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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, 1999

                               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 Three and Nine Months Ended September 30,
                        1999 and 1998


                              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>
                                September 30,   December 31,
                                    1999            1998
                                  --------      ------------
<S>                                 <C>             <C>

          ASSETS

CASH                           $   70,562       $     47,881
RESTRICTED CASH                    36,678             35,829
LAND AND IMPROVEMENTS
HELD FOR INVESTMENT             2,945,300          3,004,747
    OTHER ASSETS                      175                175


       Total Assets            $3,052,715        $ 3,088,632
                                =========          =========



                     LIABILITIES AND PARTNERS' EQUITY


ACCOUNTS PAYABLE               $   48,104        $    33,838

PARTNERS' EQUITY:

  Limited Partners, 7,500 units
     outstanding                3,004,525          3,054,708
  Special Limited Partner               4                  4
  General Partner                      82                 82

     Total Partners' Equity     3,004,611          3,054,794


  Total Liabilities &
  Partners' Equity            $ 3,052,715        $ 3,088,632
                                =========          =========
<FN>
                    See notes to financial statements.

</TABLE>
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<TABLE>


                         NASHVILLE LAND FUND, LTD.
                          (A Limited Partnership)

                         STATEMENTS OF OPERATIONS
                                (Unaudited)


<CAPTION>

                         Three Months Ended      Nine Months Ended
                                   Ending September 30,
                         -----------------------------------------
                                 1999      1998      1999      1998
<S>                             <C>       <C>       <C>       <C>
REVENUE:

Sales of Land and
  Improvements             $   -     $    -    $  99,467  $ 1,015,981
Cost of Land and
  Improvements Sold           -           -      (62,444)    (676,198)
Selling Expenses              -           -       (9,342)    (104,088)
Gain on Sales of Land
      and Improvements                            27,681      235,695

Interest                       220       607         918        4,897

Total Revenues                 220       607      28,599      240,592

EXPENSES:

Association Fees            25,463    23,339      25,463       23,339
Maintenance                     13     1,272          24        1,277
Management Fees              3,500     3,500      10,500       10,500
Legal & Accounting Fees      1,175       500      15,282       15,851
Administration Expense         482       319       1,280          969
Property Taxes              26,191    27,256      26,233       27,501

Total Expenses              56,824    56,186      78,782       79,437

NET (LOSS)INCOME         $ (56,604)  (55,579)    (50,183)     161,155

Net (loss)income per
   limited partner unit    $ (7.56)  $ (7.41)    $ (6.69)     $ 21.49


<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>

                                     Nine Months Ended
                                     September 30,
                                   ---------------------
                                     1999         1998
                                     ----         ----
<S>                                  <C>          <C>
Cash flows from operating activities:

  Net (loss) income               $ (50,183)   $161,155
     Adjustments to reconcile
     Net (loss) income to net cash
     provided in operating
     activities:
       Cost of Land and
         Improvements Sold           62,444     676,198
       Cost of Land Improvements     (2,997)    (26,763)
       Increase in restricted cash     (849)    (13,619)
       Increase in
       accounts payable              14,266      14,354
       Increase in accounts
       payable-affiliate               -         11,522
       Decrease in other assets        -            117


     Net cash provided by
       operating activities          22,681     822,964

Cash Flows from financing activities-

     Distributions to Partners            -  (1,050,000)

     Net increase (decrease) in Cash 22,681    (227,036)

CASH AT JANUARY 1,                   47,881     257,190

CASH AT SEPTEMBER 30,           $    70,562 $    30,154

<FN>
                    See notes to financial statements.
</TABLE>

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                         NASHVILLE LAND FUND, LTD.
                          (A Limited Partnership)

                      NOTES TO FINANCIAL STATEMENTS

   For the Three and Nine Months Ended September 30, 1999 and 1998
                                (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, 1998.  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,
1999 may not be indicative of the results that may be expected for the
year ending December 31, 1999.


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>
                                      1999         1998
                                   ________     ________
<S>                                   <C>          <C>
        Management Fees             $ 10,500    $ 10,500
        Accounting Fees             $  2,600    $  2,600


C.  COMPREHENSIVE INCOME

     During the nine month periods ended September 30, 1999 and 1998, the
Partnership had no components of other 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 1999, the Registrant sold approximately one acre of land.
The sale was from the North Creek Business Park Property.

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

During the fourth quarter, Management will update its evaluation of the
values of the Property and if necessary, any impairment reserves will be
recorded.

Year 2000

In 1998, the Partnership initiated a plan ("Plan") to identify, and
remediate "Year 2000" issues within each of its significant
computer programs and certain equipment which contain
microprocessors.  The Plan is addressing the issue of computer
programs and embedded computer chips being unable to distinguish
between the year 1900 and the year 2000, if a program or chip uses
only two digits rather than four to define the applicable year.
The Partnership has divided the Plan into five major
phases-assessment, planning, conversion, implementation and
testing.  After completing the assessment and planning phases
earlier year, the Partnership is currently in the conversion,
implementation, and testing phases.  Systems which have been
determined not to be Year 2000 compliant are being either replaced
or reprogrammed, and thereafter tested for Year 2000 compliance.
Contingency plans are being developed in the event that any critical
system is not compliant.

The failure to correct a material Year 2000 problem could result in
an interruption in, or failure of, certain normal business
activities or operations.  Such failures could materially and
adversely affect the Partnership's operations, liquidity and
financial condition.  Due to the general uncertainty inherent in
the Year 2000 problem, resulting in part from the uncertainty of
the Year 2000 readiness of third-party suppliers and customers, the
Partnership is unable to determine at this time whether the
consequences of Year 2000 failures will have a material impact on
the Partnership's operations, liquidity or financial condition.

FINANCIAL CONDITION

As of October 31, 1999, the Registrant has $ 67,162 in cash reserves.
These funds are expected to be sufficient through 1999.

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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 11, 1999                 By:  /s/ Steven D. Ezell
                                        President



Date: November 11, 1999                 By:  /s/ Michael A. Hartley
                                        Secretary/Treasurer