SECURITIES AND EXCHANGE COMMISSION
                        Washington, D.C.  20549


                               FORM 10-K


             Annual Report Pursuant to Section 13 or 15(d)
                of the Securities Exchange Act of 1934


For the fiscal year 
ended December 31, 1997              Commission file number 0-8716     


                    JMB INCOME PROPERTIES, LTD. - V
        ------------------------------------------------------
        (Exact name of registrant as specified in its charter)



              Illinois                   36-2897158                    
     (State of organization)  (I.R.S. Employer Identification No.)     


   900 N. Michigan Ave.,  Chicago, Illinois       60611                
   (Address of principal executive office)      (Zip Code)             


Registrant's telephone number, including area code 312-915-1987


Securities registered pursuant to Section 12(b) of the Act:

                                           Name of each exchange on    
Title of each class                         which registered           
-------------------                       -------------------------    
        None                                           None            


Securities registered pursuant to Section 12(g) of the Act:

                     LIMITED PARTNERSHIP INTERESTS
                           (Title of class)


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 if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K is not contained herein, and will not be contained,
to the best of registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K [ X ]

State the aggregate market value of the voting stock held by non-affiliates
of the Registrant.  Not applicable.

Documents incorporated by reference:  None



<PAGE>


                           TABLE OF CONTENTS



                                                          Page
                                                          ----
PART I

Item 1.      Business . . . . . . . . . . . . . . . . . .   1

Item 2.      Properties . . . . . . . . . . . . . . . . .   5

Item 3.      Legal Proceedings. . . . . . . . . . . . . .   7

Item 4.      Submission of Matters to a 
             Vote of Security Holders . . . . . . . . . .   7


PART II

Item 5.      Market for the Partnership's 
             Limited Partnership Interests and 
             Related Security Holder Matters. . . . . . .   7

Item 6.      Selected Financial Data. . . . . . . . . . .   8

Item 7.      Management's Discussion and 
             Analysis of Financial Condition and 
             Results of Operations. . . . . . . . . . . .  14

Item 7A.     Quantitative and Qualitative 
             Disclosures About Market Risk. . . . . . . .  19

Item 8.      Financial Statements and 
             Supplementary Data . . . . . . . . . . . . .  20

Item 9.      Changes in and Disagreements 
             with Accountants on Accounting and 
             Financial Disclosure . . . . . . . . . . . .  43


PART III

Item 10.     Directors and Executive Officers 
             of the Partnership . . . . . . . . . . . . .  43

Item 11.     Executive Compensation . . . . . . . . . . .  46

Item 12.     Security Ownership of Certain 
             Beneficial Owners and Management . . . . . .  47

Item 13.     Certain Relationships and 
             Related Transactions . . . . . . . . . . . .  49


PART IV

Item 14.     Exhibits, Financial Statement Schedules, 
             and Reports on Form 8-K. . . . . . . . . . .  49


SIGNATURES. . . . . . . . . . . . . . . . . . . . . . . .  51








                                   i


<PAGE>


                                PART I

ITEM 1.  BUSINESS

     Unless otherwise indicated, all references to "Notes" are to Notes to
Consolidated Financial Statements contained in this report.  Capitalized
terms used herein, but not defined, have the same meanings as used in the
Notes.

     The registrant, JMB Income Properties, Ltd. - V (the "Partnership") is
a limited partnership formed in 1976 and currently governed by the Revised
Uniform Limited Partnership Act of the State of Illinois to invest in
improved income-producing commercial and residential real property.  The
Partnership sold $38,500,000, in Limited Partnership Interests (the
"Interests") to the public commencing on August 15, 1977 pursuant to a
Registration Statement on Form S-11 under the Securities Act of 1933
(Registration No. 2-58026).  A total of 38,500 Interests were sold to the
public at $1,000 per Interest.  The offering closed on September 30, 1977. 
No Limited Partner has made any additional capital contributions after such
date.  The Limited Partners of the Partnership share in their portion of
the benefits of ownership of the Partnership's real property investments
according to the number of Interests held.

     The Partnership is engaged solely in the business of the acquisition,
operation and sale and disposition of equity real estate investments.  Such
equity investments are held by fee title, leasehold estates and/or through
joint venture partnership interests.  The Partnership's real estate
investments are located in Virginia and North Carolina.  A presentation of
information about industry segments, geographic regions, raw materials or
seasonality is not applicable and would not be material to an understanding
of the Partnership's business taken as a whole.  Pursuant to the
Partnership Agreement, the Partnership is required to terminate no later
than December 31, 2026.  The Partnership is self-liquidating in nature.  At
sale of a particular property, the net proceeds, if any, are generally
distributed or reinvested in existing properties rather than invested in
acquiring additional properties.  As discussed further in Item 7, the
Partnership currently expects to conduct an orderly liquidation of its
remaining investment portfolio as quickly as practicable and to wind up its
affairs not later than December 31, 1999 barring any unforeseen economic
developments.

     The Partnership has made the real property investments set forth in
the following table:



<PAGE>


<TABLE>
<CAPTION>
                                                     SALE OR DISPOSITION 
                                                       DATE OR IF OWNED
                                                     AT DECEMBER 31, 1997,
NAME, TYPE OF PROPERTY                     DATE OF     ORIGINAL INVESTED
    AND LOCATION                SIZE      PURCHASE  CAPITAL PERCENTAGE (a)         TYPE OF OWNERSHIP
----------------------       ----------   --------  ----------------------       ---------------------
<S>                         <C>          <C>       <C>                           <C>
1. Wachovia Bank 
    Building
    and Phillips 
    Building
    office buildings
    Winston-Salem,
    North Carolina. . .       692,000      1-31-77             27%               fee ownershipof land and
                               sq.ft.                                            improvements (through joint
                               n.r.a.                                            venture partnership) 
                                                                                 (b) (c) (d) (e)
2. Bristol Mall
    shopping center
    Bristol, Virginia .        488,000     8-31-77             17%               fee ownership of land and
                               sq.ft.                                            improvements (b) (d) (e)
                               g.l.a.
3. Catawba Mall
    shopping center
    Hickory, 
    North Carolina. . .       260,500      1-30-78       sold 9-26-83            fee ownership of improve-
                               sq.ft.                  reacquired 8-8-89         ments and ground leasehold
                               g.l.a.                    sold 5-23-91            interest in land
4. Five Points Plaza
    shopping center
    Valdosta, Georgia .       178,000      1-30-78          6-16-86              fee ownership of land and
                               sq.ft.                                             improvements
                               g.l.a.
5. Northcross Mall
    shopping center
    Austin, Texas . . .       289,000      1-31-78          2-18-88              fee ownership of land and
                               sq.ft.                                             improvements (through
                               g.l.a.                                             joint venture partnership)
6. South DeKalb Mall
    shopping center
    Decatur, Georgia. .       326,000      7-28-78          6-30-86              fee ownership of land and
                               sq.ft.                                             improvements (through
                               g.l.a.                                             joint venture partnership)
7. Edgewater
    shopping center
    Foster City, 
    California. . . . .       114,000      9-22-78          3-31-86              fee ownership of land and
                               sq.ft.                                             improvements (through
                               g.l.a.                                             joint venture partnership)


<PAGE>



                                                     SALE OR DISPOSITION 
                                                       DATE OR IF OWNED
                                                     AT DECEMBER 31, 1997,
NAME, TYPE OF PROPERTY                     DATE OF     ORIGINAL INVESTED
    AND LOCATION                SIZE      PURCHASE  CAPITAL PERCENTAGE (a)         TYPE OF OWNERSHIP
----------------------       ----------   --------  ----------------------       ---------------------

8. Lenoir Mall
    shopping center
    Lenoir, 
    North Carolina. . .       279,000      7-27-79         11-30-84              fee ownership of land and
                               sq.ft.                                             improvements (through
                               g.l.a.                                             joint venture partnership)
9. Dutchess Mall
    shopping center
    Fishkill, 
    New York. . . . . .       373,000      10-3-79          5-13-94              fee ownership of land and
                               sq.ft.                                             improvements (through
                               g.l.a.                                             joint venture partnership)
10. Cottonwood Park
     office building
     Casper, Wyoming. .        51,900      11-1-79          8-22-90              fee ownership of land and
                               sq.ft.                                            improvements 
                               n.r.a.
11. Towne South Plaza
     shopping center
     Terre Haute, 
     Indiana. . . . . .       176,000     12-10-79          8-1-83               fee ownership of land and 
                               sq.ft.                                             improvements 
                               n.r.a.



<PAGE>


<FN>
---------------

(a)    The computation of this percentage for properties held at
December 31, 1997 does not include amounts invested from sources other than
the original net proceeds of the public offering as described above and in
Item 7.

(b)    Reference is made to the Notes and to Schedule III filed with this
annual report for the current outstanding principal balances and a
description of the long-term mortgage indebtedness secured by the
Partnership's real property investments.

(c)    Reference is made to the Notes filed with this annual report for a
description of the joint venture partnership through which the Partnership
made this real property investment.

(d)    Reference is made to Item 8 - Schedule III filed with this annual
report for further information concerning the real estate taxes and
depreciation.

(e)    Reference is made to Item 6 - Selected Financial Data for
additional operating and lease expiration data concerning this investment
property.

</TABLE>


<PAGE>


     The Partnership's real property investments are subject to competition
from similar types of properties (including, in certain areas, properties
owned by affiliates of the General Partners) in the respective vicinities
in which they are located.  Such competition is generally for the retention
of existing tenants.  Additionally, the Partnership is in competition for
new tenants in markets where significant vacancies are present.  Reference
is made to Item 7 below for a discussion of competitive conditions and
further renovation and capital improvement plans of the Partnership and
certain of its significant investment properties.  Approximate occupancy
levels for the properties are set forth in the table in Item 2 below to
which reference is hereby made.  The Partnership maintains the suitability
and competitiveness of its properties in its markets primarily on the basis
of effective rents, tenant allowances and service provided to tenants.  In
the opinion of the Managing General Partner of the Partnership, all of the
investment properties held at December 31, 1997 are adequately insured.

     Reference is made to the Notes for a schedule of minimum lease
payments to be received in each of the next five years, and in the
aggregate thereafter, under leases in effect at the Partnership's
properties as of December 31, 1997.

     The Partnership has no employees other than personnel performing on-
site duties at certain of the Partnership's properties, none of whom are
officers or directors of the Managing General Partner of the Partnership.

     The terms of transactions between the Partnership, the General
Partners and their affiliates are set forth in Item 11 below to which
reference is hereby made for a description of such terms and transactions.



ITEM 2.  PROPERTIES

     The Partnership owns directly or through joint venture partnerships
the properties or interests in the properties referred to under Item 1
above to which reference is hereby made for a description of said
properties.

     The following is a listing of principal businesses or occupations
carried on in and approximate occupancy levels by quarter during fiscal
years 1997 and 1996 for the Partnership's investment properties owned
during 1997:



<PAGE>


<TABLE>
<CAPTION>
                                                             1996                      1997           
                                                   ------------------------- -------------------------
                               Principal             At    At     At     At    At     At    At     At 
                               Business             3/31  6/30   9/30  12/31  3/31   6/30  9/30  12/31
                               ----------           ----  ----   ----  -----  ----   ---- -----  -----
<S>                            <C>                 <C>   <C>    <C>   <C>    <C>    <C>  <C>    <C>   
1. Wachovia Bank Building
    and Phillips Building
    Winston-Salem,
    North Carolina. . . . . .  Banking               60%   69%    65%    63%   63%    65%   70%    72%

2. Bristol Mall
    Bristol, Virginia . . . .  Retail                81%   81%    81%    80%   85%    84%   89%    89%

----------
<FN>

     Reference is made to Item 6, Item 7 and to the Notes for further information regarding property occupancy,
competitive conditions and tenant leases at the Partnership's investment properties.


</TABLE>


<PAGE>


ITEM 3.  LEGAL PROCEEDINGS

     The Partnership is not subject to any material pending legal
proceedings.



ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

     There were no matters submitted to a vote of security holders during
fiscal years 1996 and 1997.




                                PART II

ITEM 5.  MARKET FOR THE PARTNERSHIP'S LIMITED PARTNERSHIP INTERESTS 
         AND RELATED SECURITY HOLDER MATTERS

     As of December 31, 1997, there were 3,251 record holders of Interests
of the Partnership.  There is no public market for Interests and it is not
anticipated that a public market for Interests will develop.  Upon request,
the Managing General Partner may provide information relating to a
prospective transfer of Interests to an investor desiring to transfer his
Interests.  The price to be paid for the Interests, as well as any other
economic aspects of the transaction, will be subject to negotiation by the
Investor.  There are certain conditions and restrictions on the transfer of
Interests, including, among other things, the requirement that the
substitution of a transferee of Interests as a Limited Partner of the
Partnership be subject to the written consent of the Managing General
Partner, which, may be granted or withheld in its sole and absolute
discretion.  The rights of a transferee of Interests who does not become a
substituted Limited Partner will be limited to the rights to receive his
share of profits or losses and cash distributions from the Partnership, and
such transferee will not be entitled to vote such Interests or have other
rights of a Limited Partner.  No transfer will be effective until the first
day of the next succeeding calendar quarter after the requisite transfer
form satisfactory to the Managing General Partner has been received by the
Managing General Partner.  The transferee consequently will not be entitled
to receive any cash distributions or any allocable share of profits or
losses for tax purposes until such next succeeding calendar quarter. 
Profits or losses from operations of the Partnership for a calendar year in
which a transfer occurs will be allocated between the transferor and the
transferee based upon the number of quarterly periods in which each was
recognized as the holder of the Interests, without regard to the results of
the Partnership's operations during particular quarterly periods and
without regard to whether cash distributions were made to the transferor or
transferee.  Profits or losses arising from the sale or other disposition
of Partnership properties will be allocated to the recognized holder of the
Interests as of the last day of the quarter in which the Partnership
recognized such profits or losses.  Cash distributions to a holder of
Interests arising from the sale or other disposition of Partnership
properties will be distributed to the recognized holder of the Interests as
of the last day of the quarterly period with respect to which such
distribution is made.

     Reference is made to Item 6 below for a discussion of cash
distributions made to the Limited Partners.

    Reference is made to Item 7 for a discussion of unsolicited tender 
offers received from unaffiliated third parties.


<PAGE>


<TABLE>
ITEM 6.  SELECTED FINANCIAL DATA

                                       JMB INCOME PROPERTIES, LTD. - V
                                           (A LIMITED PARTNERSHIP)
                                          AND CONSOLIDATED VENTURES

                                 DECEMBER 31, 1997, 1996, 1995, 1994 AND 1993
                                (NOT COVERED BY INDEPENDENT AUDITORS' REPORT)


<CAPTION>
                                1997          1996          1995          1994          1993    
                            -----------   -----------   -----------    ----------    ---------- 
<S>                        <C>           <C>           <C>            <C>           <C>         
Total income. . . . . . .   $10,428,313     9,872,882    11,164,462    11,361,173    11,107,289 
                            ===========   ===========    ==========    ==========    ========== 
Earnings (loss) before
 gain on sale or disposi-
 tion of investment
 property . . . . . . . .   $ 1,218,375       804,839     1,313,875     1,188,760       672,736 
Gain on sale or disposi-
 tion of investment
 properties . . . . . . .         --            --            --        1,984,734        39,297 
                            -----------   -----------    ----------    ----------    ---------- 
Net earnings (loss) . . .   $ 1,218,375       804,839     1,313,875     3,173,494       712,033 
                            ===========   ===========    ==========    ==========    ========== 
Net earnings (loss) per
 Limited Partner 
 Interest (b):
   Earnings (loss) before
     gain on sale or 
     disposition of
     investment
     property . . . . . .   $     30.69         20.28         33.10         29.95         16.95 
   Gain on sale or dis-
     position of invest-
     ment properties. . .         --            --            --            51.03          1.01 
                            -----------   -----------    ----------    ----------    ---------- 
    Net earnings
     (loss) . . . . . . .   $     30.69         20.28         33.10         80.98         17.96 
                            ===========   ===========    ==========    ==========    ========== 
Total assets. . . . . . .   $32,327,478    30,258,324    26,729,695    25,048,902    26,365,897 
Long-term debt. . . . . .   $24,118,537    24,939,477     5,880,735    26,426,311    30,861,793 
Cash distributions per
 Limited Partner 
 Interest (c) . . . . . .   $      1.71           .99          1.67          1.71          1.59 
                            ===========   ===========    ==========    ==========    ========== 



<PAGE>


<FN>
---------------

(a)    The above selected financial data should be read in conjunction
with the consolidated financial statements and the related notes appearing
elsewhere in this annual report.

(b)    The net earnings (loss) per Interest is based upon the Interests
outstanding at the end of each period (38,505).

(c)    Cash distributions from the Partnership are generally not equal to
Partnership income (loss) for financial reporting or Federal income tax
purposes.  Each Partner's taxable income (or loss) from the Partnership in
each year is equal to his allocable share of the taxable income (loss) of
the Partnership, without regard to the cash generated or distributed by the
Partnership.  Accordingly, cash distributions to the Limited Partners since
the inception of the Partnership have not resulted in taxable income to
such Limited Partners and have therefore represented a return of capital.

</TABLE>


<PAGE>


<TABLE>

SIGNIFICANT PROPERTY - SELECTED RENTAL AND OPERATING DATA AS OF DECEMBER 31, 1997


<CAPTION>

Property
--------

Wachovia Bank
Building and
Philips Building   a)   The net rentable area ("NRA")
                        occupancy rate and average
                        base rent per square foot as of
                        December 31 for each of the last 
                        five years were as follows:

                                                    NRA             Avg. Base Rent Per
                         December 31,          Occupancy Rate       Square Foot (1)
                         ------------          --------------       ------------------
<S>                <C>   <C>                   <C>                  <C>

                         1993                    100%                 6.72
                         1994                    100%                 6.71
                         1995                    100%                 6.68
                         1996                     63%                 9.08
                         1997                     72%                 8.10
<FN>
                         (1)  Average base rent per square foot is based on NRA occupied
                              as of December 31 of each year.
</TABLE>
<TABLE>
<CAPTION>
                                                                Base Rent  Scheduled Lease Lease
                   b)     Significant Tenants      Square Feet  Per Annum  Expiration Date Renewal Option(s)
                          -------------------      -----------  ---------  --------------- -----------------
<S>                <C>    <C>                      <C>          <C>        <C>             <C>
                          Wachovia Bank and 
                          Trust Company-
                            Wachovia Bank
                             Building (Bank)       183,993      $2,483,096     6/1998      2-2 year options
                            Phillips Building
                             (Bank)                268,708       1,556,159     2/2002      N/A  

</TABLE>


<PAGE>


<TABLE>
<CAPTION>
                   c)     The following table sets forth certain
                          information with respect to the expiration
                          of leases for the next ten years at the
                          Wachovia Bank Building and Phillips Building:

                                                                            Annualized        Percent of
                                           Number of        Approx. Total   Base Rent         Total 1997
                          Year Ending      Expiring         NRA of Expiring of Expiring       Base Rent
                          December 31,     Leases           Leases (1)      Leases            Expiring
                          ------------     ---------        --------------- -----------       ----------
<S>                <C>    <C>              <C>              <C>             <C>               <C>
                            1998               6               203,589       2,757,304            68%
                            1999              --                 --              --               -- 
                            2000               1                 1,360          24,564             1%
                            2001              --                 --              --               -- 
                            2002               1               268,708       1,556,159            39%
                            2003              --                 --              --               -- 
                            2004              --                 --              --               -- 
                            2005              --                 --              --               -- 
                            2006              --                 --              --               -- 
                            2007              --                 --              --               -- 
<FN>

                            (1)  Excludes leases that expire in 1998 for which 
                                 renewal leases or leases with replacement tenants 
                                 have been executed as of January 23, 1998.
</TABLE>


<PAGE>


<TABLE>
<CAPTION>

Property
--------

Bristol Mall       a)     The gross leasable area ("GLA") occupancy 
                          rate and average base rent per square foot 
                          as of December 31for each of the last 
                          five years wereas follows:

                                                    GLA             Avg. Base Rent Per
                          December 31,         Occupancy Rate       Square Foot (1)
                          ------------         --------------       ------------------
<S>                <C>    <C>                  <C>                  <C>
                               1993 . . . . .       86%                  5.23
                               1994 . . . . .       82%                  5.05
                               1995 . . . . .       83%                  5.05
                               1996 . . . . .       80%                  5.20
                               1997 . . . . .       89%                  4.54
<FN>
                               (1)  Average base rent per square foot is based on GLA occupied
                                    as of December 31 of each year.
</TABLE>
<TABLE>
<CAPTION>
                                                                Base Rent  Scheduled Lease Lease
                   b)     Significant Tenants      Square Feet  Per Annum  Expiration Date Renewal Option(s)
                          -------------------      -----------  ---------  --------------- -----------------
<S>                <C>    <C>                      <C>          <C>        <C>             <C>
                          Parks Belk               83,030       186,822    7/2000          N/A  
                          (Department Store)
                          Sears                    93,750       109,999    7/2004          4-5 year
                          (Department Store)                                                 options
                          Proffitt's               46,230       122,510    3/2000          N/A  
                          (Department Store)
                          J.C. Penney
                          (Department Store)       86,240       366,520    9/2012          7-5 year
                                                                                             options
</TABLE>


<PAGE>


<TABLE>
<CAPTION>
                   c)     The following table sets forth certain
                          information with respect to the expiration
                          of leases for the next ten years at the
                          Bristol Mall:

                                                                            Annualized        Percent of
                                           Number of        Approx. Total   Base Rent         Total 1997
                          Year Ending      Expiring         GLA of Expiring of Expiring       Base Rent
                          December 31,     Leases           Leases (1)      Leases            Expiring
                          ------------     ---------        --------------- -----------       ----------
<S>                <C>    <C>              <C>              <C>             <C>               <C>
                            1998               7                18,147         173,931             9%
                            1999               3                 3,719          71,232             4%
                            2000              13               151,731         677,952            34%
                            2001               3                23,014         201,098            10%
                            2002               3                 5,742         101,660             5%
                            2003               2                18,888         170,993             9%
                            2004               2                 4,187          59,342             3%
                            2005               5                13,084         235,695            12%
                            2006               1                 1,438          45,000             2%
                            2007              --                  --             --               -- 
<FN>
                            (1)  Excludes leases that expire in 1998 for which 
                                 renewal leases or leases with replacement tenants 
                                 have been executed as of January 9, 1998.
</TABLE>


<PAGE>


ITEM 7.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION 
         AND RESULTS OF OPERATIONS

LIQUIDITY AND CAPITAL RESOURCES

     As a result of the public offering of Interests as described in
Item 1, the Partnership had approximately $34,926,000 (after deducting
selling expenses and other offering costs) with which to make investments
in income-producing commercial and residential real property, to pay legal
fees and other costs (including acquisition fees) related to such
investments and for working capital reserves.  A portion of such proceeds
was utilized to acquire the properties described in Item 1 above.

     During 1996 and 1997, and in January of 1998, some of the Limited
Partners in the Partnership received from unaffiliated third parties
unsolicited tender offers to purchase up to 4.9% of the Interests in the
Partnership between $100 and $160 per Interest.  The Partnership
recommended against acceptance of these offers on the basis that, among
other things, the offer prices were inadequate.  Such offers expired.  As
of the date of this report, the Partnership is aware that 12.47% of the
Interests have been purchased by such unaffiliated third parties either
pursuant to such tender offers or through negotiated purchases.  It is
possible that other offers for Interests may be made by unaffiliated third
parties in the future, although there is no assurance that any other third
party will commence an offer for Interests, the terms of any such offer or
whether any such offer, if made, will be consummated, amended or withdrawn.

The board of directors of JMB Realty Corporation ("JMB") the managing
general partner of the Partnership, has established a special committee
(the "Special Committee") consisting of certain directors of JMB to deal
with all matters relating to tender offers for Interests in the
Partnership, including any and all responses to such tender offers.  The
Special Committee has retained independent counsel to advise it in
connection with any potential tender offers for Interests and has retained
Lehman Brothers Inc. as financial advisor to assist the Special Committee
in evaluating and responding to any additional potential tender offers for
Interests.

     At December 31, 1997, the Partnership and its consolidated venture had
cash and cash equivalents of approximately $5,407,000.  Such funds are
available for distributions to partners, potentially including the
unaffiliated venture partner in the Wachovia Venture, and for working
capital requirements and capital improvements at Bristol Mall.  The
Partnership is also exploring the possibility of pre-paying a portion of
the JC Penney construction loan.  Such loan is discussed below. 
Accordingly, the Partnership has suspended regular quarterly distributions
of available operating cash flow to partners.  The Partnership and its
consolidated venture have currently budgeted in 1998 approximately
$1,080,000 for tenant improvements and other capital expenditures
(excluding any amounts for the enhancement program except for tenant
improvement costs, described below).  The Partnership's share of such items
in 1998 is currently budgeted to be approximately $993,000.  Actual amounts
expended in 1998 may vary depending on a number of factors including actual
leasing activity, results of property operations, liquidity considerations
and other market conditions over the course of the year.  The source of
capital for the aforementioned such items and for short-term liquidity is
expected to be from the cash and cash equivalents noted above.  Long-term
future liquidity is expected to be through net cash generated by and
through the sale of Bristol Mall.  Due to the re-leasing issues, the
Wachovia Bank Building and Phillips Building is not expected to be a source
of long-term future liquidity.  In such regard, reference is made to the
Partnership's property specific discussions below.  The Partnership's and
its venture's mortgage obligations are separate non-recourse loans secured
individually by the investment properties and are not obligations of the
entire investment portfolio, and therefore, the Partnership and its venture
are not personally liable for the payment of the mortgage indebtedness.



<PAGE>


     The General Partners and their affiliates have deferred payment of
certain property management and leasing fees of approximately $1,403,000
(approximately $35 per interest) as of December 31, 1997 pursuant to the
Wachovia agreement with its venture partner (as more fully discussed in the
Notes).  However, it is unlikely that the General Partners and their
affiliates will be reimbursed for such fees.

BRISTOL MALL

     During 1989, the Partnership entered into a lease with the J.C. Penney
Company ("J.C. Penney") for an 86,000 square foot addition at the Bristol
Mall shopping center.  For the lease to commence, an addition and
associated mall enhancement program was required to be completed. This led
to protracted negotiations with J.C. Penney and the property's mortgage
lender to determine how these capital costs would be funded.  As a result,
in July 1996, the Partnership and J.C. Penney executed an amendment to the
existing lease and the Partnership began construction of the anchor store
and the mall enhancement.

     The estimated cost of the construction of the anchor store, as well as
the mall enhancement and certain anticipated tenant improvement costs is
approximately $13,940,000, of which approximately $11,400,000 (including
pre-development costs) has been funded as of December 31, 1997.

     The Partnership is utilizing a construction loan provided by J.C.
Penney for certain construction costs up to $4,665,200, of which
approximately $4,330,000 has been funded at December 31, 1997.  The
remaining costs not scheduled to be funded by the loan (approximately
$2,200,000) are expected to be funded by the Partnership from available
cash.  The Partnership expects that the remaining costs, of which a
substantial portion has been allocated for tenant improvements, will be
incurred in 1998 and 1999.

     In August 1997, the J.C. Penney store opened and commenced operations
at the mall and the mall enhancement was completed.

     The construction loan bears an interest rate of 10% per annum and
interest accrues on the funds from the date of the advance.  The
Partnership was not required to make any payments on the loan until the
first month after the opening date of the new anchor store (in August
1997).  The Partnership is required to make monthly interest only payments
for five years on the total amount advanced under the loan plus any
accrued, but unpaid interest from the construction period.  Thereafter, for
the remaining 5-year term of the loan, the Partnership will be required to
make payments of both principal and interest based on a ten-year
amortization schedule with the balance of unpaid principal due upon
maturity.  All rental amounts due from the tenant to the Partnership under
the terms of the lease amendment will first be applied against these debt
service payments with any monthly rental amounts owed by J.C. Penney in
excess of the Partnership's monthly payment to be applied as a principal
reduction of the loan.  On September 1, 1997, the Partnership began paying
interest on the loan.  The rent owed for the period August 1 through
September 1, 1997 to the Partnership was in excess of the required interest
payment.  Therefore, in accordance with the loan agreement, the excess
rental payment was applied to principal (approximately $24,000).  For the
remainder of 1997, the monthly interest payments were in excess of the
rents due, therefore no additional amounts have been applied to principal. 
As of December 31, 1997 approximately $334,000 of available loan proceeds
remain.  The Partnership was able to draw the remaining amount in the first
quarter of 1998.  Additionally, in September 1996, the Partnership escrowed
$1,000,000 as required by the loan agreement.  In March 1997, the
Partnership (as the anchor store was 50% complete) was able to withdraw
approximately $483,000 from the escrow account based on the achievement of
completion points (as defined).  All remaining escrowed funds plus accrued
interest were withdrawn in the fourth quarter of 1997.


<PAGE>


     Due to the J.C. Penney addition and related mall enhancement, the
Partnership has capitalized $404,361 of the $869,228 of interest expense
incurred by Bristol Mall for the year ended December 31, 1997.  The balance
of capitalized interest as of December 31, 1997 of $511,856 is reflected in
properties held for sale or disposition in the accompanying consolidated
financial statements.

     In July 1997, the Partnership sold a small outparcel at the Bristol
Mall.  The Partnership received proceeds from such sale of approximately
$70,000.

     The Partnership expects to begin marketing the property for sale in
1998.


WACHOVIA BANK BUILDING AND PHILLIPS BUILDING

     The Partnership is currently marketing the remaining space
(approximately 40% of the buildings vacated by Wachovia Bank at the
expiration of one of their leases in December 1995) to prospective
replacement tenants but has not been successful in its efforts due to the
lack of large space users in this market.  In the fourth quarter of 1996,
Wachovia Bank notified the venture that it was exercising its option to
extend a lease (approximately 117,000 square feet) until June 1998 upon the
expiration of the current lease in December 1997.  Beginning in the second
quarter of 1997, the Wachovia bank approached the Partnership about leasing
additional space.  This resulted in the bank leasing approximately 82,000
square feet (approximately 9% of the buildings).  These leases are
scheduled to expire in June 1998 with the other lease as discussed above. 
In the first quarter of 1998, the Wachovia Bank notified the Partnership
that it expects to vacate all, or substantially all of its space in the
third and fourth quarters of 1998.  Re-leasing the remaining space in the
building or any additional extensions of the Wachovia Bank lease would
likely require major renovation to the building as well as significant
tenant improvements which, in turn, would be contingent upon the
Partnership obtaining financing for these tenant replacement costs.  Unless
replacement tenants are secured on acceptable terms for the remaining
space, it is unlikely that the Partnership will commit any additional funds
to the property.  This may result in the Partnership no longer having an
ownership interest in the two office buildings.  This action would result
in a gain for financial reporting and Federal income tax purposes with no
corresponding distributable proceeds.  Additionally, the Partnership could
be required to remit to the state tax authorities withholding for taxes due
as a result of this action.  This withholding amount is currently estimated
to be approximately $500,000.

     The mortgage loan secured by the property matured in October 1996. 
Wachovia reached an agreement with the current mortgage lender to modify
and extend the existing mortgage note effective November 1, 1996.  The loan
modification requires principal and interest payments based on a 22 year
amortization at an interest rate of 9.55% per annum and matures on
November 1, 2001, when all remaining principal and unpaid interest is due. 
The venture paid loan commitment fees in 1996 of approximately $105,000 to
the lender in conjunction with the modification and extension.

     The Partnership's venture partner had agreed to contribute
$10,700,000, before applicable interest, to the venture pursuant to a
payment schedule from the closing date through August 1, 1996, when it
would owe the balance of its obligation (approximately $7,600,000).  The
venture partner has continued to make contributions based on the old
payment schedule rather than making the balloon payment in August 1996 as
required.  As a result, the venture partner is currently approximately
$7,400,000 in arrears for such contributions as of the date of this report.

The venture partner's obligation to make such payment is secured only by
its interest in the venture.  In the fourth quarter of 1996, the
Partnership notified the venture partner of its default effective August
1996.  As a result of the extension of the first mortgage loan securing the
property as discussed above, the Partnership is currently negotiating a


<PAGE>


possible extension of the payment schedule with the venture partner. 
However, there can be no assurance that any such agreement will be reached.

     The accompanying consolidated financial statements include
approximately $2,536,000 of undistributed operating cash flow related to
the Wachovia Building Associates.  Absent the aforementioned default by the
unaffiliated joint venture partner, such funds would be distributable to
the Partnership and the unaffiliated joint venture partner in the amounts
of approximately $1,610,000 and $926,000, respectively.  These amounts may
change depending upon the outcome of the negotiations of the payment
schedule discussed above.  In addition, in January 1997, the venture
distributed approximately $2,773,000 and $2,112,000 to the Partnership and
the venture partner, respectively.  Such funds did not secure the venture
partner's obligations discussed above and were related to pre-default
events.  Consequently, the venture could not offset such distributions
against the venture partner's unfunded capital commitment.

GENERAL

     There are certain risks associated with the Partnership's investments
made through joint ventures including the possibility that the
Partnership's joint venture partners in an investment might become unable
or unwilling to fulfill their financial or other obligations, or that such
joint venture partners may have economic or business interests or goals
that are inconsistent with those of the Partnership.

     As a result of the real estate market conditions discussed above, the
Partnership continues to conserve its working capital.  All expenditures
are carefully analyzed and certain capital projects are deferred when
appropriate.  By conserving working capital, the Partnership will be in a
better position to meet the future needs of its properties since the
availability of satisfactory outside sources of capital may be limited
given the portfolio's current debt levels.  Due to these factors, the
Partnership has held its remaining investment properties longer than
originally anticipated in an effort to maximize the return to the Limited
Partners.  However, after reviewing the remaining properties and the
marketplaces in which they operate, the General Partners of the Partnership
currently expects to conduct an orderly liquidation of its remaining
investment portfolio as quickly as practicable and to wind up its affairs
not later than December 31, 1999 barring any unforeseen economic
developments.

RESULTS OF OPERATIONS

     The increase in property held for sale or disposition and the related
decrease in total investment property, net of accumulation depreciation as
of December 31, 1997 as compared to December 31, 1996 is due to the
classification of the Bristol Mall as assets held for sale or disposition
at September 30, 1997.

     The increase in total investment properties, construction loan
payable, and related decreases in cash and cash equivalents and escrow
deposits as of December 31, 1997 as compared to December 31, 1996 is
primarily due to the construction (substantially complete as of August 31,
1997) of the addition and related mall enhancement at the Bristol Mall. 
Additionally, the increase in construction loan payable is due to the
addition of all accrued but unpaid interest on the loan when payment on the
loan commenced on September 1, 1997.

     In the third quarter of 1997, the Partnership sold a small outparcel
at the Bristol Mall.  The Partnership received proceeds from such sale of
approximately $70,000.  The amount received was applied against the
carrying value of the land.  Therefore, there is no gain or loss related to
the transaction recognized for financial reporting purposes.

     The increase in interest, rents and other receivables as of
December 31, 1997 as compared to December 31, 1996 is primarily due to the
timing of payments for rental recoveries at the Bristol Mall.



<PAGE>


     The decrease in accounts payable as of December 31, 1997 as compared
to December 31, 1996 is primarily due to the timing of payments for amounts
related to the construction of the addition and related mall enhancement at
the Bristol Mall.

     The decrease in accrued real estate taxes as of December 31, 1997 as
compared to December 31, 1996 is primarily due to the timing of the payment
of real estate taxes at the Wachovia Bank Building in 1997.

     The decrease in venture partner's subordinated equity in venture as of
December 31, 1997 as compared to December 31, 1996 is primarily due to the
distribution of approximately $2,112,000 of previously undistributed
operating cash flow, related to the Wachovia Bank Building, to the venture
partner in 1997.  This amount is offset by the allocation of income earned
in 1997 to the venture partner.

     The increase in rental income in 1997 as compared to 1996 is primarily
due to the commencement of rental payments by J.C. Penney due to the
opening of their store in 1997 at the Bristol Mall.  This increase, and
related increase in venture partner's share of venture's operations, is
also due to an adjustment made every five years based on the consumer price
index for a tenant at the Wachovia Bank Building and an increase in
occupancy at the Wachovia Bank Building in 1997.  The decrease in rental
income and related decrease in venture partner's share of venture's
operations in 1996 as compared to 1995 is primarily due to the Wachovia
Bank vacating approximately 40% of the buildings at the expiration of their
lease on December 31, 1995.

     The decrease in interest income for 1997 as compared to 1996 and 1996
as compared to 1995 is primarily due to the payment of costs related to the
addition and mall enhancement at the Bristol Mall in 1997 and 1996
resulting in lower average cash balances available for temporary
investment.  Additionally, the decrease in interest income for 1997 as
compared to 1996 is also due to the distribution of approximately
$2,112,000 of previously undistributed cash flow related to the Wachovia
Bank Building to the venture partner in 1997.

     The increase in mortgage and other interest for 1997 as compared to
1996 is due to the commencement of payment of interest on the construction
note in August 1997.  This amount is partially offset by the capitalization
of interest of approximately $200,000 on certain construction costs
incurred at the Bristol Mall in 1997.  The decrease in interest expense for
1996 as compared to 1995 is due to the capitalization of interest of
approximately $89,000 on certain construction costs in 1996.

     The decrease in depreciation for 1997 as compared to 1996 and 1996 as
compared to 1995 is primarily due to the Bristol Mall being classified as
held for sale at September 30, 1997 and the Wachovia Bank Building being
classified as held for sale as of July 1, 1996 and therefore not subject to
continued depreciation as of those dates.

     The increase in general and administrative costs for 1997 as compared
to 1996 and 1995 is primarily due to an increase in costs for the use of
independent third parties to perform certain administrative services for
the Partnership.



<PAGE>


INFLATION

     Due to the decrease in the level of inflation in recent years,
inflation generally has not had a material effect on rental income or
property operating expenses.

     Inflation is not expected to significantly impact future operations
due to the expected liquidation of the Partnership by 1999.  However, to
the extent that inflation in future periods would have an adverse impact on
property operating expenses, the effect would generally be offset by
amounts recovered from tenants as many of the long-term leases at the
Partnership's commercial properties have escalation clauses covering
increases in the cost of operating and maintaining the properties as well
as real estate taxes.  Therefore, there should be little effect from
inflation on operating earnings if the properties remain substantially
occupied.  In addition, substantially all of the leases at the Partner-
ship's shopping center investment contain provisions which entitle the
Partnership to participate in gross receipts of tenants above fixed minimum
amounts.



ITEM 7A.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

     Not applicable.



<PAGE>


ITEM 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA


                    JMB INCOME PROPERTIES, LTD. - V
                        (A LIMITED PARTNERSHIP)
                       AND CONSOLIDATED VENTURE

                                 INDEX


Independent Auditors' Report

Consolidated Balance Sheets, December 31, 1997 and 1996

Consolidated Statements of Operations, years ended December 31, 
  1997, 1996 and 1995

Consolidated Statements of Partners' Capital Accounts (Deficits), 
  years ended December 31, 1997, 1996 and 1995

Consolidated Statements of Cash Flows, years ended December 31, 
  1997, 1996 and 1995

Notes to Consolidated Financial Statements


                                                          Schedule     
                                                          --------     

Consolidated Real Estate and Accumulated Depreciation        III       


Schedules not filed:

     All schedules other than the one indicated in the index have been
omitted as the required information is inapplicable or the information is
presented in the consolidated financial statements or related notes.















<PAGE>














                     INDEPENDENT AUDITORS' REPORT


The Partners
JMB INCOME PROPERTIES, LTD. - V:

     We have audited the consolidated financial statements of JMB Income
Properties, Ltd. - V (a limited partnership) and consolidated venture as
listed in the accompanying index.  In connection with our audits of the
consolidated financial statements, we also have audited the financial
statement schedule as listed in the accompanying index.  These consolidated
financial statements and financial statement schedule are the
responsibility of the General Partners of the Partnership.  Our
responsibility is to express an opinion on these consolidated financial
statements and financial statement schedule based on our audits.

     We conducted our audits in accordance with generally accepted auditing
standards.  Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement.  An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements.  An audit also includes assessing the accounting principles
used and significant estimates made by the General Partners of the
Partnership, as well as evaluating the overall financial statement
presentation.  We believe that our audits provide a reasonable basis for
our opinion.

     In our opinion, the consolidated financial statements referred to
above present fairly, in all material respects, the financial position of
JMB Income Properties, Ltd. - V and consolidated venture at December 31,
1997 and 1996, and the results of their operations and their cash flows for
each of the years in the three-year period ended December 31, 1997, in
conformity with generally accepted accounting principles.  Also in our
opinion, the related financial statement schedule, when considered in
relation to the basic consolidated financial statements taken as a whole,
presents fairly, in all material respects, the information set forth
therein.

     As discussed in the Notes to the consolidated financial statements, in
1996, the Partnership and its consolidated venture changed their method of
accounting for long-lived assets and long-lived assets to be disposed of to
conform with Statement of Financial Accounting Standards No. 121.







                                          KPMG PEAT MARWICK LLP        


Chicago, Illinois
March 25, 1998



<PAGE>


<TABLE>

                                       JMB INCOME PROPERTIES, LTD. - V
                                           (A LIMITED PARTNERSHIP)
                                          AND CONSOLIDATED VENTURE

                                         CONSOLIDATED BALANCE SHEETS

                                         DECEMBER 31, 1997 AND 1996

                                                   ASSETS
                                                   ------
<CAPTION>
                                                                            1997              1996    
                                                                        ------------      ----------- 
<S>                                                                    <C>               <C>          
Current assets:
  Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . .   $  5,407,496        9,717,478 
  Interest, rents and other receivables . . . . . . . . . . . . . . .        365,405          273,553 
  Prepaid expenses. . . . . . . . . . . . . . . . . . . . . . . . . .         62,341           62,341 
  Escrow deposits . . . . . . . . . . . . . . . . . . . . . . . . . .          --           1,005,343 
                                                                        ------------      ----------- 
          Total current assets. . . . . . . . . . . . . . . . . . . .      5,835,242       11,058,715 
                                                                        ------------      ----------- 

Investment properties, at cost - Schedule III:
  Land. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .          --             801,703 
  Buildings and improvements. . . . . . . . . . . . . . . . . . . . .          --          22,882,195 
                                                                        ------------      ----------- 
                                                                               --          23,683,898 
  Less accumulated depreciation . . . . . . . . . . . . . . . . . . .          --          12,468,511 
                                                                        ------------      ----------- 
          Total properties held for investment,
            net of accumulated depreciation . . . . . . . . . . . . .          --          11,215,387 

  Property held for sale or disposition . . . . . . . . . . . . . . .     25,899,374        7,299,846 
                                                                        ------------      ----------- 
          Total investment properties . . . . . . . . . . . . . . . .     25,899,374       18,515,233 
                                                                        ------------      ----------- 
Deferred expenses . . . . . . . . . . . . . . . . . . . . . . . . . .        310,960          346,713 
Accrued rents receivable. . . . . . . . . . . . . . . . . . . . . . .        281,902          337,663 
                                                                        ------------      ----------- 
                                                                        $ 32,327,478       30,258,324 
                                                                        ============      =========== 


<PAGE>


                                       JMB INCOME PROPERTIES, LTD. - V
                                           (A LIMITED PARTNERSHIP)
                                          AND CONSOLIDATED VENTURE
                                   CONSOLIDATED BALANCE SHEETS - CONTINUED

                            LIABILITIES AND PARTNERS' CAPITAL ACCOUNTS (DEFICITS)
                            -----------------------------------------------------
                                                                            1997              1996    
                                                                        ------------      ----------- 
Current liabilities:
  Current portion of long-term debt . . . . . . . . . . . . . . . . .    $   820,940          749,993 
  Accounts payable. . . . . . . . . . . . . . . . . . . . . . . . . .      2,241,272        2,607,242 
  Accrued interest. . . . . . . . . . . . . . . . . . . . . . . . . .        233,723          219,331 
  Accrued real estate taxes . . . . . . . . . . . . . . . . . . . . .          --             480,208 
  Other current liabilities . . . . . . . . . . . . . . . . . . . . .         54,915           52,026 
                                                                        ------------      ----------- 
          Total current liabilities . . . . . . . . . . . . . . . . .      3,350,850        4,108,800 
Tenant security deposits. . . . . . . . . . . . . . . . . . . . . . .         23,489           24,668 
Construction loan payable . . . . . . . . . . . . . . . . . . . . . .      4,513,743        1,262,281 
Long-term debt, less current portion. . . . . . . . . . . . . . . . .     24,118,537       24,939,477 
                                                                        ------------      ----------- 
Commitments and contingencies

          Total liabilities . . . . . . . . . . . . . . . . . . . . .     32,006,619       30,335,226 

Venture partner's subordinated equity in venture. . . . . . . . . . .     11,056,329       11,810,336 

Partners' capital accounts (deficits):
  General partners:
     Capital contributions. . . . . . . . . . . . . . . . . . . . . .          1,000            1,000 
     Cumulative net earnings  . . . . . . . . . . . . . . . . . . . .      1,458,552        1,422,001 
     Cumulative cash distributions. . . . . . . . . . . . . . . . . .     (3,092,823)      (3,092,059)
                                                                        ------------      ----------- 
                                                                          (1,633,271)      (1,669,058)
                                                                        ------------      ----------- 
  Limited partners (38,505 interests):
     Capital contributions, net of offering costs . . . . . . . . . .     34,926,505       34,926,505 
     Cumulative net earnings. . . . . . . . . . . . . . . . . . . . .     28,239,018       27,057,194 
     Cumulative cash distributions. . . . . . . . . . . . . . . . . .    (72,267,722)     (72,201,879)
                                                                        ------------      ----------- 
                                                                          (9,102,199)     (10,218,180)
                                                                        ------------      ----------- 
          Total partners' capital accounts (deficits) . . . . . . . .    (10,735,470)     (11,887,238)
                                                                        ------------      ----------- 
                                                                        $ 32,327,478       30,258,324 
                                                                        ============      =========== 


<FN>
                        See accompanying notes to consolidated financial statements.
</TABLE>


<PAGE>


<TABLE>
                                       JMB INCOME PROPERTIES, LTD. - V
                                           (A LIMITED PARTNERSHIP)
                                          AND CONSOLIDATED VENTURE

                                    CONSOLIDATED STATEMENTS OF OPERATIONS

                                YEARS ENDED DECEMBER 31, 1997, 1996 AND 1995

<CAPTION>
                                                           1997             1996            1995     
                                                       ------------     ------------    ------------ 
<S>                                                   <C>              <C>             <C>           
Income:
  Rental income . . . . . . . . . . . . . . . . . .    $ 10,104,269        9,389,612      10,654,795 
  Interest income . . . . . . . . . . . . . . . . .         324,044          483,270         509,667 
                                                       ------------     ------------    ------------ 
                                                         10,428,313        9,872,882      11,164,462 
                                                       ------------     ------------    ------------ 
Expenses:
  Mortgage and other interest . . . . . . . . . . .       2,341,216        2,298,677       2,443,259 
  Depreciation  . . . . . . . . . . . . . . . . . .         293,017          603,457         876,676 
  Property operating expenses . . . . . . . . . . .       4,969,750        4,870,418       4,981,631 
  Professional services . . . . . . . . . . . . . .          83,018           90,511         103,296 
  Amortization of deferred expenses . . . . . . . .          29,703           46,220          52,482 
  General and administrative. . . . . . . . . . . .         134,606           99,825          63,376 
                                                       ------------     ------------    ------------ 
                                                          7,851,310        8,009,108       8,520,720 
                                                       ------------     ------------    ------------ 
                                                          2,577,003        1,863,774       2,643,742 
Venture partner's share of venture's operations . .      (1,358,628)      (1,058,935)     (1,329,867)
                                                       ------------     ------------    ------------ 
          Net earnings (loss) . . . . . . . . . . .    $  1,218,375          804,839       1,313,875 
                                                       ============     ============    ============ 
          Net earnings (loss) per limited 
           partnership interest:. . . . . . . . . .    $      30.69            20.28           33.10 
                                                       ============     ============    ============ 






<FN>
                        See accompanying notes to consolidated financial statements.
</TABLE>


<PAGE>


<TABLE>
                                         JMB INCOME PROPERTIES, LTD. - V
                                             (A LIMITED PARTNERSHIP)
                                            AND CONSOLIDATED VENTURE

                        CONSOLIDATED STATEMENTS OF PARTNERS' CAPITAL ACCOUNTS (DEFICITS)

                                  YEARS ENDED DECEMBER 31, 1997, 1996 AND 1995


<CAPTION>
                                 GENERAL PARTNERS                             LIMITED PARTNERS (38,505 INTERESTS)
               --------------------------------------------------    ---------------------------------------------------
                                                                   CONTRI- 
                                                                   BUTIONS 
                           NET                                     NET OF        NET    
              CONTRI-    EARNINGS      CASH                       OFFERING    EARNINGS      CASH     
              BUTIONS     (LOSS)   DISTRIBUTIONS     TOTAL         COSTS       (LOSS)   DISTRIBUTIONS    TOTAL   
              -------   ---------- -------------  -----------   -----------  ---------- ------------- -----------
<S>          <C>       <C>        <C>            <C>           <C>          <C>         <C>          <C>         
Balance 
 (deficits)
 December 31,
 1994 . . . .  $1,000    1,358,440   (3,089,066)  (1,729,626)   34,926,505   25,002,041  (72,099,460)(12,170,914)

Net earnings
 (loss) . . .    --         39,416        --          39,416         --       1,274,459        --      1,274,459 
Cash distri-
 butions 
 ($1.67 per 
 limited
 partnership
 interest). .    --          --          (1,910)      (1,910)        --           --         (64,433)    (64,433)
               ------   ----------   ----------   ----------    ----------   ----------  -----------  ---------- 

Balance 
 (deficits)
 December 31,
 1995 . . . .   1,000    1,397,856   (3,090,976)  (1,692,120)   34,926,505   26,276,500  (72,163,893)(10,960,888)

Net earnings
 (loss) . . .    --         24,145         --         24,145          --        780,694         --       780,694 
Cash distri-
 butions 
 ($.99 per 
 limited
 partnership
 interest). .    --          --          (1,083)      (1,083)         --          --         (37,986)    (37,986)
               ------   ----------   ----------   ----------    ----------   ----------  -----------  ---------- 


<PAGE>


                                         JMB INCOME PROPERTIES, LTD. - V
                                             (A LIMITED PARTNERSHIP)
                                            AND CONSOLIDATED VENTURE

                  CONSOLIDATED STATEMENTS OF PARTNERS' CAPITAL ACCOUNTS (DEFICITS) - CONTINUED



                                 GENERAL PARTNERS                             LIMITED PARTNERS (38,505 INTERESTS)
               --------------------------------------------------    ---------------------------------------------------
                                                                   CONTRI- 
                                                                   BUTIONS 
                           NET                                     NET OF        NET    
              CONTRI-    EARNINGS      CASH                       OFFERING    EARNINGS      CASH     
              BUTIONS     (LOSS)   DISTRIBUTIONS     TOTAL         COSTS       (LOSS)   DISTRIBUTIONS    TOTAL   
              -------   ---------- -------------  -----------   -----------  ---------- ------------- -----------
Balance 
 (deficits)
 December 31,
 1996 . . . .   1,000    1,422,001   (3,092,059)  (1,669,058)   34,926,505   27,057,194  (72,201,879)(10,218,180)

Net earnings
 (loss) . . .    --         36,551        --          36,551         --       1,181,824        --      1,181,824 
Cash distri-
 butions 
 ($1.71 per 
 limited
 partnership
 interest). .    --          --            (764)        (764)        --           --         (65,843)    (65,843)
               ------   ----------   ----------   ----------    ----------   ----------  -----------  ---------- 

Balance 
 (deficits)
 December 31,
 1997 . . . .  $1,000    1,458,552   (3,092,823)  (1,633,271)   34,926,505   28,239,018  (72,267,722) (9,102,199)
               ======   ==========   ==========   ==========    ==========   ==========  ===========  ========== 












<FN>
                          See accompanying notes to consolidated financial statements.
</TABLE>


<PAGE>


<TABLE>
                                         JMB INCOME PROPERTIES, LTD. - V
                                             (A LIMITED PARTNERSHIP)
                                            AND CONSOLIDATED VENTURE

                                      CONSOLIDATED STATEMENTS OF CASH FLOWS

                                  YEARS ENDED DECEMBER 31, 1997, 1996 AND 1995

<CAPTION>
                                                            1997            1996             1995    
                                                        -----------      -----------     ----------- 
<S>                                                    <C>              <C>             <C>          
Cash flows from operating activities:
  Net earnings (loss) . . . . . . . . . . . . . . .     $ 1,218,375          804,839       1,313,875 
  Items not requiring (providing) cash or 
   cash equivalents:
    Depreciation. . . . . . . . . . . . . . . . . .         293,017          603,457         876,676 
    Amortization of deferred expenses . . . . . . .          29,703           46,220          52,482 
    Venture partner's share of venture's operations       1,358,628        1,058,935       1,329,867 
    Rental income applied to construction
      loan payable. . . . . . . . . . . . . . . . .         (23,561)           --              --    
  Changes in:
    Interest, rents and other receivables . . . . .         (91,852)          10,134          60,947 
    Prepaid expenses. . . . . . . . . . . . . . . .           --             (33,920)         32,497 
    Accrued rents receivable. . . . . . . . . . . .          55,761           50,846         (11,293)
    Accounts payable. . . . . . . . . . . . . . . .          37,732          172,433         102,850 
    Accrued interest. . . . . . . . . . . . . . . .         218,540           18,250          (3,134)
    Accrued real estate taxes . . . . . . . . . . .        (480,208)            (198)        480,406 
    Tenant security deposits. . . . . . . . . . . .          (1,179)             752          10,900 
                                                        -----------      -----------     ----------- 
          Net cash provided by (used in)
           operating activities . . . . . . . . . .       2,614,956        2,731,748       4,246,073 
                                                        -----------      -----------     ----------- 



<PAGE>


                                         JMB INCOME PROPERTIES, LTD. - V
                                             (A LIMITED PARTNERSHIP)
                                            AND CONSOLIDATED VENTURE

                                CONSOLIDATED STATEMENTS OF CASH FLOWS - CONTINUED


                                                            1997            1996             1995    
                                                        -----------      -----------     ----------- 
Cash flows from investing activities:
  Net sales and maturities (purchases) 
   of short-term investments. . . . . . . . . . . .           --               --          4,780,996 
  Additions to investment properties, net of
   related payables . . . . . . . . . . . . . . . .      (8,147,986)      (3,262,550)       (199,920)
  Proceeds from sale of land parcel . . . . . . . .          70,015            --              --    
  Escrow refunds (deposits), net. . . . . . . . . .       1,005,343       (1,005,343)          --    
                                                        -----------      -----------     ----------- 
          Net cash provided by (used in) 
           investing activities . . . . . . . . . .      (7,072,628)      (4,267,893)      4,581,076 
                                                        -----------      -----------     ----------- 
Cash flows from financing activities:
  Bank overdraft. . . . . . . . . . . . . . . . . .           --               --           (703,449)
  Cash proceeds from construction loan. . . . . . .       3,070,875        1,262,281           --    
  Principal payments on long-term debt. . . . . . .        (749,993)        (736,841)       (678,292)
  Refund (payment) of deferred financing fees . . .           6,050         (288,010)          --    
  Venture partner's contributions to venture. . . .         829,197          829,292         829,377 
  Distributions to venture partner. . . . . . . . .      (2,941,832)        (909,013)       (935,264)
  Distributions to limited partners . . . . . . . .         (65,843)         (37,986)        (64,433)
  Distributions to general partners . . . . . . . .            (764)          (1,083)         (1,910)
                                                        -----------      -----------     ----------- 
          Net cash provided by (used in)
            financing activities. . . . . . . . . .         147,690          118,640      (1,553,971)
                                                        -----------      -----------     ----------- 
          Net increase (decrease) in cash and 
            cash equivalents. . . . . . . . . . . .      (4,309,982)      (1,417,505)      7,273,178 

          Cash and cash equivalents, 
            beginning of year . . . . . . . . . . .       9,717,478       11,134,983       3,861,805 
                                                        -----------      -----------     ----------- 
          Cash and cash equivalents, 
            end of year . . . . . . . . . . . . . .     $ 5,407,496        9,717,478      11,134,983 
                                                        ===========      ===========     =========== 



<PAGE>


                                         JMB INCOME PROPERTIES, LTD. - V
                                             (A LIMITED PARTNERSHIP)
                                            AND CONSOLIDATED VENTURE

                                CONSOLIDATED STATEMENTS OF CASH FLOWS - CONTINUED


                                                            1997            1996             1995    
                                                        -----------      -----------     ----------- 
Supplemental disclosure of cash flow information:
  Cash paid for mortgage and other interest,
    net of capitalized interest . . . . . . . . . .     $ 2,175,263        2,280,427       2,446,393 
                                                        ===========      ===========     =========== 
  Non-cash investing and financing activities:
      Rental income applied to construction
        loan payable. . . . . . . . . . . . . . . .     $    23,561            --              --    
                                                        ===========      ===========     =========== 































<FN>
                          See accompanying notes to consolidated financial statements.
</TABLE>


<PAGE>


                    JMB INCOME PROPERTIES, LTD. - V
                        (A LIMITED PARTNERSHIP)
                       AND CONSOLIDATED VENTURE

              NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                   DECEMBER 31, 1997, 1996 AND 1995



OPERATIONS AND BASIS OF ACCOUNTING

     GENERAL

     The Partnership holds (directly and through a joint venture) two real
estate investments.  Business activities consist of rentals to a variety of
commercial and retail companies, and the ultimate sale or disposition of
such real estate.  The Partnership currently expects to conduct an orderly
liquidation of its remaining investment portfolio as quickly as practicable
and to wind up its affairs not later than December 31, 1999 barring any
unforeseen economic developments.

     The accompanying consolidated financial statements include the
accounts of the Partnership and its majority-owned venture, Wachovia
Building Associates ("Wachovia").  The effect of all transactions between
the Partnership and the consolidated venture has been eliminated.

     The Partnership's records are maintained on the accrual basis of
accounting as adjusted for Federal income tax reporting purposes.  The
accompanying consolidated financial statements have been prepared from such
records after making appropriate adjustments to present the Partnership's
accounts in accordance with generally accepted accounting principles
("GAAP") and to consolidate the accounts of the venture as described above.

Such GAAP and consolidation adjustments are not recorded on the records of
the Partnership.  The net effect of these items for the years ended
December 31, 1997 and 1996 is summarized as follows:




<PAGE>


<TABLE>


<CAPTION>
                                                   1997                              1996            
                                                  -------------------------------------------------------------
                                       GAAP BASIS        TAX BASIS        GAAP BASIS       TAX BASIS 
                                                        (UNAUDITED)                       (UNAUDITED)
                                      ------------      -----------      ------------     ---------- 
<S>                                  <C>                <C>             <C>              <C>         
Total assets. . . . . . . . . . . .    $32,327,478       26,888,750       30,258,324      25,589,663 
Partners' capital
 accounts (deficits):
  General partners. . . . . . . . .     (1,633,271)      (1,046,400)      (1,669,058)     (1,095,608)
  Limited partners. . . . . . . . .     (9,102,199)       3,840,006      (10,218,180)      2,236,141 
Net earnings (loss):
  General partners. . . . . . . . .         36,551           49,972           24,145          42,767 
  Limited partners. . . . . . . . .      1,181,824        1,669,709          780,694       1,432,245 
Net earnings (loss) per
  limited partnership
  interest. . . . . . . . . . . . .          30.69            43.36            20.28           37.20 
                                       ===========      ===========      ===========      ========== 

</TABLE>


<PAGE>


     The net earnings (loss) per limited partnership interest is based upon
the number of limited partnership interests outstanding at the end of each
period (38,505).  Deficit capital accounts will result, through the
duration of the Partnership, in net gain for financial reporting and
Federal income tax purposes.

     Certain reclassifications have been made to the 1995 and 1996
consolidated financial statements to conform with the 1997 presentation.

     The preparation of financial statements in accordance with GAAP
requires the Partnership to make estimates and assumptions that affect the
reported or disclosed amount of assets and liabilities at the date of the
financial statements and the reported amounts of revenues and expenses
during the reporting period.  Actual results could differ from those
estimates.

     Statement of Financial Accounting Standards No. 95 requires the
Partnership to present a statement which classifies receipts and payments
according to whether they stem from operating, investing or financing
activities.  The required information has been segregated and accumulated
according to the classifications specified in the pronouncement.  The
Partnership records amounts held in U.S. Government obligations at cost,
which approximates market.  For the purposes of these statements, the
Partnership's policy is to consider all such amounts held with original
maturities of three months or less ($5,002,899 and $9,350,444 at
December 31, 1997 and 1996, respectively) as cash equivalents, which
includes investments in an institutional mutual fund which holds U.S.
Government obligations, with any remaining amounts (generally with original
maturities of one year or less) reflected as short-term investments being
held to maturity.

     Deferred expenses consist primarily of refinancing and commitment
fees.  Such fees are amortized over the terms of the related notes using
the straight-line method.

     Although certain leases of the Partnership provide for tenant
occupancy during periods for which no rent is due, the Partnership accrues
rental income for the full period of occupancy on a straight-line basis. 
Such amounts are reflected in accrued rents receivable in the accompanying
balance sheets.

     No provision for State or Federal income taxes has been made as the
liability for such taxes is that of the partners rather than the
Partnership.  However, in certain instances, the Partnership has been
required under applicable law, and may be required in the future, to remit
directly to the tax authorities amounts representing withholding from
distributions paid to partners.

     The Partnership acquired, either directly or through joint ventures,
two office building complexes and nine shopping centers.  Nine properties
have been sold or disposed of by the Partnership.  The remaining two
properties owned at December 31, 1997 were operating.  The cost of the
investment properties represents the total cost to the Partnership or its
venture plus miscellaneous acquisition costs.

     Depreciation on the properties has been provided over the estimated
useful lives of the various components as follows:

                                                            YEARS
                                                            -----

       Buildings and improvements--150% declining-balance 
         or straight-line . . . . . . . . . . . . . .        5-40
                                                             ====



<PAGE>


     The investment properties are pledged as security for the long-term
debt, for which there is no recourse to the Partnership.

     Maintenance and repair expenses are charged to operations as incurred.

Significant betterments and improvements are capitalized and depreciated
over their estimated useful lives.

     The Partnership adopted Statement of Financial Accounting Standards
No. 121 "Accounting for the Impairment of Long-Lived Assets and for Long-
Lived Assets to be Disposed of" ("SFAS 121") as required in the first
quarter of 1996.  SFAS 121 requires that the Partnership record an
impairment loss on its properties to be held for investment whenever their
carrying value cannot be fully recovered through estimated undiscounted
future cash flows from their operations and sale.  The amount of the
impairment loss to be recognized would be the difference between the
property's carrying value and the property's estimated fair value.  The
Partnership's policy is to consider a property to be held for sale or
disposition when the Partnership has committed to a plan to sell or dispose
of such property and active marketing activity has commenced or is expected
to commence in the near term or the Partnership has concluded that it may
dispose of the property by no longer funding operating deficits or debt
service requirements of the property thus allowing the lender to realize
upon its security.  In accordance with SFAS 121, any properties identified
as "held for sale or disposition" are no longer depreciated.  As of
December 31, 1997, the Partnership and its consolidated venture have
previously committed to plans to sell or dispose of all of their remaining
investment properties.  Accordingly, all consolidated properties have been
classified as held for sale or disposition in the accompanying consolidated
financial statements as of the respective date of such plan's adoption. 
The results of operations, net of venture partner's share for these
properties were $3,120,851, $2,785,428 and $3,294,399 for the years ended
December 31, 1997, 1996 and 1995, respectively.  Adjustments for impairment
loss for such properties (subsequent to the date of adoption of SFAS 121)
are made in each period as necessary to report these properties at the
lower of carrying value or fair value less costs to sell.  The adoption of
SFAS 121 did not have any effect on the Partnership's liquidity.

     During the second quarter of 1997, Statements of Financial Accounting
Standards No. 128 ("Earnings per Share") and No. 129 ("Disclosure of
Information about Capital Structure") were issued.  These standards became
effective for reporting periods after December 15, 1997.  As the
Partnership's capital structure only has general and limited partnership
interests, the Partnership will not experience any significant impact on
its consolidated financial statements.

VENTURE AGREEMENTS - GENERAL

     The Partnership at December 31, 1997 is a party to one operating joint
venture agreement.  Under certain circumstances, either pursuant to the
venture agreement or due to the Partnership's obligations as general
partner, the Partnership may be required to make additional cash
contributions to the venture.

     There are certain risks associated with the Partnership's investment
made through a joint venture including the possibility that the
Partnership's joint venture partner in an investment might become unable or
unwilling to fulfill their financial or other obligations, or that such
joint venture partner may have economic or business interests or goals that
are inconsistent with those of the Partnership.

INVESTMENT PROPERTIES

     WACHOVIA

     In July 1986, the Partnership contributed its 100% ownership interest
in the Wachovia Bank Building and Phillips Building to Wachovia, a newly
formed joint venture partnership.



<PAGE>


     The Partnership's venture partner had agreed to contribute
$10,700,000, before applicable interest, to the venture pursuant to a
payment schedule from the closing date through August 1, 1996, when it
would owe the balance of its obligation (approximately $7,600,000).  The
venture partner has continued to make contributions based on the old
payment schedule rather than making the balloon payment in August 1996 as
required.  As a result, the venture partner is currently approximately
$7,400,000 in arrears for such contributions as of the date of this report.

The venture partner's obligation to make such payment is secured only by
its interest in the venture.  In the fourth quarter of 1996, the
Partnership notified the venture partner of its default effective August
1996.  As a result of the extension of the first mortgage loan securing the
property as discussed below, the Partnership is currently negotiating a
possible extension of the payment schedule with the venture partner. 
However, there can be no assurance that any such agreement will be reached.

     The venture agreement provides for certain preferred return levels of
annual cash flow to the Partnership and the venture partner with any
remaining annual cash flow allocated, in general, 65% to the Partnership
and 35% to the venture partner through December 1995.  Subsequent to
December 1995, all annual cash flow is distributable 65% and 35% to the
Partnership and venture partner, respectively.  For Federal income tax
purposes and financial reporting purposes, profits and losses from
operation are allocated 65% to the Partnership and 35% to the venture
partner.

    The mortgage loan secured by the property matured in October 1996. 
Wachovia reached an agreement with the current mortgage lender to modify
and extend the existing mortgage note effective November 1, 1996.  The loan
requires principal and interest payments based on a 22 year amortization at
an interest rate of 9.55% per annum and matures on November 1, 2001 when
all remaining principal and unpaid interest is due.  The venture paid loan
commitment fees in 1996 of approximately $105,000 to the lender in
conjunction with the modification and extension.

     The property is managed for a management fee calculated at 3-1/2% of
the gross receipts of the property and a leasing fee of $50,000 per year. 
Payment of 1-1/2% of the 3-1/2% management fee is deferred (as required in
the agreement with the venture partner) until the sale of the property and
is subordinated to certain distributions of net sale and refinancing
proceeds to the venture partner.

     BRISTOL MALL

     During 1989, the Partnership entered into a lease with the J.C. Penney
Company ("J.C. Penney") for an 86,000 square foot addition at the Bristol
Mall shopping center.  For the lease to commence, an addition and
associated mall enhancement program was required to be completed. This led
to protracted negotiations with J.C. Penney and the property's mortgage
lender to determine how these capital costs would be funded.  As a result,
in July 1996, the Partnership and J.C. Penney executed an amendment to the
existing lease, and the Partnership began construction of the anchor store
and the mall enhancement.

     The estimated cost of the construction of the anchor store, as well as
the mall enhancement and certain anticipated tenant improvement costs is
approximately $13,940,000, of which approximately $11,400,000 (including
pre-development costs) has been funded as of December 31, 1997.



<PAGE>


     The Partnership is utilizing a construction loan provided by J.C.
Penney for certain construction costs up to $4,665,200, of which
approximately $4,330,000 has been funded at December 31, 1997.  The
remaining costs not scheduled to be funded by the loan (approximately
$2,200,000) are expected to be funded by the Partnership from available
cash.  The Partnership expects that the remaining costs, of which a
substantial portion has been allocated for tenant improvements, will be
incurred in 1998 and 1999.

     In August 1997, the J.C. Penney store opened and commenced operations
at the mall, and the mall enhancement was completed.

     The construction loan bears an interest rate of 10% per annum and
interest accrues on the funds from the date of the advance.  The
Partnership was not required to make any payments on the loan until the
first month after the opening date of the new anchor store (in August
1997).  The Partnership is required to make monthly interest only payments
for five years on the total amount advanced under the loan plus any
accrued, but unpaid interest from the construction period.  Thereafter, for
the remaining 5-year term of the loan, the Partnership will be required to
make payments of both principal and interest based on a ten-year
amortization schedule with the balance of unpaid principal due upon
maturity.  All rental amounts due from the tenant to the Partnership under
the terms of the lease amendment will first be applied against these debt
service payments with any monthly rental amounts owed by J.C. Penney in
excess of the Partnership's monthly payment to be applied as a principal
reduction of the loan.  Additionally, the loan is secured by the JC Penney
store.  On September 1, 1997, the Partnership began paying interest on the
loan.  The rent owed for the period August 1 through September 1, 1997 to
the Partnership was in excess of the required interest payment.  Therefore,
in accordance with the loan, the excess rental payment was applied to
principal (approximately $24,000).  For the remainder of 1997, the monthly
interest payments were in excess of the rents due, and therefore, no
additional amounts have been applied to principal. As of December 31, 1997
approximately $334,000 of available loan proceeds remain.  The Partnership
was able to draw the remaining amount in the first quarter of 1998. 
Additionally, in September 1996, the Partnership escrowed $1,000,000 as
required by the loan.  In March 1997, the Partnership (as the anchor store
was 50% complete) was able to withdraw approximately $483,000 from the
escrow account based on the achievement of completion points (as defined). 
All remaining escrowed funds plus accrued interest were withdrawn in the
fourth quarter of 1997.

     Due to the J.C. Penney addition and related mall enhancement, the
Partnership has capitalized $404,361 of the $869,228 of interest expense
incurred by Bristol Mall for the twelve months ended December 31, 1997. 
The balance of capitalized interest as of December 31, 1997 of $511,858 is
reflected in properties held for sale or disposition in the accompanying
consolidated financial statements.

     In July 1997, the Partnership sold a small outparcel at the Bristol
Mall.  The Partnership received proceeds from such sale of approximately
$70,000.


LONG-TERM DEBT

     Long-term debt consists of the following at December 31, 1997 and
1996:


<PAGE>



                                           1997             1996   
                                       -----------      -----------
9-1/4% mortgage note secured by 
 two office buildings in 
 Winston-Salem, North Carolina; 
 payable in monthly installments 
 of $181,640 (including interest) 
 through October 31, 1996 when 
 the remaining unpaid principal 
 balance of $19,861,164 was
 modified.  The modified mortgage
 is payable in monthly installments
 of principal and interest (at 9.55%
 per annum) of $181,718 until
 November 1, 2001 when the remaining
 principal balance is due . . . . . .  $19,506,867      19,808,736 

8-3/4% mortgage note, due 
 February 2006, secured by a 
 shopping center in Bristol, 
 Virginia; payable in monthly 
 installments of $78,750 
 (including interest) . . . . . . . .    5,432,610       5,880,734 
                                       -----------     ----------- 
     Total debt . . . . . . . . . . .   24,939,477      25,689,470 
     Less current portion of 
      long-term debt. . . . . . . . .     (820,940)       (749,993)
                                       -----------     ----------- 
     Total long-term debt . . . . . .  $24,118,537      24,939,477 
                                       ===========     =========== 

     Five-year maturities of long-term debt are summarized as follows:

               1998 . . . . . . . . . . .   $   820,940
               1999 . . . . . . . . . . .       898,612
               2000 . . . . . . . . . . .       983,647
               2001 . . . . . . . . . . .    19,043,301
               2002 . . . . . . . . . . .       692,968
                                            ===========

PARTNERSHIP AGREEMENT

     Pursuant to the terms of the Partnership Agreement, net profits or
losses of the Partnership from operations are allocated 97% to the Limited
Partners and 3% to the General Partners.  Profits from the sale or
refinancing of investment properties are to be allocated to the General
Partners in an amount equal to the greater of (a) any cash distributions to
the General Partners from the proceeds of any sale or refinancing (as
described below) or (b) 1% of the profits from the sale or refinancing. 
Losses from the sale or refinancing of investment properties are to be
allocated 1% to the General Partners.  The remaining sale or refinancing
profits and losses will be allocated to the Limited Partners.

     The Partnership Agreement also generally provides that notwithstanding
any allocation contained in the Agreement, if at any time profits are
realized by the Partnership, any current or anticipated event would cause
the deficit balance in absolute amount in the Capital Account of the
General Partners to be greater than their share of the Partnership's
indebtedness (as defined) after such event, then the allocation of Profits
to the General Partners shall be increased to the extent necessary to cause
the deficit balance in the Capital Account of the General Partners to be no
less than their respective shares of the Partnership's indebtedness after
such event.  In general, the effect of this provision is to allow the
deferral of the recognition of taxable gain to the Limited Partners.



<PAGE>


     The General Partners are not required to make any additional capital
contributions except under certain limited circumstances upon termination
of the Partnership.

     Distributions of "cash flow" of the Partnership are allocated 90% to
the Limited Partners and 10% to the General Partners (of which 5%
constitutes a management fee to the Managing General Partner for services
in managing the Partnership).  However, such management fees and a portion
of such distributions to the General Partners are subordinated to the
Limited Partners' receipt of a stipulated return on capital.

     The Partnership Agreement provides that the General Partners shall
receive as a distribution from the sale of a real property by the
Partnership an amount up to 3/4 of 1% of the selling price and that the
remaining proceeds (net after expenses and retained working capital) be
distributed 85% to the Limited Partners and 15% to the General Partners. 
However, the Limited Partners were to receive 100% of all net sale proceeds
until the Limited Partners (i) had received cash distributions of sale or
refinancing proceeds in an amount equal to the Limited Partners' aggregate
initial capital investment in the Partnership and (ii) had received
cumulative cash distributions from the Partnership's operations which, when
combined with sale or refinancing proceeds previously distributed, equaled
a 7% annual return on the Limited Partners' average capital investment for
each year (their initial capital investment as reduced by sale or
refinancing proceeds previously distributed) commencing with the fourth
fiscal quarter of 1977.  The Limited Partners have received cash
distributions that satisfy the requirements in (i) and (ii) above.


MANAGEMENT AGREEMENTS

     The Partnership has entered into agreements for the operation and
management of the various investment properties.  Such agreements are
summarized as follows:

     The Partnership's properties are managed by affiliates of the General
Partners or their assignees for fees computed as a percentage of certain
rents received by the properties.  In December 1994, one of the affiliated
property managers sold substantially all of its assets and assigned its
interest in its management contracts to an unaffiliated third party.  In
addition, certain of the management personnel of the property manager
became management personnel of the purchaser and its affiliates.  The
successor to the affiliated property manager's assets is acting as the
property manager of the Wachovia Bank Building and Phillips Building after
the sale on the same terms that existed prior to the sale.  Bristol Mall
shopping center continues to be managed by an affiliate of the General
Partners.


LEASES - AS PROPERTY LESSOR

     At December 31, 1997, the Partnership and its consolidated venture's
principal assets are one shopping center and one office building complex. 
The Partnership has determined that all leases relating to these properties
are properly classified as operating leases; therefore, rental income is
reported when earned and the cost of each of the properties, excluding cost
of land, is depreciated over the estimated useful lives. Leases with
tenants range in term from one to thirty years and provide for fixed
minimum rent and partial reimbursement of operating costs.  In addition,
leases with shopping center tenants provide for additional rent based upon
percentages of tenants' sales volumes.  With respect to the Partnership's
shopping center investment, a substantial portion of the ability of retail
tenants to honor their leases is dependent upon the retail economic sector.



<PAGE>


     Costs and accumulated depreciation of the leased assets are summarized
as follows at December 31, 1997:

       Office Building:
           Cost . . . . . . . . . . . . . . . . .   $13,332,279 
           Accumulated depreciation . . . . . . .     6,005,412 
                                                    ----------- 
                                                      7,326,867 
       Shopping Center:
           Cost . . . . . . . . . . . . . . . . .    31,334,034 
           Accumulated depreciation . . . . . . .    12,761,527 
                                                    ----------- 
                                                     18,572,507 
                                                    ----------- 
                                                    $25,899,374 
                                                    =========== 

     Minimum lease payments including amounts representing executory costs
(e.g. taxes, maintenance, insurance), and any related profit in excess of
specific reimbursements, to be received in the future under the above
operating lease agreements, are as follows:

             1998 . . . . . . . . . . . . . . .  $ 5,040,965
             1999 . . . . . . . . . . . . . . .    3,558,505
             2000 . . . . . . . . . . . . . . .    3,130,022
             2001 . . . . . . . . . . . . . . .    2,635,527
             2002 . . . . . . . . . . . . . . .    1,073,090
             Thereafter . . . . . . . . . . . .    5,883,586
                                                 -----------
                Total . . . . . . . . . . . . .  $21,321,695
                                                 ===========

     Contingent rent (based on sales of property tenants) included in
consolidated rental income was as follows for the years ended December 31,
1997, 1996 and 1995:

             1995 . . . . . . . . . . . . . . .    $280,375 
             1996 . . . . . . . . . . . . . . .     250,431 
             1997 . . . . . . . . . . . . . . .     291,852 
                                                   ======== 

TRANSACTIONS WITH AFFILIATES

     Fees, commissions and other expenses required to be paid by the
Partnership to the General Partners and their affiliates as of December 31,
1997 and for the years ended December 31, 1997, 1996 and 1995 are as
follows:
                                                            UNPAID AT  
                                                           DECEMBER 31,
                            1997       1996       1995        1997     
                          --------   --------   --------   ------------
Property management 
 and leasing fees . . . . $262,818    256,738    241,983     1,442,527 
Insurance commissions . .   24,118     22,546     22,293         --    
Reimbursement (at cost) 
 for out-of-pocket 
 expenses . . . . . . . .      203      1,257      6,463        --     
Reimbursement (at cost) 
 for out-of-pocket 
 salary and salary 
 related expenses 
 relating to on-site 
 and other costs for 
 the Partnership and 
 its investment 
 properties . . . . . . .  102,278     55,232     83,237        --     
                          --------    -------   --------     --------- 
                          $389,417    335,773    353,976     1,442,527 
                          ========    =======   ========     ========= 


<PAGE>


     All amounts deferred or currently payable to the General Partners and
their affiliates do not bear interest.  The General Partners and their
affiliates have deferred receipt of property management and leasing fees
pursuant to the venture agreement for the Wachovia Bank Building and
Phillips Building.  Prior to 1995, an affiliate of the Corporate General
Partner provided management and leasing services. In December 1994, the
affiliate sold all of its assets and assigned its interest in the
management contracts, including the one for the Wachovia Bank Building and
Phillips Building to an unaffiliated third party as discussed above.  In
connection with such assignment, an affiliate of the General Partners
guaranteed payment to the unaffiliated third party the portion of the fees
currently deferred due to the provision in the venture agreement for the
Wachovia Bank Building and Phillips Building.  Such amounts are deferred
until the sale or disposition of the property and are subordinated to
certain distributions of net sale and refinancing proceeds.  As of
December 31, 1997, the General Partners and their affiliates have deferred
receipt of approximately $1,403,000 (approximately $35 per interest) of
such fees.  This amount is reflected in accounts payable in the
accompanying consolidated financial statements.



<PAGE>


<TABLE>

                                                                                          SCHEDULE III     
                                       JMB INCOME PROPERTIES, LTD. - V
                                           (A LIMITED PARTNERSHIP)
                                          AND CONSOLIDATED VENTURE

                            CONSOLIDATED REAL ESTATE AND ACCUMULATED DEPRECIATION

                                              DECEMBER 31, 1997


<CAPTION>

                                                    COSTS CAPITALIZED           GROSS AMOUNT AT WHICH 
                          INITIAL COST                SUBSEQUENT TO               CARRIED AT CLOSE    
                         TO PARTNERSHIP (A)            ACQUISITION                OF PERIOD (B)(C)    
                        ------------------------- ---------------------------- -----------------------
                                      BUILDINGS                  BUILDINGS                 BUILDINGS  
                                        AND                        AND                        AND     
             ENCUMBRANCE    LAND     IMPROVEMENTS      LAND     IMPROVEMENTS       LAND   IMPROVEMENTS
             ----------- ----------- ------------  ---------------------------  ----------------------
<S>         <C>         <C>         <C>           <C>          <C>             <C>       <C>          

OFFICE 
BUILDING:

Winston-
 Salem, 
 North 
 Carolina 
 (E). . . . .$19,506,867   1,949,914   21,281,279          --      (9,898,914)   1,949,914  11,382,365

SHOPPING 
CENTER:

Bristol, 
Virginia. . .  9,946,353     621,242   14,811,832        110,446   15,790,514      731,688  30,602,346
             -----------  ----------   ----------       --------   ----------    ---------  ----------
     Total. .$29,453,220   2,571,156   36,093,111        110,446    5,891,600    2,681,602  41,984,711
             ===========  ==========   ==========       ========   ==========    =========  ==========

</TABLE>


<PAGE>


<TABLE>
                                                                                          SCHEDULE III     
                                       JMB INCOME PROPERTIES, LTD. - V
                                           (A LIMITED PARTNERSHIP)
                                          AND CONSOLIDATED VENTURE

                      CONSOLIDATED REAL ESTATE AND ACCUMULATED DEPRECIATION - CONTINUED


<CAPTION>
                                                                               LIFE ON WHICH
                                                                               DEPRECIATION 
                                                                                IN LATEST   
                                                                               STATEMENT OF       1997   
                                  ACCUMULATED          DATE OF      DATE        OPERATIONS    REAL ESTATE
                     TOTAL       DEPRECIATION(D)    CONSTRUCTION  ACQUIRED     IS COMPUTED       TAXES   
                 -------------  ----------------    ------------ ----------  ---------------   ----------
<S>                            <C>                 <C>          <C>         <C>              <C>         

OFFICE 
BUILDING:

Winston-
 Salem, 
 North 
 Carolina 
 (E). . . . . . .  $13,332,279         6,005,412       1966/72      1/31/77       5-40 years     253,055 

SHOPPING 
CENTER:

Bristol, 
Virginia. . . . .   31,334,034        12,761,527        1975        8/31/77       5-35 years     169,732 
                   -----------        ----------                                                 ------- 
     Total. . . .  $44,666,313        18,766,939                                                 422,787 
                   ===========        ==========                                                 ======= 
<FN>
_______________
Notes:

     (A)  The initial cost to the Partnership represents the original purchase price of the properties.
     (B)  The aggregate cost of the above real estate at December 31, 1997 for Federal income tax 
          purposes was approximately $59,431,000.
</TABLE>


<PAGE>


<TABLE>
                                                                                          SCHEDULE III     
                                       JMB INCOME PROPERTIES, LTD. - V
                                           (A LIMITED PARTNERSHIP)
                                          AND CONSOLIDATED VENTURE

                      CONSOLIDATED REAL ESTATE AND ACCUMULATED DEPRECIATION - CONTINUED


     (C)  Reconciliation of real estate owned:

<CAPTION>
                                                             1997            1996              1995    
                                                         ------------    ------------     ------------ 
     <S>                                                <C>             <C>              <C>           

     Balance at beginning of period . . . . . . . . .    $ 36,989,156      32,689,890       32,489,970 
     Additions during period. . . . . . . . . . . . .       7,677,157       4,299,266          199,920 
                                                         ------------    ------------     ------------ 
     Balance at end of period . . . . . . . . . . . .    $ 44,666,313      36,989,156       32,689,890 
                                                         ============    ============     ============ 

     (D)  Reconciliation of accumulated depreciation:

     Balance at beginning of period . . . . . . . . .    $ 18,473,923      17,870,466       16,993,790 
     Depreciation expense . . . . . . . . . . . . . .         293,017         603,457          876,676 
                                                         ------------    ------------     ------------ 

     Balance at end of period . . . . . . . . . . . .    $ 18,766,939      18,473,923       17,870,466 
                                                         ============    ============     ============ 

</FN>

     (E)  The Partnership contributed the net book value of this property in the amount of 
          $12,339,911 to a newly formed joint venture in 1986.  Reference is made to the Notes 
          for a description of such transaction.

</TABLE>


<PAGE>


ITEM 9.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING 
         AND FINANCIAL DISCLOSURE

     There were no changes or disagreements with accountants during fiscal
year 1997 and 1996.



                               PART III


ITEM 10.  DIRECTORS AND EXECUTIVE OFFICERS OF THE PARTNERSHIP

     The Managing General Partner of the Partnership is JMB Realty
Corporation ("JMB"), a Delaware corporation substantially all of the
outstanding stock of which is owned directly or indirectly, by certain of
its officers, directors, and members of their families and affiliates.  JMB
has responsibility for all aspects of the Partnership's operations, subject
to the requirement that sales of real property must be approved by Messrs.
Neil G. Bluhm and Judd D. Malkin as the individual general partners of the
Partnership.  The Partnership is subject to certain conflicts of interest
arising out of its relationships with the General Partners and their
affiliates as well as the fact that the General Partners and their
affiliates are engaged in a range of real estate activities.  Certain
services have been and may in the future be provided to the Partnership or
its investment properties by affiliates of the General Partners, including
property management services and insurance brokerage services.  In general,
such services are to be provided on terms no less favorable to the
Partnership than could be obtained from independent third parties and are
otherwise subject to conditions and restrictions contained in the
Partnership Agreement.  The Partnership Agreement permits the General
Partners and their affiliates to provide services to, and otherwise deal
and do business with, persons who may be engaged in transactions with the
Partnership, and permits the Partnership to borrow from, purchase goods and
services from, and otherwise to do business with, persons doing business
with the General Partners or their affiliates.  The General Partners and
their affiliates may be in competition with the Partnership under certain
circumstances, including, in certain geographical markets, for tenants
and/or for the sale of property.  Because the timing and amount of cash
distributions and profits and losses of the Partnership may be affected by
various determinations by the General Partners under the Partnership
Agreement, including whether and when to sell a property, the establishment
and maintenance of reasonable reserves, the timing of expenditures and the
allocation of certain tax items under the Partnership Agreement, the
General Partners may have a conflict of interest with respect to such
determinations.

     The names, positions held and length of service therein of each
director and the executive and certain other officers of the Managing
General Partner are as follows:

                                                        SERVED IN 
NAME                      OFFICE                        OFFICE SINCE
----                      ------                        ------------

Judd D. Malkin            Chairman                         5/03/71
                          Director                         5/03/71
                          Chief Financial Officer          2/22/96
Neil G. Bluhm             President                        5/03/71
                          Director                         5/03/71
Burton E. Glazov          Director                         7/01/71
Stuart C. Nathan          Executive Vice President         5/08/79
                          Director                         3/14/73
A. Lee Sacks              Director                         5/09/88
John G. Schreiber         Director                         3/14/73
H. Rigel Barber           Executive Vice President         1/02/87
                          Chief Executive Officer          8/01/93
Glenn E. Emig             Executive Vice President         1/01/93
                          Chief Operating Officer          1/01/95


<PAGE>


                                                        SERVED IN 
NAME                      OFFICE                        OFFICE SINCE
----                      ------                        ------------

Gary Nickele              Executive Vice President and     1/01/92
                          General Counsel                  2/27/84
Gailen J. Hull            Senior Vice President            6/01/88
Howard Kogen              Senior Vice President            1/02/86
                          Treasurer                        1/01/91

     There is no family relationship among any of the foregoing directors
or officers.  The foregoing directors have been elected to serve a one-year
term until the annual meeting of the Managing General Partner to be held on
June 3, 1998.  All of the foregoing officers have been elected to serve
one-year terms until the first meeting of the Board of Directors held after
the annual meeting of the Managing General Partner to be held on June 3,
1998.  There are no arrangements or understandings between or among any of
said directors or officers and any other person pursuant to which any
director or officer was elected as such.

     JMB is the corporate general partner of Carlyle Real Estate Limited
Partnership-VII ("Carlyle-VII"), Carlyle Real Estate Limited Partnership-XI
("Carlyle-XI"), Carlyle Real Estate Limited Partnership-XII
("Carlyle-XII"), Carlyle Real Estate Limited Partnership-XIII
("Carlyle-XIII"), Carlyle Real Estate Limited Partnership-XIV
("Carlyle-XIV"), Carlyle Real Estate Limited Partnership-XV ("Carlyle-XV"),
Carlyle Real Estate Limited Partnership-XVI ("Carlyle-XVI"), Carlyle Real
Estate Limited Partnership-XVII ("Carlyle-XVII"), JMB Mortgage Partners,
Ltd.-III ("Mortgage Partners-III"), JMB Mortgage Partners, Ltd.-IV
("Mortgage Partners IV"), Carlyle Income Plus, Ltd. ("Carlyle Income Plus")
Carlyle Income Plus, L.P.-II ("Carlyle Income Plus-II") and the managing
general partner of JMB Income Properties, Ltd.-IV ("JMB Income-IV"), JMB
Income Properties, Ltd.-VII ("JMB Income-VII"), JMB Income Properties,
Ltd.-X ("JMB Income-X"), JMB Income Properties, Ltd.-XI ("JMB Income-XI"),
JMB Income Properties, Ltd.-XII ("JMB Income-XII"), and, JMB Income
Properties, Ltd.-XIII ("JMB Income-XIII").  JMB is also the sole general
partner of the associate general partner of most of the foregoing
partnerships.

     Most of the foregoing directors and officers are also officers and/or
directors of various affiliated companies of JMB, including Arvida/JMB
Managers, Inc. (the general partner of Arvida/JMB Partners, L.P.
("Arvida")), and Income Growth Managers, Inc. (the corporate general
partner of IDS/JMB Balanced Income Growth, Ltd. ("IDS/BIG")).  Most of such
directors and officers are also partners, directly or indirectly, of
certain partnerships which are associate general partners in the following
real estate limited partnerships:  Carlyle-VII, Carlyle-XI, Carlyle-XII,
Carlyle-XIII, Carlyle-XIV, Carlyle-XV, Carlyle-XVI, Carlyle-XVII, JMB
Income-VII, JMB Income-X, JMB Income-XI, JMB Income-XII, JMB Income-XIII,
Mortgage Partners-III, Mortgage Partners-IV, Carlyle Income Plus, Carlyle
Income Plus-II and IDS/BIG.

     The business experience during the past five years of each such
director and officer of the Managing General Partner of the Partnership in
addition to that described above is as follows:

     Judd D. Malkin (age 60) is an individual general partner of JMB
Income-IV.  Mr. Malkin has been associated with JMB since October, 1969. 
Mr. Malkin is also a director of Urban Shopping Centers, Inc. ("USC,
Inc."), an affiliate of JMB that is a real estate investment trust in the
business of owning, managing and developing shopping centers.

     Neil G. Bluhm (age 60) is an individual general partner of JMB
Income-IV.  Mr. Bluhm has been associated with JMB since August, 1970.  Mr.
Bluhm is also a principal of Walton Street Real Estate Fund I, L.P. and a
director of USC, Inc.  He is a member of the Bar of the State of Illinois
and a Certified Public Accountant.



<PAGE>


     Burton E. Glazov (age 59) has been associated with JMB since June,
1971 and served as an Executive Vice President of JMB until December of
1990.  He is a member of the Bar of the State of Illinois and a Certified
Public Accountant.

     Stuart C. Nathan (age 56) has been associated with JMB since July,
1972.  He is a member of the Bar of the State of Illinois.

     A. Lee Sacks (age 64) has been associated with JMB since December,
1972.  He is also President and a director of JMB Insurance Agency, Inc.

     John G. Schreiber (age 51) has been associated with JMB since
December, 1970 and served as an Executive Vice President for JMB until
December, 1990.  Mr. Schreiber is President of Schreiber Investments, Inc.,
a company which is engaged in the real estate investing business.  He is
also a senior advisor and partner of Blackstone Real Estate Advisors L.P., 
an affiliate of the Blackstone Group, L.P.  Mr. Schreiber is also a
director of USC, Inc., a trustee of Amli Residential Property Trust and a
director for a number of investment companies advised or managed by T. Rowe
Price Associates and its affiliates.  He holds a Masters degree in Business
Administration from Harvard University Graduate School of Business.

     H. Rigel Barber (age 48) has been associated with JMB since March,
1982.  He holds a J.D. degree from the Northwestern Law School and is a
member of the Bar of the State of Illinois.

     Glenn E. Emig (age 50) has been associated with JMB since December,
1979.  Prior to becoming Executive Vice President of JMB in 1993, Mr. Emig
was Executive Vice President and Treasurer of JMB Institutional Realty
Corporation.  He holds a Masters Degree in Business Administration from the
Harvard University Graduate School of Business and is a Certified Public
Accountant.

     Gary Nickele (age 45) has been associated with JMB since February,
1984.  He holds a J.D. degree from the University of Michigan Law School
and is a member of the Bar of the State of Illinois.

     Gailen J. Hull (age 49) has been associated with JMB since March,
1982.  He holds a Masters degree in Business Administration from Northern
Illinois University and is a Certified Public Accountant.

     Howard Kogen (age 62) has been associated with JMB since March, 1973. 
He is a Certified Public Accountant.




<PAGE>


ITEM 11.  EXECUTIVE COMPENSATION

     The Partnership has no officers or directors.  The Partnership is
required to pay a management fee to the Managing General Partner and the
General Partners are entitled to receive a share of cash distributions,
when and as cash distributions are made to the Limited Partners, and a
share of profits or losses.  Reference is made to the Notes for a
description of such transactions, distributions and allocations.  In 1997,
1996 and 1995 cash distributions of $764, $1,083 and $1,910 were paid,
respectively, to the General Partners.

     JMB Properties Company, an affiliate of the Managing General Partner,
provided property management services to the Partnership for the Wachovia
Bank Building and Phillips Building in Winston-Salem, North Carolina
through the date of its sale in December, 1994 at fees calculated at 3-1/2%
of gross income.  JMB Retail Properties Company (renamed Urban Retail
Properties Company as of March 15, 1995), an affiliate of the Managing
General Partner, provides property management services to the Partnership
for the Bristol Mall in Bristol, Virginia at fees calculated at 5% of gross
income from the property.  In 1997, such affiliates earned property
management and leasing fees amounting to $262,818.   As of December 31,
1997, management and leasing fees due to such affiliates in the amount of
$1,442,527 remain unpaid.  As set forth in the Prospectus of the
Partnership, the Managing General Partner must negotiate such agreements on
terms no less favorable to the Partnership than those customarily charged
for similar services in the relevant geographical area (but in no event for
a fee greater than 5% of the gross income from a property), and such
agreements must be terminable by either party thereto, without penalty,
upon 60 days' notice.

     JMB Insurance Agency, Inc., an affiliate of the Managing General
Partner, earned and received insurance brokerage commissions in 1997
aggregating $24,118 in connection with the provision of insurance coverage
for certain of the real property investments of the Partnership.  Such
commissions are at rates set by insurance companies for the classes of
coverage involved.

     The General Partners of the Partnership may be reimbursed for their
direct expenses relating to the administration of the Partnership and the
operation of the Partnership's real property investments.  In 1997, the
Managing General Partner earned reimbursements for such out-of-pocket
expenses in the amount of $102,481, all of which was paid as of December
31, 1997.

     The Partnership is permitted to engage in various transactions
involving affiliates of the Managing General Partner.  The relationship of
the Managing General Partner (and its officers and directors) to its
affiliates is set forth in Item 10 above and Exhibit 21 hereto.



<PAGE>


<TABLE>
<CAPTION>
ITEM 12.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

     (a)  The following group is known by the Partnership to own beneficially more than 5% of the outstanding
Interests of the Partnership.

                             NAME OF                        AMOUNT AND NATURE
                             BENEFICIAL                     OF BENEFICIAL             PERCENT
TITLE OF CLASS               OWNER                          OWNERSHIP                 OF CLASS 
--------------               ----------                     -----------------         --------
<S>                          <C>                            <C>                       <C>
Limited Partnership          Liquidity Financial            2,601.84 Interests           6.76%
 Interests                   Corporation                    indirectly (as invest-
                             1900 Powell Street             ment manager or, through
                             Suite 730 Emeryville,          affiliated entities,
                             California 94608               general partner of 15
                                                            separate investment funds)

Limited Partnership          Equity Resources Group,        2,908.91 Interests            7.55%
 Interests                   Incorporated                   indirectly (1) (2)

                             Eggert Dagbjartsson            2,025.33 Interests
                             Incorporated                   indirectly (2)                5.26%
                             14 Story Street                
                             Cambridge,                     
                             Massachusetts 02138            

<FN>

     (1) Includes (i) 459.75 Interests held by a partnership for which Equity Resources Group, Incorporated
("ERG") acts as a general partner and has reported that it has sole voting and investment power with respect to
such Interests and (ii) 346.5 Interests held by partnerships for which ERG acts as one of the general partners and
has reported that it has shared voting and investment power with respect to such Interests.

     (2) Includes 2,025.33 Interests held by a partnership for which Mr. Dagbjartsson and ERG act as the general
partners and for which they have reported that they have shared voting and investment power with respect to such
Interests.

     (b)  The Managing General Partner, its officers and directors and the Associate General Partner own the
following Interests of the Partnership:

</TABLE>


<PAGE>


<TABLE>
<CAPTION>
                             NAME OF                        AMOUNT AND NATURE
                             BENEFICIAL                     OF BENEFICIAL             PERCENT
TITLE OF CLASS               OWNER                          OWNERSHIP                 OF CLASS 
--------------               ----------                     -----------------         --------
<S>                          <C>                            <C>                       <C>
Limited Partnership
 Interests                   JMB Realty Corporation           5 Interests             Less than 1%
                                                                directly

Limited Partnership          Managing General Partner         5 Interests             Less than 1%
 Interests                   its officers and                   directly
                             directors and the Associate 
                             General Partner as a group

<FN>

     No officer or director of the Managing General Partner of the Partnership possesses a right to acquire
beneficial ownership of Interests of the Partnership.

     Reference is made to Item 10 for information concerning ownership of the Managing General Partner.

     (c)  There exists no arrangement, known to the Partnership, the operation of which may at a subsequent date
result in a change in control of the Partnership.

</TABLE>


<PAGE>


ITEM 13.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

     There were no significant transactions or business relationships with
the Managing General Partner, affiliates or their management other than
those described in Items 10 and 11 above.



                                PART IV


ITEM 14.  EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K

        (a)  The following documents are filed as part of this report:

             (1)  Financial Statements.  (See Index to Financial
Statements filed with this annual report).

             (2)  Exhibits.

                  3-A.* The Prospectus of the Partnership dated
August 15, 1977, as supplemented September 20, 1977, filed with the
Commission pursuant to Rules 424(b) and 424(c), is hereby incorporated
herein by reference.  Certain pages of the Prospectus are incorporated
herein by reference.

                  3-B.* Amended and Restated Agreement of Limited
Partnership set forth as Exhibit A to the Prospectus, which is incorporated
herein by reference and which agreement is hereby incorporated herein by
reference.

                  4-A.  Documents relating to the refinancing of the
mortgage loan, dated October 17, 1986, secured by the Wachovia Bank
Building and Phillips Building office buildings in Winston-Salem, North
Carolina are hereby incorporated by reference to the Partnership's Report
on Form 10-K (File No. 0-8716) dated March 19, 1993.

                  4-B.  Documents relating to the mortgage loan secured
by the Bristol Mall shopping center in Bristol, Virginia are hereby
incorporated by reference to the Partnership's Report on Form 8-K (File No.
0-8716) dated October 17, 1977.

                  4-C.  Documents relating to the construction loan,
dated July 25, 1996 secured by the Bristol Mall shopping center in Bristol,
Virginia are hereby incorporated by reference to the Partnership's Report
on Form 10-Q (File No. 0-8716) dated November 8, 1996.

                  4-D.  Modification and extension agreement related to
the mortgage loan secured by the Wachovia Bank Building and Phillips
Building, office buildings in Winston Salem, North Carolina, effective
November 1, 1996 is hereby incorporated herein by reference to the
Partnership's Report for December 31, 1996 on Form 10-K (File No. 0-8716)
dated March 21, 1997.



<PAGE>


                  10-A. Acquisition documents relating to the purchase by
the Partnership of an interest in the Wachovia Bank Building and Phillips
Building in Winston Salem, North Carolina are hereby incorporated by
reference to the Partnership's Registration Statement on Form S-11 (File
No. 2-58026) dated September 20, 1977.

                  10-B. Acquisition documents relating to the purchase by
the Partnership of the Bristol Mall shopping center in Bristol, Virginia
are hereby incorporated by reference to the Partnership's Report on Form 8-
K (File No. 0-8716) dated October 17, 1977.

                  21.   List of Subsidiaries.

                  24.   Powers of Attorney.

                  27.   Financial Data Schedule

        ----------

        *    Previously filed as Exhibits 3-A and 3-B, respectively, to
the Partnership's Report for December 31, 1992 on Form 10-K of the
Securities Exchange Act of 1934 (File no. 0-8716) filed on March 19, 1993
and hereby incorporated herein by reference.

     (b)     No Reports on Form 8-K were filed since the beginning of the
last quarter of the period covered by this report.

     No annual report for the fiscal year 1997 has been sent to the
Partners of the Partnership.  An annual report will be sent to the Partners
subsequent to this filing.





<PAGE>


                              SIGNATURES

     Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Partnership has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.

                JMB INCOME PROPERTIES, LTD. - V

                By:     JMB Realty Corporation
                        Managing General Partner


                        GAILEN J. HULL
                By:     Gailen J. Hull
                        Senior Vice President
                Date:   March 25, 1998

     Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following persons on behalf of the
registrant and in the capacities and on the dates indicated.

                By:     JMB Realty Corporation
                        Managing General Partner

                        JUDD D. MALKIN*
                By:     Judd D. Malkin, Chairman and 
                        Chief Financial Officer
                Date:   March 25, 1998

                        NEIL G. BLUHM*
                By:     Neil G. Bluhm, President and Director
                Date:   March 25, 1998

                        H. RIGEL BARBER*
                By:     H. Rigel Barber, Chief Executive Officer
                Date:   March 25, 1998

                        GLENN E. EMIG*
                By:     Glenn E. Emig, Chief Operating Officer
                Date:   March 25, 1998


                        GAILEN J. HULL
                By:     Gailen J. Hull, Senior Vice President
                        Principal Accounting Officer
                Date:   March 25, 1998

                        A. LEE SACKS*
                By:     A. Lee Sacks, Director
                Date:   March 25, 1998

                        STUART C. NATHAN*
                By:     Stuart C. Nathan, 
                        Executive Vice President and Director
                Date:   March 25, 1998

                *By:    GAILEN J. HULL, Pursuant to a Power of Attorney


                        GAILEN J. HULL
                By:     Gailen J. Hull
                        Attorney-in-Fact
                Date:   March 25, 1998


<PAGE>


                    JMB INCOME PROPERTIES, LTD. - V

                             EXHIBIT INDEX



                                                 DOCUMENT  
                                              INCORPORATED 
                                              BY REFERENCE    PAGE
                                              -------------   ----
3-A.      Certain pages of the 
          Prospectus of the Partnership
          dated August 15, 1977 as 
          supplemented September 20, 1977               Yes

3-B.      Amended and Restated Agreement 
          of Limited Partnership                        Yes

4-A.      Refinancing loan documents 
          related to the Wachovia Bank 
          Building and Phillips Building                Yes

4-B.      Mortgage loan documents 
          related to the Bristol Mall                   Yes

4-C.      Documents relating to the
          construction loan dated July 25,
          1996 secured by the Bristol Mall
          Shopping Center                               Yes

4-D.      Modification and extension
          documents related to the
          Wachovia Bank Building and
          Phillips Building                             Yes

10-A.     Acquisition documents related 
          to the Wachovia Bank Building 
          and Phillips Building                         Yes

10-B.     Acquisition documents related 
          to the Bristol Mall                           Yes

21.       List of Subsidiaries                          No 

24.       Powers of Attorney                            No 

27.       Financial Data Schedule                       No