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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, 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: 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, 1996


                                  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)

                        BALANCE SHEETS
                          (Unaudited)



<CAPTION>
                               September 30,     December 31,
                                   1996              1995
                               -------------     ------------
<S>                            <C>                <C>       

                            ASSETS

CASH                              $158,497      $    163,842

LAND HELD FOR INVESTMENT         4,943,986         4,995,822

OTHER ASSETS                           275               275

            Total Assets        $5,102,758        $5,159,939
                               ===========        ==========



               LIABILITIES AND PARTNERS' EQUITY


ACCOUNTS PAYABLE                    $   74             $ 984

ACCRUED PROPERTY TAXES              32,462            35,236

PARTNERS' EQUITY                 5,070,222         5,123,719

   Total Liabilities & 
   Partners' Equity             $5,102,758       $ 5,159,939
                                ==========        ==========










<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,
                       _______________   ___________________
                       1996      1995      1996       1995
                       _____     _____     _____      _____
<S>                  <C>      <C>       <C>        <C>       
REVENUE:

 Land Sales:
    Sale Proceeds$ 107,811      -      107,811      184,109
    Cost of Land
     Sold          (48,686)     -      (48,686)    (91,202)
    Closing Costs  (17,284) (100,000)  (17,284)   (116,414)
    Gain/(Loss) 
    on Sale of Land 41,841  (100,000)   41,841     (23,507)
  
 Miscellaneous        -         -          500          130
 Interest             -      282,208     3,021      350,170

     Total Revenue  41,841   182,208    45,362      326,793


EXPENSES:
 State Taxes          -         -        8,829         -   
 Property Taxes     32,117    35,236    32,117       33,984
 Association Fees   14,691      -       24,691       27,566
 Management Fees     3,500     3,500    10,500       10,500
 Legal & Accounting
   Fees                400       923    16,900       15,722
 General & Admin.
   Expenses             55    (1,643)    5,822        4,354

     Total Expenses 50,763    38,016    98,859       92,126

NET INCOME          (8,922) $144,192   (53,497)     234,667



<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,
                                      _______________________
                                       1996           1995
 
<S>                                <C>            <C>         
Cash Flows from Operating Activities:

  Net Income                      $ (53,497)      $234,667 
  Adjustments to reconcile 
  Net Income to Net Cash used in 
  Operating Activities:
  Change in Accrued Property Taxes   (2,774)        (1,015)
  Change in Accounts Payable           (910)        (2,404)
  Change in Accrued Interest Receivable-           267,193 
  Gain(Loss) on Sale of Land        (41,841)        23,507 

        Total Adjustments           (45,525)       287,281 

        Net Cash used in 
          Operating Activities      (99,022)       521,948 

Cash Flows from Investing Activities:

          Cash Distribution to Partners -         (150,000)
          Note Receivable Proceed       -          978,014 
          Sale Proceeds              93,677         67,695 
                                     93,677        895,709 

        Net Increase/(Decrease) in
          Cash and Cash Equivalents  (5,345)     1,417,657 
 

CASH AT JANUARY 1,                   163,842       104,645 

CASH AT SEPTEMBER 30,                158,497    $1,522,302 
                                   =========    ========== 


<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, 1996
                               (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, 1995.  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, 1996.


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>
                                        1996              1995
                                      ________          ________
<S>                              <C>               <C>
        Management Fees               $ 10,500           10,500
        Accounting Fees                  2,100            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, 1996.

Operations of the Registrant are comparable to the prior year's
quarter except for the change in revenues.  Both the 1996 and
1995 land sales were for approximately one acre of the Larchwood
Property.  The variance in proceeds is due to the location and
access of the parcels sold.  The 1995 third quarter closing
costs represent a $100,000 commission paid to the agent that
assisted the Registrant on the 1989 sale of land to Stewarts
Ferry Joint Venture.  This commission came due with the
collection of the seller financed note receivable taken as part
of the sale proceeds.  The 1995 third quarter interest income
consists of a $245,659 equity participation received in addition
to payment in full of the same note receivable from Stewarts
Ferry Joint Venture.  

 

FINANCIAL CONDITION

As of October 31, 1996, the Registrant had $154,454 in cash
reserves.  These funds are expected to provide sufficient
liquidity through 1996.
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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 14, 1996                 By:/s/ Steven D. Ezell
                                            ___________________
                                               Steven D. Ezell
                                               President



Date: November 14, 1996            By:/s/ Michael A. Hartley
                                      ______________________
                                         Michael A. Hartley
                                         Secretary/Treasurer