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     0-18498       


                     Krupp Cash Plus-V Limited Partnership


            Massachusetts                             04-3021560
(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.
<PAGE>

                        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-V LIMITED PARTNERSHIP

                                BALANCE SHEETS
                                            

                                    ASSETS
<TABLE>
<CAPTION>
                                                      March 31,   December 31,
                                                         1997         1996   
<S>                                                  <C>          <C>
Real estate assets:
   Investment in Joint Venture, net of
      accumulated amortization of
      acquisition costs of $130,732      
      and $104,586, respectively (Note 2)            $22,391,244  $22,729,660
   Mortgage-backed securities ("MBS"), net of
      accumulated amortization (Note 3)                  633,197      645,762

         Total real estate assets                     23,024,441   23,375,422


Cash and cash equivalents                              1,454,535    1,524,048
Other assets                                              16,328       17,097

         Total assets                                $24,495,304  $24,916,567


                       LIABILITIES AND PARTNERS' EQUITY

Liabilities:                                                      
   Accrued expenses and other liabilities            $     7,276  $    13,500
   Due to affiliates (Note 5)                             35,799       49,363
   
         Total liabilities                                43,075       62,863

Partners' equity (deficit) (Note 4):
   Unitholders
      (2,060,350 Units outstanding)                   24,503,626   24,904,826
   Corporate Limited Partner
      (100 Units outstanding)                               (620)        (601)
   General Partner                                       (50,777)     (50,521)

         Total Partners' equity                       24,452,229   24,853,704

         Total liabilities and Partners' equity      $24,495,304  $24,916,567
</TABLE>
                    The accompanying notes are an integral
                       part of the financial statements.
<PAGE>


                     KRUPP CASH PLUS-V LIMITED PARTNERSHIP

                             STATEMENTS OF INCOME
                                            


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

<S>                                            <C>            <C>
Revenue:
   Partnership's share of Joint Venture
      net income (Note 2)                       $186,731       $206,240
   Interest income - MBS (Note 3)                 14,679         20,406
   Interest income - other                        18,296         26,812

      Total revenue                              219,706        253,458

Expenses:
   General and administrative (Note 5)            43,367         23,987
   Asset management fees (Note 5)                 35,149         35,457
   Amortization of acquisition costs (Note 2)     26,146         26,146

      Total expenses                             104,662         85,590

Net income                                      $115,044       $167,868

Allocation of net income (Note 4):

   Unitholders
      (2,060,350 Units outstanding)             $113,888       $166,181

   Net income per Unit of
      Depositary Receipt                        $    .06       $    .08
Corporate Limited Partner
         (100 Units outstanding)                $      6       $      8

   General Partner                              $  1,150       $  1,679

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

                     KRUPP CASH PLUS-V LIMITED PARTNERSHIP

                           STATEMENTS OF CASH FLOWS
                                            
<TABLE>
<CAPTION>

                                                      For the Three Months   
                                                        Ended March 31,      
                                                       1997           1996   

<S>                                                <C>            <C>
Operating activities:
   Net income                                      $  115,044     $  167,868
   Adjustments to reconcile net income to net
    cash provided by operating activities:
      Amortization of MBS discount, net                  (131)          (569)
      Amortization of acquisition costs                26,146         26,146
      Partnership's share of Joint Venture net
         income                                      (186,731)      (206,240)
      Distributions from Joint Venture                186,731        206,240
      Changes in assets and liabilities:
         Decrease in other assets                         769          2,996
         Decrease in accrued expenses and other                 
            liabilities                                (6,224)        (4,891)
         Decrease in due to affiliates                (13,564)           -     
   
            Net cash provided by operating
               activities                             122,040        191,550

Investing activities:
   Distributions from Joint Venture in excess
      of net income                                   312,270         13,320
   Principal collections on MBS                        12,696         42,966
   
            Net cash provided by investing 
               activities                             324,966         56,286 

Financing activity:
   Distributions                                     (516,519)      (519,585)

Net decrease in cash and cash equivalents             (69,513)      (271,749) 

Cash and cash equivalents, beginning of period      1,524,048      2,101,121

Cash and cash equivalents, end of period           $1,454,535     $1,829,372

</TABLE>

                    The accompanying notes are an integral
                       part of the financial statements.

<PAGE>

                     KRUPP CASH PLUS-V 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 Partner of Krupp Cash
    Plus-V 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 Partner 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) Investment in Joint Venture

    The Partnership and an affiliate of the Partnership own a 49.9% and 50.1% 
    interest in Spring Valley Partnership (the "Joint Venture"),
    respectively.  The express purpose of entering into the Joint Venture was
    to acquire and operate Spring Valley Marketplace (the "Marketplace"). 
    The Marketplace is a 320,684 square foot shopping center located in
    Spring Valley, Rockland County, New York.

    The Partnership's investment balance reflects the original cost of the
    investment, acquisition costs of $1,882,546 which are being amortized
    over the remaining life of the underlying asset, allocations of net
    income earned by the Joint Venture and distributions received from the
    Joint Venture.  For the quarter ended March 31, 1997, the Partnership
    recognized amortization of acquisition costs of $26,146.

    Condensed financial statements of the Joint Venture are as follows:

                           Spring Valley Partnership
                           Condensed Balance Sheets
                                               

                                    ASSETS


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

   <S>                                      <C>                <C>
   Real estate asset, at cost               $ 53,828,648       $ 53,828,582    
   Accumulated depreciation                  (14,463,561)       (13,983,325)

         Total real estate asset              39,365,087         39,845,257    
   
   Other assets                                2,112,346          2,252,800

         Total assets                       $ 41,477,433       $ 42,098,057


                       LIABILITIES AND PARTNERS' EQUITY


   Total liabilities                        $    227,693       $    222,527

   Partners' equity:
      The Partnership                         20,639,431         20,951,700
      Joint Venture partner                   20,610,309         20,923,830

         Total Partners' equity               41,249,740         41,875,530

         Total liabilities and 
            Partners' equity                $ 41,477,433       $ 42,098,057

</TABLE>
                           Spring Valley Partnership
                      Condensed Statements of Operations
                                             

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

   <S>                                      <C>                <C>
   Revenue                                  $  1,711,492       $  1,831,357
   Property operating expenses                  (857,046)          (952,636)
   Depreciation                                 (480,236)          (465,415)

         Net income                         $    374,210       $    413,306

</TABLE>
(3) Mortgage Backed Securities

    The MBS held by the Partnership are issued by the Federal Home Loan
    Mortgage Corporation.  The following is additional information on the MBS
    held:
<TABLE>
<CAPTION>
                                            March 31,    December 31,
                                              1997           1996   

         <S>                                <C>           <C>
         Face Value                         $ 643,862     $ 656,558

         Amortized Cost                     $ 633,197     $ 645,762

         Estimated Market Value             $ 676,000     $ 694,000
</TABLE>
    Coupon rates of the MBS range from 9.0% to 9.5% per annum and mature in
    the years 2016 and 2017.  The Partnership's MBS portfolio had gross
    unrealized gains of approximately $43,000 and $48,000 at March 31, 1997
    and December 31, 1996, respectively.  The Partnership does not expect to
    realize these gains as it has the intention and ability to hold the MBS
    until maturity.

(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       $24,904,826   $(601)    $(50,521) $24,853,704 


    Net income                      113,888       6        1,150      115,044  
  
    Distributions                  (515,088)    (25)      (1,406)    (516,519)

    Balance at March 31, 1997   $24,503,626   $(620)    $(50,777) $24,452,229

</TABLE>
    The distribution payable to the General Partner of $1,406 was included in
    accrued expenses and other liabilities at March 31, 1997.

(5) Related Party Transactions

    Under the terms of the Partnership Agreement, the General Partner or its
    affiliates are entitled to an Asset Management Fee for the management of
    the Partnership's business equal to .5% per annum of the Total Invested
    Assets of the Partnership, as defined in the Prospectus, payable
    quarterly.  The Partnership also reimburses affiliates of the General
    Partner for certain expenses incurred in connection with the preparation
    and mailing of reports and other communications to the Unitholders.

    Amounts paid or accrued to the General Partner or its affiliates were as
    follows:

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

         <S>                                  <C>         <C>
         Asset management fees                $35,149     $35,457

         Expense reimbursements                25,923      12,294

            Charged to operations             $61,072     $47,751
</TABLE>

    Due to affiliates consisted of expense reimbursements of $35,799 and
$49,363  at March 31, 1997 and December 31, 1996, respectively.   



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 sources of liquidity are derived from the distributions it
receives from its interest in the Joint Venture, earnings and collections on
its MBS, and interest earned on its short-term investments.

The Marketplace had an occupancy rate of 97% as of March 31, 1997.  The
Marketplace will make capital improvements, as necessary, in order to maintain
or increase this level of occupancy and to remain competitive within its
immediate market.  The Marketplace is expected to spend approximately $447,000
for capital improvements in 1997, most of which are tenant buildouts and
exterior improvements necessary to attract and retain quality tenants at the
shopping center. Parking lot paving which began in 1996 is expected to be
completed in 1997. 

Liquidity provided by the MBS is derived primarily from interest income,
scheduled principal payments and prepayments of the portfolio.  The level of
prepayments is contingent upon the interest rate environment, which in turn,
affects the Partnership's liquidity.  The liquidity provided by the principal
prepayments has been used to fund distributions, which has resulted in a
reduction of the Partnership's capital resources.

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

The most significant demands on the Partnership's liquidity are the quarterly
distributions. Distributions are funded by MBS principal collections,
distributions received from the Marketplace and working capital reserves.  Due
to fluctuations in MBS principal prepayments and its effect on the
Partnership's liquidity, the Partnership may need to periodically adjust its
distribution rate.  Therefore, sustaining the distribution rate is mainly
dependent upon the future performance of the Marketplace.


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 to March 31, 1997.  The General Partner provides certain of the
information below to meet requirements of the Partnership Agreement and
because it is believed to be 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
flow 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                  $   201            $ 7,608
Items providing / not requiring or 
   (not providing) the use of 
      operating funds:
   Amortization of acquisition costs              26                131
   Amortization of organization costs            -                   50
   Distributions from Joint Venture              499             11,229   
   Partnership's share of Joint Venture      
      taxable net income                        (273)            (7,729)
Total Distributable Cash Flow ("DCF")        $   453            $11,289  
   Unitholders' Share of DCF                 $   448            $11,176
   Unitholders' Share of DCF
      per Unit                               $   .21            $  5.42
   General Partner's Share of DCF            $     5            $   113

Net Proceeds from Capital Transactions:
Principal collections on MBS, net            $    13            $ 4,736

   Distributions:

      Unitholders                            $   515(a)         $18,071(b)

      Unitholders' Average 
         per Unit                            $   .25(a)         $  8.77(b)(c)

      General Partner                        $     5(a)         $   119(b)

      Total Distributions                    $   520(a)         $18,190(b)
</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)   Limited Partners average per Unit return of capital as of May, 1997 is
      $3.35 ($8.77 - $5.42).

                                       
Operations

   Partnership

   Distributable Cash Flow increased during the three months ended March 31,
   1997, as compared to the three months ended March 31, 1996, primarily due
   to the increase in distributions received from the Joint Venture. 

   Net income for the Partnership decreased for the three months ended March
   31, 1997, as compared to the three months ended March 31, 1996, due to a
   decline in revenue and an increase in expenses.  Total revenue decreased as
   a result of a decrease in net income generated by the Partnership's Joint
   Venture investment in the Marketplace, as discussed below.  MBS interest
   income decreased due to repayment and prepayments of principal which occur
   on the MBS portfolio.  Interest income on other investments also decreased
   as a result of lower cash and cash equivalent balances available for
   investment.

   Total expenses for the three months ended March 31, 1997 increased, as
   compared to the same period in 1996, as a result of an increase in charges
   incurred in connection with the preparation and mailing of Partnership
   reports and other investor communications.  

   Joint Venture 

   The Marketplace experienced a slight decrease in net income for the three
   months ended March 31, 1997, as compared to the three months ended March
   31, 1996, as the decrease in revenue was greater than the decrease in
   operating expenses.  Rental revenue decreased primarily as a result of
   lower  reimbursable tenant billings derived from lower reimbursable
   operating expenses.  Interest income, however, increased slightly due to
   the Marketplace's higher average cash and cash equivalent balances.

   Total expenses at the Marketplace decreased for the three months ended
   March 31, 1997, as compared to the three months ended March 31, 1996, due
   to a  decrease in maintenance expense partially offset by an increase in
   real estate taxes.  Maintenance expense decreased significantly as a result
   of an unusual amount of snow removal costs during the first quarter of
   1996.  The increase in real estate taxes is due to both a rise in the
   assessed value of the Marketplace and an increase in the school tax rate by
   the local taxing authority.  Depreciation expense increased as a result of
   continued capital improvement expenditures.  


<PAGE>
                     KRUPP CASH PLUS-V LIMITED PARTNERSHIP

                          PART II - OTHER INFORMATION
                                              

Item 1.   Legal Proceedings
          Response:  None

Item 2.   Changes in Securities
          Response:  None

Item 3.   Defaults upon Senior Securities
          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 had duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.


                                      Krupp Cash Plus-V Limited Partnership
                                         (Registrant)


                                      BY:  /s/Wayne H. Zarozny                 

                                           Wayne H. Zarozny    
                                           Treasurer and Chief Accounting
                                           Officer of the Krupp Corporation,
                                           an affiliate of the General 
Partner.

DATE:   April 29, 1997