<PAGE> 1
      FORM 10-Q--QUARTERLY REPORT UNDER SECTION 13 OR 15(D)
             OF THE SECURITIES EXCHANGE ACT OF 1934


                          UNITED STATES

               SECURITIES AND EXCHANGE COMMISSION

                     Washington, D.C. 20549



                            FORM 10-Q



                           (Mark One)

[X] Quarterly Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the period ended                    MARCH 31, 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: 33-5785-A


                   NASHVILLE LAND FUND, LTD.  
     (Exact name of Registrant as specified in its charter)


          Tennessee                          62-1271664
 (State or other jurisdiction of          (I.R.S. Employer
 incorporation or organization)            Identification)


One Belle Meade Place, 4400 Harding Road, Suite 500, Nashville,
Tennessee
(Address of principal executive office)
     37205                                        (615) 292-1040
   (Zip Code)                          (Registrant's telephone
number,                                 including area code)

Suite 345, 222 Third Avenue North, Nashville, Tennessee 37201
(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 at least the past 90 days.


                                 YES    X     NO  ___  

<PAGE>
<PAGE> 2


                  PART I. FINANCIAL INFORMATION

Item 1. FINANCIAL STATEMENTS


                    NASHVILLE LAND FUND, LTD.
                (A Tennessee Limited Partnership)


                      FINANCIAL STATEMENTS
            For the Three Months Ended March 31, 1997

                              INDEX



          Financial Statements:

               Balance Sheets                     3
               Statements of Operations           4
               Statements of Cash Flows           5
               Notes to Financial Statements      6




<PAGE>
<PAGE> 3
<TABLE>


                    NASHVILLE LAND FUND, LTD.
                     (A Limited Partnership)

                         BALANCE SHEETS
                           (Unaudited)



<CAPTION>
                                    March 31,     December 31,
                                      1997            1996
                                  -------------   ------------
<S>                             <C>                <C>

               ASSETS

CASH AND CASH EQUIVALENTS           $    77,200  $    153,733

LAND HELD FOR INVESTMENT              4,097,037     4,066,832

OTHER ASSETS                                275           275

               Total Assets         $ 4,174,512  $  4,220,840
                                     ==========    ==========



               LIABILITIES AND PARTNERS' EQUITY


ACCOUNTS PAYABLE                                        6,77432,536

PARTNERS' EQUITY:

  Limited Partners, 7,500 units
    outstanding                                      4,167,652
4,188,218
  Special Limited Partner                     4              4
  General Partner                            82             82

    Total Partners' equity            4,167,738      4,188,304

   Total Liabilities & 
   Partners' Equity                 $ 4,174,512    $ 4,220,840
                                     ==========     ==========










<FN>
See notes to financial statements.

/TABLE
<PAGE>
<PAGE> 4
<TABLE>


                    NASHVILLE LAND FUND, LTD.
                     (A Limited Partnership)

                    STATEMENTS OF OPERATIONS
                           (Unaudited)


<CAPTION>

                                           Quarter and
                                       Year to Date Ending
                                            MARCH 31,
                                      1997          1996
<S>                                         <C>          <C>
REVENUE:

  No revenue

EXPENSES:

  Maintenance                      3,306 
  Management Fees                  3,500       3,500 
  Legal & Accounting Fees         11,150      11,577 
  General & Admin. Expenses        2,610       3,395 
     Total Expenses            $  20,566    $ 18,472 

NET INCOME (LOSS)             $  (20,566)  $ (18,472)









<FN>
See notes to financial statements

</TABLE>
<PAGE>
<PAGE> 5
<TABLE>


                NASHVILLE LAND FUND, LTD.
                 (A Limited Partnership)

                STATEMENTS OF CASH FLOWS
                       (Unaudited)

<CAPTION>

                                                Year-to-date
                                                  MARCH 31,
                                            1997           1996
<S>                                 <C>                <C>
Cash Flows from Operating Activities:

  Net Income                             $(20,566)   $  (18,472)
  Adjustments to reconcile 
  Net Income to Net Cash used in 
  Operating Activities:
     Change in Accounts Payable           (25,762)      (40,236)
     
     Net Cash used in 
       Operating Activities               (46,328)      (58,708)

     Cash Flows from Investing
       Activities

       Land improvements                  (30,205)         -    

     Net Increase/(Decrease) in
       Cash and Cash Equivalents          (76,533)      (58,708)


CASH AT JANUARY 1,                        153,733       163,842 

CASH AT MARCH 31,                       $  77,200    $  105,134 
                                          ========      ========


<FN>
See notes to financial statements.

</TABLE>
<PAGE>
<PAGE> 6


                    NASHVILLE LAND FUND, LTD.
                     (A Limited Partnership)

                  NOTES TO FINANCIAL STATEMENTS

            For the Three Months Ended March 31, 1997
                           (Unaudited)


A.ACCOUNTING POLICIES

  The unaudited financial statements presented  herein  have  been
  prepared  in accordance  with  the instructions to Form 10-Q and
  do not  include all  of the  information  and  note  disclosures
  required  by  generally  accepted accounting principles.   These
  statements  should  be  read  in  conjunction with the financial
  statements and notes thereto included in the  Partnership's Form
  10-K for the year ended December 31, 1996.  In the opinion  of
  management, such  financial statements include all adjustments,
  consisting only of normal recurring adjustments,  necessary  to
  summarize  fairly  the  Partnership's  financial  position  and
  results of operations.  The results of operations for the three
  month period ended March 31, 1997 may not  be indicative of the
  results  that  may  be expected for the year ending December 31,
  1997.


B.RELATED PARTY TRANSACTIONS

  The  General  Partner  and  its  affiliates  have been actively 
  involved  in managing the Partnership's operations.  Compensation
earned
  for these services in the first three months were as follows:

<TABLE>
<CAPTION>
                                              1997          1996
                                          ________       _______
<S>                              <C>               <C>
Management Fees                           $  3,500      $  3,500
Accounting Fees                                -             400


</TABLE>
<PAGE>
<PAGE> 7


Item 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF
        FINANCIAL CONDITION AND RESULTS OF OPERATIONS


RESULTS OF OPERATIONS FOR THE QUARTER ENDED MARCH 31, 1997.

There have been no sales during 1997.

Overall operations of the Registrant are minimal and have not
fluctuated significantly.


FINANCIAL CONDITION

As of April 30, 1997, the Registrant has $62,075 in cash reserves. 
These funds are expected to be sufficient through 1997.
<PAGE>
<PAGE> 8


                   PART II. OTHER INFORMATION



Item 6. EXHIBITS AND REPORTS ON FORM 8-K


  (a)  Exhibits

     Exhibit 27 - Financial Data Schedule for the First Quarter of
1997

  (b)  No 8-K's have been filed during this quarter.





<PAGE>
<PAGE> 9


                            SIGNATURES



Pursuant  to  the  requirements  of  the  Securities Exchange Act
of 1934,  the Registrant  has duly caused this report to be signed 
on  its  behalf  by  the undersigned, thereunto duly authorized.


                                   NASHVILLE LAND FUND, LTD.

                                   By:   222 PARTNERS, INC.
                                         General Partner



Date: May 15, 1997                      By:/s/ Steven D. Ezell
                                        President



Date: May 15, 1997                      By:/s/ Michael A. Hartley
                                        Secretary/Treasurer