15

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

                              FORM 10-Q

 Quarterly Report Pursuant to Section 13 or 15(d) of the Securities
                      and Exchange Act of 1934



For The Quarter Ended March 31, 2000   Commission File Number 2-96042



              CAPITAL BUILDERS DEVELOPMENT PROPERTIES,
                  A CALIFORNIA LIMITED PARTNERSHIP
       (Exact name of registrant as specified in its charter)



     California                                   77-0049671
State or other jurisdiction of                  I.R.S. Employer
organization                                   Identification No.

1130 Iron Point Road, Suite 170, Folsom, California 95630
(Address of Principal executive offices)          (Zip Code)


Registrant's telephone number, including area code:  (916)353-0500


Former name, former address and former fiscal year, if changed since
last year:

4700 Roseville Road, Suite 206, North Highlands, California 95660




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 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
<TABLE>

PART I - FINANCIAL INFORMATION

      Capital  Builders  Development
               Properties
  (A  California  Limited  Partnership)

             BALANCE  SHEETS
<CAPTION>
                                            March 31,    December 31,
                                              2000           1999
<S>                                           <C>            <C>
ASSETS
  Cash and cash equivalents                   $53,220         $23,679
  Accounts receivable, net                     40,305          58,194
  Investment property, held for sale, at
    cost, net of accumulated depreciation
    and amortization of $1,470,519
    at March 31, 2000 and
    December 31, 1999                       4,542,551       4,514,466

  Lease commissions, net of accumulated
    amortization of $107,412 at March 31,
    2000, and December 31, 1999               108,783          87,948

  Other assets, net of accumulated
    amortization of $81,811 and
    $71,538 at March 31, 2000, and
    December 31, 1999, respectively            90,476          79,518

            Total assets                   $4,835,335      $4,763,805

LIABILITIES AND PARTNERS' DEFICIT
  Notes payable                            $4,675,092      $4,199,057
  Loan payable to affiliate                   106,755         104,331
  Accounts payable and accrued
    liabilities                               128,448         489,667
  Tenant deposits                              47,211          44,357

           Total liabilities               $4,957,506      $4,837,412

  Commitments and contingencies
  Partners' Deficit:
    General partner                          (59,046)        (58,560)
    Limited partners                         (63,125)        (15,047)

           Total partners' deficit         ($122,171)       ($73,607)

    Total liabilities and
          partner's deficit               $ 4,835,335    $  4,763,805

See accompanying notes to the financial statements.

</TABLE>

<TABLE>
     Capital  Builders  Development
               Properties
  (A  California  Limited  Partnership)

       STATEMENTS  OF  OPERATIONS
    THREE  MONTHS  ENDED  MARCH  31,

<CAPTION>
                                              2000           1999
<S>                                            <C>            <C>
Revenues
  Rental and other income                     $174,277       $116,456
  Interest income                                  298            547

          Total revenues                       174,575        117,003

Expenses
  Operating expenses                            38,561         34,493
  Repairs and maintenance                       32,830         30,664
  Property taxes                                13,886         14,795
 Interest                                      100,128         85,036
  General and administrative                    27,462         28,513
  Depreciation and amortization                 10,274         43,608

           Total expenses                      223,141        237,109

Net loss                                      (48,566)      (120,106)

Allocated to general partners                    (486)        (1,201)

Allocated to limited partners                ($48,080)     ($118,905)

Net loss per limited partnership unit          ($3.49)        ($8.62)

Average units outstanding                       13,787         13,787

See accompanying notes to the financial statements.

</TABLE>

<TABLE>
Capital  Builders  Development  Properties
  (A  California  Limited  Partnership)

       STATEMENTS  OF  CASH  FLOWS
     THREE  MONTHS  ENDED  MARCH  31,

<CAPTION>
                                               2000          1999
<S>                                            <C>           <C>
Cash flows from operating activities:
  Net loss                                   ($48,566)     ($120,106)
  Adjustments to reconcile net loss to
    Cash flow used in operating
    activities:

  Depreciation and amortization                 10,274         43,608
  Changes in assets and liabilities
    Decrease/(Increase) in accounts             17,889          (561)
      receivable
    Increase in leasing commissions           (20,835)        (9,505)
    Increase in other assets                     (515)        (1,635)
    (Decrease)/Increase in accounts
      payable and accrued liabilities         (27,406)         57,234
    Increase in tenant deposits                  2,854            574

          Net cash used in
          operating activities                (66,305)       (30,391)

Cash flows from investing activities:
  Improvements to investment properties      (361,898)      - - - - -

          Net cash used in investing         (361,898)      - - - - -

Cash flows from financing activities:
  Proceeds on notes payable                    487,198       (10,167)
  Payments on notes payable                   (11,163)      - - - - -
  Payment of loan fees                        (20,715)      - - - - -
  Proceeds on loans payable to affiliate         2,424         27,892

          Net cash provided by
          financing activities                 457,744         17,725

Net Increase/(Decrease) in cash                 29,541       (12,666)

Cash, beginning of period                       23,679         17,206

Cash, end of period                            $53,220         $4,540

Cash paid for interest                       $ 108,040     $   81,364

See accompanying notes to the financial statements.

</TABLE>


               Capital Builders Development Properties
                 (A California Limited Partnership)


                    NOTES TO FINANCIAL STATEMENTS
                           March 31, 2000


NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND
         ORGANIZATION

A  summary  of  the significant accounting policies applied  in  the
preparation of the accompanying financial statements follows:

Basis of Accounting

The  financial statements of Capital Builders Development Properties
(The  "Partnership") are prepared on the accrual basis and therefore
revenue is recorded as earned and costs and expenses are recorded as
incurred.

Organization

Capital   Builders  Development  Properties,  a  California  Limited
Partnership,  is  owned under the laws of the State  of  California.
The Managing General Partner is Capital Builders, Inc., a California
corporation (CB).

The Partnership is in the business of real estate development and is
not  a  significant  factor  in  its  industry.   The  Partnership's
investment  properties  are  located near  major  urban  areas  and,
accordingly,  compete  not  only with similar  properties  in  their
immediate areas but with hundreds of properties throughout the urban
areas.   Such  competition is primarily on the basis  of  locations,
rents,   services  and  amenities.   In  addition,  the  Partnership
competes  with  significant numbers of individuals or  organizations
(including  similar  companies, real estate  investment  trusts  and
financial  institutions) with respect to the purchase  and  sale  of
land,  primarily  on  the  basis of the prices  and  terms  of  such
transactions.

Accounting Pronouncements

On  December 3, 1999, the Securities Exchange Commission staff issued
Staff  Accounting Bulletin No. 101, Revenue Recognition in  Financial
Statements  (SAB  101).  SAB 101 summarizes certain  of  the  staff's
views in applying generally accepted accounting principles to revenue
recognition in financial statements.  SAB 101 was adopted on  January
1, 2000.  Management believes the adoption of SAB 101 does not have a
material impact on the financial statements.

Investment Properties

On   July  1,  1999,  the  Partnership's  investment  property   was
reclassified  as  a  long-lived asset  to  be  disposed  of  and  is
currently listed for sale.  Assets to be disposed of are reported at
the  lower of the carrying amount or fair value less cost  to  sell.
Subsequent  revisions in estimates of fair value less cost  to  sell
are  reported  as adjustments to the carrying amount, provided  that
the  carrying  amount  does not exceed the initial  carrying  amount
before  an adjustment was made to reflect the decision to  sell  the
asset.   As  of  July  1, 1999, the fair value of the  Partnership's
investment property less cost to sell exceeded the carrying  amount.
Therefore, no adjustment was made to the carrying amount.

The  Partnership's investment property consists of commercial  land,
buildings  and  leasehold  improvements  that  are  carried  net  of
accumulated depreciation.  Depreciation is provided for  in  amounts
sufficient  to  relate the cost of depreciable assets to  operations
over  their  estimated service lives of three to forty  years.   The
straight-line  method  of  depreciation is  followed  for  financial
reporting  purposes.   Due to the Partnership's investment  property
being  reclassified  as  a  long lived  asset  to  be  disposed  of,
depreciation expense has not been recorded subsequent to the  second
quarter of 1999.

In accordance with Financial Account Standard No. 34, Capitalization
of  Interest Cost, interest associated with borrowings used to  fund
construction  in  process have been capitalized  in  the  amount  of
$28,615 and $-0-, respectively, for the three months ended March 31,
2000 and 1999.

Other Assets

Included in other assets are loan fees, which are amortized over the
life of the related note.

Lease Commissions

Lease  commissions  are no longer amortized over the  related  lease
terms  due to being an intangible directly related to the investment
property.

Income Taxes

The  Partnership does not provide for income taxes since all  income
or  losses  are reported separately on the individual partners'  tax
returns.

Revenue Recognition

Rental  income is recognized on a straight-line basis over the  life
of the lease, which may differ from the scheduled rental payments.

Net Loss per Limited Partnership Unit

The  net loss per Limited Partnership unit is computed based on  the
weighted  average number of units outstanding of 13,787  during  the
periods ending March 31, 2000 and 1999.

Statement of Cash Flows

For  purposes  of  the  statements of cash  flows,  the  Partnership
considers  all short-term investments with a maturity,  at  date  of
purchase, of three months or less to be cash equivalents.

Use of Estimates

The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates
and  assumptions  that  affect the reported amounts  of  assets  and
liabilities  and disclosure of contingent assets and liabilities  at
the  date  of the financial statements and the reported  amounts  of
revenues  and expenses during the reporting period.  Actual  results
could differ from those estimates.


NOTE 2 - LIQUIDITY

The lease up of Plaza de Oro's existing Phase I and new Phase II pad
building has increased the project's overall occupancy to 88% during
the   first  quarter  of  2000.   This  lease-up  has  improved  the
Partnership's   ability  to  meet  current  year  obligations,   but
additional leasing is still required to fully meet its obligations.

During   the  first  quarter  2000,  the  Partnership  obtained   an
additional  $300,000 working capital/tenant improvement  loan.   The
proceeds  from this loan paid down the $150,000 interim  loan,  paid
shortfall from operations due to negative cash flow during the first
quarter, and paid for a portion of building improvements during  the
first quarter.

Due  to  the property approaching a stabilized occupancy, Management
listed  the property for sale with an independent brokerage firm  on
July  1, 1999.  The estimated sales proceeds are projected to be  in
excess of current obligations.  There is currently one offer pending
at a sales price of $6,400,000, but this offer does not represent  a
guaranteed sales price.  At this time, Management has not  finalized
a plan for the use of the proceeds from the sale of the property.


NOTE 3 - RELATED PARTY EXPENSE REIMBURSEMENT AND FEE ARRANGEMENT

The  Managing  General  Partner (Capital  Builders,  Inc.)  and  the
Associate General Partners are entitled to reimbursement of expenses
incurred  on  behalf of the Partnership and certain  fees  from  the
Partnership.  These fees include: a property management fee up to 6%
of  gross revenues realized by the Partnership with respect  to  its
properties; a subordinated real estate commission of up to 3% of the
gross sales price of the properties; and a subordinated 25% share of
the  Partnership's distributions of cash from sales or  refinancing.
The  property management fee currently being charged is 5% of  gross
rental revenues collected.

All acquisition fees and expenses, all underwriting commissions, and
all  offering  and organizational expenses which  can  be  paid  are
limited to 20% of the gross proceeds from sales of Partnership units
provided  the  Partnership  incurs  no  borrowing  to  develop   its
properties.  However, these fees may increase to a maximum of 33% of
the  gross  offering proceeds based upon the total  acquisition  and
development costs, including borrowing.  Since the formation of  the
Partnership,  27.5%  of these fees were paid  to  the  Partnership's
related  parties, leaving a remaining maximum of 5.5% ($379,143)  of
the  gross  offering  proceeds.  The remaining  fees  would  not  be
payable  based  on  the current listing price of the  assets  to  be
disposed of.

The  total management fees paid to the Managing General Partner were
$3,045 and $-0- for the three months ended March 31, 2000 and  1999,
respectively.   Total  reimbursement of  expenses  was  $22,109  and
$2,074,  respectively.   The  Partnership  has  accrued  $67,918  of
management fees and cost reimbursements as of March 31, 2000.


NOTE 4 - INVESTMENT PROPERTIES

The components of the investment property account are as follows:

                                    March 31,  December 31,
                                     2000            1999
Land                               $1,353,177     $1,353,177
Building and Improvements           3,296,213      3,281,797
Tenant Improvements                   578,747        577,747
Construction in Progress              784,933        772,264
Investment properties, at cost      6,013,070      5,984,985

Less: accumulated depreciation
        and amortization          (1,470,519)    (1,470,519)

     Investment property, net      $4,542,551     $4,514,466


NOTE 5 - LOAN PAYABLE TO AFFILIATE

The  loan payable at March 31, 2000 and December 31, 1999 represents
funds  advanced  to  the  Partnership from  Capital  Builders,  Inc.
(General Partner).  These funds were utilized to cover negative cash
flow from operations.  The loan bears interest at approximately  the
same  rate charged to the Partnership by a bank for other borrowings
(9.25%  as  of  March  31, 2000) and is payable  upon  demand.   The
Partnership  accrued interest of $9,451 and $7,154 for  the  periods
ending March 31, 2000 and December 31, 1999, respectively.


NOTE 6 - NOTES PAYABLE

Notes Payable consist of the following:
                                             March 31,   December 31,
                                                2000         1999
Mini-permanent loan with a fixed interest
rate    of   9.25%,   requiring   monthly
principal   and  interest   payments   of
$28,689,  which is sufficient to amortize
the  loan over 25 years.  The loan is due
April    1,    2002.    The    note    is
collateralized by a First Deed  of  Trust
on  the land, buildings and improvements,
and is guaranteed by the General Partner.    $3,231,722   $3,242,885

Construction  loan  in  the   amount   of
$1,123,000,  which  accrues  interest  at
Prime +1% (Prime as of March 31, 2000  is
9%)  and is due August 19, 2000. Interest
accrues   monthly   on  the   outstanding
balance  of  the cumulative  construction
loan draws.  The Note provides for future
draws of $169,630 for construction costs.
This  loan is secured by a First Deed  of
Trust  on Phase II land and improvements,
and is guaranteed by the General Partner.       953,370      616,172

A  construction  loan in  the  amount  of
$190,000  due  March 1, 2001.   The  note
requires interest only payments and bears
interest at 13.5%.  The note is a  Second
Deed  of  Trust  on  Phase  II  land  and
improvements.  A restricted cash  reserve
balance  is maintained to service monthly
payments  until October  31,  2000.   The
restricted cash balance as of  March  31,
2000  and  December 31, 1999 was  $12,950
and $19,362, respectively.                      190,000      190,000

Interim     tenant    improvement/leasing
commission loan of $150,000 due March  1,
2000,  which was paid in full.  The  note
required interest only payments and  bore
interest at 15%.  The note was secured by
a  Second Deed Of Trust on Plaza de Oro's
Phase I land and improvements.                      -0-      150,000

Interim    working    capital,     tenant
improvement/leasing  commission  loan  of
$300,000  due  March 1, 2001.   The  Note
requires interest only payments and bears
interest at 15%.  The Note is secured  by
a  Second Deed of Trust on Plaza de Oro's
Phase I land and improvements.                  300,000          -0-

Total Notes Payable                          $4,675,092   $4,199,057

Scheduled principal payments during 2000, 2001, and 2002 are
$998,050, $531,071, and $3,145,971, respectively.


NOTE 7 - LEASES

The  Partnership leases its properties under long-term noncancelable
operating  leases  to  various tenants.  The facilities  are  leased
through  agreements  for rents based on the square  footage  leased.
Minimum annual base rental payments under these leases for the years
ending December 31 are as follows:

                    2000                     $  599,101
                    2001                        594,410
                    2002                        334,154
                    2003                        165,876
                    2004                        165,335
                    Thereafter                   33,041
                    Total                    $1,891,917


NOTE 8 - FAIR VALUE OF FINANCIAL INSTRUMENTS

The  following methods and assumptions were used by the  Partnership
in estimating it's fair value disclosures for financial instruments.

     Notes payable
     The fair value of the Partnership's notes payable are estimated
     based  on  the  quoted market prices for the  same  or  similar
     issues  or on the current rates offered to the Partnership  for
     debt of the same remaining maturities.

The estimated fair values of the Partnership's financial instruments
are as follows:

                        March 31, 2000          December 31,1999
                    Carrying   Estimated      Carrying    Estimated
                     Amount    Fair Value     Amount      Fair Value
Liabilities
Loan payable
 to affiliate       $106,755    $106,755       $104,331    $104,331
Note payable      $3,231,722  $3,231,722     $3,242,885  $3,242,885
Note payable        $953,370    $953,370       $616,172    $616,172
Note payable        $190,000    $190,000       $190,000    $190,000
Note payable           - - -       - - -       $150,000    $150,000
Note payable        $300,000    $300,000          - - -       - - -


NOTE 9 - COMMITMENTS AND CONTINGENCIES

The  Partnership is involved in litigation primarily arising  in  the
normal  course  of its business.  In the opinion of  management,  the
Partnership's  recovery  or  liability, if  any,  under  any  pending
litigation  would  not materially affect its financial  condition  or
operations.


NOTE 10 - PROSPECTIVE ACCOUNTING PRONOUNCEMENTS

Accounting for Derivative Instruments and Hedging Activity

In  June  1998,  the  FASB  issued  SFAS  No.  133,  Accounting  for
Derivative  Instruments and Hedging Activities.   SFAS  No.  133  as
amended  is  effective  for  all fiscal  quarters  of  fiscal  years
beginning  after  June  15,  2000.   Management  believes  that  the
adoption  of  SFAS No. 133 will not have a material  impact  on  the
financial statements due to the Partnership's inability to invest in
such instruments as stated in the Partnership agreement.


ITEM 2.   MANAGEMENT'S   DISCUSSION  AND   ANALYSIS   OF   FINANCIAL
          CONDITION AND RESULTS OF OPERATIONS

Liquidity and Capital Resources

The  Partnership commenced operations on September 19, 1985 upon the
sale  of  the  minimum  number of Limited  Partnership  Units.   The
Partnership's  initial source of cash was from the sale  of  Limited
Partnership  Units.  Through the offering of Units, the  Partnership
has  raised  $6,893,500 (represented by 13,787  Limited  Partnership
Units).   Cash generated from the sale of Limited Partnership  Units
has been used to acquire land and for the development of a mixed use
commercial  project  and  a  60% interest  in  a  commercial  office
project.

During  the  three  months ended March 31, 2000,  cash  increased  by
$29,541.   This was the result of net cash provided by  financing  in
the  amount of $457,744, which was offset by negative cash flow  from
operations  of  $66,305  and  net cash used  for  Phase  II  building
improvements ($361,898).

The negative cash flow from operations is primarily the result of the
project's  remaining  vacant space and the leasing  commissions  paid
during the first quarter to lease up a portion of its vacant space.

In  order  to temporarily solve the Partnership's cash flow  problem,
Management  obtained  a 12 month, $300,000 interim  loan  during  the
first quarter 2000.  This loan has allowed the Partnership to pay for
Phase I lease-up costs and 2000 operating deficits, and Phase II cost
increases.

The  9,424  square foot Phase II office/retail building was completed
and  placed  into  service  April 2000.  The  building  is  currently
partially   occupied  by  a  6,424  square  foot  tenant  and   lease
negotiations  are  in  process for an additional  1,500  square  foot
tenant.

Plaza de Oro's Phase I and Phase II were listed for sale on July  1,
1999  with an independent brokerage firm.  There has been  an  offer
received  in  the  amount of $6,400,000, but  this  offer  does  not
represent a guaranteed sales price.  The project's current  offering
price  less costs to sell is in excess of the carrying value of  the
property  and the Partnership's current obligations.  At this  time,
Management has not finalized a plan for the use of proceeds from the
sale of the property.

Results of Operations

During the three months ended March 31, 2000 as compared to March 31,
1999,  the Partnership's total revenues increased by $57,572 (49.2%),
while  its expenses decreased by $13,968 (5.9%), all resulting  in  a
decrease in net loss of $71,540.

The  increase in revenues is primarily due to the increase  in  Phase
I's   occupancy  to  88%  from  60%  at  March  31,  2000  and  1999,
respectively.

Total expenses decreased for the three months ended March 31, 2000 as
compared to March 31, 1999, due to the net effect of:
a)   $4,068  (11.8%)  increase in operating expenses  due  to  higher
utility costs incurred for the office building due to an increase  in
occupancy;
b)    $2,166  (7.1%)  increase  in  repair  and  maintenance  due  to
additional  clean-up  costs incurred in preparing  the  property  for
sale.
c)   $15,092 (17.7%) increase in interest due to interest accrued  on
the affiliate loan, plus additional interest paid for the increase in
loan proceeds;
d)   $1,051 (3.7%) decrease in general and administrative  due  to  a
cost cutting program; and
e)   $33,334 (76.4%) decrease in depreciation and amortization due to
depreciation  no longer being taken subsequent to the second  quarter
1999,  as the Partnership's property had been reclassified as a  long
lived asset to be disposed of.


ITEM 3.   QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISKS

The  Partnership  does  not  have a  material  market  risk  due  to
financial  instruments held by the Partnership.   The  Partnership's
variable rate instruments consist of a loan payable to affiliate and
a  construction loan for Phase II.  The total outstanding balance of
the  loan payable to affiliate at March 31, 2000 was $106,755, while
the total outstanding balance of the construction loan was $953,370.

                     PART II - OTHER INFORMATION

Item 1         -    Legal Proceeding
                         The Partnership is not a party to, nor is
               the Partnership's property the subject of, any
               material pending legal proceedings.

Item 2    -    Not applicable

Item 3    -    Not applicable

Item 4    -    Not applicable

Item 5    -    Not applicable

Item 6    -    Exhibits and Reports on Form 8-K

          (a)  Exhibits - None
          (b)  Reports on Form 8-K - None


                             SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of  1934,
the  registrant  has dully caused this report to  be  signed  on  its
behalf by the undersigned, hereunto dully authorized.

                              CAPITAL BUILDERS DEVELOPMENT PROPERTIES
                              a California Limited Partnership

                              By:  Capital Builders, Inc.
                              Its Corporate General Partner


Date:  May 10, 2000           By:
                                   Michael J. Metzger
                                   President


Date:  May 10, 2000           By:
                                   Kenneth L. Buckler
                                   Chief Financial Officer