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        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 September 30, 1995

                                         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 37205
(Address of principal executive office)   (Zip Code)

                               (615)  292-1040
            (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 at least the past 90 days.


                                 YES    X     NO  ___  

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                         PART I. FINANCIAL INFORMATION

Item 1. FINANCIAL STATEMENTS


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


                          FINANCIAL STATEMENTS
             For the Nine Months Ended September 30, 1995


                                  INDEX



        Financial Statements:

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




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<TABLE>


                        NASHVILLE LAND FUND, LTD.
                         (A Limited Partnership)

                       CONSOLIDATED BALANCE SHEETS
                               (Unaudited)



<CAPTION>
                                   September 30,      December 31,
                                       1995              1994
                                  -------------      -------------
<S>                             <C>                <C>

                    ASSETS

CASH                                $1,522,302         $   104,645

LAND HELD FOR INVESTMENT             4,989,656           5,080,858

NOTE RECEIVABLE                        -                   978,014

ACCRUED INTEREST RECEIVABLE            -                   267,193

OTHER ASSETS                               275                 275

            Total Assets            $6,512,233          $6,430,985
                                    ==========          ==========



                       LIABILITIES AND PARTNERS' EQUITY


ACCOUNTS PAYABLE                    $   11,384         $    13,788

ACCRUED PROPERTY TAXES                  35,236              36,251

PARTNERS' EQUITY                     6,465,613           6,380,946

   Total Liabilities & 
   Partners' Equity                 $6,512,233         $ 6,430,985
                                    ==========          ==========










<FN>
                      See notes to financial statements.


</TABLE>
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<TABLE>


                        NASHVILLE LAND FUND, LTD.
                         (A Limited Partnership)

                  CONSOLIDATED STATEMENTS OF OPERATIONS
                               (Unaudited)


<CAPTION>

                        Quarter Ending       Year to Date Ending
                         September 30,          September 30,
                      _________________      ____________________
                       1995        1994       1995         1994
                       ____        ____       ____         ____
                 <C>          <C>          <C>          <C>
REVENUE:

 Land Sales:
    Sale Proceeds    $  -           -         184,109        -
    Cost of Land
     Sold               -           -         (91,202)       -
    Closing Costs   (100,000)       -        (116,414)       -
    Loss on Sale
     of Land        (100,000)       -         (23,507)       -
  
 Miscellaneous          -           300           130        900
 Interest            282,208     30,007       350,170     89,417

     Total Revenue   182,208     30,307       326,793     90,317


EXPENSES:

 Property Taxes       35,236     19,662        33,984    22,396
 Association Fees                  -           27,566    26,370
 Management Fees       3,500      3,500        10,500    10,500
 Legal & Accounting 
   Fees                  923        400        15,722    14,959
 General & Admin.
   Expenses           (1,643)     2,682         4,354    10,256

     Total Expenses   38,016     26,244        92,126    84,481

NET INCOME          $144,192      4,063       234,667     5,836









<FN>
                       See notes to financial statements

</TABLE>
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<TABLE>


                         NASHVILLE LAND FUND, LTD.
                         (A Limited Partnership)

                  CONSOLIDATED STATEMENTS OF CASH FLOWS
                               (Unaudited)

<CAPTION>

                                                Year-to-date
                                                September 30,
                                        __________________________
                                         1995               1994
                                         ____               ____
<S>                                  <C>                <C>
Cash Flows from Operating Activities:

  Net Income                            $234,667            5,836
  Adjustments to reconcile 
  Net Income to Net Cash used in 
  Operating Activities:
        Change in Accrued Property
          Taxes                           (1,015)            -
        Change in Accounts Payable        (2,404)           5,437
        Change in Accrued 
          Interest Receivable            267,193          (86,999)
        Decrease in Accrued Taxes            -              7,259
        Gain/Loss on Sale of Land         23,507              - 
                                        ________          ________
        Total Adjustments                287,281          (74,303)

        Net Cash used in 
          Operating Activities           521,948          (68,467)

        Cash Flows from Investing
          Activities:

          Cash Distribution 
            to Partners                 (150,000)           -
          Note Receivable Proceeds       978,014            -
          Sale Proceeds                   67,695            -
                                         _______           _______
                                         895,709            -

        Net Increase/(Decrease) in
          Cash and Cash Equivalents    1,417,657          (68,467)


CASH AT JANUARY 1,                       104,645          192,959

CASH AT SEPTEMBER 30,                 $1,522,302          124,492
                                       =========         ========


<FN>
                      See notes to financial statements.

</TABLE>
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                         NASHVILLE LAND FUND, LTD.
                         (A Limited Partnership)

               NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

              For the Six Months Ended September 30, 1995
                               (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, 1994.  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  nine
  month  period ended September 30, 1995 may not be indicative of
  the  results  that may be expected for the year ending December
  31, 1995.


B.RELATED PARTY TRANSACTIONS

  The  General  Partner  and  its  affiliates  have been actively 
  involved  in managing the Partnership's operations as described
  in  the Prospectus  dated April 22,  1986.  Compensation earned
  for these services in the first nine months were as follows:

<TABLE>
<CAPTION>
                                        1995              1994
                                      ________          ________
<S>                              <C>               <C>
        Management Fees               $ 10,500           10,500
        Accounting Fees                  2,000            2,000


</TABLE>
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Item 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF
        FINANCIAL CONDITION AND RESULTS OF OPERATIONS


RESULTS OF OPERATIONS FOR THE QUARTER ENDED SEPTEMBER 30, 1995.

During the first quarter of 1995, the Registrant sold
approximately one acre for $184,109.  The sale proceeds were
distributed to the partners in the second quarter.  On September
20, 1995, Stewarts Ferry Joint Venture, the obligor on the
Registrant's note receivable, sold its land and retired in full
the note receivable and accrued interest.  The Registrant also
received a $245,659 equity participation which was recorded as
additional interest.  From these proceeds, the Registrant was
required to pay a $100,000 commission to the agent that assisted
the Registrant on the original sale of this land to Stewarts Ferry
Joint Venture.  On October 5, 1995, $1,300,000 of these proceeds
were distributed to the partners.

Operating expenses of the Registrant are comparable to the prior
year's quarter and are not expected to fluctuate significantly in
the future.  Property taxes appear to have increased, but the 1994
third quarter property tax amount reflected only part of the 1994
annual amount of $39,015.  1995 property tax expense reflects a
full year's expense.


FINANCIAL CONDITION

As of September 30, 1995, the Registrant has $1,522,302 in cash
reserves.  In October, 1995, $1,300,000 was distributed to the
partners.  The remaining funds are expected to be sufficient
through 1995.
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                      PART II. OTHER INFORMATION



Item 6. EXHIBITS AND REPORTS ON FORM 8-K


  (a)  Exhibits

       Exhibit 27 - Financial Data Schedule for Third Quarter of
1995 

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





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                            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: November 13, 1995                  By:/s/ Steven D. Ezell
                                            ___________________
                                               Steven D. Ezell
                                               President



Date: November 13, 1995                 By:/s/ Michael A. Hartley
                                           ______________________
                                               Michael A. Hartley
                                               Secretary/Treasurer