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:
September 30, 1997                                              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) 230-1656
              ----------------------------------------------------
              (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)


                                            September 30,     September 30,
                                                1997              1996
                                            -------------     -------------
ASSETS                                                    
                                                          
Property                                                  
  Land                                      $1,139,828        $1,139,828
  Buildings                                  5,856,761         5,856,761
  Furniture and fixtures                        74,576            74,576
                                            ----------        ----------
                                             7,071,165         7,071,165
         Less accumulated depreciation       2,196,667         2,000,523
                                            ----------        ----------
                                             4,874,498         5,070,642
                                                          
Cash and cash equivalents                      369,189           264,154
Other assets                                    13,183            21,849
                                            ----------        ----------
                                            $5,256,870        $5,356,645
                                            ==========        ==========
                                                          
LIABILITIES AND PARTNERS' CAPITAL                         
                                                          
                                                          
Accounts payable                               104,885            83,732
                                                          
                                                          
Commitments (Note 3)                                      
                                                          
Partners' capital                                         
  General partner                           $   62,221        $   47,056
  Limited partners                           5,089,764         5,225,857
                                            ----------        ----------
                                                          
                                            $5,256,870        $5,356,645
                                            ==========        ==========

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

                            STATEMENTS OF OPERATIONS
                                   (unaudited)
<TABLE>
<CAPTION>

                               For the Nine Months                For the Years
                                     Ended                            Ended
                           --------------------------      --------------------------

                            Sept. 30,       Sept. 30,       Dec. 31,        Dec. 31,
                              1997            1996            1996            1995
                           ----------      ----------      ----------      ----------
<S>                        <C>             <C>             <C>             <C>       
Income
  Rental                   $  832,660      $  856,452      $1,118,127      $1,070,463
  Interest                     15,079           5,199           7,084          24,664
                           ----------      ----------      ----------      ----------
                              847,739         861,651       1,125,211       1,095,127
                           ----------      ----------      ----------      ----------

Expenses
  Property Operations         314,370         297,964         393,958         406,069
  Administration               80,776          69,474          84,114          87,566
  Amortization &
   Depreciation               147,000         147,441         196,585         197,365
  Interest                       -0-             -0-             -0-           86,987
                           ----------      ----------      ----------      ----------

                              542,146         514,879         674,657         777,987
                           ----------      ----------      ----------      ----------

Net Income (loss)          $  305,593      $  346,772      $  450,554      $  317,140
                           ==========      ==========      ==========      ==========
</TABLE>

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

                            STATEMENTS OF CASH FLOWS
                                   (unaudited)


                                                  For the nine months ended
                                             ----------------------------------

                                             Sept. 30, 1997      Sept. 30, 1996
                                             --------------      --------------

CASH FLOWS FROM OPERATING ACTIVITIES
  Cash received from customers                  $ 832,660           $ 856,452
  Cash paid to suppliers                         (375,112)           (374,814)
  Interest received                                15,079               5,199
                                                ---------           ---------
                                                               
  Net cash provided by                                         
   operating activities                         $ 472,627           $ 486,837
                                                ---------           ---------
                                                               
CASH FLOWS FROM INVESTING ACTIVITIES                           
  Purchase of equipment                              --                  --
                                                ---------           ---------
  Net cash provided by (used in)                               
    Investing activities                        $    --             $    --
                                                ---------           ---------
                                                               
CASH FLOWS FROM FINANCING ACTIVITIES                           
  Distributions to partners                      (530,303)           (378,787)
                                                ---------           ---------
  Net cash used in financing activities          (530,303)           (378,787)
                                                ---------           ---------
                                                               
Increase (decrease) in cash                     $ (57,676)          $ 108,050
                                                               
Cash and cash equivalents:                                     
  Beginning                                       426,865             156,104
                                                ---------           ---------
                                                               
  Ending                                        $ 369,189           $ 264,154
                                                =========           =========
                                                               
                                                               
RECONCILIATION OF NET LOSS TO NET CASH                         
 PROVIDED BY OPERATING ACTIVITIES:                             
  Net income                                    $ 305,593           $ 346,772
  Adjustments to reconcile net loss to net                     
   cash provided by operating activities:                      
   Depreciation and amortization                  147,000             147,441
   Increase (decrease) in accounts payable         20,034              (7,376)
                                                ---------           ---------
                                                               
   Net cash provided by                                        
    operating activities                        $ 472,627           $ 486,837
                                                =========           =========

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

                     NOTES TO UNAUDITED FINANCIAL STATEMENTS
                               September 30, 1997


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
                               September 30, 1997


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 nine months ended  September 30, 1997
          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  QuestCor,  Inc.,  on
          November 1, 1989, 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
                               September 30, 1997


NOTE 3 Commitments, continued

          The Partnership also entered into an agreement with QuestCor, Inc. 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
                               September 30, 1997


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 $832,660 during the first nine
months of 1997  compared  to  $856,452  during  the first  nine  months of 1996.
Disappointing  results at 63rd Avenue and at Tramway  were  responsible  for the
decline in revenues. Occupancy rates were lower at all three facilities compared
to the prior year.

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

                                     Sept. 30, 1997         Sept. 30, 1996
                                     --------------         --------------
           Bell Road                      85%                    91%
           63rd Avenue                    73%                    74%
           Tramway                        78%                    85%

     Operational  expenses through  September 30, 1997 were $314,370 compared to
$297,964 for 1996.  Administrative  expenses  for 1997 were $80,776  compared to
$69,474 for the corresponding period in 1996.


Liquidity and Capital Resources

     As of September 30, 1997, the  Partnership  held cash and cash  equivalents
totaling $369,189 as compared to $264,154 for the corresponding quarter of 1996.
<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:  11/10/97
                                         --------------------------