**UNITED      STATES**

**SECURITIES      AND EXCHANGE COMMISSION**

**Washington,      D.C. 20549**

**FORM      10-QSB**

|   | **MAXUS                REALTY TRUST, INC.**                                      |   |
|--------|----------------------------------------------------------------------------------|--------|
|   | (Exact                name of small business issuer as specified in its charter) |   |

|   | Missouri                                       |   | 43-1339136                            |   |
|--------|------------------------------------------------|--------|---------------------------------------|--------|
|   | (State                or other jurisdiction of |   | (I.R.S.                Employer       |   |
|   | incorporation                or organization)  |   | Identification                Number) |   |

|   | 104                Armour, North Kansas City, Missouri 64116 |   |
|--------|--------------------------------------------------------------|--------|
|   | (Address                of principal executive offices)      |   |

|   | (816)                303-4500                                   |   |
|--------|-----------------------------------------------------------------|--------|
|   | (Issuer's                telephone number, including area code) |   |

----

| INDEX                          |                                                                           |   |
|--------------------------------|--------------------------------------------------------------------------------|--------|
|                           |                                                                           |   |
|                           |                                                                           | Page   |
| PART                I –  | FINANCIAL                INFORMATION                                           |   |
|                           |                                                                           |   |
| ITEM                1.         | FINANCIAL                STATEMENTS:                                           |   |
|                           | Condensed                Consolidated Balance Sheets                           | 3      |
|                           | Condensed                Consolidated Statements of Operations                 | 4      |
|                           | Condensed                Consolidated Statements of Cash Flows                 | 5      |
|                           | Notes                to Condensed Consolidated Financial Statements            | 6      |
|                           |                                                                           |   |
| ITEM                2.         | MANAGEMENT’S                DISCUSSION AND ANALYSIS OR PLAN OF OPERATION | 10     |
|                           |                                                                           |   |
| ITEM                3.         | CONTROLS                AND PROCEDURES                                         | 18     |
|                           |                                                                           |   |
| PART                II – | OTHER                INFORMATION                                               |   |
|                           |                                                                           |   |
| ITEM                1.         | LEGAL                PROCEEDINGS                                               | 18     |
| ITEM                2.         | UNREGISTERED                SALES OF EQUITY SECURITIES AND USE OF PROCEEDS     | 20     |
| ITEM                3.         | DEFAULTS                UPON SENIOR SECURITIES                                 | 20     |
| ITEM                4.         | SUBMISSION                OF MATTERS TO A VOTE OF SECURITY HOLDERS             | 20     |
| ITEM                5.         | OTHER                INFORMATION                                               | 20     |
| ITEM                6.         | EXHIBITS                                                                       | 20     |
|                           |                                                                           |   |
| SIGNATURES                     | 21                                                                             |
| EXHIBIT                INDEX   | 22                                                                             |

----

|   | ITEM                1.   FINANCIAL                STATEMENTS |
|--------|-----------------------------------------------------------------------------|

|                                                                                |    | September                30, |        |   | December                31, |   |
|-------------------------------------------------------------------------------------|---------|------------------------------|-------------|--------|-----------------------------|--------|
|                                                                                |    | 2007                         |        |   | 2006                        |   |
| Assets                                                                              |    | (Unaudited)                  |        |   |                        |   |
| Investment                property:                                                 |    |                         |        |   |                        |   |
| Land                                                                                | $  |                         | 3,101,000   |   |                        |   | 2,403,000 |   |
| Buildings                and                improvements                            |    |                         | 59,713,000  |   |                        |   | 44,663,000 |   |
| Personal                property                                                    |    |                         | 4,612,000   |   |                        |   | 3,525,000 |   |
|                                                                                |    |                         | 67,426,000  |   |                        |   | 50,591,000 |   |
|                                                                                |    |                         |        |   |                        |   |   |   |
| Less                accumulated                depreciation                         |    |                         | (9,588,000  | )      |                        |   | (7,491,000 | ) |
|                                                                                |    |                         |        |   |                        |   |   |   |
| Total                investment property,                net                        |    |                         | 57,838,000  |   |                        |   | 43,100,000 |   |
|                                                                                |    |                         |        |   |                        |   |   |   |
| Cash                                                                                |    |                         | 6,688,000   |   |                        |   | 8,470,000 |   |
| Escrows                and reserves                                                 |    |                         | 1,514,000   |   |                        |   | 1,261,000 |   |
| Accounts                receivable                                                  |    |                         | 49,000      |   |                        |   | 119,000 |   |
| Prepaid                expenses and other assets                                    |    |                         | 403,000     |   |                        |   | 281,000 |   |
| Intangible                assets, net                                               |    |                         | 249,000     |   |                        |   | 346,000 |   |
| Deferred                expenses, less accumulated amortization                     |    |                         | 712,000     |   |                        |   | 529,000 |   |
| Assets                of discontinued operations                                    |    |                         | 132,000     |   |                        |   | 128,000 |   |
| Total                assets                                                         | $  |                         | 67,585,000  |   |                        |   | 54,234,000 |   |
|                                                                                |    |                         |        |   |                        |   |   |   |
| Liabilities                and Shareholders’ Equity                           |    |                         |        |   |                        |   |   |   |
| Liabilities:                                                                        |    |                         |        |   |                        |   |   |   |
| Mortgage                notes                payable                                | $       |                         | 54,663,000  |   |                        |   | 39,132,000 |   |
| Accounts                payable, prepaid rent                and accrued expenses   |    |                         | 1,104,000   |   |                        |   | 1,190,000 |   |
| Real                estate taxes                payable                             |    |                         | 733,000     |   |                        |   | 265,000 |   |
| Refundable                tenant                deposits                            |    |                         | 299,000     |   |                        |   | 244,000 |   |
| Other                accrued                liabilities                             |    |                         | 46,000      |   |                        |   | 46,000 |   |
| Liabilities                of discontinued                operations                |    |                         | 205,000     |   |                        |   | 204,000 |   |
| Total                liabilities                                                    |    |                         | 57,050,000  |   |                        |   | 41,081,000 |   |
|                                                                                |    |                         |        |   |                        |   |   |   |
| Minority                interest                                                    |    |                         | 651,000     |   |                        |   | 702,000 |   |
|                                                                                |    |                         |        |   |                        |   |   |   |
| Shareholders’                equity:                                          |    |                         |        |   |                        |   |   |   |
| Preferred                Stock, $0.01 par value; Authorized 5,000,000 shares,       |    |                         |        |   |                        |   |   |   |
| no                shares issued and                outstanding                      |    |                         | ---         |   |                        |   | --- |   |
| Common                stock, $1 par value; Authorized 5,000,000 shares,             |    |                         |        |   |                        |   |   |   |
| issued                and outstanding                1,408,000 and 1,401,000 shares |    |                         |        |   |                        |   |   |   |
| in                2007 and 2006,                respectively                        |    |                         | 1,408,000   |   |                        |   | 1,401,000 |   |
| Additional                paid-in capital                                           |    |                         | 19,212,000  |   |                        |   | 19,130,000 |   |
| Distributions                in excess of accumulated earnings                      |    |                         | (10,736,000 | )      |                        |   | (8,080,000 | ) |
| Total                shareholders’                equity                      |    |                         | 9,884,000   |   |                        |   | 12,451,000 |   |
|                                                                                | $  |                         | 67,585,000  |   |                        |   | 54,234,000 |   |

----

|                                                                                    |    | Three                Months Ended |      |   | Nine                Months Ended |   |
|-----------------------------------------------------------------------------------------|---------|-----------------------------------|-----------|--------|----------------------------------|--------|
|                                                                                    |    | Sept.                30,          |      |   | Sept.                30,         |   |   | Sept.                30, |   |   | Sept.                30, |   |
| Income                                                                                  |    | 2007                              |      |   | 2006                             |   |   | 2007 |   |   | 2006 |   |
| Revenues:                                                                               |    |                              |      |   |                             |   |   |   |   |   |   |   |
| Rental                                                                                  | $  |                              | 2,531,000 |   |                             |   | 1,748,000 |   |   |   | 7,532,000 |   |   |   | 5,317,000 |   |
| Other                                                                                   |    |                              | 355,000   |   |                             |   | 249,000 |   |   |   | 1,041,000 |   |   |   | 663,000 |   |
| Total                revenues                                                           |    |                              | 2,886,000 |   |                             |   | 1,997,000 |   |   |   | 8,573,000 |   |   |   | 5,980,000 |   |
|                                                                                    |    |                              |      |   |                             |   |   |   |   |   |   |   |   |   |   |   |
| Expenses:                                                                               |    |                              |      |   |                             |   |   |   |   |   |   |   |   |   |   |   |
| Depreciation                and                amortization                             |    |                              | 787,000   |   |                             |   | 460,000 |   |   |   | 2,394,000 |   |   |   | 1,526,000 |   |
| Repairs                and                maintenance                                   |    |                              | 384,000   |   |                             |   | 244,000 |   |   |   | 962,000 |   |   |   | 727,000 |   |
| Turn                costs and                leasing                                    |    |                              | 185,000   |   |                             |   | 125,000 |   |   |   | 478,000 |   |   |   | 333,000 |   |
| Utilities                                                                               |    |                              | 278,000   |   |                             |   | 139,000 |   |   |   | 805,000 |   |   |   | 400,000 |   |
| Real                estate                taxes                                         |    |                              | 206,000   |   |                             |   | 146,000 |   |   |   | 650,000 |   |   |   | 424,000 |   |
| Insurance                                                                               |    |                              | 116,000   |   |                             |   | 83,000 |   |   |   | 356,000 |   |   |   | 236,000 |   |
| Related                party management                fee                              |    |                              | 122,000   |   |                             |   | 93,000 |   |   |   | 387,000 |   |   |   | 289,000 |   |
| Other                operating                expenses                                  |    |                              | 429,000   |   |                             |   | 385,000 |   |   |   | 1,142,000 |   |   |   | 916,000 |   |
| General                and                administrative                                |    |                              | 305,000   |   |                             |   | 156,000 |   |   |   | 515,000 |   |   |   | 336,000 |   |
|                                                                                    |    |                              |      |   |                             |   |   |   |   |   |   |   |   |   |   |   |
| Total                operating                expenses                                  |    |                              | 2,812,000 |   |                             |   | 1,831,000 |   |   |   | 7,689,000 |   |   |   | 5,187,000 |   |
|                                                                                    |    |                              |      |   |                             |   |   |   |   |   |   |   |   |   |   |   |
| Operating                income                                                         |    |                              | 74,000    |   |                             |   | 166,000 |   |   |   | 884,000 |   |   |   | 793,000 |   |
|                                                                                    |    |                              |      |   |                             |   |   |   |   |   |   |   |   |   |   |   |
| Interest                income                                                          |    |                              | (56,000   | )      |                             |   | (183,000 | ) |   |   | (162,000 | ) |   |   | (480,000 | ) |
| Interest                expense                                                         |    |                              | 879,000   |   |                             |   | 780,000 |   |   |   | 2,507,000 |   |   |   | 1,939,000 |   |
| Gain                on debt                extinguishment                               |    |                              | ---       |   |                             |   | (219,000 | ) |   |   | --- |   |   |   | (219,000 | ) |
| Loss                before minority interest                and discontinued operations |    |                              | (749,000  | )      |                             |   | (212,000 | ) |   |   | (1,461,000 | ) |   |   | (447,000 | ) |
| Less                minority interest in                continuing operations           |    |                              | 24,000    |   |                             |   | 7,000 |   |   |   | 47,000 |   |   |   | 15,000 |   |
| Loss                from continuing                operations                           |    |                              | (725,000  | )      |                             |   | (205,000 | ) |   |   | (1,414,000 | ) |   |   | (432,000 | ) |
|                                                                                    |    |                              |      |   |                             |   |   |   |   |   |   |   |   |   |   |   |
| Income                (loss)  from                discontinued operations     |    |                              |      |   |                             |   |   |   |   |   |   |   |   |   |   |   |
| before                minority                interest                                  |    |                              | (16,000   | )      |                             |   | 1,219,000 |   |   |   | (84,000 | ) |   |   | 1,395,000 |   |
| Less                minority interest in                discontinued operations         |    |                              | ---       |   |                             |   | (40,000 | ) |   |   | 3,000 |   |   |   | (46,000 | ) |
| Income                (loss) from                discontinued operations                |    |                              | (16,000   | )      |                             |   | 1,179,000 |   |   |   | (81,000 | ) |   |   | 1,349,000 |   |
|                                                                                    |    |                              |      |   |                             |   |   |   |   |   |   |   |   |   |   |   |
| Net                income                (loss)                                         | $  |                              | (741,000  | )      |                             |   | 974,000 |   |   |   | (1,495,000 | ) |   |   | 917,000 |   |
|                                                                                    |    |                              |      |   |                             |   |   |   |   |   |   |   |   |   |   |   |
| Per                share data (basic and diluted):                                      |    |                              |      |   |                             |   |   |   |   |   |   |   |   |   |   |   |
| Loss                from continuing                operations                           | $       |                              | (.51      | )      |                             |   | (0.15 | ) |   |   | (1.04 | ) |   |   | (0.31 | ) |
| Income                (loss) from                discontinued operations                |    |                              | (.01      | )      |                             |   | 0.84 |   |   |   | (.05 | ) |   |   | .96 |   |
| Net                income (loss) per                share                               | $       |                              | (.52      | )      |                             |   | 0.69 |   |   |   | (1.09 | ) |   |   | 0.65 |   |
|                                                                                    |    |                              |      |   |                             |   |   |   |   |   |   |   |   |   |   |   |
| Distributions:                                                                          |    |                              |      |   |                             |   |   |   |   |   |   |   |   |   |   |   |
| Paid                year-to-date:                                                       |    |                              |      |   |                             |   |   |   |   |   |   |   |   |   |   |   |
| Taxable                to                Shareholders                                   | $  |                              | ---       |   |                             |   | --- |   |   |   | --- |   |   |   | --- |   |
| Return                of                capital                                         | $       |                              | .20       |   |                             |   | --- |   |   |   | .80 |   |   |   | --- |   |
| Distributions                paid in current year                                       |    |                              | .20       |   |                             |   | --- |   |   |   | .80 |   |   |   | --- |   |
| Weighted                average shares outstanding, basic and diluted                   |    |                              | 1,406,000 |   |                             |   | 1,401,000 |   |   |   | 1,406,000 |   |   |   | 1,401,000 |   |

----

|                                                                                                                         |    | Nine                Months Ended |   |
|------------------------------------------------------------------------------------------------------------------------------|---------|----------------------------------|--------|
|                                                                                                                         |    | Sept.                30,         |   | Sept.                30, |
| Cash                flows from operating activities:                                                                         |    | 2007                             |   | 2006 |
| Net                income (loss)                                                                                             | $  | (1,495,000                       | )      |   | 917,000 |   |
| Adjustments                to reconcile net income (loss) to net cash provided by operating                activities:       |    |                             |   |   |   |   |
| Minority                interest                                                                                             |    | (50,000                          | )      |   | 31,000 |   |
| Depreciation                and                amortization                                                                  |    | 2,394,000                        |   |   | 1,567,000 |   |
| Amortization                of loan                premium                                                                   |    | ---                              |   |   | (64,000 | ) |
| Amortization                of loan                costs                                                                     |    | 72,000                           |   |   | 128,000 |   |
| Gain                on debt                extinguishment                                                                    |    | ---                              |   |   | (219,000 | ) |
| Gain                on sale of Arbor                Gate                                                                     |    | ---                              |   |   | (1,402,000 | ) |
| Changes                in accounts affecting operations:                                                                     |    |                             |   |   |   |   |
| Accounts                receivable                                                                                           |    | 70,000                           |   |   | (53,000 | ) |
| Prepaid                expenses and other                assets                                                              |    | (123,000                         | )      |   | (136,000 | ) |
| Escrows                and reserves,                net                                                                      |    | 22,000                           |   |   | (227,000 | ) |
| Accounts                payable and other                liabilities                                                         |    | 523,000                          |   |   | (92,000 | ) |
| Net                cash provided by operating                activities                                                      |    | 1,413,000                        |   |   | 450,000 |   |
| Cash                flows from investing activities:                                                                         |    |                             |   |   |   |   |
| Capital                expenditures                                                                                          |    | (783,000                         | )      |   | (705,000 | ) |
| Acquisition                of Northtown                Business Center                                                       |    | ---                              |   |   | (3,207,000 | ) |
| Insurance                proceeds received from                escrow for investment property                                |    | ---                              |   |   | 1,380,000 |   |
| Acquisition                of Highland                Pointe                                                                 |    | (3,420,000                       | )      |   | **---** |   |
| Net                cash used in investing                activities                                                          |    | (4,203,000                       | )      |   | (2,532,000 | ) |
| Cash                flows from financing activities:                                                                         |    |                             |   |   |   |   |
| Principal                payments on mortgage                notes payable                                                   |    | (389,000                         | )      |   | (12,197,000 | ) |
| Proceeds                from mortgage                notes                                                                   |    | ---                              |   |   | 20,650,000 |   |
| Cash                paid in connection with                refinance of investment property                                  |    | (45,000                          | )      |   | **---** |   |
| Cash                received in connection with                refinance of investment property                              |    | 2,530,000                        |   |   | **---** |   |
| Payment                of loan                fees                                                                           |    | (16,000                          | )      |   | (228,000 | ) |
| Issuance                of common                stock                                                                       |    | 89,000                           |   |   | **---** |   |
| Distributions                paid to                shareholders                                                             |    | (1,161,000                       | )      |   | **---** |   |
| Net                cash provided                by  financing activities                                           |    | 1,008,000                        |   |   | 8,225,000 |   |
| Net                increase (decrease) in                cash                                                                |    | (1,782,000                       | )      |   | 6,143,000 |   |
| Cash,                beginning of                year                                                                        |    | 8,470,000                        |   |   | 2,009,000 |   |
| Cash,                end of                period                                                                            | $  | 6,688,000                        |   |   | 8,152,000 |   |
|                                                                                                                         |    |                             |   |   |   |   |
| Supplemental                disclosure of cash flow information -                                                            |    |                             |   |   |   |   |
| Cash                paid during the nine month                period for interest                                            | $  | 2,532,000                        |   |   | 1,987,000 |   |
|                                                                                                                         |    |                             |   |   |   |   |
| Supplemental                disclosure of non-cash investing and financing activities:                                       |    |                             |   |   |   |   |
| Highland                Pointe assets                acquired                                                                | $  | 16,250,000                       |   |   | **---** |   |
| Highland                Pointe mortgage notes                payable and other liabilities assumed                           | $  | 12,830,000                       |   |   | **---** |   |
| Mortgage                debt extinguished with                refinancings                                                   | $  | 17,850,000                       |   |   | **---** |   |
| Mortgage                note resulting from                refinancing                                                       | $  | 21,070,000                       |   |   | **---** |   |
|    Funds                escrowed from Arbor Gate sale used to finance acquisition of                Northtown | $  | ---                              |   |   | 1,942,000 |   |
| Arbor                Gate renovations financed                with accounts payable                                          | $  | ---                              |   |   | 1,302,000 |   |
| Arbor                Gate renovations paid from                insurance escrow account                                      | $  | ---                              |   |   | 1,391,000 |   |
| Waverly                mortgage paid from                insurance escrow account                                            | $  | ---                              |   |   | 4,187,000 |   |
|                                                                                                                         |    |                             |   |   |   |   |

----

**(1)      Organization**

**(2)      **
**Summary of Significant Accounting      Policies**

**(3)      Segment Reporting**

*Disclosure About Segments of an Enterprise and      Related Information*

----

|                             |    |      |   | Net                Income |   |     |         |   |   |         |   |   |     |    |   | Net                Income |   |
|----------------------------------|---------|-----------|--------|---------------------------|--------|----------|--------------|--------|--------|--------------|--------|--------|----------|---------|--------|---------------------------|--------|
|                             |    |      |   | (Loss)                    |   |     |         |   |   | Depreciation |   |   |     |    |   | (Loss)                    |   |
|                             | Total   |      |   | Continuing                |   |     | Capital      |   |   | and          |   |   | Interest |    |   | Discontinued              |   |
|                             | Revenue |      |   | Operations                |   |     | Expenditures |   |   | Amortization |   |   | Expense  |    |   | Operations                |   |
| Apartments                       | $       | 2,585,000 |   |                      |   | (576,000 | )            |   |   | 330,000      |   |   |     | 736,000 |   |                      |   | 542,000 |   |   |   | (16,000 | ) |
| Commercial                Bldg   |    | 302,000   |   |                      |   | 77,000   |         |   |   | 46,000       |   |   |     | 51,000  |   |                      |   | 19,000 |   |   |   | --- |   |
| Parent                           |    | ---       |   |                      |   | (250,000 | )            |   |   | ---          |   |   |     | ---     |   |                      |   | --- |   |   |   | --- |   |
| Subtotal                         |    | 2,886,000 |   |                      |   | (749,000 | )            |   |   | 376,000      |   |   |     | 787,000 |   |                      |   | 879,000 |   |   |   | (16,000 | ) |
| Minority                Interest |    | ---       |   |                      |   | 24,000   |         |   |   | ---          |   |   |     | ---     |   |                      |   | --- |   |   |   | --- |   |
| Total                            | $       | 2,886,000 |   |                      |   | (725,000 | )            |   |   | 376,000      |   |   |     | 787,000 |   |                      |   | 879,000 |   |   |   | (16,000 | ) |
|                             |    |      |   |                      |   |     |         |   |   |         |   |   |     |    |   |                      |   |   |   |   |   |   |   |

|                             |    |    |      |   | Net                Income |   |       |         |   |   |         |   |   |     |      |   | Net                Income |   |      |      |   |
|----------------------------------|---------|---------|-----------|--------|---------------------------|--------|------------|--------------|--------|--------|--------------|--------|--------|----------|-----------|--------|---------------------------|--------|-----------|-----------|--------|
|                             |    |    |      |   | (Loss)                    |   |       |         |   |   | Depreciation |   |   |     |      |   | (Loss)                    |   |      |      |   |
|                             |    | Total   |      |   | Continuing                |   |       | Capital      |   |   | and          |   |   | Interest |      |   | Discontinued              |   |      |      |   |
|                             |    | Revenue |      |   | Operations                |   |       | Expenditures |   |   | Amortization |   |   | Expense  |      |   | Operations                |   |      | Assets(1) |   |
| Apartments                       | $  |    | 7,627,000 |   |                      |   | (1,338,000 | )            |   |   | 16,777,000   |   |   |     | 2,241,000 |   |                      |   | 2,342,000 |      |   |   | (84,000 | ) |   |   | 63,913,000 |   |
| Commercial                Bldg   |    |    | 946,000   |   |                      |   | 236,000    |         |   |   | 585,000      |   |   |     | 153,000   |   |                      |   | 165,000   |      |   |   | 0 |   |   |   | 3,540,000 |   |
| Parent                           |    |    | ---       |   |                      |   | (359,000   | )            |   |   | ---          |   |   |     | ---       |   |                      |   | ---       |      |   |   | 149,000 |   |   |   | --- |   |
| Subtotal                         |    |    | 8,573,000 |   |                      |   | (1,461,000 | )            |   |   | 16,835,000   |   |   |     | 2,244,000 |   |                      |   | 2,507,000 |      |   |   | (84,000 | ) |   |   | 67,453,000 |   |
| Minority                interest |    |    | ---       |   |                      |   | 47,000     |         |   |   | ---          |   |   |     | ---       |   |                      |   | ---       |      |   |   | 3,000 |   |   |   | --- |   |
| Total                            | $  |    | 8,573,000 |   |                      |   | (1,414,000 | )            |   |   | 16,835,000   |   |   |     | 2,394,000 |   |                      |   | 2,507,000 |      |   |   | (81,000 | ) |   |   | 67,453,000 |   |

*Business Combinations*

----

*Business Combinations*

|                                                                                                                   |    | Sept.                  30, 2007 |    |   | Dec.                  31, 2006 |   |
|------------------------------------------------------------------------------------------------------------------------|---------|---------------------------------|---------|--------|--------------------------------|--------|
| In-place                  leases, net of accumulated amortization of $322,000 and$33,000                  respectively | $  |                            | 249,000 |   |                           |   | 346,000 |   |
|                                                                                                                   |    |                            |    |   |                           |   |   |   |
| Total                  intangible assets, net                                                                          | $  |                            | 249,000 |   |                           |   | 346,000 |   |

**(4)      Related Party Transactions**

**(5)      Contingencies**

**(6)  Discontinued      Operations/Involuntary Conversions**

----

| Assets                                                                           |   | Sept.                30, 2007 |    |   | Dec.                31, 2006 |   |
|----------------------------------------------------------------------------------|--------|-------------------------------|---------|--------|------------------------------|--------|
| Investment                property                                               |   |                          |    |   |                         |   |
| Land                                                                             |   | $                             | 128,000 |   |                         |   | 128,000 |   |
| Prepaid                expenses and other                assets                  |   |                          | 4,000   |   |                         |   | --- |   |
| Assets                of discontinued operations - property held for sale        |   | $                             | 132,000 |   |                         |   | 128,000 |   |
| Liabilities:                                                                     |   |                          |    |   |                         |   |   |   |
| Account                payable, prepaid rent                and accrued expenses |   | $                             | 149,000 |   |                         |   | 149,000 |   |
| Real                estate taxes                payable                          |   |                          | 56,000  |   |                         |   | 55,000 |   |
| Liabilities                of discontinued operations - property held for sale   |   | $                             | 205,000 |   |                         |   | 204,000 |   |

|                                                                   |   | Three                Months Ended |    |   | Nine                Months Ended |   |
|------------------------------------------------------------------------|--------|-----------------------------------|---------|--------|----------------------------------|--------|
|                                                                   |   | Sept.                30,          |    |   | Sept.                30,         |   |   | Sept.                30, |   |   | Sept.                30, |   |
|                                                                   |   | 2007                              |    |   | 2006                             |   |   | 2007 |   |   | 2006 |   |
| Total                revenues                                          |   | $                                 | ---     |   |                             |   | 47,000 |   |   |   | --- |   |   |   | 406,000 |   |
| Operating                expenses                                      |   |                              | (16,000 | )      |                             |   | (118,000 | ) |   |   | (84,000 | ) |   |   | 363,000 |   |
| Gain                on sale                                            |   |                              | ---     |   |                             |   | 1,402,000 |   |   |   | --- |   |   |   | 1,402,000 |   |
| Net                operating income (loss)                             |   |                              | (16,000 | )      |                             |   | 1,331,000 |   |   |   | (84,000 | ) |   |   | 1,444,000 |   |
| Interest                income                                         |   |                              | ---     |   |                             |   | (6,000 | ) |   |   | --- |   |   |   | (32,000 | ) |
| Interest                expense                                        |   |                              | ---     |   |                             |   | 53,000 |   |   |   | --- |   |   |   | 230,000 |   |
| Income                (loss) from discontinued operations - before ACI |   | $                                 | (16,000 | )      |                             |   | 1,284,000 |   |   |   | (84,000 | ) |   |   | 1,246,000 |   |
| Income                (loss) from discontinued operations - ACI        |   |                              | ---     |   |                             |   | (65,000 | ) |   |   | --- |   |   |   | 149,000 |   |
| Income                (loss) from discontinued operations - ACI        |   | $                                 | (16,000 | )      |                             |   | 1,219,000 |   |   |   | (84,000 | ) |   |   | 1,395,000 |   |

----

** (7)      Subsequent Events**

----

** **
** **

----

*Business Combinations*

*Fair Value Measurements*

*Establishing the Fair Value      Option for Financial Assets and Liabilities*

----

| PROPERTY                                                                          | #                UNITS         | TYPE                                  | LOCATION                             | PURCHASE                       |
|-----------------------------------------------------------------------------------|--------------------------------|---------------------------------------|--------------------------------------|--------------------------------|
|                                                                              |                           |                                  |                                 | DATE                           |
|                                                                              |                           |                                  |                                 |                           |
| Barrington                Hills Apartments                                        | 232                            | Apartments                            | Little                Rock, AR       | November,                2001  |
| (“Barrington                Hills”)                                   |                           |                                  |                                 |                           |
|                                                                              |                           |                                  |                                 |                           |
| Bicycle                Club Apartments(“Bicycle                Club”) | 312                            | Apartments                            | North                Kansas City, MO | July,                2005      |
|                                                                              |                           |                                  |                                 |                           |
| Chalet                Apartments                (1)                               | 234                            | Apartments                            | Topeka,                KS            | September,                2001 |
| (“Chalet”)                                                            |                           |                                  |                                 |                           |
|                                                                              |                           |                                  |                                 |                           |
| Forest                Park/Valley Forge Apts.                                     | 198                            | Apartments                            | Kansas                City, MO       | August,                2000/   |
|  (“Forest                Park/Valley Forge”)                     |                           |                                  |                                 | November,                2006  |
|                                                                              |                           |                                  |                                 |                           |
| King’s                Court/Terrace Apts.                                   | 166                            | Apartments                            | Olathe,                KS            | August,                2001/   |
| (“King’s                Court/Terrace”)                         |                           |                                  |                                 | April,                2004     |
|                                                                              |                           |                                  |                                 |                           |
| Highland                Pointe Apartments                                         | 232                            | Apartments                            | Yukon,                OK             | January,                2007   |
| (“Highland                Pointe”)                                    |                           |                                  |                                 |                           |
|                                                                              |                           |                                  |                                 |                           |
| Northtown                Business Center                                          | 240,000                sq. ft. | Industrial                and related | North                Kansas City,    | August,                2006    |
|                                                                              |  &                    |  office                and       |  MO                             |                           |
|                                                                              | 12.44                acres     | mezzanine                space        |                                 |                           |
|                                                                              |                           |                                  |                                 |                           |
| The                Landings Apartments                                            | 154                            | Apartments                            | Little                Rock, AR       | September,                2001 |
| (the                “Landings”)                                       |                           |                                  |                                 |                           |
|                                                                              |                           |                                  |                                 |                           |
| Waverly                Apartments (2)                                             | 128                            | Apartments                            | Bay                Saint Louis, MS   | September,                2004 |
| (“Waverly”)                                                           |                           |                                  |                                 |                           |

*UPREIT      Structure*

----

** **

** **
** **
**.**

----

** **

|                                 |                             Balance at |       | Interest                                                                                             |   |  Fixed                        | Due    |
|--------------------------------------|----------------------------------------------------------------------------------------------------|------------|------------------------------------------------------------------------------------------------------|--------|------------------------------------|--------|
|                                 | Sept.                30, 2007                                                                      |       |                 Rate |   |  or                (variable) | Date   |
|                                 |                                                                                               |       |                                                                                                 |   |                               |   |
| Barrington                Hills      |                                                                                               | 5,338,000  |                                                                                                 | 6.04   | %                                  |   | Fixed | July                1, 2029 |
|                                 |                                                                                               |       |                                                                                                 |   |                               |   |   |   |
| Bicycle                Club          |                                                                                               | 11,127,000 |                                                                                                 | 6.19   | %                                  |   | Fixed | September                1, 2016 |
|                                 |                                                                                               |       |                                                                                                 |   |                               |   |   |   |
| Chalet                (1)            |                                                                                               | 8,070,000  |                                                                                                 | 5.79   | %                                  |   | Fixed | October                1, 2017 |
|                                 |                                                                                               |       |                                                                                                 |   |                               |   |   |   |
| Forest                Park           |                                                                                               | 2,335,000  |                                                                                                 | 5.29   | %                                  |   | Fixed | September                1, 2015 |
|                                 |                                                                                               |       |                                                                                                 |   |                               |   |   |   |
| Highland                Pointe       |                                                                                               | 13,000,000 |                                                                                                 | 5.67   | %                                  |   | Fixed | February                28, 2017 |
|                                 |                                                                                               |       |                                                                                                 |   |                               |   |   |   |
| Kings                Court           |                                                                                               | 2,238,000  |                                                                                                 | 5.91   | %                                  |   | (variable) | May                1, 2009 |
|                                 |                                                                                               |       |                                                                                                 |   |                               |   |   |   |
| Northtown                Bus. Center |                                                                                               | 3,115,000  |                                                                                                 | 6.87   | %                                  |   | Fixed | September                1, 2016 |
|                                 |                                                                                               |       |                                                                                                 |   |                               |   |   |   |
| Terrace                              |                                                                                               | 1,544,000  |                                                                                                 | 6.87   | %                                  |   | Fixed | February                1, 2009 |
|                                 |                                                                                               |       |                                                                                                 |   |                               |   |   |   |
| The                Landings          |                                                                                               | 6,181,000  |                                                                                                 | 6.19   | %                                  |   | Fixed | September                1, 2016 |
|                                 |                                                                                               |       |                                                                                                 |   |                               |   |   |   |
| Valley                Forge          |                                                                                               | 1,715,000  |                                                                                                 | 5.69   | %                                  |   | Fixed | December                1, 2015 |
|                                 |                                                                                               |       |                                                                                                 |   |                               |   |   |   |
| Total                                | $                                                                                                  | 54,663,000 |                                                                                                 |   |                               |   |   |   |

----

|                                                              |   | Three                Months Ended |     |   | Nine                Months Ended |   |
|-------------------------------------------------------------------|--------|-----------------------------------|----------|--------|----------------------------------|--------|
|                                                              |   | Sept.                30,          |     |   | Sept.                30,         |   |   | Sept.                30, |   |   | Sept.                30, |   |
|                                                              |   | 2007                              |     |   | 2006                             |   |   | 2007 |   |   | 2006 |   |
| Net                income (loss)                                  |   | $                                 | (741,000 | )      |                             |   | 974,000 |   |   |   | (1,495,000 | ) |   |   | 917,000 |   |
|                                                              |   |                              |     |   |                             |   |   |   |   |   |   |   |   |   |   |   |
| Property                related depreciation and amortization (1) |   |                              | 787,000  |   |                             |   | 460,000 |   |   |   | 2,394,000 |   |   |   | 1,567,000 |   |
| Funds                from operations                              |   | $                                 | 46,000   |   |                             |   | 1,434,000 |   |   |   | 899,000 |   |   |   | 2,484,000 |   |

|                                         | OCCUPANCY                LEVELS       |
|----------------------------------------------|---------------------------------------|
|                                         |  AT                SEPTEMBER 30, |
|                                         |  2007                            |   |  2006 |
| Barrington                Hills              | 87%                                   |   | 88% |
| Bicycle                Club                  | 93%                                   |   | 90% |
| Chalet                                       | 96%                                   |   | 96% |
| Forest                Park/Valley Forge (1)  | 86%                                   |   | 95% |
| Highland                Pointe (2)      | 96%                                   |   | n/a |
| King’s                Court/Terrace    | 92%                                   |   | 92% |
| The                Landings                  | 99%                                   |   | 90% |
| Northtown Business Center (3) | 95%                                   |   | 95% |
| Waverly                (4)                   | 0%                                    |   | 0% |

----

** **
** **
** **
** **

** **

----

----

** **
** **

----

----

|   |                             |   | MAXUS                REALTY TRUST, INC.              |
|--------|----------------------------------|--------|------------------------------------------------------|
|   |                             |   |                                                 |
| Date:  | November                13, 2007 | By:    | /s/                David L. Johnson                  |
|   |                             |   | David                L. Johnson                      |
|   |                             |   | Chairman                of the Board,                |
|   |                             |   | President                and Chief Executive Officer |
|   |                             |   | Trustee                                              |
|   |                             |   |                                                 |
| Date:  | November                13, 2007 | By:    | /s/                John W. Alvey                     |
|   |                             |   | John                W. Alvey                         |
|   |                             |   | Treasurer                and                         |
|   |                             |   | Principal                Financial Officer           |

----

| Exhibit |   |                                                                                                                                                                                                                                                                                                                                                                                                                     |
|---------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Number  |   | Description                                                                                                                                                                                                                                                                                                                                                                                                              |
|    |   |                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 3.1     |   | Articles                of Incorporation of the Registrant, as amended, are incorporated                by                reference to Exhibit 3.1 to the Registrant's Quarterly Report on                Form                10-QSB for the quarter ended March 31, 2005, as filed pursuant to                Rule                13a-13 under the Securities Exchange Act of 1934 (File No.                000-13754). |
|    |   |                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 3.2     |   | Bylaws                of the Registrant, as amended May 22, 2006, are incorporated by reference                to Exhibit 3.2, to the Registrant's Quarterly Report on Form 10-QSB                for                the quarter ended September 30, 2006, as filed pursuant to Rule 13a-13                under the Securities Exchange Act of 1934 (File No.                0000-13754)                                |
|    |   |                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 31.1    |   | Certification                of the Chief Executive Officer Pursuant to Section 302 of the                Sarbanes-Oxley Act of 2002                                                                                                                                                                                                                                                                                     |
|    |   |                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 31.2    |   | Certification                of the Chief Financial Officer Pursuant to Section 302 of the                Sarbanes-Oxley Act of 2002                                                                                                                                                                                                                                                                                     |
|    |   |                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 32.1    |   | Certification                of the Chief Executive Officer Pursuant to Section 906 of the                Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                                    |
|    |   |                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 32.2    |   | Certification                of the Chief Financial Officer Pursuant to Section 906 of the                Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                                    |