<PAGE>
                                       FORM 10Q

                          SECURITIES AND EXCHANGE COMMISSION

                               WASHINGTON, D.C.  20549

                   Quarterly report pursuant to Section 13 or 15(d)
                        of the Securities Exchange Act of 1934


For the Quarterly Period Ended                                Commission File
     March 31, 1998                                             No. 0-11980 


                               VENETIAN PARK ASSOCIATES
                (Exact name of Registrant as specified in its charter)


         California                                               95-3887496
  (State or Other Jurisdiction                                (I.R.S. Employer
of Incorporation or Organization)                            Identification No.)


                           3250 Ocean Park Blvd., Ste. 380
                               Santa Monica, CA  90405
             (Address of Principal Executive Offices, Including Zip Code)


                 Registrant's telephone number, including area code:
                                    (310) 450-6866

                        -------------------------------------

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 the number of shares (units) outstanding of each of the issuer's 
classes of common stock  (units)  as  of  the  latest  practicable  date 
(applicable  only  to  corporate  issuer)  6,041 limited partnership units 
issued and outstanding.


<PAGE>

                            VENETIAN PARK ASSOCIATES, LTD.
                          (A California Limited Partnership)

                                 REPORT ON FORM 10-Q
                         For the Quarter Ended March 31, 1998


                                        INDEX

<TABLE>
<CAPTION>
                                                                       PAGE NO.

PART I.  FINANCIAL INFORMATION
     <S>       <C>                                                        <C>
     ITEM 1.   FINANCIAL STATEMENTS:                                           

               Balance Sheets                                             3-4

               Statements of Operations                                     5

               Statements of Changes in Partners' Equity                    6

               Statements of Cash Flows                                     7

               Notes to Financial Statements                                8

     ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS
               OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.            9

PART II.  OTHER INFORMATION                                                10

SIGNATURE                                                                  11
</TABLE>


                                                                             2

<PAGE>


                           PART I.  FINANCIAL INFORMATION
                                          
                           VENETIAN PARK ASSOCIATES, LTD.
                         (A CALIFORNIA LIMITED PARTNERSHIP)

                                   BALANCE SHEETS
                                          
                                       ASSETS

<TABLE>
<CAPTION>
                                                   MARCH 31,      DECEMBER 31,
                                                     1998             1997
                                                 ------------    ------------
                                                  (UNAUDITED)       (AUDITED)
CURRENT ASSETS:
  <S>                                               <C>             <C>
  Cash                                              $  48,105       $  51,337
  Tenants' Rents Receivable                             3,135           2,778
  Tenants' Security Deposits                          109,281         108,486
  Prepaid Expenses                                     11,508          24,019
                                                 ------------    ------------

    TOTAL CURRENT ASSETS                              172,029         186,620
                                                 ------------    ------------

RESTRICTED DEPOSITS & FUNDED RESERVES:

  Mortgage Escrow Deposits                            108,632          66,682
  Reserve for Replacements                            147,793         141,500
                                                 ------------    ------------

    TOTAL RESTRICTED DEPOSITS & RESERVES              256,425         208,182
                                                 ------------    ------------


Fixed Assets, Net                                   6,791,247       6,860,291
                                                 ------------    ------------


OTHER ASSETS:

  Prepaid Loan Fees                                    18,530          18,769
  Deposits                                                  0              13
                                                 ------------    ------------

    TOTAL OTHER ASSETS                                 18,530          18,782
                                                 ------------    ------------


TOTAL ASSETS                                     $  7,238,231    $  7,273,875
                                                 ------------    ------------
                                                 ------------    ------------
</TABLE>


The accompanying notes are an integral part of these Financial Statements.  3


<PAGE>

                           VENETIAN PARK ASSOCIATES, LTD.
                         (A CALIFORNIA LIMITED PARTNERSHIP)
                                          
                                   BALANCE SHEETS
                                          
                          LIABILITIES AND PARTNERS' EQUITY
                                          
<TABLE>
<CAPTION>
                                                    MARCH 31,    DECEMBER 31,
                                                      1998            1997
                                                 ------------    ------------
                                                  (UNAUDITED)     (AUDITED)
CURRENT LIABILITIES:
  <S>                                              <C>              <C>
  Accounts Payable & Accrued Expenses              $   88,960       $  88,656
  Accrued Interest                                     35,466          35,466
  Tenants' Prepaid Rents                                3,249           1,276
  Tenants' Security Deposits                           93,122         100,178
  Current Portion of Long Term Debt                   127,095         127,095
                                                 ------------    ------------

    TOTAL CURRENT LIABILITIES                         347,892         352,671
                                                 ------------    ------------


OTHER LIABILITIES:

  Mortgage Payable - 1st Trust Deed                 5,282,548       5,312,939
                                                 ------------    ------------

    TOTAL OTHER LIABILITIES                         5,282,548       5,312,939
                                                 ------------    ------------

Partners Equity                                     1,607,791       1,608,265
                                                 ------------    ------------


TOTAL LIABILITIES AND PARTNERS EQUITY            $  7,238,231    $  7,273,875
                                                 ------------    ------------
                                                 ------------    ------------
</TABLE>


The accompanying notes are an integral part of these Financial Statements.  4


<PAGE>
                                          
                           VENETIAN PARK ASSOCIATES, LTD.
                         (A CALIFORNIA LIMITED PARTNERSHIP)
                                          
                              STATEMENTS OF OPERATIONS
                                    (UNAUDITED)
                                          

<TABLE>
<CAPTION>
                                                         THREE MONTHS    THREE MONTHS
                                                             ENDED           ENDED
                                                           MARCH 31,       MARCH 31, 
                                                              1998            1997
                                                          -----------     -----------
<S>                                                       <C>             <C>
Operating Revenue:

    Rental Income                                           $384,634        $357,095
    Other Rental and Interest Income                          16,368          18,414
                                                            --------        --------
      TOTAL OPERATING REVENUE                                401,002         375,509
                                                            --------        --------

Operating Expenses:

    Repair and Maintenance                                    19,136          55,847
    Utilities                                                 48,239          45,769
    Managers Salaries                                         44,293          43,753
    Management Fees                                           20,075          18,775
    General and Administrative                                57,562          55,783
    Real Property Taxes and Insurance                         32,896          33,998
    Financial Expenses                                       109,992         112,230
    Depreciation                                              69,044          70,086
    Amortization                                                 239             239
                                                            --------        --------

      TOTAL OPERATING EXPENSES                               401,476         436,480
                                                            --------        --------

NET INCOME (LOSS) FROM OPERATIONS                           $   (474)       $(60,971)
                                                            --------        --------
                                                            --------        --------

NET INCOME (LOSS) PER UNIT
(6041 Limited Partnership units issued and outstanding)     $  (0.08)       $ (10.09)
                                                            --------        --------
                                                            --------        --------
</TABLE>




The accompanying notes are an integral part of these Financial Statements.   5

<PAGE>

                           VENETIAN PARK ASSOCIATES, LTD.
                         (A CALIFORNIA LIMITED PARTNERSHIP)
                                          
                           STATEMENT OF PARTNER'S EQUITY
                                    (UNAUDITED)

<TABLE>
<CAPTION>
                                             THREE MONTHS
                                                 ENDED
                                                MARCH 31,
                                                  1998
                                             ------------
<S>                                          <C>
Balance at January 1, 1998                    $1,608,265
Net income (loss)                                   (474)
Cash Distributions                                     0
                                             ------------

  BALANCE AT MARCH 31, 1998                   $1,607,791
                                             ------------
                                             ------------
</TABLE>



The accompanying notes are an integral part of these Financial Statements.   6


<PAGE>

                           VENETIAN PARK ASSOCIATES, LTD.
                         (A CALIFORNIA LIMITED PARTNERSHIP)
                                          
                              STATEMENTS OF CASH FLOWS
                                    (UNAUDITED)
                                          

<TABLE>
<CAPTION>
                                                                         THREE MONTHS    THREE MONTHS
                                                                             ENDED           ENDED
                                                                           MARCH 31,       MARCH 31,
                                                                             1998            1997
                                                                         -------------   ------------
<S>                                                                      <C>             <C>
Cash flows from operating activities: Net Income/(Loss)                     $   (474)      $ (60,971)
                                                                            --------       ---------

Adjustments to reconcile net (loss) income to net cash
provided by operating activities:

    Depreciation and amortization                                             69,283          70,325
    Change in assets - (increase) decrease:
      Tenant rents receivable                                                   (357)              0
      Tenants security deposits                                                 (795)        (26,056)
      Prepaid expenses                                                        12,511          12,700
      Restricted deposits and reserves                                       (48,243)        (19,714)
      Deposits                                                                    13              39
    Change in liabilities - increase (decrease):
      Accounts payable and accrued expenses                                      304           5,641
      Tenants prepaid rents                                                    1,973          (1,568)
      Tenants security deposit payable                                        (7,056)         (5,004)
                                                                            --------       ---------

             Total adjustments                                                27,633          36,363
                                                                            --------       ---------

Net cash flow provided by (used in) operating 
activities:                                                                   27,159         (24,608)
                                                                            --------       ---------

Cash flow from financing activities:
  Principal reduction of long-term debt                                      (30,391)        (28,155)
  Capital distributions to partners                                                0         (61,020)
                                                                            --------       ---------

Net cash used by financing activities                                        (30,391)        (89,175)
                                                                            --------       ---------

Net increase (decrease) in cash                                               (3,232)       (113,783)

Cash at beginning of Period                                                   51,337         286,908
                                                                            --------       ---------

Cash at end of Period                                                       $ 48,105       $ 173,125
                                                                            --------       ---------
                                                                            --------       ---------

Supplemental disclosures of cash flow information:
  Cash paid during the year for:
      Interest expense                                                      $103,984       $ 103,182
        State franchise tax                                                 $    800       $     800
</TABLE>


The accompanying notes are an integral part of these Financial Statements.   7
<PAGE>

                            VENETIAN PARK ASSOCIATES, LTD.
                            NOTES TO FINANCIAL STATEMENTS
                          THREE MONTHS ENDED MARCH 31, 1998


1)   BASIS OF PRESENTATION

     See the Form 10-K for the Year Ended December 31, 1997 for appropriate
     disclosure to the Financial Statements.  The Financial Statements included
     in the 10-Q omit substantially all disclosures.

2)   ADJUSTING ENTRIES

     All adjustments which are necessary for a fair presentation of the
     Financial Statements have been made to the Financial Statements presented. 
     All such adjustments are of a normal recurring nature.


                                                                              8


<PAGE>

ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
          RESULTS OF OPERATIONS.

RESULTS OF OPERATIONS

GENERAL

     Operating income during the first quarter this year was $401,002 vs.
     $375,509 during last year's first quarter, an increase of $25,493.  Net
     Income this year through March 31 was a negative cash flow of $474 vs. a
     negative cash flow of $60,971 during the corresponding quarter last year,
     an improvement of $60,497. 

     Rental Collection this year through March 31 was $384,634 vs. $357,095 last
     year through the same date, an increase of $27,539.  Because the rental
     market is showing gradual signs of improvements, rental discounts continue
     to decline.

     Total Operating Expenses were $401,476 during the 1998 first quarter vs.
     $436,480 during the 1997 first quarter, a cut of $35,004.  We have one of
     the best on-site maintenance and painting staffs we've had in many years
     and they're helping us hold down expenses by performing much of the work on
     site that had previously been contracted out to independent firms.
          
     Cash in bank on March 31, 1998 was $48,105 vs. $51,337 at the same time the
     year before.  Tenant Security Deposits on hand stood at $ $109,281 vs.
     $108,486 at the same time last year.  On March 31, 1998, the Property's FHA
     replacement reserve account stood at $147,793 vs. $141,500 on the same date
     last year.

     When the vacancy factor, now running at approximately 12%, is reduced to
     more acceptable levels, we shall move to refinance the Property in order to
     lower mortgage payments and at the same time generate sufficient funds to
     replace the roof and complete the exterior paint program at the Property.

LIQUIDITY AND CAPITAL RESOURCES

     Although this year's first quarter operating results are substantially
     improved over last year's first quarter, no cash distributions can be made
     until the Property generates a more substantial ongoing cash flow than that
     which now prevails.  


                                                                              9

<PAGE>

                             PART II.  OTHER INFORMATION

ITEM 1.   LEGAL PROCEEDINGS

          Not Applicable

ITEM 2.   CHANGES IN SECURITIES

          Not Applicable

ITEM 3.   DEFAULTS UPON SENIOR SECURITIES

          Not Applicable

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

          Not Applicable

ITEM 5.   OTHER INFORMATION

          Not Applicable

ITEM 6.   EXHIBITS AND REPORTS ON FORM 8-K

          a)   EXHIBITS

               Exhibits other than those listed have been omitted because they
               are nonexistent, inapplicable or because the required information
               is given in the Financial Statements or notes thereto.

          b)   REPORTS ON FORM 8-K

               Not Applicable


                                                                             10

<PAGE>

                                      SIGNATURE


     Pursuant to the requirements of the Securities Exchange Act of 1934, the 
Registrant has duly caused this report to be signed on its behalf by the 
undersigned, thereunto duly authorized in the City of Santa Monica of 
California.

                                                VENETIAN PARK ASSOCIATES, LTD.
                                              (A California Limited Partnership)



DATED:  May 4, 1998                           By  /s/ NORMAN JACOBSON         
                                                --------------------------------
                                                  Norman Jacobson
                                                  General Partner


                                                                              11