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 quarter period ended          February 28, 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    0-11023
                                               ------------- 


                   NOONEY REAL PROPERTY INVESTORS-FOUR, L.P.
--------------------------------------------------------------------------------
             (Exact name of Registrant as specified in its charter)


              Missouri                                           43-1250566
----------------------------------                         ---------------------
(State or other jurisdiction of                               (I.R.S. Employer
incorporation or organization)                               Identification No.)


500 N. Broadway, Suite 1200, St. Louis, Missouri                    63102
------------------------------------------------           ---------------------
(Address of principal executive offices)                         (Zip Code)


Registrant's telephone number, including area code     (314) 206-4600
                                                   -----------------------------

             7701 Forsyth Boulevard, Suite 700, St. Louis, MO 63105
--------------------------------------------------------------------------------
(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 the past 90 days. Yes X   No
                                      ---    --- 

                APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
                   PROCEEDING DURING THE PRECEDING FIVE YEARS:
Indicate  by  check  mark whether  the  registrant  has filed all  documents and
reports  required to be filed by  Sections  12, 13, or 15 (d) of the  Securities
Exchange Act of 1934 subsequent to the  distribution of securities  under a plan
confirmed by a court. Yes     No
                         ---    ---

APPLICABLE ONLY TO CORPORATE ISSUERS:  Indicate the number of shares outstanding
of each of the issuer's  classes of common  stock, as of the latest  practicable
date.
                                       -1-

<PAGE>




PART I
ITEM 1 - FINANCIAL STATEMENTS:


                    NOONEY REAL PROPERTY INVESTORS-FOUR, L.P.

                             (A LIMITED PARTNERSHIP)

                                 BALANCE SHEETS

                                                  February 28,      November 30,
                                                      1998              1997
                                                   (Unaudited)
                                                  ------------      ------------
ASSETS:
     Cash                                         $   418,071       $   327,910
     Accounts receivable                              129,331           111,353
     Prepaid expenses and deposits                     16,746            27,772
     Investment property, at cost:
         Land                                       1,013,858         1,013,858
         Buildings and improvements                13,861,809        13,841,059
                                                  -----------       -----------
                                                   14,875,667        14,854,917
         Less accumulated depreciation              7,718,369         7,598,733
                                                  -----------       -----------
                                                    7,157,298         7,256,184
Investment property held for sale                   3,853,788         3,854,057

Deferred expenses - At amortized cost                  47,118            50,804
                                                  -----------       -----------
                                                  $11,622,352       $11,628,080
                                                  ===========       ===========

LIABILITIES AND PARTNERS' DEFICIT

Liabilities:
     Accounts payable and accrued expenses        $   151,469       $   108,665
     Accrued real estate taxes                        231,523           255,680
     Mortgage notes payable                        12,846,170        12,871,393
     Refundable tenant deposits                        78,764            80,287
                                                  -----------       -----------
                                                   13,307,926        13,316,025

Partners' Deficit                                  (1,685,574)       (1,687,945)
                                                  -----------      ------------
                                                  $11,622,352       $11,628,080
                                                  ===========       ===========


                 SEE NOTES TO THE UNAUDITED FINANCIAL STATEMENTS


                                       -2-

<PAGE>





                    NOONEY REAL PROPERTY INVESTORS-FOUR, L.P.

                             (A LIMITED PARTNERSHIP)

                 STATEMENTS OF OPERATIONS AND PARTNERS' DEFICIT

                                   (UNAUDITED)

                                                        Three Months Ended
                                                   February 28,    February 28,
                                                       1998            1997
                                                   ------------    ------------
REVENUES:
     Rental and other income                        $   848,303     $   854,048
     Interest                                               434             188
                                                    -----------     -----------
                                                        848,737         854,236
EXPENSES:
     Interest                                           287,568         278,800
     Depreciation and amortization                      123,592         117,344
     Real estate taxes                                  102,271         109,078
     Property management fees paid to
        Nooney, Inc.                                     45,207          45,459
     Reimbursement to Nooney, Inc. for
        partnership management services
        and indirect expenses                            10,000          10,000
     Cleaning                                            14,733           9,364
     Utilities                                           34,775          35,520
     Repairs & Maintenance                               43,634          45,141
     Snow Removal                                        19,869          46,649
     Payroll                                             54,456          56,260
     Professional Fees                                   16,954          52,857
     Insurance                                           21,547          22,336
     Other operating expenses                            71,760          71,337
                                                    -----------     -----------

                                                        846,366         900,145
                                                    -----------     -----------

NET INCOME (LOSS)                                   $     2,371     $   (45,909)
                                                    ===========     ===========

NET INCOME (LOSS) PER LIMITED
 PARTNERSHIP UNIT                                   $       .17     $     (3.33)
                                                    ===========     ===========

PARTNERS' DEFICIT:
     Beginning of Period                            $(1,687,945)    $(1,494,197)
     Net Income (Loss)                                    2,371         (45,909)
                                                    -----------     -----------
     End of Period                                  $(1,685,574)    $(1,540,106)
                                                    ===========     ===========

                 SEE NOTES TO THE UNAUDITED FINANCIAL STATEMENTS

                                       -3-

<PAGE>





                    NOONEY REAL PROPERTY INVESTORS-FOUR, L.P.
                             (A LIMITED PARTNERSHIP)

                            STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)


                                                         Three Months Ended
                                                     February 28,   February 28,
                                                         1998           1997
                                                     -----------    -----------

CASH FLOWS FROM OPERATING ACTIVITIES:
   Net Income (Loss)                                   $   2,371   $ (45,909)
   Adjustments to reconcile net income (loss) to
   net cash provided by operating activities:
     Depreciation and amortization                       123,592     117,344

 Changes in assets and liabilities:
     Accounts receivable                                 (17,978)      8,472
     Prepaid expenses and deposits                        11,026      45,355
     Accounts payable and accrued expenses                18,647      40,879
     Refundable tenant deposits                           (1,523)      4,299
     Deferred expenses                                         0      (3,580)
                                                       ---------   ---------

        Total Adjustments                                133,764     204,171
                                                       ---------   ---------

            Net cash provided by operating activities    136,135     158,262
                                                       ---------   ---------

CASH FLOWS FROM INVESTING ACTIVITIES:
   Additions to investment property                      (19,609)    (20,620)
   Additions using Capital Reserve Escrow                 (1,142)     60,808

            Net cash used in investing activities        (20,751)    (81,428)
                                                       ---------   ---------

CASH FLOWS FROM FINANCING ACTIVITIES:
   Payments on mortgage notes payable                    (25,223)     (2,833)
                                                       ---------   ---------

            Net cash used in financing activities        (25,223)     (2,833)
                                                       ---------   ---------

NET INCREASE IN CASH                                      90,161      74,001

CASH, Beginning of period                                327,910     211,840
                                                       ---------   ---------

CASH, End of period                                    $ 418,071   $ 285,841
                                                       =========   =========


SUPPLEMENTAL DISCLOSURE OF CASH FLOWS
INFORMATION-Cash paid during the period for interest   $ 255,562   $ 326,493
                                                       =========   =========





                 SEE NOTES TO THE UNAUDITED FINANCIAL STATEMENTS

                                       -4-

<PAGE>




                    NOONEY REAL PROPERTY INVESTORS-FOUR, L.P.
                             (A LIMITED PARTNERSHIP)
                     NOTES TO UNAUDITED FINANCIAL STATEMENTS
                  THREE MONTHS ENDED FEBRUARY 28, 1998 AND 1997


NOTE A:

Refer to the Registrant's  financial  statements for the year ended November 30,
1997, which are contained in the Registrant's  Annual Report on Form 10-K, for a
description of the accounting  policies which have been continued without change
except as noted below.  Also,  refer to the  footnotes to those  statements  for
additional details of the Registrant's financial condition. The details in those
notes have not changed except as a result of normal  transactions in the interim
or as noted below.

NOTE B:

The financial statements include only those assets, liabilities,  and results of
operations of the partners  which relate to the business of Nooney Real Property
Investors-Four, L.P. The statements do not include assets, liabilities, revenues
or expenses  attributable to the partners' individual  activities.  No provision
has been made for  federal  and state  income  taxes  since  these taxes are the
responsibility  of the  partners.  In the opinion of the general  partners,  all
adjustments  (which  include  only normal  recurring  adjustments)  necessary to
present  fairly the financial  position,  results of  operations  and changes in
financial  position at February 28, 1998 and for all periods presented have been
made.  The results of operations for the  three-month  period ended February 28,
1998 are not necessarily indicative of the results which may be expected for the
entire year.

NOTE C:

The  Registrant's  properties  are  managed  by  Nooney,  Inc.,  a  wholly-owned
subsidiary of CGS Real Estate Company.  Nooney Capital Corp., a general partner,
is a 75% owned  subsidiary of S-P  Properties,  Inc. S-P  Properties,  Inc. is a
wholly-owned subsidiary of CGS Real Estate Company.

NOTE D:

The income  (loss)  per  limited  partnership  unit for the three  months  ended
February 28, 1998 and 1997 was  computed  based on 13,529  units,  the number of
units outstanding during the periods.



                                       -5-

<PAGE>



ITEM 7: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND 
RESULTS OF OPERATIONS.

It should  be noted  that this 10-Q  contains  forward-looking  information  (as
defined in the Private  Securities  Litigation Reform Act of 1995) that involves
risk and  uncertainty,  including trends in the real estate  investment  market,
projected leasing and sales, and the future prospects for the Registrant. Actual
results could differ materially from those contemplated by such statements.

Liquidity and Capital Resources

Cash on hand as of February  28, 1998 is  $418,071,  an increase of $90,161 from
the year ended  November 30, 1997.  The increase in cash is  attributable  to an
increase in the real estate tax escrow monies.  In October 1997, the real estate
taxes for  Cobblestone  Court were not paid as there was not sufficient  cash in
the real  estate tax  escrow.  The  Registrant  continued  to  deposit  money as
available  into the real estate tax escrow so that the taxes due in October 1997
could be paid when there was sufficient  cash.  These  delinquent  taxes and the
related  penalties  and  interest  were  paid  in  March  1998.  The  Registrant
anticipates capital expenditures for the balance of 1998 as follows:

                               Leasing Capital    Other Capital      Total
                               ---------------    -------------      -----

    Cobblestone Court             $       0         $      0       $      0
    Woodhollow Apartments                 0           42,189         42,189
                                  ---------         --------       --------

                                  $       0         $ 42,189       $ 42,189
                                  =========         ========       ========

At Cobblestone Court, no capital is anticipated.  At Woodhollow Apartments,  the
Other  Capital  consists of  expenditures  for new heating and air  conditioning
units and signage.  These are capital  items outside of the scope of the capital
renovation program which is paid for out of the capital reserve escrow. The next
phase of the capital renovations program at Woodhollow  Apartments consisting of
new  siding,  parking lot  replacement,  new tile and  hallway  carpets  will be
getting  underway in April 1998.  Approximately  $270,000 is  anticipated  to be
spent on the capital renovation program during 1998.

As  discussed  in previous  reports,  Cobblestone  Court is listing with a local
Minneapolis  broker to lease the property by locating one or two new anchors for
the east end of the shopping center. After new tenants are found, the goal is to
sell the property.

The holder of the first and second  mortgage debt on  Cobblestone  Court and the
second mortgages that are  cross-collateralized  with both Cobblestone Court and
Woodhollow  Apartments  has extended  these loans through  October 31, 1998. The
February 28, 1998 balance of the second  mortgage on Cobblestone  Court Shopping
Center is  $1,689,571  and the  second  mortgage  on  Woodhollow  Apartments  is
$321,285.   The   interest   rate  on  the   first  and  one   portion   of  the
cross-collateralized second mortgages is LIBOR plus 2.75% and as of February 28,
1998,  was 8.53125%.  The interest  rate on  Cobblestone's  second  mortgage was
8.52344% and the interest rate on the other portion of the  cross-collateralized
second mortgage was 9.5%.  Woodhollow Apartments has a first mortgage due August
1, 2001 with an interest rate of 9.125%.



                                       -6-

<PAGE>



The  long-term  liquidity of the  Registrant is dependent on its ability to fund
future capital  expenditures and mortgage payments,  maintain high occupancy and
negotiate with lenders the renewal and/or refinancing of the mortgage debt as it
matures.  Until  such  time as  real  estate  market  conditions  recover  and a
profitable  sale of the properties is feasible,  the Registrant will continue to
manage the properties to achieve its investment objectives.

Results of Operations

The results of operations for the Registrant's properties for the quarters ended
February 28, 1998 and 1997 are detailed in the schedule  below.  Expenses of the
Registrant are excluded.

                                  Woodhollow Apartments      Cobblestone Court
                                  ---------------------      ----------------- 
             1998
             ----
         Revenues                        $569,686                 $278,713
         Expenses                         584,305                  262,001
                                         --------                 --------
         Net Income (Loss)               $(14,619)                $ 16,712
                                         ========                 ========

             1997
             ----
         Revenues                        $580,966                 $273,516
         Expenses                         590,487                  305,435
                                         --------                  -------
         Net Loss                        $ (9,521)                $(31,919)
                                         ========                 ========

At Woodhollow  Apartments,  revenues  decreased $11,280 when comparing the first
quarter  1998 to the first  quarter of 1997,  due to a decrease in the amount of
collected  rents from  previous  tenants  and a decrease in the  corporate  unit
income during 1998.  Expenses decreased $6,182 due mainly to a decrease in other
professional services offset by an increase in depreciation.  Other professional
services  decreased  as the  appraisals  obtained  for the fiscal  year 1996 and
completed in the first quarter of 1997 were not performed  again for fiscal year
1997.

At Cobblestone Court Shopping Center, revenues increased slightly by $5,197 when
comparing the quarter ended February 28, 1998, to the quarter ended February 28,
1997.  The  increase  in income is  attributable  to an  increase in common area
maintenance  reimbursements,  real estate tax reimbursements and recovery of bad
debt  partially  offset by a decrease  in rental  income  due to a  decrease  in
occupancy.  Expenses  decreased  $43,434  due  to a  decrease  in  snow  removal
($21,351)  and a  decrease  in  other  professional  services  ($14,280).  Other
professional  services decreased as the appraisals  obtained for the fiscal year
1996 and  completed in the first  quarter of 1997 were not  performed  again for
fiscal year 1997.

The occupancy  levels as of February 28, 1998 and 1997 and February 29, 1996 are
as follows:

                                   Occupancy levels as of February 28, 1998
                                        and 1997 and February 29, 1996
                                   ----------------------------------------

       Property                     1998             1997             1996
       --------                     ----             ----             ----
 
       Woodhollow Apartments         93%              91%              96%
       Cobblestone Court             67%              84%              85%

                                       -7-

<PAGE>




At Woodhollow Apartments the occupancy increased 2% when comparing first quarter
of 1998 to first quarter of 1997. The Registrant anticipates that occupancy will
return to the 95% plus level during the second  quarter and will remain high for
the balance of 1998.

During the first quarter of 1998, the occupancy at Cobblestone  Court  decreased
to 67%. Two tenants  vacated  2,511 square feet during the quarter.  Cobblestone
Court has two major tenants  which occupy 26% and 7 1/2% of the available  space
on leases which expire January 2001 and April 2002.

1998 Comparisons

As of  February  28,  1998,  consolidated  revenues  were  $848,737  and for the
three-month  period ended  February 28, 1997,  they were  $854,236.  This slight
decrease in revenues of $5,499 is due to a decrease in rental  income  mainly at
Cobblestone  Court due to the lower  occupancy.  Consolidated  expenses  for the
quarters  ended  February  28,  1998  and  1997,  were  $846,366  and  $900,145,
respectively.  Consolidated  expenses decreased $53,779 attributable mainly to a
decrease in  professional  fees ($35,903) and snow removal  ($26,780)  partially
offset by an  increase  in  interest  expense  ($8,768).  Professional  services
decreased as the  appraisals  obtained for the fiscal year 1996 and completed in
the first quarter of 1997 were not performed again for fiscal year 1997.

1997 Comparisons

As of February 28, 1997, the Registrant's  consolidated revenues for the quarter
ended are $854,236  compared to $850,245 for the same period ended  February 29,
1996.  Consolidated  revenues were relatively  stable when comparing one year to
the next and the increase of $4,000 is less than 1%. The  consolidated  expenses
for the quarter  ended  February 28, 1997 are $900,145  compared to $860,516 for
the same period ended February 29, 1996. The increase in  consolidated  expenses
relates primarily to Cobblestone Court. This property had increases in operating
expenses in the following categories:  snow removal ($13,900), real estate taxes
($8,200) and other professional  services  ($27,700).  The increase in operating
expenses  was  offset  by  a  decrease  in  amortization  at  Cobblestone  Court
($19,000).

Inflation

The effects of inflation  did not have a material  impact upon the  Registrant's
operation  in  fiscal  l997  and are  not  expected  to  materially  affect  the
Registrant's operation in l998.


                                       -8-

<PAGE>




PART II.  OTHER INFORMATION

Item 6. Exhibits and Reports on Form 8-K


        (a) Exhibits

               See Exhibit Index

        (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.


Dated:   April 14, 1998               NOONEY REAL PROPERTY INVESTORS-FOUR,  L.P.
      --------------------

                                      BY:  NOONEY CAPITAL CORPORATION
                                           General Partner


                                      BY:  /s/ Gregory J. Nooney, Jr.
                                           -------------------------------------
                                           Gregory J. Nooney, Jr.
                                           Chairman

                                           /s/ Patricia A. Nooney
                                           -------------------------------------
                                           Patricia A. Nooney
                                           Senior Vice President and Secretary


                                      -9-

<PAGE>



                                  EXHIBIT INDEX


Exhibit Number     Description
--------------     -----------

3.1                Amended  and  Restated Agreement and  Certificate of  Limited
                   Partnership dated April 7, 1982, is incorporated by reference
                   to the Prospectus contained in the Registration  Statement on
                   Form  S-11 under the   Securities   Act  of  1933  (File  No.
                   2-76046).

27                 Financial Data Schedule (provided for the information of U.S.
                   Securities and Exchange Commission only)

                                      -10-