----

----

|                                                                 |                                                                                         |
|----------------------------------------------------------------------|----------------------------------------------------------------------------------------------|
| x                                                                    |  QUARTERLY      REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES      EXCHANGE  |
|                                                                 |  ACT      OF 1934                                                                       |
| For      the quarterly period ended March 31, 2008                   |
| Or                                                                   |
|                                                                 |                                                                                         |
|    ̈                                                        |  TRANSITION      REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES      EXCHANGE |
|                                                                 |  ACT      OF 1934                                                                       |
| For      the transition period from: _____________ to  _____________ |

|                              |   |              |   |                     |
|-----------------------------------|--------|-------------------|--------|--------------------------|
|                              |   |              |   |                     |
| Delaware                          |   | 000-12895         |   | 59-2399204               |
| (State      or Other Jurisdiction |   | (Commission       |   | (I.R.S.      Employer    |
| of      Incorporation)            |   | File      Number) |   | Identification      No.) |

|                                                                                                                                                                                                                                                                              | x                  |  Yes              |         ̈ |  No                   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------|------------------------|--------------------|----------------------------|
|                                                                                                                                                                                                                                                                              |
| Indicate      by check mark whether the registrant is a large accelerated filer, an      accelerated filer, or a non-accelerated filer.                                                                                                                                           |
|                                                                                                                                                                                                                                                                              |               |
| Large      accelerated filer                                                                                                                                                                                                                                                      |  ̈        | Accelerated      filer |    ̈      | Non-accelerated      filer | x |   |
|                                                                                                                                                                                                                                                                              |               |
| Indicate      by check mark whether the registrant is a shell company (as defined in      Rule 12b-2 of the Act).                                                                                                                                                                 | x                  |  Yes              |         ̈ |  No                   |
|                                                                                                                                                                                                                                                                              |               |
| Indicate      the number of shares outstanding of each of the registrant’s classes of      common stock, as of the latest practicable date.    8,809,065                                                                                                          |
|                                                                                                                                                                                                                                                                              |
| APPLICABLE      ONLY TO REGISTRANTS INVOLVED IN BANKRUPTCY                                                                                                                                                                                                                        |
| PROCEEDINGS      DURING THE PRECEDING FIVE YEARS:                                                                                                                                                                                                                                 |
|                                                                                                                                                                                                                                                                              |
| Indicate      by check mark whether the registrant has filed all documents and reports      required to be filed by Section 12, 13 or 15(d) of the Securities Exchange      Act of 1934 subsequent to the distribution of securities under a plan      confirmed by a      court. |
|                                                                                                                                                                                                                                                                              |         ̈ |  Yes              |    ̈      |  No                   |

----

|              |   |                                                                                                  |   |       |
|-------------------|--------|-------------------------------------------------------------------------------------------------------|--------|------------|
|              |   |                                                                                                  |   |       |
|              |   |  PART      I – FINANCIAL INFORMATION                                                       |   | PAGE       |
| ITEM              | 1      | Financial      Statements                                                                             |   | 3      -10 |
| ITEM              | 2      | Management’s      Discussion and Analysis of Financial Condition and Results of      Operations |   | 11         |
| ITEM              | 3      | Quantitative      and Qualitative Disclosures About Market Risk                                       |   | 11         |
| ITEM              | 4      | Controls      and Procedures                                                                          |   | 11         |
|              |   | Supplemental      Information – Exhibit                                                         |   | 12         |
|              |   |                                                                                                  |   |       |
|              |   | PART      II – OTHER INFORMATION                                                                |   |       |
| ITEM              | 1      | Legal      Proceedings                                                                                |   | 13         |
| ITEM              | 1A     | Risk      Factors                                                                                     |   | 13         |
| ITEM              | 2      | Unregistered      Sales of Equity Securities and Use of  Proceeds                                |   | 13         |
| ITEM              | 3      | Defaults      upon Senior Securities                                                                  |   | 13         |
| ITEM              | 4      | Submission      of Matters to Vote of Security Holders                                                |   | 13         |
| ITEM              | 5      | Other      Information                                                                                |   | 13         |
| ITEM              | 6      | Exhibits                                                                                              |   | 13         |
|              |   | Signatures                                                                                            |   | 14         |
| Exhibit      31.1 |   |                                                                                                  |   |       |
| Exhibit      32.1 |   |                                                                                                  |   |       |

----

| ITEM      1 FINANCIAL STATEMENTS                                                                          |   |
|-----------------------------------------------------------------------------------------------------------|--------|
|                                                                                                      |   |
| ALL-STATE      PROPERTIES L.P.                                                                            |   |
| (A      LIMITED PARTNERSHIP)                                                                              |   |
| CONDENSED      BALANCE SHEETS                                                                             |   |
| MARCH      31, 2008 AND JUNE 30, 2007                                                                     |   |
|                                                                                                      |   |   |   |   |   |   |
|                                                                                                      |   | MARCH |   |   | JUNE |   |
|                                                                                                      |   |  31, |   |   | 30, |   |
|                                                                                                      |   | 2008 |   |   | 2007 |   |
|                                                                                                      |   | (Unaudited) |   |   |   |   |   |
| ASSETS                                                                                                    |   |   |   |   |   |   |   |   |
|                                                                                                      |   |   |   |   |   |   |   |   |
|           Cash                                          |   | $ | 130 |   |   | $ | 28,134 |   |
|                                                                                                      |   |   |   |   |   |   |   |   |
| LIABILITIES AND PARTNER CAPITAL      (DEFICIENCY)                                                         |   |   |   |   |   |   |   |   |
|                                                                                                      |   |   |   |   |   |   |   |   |
| LIABILITIES:                                                                                              |   |   |   |   |   |   |   |   |
|                                                                                                      |   |   |   |   |   |   |   |   |
|           Accounts      payable and accrued liabilities |   |   | 6,499 |   |   |   | 28,134 |   |
|           Notes      payable                            |   |   | 27,600 |   |   |   | - |   |
|           Accrued      interest                         |   |   | 577 |   |   |   | - |   |
|                                                                                                      |   |   |   |   |   |   |   |   |
|           TOTAL      LIABILITIES                        |   |   | 34,676 |   |   |   | 28,134 |   |
|                                                                                                      |   |   |   |   |   |   |   |   |
| PARTNER      CAPITAL (DEFICIENCY):                                                                        |   |   |   |   |   |   |   |   |
|                                                                                                      |   |   |   |   |   |   |   |   |
|           Partner      Deficiency                       |   |   | (34,546 | ) |   |   | - |   |
|                                                                                                      |   |   |   |   |   |   |   |   |
| TOTAL      LIABILITIES AND PARTNERCAPITAL      (DEFICIENCY)                                               |   | $ | 130 |   |   | $ | 28,134 |   |
|                                                                                                      |   |   |   |   |   |   |   |   |
| See      accompanying notes                                                                               |   |
|                                                                                                      |   |   |   |   |   |   |   |   |

----

| ALL-STATE PROPERTIES L.P.                                                                                                        |   |
|----------------------------------------------------------------------------------------------------------------------------------|--------|
| CONDENSED      STATEMENTS OF OPERATIONS                                                                                          |   |
| THREE      MONTHS AND NINE MONTHS ENDED MARCH  31, 2008 AND 2007                                                            |   |
| (UNAUDITED)                                                                                                                      |   |
|                                                                                                                             |   |
|                                                                                                                             |   | THREE      MONTHS |   |   | NINE      MONTHS |   |
|                                                                                                                             |   | ENDED |   |   | ENDED |   |
|                                                                                                                             |   | March      31 |   |   | March       31 |   |
|                                                                                                                             |   | 2008 |   |   | 2007 |   |   | 2008 |   |   | 2007 |   |
|                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |
| REVENUES:                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |
|           Equity      in income of real estate limited company - related party |   | $ | - |   |   | $ | 3,613 |   |   | $ | - |   |   | $ | 215,349 |   |
|           Realization      of deferred revenue                                 |   |   |   |   |   |   |   |   |   |   | - |   |   |   | 68,207 |   |
|           Interest                                                             |   |   | - |   |   |   | 717 |   |   |   | 251 |   |   |   | 717 |   |
|                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|           TOTAL      REVENUE                                                   |   |   | - |   |   |   | 4,330 |   |   |   | 251 |   |   |   | 284,273 |   |
|                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| COST      AND EXPENSES:                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|           General      and administrative                                      |   |   | 5,168 |   |   |   | 17,163 |   |   |   | 34,220 |   |   |   | 44,551 |   |
|           Write-off      of accrued interest receivable                        |   |   | - |   |   |   | 969 |   |   |   | - |   |   |   | 49,392 |   |
|           Interest      expense                                                |   |   | 520 |   |   |   | 5,464 |   |   |   | 577 |   |   |   | 11,052 |   |
|                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|           TOTAL      COST AND EXPENSES:                                        |   |   | 5,688 |   |   |   | 23,596 |   |   |   | 34,797 |   |   |   | 104,995 |   |
|                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| NET      (LOSS) INCOME                                                                                                           |   | $ | (5,688 | ) |   | $ | (19,266 | ) |   | $ | (34,546 | ) |   | $ | 179,278 |   |
|                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| NET      (LOSS)  INCOME PER PARTNERSHIP UNIT                                                                                |   | $ | (0.00 | ) |   | $ | (0.01 | ) |   | $ | (0.00 | ) |   | $ | 0.06 |   |
|                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| CASH      DISTRIBUTIONS PER UNIT                                                                                                 |   | NONE |   |   | NONE |   |   | NONE |   |   |   | 0.05 |   |
|                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| See      accompanying notes                                                                                                      |   |
|                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

| ALL-STATE PROPERTIES L.P.                                                                                                                             |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| (A      LIMITED PARTNERSHIP)                                                                                                                          |   |
| CONDENSED      STATEMENTS OF CASH FLOWS                                                                                                               |   |
| NINE       MONTHS ENDED MARCH 31,                                                                                                                |   |
| (UNAUDITED)                                                                                                                                           |   |
|                                                                                                                                                  |   | 2008 |   |   | 2007 |   |
| CASH      FLOW FROM OPERATING ACTIVITIES:                                                                                                             |   |   |   |   |   |   |
|          Cash      paid for general and administrative expenses                                          |   | $ | (55,855 | ) |   | $ | (65,074 | ) |
|          Interest      received                                                                          |   |   | 251 |   |   |   | 717 |   |
|          Interest      paid                                                                              |   |   | - |   |   |   | (23,860 | ) |
|                                                                                                                                                  |   |   |   |   |   |   |   |   |
|                CASH      USED IN OPERATING ACTIVITIES                      |   |   | (55,604 | ) |   |   | (88,217 | ) |
|                                                                                                                                                  |   |   |   |   |   |   |   |   |
| CASH      FLOW FROM INVESTING ACTIVITIES:                                                                                                             |   |   |   |   |   |   |   |   |
|           Proceeds      from investing in real estate limited liability company-related      party  |   |   | - |   |   |   | 458,050 |   |
|                                                                                                                                                  |   |   |   |   |   |   |   |   |
|                CASH      PROVIDED BY INVESTING ACTIVITES                   |   |   | - |   |   |   | 458,050 |   |
|                                                                                                                                                  |   |   |   |   |   |   |   |   |
|  CASH      FLOW FROM FINANCING ACTIVITIES:                                                                                                       |   |   |   |   |   |   |   |   |
|           Proceeds      from notes payable                                                          |   |   | 27,600 |   |   |   | (173,000 | ) |
|           Distribution      to partners                                                             |   |   | - |   |   |   | (161,082 | ) |
|                                                                                                                                                  |   |   |   |   |   |   |   |   |
|               CASH      PROVIDED BY (USED IN) FINANCING ACTIVITIES              |   |   | 27,600 |   |   |   | (334,082 | ) |
|                                                                                                                                                  |   |   |   |   |   |   |   |   |
| NET      (DECREASE) INCREASE IN CASH                                                                                                                  |   |   | (28,004 | ) |   |   | 35,751 |   |
|                                                                                                                                                  |   |   |   |   |   |   |   |   |
| CASH      AT BEGINNING OF YEAR                                                                                                                        |   |   | 28,134 |   |   |   | 961 |   |
|                                                                                                                                                  |   |   |   |   |   |   |   |   |
| CASH      AT END OF PERIOD                                                                                                                            |   | $ | 130 |   |   | $ | 36,712 |   |
|                                                                                                                                                  |   |   |   |   |   |   |   |   |
|                                                                                                                                                  |   |   |   |   |   |   |   |   |
| RECONCILIATION      OF NET (LOSS) INCOME TO NET CASH USED IN                                                                                          |   |   |   |   |   |   |   |   |
| OPERATING      ACTIVITIES:                                                                                                                            |   |   |   |   |   |   |   |   |
|           Net      (loss) income                                                                    |   | $ | (34,546 | ) |   | $ | 179,278 |   |
|                                                                                                                                                  |   |   |   |   |   |   |   |   |
| ADJUSTMENTS      TO RECONCILE NET (LOSS) INCOME TO NET CASH USED                                                                                      |   |   |   |   |   |   |   |   |
| IN      OPERATING ACTIVITIES:                                                                                                                         |   |   |   |   |   |   |   |   |
|           Equity      in (income) loss of real estate limited liability company- related      party |   |   | - |   |   |   | (215,349 | ) |
|           Recognition      of deferred revenue                                                      |   |   | - |   |   |   | (68,207 | ) |
|           Interest      receivable write-off                                                        |   |   | - |   |   |   | 49,392 |   |
|           Decrease      in accounts payable                                                         |   |   | (21,635 | ) |   |   | (20,522 | ) |
|                                                                            |   |   |   |   |   |   |   |   |
|                                                                                                                                                  |   |   |   |   |   |   |   |   |
|                     Total      adjustments        |   |   | (21,058 | ) |   |   | (267,495 | ) |
|                                                                                                                                                  |   |   |   |   |   |   |   |   |
| CASH      USED IN OPERATING ACTIVITIES                                                                                                                |   | $ | (55,604 | ) |   | $ | (88,217 | ) |
|                                                                                                                                                  |   |   |   |   |   |   |   |   |
| See      accompanying notes                                                                                                                           |   |
|                                                                                                                                                  |   |   |   |   |   |   |   |   |

----

 

----

----

|   | (iv)        |
|--------|------------------|

|   | (v)         |
|--------|-----------------------|

|   | (vi)        |
|--------|------------------|

|   | (vii)        |
|--------|-------------------|

|   | (viii) |
|--------|--------|

|   | (ix) |
|--------|------|

|   | (x) |
|--------|-----|

----

----

----

 

----

|                                        |   |      |   |      |
|---------------------------------------------|--------|-----------|--------|-----------|
|                                        |   |      |   |      |
|                                        |   | 2008      |   | 2007      |
| Partnership      units outstanding          |   | 8,809,065 |   | 3,118,303 |
| Net      (Loss) Income                      | $      | (34,546)  | $      | 179,278   |
| Net      (Loss) Income Per Partnership Unit | $      | (0.00)    | $      | 0.06      |
|                                        |   |      |   |      |

----

----

 

|                          |                           |                   |
|-------------------------------|--------------------------------|------------------------|
|                          |                           |                   |
|                          | ALL-STATE      PROPERTIES L.P. |
|                          |                           |              |
|                          |                           |                   |
| Date:       May 20, 2008 | By:                  | /s/      Garry McHenry |
|                          |                           | Garry      McHenry     |
|                          |                           | General      Partner   |

14

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