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       May 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 North Broadway, Suite 1200, St. Louis, MO                    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
                                 --------------

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

ASSETS:
     Cash                                         $    265,548     $    327,910
     Accounts receivable                                98,926          111,353
     Prepaid expenses and deposits                      94,300           27,772
     Investment property, at cost:
         Land                                        1,013,858        1,013,858
         Buildings and improvements                 13,900,827       13,841,059
                                                  ------------     ------------

                                                    14,914,685       14,854,917
     Less accumulated depreciation                   7,842,687        7,598,733
                                                  ------------     ------------
                                                     7,071,998        7,256,184
     Investment property held for sale               3,853,516        3,854,057

     Deferred expenses - At amortized cost              43,431           50,804
                                                  ------------     ------------
                                                  $ 11,427,719     $ 11,628,080
                                                  ============     ============


LIABILITIES AND PARTNERS' DEFICIT

Liabilities:
     Accounts payable and accrued expenses        $    119,951     $    108,665
     Accrued real estate taxes                         166,532          255,680
     Mortgage notes payable                         12,820,159       12,871,393
     Refundable tenant deposits                         80,259           80,287
                                                  ------------     ------------
                                                    13,186,901       13,316,025

Partners' Deficit                                   (1,759,182)      (1,687,945)
                                                  ------------     ------------

                                                  $ 11,427,719     $ 11,628,080
                                                  ============     ============




                 SEE NOTES TO THE UNAUDITED FINANCIAL STATEMENTS



                                      -2-
<PAGE>

<TABLE>


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

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

                 STATEMENTS OF OPERATIONS AND PARTNERS' DEFICIT
                 ----------------------------------------------

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


<CAPTION>
                                             Three Months Ended           Six Months Ended
                                           May 31,        May 31,       May 31,       May 31,
                                            1998           1997          1998          1997
                                           -------        -------       -------       -------

<S>                                      <C>           <C>           <C>           <C>

REVENUES:
     Rental and other income             $   829,046   $   842,305   $ 1,677,349   $ 1,696,354
     Interest                                    736           250         1,170           438
                                         -----------   -----------   -----------   -----------
                                             829,782       842,555     1,678,519     1,696,792

     EXPENSES:
     Interest                                287,956       281,766       575,524       560,565
     Depreciation and amortization           128,275       117,329       251,868       234,673
     Real estate taxes                       113,437       109,746       215,708       218,824
     Property management fees paid to
         Nooney Inc.                          43,852        44,806        89,060        90,265
     Reimbursement to Nooney Inc. 
         for partnership management
         services and indirect expenses       10,000        10,000        20,000        20,000
     Repairs & Maintenance expenses           50,076        42,817        93,709        87,957
     Payroll expenses                         87,421        67,878       141,876       124,130
     Insurance expenses                       24,207        25,999        50,278        52,786
     Cleaning expenses                        22,269        22,880        42,877        38,467
     Utility expenses                         37,233        37,288        72,008        72,808
     Professional fee expenses                32,194        28,008        48,721        79,197
     Other operating expenses                 66,469        89,509       148,127       198,500
                                         -----------   -----------   -----------   -----------

                                             903,389       878,026     1,749,756     1,778,172
                                         -----------   -----------   -----------   -----------
NET LOSS                                 $   (73,607)      (35,471)      (71,237)  $   (81,380)
                                         ===========   ===========   ===========   ===========

NET LOSS PER LIMITED
 PARTNERSHIP UNIT                        $     (5.35)  $     (2.58)  $     (5.17)  $     (5.91)
                                         ===========   ===========   ===========   ===========

PARTNERS' DEFICIT:
     Beginning of Period                 $(1,685,575)  $(1,540,106)  $(1,687,945)  $(1,494,197)
     Net Loss                                (73,607)      (35,471)      (71,237)      (81,380)
                                         -----------   -----------   -----------   -----------

     End of Period                       $(1,759,182)  $(1,575,577)  $(1,759,182)  $(1,575,577)
                                         ===========   ===========   ===========   ===========



<FN>
                 SEE NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
</FN>
</TABLE>

                                       -3-
<PAGE>





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

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

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

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

                                                            Six Months Ended
                                                          May 31,        May 31,
                                                           1998           1997
                                                          -------        -------

CASH FLOWS FROM OPERATING ACTIVITIES:
     Net Loss                                            $ (71,237)   $ (81,380)
     Adjustments to reconcile net loss to
     net cash provided by operating activities:
         Depreciation and amortization                     251,868      234,673

     Changes in assets and liabilities:
         Decrease (Increase) in accounts receivable         12,427      (20,026)
         (Increase) Decrease in prepaid expenses
           and deposits                                    (66,528)      34,569
         Increase in deferred expense                            0       (3,580)
         (Decrease) Increase in current liabilities        (77,890)     186,733
                                                         ---------    ---------


             Total Adjustments                             119,877      432,369
                                                         ---------    ---------

                  Net cash provided by operating
                    activities                              48,640      350,989
                                                         ---------    ---------

CASH FLOWS FROM INVESTING ACTIVITIES:
     Additions to investment property                      (58,626)    (158,855)
     Property additions using Capital Reserve Escrow        (1,142)     (73,566)
                                                         ---------    ---------

                  Net cash used in investing activities    (59,768)    (232,421)
                                                         ---------    ---------

CASH FLOWS FROM FINANCING ACTIVITIES:
     Payments on mortgage notes payable                    (51,234)      (5,833)
     Funding on mortgage notes payable                           0      124,684
                                                         ---------    ---------

                  Net cash from financing activities       (51,234)     118,851
                                                         ---------    ---------

NET (DECREASE) INCREASE IN CASH                            (62,362)     237,419

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

CASH, End of period                                      $ 265,548    $ 449,259
                                                         =========    =========

SUPPLEMENTAL DISCLOSURE OF CASH FLOWS
INFORMATION - Cash paid during the period for interest   $ 608,259    $ 575,523
                                                         =========    =========


                 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 SIX MONTHS ENDED MAY 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
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 May 31, 1998 and for all periods presented have been made.
The results for the three-month and six-month  period ended May 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 six months ended May 31,
1998 and May 31, 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 May 31, 1998 is $265,548, a decrease of $62,362 from year end
November 30, 1997.  The decrease in cash balances can primarily be attributed 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 during the second  quarter,  while in prior years a down payment was made in
the second  quarter and monthly  installments  throughout the policy period were
made.  Cash  produced from  operating  activity for the six months ended May 31,
1998 was  $48,640.  Capital  additions  were made in the amount of  $59,768  and
payments  on mortgage  notes in the amount of $51,234 for this six month  period
were made.  In May 1998,  the first  installment  of the real  estate  taxes for
Cobblestone  Court  were not paid as there was not  sufficient  cash in the real
estate tax escrow. The Registrant anticipates that there will be sufficient cash
to fund the tax escrow and pay the  delinquent tax  installment  and any accrued
penalties  prior to the end of the third quarter 1998. 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 balance of the year are as follows:

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

     Cobblestone Court                $      0        $      0         $      0
     Woodhollow Apartments                   0          111,842          111,842
                                      --------         --------         --------

                                      $      0         $111,842         $111,842
                                      ========         ========         ========

At Cobblestone Court Shopping Center,  no capital  expenditures are anticipated.
At Woodhollow  Apartments,  the Other Capital  consists of expenditures  for new
heating  and  air  conditioning  units  ($8,720),  new  signage  ($16,621),  and
painting/carpeting  interior hallways ($86,501). These are capital items outside
of the  scope of the  capital  renovation  program  which is paid for out of the
capital reserve  escrow.  In the second quarter 1998, one building was renovated
and will be paid for during third quarter using the capital  reserve  escrow for
Woodhollow  Apartments.  After this  payment,  no  additional  improvements  are
anticipated from the capital reserve escrow for the remainder of 1998.

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 has extended these loans through October 31, 1998. The May


                                      -6-
<PAGE>




31, 1998 balance of the second  mortgage on Cobblestone  Court is $1,689,571 and
the second mortgage on Woodhollow  Apartments is $318,284.  The interest rate on
the first  mortgage  for  Cobblestone  was  8.53125%  ending May 31,  1998.  The
interest rate for one portion of the cross  collateralized  second  mortgages is
LIBOR plus 2.75% and as of May 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 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 certain  mortgage debt
as it matures.

Results of Property Operations
------------------------------

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

                                  Woodhollow Apartments     Cobblestone Court
                                  ---------------------     -----------------
       1998
       ----
     Revenues                           $ 589,619               $ 239,525
     Expenses                             629,942                 273,388
                                        ---------               ---------
     Net Loss                           $ (40,323)              $ (33,863)
                                        =========               =========

       1997
       ----
     Revenues                           $ 576,669               $ 266,210
     Expenses                             597,459                 280,507
                                        ---------               ---------
     Net Loss                           $ (20,790)              $ (14,297)
                                        =========               =========

At Woodhollow  Apartments,  revenues increased $12,950 when comparing the second
quarter of 1998 to the second  quarter of 1997. The reason for this is primarily
due to increases in the amount of rental income due to higher rental rates. This
increase in revenue was partially  offset by an added number of rent concessions
given  for  incentive  purposes  to both  new  and  renewing  tenants.  Expenses
increased $32,483 due to increases in payroll ($20,303)  primarily  attributable
to  additional  maintenace  hours,  professional  fees  ($6,822),   repairs  and
maintenance  expenses  ($8,243) and depreciation  ($10,946).  These increases in
expense were partially  offset by decreases in fire/crime  prevention  ($4,080),
landscaping renovation ($8,075), and interest expense ($1,726).

At  Cobblestone  Court  Shopping  Center,  revenues  decreased  by $26,685  when
comparing the quarter ended May 31, 1998 to the quarter ended May 31, 1997.  The
decrease in income is primarily attributable to the drop in the occupancy level,
therefore  reducing all income billings.  The decrease in income totaled $53,923
and was  partially  offset by a decrease in the bad debt  provision  of $27,915.
Expenses  decreased  minimally  at  $7,119  due to  decreases  in  snow  removal
($9,866),  professional fees ($2,636), cleaning expenses ($2,516), trash removal
($2,232), and other operating expenses ($4,200).  These decreases were partially
offset by increases in interest  expense  ($7,916)  due to  additional  interest
incurred for monies  borrowed in 1997 for roof  replacement  and real estate tax
expense ($6,462) due to late payment penalties.



                                      -7-
<PAGE>





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

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


Cobblestone Court Shopping Center                    64%        74%        84%
Woodhollow Apartments                                94%        93%        94%

At Cobblestone Court Shopping Center, leasing activity during the second quarter
consisted of one tenant  occupying  2,821 square feet vacating their space.  The
property  has two major  tenants  which  occupy 26% and 7 1/2% of the  available
space on leases that expire January 2001 and April 2002.

At Woodhollow Apartments,  the occupancy increased by 1% during the quarter. The
Registrant  anticipates  occupancy  increasing  to above  95%  during  the third
quarter of 1998 as demand  for  apartments  in the West St.  Louis  County  area
continues to be strong and the renovation program continues at the property.

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

For the three and six month ended May 31, 1998,  the  Registrant's  consolidated
revenues were $829,782 and $1,678,519,  respectively. Revenues decreased $12,773
and $18,273 for the three and six month  periods  ended May 31, 1998 as compared
to the same  periods  ended  May 31,  1997.  The  decrease  in  revenues  can be
attributable  to the lower occupancy  level at Cobblestone  Court.  Consolidated
expenses  for the three months ended May 31, 1998 and three months ended May 31,
1997 were  $903,389 and  $878,026  respectively.  The  increase in  consolidated
expenses for the three  months  ended 1998 was $25,363 when  compared to May 31,
1997.  Expenses that  increased  were interest  expense  ($6,190),  depreciation
($10,946),  payroll  expenses  ($19,543),  due to  reasons as  mentioned  in the
property   comparisons,   repairs  and  maintenance   expenses   ($7,259),   and
professional  fees ($4,186).  These increases were partially offset by decreases
in snow removal ($9,866), renovation landscaping ($8,075), fire/crime prevention
($4,080),  and insurance  ($1,792).  When comparing the six months ended May 31,
1998 and May 31, 1997,  consolidated  expenses were  $1,749,756 and  $1,778,172,
respectively,  a decrease  of  $28,416.  The  decrease  can be  attributable  to
decreases in snow removal ($31,216) and professional fees ($29,936) due to legal
costs  incurred in the  potential  sale of  Cobblestone.  These  decreases  were
partially  offset by increases in interest  expense  ($14,959) due to additional
borrowings   secured  by  second   mortgages   in  1997  for   Cobblestone   and
depreciation/amortization ($17,195).


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

For the three and six months ended May 31, 1997, the  Registrant's  consolidated
revenues were $842,555 and $1,696,792,  respectively. Revenues decreased $22,278
and $23,098 for the three and six month  periods  ended May 31, 1997 as compared
to the same  periods  ended  May 31,  1996.  The  decrease  in  revenues  can be
attributable  to the  write-off  to bad debt of rental  revenues  from the major
tenant who vacated at Cobblestone Court Shopping Center.  Consolidated  expenses
for the three  months  ended May 31, 1997 and three  months  ended May 31, 1996,


                                      -8-
<PAGE>



were $878,026 and $886,382,  respectively. The decrease in consolidated expenses
for the three  months  ended  1997 was $8,356  when  compared  to May 31,  1996.
Expenses that decreased were interest  ($3,005),  depreciation  and amortization
($5,856),  repairs  and  maintenance  expenses  ($16,594),  and other  operating
expenses  ($4,869),  partially offset by increases in cleaning expenses ($7,970)
and professional fee expenses ($8,836).  When comparing the six months ended May
31, 1997 and May 31, 1996, consolidated expenses were $1,778,172 and $1,751,710,
respectively,  an  increase  of  $26,462.  This  increase  in  expenses  can  be
attributed  to an increase  in real estate  taxes  ($9,042),  cleaning  expenses
($9,297),  utility expenses  ($7,729),  professional fee expenses  ($28,397) and
other operating  expenses  ($5,954),  partially  offset by decreases in interest
($8,608),  depreciation and amortization ($15,859),  and repairs and maintenance
expenses ($11,246).

Inflation
---------

The effects of inflation  did not have a material  impact upon the  Registrant's
operation  is  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:   July 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


                                      -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-