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                              UNITED STATES
                  SECURITIES AND EXCHANGE COMMISSION
                         Washington, D.C.  20549


                               FORM 10-Q

          [X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
                                  OF
                   THE SECURITIES EXCHANGE ACT OF 1934

              For the quarterly period ended March 31, 1998

                    Commission file number 0-17651


                       HIGH CASH PARTNERS, L.P.
        (Exact name of registrant as specified in its charter)

          DELAWARE                        13-3347257
(State or other jurisdiction of           (I.R.S. Employer
incorporation or organization)            Identification No.)

                       High Cash Partners, L.P.
                         (Sierra Marketplace)
          c/o CB Commercial Real Estate Group, Inc.
                        5190 Neil Road, Suite 100
                         Reno, Nevada 89502-8500
               (Address of principal executive offices)

                            (212) 399-9193
          (Registrant's telephone number, including area code)

                                 None
(Former name, former address and former fiscal year, if changed
since last report)


Indicate by checkmark 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 the past 90 days.

                               Yes  [X]                           No 

==============================================================






































                       HIGH CASH PARTNERS, L.P.

                      FORM 10-Q - MARCH 31, 1998

                                 INDEX




PART I - FINANCIAL INFORMATION

  ITEM 1 - FINANCIAL STATEMENTS

     BALANCE SHEETS - March 31, 1998 and December 31, 1997  1

     STATEMENTS OF OPERATIONS - For the three months ended
        March 31, 1998 and 1997                             2

     STATEMENT OF PARTNERS' EQUITY - For the three months
        ended March 31, 1998                                3

     STATEMENTS OF CASH FLOWS - For the three months
        ended March 31, 1998 and 1997                       4

     NOTES TO FINANCIAL STATEMENTS                         5-6

  ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF
           FINANCIAL CONDITION AND RESULTS OF OPERATIONS   7-9

PART II -  OTHER INFORMATION

  ITEM 6 - EXHIBITS AND REPORTS ON FORM 8-K                 10

SIGNATURES                                                  11










PART I   FINANCIAL INFORMATION

ITEM 1   FINANCIAL STATEMENTS


                        HIGH CASH PARTNERS, L.P.

                             BALANCE SHEETS


                                March 31,       December 31,
                                   1998             1997
ASSETS

  Real estate, net              $  15,472,302   $  15,551,179
  Cash and cash equivalents         3,359,272       3,052,039
  Tenant receivables, net              64,977          29,737
  Other assets                         50,271          53,739
  Prepaid insurance premiums           22,042          29,511
  Prepaid real estate taxes            60,148               -
                                $  19,029,012   $  18,716,205

LIABILITIES AND PARTNERS' EQUITY

Liabilities

  Mortgage loan payable         $   6,500,000   $   6,500,000
  Deferred interest payable        11,537,106      11,040,481
  Accounts payable and accrued
    expenses                          109,389         127,680
  Due to affiliates                     2,948           2,890
  Tenants' security deposits
    payable                            54,579          54,579

       Total liabilities           18,204,022      17,725,630

Commitments and contingencies

Partners' equity

  Limited partners' equity
    (96,472 units issued
    and outstanding)                  816,740         980,669
  General partners' equity              8,250           9,906

       Total partners' equity         824,990         990,575

                                $  19,029,012   $  18,716,205




                        HIGH CASH PARTNERS, L.P.

                        STATEMENTS OF OPERATIONS



                                For the three months ended
                                          March 31,

                                    1998              1997

Revenues
  Rental income                 $     595,281   $     621,177
  Interest income                      37,812          13,711    
  Other income                          1,550              -

                                      634,643         634,888

Costs and expenses
  Mortgage loan interest              496,625         444,285
  Operating                           110,300         156,051
  Depreciation and amortization        84,483         121,736
  Partnership management fees          75,369          75,369
  Property management fees             17,687          18,569
  Administrative                       15,764          14,955
  Write-down for impairment                 -       6,475,500

                                      800,228       7,306,465

  Net loss                      $    (165,585)  $  (6,671,577)

  Net loss attributable to
  Limited partners              $  (163,929)    $  (6,604,861)   
     General partners                (1,656)          (66,716)   

                                $  (165,585)    $  (6,671,577)


  Net loss per unit  of
     limited partnership
     interest (96,472
     units outstanding)       $    (1.70)       $      (68.46)





































                        HIGH CASH PARTNERS, L.P.

                     STATEMENT OF PARTNERS' EQUITY



                            General      Limited      Total
                           Partners'    Partners'   Partners'
                            Equity       Equity      Equity

Balance, January 1, 1998  $   9,906   $  980,669  $   990,575

Net loss for the three
  months ended
  March 31, 1998             (1,656)    (163,929)    (165,585)

Balance, March 31, 1998   $   8,250   $  816,740  $   824,990



























                          HIGH CASH PARTNERS, L.P.

                          STATEMENTS OF CASH FLOWS


                                For the three months ended
                                          March 31,

                                    1998              1997

INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS

Cash flows from operating
  activities
     Net loss                   $  (165,585)    $  (6,671,577)
  Adjustments to reconcile
    net loss to net cash
     provided by operating
     activities
       Write-down for impairment          -         6,475,500
       Deferred interest expense    496,625           444,285
       Depreciation and
         amortization                84,483           121,736
  Changes in assets and
     liabilities
       Tenant receivables            (35,240)               -
       Other assets                   (2,138)           6,617
       Prepaid real estate taxes     (60,148)         (58,600)
       Prepaid insurance premiums      7,469           21,139
       Accounts payable and accrued
         expenses                    (18,291)         (14,760)
       Due to affiliates                  58             (351)

          Net cash provided by
             operating activities    307,233          323,989

Cash flows from financing activities
  Distributions to partners              -           (305,007)

Net increase in cash and cash
  equivalents                        307,233           18,982

Cash and cash equivalents,
  beginning of period              3,052,039        1,774,565

Cash and cash equivalents,
  end of period                 $  3,359,272    $   1,793,547



                        HIGH CASH PARTNERS, L.P.

                     NOTES TO FINANCIAL STATEMENTS



1. INTERIM FINANCIAL INFORMATION

   The summarized financial information contained herein is
   unaudited; however, in the opinion of management, all
   adjustments (consisting only of normal recurring accruals)
   necessary for a fair presentation of such financial
   information have been included.  The accompanying financial
   statements, footnotes and discussions should be read in
   conjunction with the financial statements, related
   footnotes and discussions contained in the High Cash
   Partners, L.P. (the "Partnership") annual report on Form
   10-K for the year ended December 31, 1997.  The results of
   operations for the three months ended March 31, 1998 are
   not necessarily indicative of the results to be expected
   for the full year.

2. CHANGE IN GENERAL PARTNER OWNERSHIP, CONFLICTS OF INTEREST
   AND TRANSACTIONS WITH RELATED PARTIES
   On June 13, 1997, Resources High Cash, Inc. ("RHC") and
   Presidio AGP Corp. ("AGP") sold their general partnership
   interests in the Partnership to Pembroke HCP LLC ("Pembroke
   HCP") and Pembroke AGP Corp. ("Pembroke AGP"),
   respectively.  In the same transaction, XRC Corp., the
   parent company of RHC, sold its 8,361 Units to Pembroke
   Capital II, LLC, an affiliate of Pembroke HCP and Pembroke
   AGP. Subsequently, Pembroke Capital II LLC acquired
   beneficial ownership of an aggregate of an additional 1,640
   Units in the secondary market.

   Prior to the sale of the general partnership interest in
   the Partnership to Pembroke HCP and Pembroke AGP, Wexford
   Management LLC ("Wexford") had performed management and
   administrative services for Presidio, XRC and XRC's direct
   and indirect subsidiaries, as well as for the Partnership. 
   Following the sale, an affiliate of Pembroke HCP was
   engaged to perform administrative services for the
   Partnership.  During the quarter ended March 31, 1998,
   $9,000 in reimbursable payroll expenses was payable to the
   affiliate of Pembroke HCP for services performed during the
   quarter.

   The Partnership had been a party to a supervisory
   management agreement with Resources Supervisory Management
   Corp. ("Resources Supervisory"), an affiliate of RHC and
   AGP, pursuant to which Resources Supervisory performed
   certain property management functions.  Resources
   Supervisory performed such services through June 13, 1997. 
   Effective June 13, 1997, the Partnership terminated this
   agreement and entered into a similar agreement with
   Pembroke Realty Management LLC ("Pembroke Realty"), an
   affiliate of Pembroke HCP and Pembroke AGP.  A portion of
   the property management fees payable to Resources
   Supervisory and Pembroke Realty were paid to an
   unaffiliated management company, which had been engaged for
   the purpose of performing the property management functions
   that were the subject of the supervisory management
   agreement. For the quarters ended March 31, 1998 and 1997,
   Pembroke Realty and Resources Supervisory collectively were
   entitled to receive $17,687 and $18,569, respectively, of
   which $14,739 and $15,471, respectively, was payable to the
   unaffiliated management company. No leasing activity
   compensation was paid to Pembroke Realty or Resources
   Supervisory for the quarter ended March 31, 1998 or 1997. 
   Current fees of $2,948 were payable to Pembroke Realty at
   March 31, 1998, which were paid in the subsequent quarter.

3. CHANGE IN GENERAL PARTNER OWNERSHIP, CONFLICTS OF INTEREST
   AND TRANSACTIONS WITH RELATED PARTIES (continued)

   For managing the affairs of the Partnership, the Managing
   General Partner is entitled to an annual partnership
   management fee equal to $301,475.  For each of the quarters
   ended March 31, 1998 and 1997, the Managing General Partner
   was entitled to a partnership management fee of $75,369.

   The general partners are allocated 1% of the net income or
   losses of the Partnership, which amounted to losses of
   $1,656 and $66,716 in the quarters ended March 31, 1998 and
   1997, respectively.  They also are entitled to receive 1%
   of distributions.




































4. REAL ESTATE

   Real estate, which is the Partnership's sole asset, is
   summarized as follows:

                                March 31,         December 31,
                                   1998               1997

   Land                         $   6,667,189  $   6,667,189
   Building and improvements       12,800,714     12,800,714
                                   19,467,903     19,467,903
   Accumulated depreciation        (3,995,601)    (3,916,724)

                                $  15,472,302  $  15,551,179

   The land, building and improvements that comprise the
   Partnership's sole asset are collateralized by a mortgage
   loan payable.  In performing its quarterly impairment
   review of the Partnership's property, prior management
   determined that the aggregate undiscounted cash flows from
   the property over the anticipated holding period were below
   its net carrying value at March 31, 1997 and, therefore, an
   impairment existed.  At that time, prior management
   estimated the fair value of the property to be
   approximately $15,875,000.  Consequently, a write-down for
   impairment of $6,475,500 was recorded as of March 31, 1997,
   of which $2,201,670 was allocated to land and $4,273,830
   was allocated to building and improvements. No write-down
   for impairment was required during the three months ended
   March 31, 1998.

5. DUE TO AFFILIATES

   The amounts due to affiliates are as follows:

                                   March 31,      December 31,
                                     1998             1997

   Supervisory Management Fee   $    6,667,189 $    6,667,189





ITEM 2- MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
        CONDITION AND RESULTS OF OPERATIONS


        Liquidity and Capital Resources

        The Partnership's sole property is a community
        shopping center located in Reno, Nevada containing
        approximately 233,000 square feet of net leasable
        area.

        The Partnership uses working capital reserves set
        aside from the net proceeds of its public offering in
        1989 and undistributed cash flow from operations as
        its primary measure of liquidity.  As of March 31,
        1998, working capital reserves amounted to
        approximately $3,450,000, which may be used to fund
        capital expenditures, insurance, real estate taxes and
        loan payments.  All expenditures made during the
        quarter ended March 31, 1998 were funded from cash
        flow from operations.

        At March 31, 1998, the total amount outstanding on the
        Partnership's mortgage loan payable to Resources
        Accrued Mortgage Investors 2 L.P. ("RAM 2") was
        $18,037,106, which included deferred interest payable
        of $11,537,106.  The mortgage does not permit a
        prepayment before March 1, 1999, and, therefore, the
        Partnership may not be able to refinance the mortgage
        before that date.  At March 1, 1999, the total amount
        outstanding on the mortgage is expected to be
        approximately $20,000,000.  If the value of the
        property does not exceed $20,000,000 at March 1, 1999,
        the Partnership may not be able to refinance the
        mortgage at that time.  The mortgage matures on
        February 28, 2001.  At that time, the total amount
        outstanding on the mortgage is expected to be
        approximately $25,000,000.  If the value of the
        property at that time does not exceed $25,000,000, the
        Partnership may lose its entire investment in the
        property.  In that connection, in the first quarter of
        1997, the value of the property was written down to
        $15,875,000.  See "Write-Down for Impairment" below.

        The mortgage further requires the Partnership to
        provide RAM 2 with a current appraisal of the
        Partnership's property upon RAM 2's request.  If it is
        determined, based upon the requested appraisal, that
        the sum of (i) the principal balance of the mortgage
        loan plus all other then outstanding indebtedness
        secured by the property and (ii) all accrued and
        unpaid interest on the mortgage at 6.22% per annum,
        compounded monthly (that sum, the "Measurement
        Amount"), exceeds 85% of the appraised value, an
        amount equal to such excess would become immediately
        due and payable to RAM 2.

        To date, the lender has not requested an appraisal. 
        There can be no assurance that, if the lender requests
        an appraisal, 85% of the appraised value will equal
        the Measurement Amount.  At March 31, 1998, the
        Measurement Amount was approximately $11,460,000,
        which was approximately $2,034,000 less than 85% of
        the $15,875,000 value to which the property was
        written down in the first quarter of 1997.  As
        interest on the mortgage accrues, the Measurement
        Amount will increase, and, therefore, unless the value
        of the property increases sufficiently from the value
        to which it was written down in the first quarter of
        1997, the Measurement Amount eventually will exceed
        85% of the appraised value of the property.

        Until November 1997, Levitz Furniture Corporation
        ("Levitz") had occupied approximately 23% of the space
        of the Partnership's property (i.e., approximately
        53,000 out of approximately 233,000 square feet of net
        leasable area).  In November 1997, Levitz, which had
        filed for protection under Chapter 11 of the
        Bankruptcy Code, vacated its space.  Levitz ceased
        paying rent to the Partnership as of April 2, 1998.

        The vacancy at the Levitz space will result in a loss
        of income to the Partnership, and may adversely affect
        the surrounding tenants, particularly in light of the
        limited visibility those tenants have to the main
        thoroughfare.  See "Real Estate Market" below.  The
        Partnership is actively seeking a substitute tenant. 
        However, there can be no assurance the Partnership
        will succeed in finding a substitute tenant promptly
        or on terms comparable to those under the Levitz
        lease.  In addition, the Partnership expects to make
        substantial expenditures in order to secure a
        substitute tenant and in connection with a new lease.

        The level of leasing activity cannot be predicted,
        particularly in light of the Levitz situation, and
        therefore, the amount of further capital expenditures
        arising from leasing activity is uncertain.  There can
        be no assurance the Partnership will have sufficient
        liquidity both to make such capital expenditures, and
        to make the payments that may be required under the
        terms of the RAM 2 loan.  If there is a default on the
        RAM 2 loan, the Partnership would be materially and
        adversely affected.  Consequently, the Partnership has
        declared no distribution payable for the three months
        ended March 31, 1998 and will not declare any
        distribution for the foreseeable future in order to
        build up cash reserves.

        Real Estate Market

        A substantial decline in the market value of the
        Partnership's property reflects real estate market
        conditions in the vicinity of that property.  Recently
        built shopping centers in the vicinity have increased
        competition for tenants.  This competitive factor,
        together with the fact that much of the unleased space
        in the Partnership's property (including the Levitz
        space) has only limited visibility to the main
        thoroughfare and the fact that the space occupied by
        Levitz is expected to be vacant for at least some
        period, have hindered the lease-up of new space.  As a
        result, the Partnership's investment in its property
        is at risk.

        Write-Down for Impairment

        The Partnership's property is reflected in the
        Partnership's financial statements at the lower of
        depreciated cost or estimated fair value.  A
        write-down for impairment with respect to the
        Partnership's property may be recorded from time to
        time based upon quarterly reviews of the property.  In
        performing this review, management considers the
        estimated fair value of the property based upon
        undiscounted future cash flows, as well as other
        factors, such as the current occupancy situation in
        the region where the property is located. Because this
        determination of estimated fair value is based upon
        future economic events, the amounts ultimately
        realized upon a disposition of the property may differ
        materially from the value reflected in the
        Partnership's financial statements.  A write-down for
        impairment is inherently subjective and is based upon
        management's best estimate of current conditions and
        assumptions about expected future conditions.

        In the first quarter of 1997, prior management
        determined that the aggregate undiscounted cash  flows
        from the property over the anticipated holding period
        were below the value of the property reflected in the
        Partnership's financial statements at March 31, 1997
        and, therefore, an impairment existed. At that time,
        prior management estimated the fair value of the
        property to be approximately $15,875,000. 
        Consequently, a write-down for impairment of
        $6,475,500 was recorded at March 31, 1997.

        No additional write-down for impairment has been
        required since March 31, 1997.  However, the
        Partnership may provide for additional write-downs in
        the future and such write-downs could be material.

        Results of Operations

        The net loss decreased for the quarter ended March 31,
        1998 compared with the quarter ended March 31, 1997,
        which primarily reflects the write-down for impairment
        recorded in the 1997 period.  See "Liquidity and
        Capital Resources" above.

        Revenues decreased slightly for the quarter ended
        March 31, 1998 compared with the quarter ended March
        31, 1997, primarily due to a decrease in rental
        revenue, which resulted from additional tenant
        reimbursements being recorded during the earlier
        period, partially offset by an increase in interest
        income in the latter period (principally due to the
        build-up of cash reserves referred to in "Liquidity
        and Capital Resources" above).

        Costs and expenses decreased for the quarter ended
        March 31, 1998 compared with the quarter ended March
        31, 1997, which primarily reflects the write-down for
        impairment recorded in the 1997 period.  Decreases in
        operating and depreciation expenses were partially
        offset by an increase in mortgage loan interest
        expense. Operating expenses decreased as a result of
        lower repairs and maintenance costs.  The decrease in
        depreciation expense reflects the impairment recorded
        in the 1997 period.  Mortgage loan interest expense
        increased due to the compounding effect from the
        deferral of the interest expense on the zero coupon
        mortgage.























PART II -  OTHER INFORMATION

ITEM 6. -  EXHIBITS AND REPORTS ON FORM 8-K

        (a)    Exhibits:  None

        (b)    Reports on Form 8-K:  None.





































                              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.



                         HIGH CASH PARTNERS, L.P.

                         By:  Pembroke HCP, LLC
                              Managing General Partner




                         By:  Pembroke Companies, Inc.,
                              Managing Member



Dated:  May 14, 1998     By:  /s/ Lawrence J. Cohen
                              Lawrence J. Cohen
                              President and Principal
                              Financial and Accounting Officer