FORM 10-Q

                       SECURITIES AND EXCHANGE COMMISSION
                      Washington, D.C. 20549   (Mark One)

     [X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR15(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  0-24594

                        WEST COAST REALTY INVESTORS INC.
             (Exact name of registrant as specified in its charter)

                CALIFORNIA                            95-4246740
          (State or other Jurisdiction of         (I.R.S. Employer
          incorporation or organization)          Identification No.)

                       5933 W. CENTURY BLVD., 9TH, FLOOR
                         LOS ANGELES, CALIFORNIA  90045
                    (Address of principal executive offices)
                                   (Zip Code)

                                 (310) 670-0800
              (Registrant's telephone number, including area code)

   (Former name, former address and former fiscal year, if changed since last
                                    report)

     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

                     APPLICABLE ONLY TO CORPORATE ISSUERS:
     INDICATE THE NUMBER OF SHARES OUTSTANDING OF EACH OF THE ISSUER'S CLASSES
OF COMMON STOCK, AS OF THE LATEST PRACTICABLE DATE.  2,147,525 SHARES
OUTSTANDING AS OF NOVEMBER 7, 1997.

<PAGE>
<TABLE>
                       WEST COAST REALTY INVESTORS, INC.

ITEM 1.  FINANCIAL STATEMENTS

     In the opinion of the Management of West Coast Realty Investors, Inc. (the
"Company"), all adjustments necessary for a  fair presentation of the  Company's
results for the three and  nine months ended September  30, 1997 and 1996,  have
been made in the following financial  statements which are normal and  recurring
in nature.  However, such financial statements are unaudited and are subject  to
any year-end adjustments that may be necessary.

                                 BALANCE SHEETS
              SEPTEMBER 30, 1997 (UNAUDITED) AND DECEMBER 31, 1996
<CAPTION>
                                            SEPTEMBER 30,    December 31,
                                                 1997            1996
<S>                                               <C>            <C>
ASSETS
Rental real estate, less accumulated
   depreciation (Note 2)                      $25,676,713     $21,118,203
Cash and cash equivalents                       2,882,215       2,017,194
Accounts receivable                               404,203         247,948
Loan origination fees, net of accumulated
amortization of $49,872 and $40,248               122,335         102,622
Other assets                                       44,869          85,871

TOTAL ASSETS                                  $29,130,335     $23,571,838

LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
   Accounts payable                               $11,322         $13,922
   Due to related party (Note 5(e))                80,557          46,285
   Dividends payable (Note 8)                     383,236         302,760
   Security deposits and prepaid rent             137,392         124,734
   Other liabilities                              137,484         100,453
   Notes payable (Note 6)                      12,228,139      10,078,793

TOTAL LIABILITIES                              12,978,130      10,666,947
COMMITMENTS
STOCKHOLDERS' EQUITY
 Common stock, $.01 par-shares authorized,
5,000,000 shares issued, 1,968,144 and
1,550,607 outstanding in 1997 and 1996             19,681          15,506
 Additional paid-in capital                    17,609,705      13,861,763
 Retained earnings                            (1,477,181)       (972,378)

TOTAL STOCKHOLDERS' EQUITY                     16,152,205      12,904,891

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY    $29,130,335     $23,571,838

</TABLE>
[FN]
                See accompanying notes to financial statements.

<PAGE>
<TABLE>
                       WEST COAST REALTY INVESTORS, INC.

                       STATEMENTS OF STOCKHOLDERS' EQUITY
                      NINE MONTHS ENDED SEPTEMBER 30, 1997
                                  (UNAUDITED)
<CAPTION>
                                    COMMON     STOCK     ADDITIONAL PAID-IN
                                    SHARES     AMOUNT         CAPITAL      DEFICIT
<S>                                   <C>        <C>           <C>            <C>
BALANCE AT DECEMBER 31, 1996       1,550,607   $15,506     $13,861,763    $(972,378)

Issuance of stock, net               417,537     4,175       3,659,200           ---

Equity contribution by Affiliates
through expense reimbursements           ---       ---          88,742           ---

Net income                               ---       ---             ---       567,017

Dividends declared (Note 8)              ---       ---             ---   (1,071,820)

BALANCE AT SEPTEMBER 30, 1997      1,968,144   $19,681     $17,609,705  $(1,477,181)


                      NINE MONTHS ENDED SEPTEMBER 30, 1996
                                  (UNAUDITED)
<CAPTION>
                                     COMMON     STOCK   ADDITIONAL PAID-IN
                                     SHARES    AMOUNT        CAPITAL       DEFICIT
<S>                                   <C>        <C>           <C>            <C>
BALANCE AT DECEMBER 31, 1995       1,322,404   $13,224     $11,771,030    $(549,417)

Issuance of stock, net               178,342     1,783       1,584,406           ---

Equity contribution by Affiliates
through expense reimbursements           ---       ---          20,912           ---

Net income                               ---       ---             ---       556,807

Dividends declared (Note 8)              ---       ---             ---     (825,059)

BALANCE AT SEPTEMBER 30, 1996      1,500,746   $15,007     $13,376,348    $(817,669)

</TABLE>
[FN]
                See accompanying notes to financial statements.

<PAGE>
<TABLE>
                       WEST COAST REALTY INVESTORS, INC.
                              STATEMENTS OF INCOME
            THREE AND NINE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
                                  (UNAUDITED)
<CAPTION>
                                THREE         THREE        NINE        NINE
                                MONTHS       MONTHS       MONTHS      MONTHS
                                ENDED         ENDED        ENDED       ENDED
                              SEPTEMBER     SEPTEMBER    SEPTEMBER   SEPTEMBER
                               30, 1997     30, 1996     30, 1997    30, 1996
<S>                               <C>          <C>          <C>         <C>
REVENUES:
  Rental                         $735,057     $618,081   $2,182,869  $1,772,462
  Interest                         37,605       19,974       70,558      70,564

                                 772,662       638,055    2,253,427   1,843,026

COSTS AND EXPENSES:
  Operating                        43,076       40,405      110,772      83,061
  Property taxes                   27,722       18,528       83,167      55,927
  Property management fees
    -related party (Note 5 (d))    27,581       27,015       83,384      78,213
  Interest                        282,835      220,188      802,547     639,327
  General and administrative       86,767       61,476      247,656     141,454
  Depreciation and amortization   119,954       98,764      358,884     288,237

                                  587,935      466,376    1,686,410   1,286,219

NET INCOME                       $184,727     $171,679     $567,017    $556,807

NET INCOME PER SHARE (NOTE 8)        $.10         $.12         $.32        $.39

</TABLE>
[FN]

                See accompanying notes to financial statements.

<PAGE>
<TABLE>
                       WEST COAST REALTY INVESTORS, INC.
                            STATEMENTS OF CASH FLOWS
           NINE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996 (UNAUDITED)
<CAPTION>

                                                NINE MONTHS   Nine Months
                                                   ENDED         Ended
INCREASE (DECREASE) IN CASH AND CASH             SEPTEMBER     September
EQUIVALENTS                                      30, 1997       30, 1996
<S>                                                 <C>            <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net income                                          $567,017      $556,807
Adjustments to reconcile net income to net
cash provided by operating activities:
    Depreciation and amortization                    349,260       288,237
    Interest expense on amortization of loan
        origination fees                               9,624           ---
Increase (decrease) from changes in:
     Accounts receivable                           (156,255)     (109,016)
     Other assets                                     41,002           119
     Accounts payable                                (2,600)      (78,462)
     Due to related party                             34,272           ---
     Security deposits and prepaid rent               12,658      (16,443)
     Other liabilities                                37,031           ---
NET CASH PROVIDED BY OPERATING ACTIVITIES            892,009       641,242

CASH FLOWS FROM INVESTING ACTIVITIES
     Additions to rental real estate             (4,907,441)   (1,828,500)
NET CASH (USED IN) INVESTING ACTIVITIES          (4,907,441)   (1,828,500)

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of common stock, net        3,544,372     1,579,005
Equity contribution by Affiliates through
expense reimbursements                                88,742        20,912
Dividends declared and paid                        (931,344)     (773,302)
Proceeds from notes payable                        2,312,500       724,465
Payments on notes payable                          (163,154)     (133,910)
Increase in loan origination fees                     29,337           ---
NET CASH PROVIDED BY FINANCING ACTIVITIES          4,880,453     1,417,170

NET INCREASE IN CASH AND CASH EQUIVALENTS            865,021       229,912

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD     2,017,194     1,450,022

CASH AND CASH EQUIVALENTS,  END OF PERIOD         $2,882,215    $1,679,934

</TABLE>
[FN]
                    See accompanying notes to financial statements.

<PAGE>

                       WEST COAST REALTY INVESTORS, INC.

                         SUMMARY OF ACCOUNTING POLICIES
      THREE AND NINE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996 (UNAUDITED)
                              AND DECEMBER 31, 1996

BASIS OF PRESENTATION
The accompanying balance sheet as of September 30, 1997, the income statements
and statements of  cash flow for the nine months periods ended September 30,
1997, and 1996 are unaudited, but  in the  opinion of  management include all
adjustments, consisting only of normal recurring accruals, necessary for a fair
presentation of the financial position and results of operations for the periods
presented.  The results of operations for the nine month period ended September
30, 1997, are not necessarily indicative of results to be expected for the 
year ended December 31, 1997.


BUSINESS
West Coast Realty Investors, Inc. (the "Company"), is a corporation formed on
October 26, 1989 under the laws of the State of Delaware.  The Company exists 
as a Real Estate Investment Trust ("REIT") under Sections 856 to 860 of the
Internal Revenue Code.  The Company has complied with all requirements imposed
on REIT's for 1996 and 1995 tax years; however, qualification as a REIT for
future years is dependent upon future operations of the Company.  The Company
was organized to acquire interests in income-producing residential,  
industrial, retail or commercial properties located primarily in California
and the west coast of the United States.  The Company intends to acquire 
property for cash on a moderately leveraged basis with aggregate mortgage 
indebtedness not to exceed fifty percent of the purchase price of all 
properties on a combined basis,  or eighty percent individually and intends 
to own and operate such properties for investment over an anticipated holding 
period of five to ten years.


RENTAL  PROPERTIES AND DEPRECIATION
Assets are stated at lower of cost or net realizable value.  Depreciation is
computed using the straight-line method over their estimated useful lives of
31.5 to 39 years for financial and income tax reporting purposes.

In the event that facts and circumstances indicate that the cost of an asset 
may be impaired,  an evaluation of recoverability would be performed. If an
evaluation is required, the estimated future undiscounted cash flows 
associated with the asset would be compared to the carrying amount to 
determine if a write-down to market value is required.

LOAN ORIGINATION FEES
Loan origination fees are capitalized and amortized over the life of the loan.

<PAGE>

                       WEST COAST REALTY INVESTORS, INC.

                         SUMMARY OF ACCOUNTING POLICIES
                                  (Continued)

RENTAL INCOME
Rental income is recognized on a straight-line basis to the extent that rental
income is deemed collectable.  Where there is uncertainty of collecting higher
scheduled rental amounts, due to the tendency of tenants to renegotiate their
leases for lower amounts, rental income is recognized as the amounts are
collected.

CASH AND CASH EQUIVALENTS
The Company considers cash in the bank, liquid money market  funds, and  all
highly liquid certificates of deposits, with original maturities of three 
months or less, to be cash and 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.

RECLASSIFICATIONS
For comparative purposes, certain prior year  amounts have been reclassified  
to conform to the current year presentation.

NEW ACCOUNTING PRONOUCEMENTS
Statement of Financial Accounting Standards No. 125, "Accounting for Transfers
and Servicing of Financial Assets and Extinguishments of Liabilities" (SFAS  
No. 125) issued by the Financial Accounting Standards Board (FASB) is 
effective for transfers and servicing of financial assets and extinguishments
of liabilities occurring after December 31, 1996, and is to be applied 
prospectively.   Earlier or retroactive application is not permitted.
The new standard provides accounting and reporting standards for transfers  
and servicing of financial assets and extinguishments of liabilities.  The 
Company does not expect adoption to have a material effect on its financial 
position or results of operations.

<PAGE>

                       WEST COAST REALTY INVESTORS, INC.

                         NOTES TO FINANCIAL STATEMENTS
      THREE AND NINE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996 (UNAUDITED)
                              AND DECEMBER 31, 1996


NOTE 1 - GENERAL
On October 30, 1989, West Coast Realty Advisors, Inc. (the "Advisor"), 
purchased 1,000 shares of the Company's common stock for $10,000.  On 
August 30, 1990, the Company reached its minimum initial offering funding level 
of $1,000,000.  As of September 30, 1997 the Company has raised $19,650,602 
in capital.

Sales commissions and wholesaling fees, representing 8% of the gross proceeds
from the sale of common shares, were paid to Associated Securities Corp.
("ASC"), a member of the National Association of Securities Dealers, Inc.
("NASD") and an affiliate of the Advisor.

Dividends are declared and accrued based approximately upon the previous
quarter's income from operations before depreciation and amortization.

NOTE 2 - RENTAL PROPERTIES

The Company owns the following income-producing properties

                                                         ORIGINAL
LOCATION (PROPERTY NAME)      DATE PURCHASED           ACQUISITION
                                                           COST

Huntington Beach,
California (Blockbuster)     February 26, 1991               $ 1,676,210
Fresno, California             May 14, 1993                    1,414,893
Huntington Beach,
California (OPTO-22)        September 15, 1993                 2,500,001
Brea, California               March 4, 1994                   2,248,343
Riverside, California         November 29, 1994                3,655,500
Tustin, California
(Safeguard)                     May 22, 1995                   4,862,094
Fremont, California
(Technology Drive)           October 31, 1995                  3,747,611
Sacramento, California
(Java City)                   August 2, 1996                   1,828,500
Irvine, California (Tycom)   January 17, 1997                  4,907,441

<PAGE>

                       WEST COAST REALTY INVESTORS, INC.

                         NOTES TO FINANCIAL STATEMENTS
      THREE AND NINE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996 (UNAUDITED)
                       AND DECEMBER 31, 1996 (Continued)

NOTE 2 - RENTAL PROPERTIES (CONTINUED)

The major categories of property are:


                              SEPTEMBER 30, 1997     DECEMBER 31, 1996

Land                                 $  8,971,126           $  7,401,126
Buildings and improvements             17,869,466             14,532,025

                                       26,840,592             21,933,151
Less accumulated depreciation           1,163,879                814,948

Net rental properties               $  25,676,713          $  21,118,203

A significant portion of the Company's rental revenue was earned from tenants
whose individual rents represented more than 10% of total rental revenue.
Specifically:

     Five tenants accounted for 28%, 22%, 20%, 19% and 10% in 1997;
     Five tenants accounted for 23%, 19%, 18%, 12% and 10% in 1996;
     Four tenants accounted for 24%, 20%, 15% and 10% in 1995;


NOTE 3 - OTHER ASSETS

     Other assets consists of the following:

                                SEPTEMBER 30, 1997    DECEMBER 31, 1996

Deposits and prepaid expenses            $44,869            $85,871
Organization costs                        14,330             14,330

                                          59,199            100,201
Less accumulated amortization             14,330             14,330

Net other assets                         $44,869            $85,871

<PAGE>

                       WEST COAST REALTY INVESTORS, INC.

                         NOTES TO FINANCIAL STATEMENTS
      THREE AND NINE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996 (UNAUDITED)
                        AND DECEMBER 31, 1996 (Continued)

NOTE 4 - FUTURE MINIMUM RENTAL INCOME
As of September 30, 1997 and December 31, 1996, future minimum rental income
under the existing leases that have remaining noncancelable terms in excess 
of one year are as follows:

                                   SEPTEMBER 30, 1997       DECEMBER 31,1996

     1997 ........................        $763,725               $2,123,959
     1998 ........................       1,839,402                2,037,591
     1999 ........................       1,845,801                1,976,664
     2000 ........................       1,863,450                1,864,724
     2001 ........................       1,751,311                1,771,212
     Thereafter ..................      15,193,805               15,255,711

     Total                             $23,257,494              $25,029,861


Future minimum rental income does not include lease renewals or new leases 
that may result after a noncancelable-lease expires.

NOTE 5 - RELATED PARTY TRANSACTIONS

The Advisor has an agreement with the Company to provide advice on investments
and to administer the day-to-day operations of the Company.  Property 
management services for the Company's properties are provided by West Coast  
Realty Management, Inc. ("WCRM"), an affiliate of the Advisor.

<PAGE>

                       WEST COAST REALTY INVESTORS, INC.
                         NOTES TO FINANCIAL STATEMENTS
      THREE AND NINE MONTHS ENDED SEPTEMBER 30, 1997, AND 1996 (UNAUDITED)
                        AND DECEMBER 31, 1996 (Continued)

During the periods presented, the Company had the following related party
transactions:

     (a) In accordance with the advisory  agreement, compensation earned by,  or
       services  reimbursed or  reimbursable to  the advisor,  consisted of  the
       following:

                                  NINE MONTHS ENDED    FOR THE YEAR
                                 SEPTEMBER 30, 1997        ENDED
                                                     DECEMBER 31, 1996

           Syndication fees                $482,307            $82,864
           Acquisition fees                 270,384             78,177
           Overhead expenses                 18,000             12,000

                                           $770,691           $173,041



     (b) At September 30, 1997 and December  31, 1996, the Advisor owned 22,505
         shares of the issued and outstanding shares of the Company.

     (c)  Sales commissions paid in accordance with the selling agreement to 
          ASC totaled $310,421 for the nine months ended September 30, 1997 
          and $119,083 for the nine months ended September 30, 1996.

     (d)  Property management fees earned by WCRM totaled $27,581 and $27,015
          for the three months ended September 30, 1997 and 1996, 
          respectively.  For the nine months ended September 30, 1997 and 
          1996, WCRM earned $83,384 and  $78,213, respectively in property 
          management fees.

     (e)  The Corporation had related party accounts payable as follows:

                                    SEPTEMBER 30, 1997    DECEMBER 31, 1996

     Associated Securities Corp.              $  4,156            $     396
     West Coast Realty Management               19,249               24,839
     West Coast Realty Advisors                 57,152               21,050

                                               $80,557              $46,285



      (f) A financing fee of $23,125 was paid in August 1997 in connection 
          with the refinancing of the note payable on the Tycom property 
          (Note 6).

<PAGE>

                       WEST COAST REALTY INVESTORS, INC.

                         NOTES TO FINANCIAL STATEMENTS
      THREE AND NINE MONTHS ENDED SEPTEMBER 30, 1997, AND 1996 (UNAUDITED)
                        AND DECEMBER 31, 1996 (Continued)


NOTE 6 - NOTES PAYABLE

Notes payable are made up of the following:
                                                  SEPTEMBER 30,   DECEMBER 31,
                                                        1997           1996

8.25% promissory note secured by a Deed of Trust
on the Fresno Property, monthly principal and interest
payments are $5,244 due August 1, 2003 ...........    $ 619,366      $ 628,471

Variable rate promissory note secured by a Deed
of Trust on the OPTO-22 property, interest rate
adjustments are monthly and are based on the 11th
District cost of funds rate plus 3% (7.835% at
September 30, 1997), and may never go below 6.5%
or above 11.0%, monthly principal and interest
payments are $12,723, due October 1, 2003 ........... 1,693,720      1,708,362

8.25% promissory note secured by a Deed of Trust on
the Blockbuster property, interest rate adjusts
to the 5-year Treasury rate plus 350 basis points
on February 1, 1999, monthly principal and interest
payments are $4,934, due February 1, 2004 ...........   559,684        569,132

9.25% promissory note secured by a Deed of Trust
on the Riverside property, monthly principal and
interest payments are $9,988, due November 8, 2004 .. 1,169,786      1,177,055

Variable rate promissory note secured by a Deed of Trust
on the Brea property, interest rate is 9.5% until March 1,
2000 (and each succeeding March 1st) when interest rate
adjusts to the Moody's corporate bond index daily rate
plus 0.125%, monthly principal and interest payments
vary depending upon interest rates and are currently
$8,737, due March 1, 2020 ........................      972,345        981,338


<PAGE>

                       WEST COAST REALTY INVESTORS, INC.
                         NOTES TO FINANCIAL STATEMENTS
      THREE AND NINE MONTHS ENDED SEPTEMBER 30, 1997, AND 1996 (UNAUDITED)
                       AND DECEMBER 31, 1996 (Continued)


NOTE 6 - NOTES PAYABLE (CONT.)

                                                   SEPTEMBER 30,  DECEMBER 31,
                                                         1997          1996

9.625% promissory note secured by a Deed of Trust
on the Safeguard property, monthly principal and
interest payments are $24,191, due February 1,
2005 .......................................         $2,091,431     $2,155,575

8.24% promissory note secured by a Deed of Trust
on the Fremont property, interest rate equaled the 20-year
Treasury rate plus 1.65% at loan closing, monthly principal
and interest payments are currently $18,898, due
August 1, 2015 ..............................         2,103,427      2,140,311

10% promissory note secured by a Deed of Trust on the
Java City property, monthly principal and interest payments
are $3,413, due November 1, 2001...............         330,971        336,272

8% promissory note secured by a Deed of Trust on the
Java City property, monthly principal and interest payments
are $3,126, due June 1, 2018......................      377,482        382,277

Variable rate promissory note secured by a Deed of Trust
on the Tycom Property, interest rate is 1.90% over the
3 month LIBOR with right to convert after first year;  The
conversion margin would be 1.90% over selected Treasury
Rate for the 10 year loan term, monthly principal and interest
payments vary depending upon interest rates and are
currently $17,469 due July 31, 2007................    2,309,927           ---

                                                     $12,228,139   $10,078,793


The above carrying amounts, with the exception of the note on the Fresno
property, are reasonable estimates of fair values of notes payable based on
current lending rates in the industry for mortgage loans with similar terms 
and maturities.  The fair value of the Fresno note is approximately $580,000
calculated by discounting the expected future cash outflows on the note to 
the present based on a current lending rate of 10%, which is the approximate
industry lending rate on properties of this type in this location.

<PAGE>

                       WEST COAST REALTY INVESTORS, INC.

                         NOTES TO FINANCIAL STATEMENTS
      THREE AND NINE MONTHS ENDED SEPTEMBER 30, 1997, AND 1996 (UNAUDITED)
                       AND DECEMBER 31, 1996 (Continued)

The aggregate annual future  maturities at September 30,  1997 and December  31,
1996 are as follows:

YEAR ENDING                      SEPTEMBER 30, 1997          DECEMBER 31, 1997

1997                                       $60,032                   $210,322
1998                                       239,183                    228,391
1999                                       259,579                    248,287
2000                                       281,228                    269,435
2001                                       594,384                    582,090
Thereafter                              10,793,733                  8,540,268

Total                                   $12,228,139                $10,078,793


NOTE 7 - DIVIDEND REINVESTMENT PLAN

The Company has established a Dividend Reinvestment Plan (the "Plan") whereby
cash dividends will, upon election of the shareholders, be used to purchase
additional shares of the Company.   The shareholders' participation in the 
Plan may be terminated at any time.

NOTE 8 - NET INCOME AND DIVIDENDS PER SHARE

Net Income Per Share for the nine months ended September 30, 1997 and 1996 was
computed using the weighted average number of outstanding shares of 1,764,404
and 1,430,333, respectively.

Dividends declared during the first nine months 1997 and 1996 were as follows:

                      OUTSTANDING           AMOUNT             TOTAL
RECORD DATE              SHARES            PER UNIT           DIVIDEND

January 1, 1997        1,550,607           $ 0.0666          $103,270
February 1, 1997       1,671,442             0.0666           111,318
March 1, 1997          1,671,442             0.0666           111,318
April 1, 1997          1,810,916             0.0666           120,607
May 1, 1997            1,815,579             0.0666           120,917
June 1, 1997           1,815,579             0.0666           120,917
July 1, 1997           1,815,579             0.0666           120,917
August 1, 1997         1,974,144             0.0666           131,478
September 1, 1997      1,968,144             0.0666           131,078

TOTAL                                                      $1,071,820

<PAGE>


                       WEST COAST REALTY INVESTORS, INC.
                         NOTES TO FINANCIAL STATEMENTS
     THREE  AND NINE MONTHS ENDED SEPTEMBER 30, 1997, AND 1996 (UNAUDITED)
                        AND DECEMBER 31, 1996 (Continued)

NOTE 8 - NET INCOME AND DIVIDENDS PER SHARE (CONT.)

                      OUTSTANDING           AMOUNT             TOTAL
RECORD DATE              SHARES            PER UNIT           DIVIDEND

January 1, 1996        1,325,404            0.0600            $79,524
February 1, 1996       1,371,794            0.0600             82,308
March  1, 1996         1,401,664            0.0600             84,100
April 1, 1996          1,413,736            0.0666             94,155
May 1, 1996            1,445,236            0.0666             96,253
June 1, 1996           1,448,836            0.0666             96,492
July 1, 1996           1,448,836            0.0666             96,492
August 1, 1996         1,448,836            0.0666             96,492
September 1, 1996      1,498,246            0.0666             99,783

TOTAL                                                        $825,599


NOTE 9 - NEW ACCOUNTING PRONOUNCEMENTS

Statement of Financial Accounting Standards No. 125, "Accounting for Transfers
and Servicing of Financial Assets and Extinguishments of Liabilities" (SFAS 
No. 125) issued by the Financial Accounting Standards Board (FASB) is 
effective for transfers and servicing of financial assets and extinguishments 
of liabilities occurring after December 31, 1996, and is to be applied 
prospectively.  Earlier or retroactive application is not permitted.  The new 
standard provides accounting and reporting standards for transfers and 
servicing of financial assets and extinguishments of liabilities.  The 
Company does not expect adoption to have a material effect on its financial 
position or results of operations.

NOTE 10 - SUBSEQUENT EVENTS

(a)  In October 1997, the Company paid dividends totaling $383,474 ($0.0666 
per share per period), payable to shareholders of record on July 1, August 1, 
and September 1, 1997, respectively (Note 8).

(b)  On October 3, and October 10, 1997, a total of $1,775,984 in proceeds 
from the sale of shares in the Company's current offering was released from 
an escrow account, and 178,105 shares were issued to investors.

<PAGE>


                       WEST COAST REALTY INVESTORS, INC.

                         NOTES TO FINANCIAL STATEMENTS
     THREE  AND NINE MONTHS ENDED SEPTEMBER 30, 1997, AND 1996 (UNAUDITED)
                        AND DECEMBER 31, 1996 (Continued)

NOTE 10 - SUBSEQUENT EVENTS (CONT.)

(c)  On October 31, 1997, the Company ("Seller") sold the North Palm Street
Property to a unrelated buyer.  The offer to purchase the property was
unsolicited and was partially contingent on the Seller utilizing the Internal
Revenue Service Code Section S1031 to facilitate a tax free exchange. The 
total sales price is $2,515,860 in cash.  The Seller paid off the existing 
lender of the first deed of trust which as of September 30, 1997 totaled 
$975,309.  Additionally,  the Buyer agreed to contribute an additional 
$15,000 to prepay the mortgage loan.

(d)   In early November 1997, the Company intends on acquiring an investment
known as the Roseville Property.  The funds to acquire the Roseville will 
result from the Section S1031 tax free exchange of the Brea property (as 
described above), plus additional proceeds resulting from the sale of the 
Company's Shares in the current offering. No debt financing will be used in 
connection with the Roseville acquisition.   The Roseville Property has been 
constructed, and the Company will be taking ownership of the Property two to 
three weeks after the occupancy permit is issued.  The property's tenant 
intends on using the property as a sit-down, casual restaurant.  Roseville 
is a city located in the Sacramento region of Northern California.

<PAGE>

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


INTRODUCTION

West Coast Realty Investors, Inc. is a Delaware corporation, formed on October
26, 1989. The Company began offering for sale shares of Common Stock on April
20, 1990.  On August 30, 1990, the Company reached its minimum initial  
offering funding level of $1,000,000.   A secondary offering of shares was 
begun on May 14, 1992.   On November 30, 1992 the Company reached its  
minimum secondary offering funding level of $250,000.  A third offering of  
shares was begun  on June 3, 1994.  On July 25, 1994, the Company reached its 
minimum third  offering funding level of $250,000. A fourth offering of shares 
began on May 6, 1996.  As of September 30, 1997, the Company had raised 
$19,650,602 in gross proceeds from all four offerings.

The Company was organized for the purpose of investing in, improving, holding,
and managing equity interests in a diversified number of commercial properties
located in California  and the  West Coast, while  qualifying as  a Real  
Estate Investment Trust.   Properties  will be  acquired for  cash or  on a  
moderately leveraged basis, with aggregate indebtedness not  to exceed 50% of
the purchase price of all properties on a combined basis.   The Company 
intends to hold each property for approximately seven to ten years.

The Company's principal investment objectives are to invest in  rental  real
estate properties which will:

  (1) Preserve and protect the Company's invested capital;
  (2) Provide shareholders with cash distributions; a portion of which will 
      not constitute taxable income.
  (3) Provide capital gains through potential appreciation; and
  (4) Provide market liquidity through transferable shares of stock.

The Company qualifies as a Real  Estate Investment Trust (REIT) for federal  
and state income tax purposes.

The ownership and operation  of any income-producing real  estate is subject  
to those risks  inherent in  all real  estate investments,  including national  
and local  economic  conditions,  the  supply  and  demand for similar types   
of properties, competitive marketing conditions, zoning changes, possible  
casualty losses, increases in real estate taxes, assessments, and operating 
expenses,  as well as others.

The Company has engaged West Coast Realty Advisors, Inc. ("WCRA") to act as  
the Company's advisor.   Pursuant  to  the terms  of  the advisory  agreement,  
WCRA provides investment and financial advice and conducts the day-to-day  
operations of the Company. The Company, itself, has no employees.

<PAGE>

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

LIQUIDITY AND CAPITAL RESOURCES

During the nine months ended September 30, 1997 the Company declared dividends
totaling $1,071,820, compared to the nine months ended September 30, 1996, 
when the Company declared dividends totaling $825,059.   Dividends are 
determined by management based on cash flows and the liquidity position of 
the Company.  It is the intention of management to declare dividends, subject
to the maintenance of reasonable reserves.

During the nine months ended September 30, 1997 the Company raised an 
additional $5,187,893 in net proceeds as the result of  the sale of shares 
from its fourth public offering.  The Company used  the net proceeds from 
offerings to purchase additional income-producing properties and to add to 
the cash reserve balances of the Company as is prudent given the amount of 
property now under ownership.

Management uses cash  as its primary  measure of the  Company's liquidity.   
The amount of cash that represents adequate  liquidity for a real estate  
investment company, is dependent on several factors. Among them are:

  1.  Relative risk of the Company's operations;
  2.  Condition of the Company's properties;
  3.  Stage in the Company's operating cycle (e.g. money-raising, acquisition,
      operating or disposition phase); and
  4.  Shareholders dividends.

The Company is adequately liquid and  management believes it has the ability  
to generate sufficient cash to meet both short-term and long-term liquidity  
needs, based upon the above four points.

The first point refers to the risk of the Company's investments. At September
30, 1997, the Company's excess funds were invested in a short-term money 
market fund.  The purchase of rental properties have been made either 
entirely with cash or the use of moderate leverage.  During the nine months
ended September 30, 1997,  notes payable pertaining to property acquisitions 
by the Company increased $2,312,500 due to the purchase of an additional  
income-producing property in January 1997, while cash used in principal 
repayments of notes totaled $163,154.   Although most of the notes are set 
up on an amortization schedule allowing for the repayment of principal over  
time, most of the principal on the notes is due in balloon payments that come
due in the  years 1998 through 2007.  The Company is aware that prior to the 
time that these large payments come due,  refinancing of the loans or the 
sale of the  property(ies) will be necessary in order to protect the 
interests of the Company's shareholders. Furthermore, most of the properties' 
tenants are nationally known retailers or well-established business under  
long-term leases, which makes the properties easier to sell or refinance.


<PAGE>

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

LIQUIDITY AND CAPITAL RESOURCES (CONT.)

As to the second point, the  Company's properties are in good condition  without
significant deferred maintenance obligations and are leased through "triple-net"
leases, which reduces the Company's risk pertaining to excessive maintenance and
operating costs.

As to the third point, the  Company was liquid at  September 30, 1997 since  the
Company is still operating  in the "money-raising" stage.   Virtually all  funds
raised were invested in  a short-term money  market fund.   As of September  30,
1997, the Company has allocated approximately $590,000 towards a "reserve"  fund
(3% of gross  funds raised, as  disclosed in the  Company's latest  prospectus),
$383,000 of cash held pending distribution to investors, $120,000 of cash to  be
used for current mortgage and accounts  payable commitments, $150,000 in  tenant
security deposits,  and the  balance--$1,639,000-- expected  to be  invested  in
future property acquisitions.   The Company's  operations generated $925,901  in
net operating cash flow in the nine months ending September 30, 1997 (net income
plus depreciation expense).  Thus, the Company is generating significant amounts
of cash flow currently and could choose to withhold payment of all or a  portion
of dividends, if necessary, in order to rebuild cash balances.

Fourth, the amount of dividends to  shareholders was made at a level  consistent
with the amount  of net  income available after  application of  expenses.   The
Advisor is careful not to make distributions in excess of the income  available.
The Advisor expects to increase the  level of dividends as additional funds  are
raised, and overhead expenses are spread over a large base of investors' funds.

Inflation and changing prices  have not had a  material effect on the  Company's
operations.

The Company currently  has no external  sources of liquidity,  other than  funds
that potentially could be received from the sale of additional shares.

The Company currently has no material capital commitments.

The Tax Reform Acts of 1986 and 1987 and the Revenue Reconciliation Acts of 1990
and 1993 did not have a material impact on the Company's operations.

<PAGE>

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

CASH FLOWS - FOR THE NINE  MONTHS ENDED SEPTEMBER 30,  1997 VS. THE NINE  MONTHS
ENDED SEPTEMBER 30, 1996

Cash resources increased  $865,021 during the  nine months  ended September  30,
1997 compared to a $229,912 increase in cash resources for the nine months ended
September 30, 1996.  Cash provided by operating activities increased by $892,009
with the largest  contributor being $925,901  in cash basis  net income for  the
nine months ended  September 30, 1997.    In  contrast,  the  nine months  ended
September 30,  1996 provided  $641,242 in  cash  from operating  activities  due
primarily to $845,044 in cash basis net income, offset by a $109,016 increase in
accounts receivable (increase in deferred rent receivable due to recognition  of
rental income on  a "straight-line"  basis over the  life of  tenant leases),  a
$78,462 decrease in accounts payable and accrued liabilities (attributable to  a
decrease in normal trade  payables), and $16,443  decrease in security  deposits
and prepaid  rents (due  primarily  to prepaid  tenant  rent received  prior  to
January 1, 1996 which was not received prior to October 1, 1996).  The sole  use
of cash in investing activities for the nine months ended September 30, 1997 was
$4,907,441 expended for  the acquisition of  an additional  property located  in
Irvine, California.   In  contrast, cash  used in  investing activities  totaled
$1,828,500 for the  nine months  ended September  30, 1996,  resulting from  the
acquisition of the Sacramento (Java City) property in August 1996.  For the nine
months ended September  30, 1997,  financing activities  provided an  additional
$4,880,453 via the sale of additional  shares in the Company ($3,544,372 in  net
proceeds),  and  $2,312,500  in  financing  obtained  in  connection  with   the
acquisition of  the additional  property, less  dividends  paid and  payable  of
$931,344 and repayments  on notes payable  of $163,154.   In contrast, the  nine
months ended September  30, 1996,  financing activities  provided an  additional
$1,417,170 via the sale of additional  shares in the Company ($1,579,005 in  net
proceeds), less dividends paid and payable  of $773,302 and repayments of  notes
payable of $133,910.


NEW ACCOUNTING PRONOUCNEMENTS

Statement of Financial Accounting Standards  No. 125, "Accounting for  Transfers
and Servicing of Financial Assets and Extinguishments of Liabilities" (SFAS  No.
125) issued by the Financial Accounting Standards Board (FASB) is effective  for
transfers and servicing of financial  assets and extinguishments of  liabilities
occurring after December 31, 1996, and is to be applied prospectively.   Earlier
or retroactive  application  is  not  permitted.    The  new  standard  provides
accounting and  reporting standards  for transfers  and servicing  of  financial
assets and extinguishments of liabilities.  The Company does not expect adoption
to have a material effect on its financial position or results of operations.

<PAGE>

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

RESULTS OF OPERATIONS

Operations for the nine months ended September 30, 1997 represented a full  nine
months of rental operations for all properties except Tycom which was owned  for
eight and one-half months.

The net income  for the nine  months ended September  30, 1997  continued to  be
significantly larger than  the prior nine  months amount due  to the raising  of
additional funds and  investment of such  funds in  additional income  producing
properties.  The  Company did  not have  any adverse  events that  significantly
impacted net income  during the nine  months ended September  30, 1997, and  all
properties that have been purchased by the Company have operated at levels equal
to current expectations.

Rental revenue increased $410,407 (23.2%) due to a full nine months ownership of
the Java City property and eight and  one-half months of the Tycom property  (as
compared to no ownership of this property during the nine months ended September
30, 1996).

Operating expenses  increased  $27,711 (33%)  primarily  due to  a  increase  in
property liability insurance, utilities and  common area maintenance during  the
nine months  ended September  30, 1997  as  compared to  the nine  months  ended
September 30, 1996.  Interest expense increased $163,220 (25.5%) as a reflection
of  the  additional  debt  taken  on  in  connection  with  additional  property
acquisition and refinancing  activities.  Despite  the large  debt amounts,  the
Company is still below  the maximum 50% debt  a maximum that  is allowed by  the
Company's by-laws (debt was 46% of property cost (as defined in the by-laws)  at
September 30, 1997).  General and administrative costs increased $106,202 (75%),
much of this increase is due  to $133,742 that the  Advisor was paid during  the
nine months  ended September  30, 1997  due  to the  revised provisions  of  the
Advisor agreement.  In  contrast, the Advisor was  paid $35,912 during the  nine
months ended September 30, 1996 for  Advisory fees in accordance to the  revised
Advisor Agreement.   Depreciation  and amortization  expense increased  $163,219
(26%) as the  result of the  ownership of additional  properties during 1997  as
compared to 1996.  Net  income of $567,017 for  the nine months ended  September
30, 1997 was $10,210 (2%) higher than the nine months ended September 30, 1996.

<PAGE>

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

RESULTS OF OPERATIONS (CONT.)

The average number of shares outstanding during 1997 was 1,764,404 vs. 1,430,333
in 1996.  Partly because  of the greater number  of shares outstanding, the  net
income per share decreased from $.39 in 1996 to $.32 in 1997.  If this figure is
analyzed using flow  of funds -  that is net  income plus depreciation  expense,
plus adding advisory fee expense with was incurred  in 1997 and not 1996 -  then
the amount in 1997 was $.60 per share vs. $.62 per share in 1996.

During the nine months ended September 30, 1997, the Company declared  dividends
totaling $1,071,820, compared  to dividends of  $825,059 declared  for the  nine
months ended September 30, 1996.   Cash basis income  for the nine months  ended
September 30, 1997 was  $925,901.  This was  derived by adding depreciation  and
amortization expense to net  income.  Thus, cash  distributions during the  nine
months ended  September 30,  1997  were $145,919  greater  than cash  basis  net
income.  In  comparison, distributions  in the first  nine months  of 1996  were
$19,985 less than cash basis income of  $845,044.  In either event, the  Company
is expected to qualify as a REIT in 1997, and liquidity of the Company continues
to be strong.

In summary then, the operating performance  of the Company continued to  improve
as additional  funds were  raised, additional  property  was acquired,  and  all
properties were operated profitably.

PENDING PROPERTY LITIGATION

OPTO-22 PROPERTY

The existing lease on the OPTO-22 building expired on April 30, 1997.  OPTO-22,
the tenant, and Claremont School, the sub-tenant, both vacated the premises on
September 10, 1997.  West Coast Realty Investors, Inc. has settled with OPTO-22
for the amounts owed by OPTO-22 to West Coast Realty Investors, Inc. for rent
and for deferred maintenance.  OPTO-22 has paid the amounts owed to West Coast
Realty Investors, Inc. in accordance with the terms and conditions of a
Settlement Agreement dated October 31, 1997 and the parties have released one
another from any further claims as provided in said agreement.

<PAGE>


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

PENDING PROPERTY AND FINANCING TRANSACTIONS

TYCOM PROPERTY

The Company is negotiating the refinancing of the existing short term promissory
note on the Tycom Property loan which matures on February 1, 1998.  The terms of
the prospective lender of the new first deed of trust loan are as follows:

Lender:   Union Bank of California, N.A.
Loan Amount:   $2,312,500
Interest Rate: Variable Rate - margin is 1.9% over the 3 month LIBOR with right
          to convert after the first year.  The conversion margin would be 1.9%
          over selected Treasury Rate for the selected loan term.
Loan Term:     Ten year term
Amortization:  Twenty-five years
Monthly Debt Service:  $17,469
Other:    Recourse is only to West Coast Realty Investors, Inc.;  the Company
     must maintain a minimum net worth of $5,000,000; loan fees and a majority
     of the administrative expenses are being paid by the former owner from whom
     the Company purchased the property.

ROSEVILLE PROPERTY

          In early November 1997, the Company intends on acquiring the
investment described below (the "Roseville Property" or the "Property").  The
funds to acquire the Roseville Property will result from the Section S1031 tax
free exchange of the Brea property (as described above), plus additional
proceeds resulting from the sale of the Company's Shares in the current
offering.  No debt financing will be used in connection with the Roseville
acquisition.

<PAGE>

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

PENDING PROPERTY TRANSACTIONS (CONT.)

ROSEVILLE PROPERTY (CONT.)

     The Property is located in Roseville, California.  Roseville is a located
in the Sacramento region of Northern California.

     The property is located on a lot size of .87 acres (approximately 37,900
square feet). This site is part of a larger shopping center which includes well-
known retailers such as Costco, Toys 'R Us, Shell Gasoline, Ross Dress For Less,
and McDonald's Restaurants.  The total lot size is approximately 8.66 acres
(378,000 square feet).   There are 61 parking spaces assigned to this site, with
the property also enjoying the use of hundreds of other parking spaces located
within the larger shopping center.  The building size is expected to total 5,133
square feet.

     The sole tenant of the Property is an Applebee's Restaurant.  Applebee's is
a well-known, national franchise of sit-down casual restaurants.  This
particular Applebee's  is being developed by, and acquired from, Christian Knox
(an individual and unrelated third party), and the restaurant franchise will be
owned and operated by him in a sale-leaseback arrangement.  Mr. Knox has seven
Applebees and nine Burger King franchises, as evidence of his experience in this
industry.

     The lease on the property will commence upon the concurrent issuance of the
Certificate of Occupancy and transfer of the Property to the Company.  The lease
is a 20 year triple net lease, including provisions for collection of common
area charges that will be assessed by the shopping center owner.  Lease payments
are initially $14,333.33 per month ($172,000 per year) with rental increases
scheduled every five years at the rate of 12 /%.  Assuming ownership were to
commence November 1, 1997, the lease payments on a calendar year basis are noted
below:

<PAGE>

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

PENDING PROPERTY TRANSACTIONS (CONT.)

ROSEVILLE PROPERTY (CONT.)

          1997                               $ 28,667
          1998-2001                           172,000
          2002                                179,167
          2003-2006                           193,500
          2007                                201,563
          2008-2011                           217,688
          2012                                226,758
          2013-2016                           244,898
          2017 (through September 1)          163,266

     Mr. Knox has personally guaranteed the lease and has provided documentation
demonstrating a personal net worth in excess of $10 million.

     The Roseville Property will be managed by West Coast Realty Management,
Inc. ("WCRM"), an affiliate of the Company.  WCRM will charge the Company 3% of
the gross rents collected as a management fee for managing the Property, as
allowed by the Property Management Agreement.  Although the tenant will be
obligated to pay property taxes, property tax in the first full year of
operations is estimated to be $20,000 (approximately 1% of the sales price).

     Total consideration expected to be paid by the Company for the Roseville
property is $2,067,000.  This cost is expected to include the $1,950,000 sales
price payable to the Seller/Operator, $7,000 in estimated legal, appraisal, and
closing costs, and a $110,000 Acquisition Fee payable to the Advisor.  In
addition, a yet undetermined amount is expected to be received from the
Seller/Operator as a security deposit.  The sale is expected to be paid for from
approximately $1,500,000 received from the disposition of the Brea property (as
described above), with the balance (approximately $567,000) from the proceeds
resulting from the sale of the Company's shares in the current offering.

     The purchase price was arrived at through arms-length negotiations with the
Seller/Operator.

<PAGE>

                       WEST COAST REALTY INVESTORS, INC.

                                    PART II

                       O T H E R    I N F O R M A T I O N



ITEM 1. LEGAL PROCEEDINGS

           None


ITEM 2. CHANGES IN SECURITIES

           None

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

           None


ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

           None


ITEM 5. OTHER INFORMATION

           None


ITEM 6. EXHIBIT AND REPORTS ON FORM 8-K

      (a) Information  required under  this  section has  been included  in  the
         financial statements.

      (b) Reports on Form 8-K
           -  8K filed on March 18, 1997 resulting from the acquisition of the
              Irvine,  California property on January 17, 1997.

<PAGE>

                       WEST COAST REALTY INVESTORS, INC.

                              S I G N A T U R E S

     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.

                       WEST COAST REALTY INVESTORS, INC.
                                (Registrant)





November 11, 1997                       By:  WEST COAST REALTY ADVISORS, INC.
                                                 A California Corporation,
                                                         Advisor




                                         Neal E. Nakagiri
                                   Vice President / Secretary





November 11, 1997
                                         Michael G. Clark
                                   Vice President / Treasurer