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

                    U.S. SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C.  20549

                                  FORM 10-QSB

(Mark One)

[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


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

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


                         Commission file number 0-10435



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



         California                                            94-2704651
(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 XVI
                          CONSOLIDATED BALANCE SHEET
                                 (Unaudited)
                       (in thousands, except unit data)

                              September 30, 1997


Assets
  Cash and cash equivalents:
    Unrestricted                                             $   422
    Restricted - tenant security deposits                         52
  Other assets                                                   284
  Accounts receivable                                             10
  Escrow for taxes                                               188
  Restricted escrows                                              89
  Investment properties:
     Land                                         $  1,409
     Buildings and related personal property        13,499
                                                    14,908
     Less accumulated depreciation                  (7,183)    7,725
                                                             $ 8,770

Liabilities and Partners' Capital
Liabilities
  Accounts payable                                           $    50
  Accrued taxes                                                  176
  Tenant security deposits                                        52
  Other liabilities                                               92
  Mortgage notes payable                                       7,440
Partners' (deficit) capital
  General partners                                $(3,838)
  Limited partners (130,000 units issued
     and outstanding)                               4,798        960
                                                             $ 8,770

                See Notes to Consolidated Financial Statements

b)                           CENTURY PROPERTIES FUND XVI
                        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                   $    701    $    628   $   2,061  $   1,899
  Other income                          27          43          82        109
       Total revenues                  728         671       2,143      2,008

Expenses:
  Operating                            279         295         792        875
  General and administrative            50          33         152        192
  Maintenance                          105         245         248        455
  Depreciation                         122         115         358        342
  Interest                             155         171         466        469
  Property tax                          58          78         162        229
       Total expenses                  769         937       2,178      2,562

Loss on disposal of property            --          --         (56)        --

       Net loss                   $    (41)   $   (266)  $     (91) $    (554)

Net loss allocated to
 general partners (6.9%)          $     (3)   $    (18)  $      (6) $     (38)

Net loss allocated to
 limited partners (93.1%)              (38)       (248)        (85)      (516)

       Net loss                   $    (41)   $   (266)  $     (91) $    (554)

Net loss per limited
 partnership unit                 $   (.29)   $  (1.91)  $    (.65) $   (3.97)

                    See Notes to Consolidated Financial Statements

c)                            CENTURY PROPERTIES FUND XVI
                 CONSOLIDATED STATEMENTS OF PARTNERS'(DEFICIT) CAPITAL
                                      (Unaudited)
                            (in thousands, except unit data)


                                   Limited
                                 Partnership   General     Limited
                                    Units      Partners    Partners      Total

Original capital contributions     130,000    $      --  $  65,000    $  65,000

Partners' (deficit) capital
  at December 31, 1996             130,000    $  (3,832) $   4,883    $   1,051

Net loss for the nine months
  ended September 30, 1997              --           (6)       (85)         (91)

Partners' (deficit) capital
  at September 30, 1997            130,000    $  (3,838) $   4,798    $     960

                 See Notes to Consolidated Financial Statements

d)                          CENTURY PROPERTIES FUND XVI
                       CONSOLIDATED STATEMENTS OF CASH FLOWS
                                    (Unaudited)
                                   (in thousands)
<TABLE>
<CAPTION>
                                                              Nine Months Ended
                                                                September 30,
                                                               1997       1996
<S>                                                       <C>         <C>
Cash flows from operating activities:
  Net loss                                                 $    (91)   $   (554)
  Adjustments to reconcile net loss to net
   cash provided by (used in) operating activities:
   Depreciation and amortization                                382         366
   Loss on disposal of property                                  56          --
   Change in accounts:
     Security deposits and other assets                         (95)       (126)
     Accounts payable and accrued expenses                       (6)        185

      Net cash provided by (used in) operating activities       246        (129)

Cash flows used in investing activities:

  Property improvements and replacements                       (312)       (155)

Cash flows from financing activities:
  Payments on mortgage notes payable                            (47)        (46)
  Loan costs paid                                                --          (3)

      Net cash used in financing activities                     (47)        (49)

Net decrease in unrestricted cash and cash
  equivalents                                                  (113)       (333)

Unrestricted cash and cash equivalents at
  beginning of period                                           535         846

Unrestricted cash and cash equivalents at
  end of period                                            $    422    $    513

Supplemental information:
  Cash paid for interest                                   $    408    $    430
<FN>
                   See Notes to Consolidated Financial Statements
</FN>
</TABLE>

e)                        CENTURY PROPERTIES FUND XVI
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


NOTE A - BASIS OF PRESENTATION

The accompanying unaudited financial statements of Century Properties Fund XVI
(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 Corporation (the "Managing General
Partner" or "FCMC"), 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 employees and is dependent on its general partners, 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.

On March 29, 1996, an affiliate of Insignia acquired all of the issued and
outstanding shares of stock of the general partners of the subsidiary
partnerships which hold title to The Landings Apartments and Woods of Inverness
Apartments, which general partners hold a 1% interest in profits, losses and
distributions of such subsidiary partnerships.

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


                                                     For the Nine Months Ended
                                                             September 30,
                                                           (in thousands)
                                                         1997          1996
Property management fees (included in operating
  expenses)                                             $ 106         $  96
Reimbursement for services of affiliates (included
  in general and administrative expenses)                  78           106


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.


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 each of
the nine month periods ended September 30, 1997 and 1996:



                                               Average
                                              Occupancy
Property                                  1997         1996
The Landings Apartments
  Tampa, Florida                           94%          93%
Woods of Inverness Apartments
  Houston, Texas                           96%          91%


The increase in average occupancy from September 30, 1996, to September 30,
1997, at both The Landings Apartments and the Woods of Inverness Apartments
properties is due to increased marketing efforts, combined with the availability
of attractive, well maintained units.

The Partnership's net loss for the three and nine month periods ended September
30, 1997, was $41,000 and $91,000, versus losses of $266,000 and $554,000,
respectively, for the same periods in 1996.  The decrease in net loss for both
the three and nine month periods ended September 30, 1997, is due to an overall
increase in total revenues and a decrease in total expenses, partially offset by
the $56,000 loss on disposal of property (see discussion below).  The increase
in total revenues is primarily due to the increase in occupancy at both The
Landings Apartments and the Woods of Inverness Apartments. Operating expenses
are down due to a decrease in utility costs and maintenance salaries at the
Woods of Inverness Apartments.  Also, advertising expense decreased due to the
decreased need for concessions and referral fees as a result of the increase in
occupancy at both complexes.  General and administrative expenses decreased
during the nine months ended September 30, 1997, versus the same time period in
1996 due to the decreased cost reimbursements as a result of the relocation of
the partnership administration offices in 1996. Maintenance expenses declined
due to numerous repairs to both the interior and exterior of the buildings,
consisting of plumbing and electric systems, interior painting, parking lot
repairs, as well as landscaping repairs, by the current management company in
1996, which did not re-occur in 1997. Property taxes decreased due to a decrease
in billing, as a result of re-valuations of the properties.

The loss on disposal of property of $56,000 at September 30, 1997, was the
result of a re-roofing project at the Woods of Inverness Apartments.  This loss
was the result of the write-off of the old roof that was not fully depreciated
at the time of the replacement.

Included in maintenance expense for the nine months ended September 30, 1997, is
$51,000 of major repairs and maintenance comprised of parking lot repairs, major
landscaping, exterior painting and building improvements.  Included in
maintenance expense for the nine months ended September 30, 1996, is $187,000 of
major repairs and maintenance comprised of exterior building improvements,
parking lot repairs, major landscaping and swimming pool 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 expenses.  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 conditions, there is no guarantee that the
Managing General Partner will be able to sustain such a plan.

At September 30, 1997, the Partnership had unrestricted cash and cash
equivalents of $422,000, versus $513,000 at September 30, 1996.  Net cash
provided by operating activities increased primarily due to the decreased net
loss, as previously explained, offset partially by a decrease in accounts
payable and accrued expenses. The Partnership experienced an increase in cash
used in investing activities due primarily to building improvements at The
Landings Apartments and the addition of the new roof at the Woods of Inverness
Apartments.  Cash used in financing activities remained consistent for the nine
months ended September 30, 1997, versus the nine months ended September 30,
1996.

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.  The Partnership has no outstanding amounts due under this line of
credit.  Based on present plans, the Managing General Partner does not
anticipate the need to borrow in the near future.  Other than 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 $7,440,000 is based on a fixed interest rate, amortized
over a thirty-year period, with a balloon payment of $6,618,000 due January 1,
2006.  Future cash distributions will depend on the levels of cash generated
from operations, property sales, and the availability of cash reserves.  No cash
distributions were paid in 1996 or during the first nine months of 1997.



                            PART II - OTHER INFORMATION

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

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

  b) Reports on Form 8-K: None filed during the period 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 XVI

                           By: Fox Capital Management Corporation,
                               Managing General Partner


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


                           By: /s/Ronald Uretta
                               Vice President and Treasurer


                           Date:October 29, 1997