SECURITIES AND EXCHANGE COMMISSION
     
     Washington, DC 20549
     
     FORM 10-Q
     
     Quarterly Report Under Section 13 or 15(d) of the
     Securities Exchange Act of 1934
     
     
     For Quarter Ended September 30, 1995
     Commission File Number:  0-14453
     
     
     National Real Estate Limited Partnership
     Income Properties                       
     (Exact name of registrant as specified in its charter)
     
     
     
     Wisconsin
     (State or other jurisdiction of
     incorporation or organization)
     
     39-1503893
     (I.R.S. Employer Identification Number)
     
     
     9800 West Bluemound Road, 
     Wauwatosa, Wisconsin  53226-4353
     (Address of principal executive offices)
     (zip code)
     
     
     
     Registrant's telephone number, including area code:
     (414) 453-3498
     
     N/A
     Former name, address and fiscal year if changed since
     last report.
     
     
     
     
     Indicate by check mark whether the registrant (1) has
     filed all reports required to be filed by Sections 13
     or 15(d) of the Securities Exchange Act of 1934 during
     the preceding 12 months (or for such shorter period
     that the registrant was required to file such reports)
     and (2) has been subject to such filing requirements
     for the past 90 days.
     
     
     
     (X)     Yes        No
     
          <PAGE>
NATIONAL REAL ESTATE LIMITED 
     PARTNERSHIP INCOME PROPERTIES
     
     
     
     
     INDEX
     
     
     
     
                                                   Page
     
     PART I. FINANCIAL INFORMATION
     
     Balance Sheet (unaudited) - September 30, 1995
     and December 31, 1994 . . . . . . . . . . . . . .2
     
     Statement of Operations (unaudited) -
     Three months and nine months ended 
     September 30, 1995 and 1994 . . . . . . . . . . .3
     
     Statements of Cash Flows (unaudited) -
     Nine months ended September 30, 1995 and 1994 . .4
     
     Notes to Financial Statements (unaudited) . . .5-6
     
     Management's Discussion and Analysis of
     Financial Condition and Results of Operation. .7-8
     
     PART II. OTHER INFORMATION AND SIGNATURES . . 9-10
     
     
          <PAGE>
     PART I.  FINANCIAL INFORMATION
     
     NATIONAL REAL ESTATE LIMITED PARTNERSHIP - IP
     (A Wisconsin Limited Partnership)
     Balance Sheet
     (Unaudited)
     
                 September 30,       December 31,
                      1995                1994
     ASSETS
     
     Current Assets
          Cash             $539,129       $409,508
          Escrow deposits and other assets (Note 4)
                      8,548          17,420
     Other Assets
          Investment properties, at cost
             Land          1,267,695      1,267,695
             Buildings and improvements
                      6,003,785      5,992,076
     
                      7,271,480      7,259,771
     
             Less accumulated depreciation
                      1,871,516      1,718,173
     
                      5,399,964      5,541,598
     
                      $5,947,641     $5,968,526
     
     LIABILITIES AND PARTNERS' CAPITAL
     
     Liabilities:
          Tenant security deposits
                      $6,242         $7,823
          Rents received in advance
                      29,363         31,530
          Accrued interest payable to 
          Individual General Partner
                      414,969        361,303
          Accrued expenses and other liabilities
                      89,808         100,687
          Note payable to Individual General
          Partner (Note 6)
                      271,020        271,020
     
                      811,402        772,363
     
     Partners' Capital (deficiency) (Note 5):
         General Partners
                      $(86,048)      $(84,252)
          Limited Partners (authorized--10,000
            Interests; outstanding--9,034.01 Interests)
                      5,243,958      5,302,086
          Less 29.86 Interests held in Treasury
                      (21,671)       (21,671)
     
                      5,136,239      5,196,163
     
                      $5,947,641     $5,968,526
     
          See notes to financial statements.
     
          <PAGE>
NATIONAL REAL ESTATE LIMITED PARTNERSHIP - IP
     (A Wisconsin Limited Partnership)
     Statement of Operations
     (Unaudited)
              Three months ended       Nine Months Ended
                 September 30,         September 30,
            1995           1994      1995      1994
     
     INCOME
          Operating income
            $228,987       $201,140  655,483   581,384
          Other income
            10,692         10,457    31,285    28,964
     
             Total Income
            239,679        211,597   686,768   610,348
     
     OPERATING EXPENSES
          Property operating expenses
            131,463        70,403    329,201   260,605
          Depreciation and amortization
            51,220         50,539    153,424   151,568
          Interest expense
            18,355         14,296    53,667    39,051
          Administrative expense
            33,671         37,275    134,808   127,796
     
             Total Expenses
            234,709        172,513   671,100   579,020
     
     Income(Loss) from operations
            4,970          39,084    15,668    31,328
     Other Income (expenses)
             Interest income
            7,111          3,212     21,875    8,069
     
             Net Income (Loss)
            $12,081        $42,296   37,543    39,397
     Net Income (Loss) attributable to
             General Partners (3%)
            $362           $1,269    1,126     1,182
     Net Income (Loss) attributable to
             Limited Partners (97%)
            $11,719        $41,027   36,417    38,215
             Per Limited Partnership Interest
               Outstanding--9,004.15 Interests
            $1.30          $4.56     $4.04     $4.24
     
          See notes to financial statements.   
     
          <PAGE>
NATIONAL REAL ESTATE
     LIMITED PARTNERSHIP - IP
     (A Wisconsin Limited Partnership)
     Statement of Cash Flows
     (Unaudited)
                              Nine Months Ended
                                 September 30,
                           1995                1994 
     Operating Activities
             Net income (loss) for the period
                           $37,543             $39,397
             Adjustments to reconcile net loss to
               net cash used in operating activities:
               Depreciation     153,343             151,569
     
     
             Changes in operating assets and
               liabilities:
               Escrow deposits & other assets
                           8,872               (20,211)
               Tenant security deposits
                           (1,581)                  165
               Rents received in advance
                           (2,167)             (11,394)
               Accrued expenses and other liabilities
                           42,787              29,552
     
     
                    NET CASH PROVIDED BY (USED IN)
                           238,797             189,078
                      OPERATING ACTIVITIES
     
     
          Investing activities:
               Additions to investment property
                           (11,709)            (53,227)
     
          Financing activities:
               Distributions to partners
                           (97,468)            (97,468)
     
                    INCREASE (DECREASE) IN CASH
                           129,620             38,383
     
                    Cash at beginning of period
                           409,508             304,845
     
                     CASH AT END OF PERIOD
                           $539,128            $343,228
     
     See notes to financial statements.
     
     
          <PAGE>
NATIONAL REAL ESTATE LIMITED 
     PARTNERSHIP INCOME PROPERTIES
     (A Wisconsin Limited Partnership)
     Notes to Financial Statements
     (Unaudited)
     September 30, 1995
     
     
     1.     In the opinion of the General Partners, the
                 accompanying unaudited financial statements
                 contain all adjustments (consisting of normal
                 recurring accruals) which are necessary for a fair
                 presentation. The statements, which do not include
                 all of the information and footnotes required by
                 generally accepted accounting principles for
                 complete financial statements, should be read in
                 conjunction with the National Real Estate Limited
                 Partnership Income Properties annual report for
                 the year ended December 31, 1994. Refer to the
                 footnotes of those statements for additional
                 details on the Partnership's financial condition.
                 The operating results for the period ended
                 September 30, 1995, may not be indicative of the
                 operating results for the entire year.
     
     2.     National Real Estate Limited Partnership Income
                 Properties (the "Partnership") was organized under
                 the Wisconsin Uniform Limited Partnership Act
                 pursuant to a Certificate of Limited Partnership
                 dated December 18, 1984, for the purpose of
                 investing in residential, commercial, and
                 industrial real properties. John Vishnevsky and
                 National Development and Investment, Inc.,
                 contributed the sum of $6,000 to the Partnership
                 as General Partners. The Limited Partnership
                 Agreement had authorized the issuance of 10,000
                 Limited Partnership Interests (the "Interests") at
                 $1,000 per Interest with the offering period
                 commencing January 31, 1985. Upon conclusion of
                 the offering in December 1986, the Partnership had
                 raised $9,024,556 in capital representing 9,034.01
                 Interests.
     
     3.     National Realty Management, Inc. (NRMI):  The
                 Partnership incurred property management fees of
                 $36,586 under an agreement with NRMI for the
                 period presented.
     
     4.     Real estate taxes are charged to operations based
                 on actual taxes paid for the prior year and are
                 adjusted for normal annual increases. Taxes for
                 Tucson Lock-It Lockers, Phoenix Lock-It Lockers,
                 Cave Creek Lock-It Lockers, and Northridge Commons
                 are being accrued monthly at $4,616, $1,831, $389,
                 and $3,844, respectively. 
     
     5.     Changes in Partners' Equity:
     
     LIMITED PARTNERS
     Quarter Ended September 30, 1995
     Partner's Equity, beginning of quarter     $5,242,083
     Distributions                                         (31,515)
     Net Income (Loss)                                     11,719
     Partners' Equity, end of quarter           $5,222,287
     
     Limited Partner's equity is net of 29.86 interests held
     in treasury of ($21,671).
     
     Quarter Ended September 30, 1994
     Partner's Equity, beginning of quarter     $5,289,464
     Distributions                                         (31,515)
     Net Income (Loss)                                     41,027
     Partners' Equity, end of quarter           $5,298,976
     
     Limited Partner's equity is net of 29.86 interests held
     in treasury of ($21,671).
     
     
     GENERAL PARTNERS
     Quarter Ended September 30, 1995
     Partner's Equity, beginning of quarter     $(85,436)
     Distributions                                         (974)
     Net Income (Loss)                                     362
     Partners' Equity, end of quarter           $(86,048)
     
     Quarter Ended September 30, 1994
     Partner's Equity, beginning of quarter     $(83,973)
     Distributions                                         (974)
     Net Income (Loss)                                     1,269
     Partners' Equity, end of quarter           $(83,678)
     
     
     TOTAL
     Quarter Ended September 30, 1995
     Partner's Equity, beginning of quarter     $5,156,647
     Distributions                                         (32,489)
     Net Income (Loss)                                     12,081
     Partners' Equity, end of quarter           $5,136,239
     
     Quarter Ended September 30, 1994
     Partner's Equity, beginning of quarter     $5,205,491
     Distributions                                         (32,489)
     Net Income (Loss)                                     42,296
     Partners' Equity, end of quarter           $5,215,298
     
     
     Limited Partner's equity is net of 29.86 
     interests held in treasury of ($21,671).
     
     
     6.     As outlined in the prospectus, the General
                 Partners agreed to make loans to the Partnership
                 up to an aggregate of 3% of the gross proceeds of
                 the offering to the extent necessary to provide
                 distributions to the limited partners at
                 annualized rates equal to 8% in 1985, 8.25% in
                 1986, and 8.5% in 1987. The loan will be repaid
                 solely from sales proceeds, with compounding
                 interest equal to the cost of their funds or 12%,
                 whichever is lower. As of September 30, 1995,
                 interest totaling $414,969 has accrued.
     
     7.     Northridge Commons' tenants pay monthly fixed rent
                 payments plus estimated charges for taxes, costs
                 of insurance premiums, administrative costs, and
                 operating expenses with respect to common areas.
     
     
          <PAGE>
NATIONAL REAL ESTATE LIMITED 
     PARTNERSHIP INCOME PROPERTIES
     (A Wisconsin Limited Partnership)
     Management's Discussion and Analysis of
     Financial Condition and Results of Operations
     September 30, 1995
     
     The Partnership currently owns and operates four
     investment properties; Tucson Lock-It Lockers, a 49,885
     net rentable square foot mini warehouse complex in
     Tucson, Arizona; Phoenix Lock-It Lockers, a 58,766 net
     rentable square foot mini warehouse complex in Phoenix,
     Arizona; a portion of Cave Creek Lock-It Lockers
     containing 8,236 of 46,028 net rentable square feet in
     Phoenix, Arizona; and Northridge Commons, a 20,700 net
     rentable square foot community shopping center in
     Milwaukee, Wisconsin.
     
     Occupancy based upon net rentable square feet for the
     third quarter averaged 98.9% for Tucson Lock-It
     Lockers; 98.4% for Phoenix Lock-It Lockers; 100% for
     Northridge Commons; and 98% for Cave Creek Lock-It
     Lockers. This compares to an average of 99% for Tucson
     Lock-It Lockers; 98.8% for Phoenix Lock-It Lockers;
     60.4% for Northridge Commons; and 99.6% for Cave Creek
     Lock-It Lockers during the same period of 1994.
     
     In order to be consistent with the current market
     prices at surrounding locker facilities rental rates
     were increased at Tucson, Phoenix, and Cave Creek
     Lock-It Lockers in April. Tucson Lock-It Lockers
     repaired the driveway and roofing. Future projects to
     be completed at Tucson Lock-It Lockers include painting
     and additional asphalt work. Improvements to Phoenix
     Lock-It Lockers included a painting and wiring project
     and also new carpeting and a new air conditioner were
     installed. Phoenix Lock-It Lockers will also be
     repaving the driveways. At Cave Creek Lock-It Lockers
     several painting projects were completed including
     painting the fence around the property and a new
     security camera system. Northridge Commons has
     resurfaced, repaired, and restriped the entire parking
     lot and all painted all of the doors.
     
     Upon the purchase of Cave Creek Lock-It Lockers, the
     Partnership entered into master lease agreements with
     the Seller, Enterprise Growth Group (EGG). The
     Partnership had been informed that EGG had been funding
     the lease payments because cash flow from the property
     had not been sufficient to cover them. EGG made only a
     partial lease payment in August, 1991 for the July
     installment and was delinquent in subsequent payments.
     The General Partners officially notified EGG of their
     default on October 17, 1991. Management of the property
     was turned over to National Realty Management, Inc. on
     November 1, 1991 in order to ensure maximization of net
     operating income to the Partnership. As of early 1992,
     the master lease agreements expired. The Partnership
     started legal proceedings relating to collection from
     EGG and its principals.
     
     Vacancies continue to plague the surrounding retail
     shopping area of Northridge Commons. Therefore
     Northridge Commons maintained the same base rent as it
     did during the same period of 1994. Cellular One signed
     a five year lease agreement for 4,738 square feet (or
     about 23% of the net rentable square footage) with
     Northridge Commons has done extensive renovations at
     their own expense including a new pylon sign. Insure
     One, a major insurance company based out of Illinois,
     entered a five (5) year lease commencing July 1, 1995,
     therefore increasing the occupancy at Northridge
     Commons to 100%. Talbots remains as the anchor tenant
     and has done well since their expansion in 1990. 
     
     NATIONAL REAL ESTATE LIMITED
     PARTNERSHIP INCOME PROPERTIES
     (A Wisconsin Limited Partnership)
     Management's Discussion and Analysis of
     Financial Condition and Results of Operations (Cont.)
     September 30, 1995
     
     During the third quarter of 1995 rental revenue for
     Tucson Lock-It Lockers, Phoenix Lock-It Lockers, and
     Cave Creek Lock-It Lockers increased compared to the
     third quarter of 1994 due to increased rental rates.
     Also during the third quarter of 1995, rental revenue
     for Northridge Commons increased compared to the third
     quarter of 1994 due to an increase in occupancy at
     Northridge Commons.
     
     Operating expenses during the third quarter of 1995
     increased compared to the operating expenses during the
     same quarter in 1994 due to a major parking lot
     project, which will be paid by the tenants at
     Northridge Commons, advertising at Tucson Lock-It, and
     other renovations at Phoenix Lock-It Lockers.
     
     The Partnership continued cash distributions to its
     partners with distributions totaling $32,489 for the
     second quarter of 1995. These distributions are
     required to be allocated 97% to Limited Partners
     ($31,515) and 3% to the General Partners ($974). 
     
          <PAGE>
PART II. OTHER INFORMATION
     
     
     
     Item 6(b). Reports on Form 8-K
     
     There were no reports on Form 8-K for the quarter ended
     September 30, 1995.
     
          <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.
     
     National Real Estate Limited Partnership
     Income Properties
     (Registrant)
     
     
     
     
     Date        /S/November 15, 1995            
     
     /S/        John Vishnevsky              
     ________________________________
     John Vishnevsky
     President and Chief Operating and
     Executive Officer
     National Development and Investment, Inc.
     Corporate General Partner
     
     
     Date       /S/November 15, 1995             
     /S/        John Vishnevsky 
     __________________________________
     John Vishnevsky
     Chief Financial and Accounting Officer
     
     Date       /S/November 15, 1995             
     Stephen P. Kotecki            
     __________________________________
     Stephen P. Kotecki
     President 
     EC Corp
     Corporate General Partner
     
     
     
     
     
     
     
     
     
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