FORM 10-Q--QUARTERLY REPORT UNDER SECTION 13 OR 15 (D)
                    OF THE SECURITIES EXCHANGE ACT OF 1934

                                UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION
                           WASHINGTON, D.C.  20549

                                  FORM 10-Q

(Mark One)

[X]  Quarterly Report Pursuant to Section 13 or 15(d) of The Securities
     Exchange Act of 1934


                 For the quarterly period ended June 30, 1997

                                      or

[ ]   Transition Report Pursuant to Section 13 or 15(d) of the Securities
      Exchange Act of 1934

             For the transition period from .........to.........

                        Commission file number 0-14528



                      CENTURY PENSION INCOME FUND XXIII

            (Exact name of registrant as specified in its charter)



           California                                        94-2963120
   (State or other jurisdiction of                        (I.R.S. Employer
    incorporation or organization)                       Identification No.)

      One Insignia Financial Plaza
       Greenville, South Carolina                                  29602
(Address of principal executive offices)                        (Zip Code)


                                 (864) 239-1000
             (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      .



                           PART I - FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS

a)                            CENTURY PENSION INCOME FUND XXIII

                              CONSOLIDATED BALANCE SHEETS
                            (in thousands, except unit data)


                                                     June 30,      December 31,
                                                        1997            1996
                                                    (Unaudited)        (Note)
Assets
  Cash and cash equivalents                        $  8,907        $  8,289
  Restricted cash                                        --              80
  Receivables and other assets, net                   1,718           2,011
  Deferred charges                                    1,533           1,643
  Mortgage loan receivable                            1,137           1,137
  Investment properties:
     Land                                            16,384          18,165
     Buildings and related personal property         63,929          69,172
                                                     80,313          87,337
     Less accumulated depreciation                  (21,180)        (21,604)
                                                     59,133          65,733

                                                   $ 72,428        $ 78,893
Liabilities and Partners' Deficit

Liabilities
  Deferred income, accrued expenses and
    other liabilities                              $  1,232        $  1,189
  Accrued interest - promissory notes                 1,048           1,048
  Deferred interest - notes payable                     149           1,499
  Notes payable, $10,100 in default at
    December 31, 1996, (Note C)                       6,856          16,956
  Non-recourse promissory notes:
     Principal                                       41,939          41,939
     Deferred interest payable                       33,193          31,810

Minority interest in consolidated
 joint ventures                                       8,021           7,844

Partners' Deficit
  General partner's                                  (1,199)         (2,206)
  Limited partners' (95,789 units issued and
    outstanding at June 30, 1997 and
    December 31, 1996)                              (18,811)        (21,186)
                                                    (20,010)        (23,392)

                                                   $ 72,428        $ 78,893

  Note: The balance sheet at December 31, 1996, has been derived from the
  audited financial statements at that date but does not include all of the
  information and footnotes required by generally accepted accounting
  principles for complete financial statements.

            See Accompanying Notes to Consolidated Financial Statements


b)                        CENTURY PENSION INCOME FUND XXIII

                        CONSOLIDATED STATEMENTS OF OPERATIONS
                                    (Unaudited)
                           (in thousands, except unit data)
<TABLE>
<CAPTION>
                                      Three Months Ended            Six Months Ended
                                          June 30,                      June 30,
                                     1997           1996           1997          1996
<S>                             <C>            <C>            <C>            <C>
Revenues:
Rental income                    $  2,575       $  2,692       $  5,339       $  5,527
Interest income on mortgage
  loans                                21             21             41             41
Other income                          133            132            267            271
  Total revenues                    2,729          2,845          5,647          5,839
Expenses:
Interest to promissory note
  holders                           1,215          1,215          2,431          2,431
Amortization of sales
  commissions and
  organizational costs                105            103            210            207
Operating                           1,150          1,292          2,407          2,396
Depreciation                          585            572          1,206          1,215
Interest on notes payable             207            433            639            865
General and administrative            264            251            511            546
  Total expenses                    3,526          3,866          7,404          7,660

Loss before minority
 interest in joint ventures'
 operations and extraordinary
 gain on foreclosure                 (797)        (1,021)        (1,757)        (1,821)
Minority interest in joint
 ventures' operations                 (90)           (92)          (177)          (156)
Loss before extraordinary gain       (887)        (1,113)        (1,934)        (1,977)
Extraordinary gain on
 foreclosure                           --             --          5,337             --
Net (loss) income                $   (887)      $ (1,113)      $  3,403       $ (1,977)
Net (loss) income allocated to
general partner                  $    (18)      $    (22)      $  1,028       $    (40)
Net (loss) income allocated to
limited partners                     (869)        (1,091)         2,375         (1,937)
                                 $   (887)      $ (1,113)      $  3,403       $ (1,977)
Net (loss) income per limited
 partnership unit:
Loss before extraordinary gain   $  (9.07)      $ (11.39)      $ (19.78)      $ (20.23)
Extraordinary gain on
 foreclosure                           --             --          44.58             --
Net (loss) income per Limited
Partnership Unit                 $  (9.07)      $ (11.39)      $  24.80       $ (20.23)
<FN>
             See Accompanying Notes to Consolidated Financial Statements
</TABLE>

c)                        CENTURY PENSION INCOME FUND XXIII

             CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' DEFICIT
                                  (Unaudited)
                        (in thousands, except unit data)
<TABLE>
<CAPTION>
                                     Limited
                                   Partnership    General      Limited
                                      Units       Partner      Partners'       Total
<S>                                <C>          <C>           <C>           <C>
Original capital contributions      95,789       $   958       $ 47,894      $ 48,852

Partners' deficit at
  December 31, 1995                 95,789       $(2,089)      $(17,579)     $(19,668)

Distributions to partners               --           (21)           --            (21)

Net loss for the six months
 ended June 30, 1996                    --           (40)       (1,937)        (1,977)

Partners' deficit at
 June 30, 1996                      95,789       $(2,150)      $(19,516)     $(21,666)

Partners' deficit at
 December 31, 1996                  95,789       $(2,206)      $(21,186)     $(23,392)

Distributions to partners               --           (21)           --            (21)

Net income for the six months
 ended June 30, 1997                    --         1,028         2,375          3,403

Partners' deficit at
 June 30, 1997                      95,789       $(1,199)     $(18,811)      $(20,010)
<FN>
          See Accompanying Notes to Consolidated Financial Statements
</TABLE>

d)                     CENTURY PENSION INCOME FUND XXIII

                     CONSOLIDATED STATEMENTS OF CASH FLOWS
                                  (Unaudited)
                                 (in thousands)
<TABLE>
<CAPTION>
                                                                    Six Months Ended
                                                                         June 30,
                                                                    1997         1996
<S>                                                            <C>         <C>
Cash flows from operating activities:
 Net income (loss)                                              $ 3,403     $  (1,977)
 Adjustments to reconcile net income (loss) to net cash
   provided by operating activities:
   Depreciation                                                   1,206         1,215
   Amortization of deferred charges                                 326           337
   Minority interest in joint ventures' operations                  177           156
   Deferred interest on non-recourse promissory notes             1,383         1,384
   Extraordinary gain on foreclosure                             (5,337)           --
   Casualty gain                                                    (37)           --
   Change in accounts:
     Restricted cash                                                 13           158
     Receivables and other assets                                  (170)         (414)
     Deferred charges                                              (243)         (111)
     Deferred income, accrued expenses and other liabilities        (51)          469
     Deferred interest - notes payable                              241           303

        Net cash provided by operating activities                   911         1,520

Cash flows from investing activities:
 Property replacements and improvements                            (272)         (511)

        Net cash used in investing activities                      (272)         (511)

Cash flows from financing activities:
 Joint venture partner contributions                                 --            38
 Cash distributions to general partner                              (21)          (21)

        Net cash (used in) provided by financing activities         (21)           17

Net increase in cash and cash equivalents                           618         1,026

Cash and cash equivalents at beginning of period                  8,289         6,378

Cash and cash equivalents at end of period                      $ 8,907     $   7,404

Supplemental disclosure of cash flow information:
  Cash paid for interest - notes payable                        $   398     $     562
  Cash paid for interest - non-recourse promissory notes        $ 1,048     $   1,048
<FN>
          See Accompanying Notes to Consolidated Financial Statements
</TABLE>

                       CENTURY PENSION INCOME FUND XXIII

SUPPLEMENTAL DISCLOSURES OF NON-CASH ACTIVITIES


Foreclosure:

During the six months ended June 30, 1997, Sunnymead Towne Center was foreclosed
upon by the lender.  In connection with this foreclosure, approximately $67,000
in cash was transferred to the lender as partial settlement on the outstanding
debt. This cash was previously classified as restricted cash on the
Partnership's balance sheet.  In addition, the following balance sheet accounts
were adjusted by the non-cash amounts noted below (in thousands):

                                                  1997
 Receivables and deposits                     $  (596)
 Other assets                                     (27)
 Investment properties                         (5,713)
 Tenant security deposit liabilities               42
 Accrued interest on notes payable              1,591
 Other liabilities                                  7
 Notes payable                                 10,100

Casualty Loss:

The Partnership recorded a net casualty gain during the six months ended June
30, 1997, resulting from a fire at The Enclaves which destroyed six apartment
units.  The damage resulted in a net gain of approximately $37,000.  The
following balance sheet accounts were adjusted by the non-cash amounts noted
below (in thousands):

                                                     1997
Receivables and other assets                        $133
Building and related personal property               143
Other liabilities                                   (143)

e)                     CENTURY PENSION INCOME FUND XXIII

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                  (Unaudited)

NOTE A - BASIS OF PRESENTATION

The accompanying unaudited financial statements of Century Pension Income Fund
XXIII (the "Partnership") have been prepared in accordance with generally
accepted accounting principles for interim financial information and with the
instructions to Form 10-Q and Article 10 of Regulation S-X.  Accordingly, they
do not include all of the information and footnotes required by generally
accepted accounting principles for complete financial statements.  In the
opinion of Fox Capital Management Corporation ("FCMC" or the "Managing General
Partner"), a California corporation, all adjustments (consisting of normal
recurring accruals) considered necessary for a fair presentation have been
included.  Operating results for the three and six month periods ended June 30,
1997, are not necessarily indicative of the results that may be expected for the
fiscal year ending December 31, 1997.  For further information, refer to the
financial statements and footnotes thereto included in the Partnership's annual
report on Form 10-K for the year ended December 31, 1996.

Certain reclassifications have been made to the 1996 information to conform to
the 1997 presentation.

NOTE B - TRANSACTIONS WITH AFFILIATED PARTIES

The Partnership has no employees and is dependent on the Managing General
Partner and its affiliates for the management and administration of all
partnership activities. The Partnership Agreement provides for payments to
affiliates for services and as reimbursement of certain expenses incurred by
affiliates on behalf of the Partnership.

The general partner of the Partnership is Fox Partners V, a California general
partnership, whose general partners are FCMC and Fox Realty Investors ("FRI"), a
California general partnership.

Pursuant to a series of transactions which closed during the first half of 1996,
affiliates of Insignia Financial Group, Inc. ("Insignia") acquired all of the
issued and outstanding shares of stock of FCMC, NPI Equity Investments II, Inc.
("NPI Equity"), the managing general partner of FRI, and National Property
Investors, Inc. ("NPI").  In connection with these transactions, affiliates of
Insignia appointed new officers and directors of NPI Equity and FCMC.

The following transactions with affiliates of Insignia, NPI, and affiliates of
NPI were incurred during the six month periods ended June 30, 1997 and 1996 (in
thousands):

                                                            1997           1996
Property management fees (included in operating
  expenses)                                              $  76           $  58
Reimbursement for services of affiliates (included
  in general and administrative expenses)                   98             148
Partnership management fee (included in general
  and administrative expenses)                              55              55


Affiliates of the Managing General Partner performed property management
services for The Enclaves during 1996 and 1997.  Effective May 1, 1996, an
affiliate of Insignia began performing property management services for Coral
Palm Plaza.

For the period from January 19, 1996, to June 30, 1997, the Partnership insured
its properties under a master policy through an agency and insurer unaffiliated
with the Managing General Partner.  An affiliate of the Managing General Partner
acquired, in the acquisition of a business, certain financial obligations from
an insurance agency which was later acquired by the agent who placed the current
year's master policy.  The current agent assumed the financial obligations to
the affiliate of the Managing General Partner who received payments on these
obligations from the agent. The amount of the Partnership's insurance premiums
accruing to the benefit of the affiliate of the Managing General Partner by
virtue of the agent's obligations is not significant.

The Managing General Partner received cash distributions totaling approximately
$21,000 during each of the six month periods ended June 30, 1997 and 1996.

NOTE C - FORECLOSURE OF SUNNYMEAD'S TOWNE SHOPPING CENTER

On March 27, 1997, the Sunnymead Towne Shopping Center ("Sunnymead") located in
Moreno Valley, California, was foreclosed on.  Sunnymead had a significant
tenant, which occupied 98,000 square feet, vacate in 1995.  During February
1996, another major tenant vacated 11,000 square feet, leaving the property
approximately 25% physically occupied.  Effective March 1, 1996, the Partnership
ceased making debt service payments, as the value of Sunnymead was estimated at
less than the debt.  The property was placed in receivership on May 1, 1996.  In
1995, a $2,900,000 provision for impairment of value was recorded on the
Sunnymead property.  The Partnership determined that, based on economic
conditions at the time as well as projected future operational cash flows, the
decline in value was other than temporary and recovery of the carrying value was
not likely.  Accordingly, the property's carrying value was reduced to an amount
equal to its estimated fair value.  In the Managing General Partner's opinion,
it was not in the Partnership's best interest to contest the foreclosure action.
As a result of the foreclosure, the Partnership recorded a gain on foreclosure
of approximately $5,337,000. Prior to the foreclosure, the outstanding debt on
the property was a note payable with a principal balance of $10,100,000 and
accrued interest of approximately $1,591,000.

NOTE D - RESTRICTED CASH

Restricted cash at December 31, 1996 represents cash partially securing the
Sunnymead note payable, which was restricted as to its use pursuant to a court
approved reorganization plan and the modified note agreements (see "Note C").

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

The Partnership's remaining investment properties consist of one apartment
complex, four business parks and two shopping centers, as well as three business
parks and a shopping center owned by two consolidated joint ventures between the
Partnership and an affiliated partnership.  The following table sets forth the
average physical occupancy for the six months ended June 30, 1997 and 1996:

                                            Average
                                           Occupancy
Property                                 1997     1996

Commerce Plaza                           100%      96%
  Tampa, Florida

Regency Centre                           95%       97%
  Lexington, Kentucky

Highland Park Commerce                   89%       95%
  Center - Phase II
  Charlotte, North Carolina

Interrich Plaza                          64%       64%
  Richardson, Texas

Centre Stage Shopping Center             99%       98%
  Norcross, Georgia

The Enclaves                             92%       96%
  Atlanta, Georgia

Medtronics                               100%     100%
  Irvine, California

Coral Palm Plaza Joint Venture:

Coral Palm Plaza                         74%       74%
  Coral Springs, Florida

Minneapolis Business Parks
  Joint Venture:

Alpha Business Center                    91%       92%
  Bloomington, Minnesota

Plymouth Service Center                  100%     100%
  Plymouth, Minnesota

Westpoint Business Center                97%       96%
  Plymouth, Minnesota
  

The Managing General Partner attributes the increase in occupancy at Commerce
Plaza to the leasing of the remaining available space to a new tenant during the
second quarter of 1996. Occupancy at Highland Park decreased as a result of two
tenants vacating the property in 1996.  Occupancy at The Enclaves has decreased
as a result of upgrades and concessions offered at competing apartment
complexes.

The Partnership's net income for the six months ended June 30, 1997, was
approximately $3,403,000 compared to a net loss of approximately $1,977,000 for
the corresponding period of 1996.  The Partnership's net loss for the three
months ended June 30, 1997, was approximately $887,000 compared to a net loss of
approximately $1,113,000 for the corresponding period of 1996.  The increase in
net income for the six months ended June 30, 1997, is primarily attributable to
the gain on foreclosure of Sunnymead Towne Shopping Center during the first
quarter of 1997.  The Partnership recognized an extraordinary gain on
foreclosure of approximately $5,337,000.  The Partnership's loss before
extraordinary gain for the three and six month periods ended June 30, 1997 was
approximately $1,934,000 compared to approximately $1,977,000 for the
corresponding period of 1996.  The decrease in net loss before extraordinary
gain for the three and six month periods ended June 30, 1997 was primarily due
to a decrease in interest on notes payable.  The decrease in interest on notes
payable is a result of the foreclosure on the Sunnymead Towne Center property as
discussed above.  This decrease in interest on notes payable was partially
offset by a decrease in rental income, which was also the result of the
Sunnymead Towne Center foreclosure. Despite the foreclosure on the Sunnymead
Towne Center operating expenses increased due to increases in these expenses at
The Enclaves and Medtronics.  The increase in operating expense at The Enclaves
is the result of increased sewer expenses, business license and permits,
interior and exterior building improvements and tax expenses.  Tax expenses
increased due to an increased assessment from the taxing authorities.

As part of the ongoing business plan of the Partnership, the Managing General
Partner monitors the rental market environment of its investment properties to
assess the feasibility of increasing rents, maintaining or increasing occupancy
levels and protecting the Partnership from increases in expense.  As part of
this plan, the Managing General Partner attempts to protect the Partnership from
the burden of inflation-related increases in expenses by increasing rents and
maintaining a high overall occupancy level.  However, due to changing market
conditions, which can result in the use of rental concessions and rental
reductions to offset softening  market conditions, there is no guarantee that
the Managing General Partner will be able to sustain such a plan.

At June 30, 1997, the Partnership had unrestricted cash of approximately
$8,907,000 compared to approximately $7,404,000 at June 30, 1996.  Net cash
provided by operating activities decreased primarily as a result of decreases in
tax accruals and interest accruals on notes payable.  Also contributing to the
decrease in net cash provided by operating activities is an increase in cash
used for other liabilities.  Net cash used in investing activities decreased due
to decreased property improvements and replacements in the second quarter of
1997.  Net cash used in financing activities increased due to a contribution
from the minority interest in the joint venture in 1996.

The sufficiency of existing liquid assets to meet future liquidity and capital
expenditure requirements is directly related to the level of capital
expenditures required at the properties to adequately maintain the physical
assets and other operating needs of the Partnership.  Such assets are currently
thought to be sufficient for any near-term needs of the Partnership.  The
mortgage indebtedness of approximately $6,856,000, requires interest only
payments with a balloon payment due in 2001. Also, the Partnership's Non-
Recourse Promissory Notes of approximately $75,132,000, including deferred
interest of approximately $33,193,000, require minimum interest payments of 5%
on principal per year and mature on February 15, 1999, at which time the
Partnership will have to extend the due dates of these notes, find replacement
funding, or sell properties. Future cash distributions will depend on the levels
of cash generated from operations and the availability of cash reserves.  No
cash distributions to the limited partners were made in 1996 or during the six
months ended June 30, 1997. Currently, the Managing General Partner is
evaluating the feasibility of a distribution from cash reserves in 1997.


                           PART II - OTHER INFORMATION


ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

     a)  Exhibits:

         Exhibit 27, Financial Data Schedule, is filed as an exhibit to this 
         report.

     b)  Reports on Form 8-K:  None filed during the quarter ended June 30,
         1997.



                                    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.


                           CENTURY PENSION INCOME FUND XXIII

                           By:   FOX PARTNERS V,
                                 Its General Partner


                           By:   FOX CAPITAL MANAGEMENT CORPORATION,
                                 Its Managing General Partner


                           By:   /s/William H. Jarrard, Jr.
                                 William H. Jarrard, Jr.
                                 President and Director


                           By:   /s/Ronald Uretta
                                 Ronald Uretta
                                 Vice President and Treasurer

                         Date:   August 11, 1997