SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549


                                    FORM 10-Q


                  QUARTERLY REPORT UNDER SECTION 13 or 15(d) OF

                       THE SECURITIES EXCHANGE ACT OF 1934


For Quarter Ended:                                       Commission File Number:
  March 31, 1998                                                2-95034LA
------------------                                       -----------------------


              ARMORED STORAGE INCOME INVESTORS LIMITED PARTNERSHIP
              ----------------------------------------------------
             (Exact name of Registrant as specified in its charter)

            Arizona                                        85-0503193
-------------------------------                ---------------------------------
(State or other jurisdiction of                (IRS Employer Identification No.)
 incorporation or organization)


                        3839 North 3rd Street, Suite 108
                             Phoenix, Arizona 85012
            --------------------------------------------------------
            (Address of and zip code of principal executive offices)

                                 (602) 230-1655
              ----------------------------------------------------
              (Registrant's telephone number, including area code)


Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  Registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days.

                           Yes     X       No
                                 -----            -----
<PAGE>
              ARMORED STORAGE INCOME INVESTORS LIMITED PARTNERSHIP
                         an Arizona Limited Partnership


                                     PART I

                              FINANCIAL INFORMATION
                              ---------------------

ITEM 1  FINANCIAL STATEMENTS                                                PAGE
----------------------------                                                ----


Balance Sheets                                                                3

Statements of Operations                                                      4

Statements of Cash Flows                                                      5

Notes to Unaudited Financial Statements                                       6
<PAGE>
              ARMORED STORAGE INCOME INVESTORS LIMITED PARTNERSHIP
                         an Arizona Limited Partnership

                                 BALANCE SHEETS
                                   (Unaudited)


                                                     March 31,      December 31,
                                                        1998           1997
                                                   -----------      -----------

ASSETS

Property
  Land                                             $ 1,139,828      $ 1,139,828
  Buildings                                          5,856,762        5,856,762
  Furniture and fixtures                                77,515           74,576
                                                   -----------      -----------
                                                     7,074,105        7,071,166
         Less accumulated depreciation              (2,293,891)      (2,244,891)
                                                   -----------      -----------
                                                     4,780,214        4,826,275

Cash and cash equivalents                              605,477          490,961
Other assets                                            18,165           18,165
                                                   -----------      -----------
                                                   $ 5,403,856      $ 5,335,401
                                                   ===========      ===========

LIABILITIES AND PARTNERS' CAPITAL

Accounts payable                                   $    71,735      $    92,405

Commitments (Note 3)

Partners' capital
  General partner                                       71,227           66,771
  Limited partners                                   5,260,894        5,176,225
                                                   -----------      -----------

                                                   $ 5,403,856      $ 5,335,401
                                                   ===========      ===========






                       See notes to financial statements.
<PAGE>
              ARMORED STORAGE INCOME INVESTORS LIMITED PARTNERSHIP
                         an Arizona Limited Partnership

                            STATEMENTS OF OPERATIONS
                                   (unaudited)
<TABLE>
<CAPTION>
                                For the Three Months                For the Years
                                       Ended                            Ended
                          -------------------------------   ------------------------------
                          March 31, 1998   March 31, 1997   Dec. 31, 1997    Dec. 31, 1996
                          --------------   --------------   -------------    -------------

<S>                         <C>              <C>              <C>              <C>       
Income
  Rental                    $  283,693       $  275,574       $1,105,613       $1,118,273
  Interest                       5,170            2,324           18,426            7,084
                            ----------       ----------       ----------       ----------
                               288,863          277,898        1,124,039        1,125,211
                            ----------       ----------       ----------       ----------


Expenses
  Property Operations          110,697          113,408          436,207          393,958
  Administration                40,041           23,320           96,005           84,114
  Amortization &
   Depreciation                 49,000           49,000          195,224          196,585
                            ----------       ----------       ----------       ----------

                               199,738          185,728          727,436          674,657
                            ----------       ----------       ----------       ----------

Net Income                  $   89,125       $   92,170       $  396,603       $  450,554
                            ==========       ==========       ==========       ==========
</TABLE>
                       See notes to financial statements.
<PAGE>
              ARMORED STORAGE INCOME INVESTORS LIMITED PARTNERSHIP
                         an Arizona Limited Partnership

                            STATEMENTS OF CASH FLOWS
                                   (unaudited)


                                                    For the three months ended
                                                 -------------------------------
                                                 March 31, 1998   March 31, 1997
                                                 --------------   --------------
                                                 

CASH FLOWS FROM OPERATING ACTIVITIES
  Cash received from customers                       $ 283,693        $ 275,574
  Cash paid to suppliers                              (171,408)        (142,635)
  Interest received                                      5,170            2,324
                                                     ---------        ---------

  Net cash provided by (used in)
   operating activities                              $ 117,455        $ 135,263
                                                     ---------        ---------

CASH FLOWS FROM INVESTING ACTIVITIES
  Purchase of furniture and fixtures                    (2,939)            --
                                                     ---------        ---------
  Net cash provided by (used in)
    Investing activities                             $  (2,939)       $    --
                                                     ---------        ---------

CASH FLOWS FROM FINANCING ACTIVITIES
  Distributions to partners                               --               --
                                                     ---------        ---------
  Net cash used in financing activities                   --               --
                                                     ---------        ---------

 Increase (decrease) in cash                         $ 114,516        $ 135,263

Cash and cash equivalents:
  Beginning                                            490,961          426,865
                                                     ---------        ---------

  Ending                                             $ 605,477        $ 562,128
                                                     ---------        ---------


RECONCILIATION OF NET LOSS TO NET CASH
 PROVIDED BY OPERATING ACTIVITIES:
  Net income (loss)                                  $  89,125        $  92,170
  Adjustments to reconcile net loss to net
   cash provided by operating activities:
   Depreciation and amortization                        49,000           49,000
   Increase (decrease) in accounts payable             (20,670)          (5,907)
                                                     ---------        ---------

   Net cash provided by (used in)
    operating activities                             $ 117,455        $ 135,263
                                                     =========        =========

                       See notes to financial statements.
<PAGE>
              ARMORED STORAGE INCOME INVESTORS LIMITED PARTNERSHIP
                         an Arizona Limited Partnership

                     NOTES TO UNAUDITED FINANCIAL STATEMENTS
                                 March 31, 1998



NOTE 1.  Partnership Organization

         Armored   Storage   Income   Investors   Limited    Partnership   ("the
         Partnership")  was  organized  under the laws of the  State of  Arizona
         pursuant to an agreement of limited partnership filed December 4, 1984,
         for  the  purpose  of  acquiring,   developing,  owning  and  operating
         self-service  storage  facilities.  The initial  General  Partners were
         Armored Storage,  Inc., an Arizona  corporation (the "Managing  General
         Partner")  and  Armored  Storage One  Limited  Partnership,  an Arizona
         Limited Partnership. The Partnership commenced full activity on January
         9, 1985. During 1986, the Partnership  completed an offering of limited
         partnership  units  wherein  15,000  limited   partnership  units  were
         purchased  by  investors  for  $7,500,000.  In  December  1987  Armored
         Storage,  Inc.,  withdrew and Armored Storage One Limited  Partnership,
         became the "Managing General Partner."

NOTE 2.  Summary of Significant Accounting Policies

         Property and equipment:
                  Property  and  equipment  is stated at cost.  Depreciation  is
                  computed  principally  by the  straight-line  method  over the
                  following estimated useful lives:

                                                                           Years
                                                                           -----
                  Buildings                                                   30
                  Furniture and fixtures                                       5

                  Interest,  real estate taxes and other costs related  directly
                  to  properties  under  long-term  development  contracts  were
                  capitalized.  Costs were not capitalized beyond net realizable
                  value.  Costs related to operating  properties are expensed as
                  incurred.

                  Acquisition fees are allocated to the  Partnership's  property
                  based on the expected total capitalized cost of the respective
                  property.

                  Development fees are allocated to the  Partnership's  property
                  based on the expected total capitalized cost of the respective
                  property.

         Loan acquisition costs:
                  Loan acquisition  costs which are included in other assets are
                  amortized over the life of the note payable of 9 years.

         Rental income:
                  The Partnership  receives rental income from its  self-storage
                  facilities.  All  rental  agreements  are  for  month-to-month
                  tenancy.  Rental  income is recognized on the accrual basis in
                  accordance with generally accepted accounting principles.
<PAGE>
              ARMORED STORAGE INCOME INVESTORS LIMITED PARTNERSHIP
                         an Arizona Limited Partnership

                     NOTES TO UNAUDITED FINANCIAL STATEMENTS
                                 March 31, 1998




NOTE 2.  Summary of Significant Accounting Policies, continued

         Income taxes:
                  The Partnership  does not record a provision for income taxes,
                  since  Federal and state income tax  regulations  provide that
                  any  taxes on  income  of a  Partnership  are  payable  by the
                  partners as  individuals.  The  Partnership's  tax returns are
                  prepared on the accrual basis.

         Syndication fees:
                  Syndication  fees are those  expenses  incurred in the issuing
                  and marketing of partnership interests. These expenses include
                  broker and  registration  fees, legal fees, tax and accounting
                  fees, and printing  costs.  These fees are not amortizable and
                  are  presented  as a  reduction  in  partners'  capital in the
                  financial statements.

         Organization costs:
                  Organization  costs which are included in other assets consist
                  of legal fees  incident to the  creation  of the  Partnership,
                  accounting  fees for  establishing  an  accounting  system and
                  filing  fees.  These  costs  are  being  amortized  using  the
                  straight-line method over 60 months.

         Cash and cash equivalents:
                  For  purposes  of  reporting  cash  flows,   the   Partnership
                  considers all money market funds to be cash equivalents.

         Unaudited financial statements:
                  The  financial  statement for the three months ended March 31,
                  1998 are  unaudited,  however,  in  management's  opinion they
                  include all  adjustments  necessarily  for a fair statement of
                  the results of operations for such interim period. The interim
                  period results of operations are not necessarily indicative of
                  results for a full year.


NOTE 3. Commitments

         The Partnership has the following commitments:
                  The   Partnership   entered  into   agreements   with  Armored
                  Management,   LLC,   on  January   1,  1998,   to  manage  the
                  Partnership's   self-storage  facilities.   The  term  of  the
                  agreements  are for one year and shall be renewed from year to
                  year  unless,   and  until,   either  party   terminates   the
                  agreements.  The  agreements  provide  that the manager  shall
                  receive, as compensation for services,  6% of the actual gross
                  cash receipts.
<PAGE>
              ARMORED STORAGE INCOME INVESTORS LIMITED PARTNERSHIP
                         an Arizona Limited Partnership

                     NOTES TO UNAUDITED FINANCIAL STATEMENTS
                                 March 31, 1998



NOTE 3   Commitments, continued

                  The  Partnership  also entered into an agreement  with Armored
                  Management,  LLC  for  the  management  of  the  Partnership's
                  accounting,   securities  reporting,   database  and  investor
                  relations  activities.  The term of the  agreement  is for one
                  year and  shall be  renewed  from year to year  unless  either
                  party terminates the agreement.  The agreement  provides for a
                  flat   fee  of   $5,000   per   month  as   compensation   for
                  administration services.

                  The  Partnership  reimburses the General Partner for the costs
                  of goods and  materials  used by and for the  Partnership  and
                  administrative  services  necessary  to the  operation  of the
                  Partnership.
<PAGE>
              ARMORED STORAGE INCOME INVESTORS LIMITED PARTNERSHIP
                         an Arizona Limited Partnership

                     NOTES TO UNAUDITED FINANCIAL STATEMENTS
                                 March 31, 1998


ITEM 2   MANAGEMENT'S DISCUSSIONS AND ANALYSIS
----------------------------------------------


Results of Operations

      The Partnership has three  operating  facilities,  two located in Phoenix,
Arizona, and one in Albuquerque,  New Mexico. The Partnership's three facilities
generated  an aggregate  gross  operating  revenue of $283,693  during the first
three months of 1998 compared to $275,574 during the first three months of 1997.
Rental income  decreased at Bell Road but increased at the other two  facilities
compared to the prior period.

      Occupancies  (based on number of available  units) at the three facilities
are summarized as follows:

                                          March 31, 1998  March 31, 1997
                                          --------------  --------------
                  Bell Road                     86%             87%
                  63rd Avenue                   75%             70%
                  Tramway                       76%             78%

      Operational  expenses  through  March 31, 1998 were  $110,697  compared to
$113,408 for 1997.  Administrative  expenses for 19987 were $40,041  compared to
$23,320 for the  corresponding  period in 1997. The variances in  administrative
expenses are primarily timing differences.



Liquidity and Capital Resources

      As of March 31,  1998,  the  Partnership  held  cash and cash  equivalents
totaling $605,477 as compared to $562,128 for the corresponding quarter of 1997.
<PAGE>
              ARMORED STORAGE INCOME INVESTORS LIMITED PARTNERSHIP
                         an Arizona Limited Partnership


                                     PART II

                                OTHER INFORMATION
                                -----------------


Item 1:        Legal Proceedings:
-------        ------------------

               Not applicable.

Item 2:        Changes in securities:
-------        ----------------------

               Not applicable.

Item 3:        Defaults Upon Senior Securities:
-------        --------------------------------

               Not applicable.

Item 4:        Submission of Matters to a Vote of Security Holders:
-------        ----------------------------------------------------

               Not applicable.

Item 5:        Other information:
-------        ------------------

               Not applicable.
<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.


                                        ARMORED STORAGE INCOME INVESTORS
                                                  (Registrant)

                                        By: Armored Management L.L.C.
                                            Its General Partner


                                        By:  /s/ Dale D. Ulrich
                                            ------------------------------
                                            Dale D. Ulrich

                                        Its:  Member

                                        Dated: 5/7/98
                                              ----------------------------