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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, 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)
 
 
        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)
 
 
       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, 1997
 
 
                                   INDEX
 
 
 
         Financial Statements:
 
               Balance Sheets                     3
               Statements of Operations           4
               Statements of Cash Flows           5
               Notes to Financial Statements      6
 
 
 
 
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 <TABLE>
 
 
                        NASHVILLE LAND FUND, LTD.
                         (A Limited Partnership)
 
                              BALANCE SHEETS
                               (Unaudited)
 
 
 
 <CAPTION>
                                                   June 30,   December 31,
                                                     1997         1996    
                                                   --------   ------------
 <S>                                               <C>        <C>         
 
                                         ASSETS
 
 CASH                                              $ 23,288      $ 153,733
 
 LAND HELD FOR INVESTMENT,less
 valuation allowance of $877,154                  4,111,359      4,066,832
 
 OTHER ASSETS                                           292            275
                                                  ---------      ---------
 
         Total Assets                             4,134,939      4,220,840
                                                  =========      =========
 
 
 
                    LIABILITIES AND PARTNERS' EQUITY
 
 
 ACCOUNTS PAYABLE                                   32,759            32,536
 
 PARTNERS' EQUITY:
 
    Limited Partners, 7,500 units
      outstanding                                4,102,094         4,188,218
    Special Limited Partner                              4                 4
    General Partner                                     82                82
 
      Total Partners' equity                     4,102,180         4,188,304
                                                 ----------        ---------
 
    Total Liabilities & 
    Partners' Equity                             4,134,939         4,220,840
                                                 ==========        =========
 
 
 
 
 
 
 
 <FN>
                   See notes to financial statements.
 
 
  </TABLE>
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 <TABLE>
 
 
                        NASHVILLE LAND FUND, LTD.
                         (A Limited Partnership)
 
                        STATEMENTS OF OPERATIONS
                               (Unaudited)
 
 
 <CAPTION>
 
                       Quarter Ending    Year to Date Ending
                        September 30,       September 30,
                       _______________   ___________________
                       1997      1996      1997       1996
                       _____     _____     _____      _____
 <S>                 <C>      <C>       <C>        <C>       
 REVENUE:
 
  Land Sales:
     Sale Proceeds     -     107,811               107,811      
     Cost of Land
      Sold             -     (48,686)     -        (48,686)     
     Closing Costs     -     (17,284)              (17,284)     
     Gain/(Loss) 
     on Sale of Land  -        4,841      -         41,841      
   
  Miscellaneous       -         -          758         500      
  Interest            -         -        2,841       3,021      
 
      Total Revenue   -       41,841     3,599      45,362      
 
 
 EXPENSES:
  State Taxes         -         -         -          8,829         
  Property Taxes    32,685    32,117    32,685      32,117        
  Association Fees  23,339    14,691    23,339      24,691 
  Management Fees    3,500     3,500    10,500      10,500 
  Legal & Accounting
    Fees              -          400    18,393      16,900      
  General & Admin.
    Expenses           965        55     4,806       5,822      
 
      Total Expenses60,489    50,763    89,723      98,859      
 
 NET INCOME       ($60,489)   (8,922)  (86,124)    (53,497)                         
 
 
 <FN>
                        See notes to financial statements
 
 </TABLE>
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 <TABLE>
 
 
                        NASHVILLE LAND FUND, LTD.
                         (A Limited Partnership)
 
                        STATEMENTS OF CASH FLOWS
                               (Unaudited)
 
 <CAPTION>
 
                                           Year-to-date
                                           September 30,
                                      _______________________
                                       1997           1996
  
 <S>                               <C>            <C>         
 Cash Flows from Operating Activities:
 
   Net Income                     $ (86,124)       (53,497)
   Adjustments to reconcile 
   Net Income to Net Cash used in 
   Operating Activities:
   Change in Accrued Property Taxes        -        (2,774)
   Change in Accounts Payable            223          (910)
   Gain (Loss) on Sale of Land         -           (41,841)
 Change in Other Assets                 (17)          -     
         Total Adjustments               206       (45,525)
 
         Net Cash used in 
           Operating Activities     (85,918)       (99,022)
 
 Cash Flows from Investing Activities:
 
           Land Improvements        (44,527)          -
           Sale Proceeds               -            93,677
                                                           
      Net Increase/(Decrease) in
       Cash and Cash Equivalents   (130,445)        (5,345)
  
 
 CASH AT JANUARY 1,                  153,733       163,842 
 
 CASH AT SEPTEMBER 30,               $23,288      $158,497 
                                   =========    ========== 
 
 
 <FN>
                       See notes to financial statements.
 
 </TABLE>
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                        NASHVILLE LAND FUND, LTD.
                         (A Limited Partnership)
 
                      NOTES TO FINANCIAL STATEMENTS
 
               For the Six Months Ended September 30, 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  nine  month  period ended September 30,
 1996 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 nine months were as follows:
 
 <TABLE>
 <CAPTION>
                                         1997              1996
                                       ________          ________
 <S>                              <C>               <C>
         Management Fees               $ 10,500           10,500
         Accounting Fees                  2,100            2,000
 
 
 </TABLE>
 
 C. SUBSEQUENT EVENTS
 
     On November 14, 1997, the Registrant sold over an acre of the Larchwood
 property for gross proceeds of $320,390.
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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, 1997.
 
 Operations of the Registrant are comparable to the prior year's quarter
 except for the change in revenues and state taxes.  The 1996 land sale was
 for approximately one acre of the Larchwood Property.  There were no land
 sales in 1997.  State Income tax expense is incurred on the receipt of non-
 bank interest income. The Registrant has not received any non-bank interest
 in 1997.  The 1996 state income tax expense was recorded when the tax was
 paid, not when the interest was earned. 
 
  
 
 FINANCIAL CONDITION
 
 As of October 31, 1997, the Registrant had $21,788 in cash reserves.  These
 funds are expected to provide sufficient liquidity through 1997.  On November
 14, 1997, the Registrant sold over an acre of the Larchwood property for net
 proceeds of $272,637.
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                       PART II. OTHER INFORMATION
 
 
 
 Item 6. EXHIBITS AND REPORTS ON FORM 8-K
 
 
   (a)  Exhibits
                                            
        Exhibit 27 - Financial Data Schedule
 
   (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 21, 1997                 By:/s/ Steven D. Ezell
                                             ___________________
                                                Steven D. Ezell
                                                President
 
 
 
 Date: November 21, 1997            By:/s/ Michael A. Hartley
                                      ______________________
                                          Michael A. Hartley
                                          Secretary/Treasurer