----

**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) |   |

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| INDEX                        |                                                                           |   |
|------------------------------|--------------------------------------------------------------------------------|--------|
|                         |                                                                           |   |
|                         |                                                                           | Page   |
| PART                I -      | FINANCIAL                INFORMATION                                           |   |
|                         |                                                                           |   |
| ITEM                1.       | FINANCIAL                STATEMENTS:                                           |   |
|                         | Consolidated                Balance Sheets                                     | 3      |
|                         | Consolidated                Statements of Operations                           | 4      |
|                         | Consolidated                Statements of Cash Flows                           | 5      |
|                         |                                                                           |   |
| ITEM                2.       | MANAGEMENT’S                DISCUSSION AND ANALYSIS OR PLAN OF OPERATION | 9      |
|                         |                                                                           |   |
| ITEM                3.       | CONTROLS                AND PROCEDURES                                         | 16     |
|                         |                                                                           |   |
| PART                II -     | OTHER                INFORMATION                                               |   |
|                         |                                                                           |   |
| ITEM                1.       | LEGAL                PROCEEDINGS                                               | 16     |
| ITEM                2.       | UNREGISTERED                SALES OF EQUITY SECURITIES AND USE OF PROCEEDS     | 17     |
| ITEM                3.       | DEFAULTS                UPON SENIOR SECURITIES                                 | 17     |
| ITEM                4.       | SUBMISSION                OF MATTERS TO A VOTE OF SECURITY HOLDERS             | 17     |
| ITEM                5.       | OTHER                INFORMATION                                               | 17     |
| ITEM                6.       | EXHIBITS                                                                       | 18     |
|                         |                                                                           |   |
| SIGNATURES                   | 19                                                                             |
| EXHIBIT                INDEX | 20                                                                             |

----

|                                                                          |   | March                31, |        | December                31, |   |
|-------------------------------------------------------------------------------|--------|--------------------------|-------------|-----------------------------|--------|
|                                                                          |   | 2006                     |        | 2005                        |   |
| Assets                                                                        |   | (Unaudited)              |        |                        |   |
| Investment                property:                                           |   |                     |        |                        |   |
| Land                                                                          |   | $                        | 1,668,000   |                        |   | 1,668,000 |   |
| Buildings                and improvements                                     |   |                     | 41,497,000  |                        |   | 41,417,000 |   |
| Personal                property                                              |   |                     | 2,481,000   |                        |   | 2,481,000 |   |
| Construction                in progress                                       |   |                     | 1,721,000   |                        |   | 611,000 |   |
|                                                                          |   |                     | 47,367,000  |                        |   | 46,177,000 |   |
|                                                                          |   |                     |        |                        |   |   |   |
| Less                accumulated depreciation                                  |   |                     | (6,238,000  | )                           |   | (5,741,000 | ) |
|                                                                          |   |                     |        |                        |   |   |   |
| Total                investment property, net                                 |   |                     | 41,129,000  |                        |   | 40,436,000 |   |
|                                                                          |   |                     |        |                        |   |   |   |
| Cash                                                                          |   |                     | 2,939,000   |                        |   | 2,009,000 |   |
| Escrows                and reserves                                           |   |                     | 1,293,000   |                        |   | 6,779,000 |   |
| Note                receivable                                                |   |                     | 4,079,000   |                        |   | 4,091,000 |   |
| Accounts                receivable                                            |   |                     | 33,000      |                        |   | 6,000 |   |
| Insurance                claims receivable                                    |   |                     | 374,000     |                        |   | 560,000 |   |
| Prepaid                expenses and other assets                              |   |                     | 164,000     |                        |   | 303,000 |   |
| Intangible                assets, net                                         |   |                     | 35,000      |                        |   | 98,000 |   |
| Deferred                expenses, less accumulated amortization               |   |                     | 321,000     |                        |   | 376,000 |   |
| Total                assets                                                   |   | $                        | 50,367,000  |                        |   | 54,658,000 |   |
|                                                                          |   |                     |        |                        |   |   |   |
| Liabilities                and Shareholders’ Equity                     |   |                     |        |                        |   |   |   |
|                                                                          |   |                     |        |                        |   |   |   |
| Liabilities:                                                                  |   |                     |        |                        |   |   |   |
| Mortgage                notes payable                                         |   | $                        | 32,286,000  |                        |   | 36,594,000 |   |
| Note                payable                                                   |   |                     | 4,079,000   |                        |   | 4,091,000 |   |
| Accounts                payable, prepaid rent and accrued expenses            |   |                     | 1,756,000   |                        |   | 1,656,000 |   |
| Real                estate taxes payable                                      |   |                     | 431,000     |                        |   | 427,000 |   |
| Refundable                tenant deposits                                     |   |                     | 213,000     |                        |   | 209,000 |   |
| Other                accrued liabilities                                      |   |                     | 626,000     |                        |   | 741,000 |   |
| Total                liabilities                                              |   |                     | 39,391,000  |                        |   | 43,718,000 |   |
|                                                                          |   |                     |        |                        |   |   |   |
| Minority                interest                                              |   |                     | 630,000     |                        |   | 629,000 |   |
| Shareholders’                equity:                                    |   |                     |        |                        |   |   |   |
| Common                stock, $1 par value; Authorized 5,000,000 shares,       |   |                     |        |                        |   |   |   |
| issued                and outstanding 1,401,000 and 1,401,000 shares          |   |                     |        |                        |   |   |   |
| in                2006 and 2005, respectively                                 |   |                     | 1,401,000   |                        |   | 1,401,000 |   |
| Preferred                Stock, $0.01 par value; Authorized 5,000,000 shares, |   |                     |        |                        |   |   |   |
| no                shares issued and outstanding                               |   |                     | ---         |                        |   | --- |   |
| Additional                paid-in capital                                     |   |                     | 19,130,000  |                        |   | 19,130,000 |   |
| Distributions                in excess of accumulated earnings                |   |                     | (10,185,000 | )                           |   | (10,220,000 | ) |
| Total                shareholders’ equity                               |   |                     | 10,346,000  |                        |   | 10,311,000 |   |
|                                                                          |   | $                        | 50,367,000  |                        |   | 54,658,000 |   |

----

|                                                             |   | Three                Months Ended |      |
|------------------------------------------------------------------|--------|-----------------------------------|-----------|
|                                                             |   | March                31,          |      | March                31, |   |
|                                                             |   | 2006                              |      | 2005 |   |
| Income                                                           |   |                         |      |    |   |
| Revenues:                                                        |   |                         |      |    |   |
| Rental                                                           |   |                              | 1,949,000 |   |   | 1,562,000 |   |
| Other                                                            |   |                              | 206,000   |   |   | 213,000 |   |
| Total                revenues                                    |   |                              | 2,155,000 |   |   | 1,775,000 |   |
|                                                             |   |                              |      |   |   |   |   |
| Expenses:                                                        |   |                              |      |   |   |   |   |
| Depreciation                and amortization                     |   |                              | 615,000   |   |   | 503,000 |   |
| Repairs                and maintenance                           |   |                              | 203,000   |   |   | 220,000 |   |
| Turn                costs and leasing                            |   |                              | 97,000    |   |   | 98,000 |   |
| Utilities                                                        |   |                              | 149,000   |   |   | 134,000 |   |
| Real                estate taxes                                 |   |                              | 144,000   |   |   | 124,000 |   |
| Insurance                                                        |   |                              | 99,000    |   |   | 90,000 |   |
| Property                management fees - related parties        |   |                              | 106,000   |   |   | 87,000 |   |
| Other                operating expenses                          |   |                              | 246,000   |   |   | 229,000 |   |
| General                and administrative                        |   |                              | 66,000    |   |   | 110,000 |   |
|                                                             |   |                              |      |   |   |   |   |
| Total                operating expenses                          |   |                              | 1,725,000 |   |   | 1,595,000 |   |
|                                                             |   |                              |      |   |   |   |   |
| Net                operating income                              |   |                              | 430,000   |   |   | 180,000 |   |
|                                                             |   |                              |      |   |   |   |   |
| Interest                income                                   |   |                              | (158,000  | ) |   | (145,000 | ) |
| Interest                expense                                  |   |                              | 667,000   |   |   | 534,000 |   |
| Loss                before minority interest and                 |   |                              |      |   |   |   |   |
| discontinued                operations                           |   |                              | (79,000   | ) |   | (209,000 | ) |
| Less                minority interest in continuing operations   |   |                              | 3,000     |   |   | 2,000 |   |
| Loss                from continuing operations                   |   |                              | (76,000   | ) |   | (207,000 | ) |
| Income                from discontinued operations before        |   |                              |      |   |   |   |   |
| minority                interest                                 |   |                              | 115,000   |   |   | 176,000 |   |
| Less                minority interest in discontinued operations |   |                              | (4,000    | ) |   | (2,000 | ) |
| Income                from discontinued operations               |   |                              | 111,000   |   |   | 174,000 |   |
| Net                income (loss)                                 |   | $                                 | 35,000    |   |   | (33,000 | ) |
|                                                             |   |                              |      |   |   |   |   |
| Per                share data (basic and diluted):               |   |                              |      |   |   |   |   |
| Loss                from continuing operations                   |   | $                                 | (0.05     | ) |   | (0.16 | ) |
| Income                from discontinued operations               |   |                              | 0.08      |   |   | 0.13 |   |
|                                                             |   |                              |      |   |   |   |   |
| Net                income (loss) per share                       |   | $                                 | 0.03      |   |   | (0.03 | ) |
|                                                             |   |                              |      |   |   |   |   |
| Distributions                paid in current year                |   | $                                 | ---       |   |   | 0.25 |   |
|                                                             |   |                              |      |   |   |   |   |
| Weighted                average shares outstanding               |   |                              | 1,401,000 |   |   | 1,295,000 |   |

----

|                                                                                                                                    |   | Three                Months Ended |      |
|-----------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------|-----------|
|                                                                                                                                    |   | March                31, 2006     |      | March                31, 2005 |   |
| Cash                flows from operating activities:                                                                                    |   |                              |      |   |   |
| Net                income (loss)                                                                                                        |   | $                                 | 35,000    |   |   | (33,000 | ) |
| Adjustments                to reconcile net loss to net cash provided by operating                                                      |   |                              |      |   |   |   |   |
| activities                of continuing operations:                                                                                     |   |                              |      |   |   |   |   |
| Income                from discontinued operations                                                                                      |   |                              | (115,000  | ) |   | (176,000 | ) |
| Minority                interest                                                                                                        |   |                              | 1,000     |   |   | --- |   |
| Depreciation                and amortization                                                                                            |   |                              | 615,000   |   |   | 503,000 |   |
| Amortization                of loan premium                                                                                             |   |                              | (31,000   | ) |   | --- |   |
| Changes                in accounts affecting operations:                                                                                |   |                              |      |   |   |   |   |
| Accounts                receivable                                                                                                      |   |                              | (27,000   | ) |   | --- |   |
| Prepaid                expenses and other assets                                                                                        |   |                              | 139,000   |   |   | 113,000 |   |
| Escrows                and reserves                                                                                                     |   |                              | 20,000    |   |   | (144,000 | ) |
| Accounts                payable and other liabilities                                                                                   |   |                              | (140,000  | ) |   | (29,000 | ) |
| Net                cash provided by operating activities                                                                                |   |                              | 497,000   |   |   | 234,000 |   |
| Cash                flows from investing activities:                                                                                    |   |                              |      |   |   |   |   |
| Insurance                recoveries related to hurricane damage                                                                         |   |                              | 602,000   |   |   | --- |   |
| Purchase                of available for sale securities                                                                                |   |                              | ---       |   |   | (21,000 | ) |
| Capital                expenditures                                                                                                     |   |                              | (79,000   | ) |   | (60,000 | ) |
| Net                cash provided by (used in) investing activities                                                                      |   |                              | 523,000   |   |   | (81,000 | ) |
| Cash                flows from financing activities:                                                                                    |   |                              |      |   |   |   |   |
| Principal                payments on mortgage notes payable                                                                             |   |                              | (90,000   | ) |   | (116,000 | ) |
| Issuance                of common stock                                                                                                 |   |                              | ---       |   |   | 29,000 |   |
| Distributions                paid to shareholders                                                                                       |   |                              | ---       |   |   | (326,000 | ) |
| Net                cash used in financing activities of continuing operations                                                           |   |                              | (90,000   | ) |   | (413,000 | ) |
| Net                increase (decrease) in cash                                                                                          |   |                              | 930,000   |   |   | (260,000 | ) |
| Cash,                beginning of period                                                                                                |   |                              | 2,009,000 |   |   | 3,860,000 |   |
| Cash,                end of period                                                                                                      |   | $                                 | 2,939,000 |   |   | 3,600,000 |   |
| Supplemental                disclosure of cash flow information -                                                                       |   |                              |      |   |   |   |   |
| Cash                paid during the year for interest (includes interest paid for  discontinued                operations in 2005) |   | $                                 | 730,000   |   |   | 534,000 |   |
|                                                                                                                                    |   |                              |      |   |   |   |   |
| Schedule                of Non-Cash Items                                                                                               |   |                              |      |   |   |   |   |
| Arbor                Gate investment property financed with accounts payable                                                            |   | $                                 | 248,000   |   |   | **---** |   |
| Arbor                Gate renovations paid from insurance escrow account                                                                |   | $                                 | 863,000   |   |   | **---** |   |
| Waverly                mortgage note payable paid from escrows and reserves                                                             |   | $                                 | 4,187,000 |   |   | **---** |   |
|     Insurance                proceeds deposited to escrows and reserves                                             |   | $                                 | 186,000   |   |   | **---** |   |

----

** **

----

----

** **

|                                  | Monthly                Loan Terms |
|---------------------------------------|-----------------------------------|
|                                  | Arbor                Gate         |
|                                  |                              |
| Principal                and interest | $17,600                           |
|                                  |                              |
| Taxes                and insurance    | $7,000                            |

----

----

** **

----

** **
** **

** **

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| PROPERTY                                                                                                          |   | #                UNITS |   | TYPE       |   | LOCATION                             |   | PURCHASE                DATE   |
|-------------------------------------------------------------------------------------------------------------------|--------|------------------------|--------|------------|--------|--------------------------------------|--------|--------------------------------|
|                                                                                                              |   |                   |   |       |   |                                 |   |                           |
| Arbor                Gate Apartments(“Arbor                Gate”)                                     |   | 120                    |   | Apartments |   | Picayune,                MS          |   | September,                2004 |
|                                                                                                              |   |                   |   |       |   |                                 |   |                           |
| Barrington                Hills Apartments(“Barrington                Hills”)                         |   | 232                    |   | Apartments |   | Little                Rock, AR       |   | November,                2001  |
|                                                                                                              |   |                   |   |       |   |                                 |   |                           |
| Bicycle                Club Apartments(“Bicycle                Club”)                                 |   | 312                    |   | Apartments |   | North                Kansas City, MO |   | July,                2005      |
|                                                                                                              |   |                   |   |       |   |                                 |   |                           |
| Chalet                Apartments - I and II(“Chalet”)                                                 |   | 234                    |   | Apartments |   | Topeka,                KS            |   | September,                2001 |
|                                                                                                              |   |                   |   |       |   |                                 |   |                           |
| Forest                Park Apartments(“Forest                Park”)(f.k.a.                North Winn) |   | 110                    |   | Apartments |   | Kansas                City, MO       |   | August,                2000    |
|                                                                                                              |   |                   |   |       |   |                                 |   |                           |
| King’s                Court Apartments (1)(“King’s                Court”)                 |   | 82                     |   | Apartments |   | Olathe,                KS            |   | August,                2001    |
|                                                                                                              |   |                   |   |       |   |                                 |   |                           |
| Terrace                Apartments (1)(“Terrace”)                                                      |   | 84                     |   | Apartments |   | Olathe,                KS            |   | April,                2004     |
|                                                                                                              |   |                   |   |       |   |                                 |   |                           |
| The                Landings Apartments(the                “Landings”)                                 |   | 154                    |   | Apartments |   | Little                Rock, AR       |   | September,                2001 |
|                                                                                                              |   |                   |   |       |   |                                 |   |                           |
| Waverly                Apartments(“Waverly”)                                                          |   | 128                    |   | Apartments |   | Bay                Saint Louis, MS   |   | September,                2004 |

*UPREIT      Structure*

----

----

|                               | Balance                at     | Interest | Fixed                        | Due                              |
|------------------------------------|-------------------------------|----------|------------------------------|----------------------------------|
|                               | March                31, 2006 | Rate     | or                (variable) | Date                             |
| ACI                                | 4,079,000                     | 12.63%   |                         | August                1, 2010    |
|                               |                          |     |                         |                             |
| Forest                Park         | 2,384,000                     | 5.29%    |                         | September                1, 2015 |
|                               |                          |     |                         |                             |
| Kings                Court/Terrace | 2,284,000                     | 5.91%    | (variable)                   | May                1, 2009       |
|                               |                          |     |                         |                             |
| Terrace                            | 1,589,000                     | 6.87%    |                         | February                1, 2009  |
|                               |                          |     |                         |                             |
| Chalet                I            | 3,847,000                     | 6.59%    |                         | October                1, 2008   |
|                               |                          |     |                         |                             |
| Chalet                II           | 1,450,000                     | 6.54%    |                         | October                1, 2008   |
|                               |                          |     |                         |                             |
| The                Landings        | 3,589,000                     | 7.66%    |                         | September                1, 2007 |
|                               |                          |     |                         |                             |
| Barrington                Hills    | 5,508,000                     | 6.04%    |                         | July                1, 2029      |
|                               |                          |     |                         |                             |
| Arbor                Gate          | 3,034,000                     | 6.25%    | (variable)                   | September                1, 2011 |
|                               |                          |     |                         |                             |
| Bicycle                Club        | 8,350,000                     | 6.91%    |                         | March                1, 2008     |
|                               |                          |     |                         |                             |
| Total                              | $36,114,000                   |     |                         |                             |

----

** **

|                                                              |   | Three                Months Ended                                               |    |
|-------------------------------------------------------------------|--------|---------------------------------------------------------------------------------|---------|
|                                                              |   |                    Mar. 31                   2006 |    |                    Mar. 31                   2005 |   |
| Net                income (loss)                                  |   |                                                                            | 35,000  |   |   | (33,000 | ) |
|                                                              |   |                                                                            |    |   |   |   |   |
| Property                related depreciation and amortization (1) |   |                                                                            | 615,000 |   |   | 503,000 |   |
| Funds                from operations                              |   | $                                                                               | 650,000 |   |   | 470,000 |   |

|                                      | OCCUPANCY                LEVELS AT MARCH                31, |
|-------------------------------------------|-------------------------------------------------------------|
|                                      | 2006                                                        |   | 2005 |
| Arbor                Gate                 | 81%                                                         |   | 94% |
| Barrington                Hills           | 91%                                                         |   | 90% |
| Bicycle                Club               | 94%                                                         |   | n/a |
| Chalet                                    | 96%                                                         |   | 94% |
| Forest                Park                | 94%                                                         |   | 85% |
| King’s                Court/Terrace | 96%                                                         |   | 93% |
| The                Landings               | 99%                                                         |   | 92% |
| Waverly                                   | 0%                                                          |   | 95% |

** **

----

**.      **

|   | (a) | Evaluation                of disclosure controls and                procedures. |
|--------|-----|---------------------------------------------------------------------------------|

|   | (b) | Changes                in internal controls |
|--------|-----|---------------------------------------------|

| PART                II | OTHER                INFORMATION |
|------------------------|----------------------------------|

| ITEM                1. | LEGAL                PROCEEDINGS: |
|------------------------|-----------------------------------|

----

| ITEM                2. | UNREGISTERED                SALES OF EQUITY SECURTIES AND USE OF                PROCEEDS |
|------------------------|------------------------------------------------------------------------------------------|

| ITEM                3. | DEFAULTS                UPON SENIOR SECURITIES |
|------------------------|------------------------------------------------|

| ITEM                5. | OTHER                INFORMATION |
|------------------------|----------------------------------|

----

| ITEM                6. | EXHIBITS |
|------------------------|----------|

----

|   |                        |   | MAXUS                REALTY TRUST, INC.                              |
|--------|-----------------------------|--------|----------------------------------------------------------------------|
|   |                        |   |                                                                 |
| Date:  | May                12, 2006 | By:    | /s/                David L. Johnson                                  |
|   |                        |   | David                L. Johnson                                      |
|   |                        |   | Chairman                of the Board,                                |
|   |                        |   | President                and Chief Executive Officer                 |
|   |                        |   | Trustee                                                              |
|   |                        |   |                                                                 |
| Date:  | May                12, 2006 | By:    | /s/                John W. Alvey                                     |
|   |                        |   | John                W. Alvey                                         |
|   |                        |   | Vice                President                                        |
|   |                        |   | Chief                Financial and Accounting                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, are incorporated by reference to Exhibit                3.2, 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. 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.                                                                                                                                                                                                                                                                                    |