U. S. Securities and Exchange Commission
                         Washington, D. C.  20549


                                FORM 10-QSB


[X]  QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
     EXCHANGE ACT OF 1934

     For the quarterly period ended January 31, 2004

[ ]  TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
     EXCHANGE ACT OF 1934

     For the transition period from                to
                                    --------------    ---------------


                       Commission File No. 0000-4494


                     Commercial Property Corporation
                     -------------------------------
                (Name of Small Business Issuer in its Charter)


         Delaware                                      13-5661446
         --------                                      ----------
(State or Other Jurisdiction of                  (I.R.S. Employer I.D. No.)
 incorporation or organization)

                          9005 Cobble Canyon Lane
                            Sandy, Utah 84093
                            -----------------
                 (Address of Principal Executive Offices)

                Issuer's Telephone Number:  (801) 942-0555

Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Sections 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.

(1)  Yes X     No                  (2)  Yes X   No
        ---      ---                       ---    ---

<PAGE>
             APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
                PROCEEDINGS DURING THE PRECEDING FIVE YEARS

                              Not applicable.


                   APPLICABLE ONLY TO CORPORATE ISSUERS

Indicate the number of shares outstanding of each of the Registrant's classes
of common stock, as of the latest practicable date:

                           August 31, 2004

                              1,027,326
                              ---------

PART I - FINANCIAL INFORMATION

Item 1.   Financial Statements.

          The Financial Statements of the Registrant required to be filed with
this 10-QSB Quarterly Report were prepared by management, and commence on the
following page, together with Related Notes.  In the opinion of management,
the Financial Statements fairly present the financial condition of the
Registrant.
<PAGE>
                 COMMERCIAL PROPERTY CORPORATION
                  (A Development Stage Company)

              UNAUDITED CONDENSED FINANCIAL STATEMENTS

                         January 31, 2004
<PAGE>
<TABLE>
                 COMMERCIAL PROPERTY CORPORATION
                  (A Development Stage Company)
                UNAUDITED CONDENSED BALANCE SHEETS
<CAPTION>

                              ASSETS

                                               January 31,      October 31,
                                                   2004             2003
<S>                                               <C>           <C>
CURRENT ASSETS

 Cash                                             $       -      $          -
                                                  ---------      ------------
  Total Current Assets                            $       -      $          -
                                                  ---------      ------------
                                                  $       -      $          -
                                                  =========      ============

          LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)

CURRENT LIABILITIES

 Accounts payable                                 $  10,015      $     10,224
 Related party advances                               5,129             4,576
                                                  ---------      ------------
  Total Current Liabilities                          15,144            14,800
                                                  ---------      ------------

COMMITMENTS AND CONTINGENCIES
[See Note 7]                                              -                 -
                                                  ---------      ------------
  Total Liabilities                                  15,144            14,800
                                                  ---------      ------------
STOCKHOLDERS' EQUITY (DEFICIT):
     Common stock, $.01 par value, 3,000,000
     shares authorized, 1,027,326 shares issued
      and outstanding                                10,273           10,273
     Capital in excess of par value               2,021,849        2,021,849
     Retained deficit                            (2,011,964)      (2,011,964)
     Deficit accumulated during the development
      stage                                         (35,302)         (34,958)
                                                  ---------       ----------
          Total Stockholders' Equity (Deficit)      (15,144)         (14,800)
                                                  ---------       ----------
                                                  $       -       $        -
                                                  =========       ==========
</TABLE>
Note:  The balance sheet at October 31, 2003 was taken from the audited
financial statements at that date and condensed.

The accompanying notes are an integral part of these unaudited condensed
financial statements.
                                F-2
<PAGE>
<TABLE>
                 COMMERCIAL PROPERTY CORPORATION
                  (A Development Stage Company)
             UNAUDITED CONDENSED STATEMENTS OF OPERATIONS
<CAPTION>
                                                                   From the
                                                                Re-entering of
                                           For the           Development Stage
                                      Three Months Ended      on November 19,
                                          January 31,           1997 through
                                      2004          2003     January, 31, 2004
<S>                                  <C>          <C>            <C>
REVENUES                              $      -  $      -          $       -
                                      --------  --------          ---------
EXPENSES
 General and administrative                344       250             35,302
                                      --------  --------          ---------
LOSS FROM OPERATIONS                      (344)     (250)           (35,302)

CURRENT INCOME TAX EXPENSE                   -         -                  -

DEFERRED INCOME TAX EXPENSE                  -         -                  -
                                      --------  --------          ---------
NET LOSS                              $   (344) $   (250)         $ (35,302)
                                      ========  ========          =========
LOSS PER COMMON SHARE                 $   (.00) $   (.00)         $    (.04)
                                      ========  ========          =========
</TABLE>
The accompanying notes are an integral part of these unaudited condensed
financial statements.
                                F-3
<PAGE>
<TABLE>
                 COMMERCIAL PROPERTY CORPORATION
                  (A Development Stage Company)
             UNAUDITED CONDENSED STATEMENTS OF CASH FLOWS
<CAPTION>
                                                                   From the
                                                                Re-entering of
                                           For the           Development Stage
                                      Three Months Ended      on November 19,
                                          January 31,           1997 through
                                      2004          2003     January, 31, 2004
<S>                                  <C>          <C>            <C>
Cash Flows from Operating Activities:
  Net loss                                $    (344)  $     (250)  $ (35,302)
  Adjustments to reconcile net loss to
   net cash used by operating activities:
   Stock issued for services rendered             -            -      18,963
   Changes in assets and liabilities:
   Increase (decrease) in accounts payable     (209)           -      10,015
                                          ---------   ----------   ---------
        Net Cash (Used) by Operating
        Activities                             (553)        (250)     (6,324)
                                          ---------   ----------   ---------
Cash Flows from Investing Activities              -            -           -
                                          ---------   ----------   ---------
        Net Cash Provided by Investing
        Activities                                -            -           -
                                          ---------   ----------   ---------
Cash Flows from Financing Activities:
  Capital contributions                           -            -       1,195
  Advances from related party                   553          250       5,129
                                          ---------   ----------   ---------
   Net Cash Provided by Financing
    Activities                                  553          250       6,324
                                          ---------   ----------   ---------
Net Increase (Decrease) in Cash                   -            -           -

Cash at Beginning of Period                       -            -           -
                                          ---------   ----------   ---------
Cash at End of Period                     $       -   $        -   $       -
                                          =========   ==========   =========
Supplemental Disclosures of Cash Flow information:

  Cash paid during the period for:
  Interest                                $       -   $        -   $       -
  Income taxes                            $       -   $        -   $       -

Supplemental Schedule of Noncash Investing and Financing Activities:

  From the re-entering of development stage on November 19, 1997 through
  January 31, 2004:
    In April 1998, the Company issued 871,250 shares of common stock for
    services rendered valued at $8,713.

    In March 1998, the Company issued 102,500 shares of common stock for
    services rendered valued at $10,250.
</TABLE>
The accompanying notes are an integral part of these unaudited condensed
financial statements.
                                F-4
<PAGE>
                 COMMERCIAL PROPERTY CORPORATION
                  (A Development Stage Company)
         NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

     Organization - Commercial Property Corporation ("the Company") was
     organized under the laws of the State of Delaware on November 15, 1955
     as Inland Mineral Resources Corp., but later changed its name to Parker-
     Levitt Corporation.  The Company has been known as Commercial Property
     Corporation since 1977.  The Company was previously engaged in various
     real estate and development projects.  The Company had entered into
     several business acquisitions with subsidiaries and held various limited
     partnership interests.  The operations of the Company were not
     successful and the Company discontinued the majority of its operations
     by 1981.  In 1984, the Company had its corporate charter canceled by the
     State of Delaware.  In 1997, the Company issued common stock which
     resulted in a change in control.  The Company is considered to have re-
     entered into a new development stage on November 19, 1997.  In June
     2003, the Company was reinstated with the State of Delaware.  The
     Company is presently an inactive shell pursuing a suitable business
     opportunity.  Any transaction with an operating company will likely be
     structured similar to a reverse acquisition in which a controlling
     interest in the Company will be acquired by the successor operation.  In
     such a transaction, the shareholders of the Company will likely own a
     minority interest in the combined company after the acquisition and
     present management of the Company will likely resign and be replaced by
     the principals of the operating company.

     Condensed Financial Statements - The accompanying financial statements
     have been prepared by the Company without audit.  In the opinion of
     management, all adjustments (which include only normal recurring
     adjustments) necessary to present fairly the financial position, results
     of operations and cash flows at January 31, 2004 and 2003 and for the
     periods then ended have been made.

     Certain information and footnote disclosures normally included in
     financial statements prepared in accordance with generally accepted
     accounting principles in the United States of America have been
     condensed or omitted.  It is suggested that these condensed financial
     statements be read in conjunction with the financial statements and
     notes thereto included in the Company's October 31, 2003 audited
     financial statements.  The results of operations for the periods ended
     January 31, 2004 and 2003 are not necessarily indicative of the
     operating results for the full year.

     Development Stage - The Company is considered a development stage
     company as defined in Statement of Financial Accounting Standards No. 7.

     Cash and Cash Equivalents - The Company considers all highly liquid debt
     investments purchased with a maturity of three months or less to be cash
     equivalents.

     Income Taxes -The Company accounts for income taxes in accordance with
     Statement of Financial Accounting Standards No. 109 "Accounting for
     Income Taxes" which requires an asset/liability approach for the effect
     of income taxes [See Note 3].

     Loss Per Share - The computation of loss per share is based on the
     weighted average number of shares outstanding during the period
     presented in accordance with Statement of Financial Accounting Standards
     No. 128, "Earnings Per Share" [See Note 6].
                               F-5
<PAGE>
                 COMMERCIAL PROPERTY CORPORATION
                  [A Development Stage Company]

        NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Continued]

     Accounting Estimates - The preparation of financial statements in
     conformity with generally accepted accounting principles in the United
     States of America requires management to make estimates and assumptions
     that affect the reported amounts of assets and liabilities, the
     disclosures of contingent assets and liabilities at the date of the
     financial statements and the reported amount of revenues and expenses
     during the reported period.  Actual results could differ from those
     estimated.

     Recently Enacted Accounting Standards - Statement of Financial
     Accounting Standards ("SFAS") No. 146, "Accounting for Costs Associated
     with Exit or Disposal Activities", SFAS No. 147, "Acquisitions of
     Certain Financial Institutions - an Amendment of FASB Statements No. 72
     and 144 and FASB Interpretation No. 9", SFAS No. 148, "Accounting for
     Stock-Based Compensation - Transition and Disclosure - an Amendment of
     FASB Statement No. 123", SFAS No. 149, "Amendment of Statement 133 on
     Derivative Instruments and Hedging Activities", and SFAS No. 150,
     "Accounting for Certain Financial Instruments with Characteristics of
     both Liabilities and Equity", were recently issued.  SFAS No. 146, 147,
     148, 149 and 150 have no current applicability to the Company or their
     effect on the financial statements would not have been significant.

     Restatement - In April 1998, the Company effected a 100-for-1 reverse
     stock split.  The financial statements have been restated, for all
     periods presented, to reflect the stock split [See Note 2].

     Reclassification - The financial statements for periods prior to January
     31, 2004 have been reclassified to conform to the headings and
     classifications used in the January 31, 2004 financial statements.

NOTE 2 - CAPITAL STOCK

     Common Stock - In March 1998, the Company issued 102,500 shares of its
     previously authorized, but unissued common stock for services valued at
     $10,250.  The stock issuance resulted in a change of control of the
     Company.  The former officers and directors resigned and new officers
     and directors were appointed.

     In April 1998, the Company effected a 100-for-1 reverse stock split.  No
     shareholder was to be reduced to less than 50 shares; therefore, an
     additional 28,316 shares were issued in conjunction with the reverse
     split.  The financial statements have been restated, for all periods
     presented, to reflect the stock split.

     In April 1998, the Company issued 871,250 shares of its previously
     authorized but unissued common stock for services valued at $8,713.
                               F-6
<PAGE>
                 COMMERCIAL PROPERTY CORPORATION
                  [A Development Stage Company]

        NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

NOTE 3 - INCOME TAXES

     The Company accounts for income taxes in accordance with Statement of
     Financial Accounting Standards No. 109, "Accounting for Income Taxes".
     SFAS No. 109 requires the Company to provide a net deferred tax
     asset/liability equal to the expected future tax benefit/expense of
     temporary reporting differences between book and tax accounting methods
     and any available operating loss or tax credit carryforwards.  At
     January 31, 2004, the Company had available unused operating loss
     carryforwards of approximately $35,300, which may be applied against
     future taxable income and which expire in various years through 2024.

     The amount of and ultimate realization of the benefits from the
     operating loss carryforwards for income tax purposes is dependent, in
     part, upon the tax laws in effect, the future earnings of the Company
     and other future events, the effects of which cannot be determined.
     Because of the uncertainty surrounding the realization of the loss
     carryforwards, the Company has established a valuation allowance equal
     to the tax effect of the loss carryforwards and, therefore, no deferred
     tax asset has been recognized for the loss carryforwards.  The net
     deferred tax assets are approximately $5,300 and $5,200 as of January
     31, 2004 and October 31, 2003, respectively, with an offsetting
     valuation allowance of the same amount resulting in a change in the
     valuation allowance of approximately $100 during the three months ended
     January 31, 2004.

NOTE 4 - RELATED PARTY TRANSACTIONS

     Advances - An officer/shareholder of the Company has paid expenses
     totaling $5,129 on behalf of the Company.  The advances are due on
     demand and bear no interest.

     Management Compensation - During the three months ended January 31, 2004
     and 2003, the Company did not pay any compensation to its officers and
     directors.

     Office Space - The Company has not had a need to rent office space.  An
     officer/shareholder of the Company is allowing the Company to use his
     home as a mailing address, as needed, at no expense to the Company.

NOTE 5 - GOING CONCERN

     The accompanying financial statements have been prepared in conformity
     with generally accepted accounting principles in the United States of
     America, which contemplate continuation of the Company as a going
     concern.  However, the Company has no on-going operations and has
     current liabilities in excess of current assets.  These factors raise
     substantial doubt about the ability of the Company to continue as a
     going concern.  In this regard, management is proposing to raise any
     necessary additional funds not provided by operations through loans or
     through sales of its common stock or through a possible business
     combination with another company.  There is no assurance that the
     Company will be successful in raising this additional capital or in
     establishing profitable operations.  The financial statements do not
     include any adjustments that might result from the outcome of these
     uncertainties.
                               F-7
<PAGE>
                 COMMERCIAL PROPERTY CORPORATION
                  [A Development Stage Company]

        NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

NOTE 6 - LOSS PER SHARE


  The following data shows the amounts used in computing loss per share:

                                                                   From the
                                                                Re-entering of
                                           For the           Development Stage
                                      Three Months Ended      on November 19,
                                          January 31,           1997 through
                                      2004          2003     January, 31, 2004

  Loss available to common
   shareholders (numerator)          $   (344)  $   (250)       $ (35,302)
                                     --------   --------        ---------

   Weighted average number of common
   shares outstanding used in loss
   per share during the period
   (denominator)                    1,027,326  1,027,326          962,792
                                    ---------  ---------        ---------

Dilutive loss per share was not presented, as the Company had no common
equivalent shares for all periods presented that would effect the computation
of diluted loss per share.


NOTE 7 - COMMITMENTS AND CONTINGENCIES

     The Company has not been active for 20 years, since it discontinued its
     real estate operations.  Management believes that there are no valid
     outstanding liabilities from prior operations.  If a creditor were to
     come forward and claim a liability, the Company has committed to contest
     the claim to the fullest extent of the law.  Due to various statutes of
     limitations and because the likelihood that a 20-year old liability
     would not still be valid, no amount has been accrued in these financial
     statements.

                                F-8
<PAGE>
Item 2.   Management's Discussion and Analysis or Plan of Operation.
--------------------------------------------------------------------

Plan of Operation.
------------------

         The Company has not engaged in any material operations since the
calendar year ended October 31, 1981, or during the quarterly period ended
January 31, 2004 or to the date hereof.

         The Company's plan of operation for the next 12 months is to:(i)
consider guidelines of industries in which the Company may have an interest;
(ii) adopt a business plan regarding engaging in business in any selected
industry; and (iii) to commence such operations through funding and/or the
acquisition of a "going concern" engaged in any industry selected.

         During the next 12 months, the Company's only foreseeable cash
requirements will relate to maintaining the Company in good standing or the
payment of expenses associated with reviewing or investigating any potential
industries as a business venture, which the Company expects to pay from its
cash resources or loans from makers of management.

Item 3.   Controls and Procedures.
----------------------------------

     As of the end of the period covered by this Quarterly Report, we carried
out an evaluation, under the supervision and with the participation of our
President and Secretary/Treasurer, of the effectiveness of the design and
operation of our disclosure controls and procedures.  Based on this
evaluation, our President and Secretary/Treasurer concluded that our
disclosure controls and procedures are effective in timely alerting them to
material information required to be included in our periodic Securities and
Exchange Commission reports.  It should be noted that the design of any system
of controls is based in part upon certain assumptions about the likelihood of
future events, and there can be no assurance that any design will succeed in
achieving its stated goals under all potential future conditions, regardless
of how remote.  In addition, we reviewed our internal controls, and there have
been no significant changes in our internal controls or in other factors that
could significantly affect those controls subsequent to the date of their last
evaluation.

                    PART II - OTHER INFORMATION

Item 1.   Legal Proceedings.
----------------------------

          None; not applicable.

Item 2.   Changes in Securities and Small Business Issuer Purchases of Equity
Securities.
-----------

          None; not applicable.

Item 3.   Defaults Upon Senior Securities.
------------------------------------------

          None; not applicable.

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

          None; not applicable.

Item 5.   Other Information.
----------------------------

          None; not applicable.

Item 6.   Exhibits and Reports on Form 8-K.
-------------------------------------------

          (a)  Exhibits.

               31.1 302 Certification of David C. Merrell

               31.2 302 Certification of Corie Merrell

               32   906 Certification

          (b)  Reports on Form 8-K.

               None.

<PAGE>

                               SIGNATURES

          Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this Report to be signed on its behalf by the
undersigned there unto duly authorized.


                                        Commercial Property Corporation

Date: 9/14/2004                         By/s/David C. Merrell
     ----------                         -------------------------------------
                                        David C. Merrell
                                        Director and President


Date: 9/14/2004                         By/s/Corie Merrell
     ----------                         -------------------------------------
                                        Corie Merrell
                                        Secretary and Treasurer