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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, 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)
     
     
     (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  ___  
     
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                  PART I. FINANCIAL INFORMATION
     
     Item 1. FINANCIAL STATEMENTS
     
     
                    NASHVILLE LAND FUND, LTD.
                (A Tennessee Limited Partnership)
     
     
                      FINANCIAL STATEMENTS
             For the Six Months Ended June 30, 1997
     
     
                              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)

                        CONSOLIDATED BALANCE SHEETS
                                (Unaudited)



<CAPTION>
                                  June 30,      December 31,
                                    1997            1996    
                                  --------      ------------
<S>                               <C>           <C>         

          ASSETS

CASH                              $ 57,335         $ 153,733

LAND HELD FOR INVESTMENT,less
valuation allowance of $877,154  4,097,037         4,066,832

OTHER ASSETS                         2,975               275
                                 ---------         ---------

       Total Assets              4,157,347         4,220,840
                                 =========         =========



                     LIABILITIES AND PARTNERS' EQUITY


ACCOUNTS PAYABLE                       608            32,536

PARTNERS' EQUITY:

  Limited Partners, 7,500 units
     outstanding                 4,153,653         4,188,218
  Special Limited Partner                4                 4
  General Partner                       82                82

     Total Partners' equity      4,156,739         4,188,304
                                ----------         ---------

  Total Liabilities & 
  Partners' Equity               4,157,347         4,220,840
                                ==========         =========







<FN>
                    See notes to financial statements.


/TABLE
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<TABLE>


                         NASHVILLE LAND FUND, LTD.
                          (A Limited Partnership)

                   CONSOLIDATED STATEMENTS OF OPERATIONS
                                (Unaudited)


<CAPTION>

                          Quarter to Date        Year to Date
                                      Ending June 30,
                         -----------------------------------------
                          1997        1996      1997      1996
                          ----        ----      ----      ----
<S>                     <C>         <C>       <C>       <C>   
REVENUE:

Miscellaneous          $  758         200       758       500 
Interest                2,841       3,021     2,841     3,021 

Total Revenue         $ 3,599       3,221     3,599     3,521 


EXPENSES:

State income tax          -         8,829        -      8,829 
Maintenance             2,624       5,000     5,930    10,000 
Management Fees         3,500       3,500     7,000     7,000 
Legal & Accounting Fees 7,243       5,023    18,393    16,500 
General & Admin. Exp.   1,231       1,972     3,841     5,767 

Total Expenses         14,598      24,324    35,164    48,096 

NET LOSS            $ (10,999)   $(21,103) $(31,565) $(44,575)






<FN>
                     See notes to financial statements

</TABLE>
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<TABLE>


                         NASHVILLE LAND FUND, LTD.
                          (A Limited Partnership)

                   CONSOLIDATED STATEMENTS OF CASH FLOWS
                                (Unaudited)

<CAPTION>

                                       Year-to-date
                                         June 30,
                                   ---------------------
                                       1997         1996
                                       ----         ----
<S>                                 <C>         <C>     
Cash flows from operating activities:

  Net income                     $ (31,565)    $(44,575)      
     Adjustments to reconcile 
     Net income to net cash used in 
     operating activities:
       Change in accounts payable  (31,928)          -       
       Decrease in accrued taxes       -        (35,236)     
       Increase in other assets     (2,700)          -  
                                                        
     Total adjustments             (34,628)     (35,235)     

     Net cash used in 
       operating activities        (66,193)     (79,811)     

Cash Flows from investing activities:

     Change in land improvements   (30,205)        3,150     
     
     Net Cash provided by 
       investing activities        (30,205)        3,150     

     Net Increase/(Decrease) in
       Cash and Cash Equivalents   (96,398)     (76,661)     


CASH AT JANUARY 1,                  153,733      163,842     

CASH AT JUNE 30,                     57,335       87,181     
                                                        
<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 June 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 six month period ended June 30, 1997 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 six months were as follows:

<TABLE>
<CAPTION>
                                       1997         1996
                                   ________     ________
<S>                                <C>          <C>     
        Management Fees             $ 7,000      $ 7,000
        Accounting Fees               1,700        1,600


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


RESULTS OF OPERATIONS 

There have been no sales during the first six months of 1997.

Overall operations of the Registrant are minimal and have not fluctuated
signficantly.  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 on note
interest earned in 1995.  


FINANCIAL CONDITION

As of July 30, 1997, the Registrant has $ 52,044 in cash reserves.  These funds
are expected to be sufficient through 1997.


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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, 1997                   By:  /s/ Steven D. Ezell
                                        President



Date:August 14, 1997                    By:  /s/ Michael A. Hartley
                                        Secretary/Treasurer

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