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

                                    FORM 10-Q

(Mark One)

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

For the quarterly period ended June 25, 2004

                                       OR

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

                         Commission File Number 0-13782


                              CAMBRIDGE ADVANTAGED
                         PROPERTIES LIMITED PARTNERSHIP
                         ------------------------------
             (Exact name of registrant as specified in its charter)


            Delaware                                             13-3228969
-------------------------------                              -------------------
(State or other jurisdiction of                              (I.R.S. Employer
incorporation or organization)                               Identification No.)


625 Madison Avenue, New York, New York                                10022
----------------------------------------                          --------------
(Address of principal executive offices)                            (Zip Code)


Registrant's telephone number, including area code (212)421-5333

     Indicate  by check mark  whether the  registrant  (1) has filed all reports
required to be filed by Section 13 or 15(d) of the  Securities  Exchange  Act of
1934  during  the  preceding  12 months  (or for such  shorter  period  that the
registrant was required to file such reports),  and (2) has been subject to such
filing requirements for the past 90 days.
Yes     X      No
     -------        -------

     Indicate by check mark whether the registrant is an  accelerated  filer (as
defined in Rule 12b-2 of the Act).
Yes            No      X
     -------        -------

<PAGE>

                         PART I - Financial Information

Item 1. Financial Statements

                         CAMBRIDGE ADVANTAGED PROPERTIES
                      LIMITED PARTNERSHIP AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS
                                   (Unaudited)
<TABLE>
<CAPTION>

                                                 ============      ============
                                                   June 25,          March 25,
                                                     2004              2004
                                                 ------------      ------------
<S>                                              <C>               <C>
ASSETS
Property and equipment - less
  accumulated depreciation of
  $3,542,186 and $3,487,890,
  respectively                                   $  3,317,392      $  3,347,387
Property and equipment -
  held for sale - less accumulated
  depreciation of $1,145,456 and
  $1,145,456, respectively                          1,281,459         1,281,404
Cash and cash equivalents                             716,341           864,630
Cash - restricted for tenants'
  security deposits                                    94,503           208,827
Mortgage escrow deposits                            2,657,746         2,337,548
Prepaid expenses and other assets                     371,273           391,986
                                                 ------------      ------------

  Total assets                                   $  8,438,714      $  8,431,782
                                                 ============      ============
</TABLE>

                                       2
<PAGE>
                         CAMBRIDGE ADVANTAGED PROPERTIES
                      LIMITED PARTNERSHIP AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS
                                   (Unaudited)
                                   (continued)
<TABLE>
<CAPTION>

                                                 ============      ============
                                                   June 25,          March 25,
                                                     2004              2004
                                                 ------------      ------------
<S>                                              <C>               <C>
LIABILITIES AND PARTNERS' DEFICIT
Liabilities
  Mortgage notes payable                         $  2,617,815      $  2,664,025
  Purchase Money Notes payable
   (Note 2)                                         2,009,344         2,009,344
  Due to selling partners (Note 2)                  5,604,079         5,518,708
  Accounts payable, accrued
   expenses and other liabilities                     166,284           139,811
  Tenants' security deposits payable                   82,787            83,420
  Due to general partners of
   subsidiaries and their affiliates                   32,400            32,400
  Due to general partners and
   affiliates                                       4,663,410         4,356,934
                                                 ------------      ------------

Total liabilities                                  15,176,119        14,804,642
                                                 ------------      ------------

Minority interest                                     (99,827)         (100,375)
                                                 ------------      ------------
Commitments and contingencies
  (Note 5)
Partners' deficit:
  Limited partners                                 (6,033,678)       (5,672,236)
  General partners                                   (603,900)         (600,249)
                                                 ------------      ------------

Total partners' deficit                            (6,637,578)       (6,272,485)
                                                 ------------      ------------

Total liabilities and partners' deficit          $  8,438,714      $  8,431,782
                                                 ============      ============
</TABLE>

          See accompanying notes to consolidated financial statements.

                                       3
<PAGE>

                         CAMBRIDGE ADVANTAGED PROPERTIES
                      LIMITED PARTNERSHIP AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                    ===========================
                                                        Three Months Ended
                                                              June 25,
                                                    ---------------------------
                                                       2004             2003
                                                    -----------     -----------
<S>                                                 <C>             <C>
Revenues:
Rentals, net                                        $   376,847     $   697,161
Other                                                    47,250          57,416
                                                    -----------     -----------
Total revenues                                          424,097         754,577
                                                    -----------     -----------

Expenses:
Administrative and management                            80,568         166,279
Administrative and management-
  related parties (Note 3)                              332,084         338,182
Operating                                                74,794         156,215
Repairs and maintenance                                  99,258         151,229
Taxes and insurance                                      70,842         114,602
Interest                                                 76,800         168,891
Depreciation                                             54,296          53,672
                                                    -----------     -----------
Total expenses                                          788,642       1,149,070
                                                    -----------     -----------

Net loss before minority
  interest                                             (364,545)       (394,493)
Minority interest in income of subsidiaries                (548)         (1,304)
                                                    -----------     -----------
Net loss                                            $  (365,093)    $  (395,797)
                                                    ===========     ===========

Limited Partners Share:
Net loss                                            $  (361,442)    $  (391,839)
                                                    ===========     ===========

Number of units outstanding                              12,074          12,074
                                                    ===========     ===========

Net loss per limited partner unit                   $       (30)    $       (32)
                                                    ===========     ===========
</TABLE>


          See accompanying notes to consolidated financial statements.


                                       4
<PAGE>

                         CAMBRIDGE ADVANTAGED PROPERTIES
                      LIMITED PARTNERSHIP AND SUBSIDIARIES
             CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' DEFICIT
                                   (Unaudited)
<TABLE>
<CAPTION>
                                ================================================
                                                   Limited            General
                                   Total           Partners           Partners
                                ------------------------------------------------
<S>                             <C>               <C>               <C>
Balance -
  March 26, 2004                $(6,272,485)      $(5,672,236)      $  (600,249)

Net loss                           (365,093)         (361,442)           (3,651)
                                -----------       -----------       -----------

Balance -
  June 25, 2004                 $(6,637,578)      $(6,033,678)      $  (603,900)
                                ===========       ===========       ===========
</TABLE>

          See accompanying notes to consolidated financial statements.

                                       5
<PAGE>

                         CAMBRIDGE ADVANTAGED PROPERTIES
                      LIMITED PARTNERSHIP AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                   ============================
                                                        Three Months Ended
                                                             June 25,
                                                   ----------------------------
                                                      2004             2003
                                                   ----------------------------
<S>                                                <C>              <C>
Cash flows from operating activities:
Net loss                                           $  (365,093)     $  (395,797)
                                                   -----------      -----------

Adjustments to reconcile net loss
  to net cash provided by
  operating activities:
Depreciation                                            54,296           53,672
Minority interest in income of
  subsidiaries                                             548            1,304
Decrease (increase) in cash-restricted
  for tenants' security deposits                       114,324             (993)
Increase in mortgage escrow deposits                  (174,427)         (69,243)
Decrease in prepaid
  expenses and other assets                             20,713           66,598
Increase in due to selling partners                     85,371          166,093
Increase in accounts payable, accrued
  expenses and other liabilities                        26,473           40,442
(Decrease) increase in tenants' security
deposits payable                                          (633)           2,927
Increase in due to general partners
  and their affiliates                                 306,476          187,978
                                                   -----------      -----------
Total adjustments                                      433,141          448,758
                                                   -----------      -----------
Net cash provided by
  operating activities                                  68,048           52,961
                                                   -----------      -----------
</TABLE>

                                       6
<PAGE>

                         CAMBRIDGE ADVANTAGED PROPERTIES
                      LIMITED PARTNERSHIP AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
                                   (Unaudited)
                                   (continued)
<TABLE>
<CAPTION>
                                                   ============================
                                                        Three Months Ended
                                                             June 25,
                                                   ----------------------------
                                                      2004             2003
                                                   ----------------------------
<S>                                                <C>              <C>

Cash flows from investing activities:
Acquisitions of property and
  equipment                                            (24,356)               0
Increase in mortgage escrow deposits                  (145,771)         (67,305)
                                                   -----------      -----------

Net cash used in investing activities                 (170,127)         (67,305)
                                                   -----------      -----------

Cash flows from financing activities:
Principal payments of mortgage
  notes payable                                        (46,210)         (75,060)
                                                   -----------      -----------

Net cash used in financing activities                  (46,210)         (75,060)
                                                   -----------      -----------

Net decrease in cash
  and cash equivalents                                (148,289)         (89,404)
Cash and cash equivalents -
  beginning of period                                  864,630        1,224,252
                                                   -----------      -----------
Cash and cash equivalents -
  end of period                                    $   716,341      $ 1,134,848
                                                   ===========      ===========
</TABLE>

          See accompanying notes to consolidated financial statements.

                                       7
<PAGE>

                         CAMBRIDGE ADVANTAGED PROPERTIES
                      LIMITED PARTNERSHIP AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                                  June 25, 2004
                                   (Unaudited)


Note 1 - General

The consolidated  financial  statements for the three months ended June 25, 2004
and 2003  include  the  accounts  of  Cambridge  Advantaged  Properties  Limited
Partnership  (the  "Partnership")  and two  and  four  subsidiary  partnerships,
respectively    ("subsidiaries,"    "subsidiary    partnerships"    or    "Local
Partnerships"). The Partnership is a limited partner, with an ownership interest
of 98.99% in each of the  subsidiary  partnerships.  Through  the  rights of the
Partnership  and/or an  affiliate  of one of its  General  Partners  (a "General
Partner"),  which affiliate has a contractual obligation to act on behalf of the
Partnership,  to remove the general partner of the subsidiary  partnerships (the
"Local General  Partner") and to approve  certain major  operating and financial
decisions,   the  Partnership  has  a  controlling  financial  interest  in  the
subsidiary  partnerships.  As  of  June  25,  2004,  the  Partnership  has  sold
fifty-nine of its sixty-one original investments.

For financial reporting purposes, the Partnership's fiscal quarter ends June 25.
All  subsidiaries  have  fiscal  quarters  ending  March  31.  Accounts  of  the
subsidiary  partnerships  have been adjusted for intercompany  transactions from
April 1 through  June 25. The  Partnership's  fiscal  quarter ends on June 25 in
order to allow adequate time for the  subsidiaries'  financial  statements to be
prepared  and  consolidated.  The  books  and  records  of the  Partnership  are
maintained on the accrual basis of accounting, in accordance with U.S. generally
accepted accounting principles ("GAAP").

All   intercompany   accounts  and   transactions   have  been   eliminated   in
consolidation.

Increases  (decreases)  in  the  capitalization  of  consolidated   subsidiaries
attributable  to  minority  interest  arise  from  cash  contributions  and cash
distributions to the minority interest partners.

Losses  attributable to minority interests which exceed the minority  interests'
investment in a subsidiary have been charged to the Partnership.  No such losses
have been  charged to the  Partnership  for the three months ended June 25, 2004
and  2003.  The  Partnership's  investment  in each  subsidiary  is equal to the
respective subsidiary's partners' equity less minority interest capital, if any.
In  consolidation,  all  subsidiary  partnership  losses  are  included  in  the

                                       8
<PAGE>

                         CAMBRIDGE ADVANTAGED PROPERTIES
                      LIMITED PARTNERSHIP AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                                  June 25, 2004
                                   (Unaudited)


Partnership's  capital account except for losses allocated to minority  interest
capital.

The unaudited  financial  statements have been prepared on the same basis as the
audited financial  statements  included in the  Partnership's  Form 10-K for the
year  ended  March  25,  2004.  In the  opinion  of the  General  Partners,  the
accompanying unaudited financial statements contain all adjustments  (consisting
only of normal recurring  adjustments) necessary to present fairly the financial
position of the  Partnership  as of June 25, 2004 and the results of  operations
and cash flows for the three months ended June 25, 2004 and 2003,  respectively.
However,  the operating results for the three months ended June 25, 2004 may not
be indicative of the results for the year.

Certain  information  and  note  disclosures   normally  included  in  financial
statements  prepared in accordance with GAAP have been omitted.  It is suggested
that these consolidated  financial statements should be read in conjunction with
the financial  statements and notes thereto included in the Partnership's  March
25, 2004 Annual Report on Form 10-K.


Note 2 - Purchase Money Notes Payable

Nonrecourse Purchase Money Notes (the "Purchase Money Notes") were issued to the
selling  partners of the subsidiary  partnerships as part of the purchase price,
and  are  secured  only  by  the   Partnership's   interest  in  the  subsidiary
partnerships to which the Purchase Money Note relates.  As of June 25, 2004, two
Subsidiary partnerships' Purchase Money Notes totaling approximately $7,613,000,
which includes approximately $5,604,000 of interest, remain outstanding.

There were no  distributions  made to the Partnership for the three months ended
June 25, 2004 and 2003,  and no payments of principal  or interest  were made on
the Purchase Money Notes.

                                       9
<PAGE>

                         CAMBRIDGE ADVANTAGED PROPERTIES
                      LIMITED PARTNERSHIP AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                                  June 25, 2004
                                   (Unaudited)


Note 3 - Related Party Transactions

The costs  incurred to related  parties for the three months ended June 25, 2004
and 2003 were as follows:
<TABLE>
<CAPTION>
                                                            Three Months Ended
                                                                  June 25,
                                                           ---------------------
                                                             2004         2003
                                                           ---------------------
<S>                                                        <C>          <C>
Partnership management fees (a)                            $285,500     $285,500
Expense reimbursement (b)                                    20,976       26,228
Local administrative fee (c)                                  1,000        2,500
                                                           --------     --------
Total general and administrative-
  General Partners                                          307,476      314,228
                                                           --------     --------

Property management fees incurred to
  affiliates of the subsidiary partnerships'
  general partners (d)                                       24,608       23,954
                                                           --------     --------

Total general and administrative-related
  parties                                                   332,084      338,182
                                                           ========     ========
</TABLE>


(a) After all other expenses of the Partnership are paid, an annual  partnership
management fee of up to .5% of invested  assets is payable to the  Partnership's
General Partners and affiliates. Partnership management fees owed to the General
Partners  amounting to approximately  $4,702,000 and $4,416,000 were accrued and
unpaid as of June 25, 2004 and March 25, 2004, respectively. Without the General
Partner's  continued  allowance of accrual  without  payment of certain fees and
expense  reimbursements,  the Partnership  will not be in a position to meet its
obligations.  The General  Partners have continued  allowing the accrual without
payment of these  amounts  but are under no  obligation  to  continue  to do so.
Proceeds received from future sales will be used to pay any outstanding  amounts
due to the General Partners.

(b) The  Partnership  reimburses the General  Partners and their  affiliates for
actual Partnership operating expenses incurred by the General Partners and their
affiliates on the  Partnership's  behalf.  The amount of reimbursement  from the
Partnership is limited by the provisions of the partnership  agreement.  Expense
reimbursements  owed to the General Partners amounting to approximately  $78,000

                                       10
<PAGE>

                         CAMBRIDGE ADVANTAGED PROPERTIES
                      LIMITED PARTNERSHIP AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                                  June 25, 2004
                                   (Unaudited)


and $57,000  were  accrued  and unpaid as of June 25,  2004 and March 25,  2004,
respectively.

(c)  C/R  Special  Partnership,  the  special  limited  partner,  owning  a .01%
interest,  is entitled to receive a local administrative fee of up to $2,500 per
year from each subsidiary partnership.

(d) The subsidiary partnerships have entered into management agreements of which
some are with affiliates of the subsidiaries'  general  partners,  which require
annual fees ranging from approximately 6% to 10% of gross rental revenues.  Such
management  fees amounted to $24,608 and $23,954 for the three months ended June
25, 2004 and 2003, respectively.


Note 4 - Sale of Properties

General
-------

The Partnership is currently in the process of disposing of its investments.  As
of June 25, 2004,  the  Partnership  has disposed of fifty-nine of its sixty-one
original  investments.  One  investment  is listed for sale and the  Partnership
anticipates  that the remaining  investment  will be liquidated  sometime during
2004.  There can be no  assurance  as to  whether  or not the  Partnership  will
achieve this goal. Furthermore, there can be no assurance that any proceeds will
be realized based on the historical  operating results of the Local Partnerships
and the current economic  conditions.  Moreover,  the Local General Partners and
holders of the Purchase Money Notes generally have  decision-making  rights with
respect to the sale of each  property  which  makes it more  cumbersome  for the
General  Partners  to  cause  a sale  of the  Partnership's  investment  in each
property.

Information Regarding Dispositions
----------------------------------

On June 30, 2003 the Partnership's Limited Partnership Interest in Cabarras Arms
Associates  ("Cabarras") was sold to the Purchase Money Note Holder for $30,000,
resulting in a loss in the amount of approximately $92,000, which was recognized
in the quarter ended  September 25, 2003. The  Partnership was released from the
associated  Purchase Money Note and accrued interest thereon,  which had a total
outstanding  balance of approximately  $2,415,000,  resulting in gain on sale of
property of such amount, which was recognized in the quarter ended September 25,
2003.

                                       11
<PAGE>

                         CAMBRIDGE ADVANTAGED PROPERTIES
                      LIMITED PARTNERSHIP AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                                  June 25, 2004
                                   (Unaudited)


On June 30, 2003, the  Partnership's  Limited  Partnership  Interest in Hathaway
Court  Associates  ("Hathaway")  was sold to the Purchase  Money Note Holder for
$60,000,  resulting in a gain in the amount of approximately $545,000, which was
recognized in the quarter ended September 25, 2003. The Partnership was released
from the associated Purchase Money Note and accrued interest thereon,  which had
a total outstanding  balance of approximately  $4,035,000,  resulting in gain on
sale of property  of such  amount,  which was  recognized  in the quarter  ended
September 25, 2003.


Note 5 - Commitments and Contingencies

Except as described in Note 4, there were no material  changes and/or  additions
to disclosures regarding the subsidiary  partnerships which were included in the
Partnership's Annual Report on Form 10-K for the period ending March 25, 2004.

                                       12
<PAGE>

Item 2. Management's  Discussion and Analysis of Financial Condition and Results
of Operations

Liquidity and Capital Resources
-------------------------------

The  Partnership's  primary  sources  of funds are the cash  distributions  from
operations of the Local  Partnerships  in which the Partnership has invested and
net proceeds from sales.  These sources are available to meet obligations of the
Partnership.   However,   the  cash   distributions   received  from  the  Local
Partnerships  to date have not been  sufficient to meet all such  obligations of
the Partnership.  Accordingly,  certain fees and expense  reimbursements owed to
the General Partners amounting to approximately $4,657,000 and $4,351,000,  were
accrued and unpaid as of June 25, 2004 and March 25, 2004, respectively. Without
the General Partners' continued allowance of accrual with partial payment of the
partnership  management  fees, the Partnership will not be in a position to meet
its obligations.  The General Partners have continued  allowing the accrual with
partial payment of the partnership  management fees, but are under no obligation
to do so. Net  proceeds  and  distributions  received  from future  sales of the
Partnership's investments will be used to pay any outstanding amounts due to the
General Partners.

There were no  distributions  made to the Partnership for the three months ended
June 25, 2004 and 2003,  respectively,  and no payments of principal or interest
were made on the Purchase Money Notes.

During the three months ended June 25, 2004,  cash and cash  equivalents  of the
Partnership and its  consolidated  Local  Partnerships  decreased  approximately
$148,000.  This  decrease  was due to  acquisitions  of property  and  equipment
($24,000), principal payment of mortgage notes payable ($46,000) and an increase
in mortgage escrow deposits  relating to investing  activities  ($146,000) which
exceeded  cash  provided  by  operating  activities  ($68,000).  Included in the
adjustments  to reconcile the net loss to cash provided by operating  activities
is depreciation ($54,000).

For a discussion of Purchase  Money Notes  Payable,  see Note 2 to the financial
statements.

For a discussion of the sale of properties in which the Partnership  owns direct
and indirect interests, see Note 4 to the financial statements.

                                       13
<PAGE>

Even though  sales have  resulted in net gains for tax  purposes,  the net sales
proceeds have not been  sufficient to permit any  significant  distributions  to
investors  after  payment  of all or a  portion  of the  Purchase  Money  Notes.
Therefore,  investors  should not expect  that they will  receive  distributions
sufficient to pay taxes incurred as a result of such sales.

Management is not aware of any trends or events,  commitments  or  uncertainties
which  have not been  otherwise  disclosed,  that  will or are  likely to impact
liquidity in a material way.  Management  believes the only impact would be from
laws  that  have  not yet  been  adopted.  Due to the  sale of  properties,  the
portfolio is not diversified by the location of the properties around the United
States.  The  Partnership  has  two  properties   remaining  and  therefore  the
Partnership  may not be  protected  against a general  downturn in the  national
economy.

Critical Accounting Policies
----------------------------

In  preparing  the  consolidated  financial  statements,   management  has  made
estimates  and  assumptions  that  affect  the  reported  amounts  of assets and
liabilities at the date of the financial  statements and the reported amounts of
revenues and expenses during the reporting periods.  Actual results could differ
from those  estimates.  Set forth below is a summary of the accounting  policies
that  management  believes are critical to the  preparation of the  consolidated
financial  statements.  The summary should be read in conjunction  with the more
complete  discussion of the Company's  accounting policies included in Note 2 to
the consolidated  financial  statements  which are include in the  Partnership's
annual report on Form 10-K for the year ended March 25, 2004.

a)  Property and Equipment

Property and  equipment  to be held and used are carried at cost which  includes
the purchase price,  acquisition fees and expenses, and any other costs incurred
in acquiring the  properties.  The cost of property and equipment is depreciated
over their estimated useful lives using accelerated and  straight-line  methods.
Expenditures  for repairs and  maintenance  are charged to expense as  incurred;
major  renewals  and  betterments  are  capitalized.  At the time  property  and
equipment  are  retired  or  otherwise  disposed  of,  the cost and  accumulated
depreciation  are  eliminated  from  the  assets  and  accumulated  depreciation
accounts  and the profit or loss on such  disposition  is reflected in earnings.
The Partnership complies with Statement of Financial Accounting Standards (SFAS)
No. 144 "Accounting for the Impairment or Disposal of Long-Lived Assets". A loss
on  impairment  of  assets  is  recorded  when  management   estimates   amounts
recoverable   through  future   operations  and  sale  of  the  property  on  an
undiscounted basis are below depreciated cost. At that time property investments
themselves are reduced to estimated fair value  (generally using discounted cash

                                       14
<PAGE>

flows) when the property is considered to be impaired and the  depreciated  cost
exceeds estimated fair value.

b)  Income Taxes

No  provision  has been made for income taxes in the  accompanying  consolidated
financial  statements  since such taxes, if any, are the  responsibility  of the
individual partners.  For income tax purposes, the Partnership has a fiscal year
ending December 31.

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

On June 30,  2003,  the  Partnership  sold its  Local  Partnership  Interest  in
Cabarrus and Hathaway (collectively the "Sold Assets").

Rental income  decreased  approximately  46% for the three months ended June 25,
2004 as compared to 2003.  Excluding the Sold Assets,  rental  income  increased
approximately  1% for the three  months ended June 25, 2004 as compared to 2003,
primarily due to rental rate increases.

Other income decreased approximately $10,000 for the three months ended June 25,
2004 as compared to 2003 primarily due to decreases relating to the Sold Assets.

Total expenses,  excluding the Sold Assets, operating,  repairs and maintenance,
taxes and  insurance  and  interest,  remained  consistent  with a  decrease  of
approximately  2% for the three  months  ended June 25,  2004 as compared to the
corresponding period in 2003.

Operating  decreased  approximately  $81,000 for the three months ended June 25,
2004 as  compared  to 2003.  Excluding  the  Sold  Assets,  operating  decreased
approximately  $15,000 primarily due to increased fuel costs and use in 2003 due
to the severe winter at one Local Partnership.

Repairs and  maintenance  decreased  approximately  $52,000 for the three months
ended June 25, 2004 as compared to 2003. Excluding the Sold Assets,  repairs and
maintenance increased approximately $23,000 primarily due to corridor repairs at
one Local Partnership and carpet replacement at the second Local Partnership.

Taxes and insurance decreased  approximately  $44,000 for the three months ended
June  25,  2004 as  compared  to 2003.  Excluding  the Sold  Assets,  taxes  and
insurance  increased  approximately  $11,000  primarily  due to  insurance  rate
increases at the remaining Local Partnerships.

Interest  decreased  approximately  $92,000 for the three  months ended June 25,
2004 as  compared  to  2003.  Excluding  the  Sold  Assets,  interest  decreased

                                       15
<PAGE>


approximately  $12,000  primarily  due to  decreases  in interest due on smaller
mortgage balances at the remaining Local Partnerships.

Administrative  and  management  decreased  approximately  $86,000 for the three
months  ended June 25,  2004 as  compared  to 2003  primarily  due to  decreases
relating to the Sold Assets.

Gain on sale of properties and forgiveness of indebtedness  income will continue
to fluctuate as a result of the  disposition of  investments in properties  (see
Note 4 of the financial statements).

Item 3. Quantitative and Qualitative Disclosures about Market Risk

The Partnership does not have any market risk sensitive instruments.

Item 4. Controls and Procedures

(a)  EVALUATION  OF  DISCLOSURE  CONTROLS AND  PROCEDURES.  The Chief  Executive
Officer and Chief Financial Officer of the Assisted Housing Associates Inc., the
Related Beta Corporation and  Cambridge/Related  Associates Limited Partnership,
the general partners of the Partnership,  has evaluated the effectiveness of the
Partnership's  disclosure  controls and  procedures  (as such term is defined in
Rules  13a-15(e) and  15d-15(e)  under the  Securities  Exchange Act of 1934, as
amended  ("Exchange  Act") as of the end of the period  covered by this  report.
Based on such evaluation, such officer has concluded that, as of the end of such
period, the Partnership's disclosure controls and procedures are effective.

(b) INTERNAL CONTROL OVER FINANCIAL  REPORTING.  There have not been any changes
in  Partnership's  internal  control over financial  reporting during the fiscal
quarter to which this  report  relates  that have  materially  affected,  or are
reasonably likely to materially affect, the Partnership's  internal control over
financial reporting.

                                       16
<PAGE>

                           PART II - OTHER INFORMATION

Item 1. Legal Proceedings - None

Item 2. Changes in Securities and Use of Proceeds - None

Item 3. Defaults Upon Senior Securities - None

Item 4. Submission of Matters to a Vote of Security Holders - None

Item 5. Other information - None

Item 6. Exhibits and Reports on Form 8-K

        (a)    Exhibits

        (31.1) Certification Pursuant to Rule 13a-14(a) or Rule 15d-14(a).

        (31.2) Certification  Pursuant to Rule  13a-14(b) or Rule  15d-14(b) and
               Section  1350 of Title 18 of the  United  States  Code (18  U.S.C
               1350).

        (b)    Reports  on  Form  8-K - No reports on Form 8-K were filed during
               the quarter.


                                       17
<PAGE>


                                   SIGNATURES

Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.

                              CAMBRIDGE ADVANTAGED
                         PROPERTIES LIMITED PARTNERSHIP
                                  (Registrant)


                          By: Related Beta Corporation,
                              a General Partner

Date:  July 29, 2004

                              By: /s/ Alan P. Hirmes
                                  ------------------
                                  Alan P. Hirmes,
                                  Director and President
                                  (Chief Executive Officer and
                                   Chief Financial Officer)

Date:  July 29, 2004

                              By: /s/ Glenn F. Hopps
                                  ------------------
                                  Glenn F. Hopps,
                                  Treasurer
                                  (Chief Accounting Officer)

                          By: ASSISTED HOUSING ASSOCIATES,
                              INC., a General Partner

Date:  July 29, 2004

                              By: /s/ Alan P. Hirmes
                                  ------------------
                                  Alan P. Hirmes,
                                  Director and President
                                  (Chief Executive Officer and
                                   Chief Financial Officer)

Date:  July 29, 2004

                              By: /s/ Glenn F. Hopps
                                  ------------------
                                  Glenn F. Hopps,
                                  Treasurer
                                  (Chief Accounting Officer)


<PAGE>

                          By: CAMBRIDGE AND RELATED ASSOCIATES
                              LIMITED PARTNERSHIP

                              By: Related Beta Corporation,

Date:  July 29, 2004

                                  By: /s/ Alan P. Hirmes
                                      ------------------
                                      Alan P. Hirmes,
                                      Director and President
                                      (Chief Executive Officer and
                                       Chief Financial Officer)

Date:  July 29, 2004

                                  By: /s/ Glenn F. Hopps
                                      ------------------
                                      Glenn F. Hopps,
                                      Treasurer
                                      (Chief Accounting Officer)


<PAGE>

                                                                    Exhibit 31.1

                             CERTIFICATION PURSUANT
                       TO RULE 13a-14(a) OR RULE 15d-14(a)

I, Alan P.  Hirmes,  Chief  Executive  Officer  and Chief  Financial  Officer of
Related  Beta  Corporation  (general  partner  of  each of the  Partnership  and
Cambridge  and Related  Associates,  General  Partners of the  Partnership)  and
Assisted Housing Associates,  Inc. (general partner of the Partnership),  hereby
certify that:

1.   I have  reviewed this  quarterly  report on Form 10-Q for the period ending
     June 25, 2004 of the Partnership;

2.   Based on my knowledge,  this  quarterly  report does not contain any untrue
     statement of a material fact or omit to state a material fact  necessary in
     order to make the  statements  made,  in light of the  circumstances  under
     which such  statements were made, not misleading with respect to the period
     covered by this quarterly report;

3.   Based on my  knowledge,  the  financial  statements,  and  other  financial
     information  included  in this  quarterly  report,  fairly  present  in all
     material respects the financial  condition,  results of operations and cash
     flows of the  Partnership  as of, and for,  the periods  presented  in this
     quarterly report;

4.   I am responsible for establishing and maintaining  disclosure  controls and
     procedures  (as defined in Exchange Act Rules  13a-15(e) and 15d-15(e)) and
     internal control over financial reporting (as defined in Exchange Act Rules
     13a-15(f)) for the Partnership and I have:

     a)   designed  such  disclosure  controls  and  procedures  to ensure  that
          material  information  relating  to  the  Partnership,  including  its
          consolidated subsidiaries,  is made known to me by others within those
          entities,  particularly  during  the  period in which  this  quarterly
          report was being prepared;

     b)   designed such internal  control over  financial  reporting,  or caused
          such internal control over financial reporting to be designed under my
          supervision, to provide reasonable assurance regarding the reliability
          of financial reporting and the preparation of financial statements for
          external  purposes in accordance  with generally  accepted  accounting
          principles; and
<PAGE>

     c)   evaluated the effectiveness of the Partnership's  disclosure  controls
          and procedures and presented in this report our conclusions  about the
          effectiveness of the disclosure  controls and procedures as of the end
          of  the  period  covered  by  this  quarterly  report  based  on  such
          evaluation; and

     d)   disclosed  in this  quarterly  report any change in the  Partnership's
          internal  control over financial  reporting  that occurred  during the
          period  ending  June 25,  2004  that has  materially  affected,  or is
          reasonably likely to materially  affect,  the  Partnership's  internal
          control over financial reporting; and

5.   I have disclosed,  based on our most recent  evaluation of internal control
     over financial reporting,  to the Partnership's  auditors and to the boards
     of directors of the General Partners:

     a)   all significant  deficiencies and material weaknesses in the design or
          operation  of internal  control  over  financial  reporting  which are
          reasonably  likely to adversely  affect the  Partnership's  ability to
          record, process, summarize and report financial information; and

     b)   any fraud, whether or not material,  that involves management or other
          employees who have a significant  role in the  Partnership's  internal
          controls over financial reporting.


     Date: July 29, 2004
           -------------

                           By: /s/ Alan P. Hirmes
                               ------------------
                               Alan P. Hirmes
                               Chief Executive Officer and
                               Chief Financial Officer


<PAGE>

                                                                    Exhibit 32.1


                            CERTIFICATION PURSUANT TO
                      RULE 13a-14(b) OR RULE 15d-14(b) AND
                                  SECTION 1350
                        OF TITLE 18 OF THE UNITED STATES
                              CODE (18 U.S.C. 1350)


In  connection  with the  Quarterly  Report of Cambridge  Advantaged  Properties
Limited  Partnership (the "Partnership") on Form 10-Q for the period ending June
25, 2004 as filed with the  Securities  and Exchange  Commission  ("SEC") on the
date hereof (the "Report"), I, Alan P. Hirmes, Chief Executive Officer and Chief
Financial  Officer of Related Beta  Corporation  (general partner of each of the
Partnership  and  Cambridge  and  Related  Associates,  general  partner  of the
Partnership)  and Assisted  Housing  Associates,  Inc.  (general  partner of the
Partnership),  certify,  pursuant to 18 U.S.C.  ss. 1350, as adopted pursuant to
ss. 906 of the Sarbanes-Oxley Act of 2002, that:


       (1) The Report fully complies with the  requirements  of section 13(a) or
15(d) of the Securities Exchange Act of 1934; and


       (2) The  information  contained  in the Report  fairly  presents,  in all
material  respects,  the  financial  condition  and result of  operations of the
Partnership.

A signed  original of this  written  statement  required by Section 906 has been
provided  to the  Partnership  and  will  be  retained  by the  Partnership  and
furnished to the SEC or its staff upon request.



By:  /s/ Alan P. Hirmes
     ------------------
     Alan P. Hirmes
     Chief Executive Officer and
     Chief Financial Officer
     July 29, 2004