U. S. SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, DC 20549

                                 FORM 10-QSB

(Mark One)

(  X )     QUARTERLY REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES
           EXCHANGE ACT OF 1934

     For the quarterly period ended   September 30, 1999

(     )    TRANSITION REPORT UNDER SECTION 13 OR 15(D) OF THE EXCHANGE ACT

     For the transition period from             to
     Commission File Number: 0-14453


      National Real Estate Limited Partnership Income Properties
      (Exact name of small business issuer as specified in its charter)

Wisconsin                                                 39-1503893
(State or other jurisdiction of                            (I.R.S. Employer
incorporation or organization)                      Identification Number)

              1155 Quail Court, Pewaukee, Wisconsin  53072-3703
             (Address of principal executive offices) (Zip Code)

                                (414) 695-1400
                         (Issuer's telephone number)

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - N/A - - - -

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

Check whether the issuer (1) filed all reports required to be filed by
Sections 13 or 15(d) of the Exchange Act during the past 12 months (or for
such shorter period that the registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90 days.
Yes     X   No
          NATIONAL REAL ESTATE LIMITED PARTNERSHIP INCOME PROPERTIES



                                    INDEX


                                                                        PAGE

PART I. FINANCIAL INFORMATION

  Item 1.  Financial Statements . . . . . . . . . . . . . . . . . . . . . 2

    Balance Sheet (unaudited) - September 30, 1999
        and December 31, 1998 . . . . . . . . . . . . . . . . . . . . . . 2

    Statement of Operations (unaudited) -
        Three and Nine  months ended  September 30, 1999, and 1998. . . . 3

    Statements of Cash Flows (unaudited) -
        Nine months ended September 30, 1999,  and 1998 . . . . . . . . . 4

    Statement of Changes in Partners' Equity (unaudited) -
        Nine months ended September 30, 1999 and 1998 . . . . . . . . . . 5

    Notes to Financial Statements (unaudited). . . . . . . . . . . . . . 6-7

  Item 2. Management's Discussion and Analysis or Plan of Operation .  . 8-9


PART II. OTHER INFORMATION

   Item 1. Legal Proceedings . . . . . . . . . . .  . . . . . . . . . . .10

   Item 2. Changes in Securities and Use of Proceeds  . . . . . . . . . .10

   Item 3. Defaults Upon Senior Securities  . . . . . . . . . . . . . . .10

   Item 4. Submission of Matters to a Vote of Security Holders  . . . . .10

   Item 5. Other information  . . . . . . . . . . . . . . . . . . . . . .10

   Item 6. Exhibits and Reports on Form 8-K . . . . . . . . . . . . . . 10-11
<TABLE>
<S>                                                 <C>            <C>
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements

NATIONAL REAL ESTATE LIMITED PARTNERSHIP-IP
(A Wisconsin Limited Partnership)
BALANCE SHEET
(Unaudited)

                                              September 30,     December 31,
                                                  1999             1998

ASSETS

Current Assets

        Cash                                      $794,459         $838,841

        Other Assets                                15,521           33,058


Other Assets

        Investment properties, at cost

                 Land                            1,047,695        1,047,695

                 Buildings and improvements      5,708,772        5,682,323
                                                 _________        _________



                                                 6,756,467        6,730,018



                 Less accumulated depreciation   2,720,074        2,561,582
                                                 _________        _________



                                                 4,036,393        4,168,436
                                                 _________        _________



                                                 4,846,373        $5,040,335
                                                 =========        ==========



LIABILITIES AND PARTNERS' CAPITAL



Liabilities:

  Tenant security deposits                           7,291            $6,875

  Rents received in advance                         38,280            49,033

  Accrued interest payable to Individual
   General Partner                                 751,152           689,228

  Accrued expenses and other liabilities            80,639            80,365

  Note payable to Individual General Partner       271,020           271,020
                                                  ________          ________

                                                 1,148,382         1,096,521



Partners' Capital (deficiency):

   General Partners                              ($129,194)        ($121,819)

   Limited Partners                              3,848,856         4,087,304
    (authorized-10,000 interests; outstanding-
     9,034.01 interests)

   Less 29.86 Interests held in Treasury           (21,671)          (21,671)
                                                 __________        __________



                                                 3,697,991         3,943,814
                                                 __________        __________



SEE NOTES TO FINANCIAL STATEMENTS.              $4,846,373        $5,040,335
                                                ==========        ==========
</TABLE>

<TABLE>
<S>                               <C>         <C>         <C>        <C>
NATIONAL REAL ESTATE LIMITED PARTNERSHIP-IP
(A WISCONSIN LIMITED PARTNERSHIP)
STATEMENT OF OPERATIONS
(UNAUDITED)

                               THREE MONTHS ENDED         NINE MONTHS ENDED
                                  September 30,              September 30,

                                  1999        1998           1999        1998
INCOME                            ____        ____           ____        ____

     Operating income          $228,645   $225,120       $671,322    $681,713

     Other income                33,716     30,330         74,430      78,799
                               ________   ________       ________    ________



       Total Income             262,361    255,450        745,752     760,512



OPERATING EXPENSES

  Property operating expenses   113,397    131,215        339,650     342,688

  Depreciation                   52,659     52,094        158,492     156,283

  Interest expense               14,566     24,163         61,923      70,634

  Administrative expense         59,905     44,723        166,872     145,185
                                _______    _______        _______     _______



    Total Expenses              240,527    252,195        726,937     714,790
                                _______    _______        _______     _______



INCOME (LOSS) FROM OPERATIONS    21,834      3,255         18,815     45,722

OTHER INCOME (EXPENSES)


  Interest income                11,230     12,291         32,407      31,071
                                _______    _______        _______     _______

     NET INCOME (LOSS)          $33,064    $15,546        $51,222     $76,793
                                =======    =======        =======     =======

Net Income (Loss) attribut-
able to General Partners (3%)      $992       $466         $1,537      $2,304


Net Income (Loss) attribut-
able to Limited Partners (97%)  $32,072    $15,080        $49,685     $74,489


Per Limited Partnership Interest
Outstanding-9,004.15 Interests    $3.56      $1.67          $5.52       $8.27
                                  =====      =====          =====       =====

</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
<TABLE>
<S>                                                  <C>          <C>
NATIONAL REAL ESTATE LIMITED PARTNERSHIP-IP
(A Wisconsin Limited Partnership)
Statement of Cash Flows
(Unaudited)




                                                       Nine Months Ended
                                                          September 30,

                                                        1999           1998
                                                        ____           ____
OPERATING ACTIVITIES

  Net income (loss) for the period                   $51,222
  Adjustments to reconcile net income (loss) to

  Net cash used in operating activities:

  Depreciation                                       158,491        156,283



  Changes in operating assets and liabilities:

    Escrow deposits & other assets                    17,538         (3,759)

    Tenant security deposits                             416          1,345

    Rents received in advance                        (10,753)         6,269

    Accrued expenses and other liabilities            62,197         72,997
                                                     _______        _______



  NET CASH PROVIDED BY OPERATING ACTIVITIES          279,111        309,928



INVESTING ACTIVITIES:

  Additions to investment property                   (26,449)             0



FINANCING ACTIVITIES:

  Distributions to partners                         (297,044)      (232,066)
                                                    ________       ________



  INCREASE (DECREASE) IN CASH                        (44,382)        77,862



  CASH AT BEGINNING OF PERIOD                        838,841        790,168
                                                    ________       ________



  CASH AT END OF PERIOD                             $794,459       $868,030
                                                    ========       ========



SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>


          NATIONAL REAL ESTATE LIMITED PARTNERSHIP INCOME PROPERTIES
                      (A WISCONSIN LIMITED PARTNERSHIP)
                  STATEMENT OF CHANGES IN PARTNERS' EQUITY:
                                 (UNAUDITED)
                              SEPTEMBER 30, 1999

                                        Limited      General
                                        Partners     Partners    Total
                                        ________     ________    _____

Nine Months Ended September 30, 1999
____________________________________

Partner's Equity, beginning of year     $4,065,633  ($121,819)   $3,943,814
Distributions                             (288,133)    (8,911)     (297,043)
Net Income (Loss)                           49,685      1,537        51,222
                                        __________  _________    __________

Partners' Equity, ending                $3,827,185  ($129,193)   $3,697,991
                                        ==========  ==========   ==========


Limited Partner's equity is net of 29.86 interests held in treasury ($21,671)
____________________________________________________________________________


Nine Months Ended September 30, 1998
____________________________________
Partner's Equity, beginning of year     $4,291,914  ($114,820)   $4,177,094
Distributions                             (225,104)    (6,962)     (232,066)
Net Income (Loss)                           74,489      2,304        76,793
                                        ___________ __________   ___________

Partners' Equity, ending                $4,141,299  ($119,478)   $4,021,821
                                        ==========  ==========   ==========


Limited Partner's equity is net of 29.86 interests held in treasury of
______________________________________________________________________
     ($21,671).
     __________



          NATIONAL REAL ESTATE LIMITED PARTNERSHIP INCOME PROPERTIES
                      (A WISCONSIN LIMITED PARTNERSHIP)
                        NOTES TO FINANCIAL STATEMENTS
                                 (UNAUDITED)
                              SEPTEMBER 30, 1999


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, 1998. 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, 1999, 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 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 $40,219.46 under an agreement with NRMI,
     affiliated with the General Partners, for the period represented.

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 $5,635,
     $2,229, $525, and $2,157, respectively.

5.   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 1999, interest totaling
     $762,626 has accrued.

6.   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.

7.   In accordance with FASB Statement No. 121, "Accounting for the
     Impairment of Long-Lived Assets and for Long-Lived Assets to be
     Disposed Of," the Partnership records impairment losses on long-lived
     assets used in operations when events and circumstances indicate that
     the assets might be impaired and the undiscounted cash flows estimated
     to be generated by those assets are less than the carrying amounts of
     those assets. During 1996, the Partnership determined that an
     impairment to the asset value of a retail shopping center known as
     Northridge Commons had occurred, resulting from the loss of a
     significant anchor tenant and deteriorating market conditions caused by
     an economically depressed area where the property is located. Based on
     these factors, the Partnership wrote down assets with a carrying value
     of approximately $1,880,000 by $785,000 to their estimated fair value.
     Fair value was based on estimated future cash flows to be generated
     from the property, discounted at a market rate of interest.

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

          NATIONAL REAL ESTATE LIMITED PARTNERSHIP INCOME PROPERTIES
                      (A WISCONSIN LIMITED PARTNERSHIP)
                FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1999

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.

National Real Estate Limited Partnership Income Properties-II ("NRELPIP-II")
owns the remaining portion of Cave Creek Lock-It-Lockers. NRELPIP-II is a
Wisconsin limited partnership, affiliated with the General partners.

Occupancy based upon net rentable square feet for the nine months ended
September 30, 1999 averaged 94.62% for Tucson Lock-It Lockers; 91.8% for
Phoenix Lock-It Lockers; 87.92% for Northridge Commons; and 91.76% for Cave
Creek Lock-It Lockers. This compares to an average of 96.55% for Tucson
Lock-It Lockers; 95.45% for Phoenix Lock-It Lockers; 88.32% for Northridge
Commons; and 93.86% for Cave Creek Lock-It Lockers during the same period of
1998.

The Competition Study and information gathered from the Arizona Mini-Storage
Association show the greater Tucson area occupancy of just slightly over 95%
occupied for Tucson Lock-It Lockers area and  91% to 92% occupied for the
Phoenix Lock-It Lockers and Cave Creek Lock-It Lockers area. The market
continues to soften in the Phoenix area due to the over-building of self
storage facilities within a 5-mile radius of the properties.

Rental rates for 1999 for Phoenix Lock-It Lockers ranged from $35.00 to
$235.00. The market rental rates have remained the same since the third
quarter of 1997. Rental incentives are offered on selected locker sizes.

Cave Creek rental rates currently range from $10.00 to $165.00 for the third
quarter of 1999. Since the 3rd quarter of 1997, rental incentives are
offered on selected locker sizes.

Current rental rates for the third quarter of 1999 for Tucson Lock-It
Lockers range from $25.00 to $160.00.

Northridge Commons is being marketed at $10.00 per square foot compared to
the range of $6.00 to $15.00 in the marketplace. Northridge Commons
currently has 2,500 square feet of vacant space. This increased from 1,750
sq. ft. at December 31, 1998, due to a tenant occupying 750 sq. ft. that
moved during the first quarter of 1999.

INCOME STATEMENT

Nine Months Ended September 30, 1999 and September 30, 1998
Net income decreased $25,571 from $76,793 for the nine months ended
September 30, 1998, to $51,222 for the nine months ended September 30, 1999,
due to a decrease in operating income of $10,391, a decrease in other income
of $4,369, an increase in total expenses of $12,147, offset by an increase
of $1,336 in interest income.

A  $10,391 decrease in operating income was due to increased vacancies.

A $12,147 increase in total expenses was due to a $5,000 appraisal fee,
increased audit fees of
$6,500, and a $6,000 legal settlement, offset by a decrease in interest
expense of  $5,400.

A $4,369 decrease in other income was due to lower 1999 late fee charges and
transfer fees.

A $1,336 increase in interest income was due to increased interest income on
money market funds.

Three Months Ended September 30, 1999 and September 30, 1998
Net income increased $17,518 from $15,546 for the quarter ended September
30, 1998, to $33,064 for the quarter ended September 30, 1999, due to an
increase in operating income of $3,525, an increase in other income of
$3,386, a decrease in total expenses of $11,668, and an offset by a decrease
in interest income of $1,061.

A $3,525 increase in operating income was due to rent increases, which went
into effect in the 3rd quarter.

A $3,386 increase in other income due to increased income from late fees.

A $11,668 decrease in total expenses was due to an approximate $4,000
decrease in building renovations, i.e. painting costs, and an approximate
$7,500 decrease in property management salaries and wages.

A $1,061 decrease in interest income was due to, in part, timing of
Certificate of Deposit interest payments received.

CASH FLOW

Nine Months Ended September 30, 1999 and September 30, 1998
Cash flow decreased $122,244 from $77,862 in 1998 to ($44,382) in 1999 due
to, in part, $64,978 increase in distributions from 1998 to 1999, allocated,
as required, 97% to limited partners and 3% to general partners, a $26,500
fixed asset purchase in 1999 (Phoenix Lockers roof repairs), a $25,571
decrease net of income and expense items explained previously, and an
approximate $5,195 net increase in tenant and escrow deposits, advanced rent
receipts, and other accrued items.

The cash balance on September 30, 1999, was $794,459, which is a ratio of
6.3:1 to current liabilities. As noted by this ratio, the partnership has a
strong liquidity position.

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS
On May 25, 1999, a limited partner who owns interests in four partnerships,
the general partners of which are John Vishnevsky, National Development and
Investment, Inc., and E.C. Corp. (The same general partners as in this
partnership), filed a complaint in the Waukesha County Circuit Court of the
State of Wisconsin on behalf of a putative class of all of the limited
partners in the defendant partnerships.  The complaint was filed against Mr.
Vishnevsky, National Development and Investment, Inc., many partnerships for
which those general partners serve as general partners, and various
individuals and entities who are alleged to exercise control over the
partnerships and/or perform services for the partnerships. The complaint
asserts putative class claims and derivative claims under the Wisconsin
Uniform Limited Partnership Act alleging, among other things, that the
general partners wasted partnership assets and breached their fiduciary
duties to the partnerships and their limited partners by charging excessive
fees and expenses in managing the affairs of the partnerships. In addition
to money damages, the plaintiff is seeking to wind up the affairs of the
partnerships and an accounting of the partnerships to be supervised by a
receiver to be appointed by the court. The case has not been certified to
proceed as a class action. Defendants have filed motions to dismiss
plaintiff's claims; those matters have not been decided. This partnership,
National Real Estate Limited Partnership Income Properties, was not named in
the complaint. The general partners representing the limited partnerships
named in the complaint believe the allegations are without merit and are
vigorously defending the lawsuit.

ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS
None

ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
On September 30, 1999, a ballot was sent to all limited partners in this
partnership requesting their consent to approve the sale of Northridge
Commons, a retail strip center owned by the partnership, located in
Milwaukee, Wisconsin. The voting resulted in favor of the sale.

ITEM 5. OTHER INFORMATION
None

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
There were no reports on Form 8-K for the quarter ended September 30, 1999.

                                  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 11, 1999            /S/        John Vishnevsky
      __________________________           ________________________________
                                           John Vishnevsky
                                           President and Chief Operating and
                                           Executive Officer
                                           National Development and
                                            Investment, Inc.
                                           Corporate General Partner


Date       /S/November 11, 1999             /S/        John Vishnevsky
      _________________________            ________________________________
                                           John Vishnevsky
                                           Chief Financial and
                                           Accounting Officer



Date       /S/November 11, 1999                     Stephen P. Kotecki
      _________________________            ________________________________
                                           Stephen P. Kotecki
                                           President
                                           E.C. Corp
                                           Corporate General Partner

                                  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        November 11, 1999
      _________________________            _______________________________
                                           John Vishnevsky
                                           President and Chief Operating and
                                           Executive Officer
                                           National Development and
                                            Investment, Inc.
                                           Corporate General Partner



Date        November 11, 1999
      _________________________            _______________________________
                                           John Vishnevsky
                                           Chief Financial and
                                           Accounting Officer



Date        November 11, 1999
      _________________________            _______________________________
                                           Stephen P. Kotecki
                                           President
                                           E.C. Corp
                                           Corporate General Partner






J:\Wpdocs\REPORTS\10Q-NIP-3rd qtr.dos