which Resources Supervisory performed certain
     property management functions.  Resources Supervisory
     performed such services through June 13, 1997.  Effective
     June 13, 1997, the Partnership terminated this agreement and
     entered into a similar agreement with Pembroke Realty
     Management LLC ("Pembroke Realty"), an affiliate of Pembroke
     HCP and Pembroke AGP.  A portion of the property management
     fees payable to Resources Supervisory and Pembroke Realty
     were paid to an unaffiliated management company, which had
     been engaged for the purpose of performing the property
     management functions that were the subject of the
     supervisory management agreement.  For the years ended
     December 31, 1996 and 1995, Resources Supervisory was
     entitled to receive $79,584 and $76,995, respectively, of
     which $65,364 and $56,666, respectively, was payable to the
     unaffiliated management company.  For the year ended
     December 31, 1997, Resources Supervisory and Pembroke Realty
     were entitled to receive $35,245 and $41,929, respectively;
     of these amounts, which aggregated $77,174, $64,312 was
     payable to the unaffiliated management company.  No leasing
     activity compensation was paid to Resources Supervisory or
     Pembroke Realty for the years ended December 31, 1997, 1996
     and 1995.  Current fees of $2,890 were payable to Pembroke
     Realty at December 31, 1997, which were paid in the
     subsequent quarter.

     For managing the affairs of the Partnership, the Managing
     General Partner is entitled to receive a partnership
     management fee in an annual amount equal to $301,475.  For
     each of the years ended December 31, 1996 and 1995, the
     former Managing General Partner was entitled to this fee;
     for the year ended December 31, 1997, this fee was paid to
     the former and current Managing General Partners in their
     pro-rata shares.

     The General Partners are allocated 1% of the net income or
     losses of the Partnership and are also entitled to receive
     1% of distributions.

4    REAL ESTATE

     Real estate assets represent the Partnership's sole asset.
     Sierra Marketplace, a community marketplace located in Reno,
     Nevada, was purchased by the Partnership on February 10,
     1989, and is summarized as follows:

                                          December 31,
                                 _____________________________
                                     1997              1996
                                 ____________      ___________

      Land                       $ 6,667,189       $ 8,868,859
      Building and improvements   12,800,714        17,065,377

                                  19,467,903        25,934,236
      Less accumulated
        depreciation               3,916,724         3,468,730


                                 $15,551,179       $22,465,506

     The land, building and improvements are collateralized by
     the mortgage payable.

     In performing its quarterly impairment review of the
     Property, prior management determined that the aggregate
     undiscounted cash flows from the Property over the


                     HIGH CASH PARTNERS, L.P.

                  NOTES TO FINANCIAL STATEMENTS

          YEARS ENDED DECEMBER 31, 1997, 1996 AND 1995


     anticipated holding period were below its net carrying value
     as of March 31, 1997 and, therefore, an impairment existed.
     At that time, prior management estimated the fair value of
     the Property to be approximately$15,875,000.  Consequently,
     a write-down for impairment of $6,475,500 was recorded as of
     March 31, 1997, of which $2,201,670 was allocated to land
     and $4,273,830 was allocated to building and improvements.

     Depreciation expense for the years ended December 31, 1997,
     1996 and 1995 amounted to $447,994, $452,070 and $449,1138,
     respectively.  Included in depreciation expense for the year
     ended December 31, 1997 is $87,190, which represents the net
     book value of improvements to the space formerly occupied by
     Levitz Furniture Store, which vacated its space in November
     1997.

     During 1997 and 1996, each of three tenants accounted for
     more than 10% of the Partnership's rental revenues.  Such
     tenants accounted for approximately 22%, 21% and 16% in 1997
     and 21%, 20% and 17% in 1996, with leases expiring in the
     years 2008, 2003 and 2008, respectively.  One of the three
     tenants referred to above, Levitz Furniture Store, which
     accounted for 16% and 17% of the Partnership's rental
     revenues in 1997 and 1996, respectively, filed for
     bankruptcy protection under Chapter 11 of the United States
     Bankruptcy Code in 1997 and vacated its space in November
     1997.  Levitz continues to pay rent to the Partnership,
     although such payments are expected to terminate in early
     1998.

     Minimum future rental payments receivable, excluding
     operating escalations and other charges, due from tenants
     pursuant to the terms of existing noncancellable leases as
     of December 31, 1997 are approximately as follows:










                     HIGH CASH PARTNERS, L.P.

                  NOTES TO FINANCIAL STATEMENTS

          YEARS ENDED DECEMBER 31, 1997, 1996 AND 1995


     Year ending December 31,
          1998                    $1,797,000
          1999                     1,335,000
          2000                     1,172,000
          2001                     1,065,000
          2002                     1,044,000
          Thereafter               3,540,000
                                  __________
                                  $9,953,000
                                  ==========

5    MORTGAGE LOAN PAYABLE

     The mortgage loan payable represents a zero coupon first
     mortgage loan held by RAM 2, a public limited partnership
     sponsored by affiliates of the former General Partners.  The
     mortgage loan bears interest at the rate of 11.22% per
     annum, compounded monthly.  The principal balance, along
     with deferred interest thereon, which is estimated to
     aggregate approximately $25,000,000, is due on February 28,
     2001.  The mortgage loan may not be prepaid, except in the
     event of condemnation or casualty, until after the
     expiration of the tenth year of the mortgage loan (March 1,
     1999) and then may be prepaid, in whole only, for the
     remainder of the term without penalty or premium.

     In accordance with the terms of the mortgage, additional
     interest may be payable equal to 23.9% of the appreciation
     in the value of the property after payment of a specified
     return to the Partnership. The maximum annual rate of
     interest, including the additional interest, is not to
     exceed 16% compounded annually and is due on the earlier of
     the maturity date or the date the mortgage loan is prepaid.

     Additionally, the terms of the mortgage loan require the
     Partnership to provide RAM 2 with a current appraisal of the
     property upon RAM 2's request.  If it is determined, based
     upon the requested appraisals, that the sum of (i) the
     principal balance of the mortgage loan plus all other then
     outstanding indebtedness secured by the property and (ii)
     all accrued and unpaid interest on the mortgage loan at
     6.22% per annum, compounded monthly (that sum, the


                     HIGH CASH PARTNERS, L.P.

                  NOTES TO FINANCIAL STATEMENTS

          YEARS ENDED DECEMBER 31, 1997, 1996 AND 1995


     "Measurement Amount"), exceeds 85% of the appraised value,
     an amount equal to such excess shall become immediately due
     and payable to RAM 2.  In the event that RAM 2 insisted upon
     such payment, the Partnership might not have the liquidity
     to make such payment.  In such event, the Partnership would
     attempt to negotiate terms for such payment, but could be
     forced to sell the property or seek other relief, including
     protection under the bankruptcy laws, and in any event might
     ultimately lose its investment in the property.

     To date, RAM 2 has not requested an appraisal, and there can
     be no assurance that, if the lender requests an appraisal,
     85% of the appraised value at that time will equal the
     Measurement Amount.  At December 31, 1997, the Measurement
     Amount was approximately $11,283,000, which was
     approximately $2,211,000 less than 85% of the $15,875,000
     value to which the property was written down in the first
     quarter of 1997.  As interest on the mortgage accrues, the
     Measurement Amount will increase, and, therefore, unless the
     property increases sufficiently from the value to which it
     was written down in the first quarter of 1997, the
     Measurement Amount eventually will exceed 85% of the
     appraised value of the  property.

6    DISTRIBUTIONS PAYABLE

     Distributions payable are as follows:

                                      December 31,
                                   __________________
                                    1997       1996
                                   _______   ________
     Limited partners              $      -  $301,957
     General partners                     -     3,050
                                   ________  ________
                                   $      -  $305,007
                                   ========  ========







                     HIGH CASH PARTNERS, L.P.

                  NOTES TO FINANCIAL STATEMENTS

          YEARS ENDED DECEMBER 31, 1997, 1996 AND 1995


7    DUE TO AFFILIATES

     The amounts due to affiliates are as follows:

                                       December 31,
                                   __________________
                                    1997       1996
                                   ________  ________

     Partnership Management Fee    $      -  $ 75,368
     Supervisory Management Fee       2,899     3,449
                                   ________  ________
                                   $  2,890  $ 78,817
                                   ========  ========

     Amounts due to affiliates were paid in the quarters
     subsequent to December 31, 1997 and 1996, respectively.

8    RECONCILIATION OF NET LOSS AND NET ASSETS PER FINANCIAL
     STATEMENTS TO TAX BASIS

     The Partnership files its tax return on an accrual basis.
     The Partnership has computed depreciation for tax purposes
     using the Modified Accelerated Cost Recovery System, which
     is not in accordance with generally accepted accounting
     principles.  A reconciliation of net loss per financial
     statements to the tax basis of accounting is as follows:

                              Year ended December 31,
                           __________________________________
                               1997       1996         1995
                           ___________  _________   _________
Net loss per financial
  statements               $(7,238,860) $(640,184)  $(442,098)
Write-down for impairment    6,475,500          -           -
Tax depreciation in excess
 of financial statement
depreciation                   (76,908)   (87,846)    (89,976)
                           ___________  _________   _________
Net loss per tax basis       $(840,268) $(728,030)  $(532,074)
                           ===========  =========   =========



                     HIGH CASH PARTNERS, L.P.

                  NOTES TO FINANCIAL STATEMENTS

          YEARS ENDED DECEMBER 31, 1997, 1996 AND 1995


     The differences between the Partnership's net assets per
     financial statements and the tax basis of accounting are as
     follows:

                                       December 31,
                                  _______________________
                                   1997           1996
                                  __________   __________
Net assets per financial
statements                        $990,575     $8,229,435
Cumulative tax depreciation
 in excess of financial
 statement depreciation           (755,945)      (679,037)
Write-down for impairment        6,475,500              -
Syndication costs                2,712,993      2,712,993
                                __________    ___________
Net assets per tax basis        $9,423,123    $10,263,391
                                ==========    ===========

9    LEVITZ BANKRUPTCY

     Until November 1997, Levitz Department Store ("Levitz") had
     occupied approximately 23% of the space at the property
     (i.e., approximately 53,000 out of approximately 233,000
     square feet of net leasable area).  Rent under the lease for
     each of 1997, 1996 and 1995 was approximately $412,000,
     which was approximately 16% of the Partnership's total
     rental income revenues in each such period.  In November
     1997, Levitz, which had filed for protection under Chapter
     11 of the Bankruptcy Code, vacated its space; Levitz
     continues to pay rent under the lease, although such
     payments are expected to terminate in early 1998.

     The vacancy at the Levitz space will result in a loss of
     income upon the cessation of rent payments by Levitz, which
     is expected to occur during 1998.  The vacancy may adversely
     affect the surrounding tenants, particularly in light of the
     limited visibility those tenants have to the main
     thoroughfare.  The Partnership is actively seeking a
     substitute tenant.  However, there can be no assurance that
     the Partnership will succeed in finding a substitute tenant
     promptly or on terms comparable to those under the Levitz


                     HIGH CASH PARTNERS, L.P.

                  NOTES TO FINANCIAL STATEMENTS

          YEARS ENDED DECEMBER 31, 1997, 1996 AND 1995


     lease.  In addition, if a substitute tenant is obtained,
     the Partnership expects to make substantial expenditures in
     order to secure the substitute tenant and in connection with
     the new lease.

10   PARTNERS EQUITY

     The General Partners hold a 1% equity interest in the
     Partnership.  However, at the inception of the Partnership,
     the General Partners' equity account was credited with only
     the actual capital contributed in cash, $1,000.  The
     Partnership's management determined that this accounting
     does not appropriately reflect the Limited Partners' and the
     General Partners' relative participations in the
     Partnership's net assets, since it does not reflect the
     General Partners' 1% equity interest in the Partnership.
     Thus, the Partnership has restated its financial statements
     to reallocate $240,182 (1% of the gross proceeds raised at
     the Partnership's formation) of the partners' equity to the
     General Partners' equity account.  This reallocation was
     made as of the inception of the Partnership and all periods
     presented in the financial statements have been restated to
     reflect the reallocation.  The reallocation has no impact on
     the Partnership's financial position, results of operations,
     cash flows, distributions to partners, or the partners' tax
     basis capital accounts.
















<TABLE>




                    HIGH CASH PARTNERS, L.P.

                    Schedule II - VALUATION AND QUALIFYING ACCOUNTS

                              ADDITIONS
                              _________
               Balance at   Charges to  Charged to             Balance at
              Beginning of   Cost and     Other                  End of
Description     Period       Expenses     Accounts  Deductions   Period
___________   ____________  _________   __________  __________  _________
<S>            <C>          <C>             <C>       <C>        <C>
Year ended
December 31,
1997
    Sierra
    Marketplace

    Reno,
    Nevada     $        -   $ 6,475,500(A)  $      -  $       -  $6,475,500
               ==========   ==============  =========  ========  ==========


(A)Represents an allowance for impairment provided on the Sierra
Marketplace property during 1997.


























                    HIGH CASH PARTNERS, L.P.

     Schedule III - REAL ESTATE AND ACCUMULATED DEPRECIATION

          Initial Cost (1)            Costs Capitalized

                                          Building
                    Encum-                and           Improve- Carrying
  Description      brances      Land      Improvements  ments      Cost
<S>               <C>          <C>         <C>          <C>       <C>
Sierra Market-
 place Retail
 Shopping Center
  Reno, Nevada    $17,540,481  $8,868,859  $16,494,467  $580,077  $      -
                  ___________  __________  ___________  ________  ________


                                        Year ended December 31,
                                   1995          1996          1997

(A) RECONCILIATION OF REAL
    ESTATE OWNED
<S>                               <C>            <C>           <C>
Balance at beginning of year      $25,868,677    $25,885,677   $25,934,236

Subtractions during year                    -              -     6,475,500
Write-down for impairment
                                  ___________    ___________   ___________
                                   25,868,677     25,885,677    19,458,736

Additions during year
  improvements                         17,000         48,559         9,167
                                  ___________    ___________   ___________
Balance at end of year            $25,885,677    $25,934,236   $19,467,903
                                  ___________    ___________   ___________


                                        Year ended December 31,
                                   1995          1996          1997

(B) RECONCILIATION OF ACCUMU-
    LATED DEPRECIATION
<S>                                <C>            <C>           <C>
Balance at beginning of year       $2,567,522     $3,016,660    $3,468,730

Additions during the year
  Depreciation                        449,138        452,070       447,994
                                  ___________    ___________   ___________
Balance at end of year             $3,016,660     $3,468,730    $3,916,724
                                  ___________    ___________   ___________

(1) The aggregate cost for income tax purposes is $25,943,405 at December
31, 1997
</TABLE>

               Gross Amount at Which Carried At

                                      Accumu-
            Building                  lated       Date of
            and Improve-              Depreci-    Construc-
Land        ments          Total      ation       tion

$6,667,189  $12,800,714  $19,467,903  $3,916,724    10/88
__________  ___________  ___________  ___________  ________


























              Life on which
             Depreciation in
              Latest Income
  Date         Statement is
Acquired        Computed

             Straight-line method
   2/89            40 years
_________     ____________________










































PART III

Item 10.  Directors and Executive Officers of Registrant

The Partnership has no officers or directors.  Pembroke HCP, LLC,
the Managing General Partner, manages and controls substantially
all the Partnership's affairs and has general responsibility and
ultimate authority in all matters affecting its business.
Pembroke AGP Corp., the Associate General Partner, in its
capacity as such, does not devote a material amount of time or
attention to the Partnership's affairs.

Based on a review of the filings under Section 16(a) of
Securities Exchange Act of 1934 (the 'Act'), none of the Managing
General Partner, the sole member or the officers of the Managing
General Partner or beneficial owners of more than 10% of the
Units failed to file on a timely basis reports required by
Section 16(a) of the Act during 1997 or prior years.

Lawrence J. Cohen, age 42, is, and for more than five years has
been, the sole shareholder and director of Pembroke Companies,
Inc., which is the sole member and the manager of each of the
Managing General Partner and the Associate General Partner.
Pembroke Companies, Inc. is a privately-held investment
management company, which makes investments in, and provides
management services to, a variety of real estate-related
businesses.


Item 11.  Executive Compensation

The Partnership is not required to pay, and has not paid, the
officers, the manager or the sole member of the Managing General
Partner or the Associate General Partner, or the officers or
directors of the sole member of the Managing General Partner or
the Assistant General Partner.  Certain officers and directors of
the former managing general partner of the Partnership received
compensation from the former managing general partner or its
affiliates (but not from the Partnership) for services performed
for various affiliated entities, which may have included services
performed for the Partnership; in addition, certain individuals
affiliated with the Managing General Partner receive compensation
from the Managing General Partner or its affiliates (but not from
the Partnership) for services performed for various affiliated
entities, which may have included services for the Partnership.
See Item 13, "Certain Relationships and Related Transactions"
below.


Item 12.  Security Ownership of Certain Beneficial Owners and
Management

Pembroke Capital II, LLC ("PC") and Equity Resources Fund XIV
Limited Partnership ("ERF") are the only persons known by the
Partnership to be the beneficial owners of more than 5% of the
Units.  According to Schedule 13Ds PC and ERF have filed with the
Securities and Exchange Commission, PC and ERF beneficially own
8,433 Units and 8,998 Units, respectively, which are 8.7% and
9.3%, respectively, of the outstanding Units.  Lawrence J. Cohen
has advised the Partnership that PC subsequently acquired
beneficial ownership of an aggregate of an additional 1,568 Units
in the secondary market.  Mr. Cohen is the sole member of PC,
and, therefore, he may be deemed to be the beneficial owner of
PC's 10,001 Units (i.e., 10.4% of the outstanding Units).  See
Item 10, 'Directors and Executive Officers of Registrant' above.
The address of each of PC and Mr. Cohen is Pembroke Companies,
Inc., 1325 Avenue of the Americas, Suite 1200, New York, New York
10019.  The address of ERF is 14 Story Street, Cambridge,
Massachusetts 02138.

Item 13.  Certain Relationships and Related Transactions

During 1997, the General Partners, their predecessors and their
respective affiliates received compensation or payments for
services from or with respect to the Partnership as follows:

          Name           Capacity in Which Served Compensation

Resources High Cash, Inc. Managing General Partner   $135,830(1)
Resources Supervisory     Affiliated Supervisory
  Management Corp.        Management Company         $ 35,245(2)
Presidio AGP Corp.        Associate General Partner  $      -(3)
Pembroke HCP, LLC         Managing General Partner   $165,645(4)
Pembroke AGP, LLC         Associate General Partner  $      -(3)
Pembroke Realty           Supervisory Property
 Management LLC           Manager                    $ 41,929(5)

(1)  Represents a partnership management fee earned by Resources
     High Cash, Inc.  Under the Partnership's Partnership
     Agreement, .99% of the net income and net loss of the
     Partnership is allocated to the Managing General Partner.
     For 1997, $3,818 of the Partnership's tax loss was allocated
     to Resources High Cash, Inc.

(2)  This amount was earned pursuant to a supervisory management
     agreement with the Partnership for performance of certain
     functions related to property management.  Of this amount,
     $29,660 was paid to CB Commercial, an unaffiliated property
     management company that performed services for Resources
     Supervisory Management Corp.

(3)  Under the Partnership Agreement, .01 % of the Partnership's
     net income or net loss is allocated to the Associate General
     Partner.  For 1997, $39 of the Partnership's tax loss was
     allocated to Presidio AGP Corp.

(4)  Represents a partnership management fee earned by the
     Managing General Partner.  Under the Partnership's
     Partnership- Agreement, .99% of the net income and net loss
     of the Partnership is allocated to the Managing General
     Partner.  For 1997, $3,818 of the Partnership's tax loss was
     allocated to the Managing General Partner.

(5)  This amount was earned pursuant to a supervisory management
     agreement with the Partnership for performance of certain
     functions related to property management.  Of this amount,
     $34,649 was paid to CB Commercial, an unaffiliated property
     management company that performed services for Pembroke
     Realty Management LLC.





























PART IV

Item 14.  Exhibits, Financial Statement Schedules, and Reports on
Form 8-K

(a)(1)    Financial Statements: See "Index to Financial
          Statements" in Item 8 above.

(a)(2)    Financial Statement Schedules: See "Index to Financial
          Statements" in Item 8 above.

(a)(3)    Exhibits:

3.   (a)  Second Amended and Restated Partnership Agreement
          ("Partnership Agreement") of Registrant, incorporated
          by reference to Exhibit 3D to Amendment No. 2 to
          Registrant's Registration Statement on Form S-11 filed
          on June 24, 1988 (Reg.  No. 33-6412) (hereinafter the
          "Form S-11").

     (b)  Amended and Restated Certificate of Limited Partnership
          of Registrant, incorporated by reference to Exhibit 3C
          to the Form S-11.

     (c)  Amendment to Partnership Agreement, incorporated by
          reference to Supplement No. I dated August 19, 1988 to
          Registrant's Prospectus filed pursuant to Rules 424(b)
          and 424(c) (Reg.  No. 33-6412).

10.  (a)  Management Services Agreement between Registrant and
          Resources Property Management Corp., incorporated by
          reference to Exhibit 1 OB to Amendment No. 2 to the
          Form S-1 1.

     (b)  Acquisition and Disposition Services Agreement among
          Registrant, Realty Resources Inc., and Resources High
          Cash, Inc., incorporated by reference to Exhibit 10.(b)
          of Registrant's Report on Form 10-K for the year ended
          December 31, 1988 (hereinafter the " 1988 10-K").

     (c)  Agreement among Resources High Cash, Inc., Integrated
          Resources, Inc. and Fourth Group Partners, incorporated
          by reference to Exhibit 1 0.(c) of the 1988 10-K.

     (d)  Agreement of Purchase and Sale between Sierra Virginia,
          Inc. and Nevada Corp., incorporated by reference to
          Exhibit 10A to Registrant's Form 8 with respect to
          Registrant's current report on Form 8-K dated February
          10, 1989.

     (e)  Registered Note by Registrant to RAM 2 in connection
          with the purchase of Sierra Marketplace, incorporated
          by reference to Exhibit I0B to Registrant's Form 8 with
          respect to Registrant's current report on Form 8-K
          dated February 10, 1989, incorporated by reference to
          Exhibit 10(f) of Registrant's Report on Form 10-K for
          the year ended December 31, 1989 (hereinafter the " 1
          989 10-K").

     (f)  Settlement Agreement, dated October 17, 1990 among
          Registrant, Integrated, First Interstate Bank of Denver
          N.A., First Interstate Bank of Washington, N.A. and
          First American National Bank, Incorporated,
          incorporated by reference to Exhibit 10(a) to
          Registrant's Current Report on Form 8-K dated December
          19, 1990.

     (g)  Supervisory Management Agreement dated as of November
          1, 1991 between Registrant and Resources Supervisory
          Management Corporation incorporated by reference to
          Exhibit 10 (g) to Registrant's Report on Form 1 O-K for
          the year ended December 31, 199 1.

     (h)  Management Agreement dated as of November 1, 1991 among
          Registrant, Resources Supervisory Management Corp. and
          CB Commercial Real Estate Group, Inc., incorporated by
          reference to Exhibit 10(h) to Registrant's Report on
          Form 10-K for the year ended December 31, 1991.

     (i)  Exclusive Leasing Listing Agreement dated as of January
          1, 1993 between Resources Supervisory Management Corp.
          and CB Commercial Real Estate Group, Inc., incorporated
          by reference to Exhibit 10(i) to Registrant's Report on
          Form 10-K for the year ended December 31, 1993.

     (j)  First Amendment to Exclusive Leasing Listing Agreement
          dated as of January 1, 1994 between Resources
          Supervisory Management Corp. and CB Commercial Real
          Estate Group, Inc., incorporated by reference to
          Exhibit 100) to Registrant's Report on Form 10-K for
          the year ended December 31, 1993.

     (k)  Second Amendment to Management Agreement dated as of
          January 1, 1994 between Resources Supervisory
          Management Corp. and CB Commercial Real Estate Group,
          Inc., incorporated by reference to Exhibit 10(k) to
          Registrant's Report on Form 10-K for the year ended
          December 31, 1993.


(b)       Report on Form 8-K:

          Registrant filed the following reports on Form 8-K
          during the last quarter of the fiscal year:

          None.













































                              SIGNATURES


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

                              HIGH CASH PARTNERS, L.P.

                              By:  Pembroke HCP, LLC
                                   Managing General Partner


Dated:  March 31, 1998        By:  Pembroke Companies, Inc.
                                   Managing Member


                              By:  /s/ Lawrence J. Cohen
                                   Lawrence J. Cohen


Pursuant to the requirements of the Securities Exchange Act of
1934, this report has been signed below by the following persons
on behalf of Registrant and in the capacities (with respect to
the Managing General Partner) and on the date indicated.


Dated:  March 31, 1998        By:  /s/ Lawrence J. Cohen
                                   Lawrence J. Cohen