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   March 31, 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 IncomeProperties          
                                                                
    (Exact name of small business issuer as specified in its charter)

Wisconsin                                              39-1503893        
(State or other jurisdictiON                             (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

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

     Statement of Operations (unaudited) -
          Three months ended  March 31, 1999 and 1998. . . . . . . . . .3

     Changes in Partners' Capital (unaudited) - 
          Three months ended March 31, 1999 and 1998 . . . . . . . . . .4

     Statements of Cash Flows (unaudited) -
          Three months ended March 31, 1999  and 1998. . . . . . . . . .5

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

     Management's Discussion and Analysis of
          Financial Condition and Results of Operations. . . . . . .8 - 9


PART II. OTHER INFORMATION AND SIGNATURES. . . . . . . . . . . . .10 - 11


<TABLE>
<S>                                          <C>          <C>
                    PART I. FINANCIAL INFORMATION                             
              NATIONAL REAL ESTATE LIMITED PARTNERSHIP-IP               
                (A Wisconsin Limited Partnership)                         
                        BALANCE SHEET                                           
                        (Unaudited)                                            

                                               March 31,    December 31, 
                                                 1999           1998

ASSETS                                                    

Current Assets                                            

Cash                                              $855,211    $838,841

Other Assets                                        15,144      33,058

Other Assets                                              

Investment properties, at cost                            

Land                                             1,047,695   1,047,695

Buildings and improvements                       5,682,323   5,682,323
                                             _________________________

                                                          

                                                 6,730,018   6,730,018

                                                          

Less accumulated depreciation                    2,614,242   2,561,582
                                             _________________________

                                                          

                                                 4,115,776   4,168,436
                                             _________________________

                                                          

                                                 4,986,131   5,040,335
                                             =========================

                                                          

LIABILITIES AND PARTNERS' CAPITAL                         

                                                          

Liabilities:                                              

Tenant security deposits                            $6,875      $6,875

Rents received in advance                           37,798      49,033

Accrued interest payable to individual             712,825     689,228
General Partner                                           

Accrued expenses and other liabilities              86,599      80,365

Note payable to Individual General Partner         271,020     271,020
(Note 5)                                                  
                                             _________________________

                                                          

                                                 1,115,117   1,096,521

                                                          

Partners' Capital (deficiency):                           

General Partners                                ($124,003)  ($121,819)

Limited Partners                                 4,016,688   4,087,304
(authorized                                               

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

                                                          

                                                 3,871,014   3,943,814
                                             _________________________

                                                          

                                                $4,986,131  $5,040,335
                                             =========================

SEE NOTES TO FINANCIAL STATEMENTS.                        
</TABLE>

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

                                                           
                                                           

                             THREE MONTHS ENDED
                                   March 31,
                                                           

                                   1999      1998          

INCOME                                                     

Operating income               $223,478  $231,823          

Other income                     25,366    26,677          
                             _________________________________________

                                                           

   Total Income                 248,844   258,500          

                                                           

OPERATING EXPENSES                                         

Property operating expenses     113,063    98,357          

Depreciation                     52,659    52,094          

Interest expense                 23,597    22,932          

Administrative expense           49,538    44,749          
                             _________________________________________

                                                           

   Total Expenses               238,857   218,132          
                             _________________________________________

                                                           

INCOME (LOSS) FROM OPERATIONS     9,987    40,368          

OTHER INCOME (EXPENSES)                                    
                             _________________________________________

Interest income                  10,040     5,457          
                             _________________________________________

                                                           

NET INCOME (LOSS)               $20,027   $45,825          
                             =========================================

Net Income (Loss)                  $601    $1,375          
attributable to                                            
General Partners (3%)                                      

Net Income (Loss)               $19,426   $44,450          
attributable to                                            
Limited Partners (97%)                                     

Per Limited Partnership Interest
Outstanding-9,004.15 Interests     $2.16     $4.94
                                                           
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS.

               NATIONAL REAL ESTATE LIMITED PARTNERSHIP-IP
                    (A WISCONSIN LIMITED PARTNERSHIP)
                      CHANGES IN PARTNERS' CAPITAL
                               (UNAUDITED)


<TABLE>
<S>                            <C>          <C>          <C>
                                     Limited      General
                                    Partners     Partners        Total

QUARTER ENDED MARCH 31, 1999                             

Partners' Equity, beginning       $4,065,633   ($121,819)  $3,943,814 
of quarter                                               

Distributions                       (90,042)      (2,785)     (92,827)

Net Income (Loss)                    19,426           601       20,027

Partners' Equity, end of quarter   $3,995,017   ($124,003)  $3,871,014 

                                                         

LIMITED PARTNER'S EQUITY IS NET OF 28.86 INTERESTS HELD IN TREASURY OF
($21,671).
                                                         

                                                         

QUARTER ENDED MARCH 31, 1998                             

Partners' Equity, beginning       $4,291,914   ($114,820)   $4,177,094
of quarter                                               

Distributions                       (45,021)      (1,392)     (46,413)

Net Income (Loss)                     44,450        1,375       45,825

Partners' Equity, end of quarter   $4,291,343    (114,837)   $4,176,506

                                                         

LIMITED PARTNER'S EQUITY IS NET OF 29.86 INTERESTS HELD IN TREASURY OF
($21,671).
                                                         
</TABLE>


     



<TABLE>
<S>                                           <C>       <C>
                NATIONAL REAL ESTATE LIMITED PARTNERSHIP-IP             
                         (A Wisconsin Limited Partnership)                      
                            Statement of Cash Flows                             
                                (Unaudited)                                    
                                                        
                                                        
                                                        

                                                  Three Months Ended
                                                       March 31,
                                                        

                                                    1999          1998

OPERATING ACTIVITIES                                    

Net income (loss) for the period                 $20,027       $45,825

Adjustments to reconcile net income (loss) to           

Net cash used in operating activities:                  

Depreciation                                      52,659        52,094

                                                        

Changes in operating assets and liabilities:            

Escrow deposits & other assets                    17,914       (6,490)

Tenant security deposits                               0             0

Rents received in advance                       (11,235)         1,711

Accrued expenses and other liabilities            29,832        38,631
                                              ________________________

                                                        

NET CASH PROVIDED BY OPERATING ACTIVITIES        109,197       131,771

                                                        

INVESTING ACTIVITIES:                                   

Additions to investment property                       0             0

                                                        

FINANCING ACTIVITIES:                                   

Distributions to partners                       (92,827)      (46,413)
                                              ________________________

                                                        

INCREASE IN CASH                                  16,370        85,358

                                                        

CASH AT BEGINNING OF PERIOD                      838,841       790,169
                                              ________________________

                                                        

CASH AT END OF PERIOD                           $855,211      $875,527
                                              ========================

                                                        

SEE NOTES TO FINANCIAL STATEMENTS.                      
</TABLE>

       NATIONAL REAL ESTATE LIMITED PARTNERSHIP INCOME PROPERTIES
                    (A WISCONSIN LIMITED PARTNERSHIP)
                      NOTES TO FINANCIAL STATEMENTS
                               (UNAUDITED)
                             MARCH 31, 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 March 31, 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
     $13,340 under an agreement with NRMI for the three month period ended
March 31, 1999.

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,
     $2,230, $524, 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 March 31, 1999, interest
totaling $712,825 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.



       NATIONAL REAL ESTATE LIMITED PARTNERSHIP INCOME PROPERTIES
                    (A WISCONSIN LIMITED PARTNERSHIP)
                 MANAGEMENT'S DISCUSSION AND ANALYSIS OF
              FINANCIAL CONDITION AND RESULTS OF OPERATIONS
                             MARCH 31, 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 20,800 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 first quarter averaged
91.53% for Tucson Lock-It
Lockers; 92.27% for Phoenix Lock-It Lockers; 88.89% for Northridge Commons;
and 89.66% for Cave
Creek Lock-It Lockers. This compares to an average of 96.74% for Tucson
Lock-It Lockers; 96.02% for
Phoenix Lock-It Lockers; 91.55% for Northridge Commons; and 93.28% 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 91% occupied for Tucson
Lock-It Lockers area and  91%
to 88% 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 the first quarter of 1999 for Phoenix Lock-It Lockers range
from $35 to $235. 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 $11.00 to $145.00 for the first
quarter of 1999. Current rental
rates for the first quarter of 1999 for Tucson Lock-It Lockers range from
$25.00 to $160.00.

Northridge Commons is being marketed at $12 per square foot. Rental rates for
similar types of retail space
in the Northridge area range from $6 to $15 per square foot.

Northridge Commons currently has 2,500 square feet of vacant space. This
increased from 1,750 sq. ft.
vacant space at December 31, 1998, due to a tenant occupying 750 sq. ft. that
moved during the first quarter
of 1999.

Three Months Ended March 31, 1999, and 1998

Net income decreased $25,798 from $45,825 for the quarter ended March 31,
1998, to $20,027 for the
quarter ended March 31, 1999. This decrease was due to a decrease of total
income of $9,656, an increase
in operating expenses of $20,725, offset by an increase in interest income of 
$4,583.

The decrease in total income of $9,656 was due to a decrease in operating
income of $8,345 and a decrease
in other income of $1,311. The decrease in operating income was primarily due
to increased vacancies at all
properties, mainly due to more competitive market conditions. Other income
decreased slightly, mainly due
to a decrease in late charge fees earned.

The increase in operating expenses of $20,725 was primarily due to increased
operating expenses, which
increased from $98,357 to $113,063, for the quarter ended March 31, 1998, and
1999 respectively. Operating
expenses increased as compared to 1998, primarily due to the timing of
advertising in 1999 as compared to
1998 and additional snow removal expenses in 1999 as compared to 1998.

Cash distributions for the quarter ended March 31, 1999, and March 31, 1998,
were $92,827 and $46,413,
respectively. These distributions were allocated, as required, 97% to the
Limited partners and 3% to the
General Partners.

PART II. OTHER INFORMATION



ITEM 6(B). REPORTS ON FORM 8-K

There were no reports on Form 8-K for the quarter ended March 31, 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/May 7, 1999             /S/        John Vishnevsky
                                                  John Vishnevsky
                                              President and Chief Operating and
                                                   Executive Officer
                                     National Development and Investment, Inc.
                                                  Corporate General Partner


Date       /S/May 7, 1999              /S/        John Vishnevsky 
                                                           John Vishnevsky
                                       Chief Financial and Accounting Officer



Date       /S/May 7, 1999                         Stephen P. Kotecki
                                                  Stephen P. Kotecki
                                                        President 
                                                        EC 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        May 7, 1999                                                  
                                           John Vishnevsky
                                President and Chief Operating and
                                           Executive Officer
                                National Development and Investment, Inc.
                                         Corporate General Partner



Date        May 7, 1999                                                  
                                           John Vishnevsky
                                 Chief Financial and Accounting Officer



Date        May 7, 1999                                                  
                                           Stephen P. Kotecki
                                               President 
                                                EC Corp
                                        Corporate General Partner











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