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

                       FORM 10-Q


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

For the quarterly period ended    March 31, 1997

                          OR

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

For the transition period from                 to      


    Commission file number          0-14393        


Krupp Cash Plus Limited Partnership                    


Masachusetts                           04-2865878     

(State or other jurisdiction of (IRS employer
incorporation or organization) identification no.)

470 Atlantic Avenue, Boston, Massachusetts 02210      

(Address of principal executive offices)  (Zip Code)
       (617) 423-2233                                
 (Registrant's telephone number, including area code)

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     


The total number of pages in this document is 13.


PART I.  FINANCIAL INFORMATION

Item 1.FINANCIAL STATEMENTS

This form 10-Q contains forward-looking statements
within the meaning of Section 27A of the Securities
Act of 1933 and Section 21E of the Securities Exchange
Act of 1934.  Actual results could differ materially
from those projected in the forward-looking statements
as a result of a number of factors, including those
identified herein.

KRUPP CASH PLUS LIMITED PARTNERSHIP 

BALANCE SHEETS
           

ASSETS

<TABLE>
<CAPTION>
                                                 March 31,     December 31,
                                                   1997            1996   

<S>                                             <C>           <C>
Real estate assets:
  Retail centers, less accumulated                             
   depreciation of $17,840,903 and 
   $17,342,753, respectively                    $28,409,976    $28,908,119    

  Mortgage-backed securities ("MBS"),
   net of accumulated amortization (Note 5)       4,318,582      4,373,246
  
     Total real estate assets                    32,728,558     33,281,365

Cash and cash equivalents (Note 2)                4,792,066      4,043,066
Other assets                                        619,628        616,379

     Total assets                               $38,140,252    $37,940,810


                       LIABILITIES AND PARTNERS' EQUITY

Liabilities:
  Accounts payable                              $    16,427    $    46,238
  Due to affiliates (Note 6)                           -            26,735
  Accrued expenses and other
   liabilities (Note 3)                           1,380,044        843,385

     Total liabilities                            1,396,471        916,358

Partners' equity (deficit) (Note 4):
  Limited Partners (4,000,000 Units
   outstanding)                                  36,910,117     37,188,551
  Corporate Limited Partner (100 Units
   outstanding)                                       1,152          1,159
  General Partners                                 (167,488)      (165,258)

     Total Partners' equity                      36,743,781     37,024,452

     Total liabilities and Partners' 
       equity                                   $38,140,252    $37,940,810

</TABLE>
                    The accompanying notes are an integral
                       part of the financial statements.

<PAGE>

                      KRUPP CASH PLUS LIMITED PARTNERSHIP

                           STATEMENTS OF OPERATIONS
                                             
<TABLE>
<CAPTION>

                                                 For the Three Months   
                                                     Ended March 31,     
                                                   1997           1996   
 
<S>                                             <C>            <C>
Revenue:
  Rental                                        $1,452,013     $1,547,036
  Interest income - MBS (Note 5)                    91,910        106,385 
  Interest income - other                           60,406         44,499  

     Total revenue                               1,604,329      1,697,920      
  

Expenses:
  Operating (Note 6)                               280,305        261,227
  Maintenance                                       74,296         75,832 
  General and administrative (Note 6)               98,355         44,679
  Real estate taxes                                304,458        295,252
  Management fees (Note 6)                          71,645         62,499
  Depreciation                                     498,150        492,917

     Total expenses                              1,327,209      1,232,406

Net income                                      $  277,120     $  465,514
                                                
Allocation of net income (Note 4):

  Unitholders (4,000,000 Units 
   outstanding)                                 $  271,571     $  456,192

  Net income per Unit of
   Depositary Receipt                           $      .07     $      .11

  Corporate Limited Partner                     
   (100 Units outstanding)                      $        7     $       11

  General Partners                              $    5,542     $    9,311

</TABLE>
                    The accompanying notes are an integral
                       part of the financial statements.
<PAGE>



                      KRUPP CASH PLUS LIMITED PARTNERSHIP

                           STATEMENTS OF CASH FLOWS
                                                 

<TABLE>
<CAPTION>
                                                      For the Three Months  
                                                         Ended March 31,    
                                                        1997         1996   

<S>                                                 <C>           <C>
Operating activities:
  Net income                                        $  277,120    $  465,514
  Adjustments to reconcile net income to net cash
    provided by operating activities:
    Depreciation                                       498,150       492,917  
    Amortization of net MBS premium (discount)            (150)          263  
    Changes in assets and liabilities:
      Decrease (increase) in other assets               (3,249)       54,055
      Increase (decrease) in accounts payable           12,145        (6,093) 
      Decrease in due to affiliates                    (26,735)          -
      Increase in accrued expenses and other
        liabilities                                    536,659       405,874

        Net cash provided by operating activities    1,293,940     1,412,530

Investing activities:   
  Additions to fixed assets                               -         (226,086)
  Increase (decrease) in accounts payable
   for fixed asset additions                           (41,963)        7,000
  Principal collections on MBS                          54,814       242,130

        Net cash provided by investing activities       12,851        23,044 

Financing activity:
  Distributions                                       (557,791)     (549,550)

Net increase in cash and cash equivalents              749,000       886,024 
     
Cash and cash equivalents, beginning of period       4,043,066     2,841,353

Cash and cash equivalents, end of period            $4,792,066    $3,727,377

</TABLE>
                    The accompanying notes are an integral
                       part of the financial statements.
<PAGE>


                      KRUPP CASH PLUS LIMITED PARTNERSHIP

                         NOTES TO FINANCIAL STATEMENTS
                                            


(1)Accounting Policies

Certain information and footnote disclosures normally
included in financial statements prepared in
accordance with generally accepted accounting
principles have been condensed or omitted in this
Report on Form 10-Q pursuant to the Rules and
Regulations of the Securities and Exchange Commission. 
In the opinion of the General Partners of Krupp Cash
Plus Limited Partnership (the "Partnership"), the
disclosures contained in this Report are adequate to
make the information presented not misleading.  See
Notes to Financial Statements included in the
Partnership's Annual Report on Form 10-K for the year
ended December 31, 1996 for additional information
relevant to significant accounting policies followed
by the Partnership.

In the opinion of the General Partners of the
Partnership, the accompanying unaudited financial
statements reflect all adjustments (consisting of only
normal recurring accruals) necessary to present fairly
the Partnership's financial position as of March 31,
1997, and its results of operations and cash flows for
the three months ended March 31, 1997 and 1996. 

The results of operations for the three months ended
March 31, 1997 are not necessarily indicative of the
results which may be expected for the full year.  See
Management's Discussion and Analysis of Financial
Condition and Results of Operations included in this
report.

(2)Cash and Cash Equivalents

Cash and cash equivalent consisted of the following:
<TABLE>
<CAPTION>
                                                 March 31,   December 31,
                                                   1997          1996   

        <S>                                     <C>           <C>
        Cash and money market accounts          $  835,658    $  579,264
        Commercial paper                         3,956,408     3,463,802

                                                $4,792,066    $4,043,066
</TABLE>
                                         
At March 31, 1997, commercial paper represents
corporate issues complying with Section 6.2(a) of the
Partnership Agreement purchased through a corporate
issuer maturing in the second quarter of 1997.  At
March 31,1997, the carrying value of the Partnership's
investment in commercial paper approximates fair
value.

(3)Accrued Expenses and Other Liabilities

Accrued expenses and other liabilities consisted of
the following:
<TABLE>
<CAPTION>
                                                March 31,    December 31, 
                                                  1997           1996   

        <S>                                    <C>            <C>
        Accrued real estate taxes              $  553,654     $582,835
        Deferred income and other accrued
          expenses                                770,262      211,606
        Tenant security deposits                   48,356       48,944 
                                               $1,372,272     $843,385
                                               
</TABLE>
Continued


KRUPP CASH PLUS LIMITED PARTNERSHIP

                         NOTES TO FINANCIAL STATEMENTS
                                            

(4)Changes in Partners' Equity

A summary of changes in Partners' equity (deficit) for
the three months ended March 31, 1997 is as follows:
<TABLE>
<CAPTION>
                                          Corporate                  Total 
                                             Limited      General     Partners'
                              Unitholders    Partner     Partners      Equity   

<S>                           <C>           <C>         <C>         <C>
Balance at December 31, 1996  $37,188,551    $1,159      $(165,258)  $37,024,452

Net income                        271,571         7          5,542       277,120

Distributions                   (550,005)      (14)        (7,772)     (557,791)

Balance at March 31, 1997    $36,910,117    $1,152      $(167,488)  $36,743,781
</TABLE>
                     
The distributions payable to the General Partners
totaled $7,772 and were included in accrued expenses
and other liabilities at March 31, 1997.

(5)Mortgage Backed Securities
                                                   
The MBS held by the Partnership are issued by the
Federal Home Loan Mortgage Corporation and the
Government National Mortgage Association.  The
following is additional information on the MBS held:

<TABLE>
<CAPTION>
                                                 March 31,     December 31,
                                                   1997           1996   

        <S>                                     <C>            <C>
        Face Value                              $4,303,148     $4,357,962

        Amortized Cost                          $4,318,582     $4,373,246

        Estimated Market Value                  $4,415,000     $4,516,000

</TABLE>
Coupon rates of the MBS range from 8.5% to 9.0% per
annum and mature in the years 2008 through 2017.  The
Partnership's MBS portfolio had gross unrealized gains
of approximately $96,000 and $143,000 at March 31,
1997 and December 31, 1996, respectively.  The
Partnership does not expect to realize these gains as
it has the ability to hold the MBS until maturity.

(6)Related Party Transactions

Commencing with the date of acquisition of the
Partnership's properties, the Partnership entered into
agreements under which property management fees are
paid to an affiliate of the General Partners for
services as management agent.  Such agreements provide
for management fees payable monthly at the rate of up
to 6% of the gross receipts, net of leasing
commissions from commercial properties under
management. The Partnership also reimburses affiliates
of the General Partners for certain expenses incurred
in connection with the operation of the Partnership
and its properties including accounting, computer,
insurance, travel, legal and payroll; and with the
preparation and mailing of reports and other
communications to the Unitholders.  


Continued


KRUPP CASH PLUS LIMITED PARTNERSHIP

                      NOTES TO FINANCIAL STATEMENTS, Continued
                                               
                                    
(6)Related Party Transactions, Continued

Amounts accrued or paid to the General Partners or
their affiliates were as follows:
<TABLE>
<CAPTION>
                                   For the Three Months
                                      Ended March 31,  

                                     1997        1996  

         <S>                       <C>         <C>
         Property management
            fees                   $ 71,645    $ 62,499
       
         Expense
            reimbursements           87,320      73,780

         Charged to
            operations             $158,965    $136,279

</TABLE>
       
Due to affiliates consisted of expense reimbursements
of $26,735 at   December 31, 1996.


KRUPP CASH PLUS LIMITED PARTNERSHIP
          

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

This Management's Discussion and Analysis of Financial
Condition and Results of Operations contains forward-
looking statements including those concerning
Management's expectations regarding the future
financial performance and future events.  These
forward-looking statements involve significant risk
and uncertainties, including those described herein. 
Actual results may differ materially from those
anticipated by such forward-looking statements.

Liquidity and Capital Resources

The Partnership's ability to generate cash adequate to
meet its needs is dependent primarily upon the
operations of its real estate investments.  Liquidity
is also generated by the MBS portfolio.  The
Partnership's sources of future liquidity will be used
for payment of expenses related to real estate
operations, capital expenditures including tenant
build-outs to secure quality tenants, and other
administrative expenses.  Cash Flow, if any, as
calculated under Section 17 of the Partnership
Agreement, will then be available for distribution to
the Partners.

The Partnership continuously strives to improve
occupancy and retain quality tenants at its retail
centers.  However, to attain these objectives,
management has found it necessary to fund a
significant portion of tenant build-outs.  

The Partnership completed improvements at High Point
National Furniture Mart ("High Point") which were
necessary to reconfigure space for new tenants and
comply with present building code standards.  In 1996,
renovations to show rooms  of the building were
completed, along with upgrades to the elevator system. 
The refurbished show room spaces have enabled the
property to command higher rents and maintain 100%
occupancy.

At Tradewinds Shopping Center ('Tradewinds'),
management has negotiated the expansion of an anchor
tenant from its existing 50,181 square foot space to
66,000 square feet.  The Partnership and the tenant
each intend to spend approximately $4,200,000 for the
buildout.  The Partnership's portion will primarily
fund exterior improvements, while the tenant's portion
will mainly fund interior renovation specifications. 
Completion of the project is scheduled for the fourth
quarter of 1997.  The new lease agreement with the
anchor tenant includes a significant increase in lease
rent which will favorably impact Partnership
liquidity.  In order to fund the expansion, the
Partnership plans to utilize its cash reserves as well
as any proceeds received from the possible financing
of its mortgage backed securities portfolio in 1997.

At Luria's Plaza, the Partnership is planning to spend
approximately $116,000 for capital improvements in
1997, most of which are tenant buildouts which the
General Partners believe are necessary to maintain or
increase its current occupancy level.

The Partnership holds MBS that are guaranteed by the
Government National Mortgage Association ("GNMA") and
the Federal Home Loan Mortgage Corporation ("FHLMC"). 
The principal risks with respect to MBS are the credit
worthiness of GNMA and FHLMC and the risk that the
current value of any MBS may decline as a result of
changes in market interest rates.  Currently, the
General Partners believe that the risk is minimal due
to the fact that the Partnership has the ability to
hold these securities to maturity.

In order to fund the capital improvements noted above,
the General Partners, on an ongoing basis, assess the
current and future liquidity needs in determining 
the levels of working capital reserves the Partnership
should maintain.  Adjustments to distributions are
made when appropriate to reflect such assessments. 
Based on current assessments, the General Partners
have determined

Continued


KRUPP CASH PLUS LIMITED PARTNERSHIP
          

Liquidity and Capital Resources, Continued

that retaining the current annualized distribution
rate of $0.55 per Unit will allow the Partnership to
maintain adequate reserves.


                                      Continued


KRUPP CASH PLUS LIMITED PARTNERSHIP


Distributable Cash Flow and Net Proceeds from Capital
Transactions

Shown below is the calculation of Distributable Cash
Flow and Net Proceeds from Capital Transactions as
defined by Section 17 of the Partnership Agreement for
the three months ended March 31, 1997 and the period
from inception through March 31, 1997.  The General
Partners provide the information below to meet
requirements of the Partnership Agreement and because
they believe that it is an appropriate supplemental
measure of operating performance.  However,
Distributable Cash Flow and Net Proceeds from Capital
Transactions should not be considered by the reader as
a substitute to net income, as an indicator of the
Partnership's operating performance or to cash flows
as a measure of liquidity.

<TABLE>
<CAPTION>
                                     (In $1,000's except per Unit amounts)
                                     For the Three Months   Inception to
                                       Ended March 31,        March 31,
                                            1997                1997    
<S>                                        <C>              <C>
Distributable Cash Flow:                  
Net income for tax purposes                $ 360            $ 24,016 
Items providing / not requiring or
 (not providing)the use of 
 operating funds:
   Tax basis depreciation and
    amortization                             427              18,642
   Interest income on note receivable        -                  (371)
   Gain on sale of assets                    -                (1,686)
   Additions to fixed assets                 -                (8,770)
   Cash from vacancy guarantee on
    Luria's Plaza                            -                   873
   Fixed asset additions funded from
    cash reserves                            -                   865
   Operating reserve for fixed asset 
    additions                                -                (1,070)
 Total Distributable Cash Flow ("DCF")     $ 787            $ 32,499
 Unitholders' Share of DCF                 $ 771            $ 31,849 
 Unitholders' Share of DCF per Unit        $ .19            $   7.96(d)       
 General Partners' Share of DCF            $  16            $    650
Net Proceeds from Capital Transactions:
 Principal collections on MBS, net         $  55            $ 15,286
 Proceeds from sale of MBS                   -                19,018
 Net proceeds from sale of property 
  including interest on mortgage               
  note receivable                            -                 1,208
 Mortgage note                               -                 7,150
 Reinvestment of MBS principal 
  collections                                -               (16,141)
 Total Net Proceeds from Capital 
  Transactions                             $  55            $ 26,521
Distributions:
 Unitholders                               $ 550(a)         $ 56,533(b)(d)
 Unitholders' Average per Unit             $ .14(a)         $  14.13(b)(c)(d)
 General Partners                          $  16(a)         $    649(b)
 
 Total Distributions                       $ 566(a)         $ 57,182(b)(c)
</TABLE>
(a)Represents an estimate of the distribution to be
paid in May, 1997.
(b)Includes an estimate of the distribution to be paid
in May, 1997.
(c)Includes a $7,150,000 note which was distributed
from the Partnership to the Evergreen Plaza Note-
Holding Trust whose beneficiaries were the
Partnership's Unitholders on record on May 31, 1990.
(d)Limited Partners' average per Unit return of
capital as of May, 1997 is $6.17 [$14.13 - $7.96].

Continued
KRUPP CASH PLUS LIMITED PARTNERSHIP
          



Operations

Distributable Cash Flow increased during the three
months ended March 31, 1997, as compared to the three
months ended March 31, 1996, due to a decrease in
capital improvements partially offset by a decrease in
net income.

The Partnership experienced a decrease in net income
during the first three months of 1997, as compared to
the same period in 1996, due to a decrease in revenue
and an increase in expenses.  Rental revenue decreased
primarily due to the decline in average occupancy at
Tradewinds, from 93% to 80% for the first quarter of
1996 and 1997, respectively.  The decline in occupancy
primarily relates to the spaces which will be vacant
during the expansion of the anchor tenant.  MBS
interest income decreased due to the repayment and
prepayments of principal which occur on the MBS
portfolio. These decreases are partially offset by an
increase in interest income as a result of higher cash
and cash equivalents available for investment.

In comparing the three months ended March 31, 1997 to
the same period in 1996, general and administrative
expense increased due to the increase in legal,
mailing and printing costs relating to the
Partnership's response to the recent unsolicited
tender offer made to purchase Partnership Units.  In
addition, increased charges were incurred in
connection with the preparation and mailing of
Partnership reports and other investor communications.


<PAGE>


KRUPP CASH PLUS LIMITED PARTNERSHIP

PART II - OTHER INFORMATION
     
Item 1.                 Legal Proceedings
                        Response:  None

Item 2.                 Changes in Securities
                        Response:  None

Item 3.                 Defaults upon       
SeniorSecurities
                        Response:  None

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

Item 5.                 Other Information
                        Response:  None

Item 6.                 Exhibits and Reports on Form 
8-K
                        Response:  None



<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.



                                   Krupp Cash Plus Limited Partnership
                                              (Registrant)



                                   By: /s/Wayne H. Zarozny                    
                                       Wayne H. Zarozny
                                       Treasurer and Chief Accounting
                                       Officer of The Krupp Corporation, a    
                                       General Partner.





Date:  April 29, 1997