<TABLE> <S> <C>

<ARTICLE>                    5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL  INFORMATION EXTRACTED FROM THE BALANCE
SHEET AS OF MARCH 31,  1998 AND THE  STATEMENT  OF INCOME  FOR THE THREE  MONTHS
ENDED MARCH 31, 1998 AND IS  QUALIFIED  IN ITS  ENTIRETY  BY  REFERENCE  TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<CIK>                        797977
<NAME>                       PARTICIPATING INCOME PROPERTIES 1986, L.P.
<MULTIPLIER>                 1
<CURRENCY>                   U.S. DOLLARS
       
<S>                                   <C>
<PERIOD-TYPE>                         3-MOS
<FISCAL-YEAR-END>                                                                          DEC-31-1998
<PERIOD-START>                                                                             JAN-01-1998
<PERIOD-END>                                                                               MAR-31-1998
<EXCHANGE-RATE>                                                                                      1
<CASH>                                                                                       5,786,675
<SECURITIES>                                                                                         0
<RECEIVABLES>                                                                                  243,998
<ALLOWANCES>                                                                                         0
<INVENTORY>                                                                                          0
<CURRENT-ASSETS>                                                                                     0
<PP&E>                                                                                      34,849,050
<DEPRECIATION>                                                                              11,994,561
<TOTAL-ASSETS>                                                                              28,885,162
<CURRENT-LIABILITIES>                                                                                0
<BONDS>                                                                                              0
<PREFERRED-MANDATORY>                                                                                0
<PREFERRED>                                                                                          0
<COMMON>                                                                                             0
<OTHER-SE>                                                                                  24,000,969
<TOTAL-LIABILITY-AND-EQUITY>                                                                28,885,162
<SALES>                                                                                              0
<TOTAL-REVENUES>                                                                             3,271,436
<CGS>                                                                                                0
<TOTAL-COSTS>                                                                                  486,813
<OTHER-EXPENSES>                                                                                     0
<LOSS-PROVISION>                                                                                     0
<INTEREST-EXPENSE>                                                                                   0
<INCOME-PRETAX>                                                                              2,781,666
<INCOME-TAX>                                                                                         0
<INCOME-CONTINUING>                                                                          2,781,666
<DISCONTINUED>                                                                                       0
<EXTRAORDINARY>                                                                                      0
<CHANGES>                                                                                            0
<NET-INCOME>                                                                                 2,781,666
<EPS-PRIMARY>                                                                                    53.28
<EPS-DILUTED>                                                                                        0
        

</TABLE>