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 September 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)


                                 (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)


                                                   September 30,    December 31,
                                                        1997            1996
                                                    (Unaudited)        (Note)
Assets
  Cash and cash equivalents                        $  8,723        $  8,289
  Restricted cash                                        --              80
  Receivables and other assets, net                   1,660           1,667
  Deferred charges                                    1,848           1,987
  Mortgage loan receivable                            1,137           1,137
  Investment properties:
     Land                                            16,384          18,165
     Buildings and related personal property         63,972          69,172
                                                     80,356          87,337
     Less accumulated depreciation                  (21,758)        (21,604)
                                                     58,598          65,733

                                                   $ 71,966        $ 78,893
Liabilities and Partners' Deficit

Liabilities
  Deferred income, accrued expenses and
    other liabilities                              $  1,510        $  1,189
  Accrued interest - promissory notes                   524           1,048
  Deferred interest - notes payable                     157           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                       33,885          31,810

Minority interest in consolidated
 joint ventures                                       8,062           7,844

Partners' Deficit
  General partner's                                  (1,239)         (2,206)
  Limited partners' (95,789 units issued and
    outstanding at September 30, 1997 and
    December 31, 1996)                              (19,728)        (21,186)
                                                    (20,967)        (23,392)

                                                   $ 71,966        $ 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)



                                      Three Months Ended      Nine Months Ended
                                         September 30,          September 30,
                                      1997         1996        1997       1996
Revenues:
Rental income                       $  2,559    $  2,826    $  7,898   $  8,353
Interest income on mortgage loan          20          20          61         61
Other income                             149         165         416        436
  Total revenues                       2,728       3,011       8,375      8,850
Expenses:
Interest to promissory note
  holders                              1,216       1,216       3,647      3,647
Amortization of sales
  commissions and
  organizational costs                   104         107         314        314
Operating                              1,236       1,206       3,643      3,602
Depreciation                             578         603       1,784      1,818
Interest on notes payable                207         446         846      1,311
General and administrative               281         301         792        847
  Total expenses                       3,622       3,879      11,026     11,539

Loss before minority
 interest in joint ventures'
 operations and extraordinary
 gain on foreclosure                    (894)       (868)     (2,651)    (2,689)
Minority interest in joint
 ventures' operations                    (41)       (127)       (218)      (283)
Loss before extraordinary gain          (935)       (995)     (2,869)    (2,972)
Extraordinary gain on
 foreclosure                              --          --       5,337         --
Net (loss) income                   $   (935)   $   (995)   $  2,468   $ (2,972)
Net (loss) income allocated to
general partner                     $    (18)   $    (20)   $  1,010   $    (59)
Net (loss) income allocated to
limited partners                        (917)       (975)      1,458     (2,913)
                                    $   (935)   $   (995)   $  2,468   $ (2,972)
Net (loss) income per limited
 partnership unit:
Loss before extraordinary gain      $  (9.58)   $ (10.18)   $ (29.36)  $ (30.41)
Extraordinary gain on
 foreclosure                              --          --       44.58         --
Net (loss) income per Limited
Partnership Unit                    $  (9.58)   $ (10.18)   $  15.22   $ (30.41)

             See Accompanying Notes to Consolidated Financial Statements


c)                     CENTURY PENSION INCOME FUND XXIII

             CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' DEFICIT
                                  (Unaudited)
                        (in thousands, except unit data)


                                  Limited
                                Partnership  General     Limited
                                   Units     Partner    Partners'      Total

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             --         (43)         --          (43)

Net loss for the nine months
 ended September 30, 1996             --         (59)     (2,913)      (2,972)

Partners' deficit at
 September 30, 1996               95,789     $(2,191)    $(20,492)   $(22,683)

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

Distributions to partners             --         (43)         --          (43)

Net income for the nine months
 ended September 30, 1997             --       1,010       1,458        2,468

Partners' deficit at
 September 30, 1997               95,789     $(1,239)   $(19,728)    $(20,967)

          See Accompanying Notes to Consolidated Financial Statements


d)                      CENTURY PENSION INCOME FUND XXIII

                     CONSOLIDATED STATEMENTS OF CASH FLOWS
                                  (Unaudited)
                                 (in thousands)
<TABLE>
<CAPTION>
                                                                  Nine Months Ended
                                                                    September 30,
                                                                   1997       1996
<S>                                                            <C>       <C>
Cash flows from operating activities:
 Net income (loss)                                              $ 2,468   $  (2,972)
 Adjustments to reconcile net income (loss) to net cash
   provided by operating activities:
   Depreciation                                                   1,784       1,818
   Amortization of deferred charges                                 500         503
   Minority interest in joint ventures' operations                  218         283
   Deferred interest on non-recourse promissory notes             2,075       2,075
   Extraordinary gain on foreclosure                             (5,337)         --
   Casualty gain                                                    (37)         --
   Change in accounts:
     Receivables and other assets                                  (556)       (801)
     Deferred charges                                              (388)        (25)
     Deferred income, accrued expenses and other liabilities       (265)        174
     Deferred interest - notes payable                              249         551

        Net cash provided by operating activities                   711       1,606

Cash flows from investing activities:
 Restricted cash                                                     13         (62)
 Insurance proceeds                                                 100          --
 Property replacements and improvements                            (347)       (628)

        Net cash used in investing activities                      (234)       (690)

Cash flows from financing activities:
 Joint venture partner contributions                                 --          38
 Cash distributions to general partner                              (43)        (43)

        Net cash used in financing activities                       (43)         (5)

Net increase in cash and cash equivalents                           434         911

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

Cash and cash equivalents at end of period                      $ 8,723   $   7,289

Supplemental disclosure of cash flow information:
  Cash paid for interest - notes payable                        $   596   $     761
  Cash paid for interest - non-recourse promissory notes        $ 2,097   $   2,097
<FN>
          See Accompanying Notes to Consolidated Financial Statements
</FN>
</TABLE>

                       CENTURY PENSION INCOME FUND XXIII

SUPPLEMENTAL DISCLOSURES OF NON-CASH ACTIVITIES


Foreclosure:

During the nine months ended September 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 nine months ended
September 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                        $ 33
Building and related personal property               111
Other liabilities                                    111


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 nine month periods ended
September 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 nine month periods ended September 30, 1997 and
1996 (in thousands):


                                                           1997           1996
Property management fees (included in operating
  expenses)                                              $ 111           $ 101
Reimbursement for services of affiliates (included
  in general and administrative expenses)                  147             183
Partnership management fee (included in general
  and administrative expenses)                             111             111

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 August 31, 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 master policy.  The 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
$43,000 during each of the nine month periods ended September 30, 1997 and 1996.

NOTE C - FORECLOSURE OF SUNNYMEAD 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 nine months ended September 30, 1997 and
1996:


                                            Average
                                           Occupancy

Property                                 1997     1996

Commerce Plaza                           100%      96%
  Tampa, Florida

Regency Centre                           95%       96%
  Lexington, Kentucky

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

Interrich Plaza                          64%       64%
  Richardson, Texas

Centre Stage Shopping Center             99%       99%
  Norcross, Georgia

The Enclaves                             92%       96%
  Atlanta, Georgia

Medtronics                               100%     100%
  Irvine, California

Coral Palm Plaza Joint Venture:

Coral Palm Plaza                         72%       73%
  Coral Springs, Florida

Minneapolis Business Parks
  Joint Venture:

Alpha Business Center                    90%       93%
  Bloomington, Minnesota

Plymouth Service Center                  100%      99%
  Plymouth, Minnesota

Westpoint Business Center                96%       97%
  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.  Occupancy at Alpha Business Center decreased as a result of two
tenants vacating the property in 1997 and to lease turnover in 1997.

The Partnership's net income for the nine months ended September 30, 1997, was
approximately $2,468,000 compared to a net loss of approximately $2,972,000 for
the corresponding period of 1996.  The Partnership's net loss for the three
months ended September 30, 1997, was approximately $935,000 compared to a net
loss of approximately $995,000 for the corresponding period of 1996.  The
increase in net income for the nine months ended September 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 (see Note C -
Foreclosure of Sunnymead Towne Shopping Center).  The Partnership's loss before
extraordinary gain for the nine month period ended September 30, 1997 was
approximately $2,869,000 compared to approximately $2,972,000 for the
corresponding period of 1996. The decrease in net loss before extraordinary gain
for the three and nine month periods ended September 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, Alpha Business Center, and Coral Palm Plaza.  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.  Operating expenses increased at Alpha Business Center due
to exterior painting, roof repairs and paving expenses in 1997.  The increase in
operating expense at Coral Palm Plaza was due to exterior painting and roof
repairs.

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 September 30, 1997, the Partnership had unrestricted cash of approximately
$8,723,000 compared to approximately $7,289,000 at September 30, 1996.  Net cash
provided by operating activities decreased as a result of an increase in cash
used for deferred charges and other liabilities.  Net cash used in investing
activities decreased due to decreased property improvements and replacements in
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 $75,824,000, including deferred
interest of approximately $33,885,000, 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 nine
months ended September 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 September 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:  November 14, 1997