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, 1996

                                       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.    1,550,607  
SHARES OUTSTANDING AS OF NOVEMBER 7, 1996.

<PAGE>

                       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, 1996 
and 1995,  have been made in the  following financial statements which  are 
of normal  recurring entries in nature.   However, such  financial statements
are  unaudited and  are subject to any year-end adjustments that may be 
necessary.
<TABLE>
                                 BALANCE SHEETS
              SEPTEMBER 30, 1996 (UNAUDITED) AND DECEMBER 31, 1995
<CAPTION>
                                                September 30,    December 31,
                                                    1996             1995
<S>                                                  <C>              <C>
ASSETS

RENTAL REAL ESTATE, net of
   accumulated depreciation (Notes 2 & 4)       $21,211,737       $19,650,165
CASH AND CASH EQUIVALENTS                         1,679,934         1,450,022
ACCOUNTS RECEIVABLE                                 241,164           132,148
OTHER ASSETS (Note 3)                               160,444           160,563

                                                $23,293,279       $21,392,898

LIABILITIES AND STOCKHOLDERS' EQUITY

DUE TO RELATED PARTY (Note 5 (f))                   $26,437          $167,314
DIVIDENDS PAYABLE                                   292,531           226,649
PREPAID RENT                                           ---             19,709
SECURITY DEPOSITS                                   112,334           109,068
OTHER LIABILITIES                                   158,556            96,141
NOTES PAYABLE (Note 6)                           10,129,735         9,539,180

      TOTAL LIABILITIES                          10,719,593        10,158,061

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS' EQUITY (Notes 1, 7 and 8):
Common Stock, $.01par-shares autorized, 5,000,000;
issued and outstanding;  1,222,912 outstanding
in 1995, and 911,986 outstanding in 1994             15,007            13,224
Additional paid-in capital                       13,376,348        11,771,030
Distributions in excess of earnings                (817,669)         (549,417)
           TOTAL STOCKHOLDERS' EQUITY            12,573,686        11,234,837

                                                $23,293,279       $21,392,898

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

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

                       STATEMENTS OF STOCKHOLDERS' EQUITY
                      NINE MONTHS ENDED SEPTEMBER 30, 1996
                                  (UNAUDITED)
<CAPTION>

                                                       ADDITIONAL
                                 COMMON        STOCK    PAID - IN
                                 SHARES       AMOUNT     CAPITAL      DEFICIT
<S>                                <C>         <C>         <C>          <C>
BALANCE, 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 Affiliate
through expense reimbursement      ----         ----       20,912        ----

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

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

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


                      NINE MONTHS ENDED SEPTEMBER 30, 1995
                                  (UNAUDITED)
<CAPTION>
                                                       ADDITIONAL
                                 COMMON        STOCK    PAID - IN
                                 SHARES       AMOUNT    CAPITAL      DEFICIT
<S>                               <C>          <C>         <C>         <C>
BALANCE, DECEMBER 31, 1994      911,986       $9,120  $8,141,447   $(394,427)

Issuance of stock, net          310,926        3,109   2,723,256        ----

Net income                         ----         ----       ----      447,378

Dividends declared (Note 8)        ----         ----       ----     (577,617)

BALANCE,SEPTEMBER 30, 1995    1,222,912      $12,229  $10,864,703  $(524,666)

</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, 1996 AND 1995
                                  (UNAUDITED)
<CAPTION>
                                   THREE      THREE       NINE        NINE
                                   MONTHS     MONTHS     MONTHS      MONTHS
                                   ENDED      ENDED       ENDED       ENDED
                                 SEPTEMBER  SEPTEMBER   SEPTEMBER   SEPTEMBER
                                  30, 1996   30, 1995   30, 1996    30, 1995
<S>                                 <C>         <C>        <C>         <C>
REVENUES:
Rental                            $618,081    $461,178  $1,772,462  $1,152,645
Interest                            19,974      19,019      70,564      92,853

                                   638,055     480,197   1,843,026   1,245,498

COSTS AND EXPENSES:
Operating                           40,405      38,857      83,061      75,350
Property taxes                      18,528      10,801      55,927      32,404
Property management fees-
 -related party (Note 5 (e))        27,015      12,823      78,213      31,579
Interest                           220,187     168,594     639,327     414,356
General and administrative          25,563      21,015     105,542      69,349
Depreciation and amortization       98,764      75,203     288,237     184,832
Advisory fees                       35,912        ----      35,912        ----
Realized (gain) from  investment
in government securities              ----        ----        ----      (9,750)

                                   466,375     327,293   1,286,219     798,120

NET INCOME                        $171,679    $152,904    $556,807    $447,378

NET INCOME PER SHARE (NOTE 8)        $.12        $.13         $.39       $.41

</TABLE>
[FN]

                See accompanying notes to financial statements.

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

                            STATEMENTS OF CASH FLOWS
                 NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
                                  (UNAUDITED)
<CAPTION>

                                         NINE MONTHS ENDED  NINE MONTHS ENDED
                                          SEPTEMBER 30,       SEPTEMBER 30,
                                                1996               1995
<S>                                                <C>               <C>
Cash flows from operating activities:
Net income                                         $556,807          $447,378
Adjustments to reconcile net income to
net cash provided by operating activities:
   Depreciation and amortization                    288,237           184,832
   Proceeds from sales of government
   securities account                                  ----         1,229,963
   Realized (gain) from investment in
   government securities                               ----            (9,750)
   Increase in unrealized loss from
   investment in government securities                 ----            19,977
Increase (decrease) from changes in:
     Accounts receivable                          (109,016)           (38,534)
     Other assets                                      119             10,624
     Accounts payable and other liabilities        (78,462)           126,342
     Security deposits and prepaid rents           (16,443)            68,472

Net cash provided by operating activities          641,242          2,039,304

Cash flows from investing activities:
    Additions to rental real estate             (1,828,500)        (4,901,485)
Cash (used in) investing activities             (1,828,500)        (4,901,485)

Cash flows from financing activities:
   Issuance of stock, net                         1,579,005          2,645,775
   Proceeds from notes payable                      724,465          2,276,750
   Equity  contribution  by  Affiliates
   through expense reimbursements                    20,912              ----
   Repayment of notes payable                     (133,910)           (49,816)
   Dividends payable                                 65,882             41,142
   Dividends paid                                 (839,184)          (507,572)
Net cash provided by financing activities         1,417,170          4,406,279

Net increase in cash and cash equivalents           229,912          1,544,098

Cash and cash equivalents at beginning
of period                                         1,450,022            495,829

CASH AND  CASH  EQUIVALENTS  AT  END OF
PERIOD                                           $1,679,934         $2,039,927
</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, 1996 AND 1995 (UNAUDITED)
                              AND DECEMBER 31, 1995

BASIS OF PRESENTATION

The accompanying balance sheet as of September 30, 1996, the income statements
and statements of cash flow for the nine months periods  ended September 30,
1996, and  1995 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, 1996, are not necessarily indicative of results to be expected 
for the  year ended December 31, 1996.


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.

<PAGE>

                       WEST COAST REALTY INVESTORS, INC.

                         SUMMARY OF ACCOUNTING POLICIES
                                  (Continued)


LOAN ORIGINATION FEES

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


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.

<PAGE>

                       WEST COAST REALTY INVESTORS, INC.

                         NOTES TO FINANCIAL STATEMENTS
      THREE AND NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995 (UNAUDITED)
                              AND DECEMBER 31, 1995


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.   On November 30, 1992, the Company reached its 
secondary offering level of $250,000.  On July 25, 1994, the Company achieved
its minimum third offering funding  level of $250,000.

Sales commissions and wholesaling fees, representing 7% 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. 
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

<PAGE>

                       WEST COAST REALTY INVESTORS, INC.

                         NOTES TO FINANCIAL STATEMENTS
      THREE AND NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995 (UNAUDITED)
                       AND DECEMBER 31, 1995 (Continued)

NOTE 2 - RENTAL PROPERTIES (CONTINUED)

The major categories of property are:

                                SEPTEMBER 30, 1996     DECEMBER 31, 1995

Land                                  $  7,401,126          $  6,586,920
Buildings and improvements              14,532,025            13,517,732

                                        21,933,151            20,104,652
Less accumulated depreciation              721,414               454,487

Net rental properties                $  21,211,737         $  19,650,165


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:

   Four tenants accounted for 27%, 19%, 19% and 12%,  respectively, in 1996;
   Four tenants accounted for 24%, 20%, 15% and 10%,  respectively, in 1995.


NOTE 3 - OTHER ASSETS

      Other assets consists of the following:

                                  SEPTEMBER 30, 1996    DECEMBER 31, 1995


Deposits and prepaid expenses             $58,300           $40,923
Organization costs                         14,330            14,330
Loan origination fees                     142,870           139,056

                                          215,500           194,309
Less accumulated amortization              55,056            33,746

Net other assets                         $160,444          $160,563

<PAGE>

                       WEST COAST REALTY INVESTORS, INC.

                         NOTES TO FINANCIAL STATEMENTS
      THREE AND NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995 (UNAUDITED)
                        AND DECEMBER 31, 1995 (Continued)

NOTE 4 - FUTURE MINIMUM RENTAL INCOME

As of September  30, 1996 and December 31, 1995, future minimum rental income
under the existing leases that have remaining noncancelable terms in excess  
of one year are as follows:

                                      SEPTEMBER 30, 1996   DECEMBER 31,1995

      1996 .................................. $379,048      $2,046,963
      1997 ..................................1,925,526       1,925,526
      1998 ..................................1,841,270       1,841,270
      1999 ..................................1,772,331       1,772,331
      2000 ..................................1,645,181       1,645,181
      Thereafter .......................... 10,166,258      10,166,258

      Total                                $17,729,614     $19,397,529



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, 1996, AND 1995 (UNAUDITED)
                        AND DECEMBER 31, 1995 (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 ENDED
                                SEPTEMBER 30, 1996     DECEMBER 31, 1995

 Syndication fees                    $56,805             $150,429
 Acquisition & financing fees         78,177              444,795
 Advisory fees                        35,912                 ----
 Overhead expenses                     9,000               12,000

                                     $179,894            $607,224


     (b)  At September 30, 1996 and December 31, 1995, 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 $119,083 for the nine months  ended September 30, 1996 
and $233,929  for the nine months ended September  30, 1995.  Monitoring  
fees payable to ASC,  in accordance with the provisions of the current 
offering which was effective  May 7, 1996, totaled $93.

     (d)  A financing fee of $26,204 was paid in January 1995 in connection 
with the refinancing of the notes on the Brea property (Note 6).

     (e)  Property management  fees earned by WCRM  totaled $27,015 and  
$12,823 for the three months ended September 30,  1996 and 1995, 
respectively.  For the nine months ended September 30, 1996 and 1995, WCRM 
earned $78,213 and  $31,579, respectively in property management fees.

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

                                      SEPTEMBER 30,     DECEMBER 31, 1995
                                          1996

  Associated Financial Group            $     ---              $ 40,143
  Associated Securities Corp.                  93                   ---
  West Coast Realty Management             27,015                15,369
  West Coast Realty Advisors                (671)               111,802

                                          $26,437              $167,314

<PAGE>


                       WEST COAST REALTY INVESTORS, INC.

                         NOTES TO FINANCIAL STATEMENTS
      THREE AND NINE MONTHS ENDED SEPTEMBER 30, 1996, AND 1995 (UNAUDITED)
                        AND DECEMBER 31, 1995 (Continued)


NOTE 6 - NOTES PAYABLE

Notes payable are made up of the following:
                                                   SEPTEMBER 30,  DECEMBER 31,
                                                      1996            1995

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 ............   $ 630,852    $ 639,182

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% (7.819% at
September 30, 1996), and may never go below 6.5%
or above 11.0%, monthly principal and interest
payments are $12,429, due October 1, 2003 ..........  1,712,734    1,721,993

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 ..........    572,154      579,923

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 .  1,179,464    1,185,778

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 .....................         984,197      992,379

<PAGE>

                       WEST COAST REALTY INVESTORS, INC.

                         NOTES TO FINANCIAL STATEMENTS
      THREE AND NINE MONTHS ENDED SEPTEMBER 30, 1996, AND 1995 (UNAUDITED)
                       AND DECEMBER 31, 1995 (Continued)


NOTE 6 - NOTES PAYABLE (CONT.)

                                                 SEPTEMBER 30,    DECEMBER 31,
                                                    1996              1995

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 .......................................        $2,175,951    $2,234,231

Variable rate promissory note secured by a Deed of Trust
on the Fremont property, interest rate equals the current
Treasury rate plus 1.65% (8.24% at September 30,1996),
monthly principal and interest payments vary depending
upon interest rates and are currently $18,898, due
August 1, 2015 ..............................        2,152,258     2,185,694

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, 2018..............         337,989           ---

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..................         384,136           ---

                                                   $10,129,735    $9,539,180

<PAGE>

                       WEST COAST REALTY INVESTORS, INC.

                         NOTES TO FINANCIAL STATEMENTS
      THREE AND NINE MONTHS ENDED SEPTEMBER 30, 1996, AND 1995 (UNAUDITED)
                       AND DECEMBER 31, 1995 (Continued)

The carrying amount is a reasonable estimate of fair value of notes payable
because the interest rates approximate  the borrowing rates currently  
available for mortgage loans with similar terms and average maturities.

The aggregate annual future  maturities at September 30,  1996 and 
December 31, 1995 are as follows:

      YEAR ENDING                     SEPTEMBER 30, 1996    DECEMBER 31, 1995

     1996 ...............................       $878,491           $1,004,320
     1997 ...............................      1,019,011            1,004,320
     1998 ...............................      1,020,397            1,004,320
     1999 ...............................      1,021,915            1,004,320
     2000 ...............................      1,023,579            1,004,320
     Thereafter .........................      5,166,342            4,517,580

     Total                                   $10,129,735           $9,539,180



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.

<PAGE>


                       WEST COAST REALTY INVESTORS, INC.

                         NOTES TO FINANCIAL STATEMENTS
     THREE  AND NINE MONTHS ENDED SEPTEMBER 30, 1996, AND 1995 (UNAUDITED)
                        AND DECEMBER 31, 1995 (Continued)

NOTE 8 - NET INCOME AND DIVIDENDS PER SHARE

Net Income Per Share for the nine months  ended September 30, 1996 and 1995  
was computed using the weighted  average number of  outstanding shares 
of  1,430,333 and 1,084,878, respectively.

Dividends declared during the first nine months 1995 and 1996 were as follows:

                      OUTSTANDING           AMOUNT             TOTAL
RECORD DATE              SHARES            PER UNIT           DIVIDEND

January 1, 1995           911,986           $0.060             $54,719
February 1, 1995          945,136            0.060              56,708
March 1, 1995           1,009,084            0.060              60,545
April 1, 1995           1,069,048            0.060              64,143
May 1, 1995             1,109,204            0.060              66,552
June 1, 1995            1,109,704            0.060              66,582
July 1, 1995            1,116,721            0.060              67,003
August 1, 1995          1,151,742            0.060              69,104
September 1, 1995       1,204,347            0.060              72,260

TOTAL                                                         $577,616


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              99,784

TOTAL                                                         $825,600

<PAGE>

                       WEST COAST REALTY INVESTORS, INC.

                         NOTES TO FINANCIAL STATEMENTS
     THREE  AND NINE MONTHS ENDED SEPTEMBER 30, 1996, AND 1995 (UNAUDITED)
                        AND DECEMBER 31, 1995 (Continued)

NOTE 9 - NEW ACCOUNTING PRONOUNCEMENTS

Statement of  Financial  Accounting  Standards  No.  121,  "Accounting  for  
the Impairment of Long-Lived  Assets and for  Long-Lived Assets to  Be 
Disposed  of" (SFAS No. 121)  issued by  the Financial  Accounting Standards
Board (FASB) is effective for financial statements for fiscal years beginning 
after December 15, 1995.  The  new Standard establishes  new guidelines  
regarding when impairment losses on long-lived assets, which include plant 
and  equipment, and  certain identifiable intangible assets, should be  
recognized and how impairment  losses should be measured.  The partnership 
elected  adoption of SFAS No.121 on  January 1, 1996.  This adoption had no 
effect on the statement  of income for the  nine months ended 
September 30,  1996, as there were no impairment amounts recorded during the
period.

Statements of Financial  Accounting Standards  No. 123,  "Accounting for  
Stock-Based Compensation" (SFAS No.123) issued  by the Financial Accounting 
Standards Board (FASB) is effective for specific transactions entered into 
after  December 15, 1995, while the  disclosure requirements of SFAS No. 123 
are effective  for financial statements for fiscal  years beginning after 
December  15, 1995.   The new standard  establishes a fair value  method  of
accounting  for  stock-based compensation plans and for transactions in which
an entity  acquires goods  or services from nonemployees in exchange for 
equity instruments.  The Company does not currently provide  stock based 
compensation  and  adoption  does not have  a material effect on its 
financial position or results of operations for the nine months ended 
September 30, 1996.

NOTE 10 - SUBSEQUENT EVENT

(a)  In October 1996, the Company paid dividends totaling $292,768 ($0.0666  
per share per monthly  record date), payable  to shareholders of  record on 
July  1, August 1, and September 1, 1996, respectively (Note 8).

<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.   As of  September 30, 1996,  the Company had  raised
$14,981,808 in gross proceeds from  all four offerings.    A fourth offering  of
shares was began  on May 6,  1996.   As of November  7, 1996  $993,000 had  been
raised from the sale of these shares; and all  funds  had been released from  an
escrow account.

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, 1996 the Company declared dividends
totaling $825,059, compared to  the nine months ended September 30, 1995, when
the Company declared dividends totaling $577,617.  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, 1996 the Company raised an 
additional $1,599,917 in net proceeds as the  result of the sale  of shares 
from its  third public offering.   The  Company used  the  net proceeds from
this  offering  to purchase an additional income-producing  property in 
August 1996  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 need,
based upon the above four points.

The first point refers  to the risk of  the Company's investments. At  
September 30, 1996, 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, 1996,  notes payable pertaining to property  
acquisitions by  the  Company increased $724,465 due to the purchase of an  
additional income  -  producing property in  August 1996,  while  cash used
in  principal repayments  of  notes totaled $133,910.   Although 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 2001 through  2005.  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.

<PAGE>

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


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, 1996 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, 1996, the Company has allocated approximately $430,000 towards
a "reserve"  fund (3% of gross  funds raised, as  disclosed in the Company's
latest  prospectus), $293,000 of cash held pending distribution to investors,
$159,000 of cash to  be used for current mortgage and accounts payable 
commitments, $112,000 in  tenant security deposits, and the 
balance--$686,000-- expected to be invested in future property acquisitions.
The Company's  operations  generated $845,044  in net operating cash flow in 
the nine  months ending September  30, 1996 (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)

In  August  1996,  the  Company  acquired  from  unrelated  parties,  two  
light industrial buildings located in Sacramento, California.  The total 
consideration paid by the Company includes $1,725,000  paid to the Sellers, 
$17,000 in  legal, appraisal and closing costs and $86,500 in Acquisition 
Fees paid to the Advisor.  There is financing on each  building of the 
Property  that was being assumed  by the Company.    Financing  of 
approximately  $339,000,  on  the  first  building provided by  Business & 
Professional  Bank,  was  assumed at  an  annual  fixed percentage rate of 
10%, due in November 2001, amortized over a twenty-five  year period with 
monthly  principal and  interest payments  of approximately  $3,413.  
Financing of approximately $385,000, on the  second building provided by  
Heller First Capital Corp., was assumed at an  annual fixed percentage rate
of 8%,  due in June 2018, amortized over a twenty-five year period with 
monthly  principal and interest payments of approximately  $3,126.   The 
total   amount   of financing/assumption fees  that the Company is paying in 
connection with  the assumption of the above two loans is $3,814.

Thus in  summary,  the  balance  of  the  debt  at  the time of purchase was
approximately  $724,000  with  the  remaining  cost of acquisition, including
financing fees, being paid in cash ($1,108,000).  The source of cash was funds
received in connection with the sale of the Company's shares.

NEW ACCOUNTING PRONOUNCEMENTS

Statement of  Financial  Accounting  Standards  No.  121,  "Accounting  for  
the Impairment of Long-Lived Assets  and for Long-Lived Assists  to Be 
Disposed  of" (SFAS No.121)  issued by  the Financial  Accounting Standards 
Board  (FASB)  is effective for financial statements for fiscal years 
beginning after December 15, 1995.  The new standard establishes new 
guidelines  regarding when  impairment losses on long-lived assets,  which 
include  plant and  equipment, and  certain identifiable intangible assets, 
should be recognized and how  impairment  losses should be measured.  The 
partnership elected adoption of SFAS No.121 on  January 1, 1996.  This 
adoption had  no effect on the statement  of income for the  nine months 
ended September 30,  1996, as there were  no impairment amounts  recorded
during the period.

Statements of Financial Accounting Standards No.123, "Accounting for 
Stock-Based Compensation" (SFAS No. 123) issued by the Financial Accounting 
Standards  Board (FASB) is effective for specific transactions entered into 
after December  15, 1995, while the disclosure requirements of SFAS No. 123 
are  effective  for financial statements for fiscal years beginning no later
than December 15, 1995.  The new standard establishes a fair value method of
accounting for  stock-based compensation plans and for transactions in which
an entity  acquires goods  or services from nonemployees in exchange for 
equity instruments.  The Company does not currently provide stock based 
compensation  and accordingly does not  expect adoption to have a material 
effect  on its  financial position  or results  of operations for 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

Operations for the nine months ended September 30, 1996 represent a full nine
months of rental operations for the Blockbuster Video Building, Fresno Village
Shopping Center, OPTO-22 Building, Riverside Marketplace, Brea, Technology 
Drive and Safeguard Building properties,  and two months of  rental 
operations at  the Sacramento (Java City) properties.

The net income  for the nine  months ended September  30, 1996  continued to  
be significantly larger than the prior nine months ended September 30, 1995
amount due to the raising of  additional funds and investment  of such funds
in  income producing rental real estate  and in money  market funds.   The 
Company did  not have any adverse events that significantly  impacted net 
income during the  nine months ending September 30, 1996, and all properties
that have been purchased by the Company have  operated at levels equal to 
expectations.   All tenants  were current on their lease obligations.

For the nine months ending September 30, 1996 rental revenue increased 
$619,817 (53.8%) due  to  a  full nine  months  ownership  of the Technology
Drive  and Safeguard Business Systems properties and two months ownership of
the Java City properties. Interest income decreased $22,289 (24%) due 
primarily to lower cash and government securities balances in the first nine 
months of 1996 as compared to the first nine months of 1995.

Operating expenses increased $7,711  (10.2%) as a  reflection of the  
additional properties owned during  the nine months  ending September 30,
1996.   Interest expense increased $224,971 (54.3%) 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  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, 1996).   General and administrative costs increased $36,193
(52.2%) due  to higher  accounting, consulting fees, taxes and general 
insurance  expense costs  related  to  the Company.  Depreciation and 
amortization expense increased $103,405 (56%) as the result of the ownership
of additional  properties during the nine months  ending September 30, 1996
as compared to  the nine months  ending September 30,  1995.  Net income of 
$556,807 as of September 30, 1996 was $109,429 (24.5%) higher than the nine 
months ending September 30, 1995.

The weighted average  number of  shares outstanding  at September  30, 1996  
was 1,430,333 vs. 1,084,878 in 1995.   The net income per  share for the 
first  nine months of the year decreased $.02 from September 30, 1995 
to 1996.  The  Company did not  realize  an  improvement in  net  income per 
share  due  to  a  larger percentage of the Company's assets being invested 
in relatively lower  yielding money market investments as opposed to 
income-producing real estate during  the nine months of 1996, compared to 
the nine months of 1995.

<PAGE>

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

During the nine months ended September 30, 1996, the Company declared 
dividends totaling $825,059,  compared to  dividends of  $577,617  declared 
for  the  nine months ended September 30, 1995.   Cash basis income for the 
nine months  ended September 30, 1996 was $845,044.  This was derived by 
adding depreciation and amortization expense to net income.   Thus, cash 
distributions for  the  nine months ending September 30, 1996 were $19,985 
less than cash basis net  income.  In comparison, distributions in the nine
months ending September 30, 1995  were $54,593 less than cash basis income.
In either event, the Company continued  to qualify as a REIT in 1996, and 
liquidity of the Company continues to be strong.

Cash resources increased $229,912 during the nine months ending September 30,
1996 compared to  a $1,544,098 for the nine months ending September 30, 1995.
This was the  result of normal  amounts of financing,  investing, and  
operating activities that  were expected  to  take place  during  the nine 
months  ending September 30,  1996.   For  the  nine months  ending  
September 30,  1996,  cash provided  by   operating  activities increased  
$641,242 with the largest contributors being $845,044 in cash basis income, 
offset by a $109,016  increase in accounts  receivable  (increase  in  the  
deferred  rent  receivable  due  to recognition of rental income on a 
"straight-line" basis over the life of  tenant leases),  $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).  In 
contrast, during the nine months ended September 30, 1995, $2,039,304 was 
provided by operating activities.   This resulted primarily from cash basis
income of $632,210 (net  income plus depreciation  expense), plus $1,229,963  
in proceeds received in liquidation of a government securities account.  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.   In contrast, $4,901,485 was used in 
investing activities for the nine months ended September 30, 1995 resulting 
from the acquisition of  the Safeguard Building in May 1995.  For the nine 
months ended September 30,  1996, financing activities provided an additional
$1,417,170 in cash resources to the Company via the sale of additional shares
in  the Company  ($1,599,917 in  net proceeds), plus $724,465 in proceeds 
received from the lender in connection with the Java City acquisition, less 
cash dividends paid and payable of $773,302  and $133,910 in repayments on 
notes payable.   In contrast, $4,406,279 was  provided by financing 
activities  for the  nine months ended  September 30,  1995.   This resulted 
from $2,645,775 in proceeds received  from the issuance of the  Company 
shares, plus $2,276,750 in proceeds received from the lender in connection  
with the Safeguard Building acquisition, offset by cash dividends paid and 
payable of $466,430 and $49,816 used in repayments to the existing notes 
payable.

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.

<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
          None

<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 13, 1996                       By:  WEST COAST REALTY ADVISORS, INC.
                                                 A California Corporation,
                                                         Advisor





                                         Neal E. Nakagiri
                                   Vice President / Secretary





November  13, 1996

                                         Michael G. Clark
                                   Vice President / Treasurer