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, 1999                                              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)


                        4425 North 24rd Street, Suite 225
                             Phoenix, Arizona 85016
            --------------------------------------------------------
            (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

                                       2
<PAGE>
              ARMORED STORAGE INCOME INVESTORS LIMITED PARTNERSHIP
                         an Arizona Limited Partnership

                                 BALANCE SHEETS
                                   (Unaudited)


                                                     September 30   September 30
                                                         1999           1998
                                                      ----------     ----------
ASSETS

Property
  Land                                                $1,139,828      $1,139,828
  Buildings                                            5,856,762       5,856,762
  Furniture and fixtures                                 108,020          99,942
                                                      ----------      ----------
                                                       7,104,610       7,096,532
         Less accumulated depreciation                 2,591,300       2,393,891
                                                      ----------      ----------
                                                       4,513,310       4,702,641

Cash and cash equivalents                                837,171         344,119
Other assets                                              15,165          18,165
                                                      ----------      ----------
                                                      $5,365,646      $5,064,924
                                                      ==========      ==========

LIABILITIES AND PARTNERS' CAPITAL

Accounts payable                                      $  128,199      $  149,754

Commitments (Note 3)

Partners' capital
  General partner                                     $   90,737      $   80,377
  Limited partners                                     5,146,710       4,834,793
                                                      ----------      ----------

                                                      $5,365,646      $5,064,924
                                                      ==========      ==========

                                       3

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

                            STATEMENTS OF OPERATIONS
                                   (unaudited)


                                For the Nine Months          For the Years
                                       Ended                     Ended
                              ----------------------    ------------------------
                              Sept 30,     Sept 30,      Dec. 31,      Dec. 31,
                                1999         1998          1998          1997
                              --------    ----------    ----------    ----------
Income
  Rental                      $811,159    $  835,217    $1,089,040    $1,105,613
  Interest                      14,296        18,192        21,353        18,426
                              --------    ----------    ----------    ----------
                               825,455       853,409     1,110,393     1,124,039
                              --------    ----------    ----------    ----------

Expenses
  Property Operations          357,311       358,040       454,890       436,207
  Administration                85,043        74,194        91,685        96,005
  Amortization &
   Depreciation                148,500       149,000       197,909       195,224
                              --------    ----------    ----------    ----------
                               590,854       581,234       744,484       727,436
                              --------    ----------    ----------    ----------
Net Income                    $234,601    $  272,175    $  365,909    $  396,603
                              ========    ==========    ==========    ==========

                       See notes to financial statements.

                                       4
<PAGE>
              ARMORED STORAGE INCOME INVESTORS LIMITED PARTNERSHIP
                         an Arizona Limited Partnership

                            STATEMENTS OF CASH FLOWS
                                   (unaudited)

                                                     For the nine months ended
                                                   -----------------------------
                                                   Sept 30, 1999   Sept 30, 1998
                                                   -------------   -------------
CASH FLOWS FROM OPERATING ACTIVITIES
  Cash received from customers                       $ 811,159      $ 835,217
  Cash paid to suppliers                              (405,319)      (374,885)
  Interest received                                     14,296         18,192
                                                     ---------      ---------

  Net cash provided by (used in)
   operating activities                              $ 420,136      $ 478,524
                                                     ---------      ---------

CASH FLOWS FROM INVESTING ACTIVITIES
  Capital improvements                               $      --      $ (25,366)
                                                     ---------      ---------
  Net cash used in investing activities                     --        (25,366)
                                                     ---------      ---------

CASH FLOWS FROM FINANCING ACTIVITIES
  Distribution to partners                                  --       (600,000)
                                                                    ---------
  Net cash used in financing activities                     --       (600,000)
                                                     ---------      ---------

 Increase (decrease) in cash                         $ 420,136      $(146,842)

Cash and cash equivalents:
  Beginning                                            417,035        490,961
                                                     ---------      ---------

  Ending                                             $ 837,171      $ 344,119
                                                     =========      =========

RECONCILIATION OF NET LOSS TO NET CASH
 PROVIDED BY OPERATING ACTIVITIES:
  Net income                                         $ 234,601      $ 272,175
  Adjustments to reconcile net loss to net
   cash provided by operating activities:
   Depreciation and amortization                       148,500        149,000
   Increase (decrease) in accounts payable              37,035         57,349
                                                     ---------      ---------

   Net cash provided by operating activities         $ 420,136      $ 478,524
                                                     =========      =========

                       See notes to financial statements.

                                       5
<PAGE>
              ARMORED STORAGE INCOME INVESTORS LIMITED PARTNERSHIP
                         an Arizona Limited Partnership

                     NOTES TO UNAUDITED FINANCIAL STATEMENTS
                               September 30, 1999

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

     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.

                                       6
<PAGE>
              ARMORED STORAGE INCOME INVESTORS LIMITED PARTNERSHIP
                         an Arizona Limited Partnership

                     NOTES TO UNAUDITED FINANCIAL STATEMENTS
                               September 30, 1999


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.

     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, 1999
          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,  1999,  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.

                                       7
<PAGE>
              ARMORED STORAGE INCOME INVESTORS LIMITED PARTNERSHIP
                         an Arizona Limited Partnership

                     NOTES TO UNAUDITED FINANCIAL STATEMENTS
                               September 30, 1999


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.

NOTE 4. IMPACT OF YEAR 2000

          The  Company's  assessment  of its Year 2000 issues is  complete.  The
          Company has determined that there is likely to be no material  adverse
          consequence of Year 2000 issues on the Company's business,  results of
          operations,  or financial  condition.  The Company has few information
          technology or non-information technology aspects which may be affected
          by Year 2000; those that may be affected are the computing system used
          to administer  operations.  Investigation  and queries of the software
          and hardware  suppliers have determined by written statements or other
          assurances that they are Year 2000 compliant. The Company has no major
          supplier,  vendor,  or customers which is likely to materially  affect
          the Company if it is affected  by the Year 2000  problem.  The Company
          has determined that it is at little risk of material disruption of its
          business due to Year 2000 issues.

          In the event the computing system fails, the Company will purchase and
          replace the necessary  hardware and software for critical  systems and
          contact the software and hardware suppliers to replace, at their cost,
          the failed components for remaining computers. Costs for the Year 2000
          compliance have been for  investigation  only and no remedial  actions
          have or  will be  taken.  The  costs  have  been  minimal  and are not
          material to the financial condition of the Company.

                                       8
<PAGE>
              ARMORED STORAGE INCOME INVESTORS LIMITED PARTNERSHIP
                         an Arizona Limited Partnership

                     NOTES TO UNAUDITED FINANCIAL STATEMENTS
                               September 30, 1999


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 $811,159 during the first nine
months of 1999  compared  to $835,217  during the first nine  months of 1998.  A
decrease in income at the Bell Road  facility is primarily  responsible  for the
overall reduction.

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

                                        Sept. 30, 1999       Sept. 30, 1998
                                        --------------       --------------
         Bell Road                            71%                  85%
         63rd Avenue                          79%                  81%
         Tramway                              81%                  79%

     Operational  expenses through  September 30, 1999 were $357,311 compared to
$358,040 for 1998.  Administrative  expenses  for 1999 were $85,043  compared to
$74,194  for the  corresponding  period in 1998.  Legal  expenses  incurred as a
result of the pending sale are responsible for the increase.

     Pursuant to the authority granted under the limited  partnership  agreement
of the Registrant,  the General Partner, on behalf of the Registrant,  opened an
escrow on April 6, 1999 with Everest Storage II, a California  limited liability
company to sell  substantially all its assets,  consisting of three mini-storage
facilities, to Everest Storage II for a total sales price of $7,113,402. Everest
Storage II is an affiliate of Everest  Investors 8, LLC, which owns 1.26% of the
Registrant.

                                       9
<PAGE>
     On November  5, 1999 the sale to Everest  Storage II was  consummated  at a
sales price of $7,013,402. After prorations,  commissions, and closing costs the
Partnership received approximately $6,400,000.

     The General  Partner will begin to wind up the affairs of the Registrant in
order to make a  liquidation  distribution.  The General  Partner  estimates the
final  distribution  will  be in the  range  of $450 to  $475  per  unit.  It is
anticipated the final distribution will be made in the next 30 to 60 days.

LIQUIDITY AND CAPITAL RESOURCES

     As of September 30, 1999, the  Partnership  held cash and cash  equivalents
totaling $837,171 as compared to $344,119 for the corresponding quarter of 1998.
As a result of the sale referred to above, the Partnership's liquidity increased
substantially on November 5, 1999.

                                       10
<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.

                                       11
<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 Storage One Limited Partnership
                                         Its General Partner


                                     By: /s/ Dale D. Ulrich
                                         ---------------------------------------
                                         Dale D. Ulrich, Member
                                         Armored Management, L.L.C.,
                                         general partner of
                                         Armored Storage One LP


                                     Dated: 11/10/99
                                            ------------------------------------