FORM 10-QSB--QUARTERLY OR TRANSITIONAL REPORT UNDER SECTION 13 OR 15(D)
                     OF THE SECURITIES EXCHANGE ACT OF 1934
                        QUARTERLY OR TRANSITIONAL REPORT

                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C.  20549

                                  FORM 10-QSB


[X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
     EXCHANGE ACT OF 1934


               For the quarterly period ended September 30, 1997

                                       or

[ ]  TRANSITION REPORT PURSUANT TO 13 OR 15(d) OF THE SECURITIES
     EXCHANGE ACT OF 1934

               For the transition period from.........to.........

                         Commission file number 0-11934



                         CENTURY PROPERTIES FUND XVIII
       (Exact name of small business issuer as specified in its charter)


         California                                            94-2834149
(State or other jurisdiction of                             (I.R.S. Employer
incorporation or organization)                              Identification No.)

    One Insignia Financial Plaza
     Greenville, South Carolina                                  29602
(Address of principal executive offices)                       (Zip Code)


                                (864) 239-1000
                         (Issuer's telephone number)


Check whether the issuer (1) filed all  reports required to be filed by  Section
13 or 15 (d) of the Exchange Act during the past 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

                           PART I - FINANCIAL INFORMATION


ITEM 1.  FINANCIAL STATEMENTS



a)
                           CENTURY PROPERTIES FUND XVIII
                             CONSOLIDATED BALANCE SHEET
                                    (Unaudited)
                          (in thousands, except unit data)

                                 September 30, 1997




Assets
  Cash
    Unrestricted                                                  $  2,272
    Restricted - tenant security deposits                               86
  Accounts receivable                                                   12
  Escrow for taxes                                                      77
  Restricted escrows                                                   101
  Other assets                                                         267
  Investment properties:
     Land                                          $  7,296
     Buildings and related personal property         19,504
                                                     26,800
     Less accumulated depreciation                   (9,605)        17,195
                                                                  $ 20,010

Liabilities and Partners' Capital
Liabilities
  Other liabilities                                               $    135
  Accrued taxes                                                        286
  Tenant security deposit liabilities                                   86
  Mortgage notes payable                                            18,588
Partners' (deficit) capital
    General partner                                $ (6,364)
    Limited partners (75,000 units issued
      and outstanding)                                7,279            915
                                                                  $ 20,010

            See Accompanying Notes to Consolidated Financial Statements

b)                          CENTURY PROPERTIES FUND XVIII
                        CONSOLIDATED STATEMENTS OF OPERATIONS
                                     (Unaudited)
                           (in thousands, except unit data)


                                      Three Months Ended   Nine Months Ended
                                         September 30,       September 30,
                                       1997      1996      1997      1996
Revenues:
 Rental income                       $  1,155  $  1,107  $  3,438  $  3,297
 Other income                              78        80       240       251
    Total revenues                      1,233     1,187     3,678     3,548
Expenses:
 Operating                                332       295       932       933
 General and administrative                50        55       155       224
 Maintenance                               98       188       304       412
 Depreciation                             175       170       515       506
 Interest                                 428       348     1,114     1,049
 Property tax                              95        82       290       251
    Total expenses                      1,178     1,138     3,310     3,375

Income before extraordinary item           55        49       368       173

 Extraordinary item - gain on
  extinguishment of debt (Note C)         108        --       108        --

       Net income                    $    163  $     49  $    476  $    173

Net income allocated to
 general partner (9.9%)              $     16  $      5  $     47  $     17

Net income allocated to
 limited partners (90.1%)                 147        44       429       156
       Net income                    $    163  $     49  $    476  $    173

Per limited partnership unit:

Income before extraordinary item     $    .66  $    .59  $   4.42  $   2.08
Extraordinary item                       1.30        --      1.30        --

       Net income                    $   1.96  $    .59  $   5.72  $   2.08

             See Accompanying Notes To Consolidated Financial Statements

c)                          CENTURY PROPERTIES FUND XVIII
           CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' (DEFICIT) CAPITAL
                                     (Unaudited)
                           (in thousands, except unit data)


                                 Limited
                               Partnership   General      Limited
                                  Units      Partner      Partners     Total

Original capital contributions    75,000    $      --   $  75,000    $  75,000

Partners' (deficit) capital
 at December 31, 1996             75,000    $  (6,411)  $   6,850    $     439

Net income for the nine months
 ended September 30, 1997             --           47         429          476

Partners' (deficit) capital
 at September 30, 1997            75,000    $  (6,364)  $   7,279    $     915

             See Accompanying Notes to Consolidated Financial Statements

d)                          CENTURY PROPERTIES FUND XVIII
                        CONSOLIDATED STATEMENTS OF CASH FLOWS
                                     (Unaudited)
                           (in thousands, except unit data)
<TABLE>
<CAPTION>
                                                             Nine Months Ended
                                                                September 30,
                                                              1997        1996
<S>                                                        <C>        <C>
Cash flows from operating activities:
 Net income                                                 $    476   $    173
 Adjustments to reconcile net income to net
   cash provided by operating activities:
     Depreciation                                                515        506
     Amortization of loan costs                                   33         32
     Extraordinary item - gain on extinguishment of debt        (108)        --
     Change in accounts:
       Other assets                                              353        (52)
       Accrued expenses and other liabilities                    (84)        98

       Net cash provided by operating activities               1,185        757

Cash flows used in investing activities:
  Property improvements and replacements                         (99)      (164)

Cash flows from financing activities:
  Proceeds from mortgage note payable                         10,600         --
  Repayment of mortgage notes payable                        (10,132)        --
  Loan costs paid                                               (227)        --
  Payments on mortgage notes payable                            (314)      (367)

       Net cash used in financing activities                     (73)      (367)

Increase in unrestricted cash and cash equivalents             1,013        226

Unrestricted cash and cash equivalents at beginning
  of period                                                    1,259        938

Unrestricted cash and cash equivalents at end of period     $  2,272   $  1,164

Supplemental disclosure of cash flow information:
  Cash paid for interest                                    $  1,048   $  1,015

Supplemental disclosure of non-cash
  financing activities:
  Accrued interest added to mortgage notes
   payable balance                                          $     --   $      8
<FN>
             See Accompanying Notes to Consolidated Financial Statements
</FN>
</TABLE>

e)                         CENTURY PROPERTIES FUND XVIII
                     NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                    (Unaudited)



NOTE A - BASIS OF PRESENTATION

The accompanying unaudited financial statements of Century Properties Fund XVIII
(the "Partnership" or the  "Registrant") have been  prepared in accordance  with
generally accepted accounting principles  for interim financial information  and
with the  instructions  to  Form  10-QSB and  Item  310(b)  of  Regulation  S-B.
Accordingly, they do not include all  of the information and footnotes  required
by generally accepted accounting  principles for complete financial  statements.
In the opinion of Fox Capital Management Corp. ("FCMC" or the "Managing  General
Partner"), all adjustments (consisting of normal recurring accruals)  considered
necessary for a fair presentation have been included.  Operating results for the
three and  nine month  periods ended  September 30,  1997, are  not  necessarily
indicative of  the results  that may  be  expected for  the fiscal  year  ending
December 31, 1997.  For further  information, refer to the financial  statements
and footnotes thereto included in the Partnership's annual report on Form 10-KSB
for the year ended December 31, 1996.

Certain reclassifications have been made to  the 1996 information to conform  to
the 1997 presentation.

NOTE B - TRANSACTIONS WITH AFFILIATED PARTIES

The Partnership has no employeesand  is dependent  on its  general partner,  Fox
Realty Investors ("FRI"),  a California  general partnership,  and the  Managing
General  Partner,  a  California  corporation,  and  their  affiliates  for  the
management and administration  of all partnership  activities.  The  Partnership
Agreement provides for payments to affiliates for services and as  reimbursement
of certain expenses incurred by affiliates on behalf of the Partnership.

Pursuant to a series of transactions which closed during the first half of 1996,
affiliates of Insignia Financial  Group, Inc. ("Insignia")  acquired all of  the
issued and outstanding shares of stock of FCMC, NPI Equity Investments II,  Inc.
("NPI Equity"),  the managing  general partner  of  FRI, and  National  Property
Investors, Inc. ("NPI").  NPI  Equity is a wholly-owned  subsidiary of NPI.   In
connection  with  these  transactions,  affiliates  of  Insignia  appointed  new
officers and directors of NPI Equity and FCMC.

The following transactions with affiliates of  Insignia, NPI, and affiliates  of
NPI were charged to expense in 1997 and 1996:


                                                      Nine Months Ended
                                                        September 30,
                                                       (in thousands)
                                                      1997          1996
Property management fees (included in operating
  expenses)                                         $  181         $  176
Reimbursement for services of affiliates
  (included in general and administrative
  expenses)                                             93            105


For the  period from  January 19,  1996,  to August  31, 1997,  the  Partnership
insured its  properties under  a master  policy through  an agency  and  insurer
unaffiliated with the Managing  General Partner.  An  affiliate of the  Managing
General Partner acquired, in  the acquisition of  a business, certain  financial
obligations from an insurance agency which  was later acquired by the agent  who
placed the master  policy. The agent  assumed the financial  obligations to  the
affiliate of  the  Managing  General  Partner  who  receives  payment  on  these
obligations from the agent.  The amount of the Partnership's insurance  premiums
that accrued to the benefit of the affiliate of the Managing General Partner  by
virtue of the agent's obligations was not significant.

NOTE C - REFINANCING

In  September  1997,  the  Partnership  refinanced  the  mortgage   indebtedness
encumbering  Oak  Run  Apartments.    The  total  indebtedness  refinanced   was
approximately $10,132,000.   The new indebtedness,  in the  principal amount  of
$10,600,000, carries a  stated interest  rate of  7.36% and  matures in  October
2004.  The proceeds from the refinancing enabled the Partnership to pay-off  its
previous first mortgage note and a  participating note held by a former  lender.
As a  result  of  the  refinance,  the Partnership  recognized  a  net  gain  of
approximately $108,000 upon extinguishment of the debt.  This gain is due to the
write-off of $133,000  in unamortized  loan costs and  due to  $241,000 in  debt
forgiveness as a  result of the  participating note holder  accepting a  reduced
pay-off.  Additionally, the Partnership capitalized loan costs of  approximately
$227,000 relating to the refinance.

ITEM 2.MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

The Partnership's investment properties consist of two apartment complexes.  The
following table sets forth the average occupancy of the properties for the  nine
months ended September 30, 1997 and 1996:


                                                    Average
                                                   Occupancy
Property                                         1997      1996
Oak Run Apartments
  Dallas, Texas                                  97%        96%

Overlook Point Apartments
  Salt Lake City, Utah                           93%        96%


The decrease in  occupancy at  Overlook Point  Apartments is  attributable to  a
decline in market conditions in the Salt Lake City area as well as a decrease in
drive-by exposure due to the re-construction of the sign located in front of the
property.

The Partnership's net income for the  nine months ended September 30, 1997,  was
approximately $476,000, of  which $163,000 was  reported in  the third  quarter.
The Partnership's net income for the corresponding periods in 1996 was  $173,000
and $49,000, respectively.   The increase  in net income  is attributable to  an
increase in rental income and a decrease in expenses.  Rental income  increased,
despite a drop  in occupancy at  Overlook Point Apartments,  due to rental  rate
increases at both of  the Partnership's investment properties.   In addition  to
the increase in rental income was a decrease in maintenance expense and  general
and administrative expenses.  The decrease in maintenance expense is due to  the
completion of parking lot resurfacing and repairs at Oak Run Apartments in 1996.
The decrease in  general and  administrative expenses is  due to  a decrease  in
expense  reimbursements   related  to   the   relocation  of   the   partnership
administration offices during 1996, the timing of quarter-end mailing costs  and
decreased professional fees.  Partially offsetting these favorable variances was
a slight  increase  in property  tax  expense.   This  increase is  due  to  the
increased assessed value at Oak Run Apartments.

Included in maintenance expense  for the nine months  ended September 30,  1997,
was approximately $41,000 of exterior building improvements, major  landscaping,
and swimming pool repairs.  Included in maintenance expense for the nine  months
ended September  30,  1996,  was approximately  $145,000  of  exterior  building
improvements, major landscaping and parking lot repairs.

As part of the  ongoing business plan of  the Partnership, the Managing  General
Partner monitors the rental market environment  of its investment properties  to
assess the feasibility of increasing rents, maintaining or increasing  occupancy
levels and protecting  the Partnership from  increases in expense.   As part  of
this plan, the Managing General Partner attempts to protect the Partnership from
the burden of inflation-related  increases in expenses  by increasing rents  and
maintaining a high  overall occupancy level.   However, due  to changing  market
conditions, which  can  result in  the  use  of rental  concessions  and  rental
reductions to offset softening market conditions, there is no guarantee that the
Managing General Partner will be able to sustain such a plan.

In  September  1997,  the  Partnership  refinanced  the  mortgage   indebtedness
encumbering  Oak  Run  Apartments.    The  total  indebtedness  refinanced   was
approximately $10,132,000.   The new indebtedness,  in the  principal amount  of
$10,600,000, carries a  stated interest  rate of  7.36% and  matures in  October
2004. The proceeds from the refinancing  enabled the Partnership to pay-off  its
previous first mortgage note and a  participating note held by a former  lender.
As a  result  of  the  refinance,  the Partnership  recognized  a  net  gain  of
approximately $108,000 upon extinguishment of the debt.  The gain is due to  the
write-off of $133,000  in unamortized  loan costs and  due to  $241,000 in  debt
forgiveness as a  result of the  participating note holder  accepting a  reduced
pay-off. Additionally, the Partnership  capitalized loan costs of  approximately
$227,000 relating to the refinance.

At  September  30,  1997,  the  Partnership  had  unrestricted  cash  and   cash
equivalents of approximately $2,272,000, as compared to approximately $1,164,000
at September 30, 1996.  Net cash provided by operating activities increased  for
the nine months ended  September 30, 1997, as  a result of  the increase in  net
income, as discussed above. Additionally, other assets decreased as a result  of
the refinance of  the mortgage  note secured  by Oak  Run Apartments.   The  new
agreement requires  no  tax  and insurance  escrow  requirements  and  decreased
restricted  escrow  requirements.    Accrued  expenses  and  other   liabilities
decreased due to the paydown  of accounts payable.   Net cash used in  investing
activities decreased as a result of  decreased property improvements at Oak  Run
Apartments.  The decrease in net cash used in financing activities is due to the
proceeds received in excess of the cash used as a result of the refinance of the
mortgage indebtedness secured by Oak Run Apartments.

An affiliate  of  the  Managing  General  Partner  has  made  available  to  the
Partnership a  credit  line  of  up  to  $150,000  per  property  owned  by  the
Partnership.  At the  present time, the Partnership  has no outstanding  amounts
due under this  line of credit.   Based on  present plans,  management does  not
anticipate the need to borrow in the near future.  Other than unrestricted  cash
and cash equivalents, the line of credit is the Partnership's only unused source
of liquidity.

The sufficiency of existing liquid assets  to meet future liquidity and  capital
expenditure  requirements  is   directly  related  to   the  level  of   capital
expenditures required  at the  properties to  adequately maintain  the  physical
assets and other operating needs of the Partnership.  Such assets are  currently
thought to  be sufficient  for any  near-term  needs of  the Partnership.    The
mortgage indebtedness of $18,588,000 is amortized over thirty years with balloon
payments of $9,728,000  and $7,877,000  due in  October 2004  and January  1999,
respectively, at which time  the properties will either  be refinanced or  sold.
Future cash  distributions will  depend on  the levels  of cash  generated  from
operations, property sales, and the availability of cash reserves.  The Managing
General Partner is currently evaluating the economic position of the Partnership
and the  Partnership's  ability  to  make  a distribution  in  1997.    No  cash
distributions were made during the first nine months of 1997 or 1996.

                           PART II - OTHER INFORMATION


ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

     a)  Exhibits:

            Exhibit  10.1, Promissory  Note between  Oak  Run, L.L.C.,  a  South
            Carolina  limited liability  company, and  Lehman Brothers  Holdings
            Inc. d/b/a  Lehman Capital, a division  of Lehman Brothers  Holdings
            Inc., a Delaware corporation, dated September 1997.

            Exhibit 10.2, Deed of Trust and Security Agreement between Oak  Run,
            L.L.C.,  a  South  Carolina  limited  liability  company,  David  M.
            Parnell, and Lehman  Brothers Holdings Inc. d/b/a Lehman Capital,  a
            division of Lehman  Brothers Holdings Inc., a Delaware  corporation,
            dated September 1997.

            Exhibit 27, Financial Data Schedule, is filed as an exhibit to  this
            report.

     b)  Reports on Form 8-K:

         None were filed during the quarter ended September 30, 1997.

                                    SIGNATURES

In accordance with the requirements of  the Exchange Act, the registrant  caused
this report  to be  signed on  its  behalf by  the undersigned,  thereunto  duly
authorized.



                           CENTURY PROPERTIES FUND XVIII


                           By:  Fox Partners,
                                Its General Partner


                           By:  FOX CAPITAL MANAGEMENT CORPORATION,
                                Its Managing General Partner



                           By:  /s/William H. Jarrard, Jr.
                                William H. Jarrard, Jr.
                                President and Director



                           By:  /s/Ronald Uretta
                                Ronald Uretta
                                Vice President and Treasurer



                           Date: October 29, 1997