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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 June 30, 1998
     
                               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)
     
     (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>
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                  PART I. FINANCIAL INFORMATION
     
     Item 1. FINANCIAL STATEMENTS
     
     
                    NASHVILLE LAND FUND, LTD.
                (A Tennessee Limited Partnership)
          
                      FINANCIAL STATEMENTS
    For the Three and Six Months Ended June 30, 1998 and 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,
                                    1998            1997    
                                  --------      ------------
<S>                               <C>           <C>         

          ASSETS

CASH                           $    42,046       $   257,190
RESTRICTED CASH                     35,011            22,000
ACCOUNTS RECEIVABLE AFFILIATES       5,517                 -
LAND HELD FOR INVESTMENT         3,275,709         3,925,143      
OTHER ASSETS                           175               292
                                 ---------         ---------

       Total Assets            $ 3,358,458       $ 4,204,625
                                 =========         =========



                     LIABILITIES AND PARTNERS' EQUITY


ACCOUNTS PAYABLE               $       74        $    12,975

PARTNERS' EQUITY:

  Limited Partners, 7,500 units
     outstanding                 3,358,298         4,191,564
  Special Limited Partner                4                 4
  General Partner                       82                82

     Total Partners' equity    $ 3,358,384       $ 4,191,650
                                ----------         ---------

  Total Liabilities & 
  Partners' Equity               3,358,458         4,204,625
                                ==========         =========
<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 to Date        Year to Date
                                      Ending June 30,
                         -----------------------------------------
                          1998        1997      1998      1997
                          ----        ----      ----      ----
<S>                       <C>         <C>       <C>       <C>   
REVENUE:

Sales of Land and 
Improvements          $     -     $    - $1,015,981    $    -
Cost of Land and
Improvements Sold           -          -   (676,198)        -     
Selling Expenses            -          -   (104,088)        -

  Gain on Sale 
   of Land and Improvements -          -    235,695         -

Miscellaneous               -         758         -       758
Interest                  147       2,841     4,290     2,841 

Total Revenues            147       3,599   239,985     3,599 


EXPENSES:

Maintenance                 -       2,624         -     5,930 
Management Fees         3,500       3,500     7,000     7,000 
Legal & Accounting Fees 5,501       7,243    15,351    18,393 
Administration Expense    650       1,231       650     3,841 
Property Taxes              -           -       250         -

Total Expenses          9,651      14,598    23,251    35,164 

NET INCOME (LOSS)    $ (9,504)   $(10,999) $216,734  $(31,565)


<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
                                         June 30,
                                   ---------------------
                                     1998         1997
                                     ----         ----
<S>                                  <C>          <C>     
Cash flows from operating activities:

  Net income (loss)               $216,734    $(31,565)      
     Adjustments to reconcile 
     Net income (loss) to net cash  
     provided (used)in operating 
     activities:
       Cost of Land and 
       Improvements Sold           676,198            -
       Cost of Land Improvements   (26,764)     (30,205)
       Increase in restricted Cash (13,011)           -
       Increase in accounts 
       receivable affiliates        (5,517)           -
       Decrease in accounts payable(12,901)     (31,928)     
       Decrease (Increase) in       
       other assets                    117       (2,700)          
              
     Net cash provided (used) in 
       operating activities        834,856      (96,398)     

Cash Flows from financing activities-

     Distributions to Partners  (1,050,000)           -          
     
     Net decrease in Cash         (215,144)      (96,398)
     
CASH AT JANUARY 1,                  257,190      153,733     

CASH AT JUNE 30,                   $ 42,046     $ 57,335     
                                                        
<FN>
                    See notes to financial statements.
</TABLE>
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                    NASHVILLE LAND FUND, LTD.
                (A Tennessee Limited Partnership)
          
                  NOTES TO FINANCIAL STATEMENTS
    For the Three and Six Months Ended June 30, 1998 and 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, 1997.  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 six month period ended June 30, 1998
may not be indicative of the results that may be expected for the
year ending December 31, 1998.


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 six months were as follows:

<TABLE>
<CAPTION>
                                      1998         1997
                                   ________     ________
<S>                                   <C>          <C>     
        Management Fees             $ 7,000      $ 7,000
        Accounting Fees               2,100        1,700 
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                    NASHVILLE LAND FUND, LTD.
                (A Tennessee Limited Partnership)
          
            NOTES TO FINANCIAL STATEMENTS (continued)
    For the Three and Six Months Ended June 30, 1998 and 1997
                                (Unaudited)

C.  COMPREHENSIVE INCOME

     Effective January 1, 1998, the Partnership adopted Statement
of Financial Accounting Standards (SFAS) No. 130.  Reporting
Comprehensive Income. SFAS  No. 130  establishes standards for
reporting and display of comprehensive income and its components
in a full set of general-purpose financial statements and requires
that all components of comprehensive income be reported in a
financial statement that is displayed with the same prominence as
other financial statements.  Comprehensive income is defined as the
change in equity of a business enterprise, during a period,
associated with transactions and other events and circumstances
from non-owner sources.  it includes all changes in equity during
a period except those resulting from investments by owners and
distributions to owners.  During the three and six month periods
ended June 30, 1998 and 1997, the Partnership had no components of
comprehensive income.  Accordingly, comprehensive income for each
of the periods was the same as net income(loss).




 





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


RESULTS OF OPERATIONS 

During 1998, the Registrant sold three parcels of land.  Two sales
were from the North Creek Business Park Property.  These sales
totalled 5.3 acres and had gross proceeds of $755,311.  The other
sale from the Larchwood Property was for 1.4 acres and had gross
proceeds of $260,670.  From these and prior sales, the Registrant
distributed $1,050,000 to the limited partners.

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

The General Partner continues to monitor the impact of year 2000
issues on our computer systems and applications and has developed
a remediation plan. We expect the cost of upgrading computers and
software to be immaterial to the Registrant.

FINANCIAL CONDITION

As of July 30, 1998, the Registrant has $ 37,021 in cash reserves. 
These funds are expected to be sufficient through 1998.


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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: August 14, 1998                   By:  /s/ Steven D. Ezell
                                        President



Date:August 14, 1998                    By:  /s/ Michael A. Hartley
                                        Secretary/Treasurer

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