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       August 31, 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                 63102-2124
------------------------------------------------           ---------------------
(Address of principal executive offices)                         (Zip Code)


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

--------------------------------------------------------------------------------
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
                                 --------------

                                                    August 31,     November 30,
                                                       1998            1997
                                                    (Unaudited)
                                                   ------------    ------------

ASSETS:
     Cash                                          $    241,373    $    327,910
     Accounts receivable                                129,452         111,353
     Prepaid expenses and deposits                       73,074          27,772
     Investment property, at cost:
         Land                                         1,013,858       1,013,858
         Buildings and improvements                  14,067,445      13,841,059
                                                   ------------    ------------

                                                     15,081,303      14,854,917
     Less accumulated depreciation                    7,966,408       7,598,733
                                                   ------------    ------------

                                                      7,114,895       7,256,184
     Investment property held for sale                3,853,428       3,854,057

     Deferred expenses - At amortized cost               40,050          50,804
                                                   ------------    ------------

                                                   $ 11,452,272    $ 11,628,080
                                                   ============    ============


LIABILITIES AND PARTNERS' DEFICIT

Liabilities:
     Accounts payable and accrued expenses         $    120,054    $    108,665
     Accrued real estate taxes                          280,305         255,680
     Mortgage notes payable                          12,793,761      12,871,393
     Refundable tenant deposits                          81,149          80,287
                                                   ------------    ------------

                                                     13,275,269      13,316,025

Partners' Deficit                                    (1,822,997)     (1,687,945)
                                                   ------------    ------------


                                                   $ 11,452,272    $ 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)
                                   -----------


<TABLE>
<CAPTION>
                                             Three Months Ended          Nine Months Ended
                                          August 31,    August 31,    August 31,    August 31,
                                             1998          1997          1998          1997
<S>                                      <C>           <C>           <C>           <C>
                                         -----------   -----------   -----------   -----------
REVENUES:
     Rental and other income             $   841,024   $   848,266   $ 2,518,372   $ 2,544,620
     Interest                                  1,489           770         2,660         1,207
                                         -----------   -----------   -----------   -----------
                                             842,513       849,036     2,521,032     2,545,827

     EXPENSES:
     Interest                                287,796       287,076       863,320       847,642
     Depreciation and amortization           127,192       120,090       379,059       354,763
     Real estate taxes                       113,773       125,016       329,481       343,840
     Property management fees paid to
         Nooney Inc.                          44,350        44,831       133,410       135,097
     Reimbursement to Nooney Inc. 
         for partnership management
         services and indirect expenses       10,000        10,000        30,000        30,000
     Repairs & Maintenance expenses           60,764        53,934       154,472       141,300
     Payroll expenses                         79,154        63,305       221,030       187,442
     Insurance expenses                       22,373        26,292        72,652        79,077
     Cleaning expenses                        19,732        23,466        62,608        61,933
     Utility expenses                         40,469        42,193       112,476       115,003
     Professional fee expenses                37,219        15,224        85,939        96,088
     Corporate unit expenses                  16,131        17,972        38,949        36,289
     Renovation expenses                       6,344        18,427         6,344        29,462
     Other operating expenses                 41,031        51,166       166,344       219,227
                                         -----------   -----------   -----------   -----------

                                             906,328       898,992     2,656,084     2,677,163
                                         -----------   -----------   -----------   -----------
NET LOSS                                 $   (63,815)  $   (49,956)  $  (135,052)  $  (131,336)
                                         ===========   ===========   ===========   ===========

NET LOSS PER LIMITED
     PARTNERSHIP UNIT                    $     (4.64)  $     (3.63)  $     (9.81)  $     (9.54)
                                         ===========   ===========   ===========   ===========

PARTNERS' DEFICIT:
     Beginning of Period                 $(1,759,182)  $(1,575,577)  $(1,687,945)  $(1,494,197)
     Net Loss                                (63,815)      (49,956)     (135,052)     (131,336)
                                         -----------   -----------   -----------   -----------

     End of Period                       $(1,822,997)  $(1,625,533)  $(1,822,997)  $(1,625,533)
                                         ===========   ===========   ===========   ===========

</TABLE>


                 SEE NOTES TO THE UNAUDITED FINANCIAL STATEMENTS


                                      -3-
<PAGE>

                    NOONEY REAL PROPERTY INVESTORS-FOUR, L.P.
                    -----------------------------------------

                             (A LIMITED PARTNERSHIP)
                             -----------------------

                            STATEMENTS OF CASH FLOWS
                            ------------------------

                                   (UNAUDITED)
                                   -----------

                                                            Nine Months Ended
                                                          August 31,  August 31,
                                                            1998         1997
                                                          ---------   ---------
                             
CASH FLOWS FROM OPERATING ACTIVITIES:
     Net Loss                                             $(135,052)  $(131,336)
     Adjustments to reconcile net loss to net cash
     provided by operating activities:
         Depreciation and amortization                      379,059     354,763

     Changes in assets and liabilities:
         (Increase)Decrease in accounts receivable          (18,099)     65,015
         (Increase)Decrease in prepaid expenses and
           deposits                                         (45,302)     34,303
         Increase in deferred expenses                            0      (5,300)
         Increase in current liabilities                     36,876     141,917
                                                          ---------   ---------

         Total Adjustments                                  352,534     590,698
                                                          ---------   ---------

             Net cash provided by operating activities      217,482     459,362
                                                          ---------   ---------

CASH FLOWS FROM INVESTING ACTIVITIES:
     Additions to investment property                      (166,700)   (459,034)
     Additions using Capital Reserve Escrow                 (59,687)   (201,697)
                                                          ---------   ---------

             Net cash used in investing activities         (226,387)   (660,731)
                                                          ---------   ---------

CASH FLOWS FROM FINANCING ACTIVITIES:
     Payments on mortgage notes payable                     (77,632)     (8,833)
     Funding on mortgage notes payable                            0     376,216
                                                          ---------   ---------

             Net cash from financing activities             (77,632)    367,383
                                                          ---------   ---------

NET (DECREASE) INCREASE IN CASH                             (86,537)    166,014

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

CASH, End of period                                       $ 241,373   $ 377,854
                                                          =========   =========

SUPPLEMENTAL DISCLOSURE OF CASH FLOWS
INFORMATION - Cash paid during the period for interest    $ 863,320   $ 895,335
                                                          =========   =========


                 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 AND NINE MONTHS ENDED AUGUST 31, 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.
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 August 31, 1998 and for all periods  presented  have been
made. The results for the  three-month  and  nine-month  period ended August 31,
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 loss per limited partnership unit for the three and nine months ended August
31, 1998 and August 31, 1997 was computed  based on 13,529 units,  the number of
units outstanding during the periods.

NOTE E:

Effective  December 1, 1997,  the  Registrant  adopted  Statement  of  Financial
Accounting Standards No. 130 "Reporting Comprehensive Income," which established
standards  for  the  reporting  and  display  of  comprehensive  income  and its
components.  The  adoption  of this  statement  did not affect the  Registrant's
consolidated  financial  statements  for the three and nine month  periods ended
August 31, 1998 and 1997.


                                      -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 Registrant.  Actual
results could differ materially from those contemplated by such statements.

Liquidity and Capital Resources
-------------------------------

Cash on hand as of August 31, 1998 is $241,373,  a decrease of $86,537 from year
ended  November  30,  1997.  The  decrease in cash  balances  can  partially  be
attributable  to timing of payments for insurance  premiums for both  Woodhollow
Apartments and Cobblestone  Court Shopping Center.  In 1998, these premiums were
paid in one lump sum,  instead of monthly  installments  as in prior year.  Cash
produced from  operating  activity for the nine months ended August 31, 1998 was
$217,482.  Capital additions were made in the amount of $226,387 and payments on
mortgage  notes in the amount of $77,632  for this nine month  period were made.
The first installment of the 1998 real estate taxes for Cobblestone Court remain
unpaid from second quarter as there was not  sufficient  cash in the real estate
tax escrow. The Registrant is releasing payment during the fourth quarter, as it
has now funded the tax escrow enough to pay the delinquent tax  installment  and
any accrued  penalties.  The Registrant plans to maintain adequate cash reserves
for real estate taxes and fund remaining capital expenditures from operations at
Woodhollow  Apartments.  Capital  expenditures  by property  anticipated for the
fourth quarter of 1998 are as follows:

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

     Cobblestone Court          -0-          -0-          -0-         -0-
     Woodhollow Apartments      -0-        $ -0-      $29,679     $29,679
                            -------      -------      -------     -------
                                -0-        $ -0-      $29,679     $29,679
                            =======      =======      =======     =======

During the last quarter of 1998 the Registrant  anticipates  spending $29,679 on
fencing, air conditioning units and hallway upgrading.  Due to the pending sale,
capital expenditures for Cobblestone Court have not been projected.

As  discussed  in  previous  reports,  Cobblestone  Court is listed 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 extended these loans through October 31, 1998. The August
31, 1998 balance of the second  mortgage on Cobblestone  Court is $1,689,571 and
the second mortgage on Woodhollow  Apartments is $315,284.  The interest rate on
the first mortgage for Cobblestone was 8.53125% at August 31, 1998. The interest
rate for one portion of the cross collateralized  second mortgages is LIBOR plus
2.75% and as of August 31, 1998 was 8.56641%,  while the other portion was 9.5%.
The interest rate on  Cobblestone's  second  mortgage was  8.52344%.  Woodhollow
Apartments  has a first  mortgage  due August 1, 2001 with an  interest  rate of
9.125%.  The  Registrant is currently  negotiating a new debt  agreement  with a
different  financial  institution that is anticipated to be executed by year end
that will  consolidate all Registrant's  debt into one agreement.



                                      -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 Cobblestone  Court's
mortgage debt.  Until such time as real estate market  conditions  recover and a
profitable sale of the Registrant's properties are feasible, the Registrant will
continue to manage the property to achieve its investment objectives.

The results of operations for the Registrant's properties for the quarters ended
August 31,  1998 and 1997 are  detailed  in the  schedule  below.  Revenues  and
expenses of the Registrant are excluded.

                                              Woodhollow        Cobblestone
                                              Apartments           Court
                                              ----------        -----------
           1998
           ----
     Revenues                                  $ 607,235         $ 233,141
     Expenses                                    627,330           278,938
                                               ---------         ---------
     Net Loss                                  $ (20,095)        $ (45,797)
                                               =========         =========

           1997
           ----
     Revenues                                  $ 606,905         $ 241,433
     Expenses                                    628,365           270,566
                                               ---------         ---------
     Net (Loss) Income                         $ (21,460)        $ (29,133)
                                               =========         =========

At  Woodhollow  Apartments,  the  operating  results for the third quarter ended
August 31, 1998,  remained  consistent  when compared to the third quarter ended
August  31,  1997.  Even  though  expenses   remained   stable,   the  following
fluctuations  should be noted.  There  were  increases  in  payroll  expense  of
($16,282),  primarily  due to additional  maintenance  hours,  and  professional
services ($9,183).  These increases were offset by decreases in cleaning expense
($4,099),  renovation  expenses  ($12,083),   insurance  expense  ($2,657),  and
swimming pool expense ($7,028).

At Cobblestone  Court, the net loss for the third quarters ended August 31, 1998
and 1997 was ($45,797) and ($29,133), respectively. The increase in the net loss
is  attributable  to decreases in revenue and an increase in expenses.  Revenues
decreased  $8,292 when  comparing the third quarter of 1998 to the third quarter
of 1997.  The decrease in revenues is  attributable  to a decrease in occupancy.
Expenses increased $8,372 for the third quarter of 1998 as compared to the third
quarter of 1997.  The  increase  in  expenses is  primarily  attributable  to an
increase  in  professional  fees-other  ($16,352)  due to the  payment  of a new
property appraisal and architectural fees. This increase was partially offset by
a decrease in real estate tax expense ($7,056).


The occupancy  levels at the  Registrant's  properties  during the third quarter
decreased at both  Cobblestone  Court and Woodhollow  Apartments.  The occupancy
levels at August 31, 1998, 1997 and 1996 are as follows:

                                               Occupancy levels as of August 31,
       Property                                   1998       1997       1996
       --------                                   ----       ----       ----

Cobblestone Court Shopping Center                  63%        69%        84%
Woodhollow Apartments                              93%        96%        98%

At Cobblestone  Court the Registrant  renewed one tenant  occupying 4,304 square
feet and one tenant  vacated its space who  occupied  584.  The property has one
major  tenant that  occupies  approximately  26% of the center with a lease that
expires in December 2000.


                                      -7-
<PAGE>

At Woodhollow  Apartments the occupancy  decreased 3% when comparing  August 31,
1998 to August 31, 1997. The Registrant  anticipates  the property will continue
to operate with a high occupancy rate for the balance of 1998.

Year 2000 Issues
----------------

The  Registrant  believes  that the  impact  of the year 2000 will not cause the
Registrant to incur a future expense that will have a material  impact on future
results.  The management  company  employed by the Registrant  utilizes  various
computer  software packages as tools in running its accounting  operations.  The
Registrant's properties financial information is maintained on software provided
by a third party.  The  management  company has received  information  from that
company  indicating  that the main  software  program has all its core  products
already  compatible with 2000 dates and that those have been proven in the field
for over five years.  A few of the add on products  that are not critical to the
management  company's business are in the process of being updated and the third
party vendor anticipates compliance by the end of 1998.

1998 Comparisons
----------------

As of August 31, 1998, the  Registrant's  consolidated  revenues for the quarter
ended  are  $842,513  and for the nine  month  period  ended  August  31,  1998,
consolidated revenues are $2,521,032.  Revenues for the corresponding periods in
1997 were $849,036 and  $2,545,827.  Revenues  decreased  $6,523 for the quarter
ended  August 31, 1998 and  decreased  $24,795 for the nine month  period  ended
August 31, 1998 when  compared to the  corresponding  periods of the prior year.
The sligt decrease in revenues can be primarily  attributable to the decrease in
occupancy at Cobblestone Court Shopping Center.

Consolidated  expenses for the quarter ended August 31, 1998 and August 31, 1997
were $906,328 and $898,992,  respectively,  indicating an increase of $7,336 for
the third quarter 1998 when  compared to that of prior period.  For the quarter,
expenses  increased in  depreciation  ($7,102),  repairs & maintenance  expenses
($6,830),  payroll expenses  ($15,849),  and professional fees ($21,995).  These
increases  were  partially  offset by  decreases  in real estate tax  ($11,243),
insurance  expense  ($3,919),  cleaning expense  ($3,734),  utilities  ($1,764),
corporate  unit expenses  ($1,841),  renovation  expenses  ($12,083),  and other
operating  expenses  ($10,135).  The  substantial  increases  and  decreases  in
payroll,  professional  fees, and renovation  expenses are due to the reasons as
mentioned in the property comparisons.

Consolidated expenses for the nine month period ended August 31, 1998 and August
31, 1997 were $2,656,084 and $2,677,163, respectively,  indicating a decrease of
$21,079  when  compared  to prior  year.  For the nine  month  period,  expenses
decreased in insurance  ($6,425),  real estate tax ($14,359),  cleaning  expense
($2,527), utilities ($10,149), renovation expense ($23,118), and other operating
expenses  ($52,883).  These  decreases  were  partially  offset by  increases in
interest  expense  ($15,678),  depreciation  ($24,296),  repairs and maintenance
($13,172),   and  payroll  ($33,588).   The  other  operating  expense  decrease
represents  decreases in parking lot expenses ($6,648),  snow removal ($36,993),
and trash removal ($7,632). The increase in payroll expense can be attributed to
additional personnel.



                                      -8-
<PAGE>

1997 Comparisons
----------------

As of August 31, 1997, the  Registrant's  consolidated  revenues for the quarter
ended are $849,036 and for the nine month period ended August 31, 1997, they are
$2,545,827.  Revenues for the  corresponding  periods in 1996 were  $847,174 and
$2,567,063.  Revenues increased $1,862 for the quarter ended August 31, 1997 and
decreased $21,236 for the nine month period ended August 31, 1997, when compared
to the corresponding  periods of the prior year. The decrease in revenues can be
attributable to the decrease in occupancy at Cobblestone Court Shopping Center.

Consolidated  expenses for the quarter ended August 31, 1997 and August 31, 1996
were $898,992 and $861,555, respectively,  indicating an increase of $37,437 for
the quarter ended August 31, 1997,  when  compared to the prior period.  For the
quarter,   expenses   increased  in  real  estate  taxes,   cleaning   expenses,
professional  fees and  renovation  expenses.  For the nine month  period  ended
August 31, 1997 and August 31, 1996,  consolidated  expenses were $2,677,163 and
$2,613,264,  indicating an increase of $63,899, when compared to the prior year.
Expenses  that  did  increase  were  real  estate  taxes,   cleaning   expenses,
professional  fees and  renovation  expenses  offset by decreases in repairs and
maintenance and depreciation and amortization.

Inflation
---------

The effects of inflation  did not have a material  impact upon the  Registrant's
operation  in  fiscal  1997  and are  not  expected  to  materially  affect  the
Registrant's operations in 1998.



                                      -9-
<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:   October 15, 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



                                      -10-
<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)



                                      -11-