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

                  FORM 10-Q

(Mark One)

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

For the quarterly period ended        
September 30, 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
12.    
<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>
                                          September 30,December 31,
                                              1997         1996   
Real estate assets:
  Investment in Joint Venture, net of
     accumulated amortization of
     acquisition costs of $183,025      
     <S>                                  <C>          <C>
     and $104,586, respectively (Note 3)  $21,852,808  $22,729,660
  Mortgage-backed securities ("MBS"), net of           
     accumulated amortization (Note 4)        600,199      645,762

       Total real estate assets            22,453,007   23,375,422

Cash and cash equivalents (Note 2)          1,109,368    1,524,048
Other assets                                   17,409       17,097

       Total assets                       $23,579,784  $24,916,567



                 LIABILITIES AND PARTNERS' EQUITY
                                          
Liabilities:
  Accrued expenses                        $    15,942 $    13,500
  Due to affiliates (Note 6)                     -          49,363
  
       Total liabilities                       15,942       62,863

Partners' equity (deficit) (Note 5):
  Unitholders
     (2,060,350 Units outstanding)         23,624,112   24,904,826
  Corporate Limited Partner
     (100 Units outstanding)                     (663)       (601)
  General Partner                             (59,607)    (50,521)

       Total Partners' equity              23,563,842   24,853,704

  Total liabilities and Partners' equity  $23,579,784  $24,916,567

</TABLE>


          


              The accompanying notes are an integral
                 part of the financial statements.
              KRUPP CASH PLUS-V LIMITED PARTNERSHIP

                      STATEMENTS OF INCOME
                                     
<TABLE>
<CAPTION>
      For the Three Months           For the Nine Months
        Ended September 30,          Ended September 30,
         1997        1996              1997         1996  

Revenue:
  Partnership's share of Joint
     Venture net income 
<S>                        <C>       <C>      <C>         <C>
     (Note 3)              $115,513  $321,642 $479,081    $719,734
  Interest income - MBS
     (Note 4)                14,118    17,391   43,163      57,968
  Interest income - other    17,046    24,313   53,627      74,338

  Total revenue             146,677   363,346      575,871  852,040

Expenses:
  General and administrative
     (Note 6)                40,087    23,508     123,633  62,576 
  Asset management fees
     (Note 6)                35,894    35,984      106,566  107,235
  Amortization of acquisition
     costs (Note 3)          26,146    26,146       78,439  78,439
    
       Total expenses       102,127    85,638      308,638 248,250

Net income                 $ 44,550  $277,708     $267,233$603,790

Allocation of net income
  (Note 5):

  Unitholders  (2,060,350
     Units outstanding)    $ 44,102  $274,918     $264,548$597,723

  Net income per Unit of
     Depositary Receipt    $    .02  $    .13     $    .13$    .29

  Corporate Limited Partner
  (100 Units outstanding)  $      2  $     13     $     13$     29

  General Partner          $    446  $  2,777     $  2,672$  6,038

</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 Nine Months Ended
                                                 September 30,   

                                              1997        1996   

Operating activities:
  <S>                                     <C>        <C> 
  Net income                              $  267,233 $   603,790
  Adjustments to reconcile net income to
     net cash provided by operating activities: 
       Amortization of acquisition costs       78,439      78,439
       Amortization of MBS discount              (529)     (4,850)
       Partnership's share of Joint Venture net
          income                             (479,081)  (719,734)
       Distributions from Joint Venture       479,081    719,734
       Changes in assets and liabilities:
          Decrease (increase) in other assets   (312)      17,088
          Increase in accrued expenses          2,442         396
          Increase (decrease) in due to
             affiliates                       (49,363)        152
       
            Net cash provided by operating
               activities                     297,910     695,015

Investing activities:
  Distributions from Joint Venture in excess
     of net income                            798,413     333,156
  Principal collections on MBS                 46,092     267,678

            Net cash provided by investing
               activities                     844,505     600,834

Financing activity:
  Distributions                            (1,557,095)  (1,556,299)

Net decrease in cash and cash equivalents    (414,680)   (260,450)

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

Cash and cash equivalents, end of period  $ 1,109,368   $ 1,840,671

</TABLE>

















             The accompanying notes are an integral
                part of the financial statements.
<PAGE>
              KRUPP CASH PLUS-V LIMITED PARTNERSHIP

                  NOTES TO FINANCIAL STATEMENTS
                                     




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
necessary to present fairly the Partnership's
financial position as of September 30, 1997,
its results of operations for the three and
nine months ended September 30, 1997 and 1996
and cash flows for the nine months ended
September 30, 1997 and 1996.

The results of operations for the three and
nine months ended September 30, 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 equivalents consisted of the following:
<TABLE>
<CAPTION>
                                      September 30,December 31, 
                                          1997          1996     

      <S>                             <C>           <C>
      Cash and money market accounts  $    613,951  $   778,088
      Commercial paper                     495,417      745,960
                                      $  1,109,368  $ 1,524,048
</TABLE>
At September 30, 1997, commercial paper
represents corporate issues maturing in the
fourth quarter of 1997.  At September 30,
1997, the carrying value of the Partnership's
investment in commercial paper            
approximates fair value.

(3)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
shopping center containing 320,684 net
leasable square feet 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 by the Joint Venture.  For the three
and nine months ended September 30, 1997, the
Partnership recognized amortization of
acquisition costs of $26,146 and $78,439,
respectively.               
                            Continued

              KRUPP CASH PLUS-V LIMITED PARTNERSHIP

            NOTES TO FINANCIAL STATEMENTS, Continued
                                     

(3) Investment in Joint Venture, Continued

   Condensed financial statements of the Joint Venture are as
   follows:


                    Spring Valley Partnership
                    Condensed Balance Sheets
                                        
<TABLE>
<CAPTION>
                             ASSETS
                                    September 30,   December 31,
                                        1997            1996    

  <S>                               <C>             <C>
  Real estate asset, at cost        $ 53,901,744    $ 53,828,582
  Accumulated depreciation           (15,524,853)    (13,983,325)
  
       Total real estate asset        38,376,891      39,845,257

  Other assets                         2,350,536       2,252,800

       Total assets                 $ 40,727,427    $ 42,098,057


                LIABILITIES AND PARTNERS' EQUITY

  Total liabilities                 $    451,914    $    222,527

  Partners' equity:
     The Partnership                  20,153,287      20,951,700
     Joint Venture partner            20,122,226      20,923,830

       Total Partners' equity         40,275,513      41,875,530

       Total liabilities and 
          Partners' equity          $ 40,727,427    $ 42,098,057

</TABLE>


                    Spring Valley Partnership
               Condensed Statements of Operations
<TABLE>
<CAPTION>
                                      

            For the Three Months           For the Nine Months
             Ended September 30,              Ended September 30, 
             1997        1996                  1997       1996   


  <S>     <C>         <C>                  <C>         <C>
  Revenue $1,679,830  $1,826,598           $5,060,456  $ 5,265,675
Property operating
expenses  (867,383)     (704,553)          (2,558,845) (2,417,953)
Depreciation  (580,957)   (477,473)         (1,541,528)(1,405,369)
 
Net income$  231,490  $  644,572           $   960,083$ 1,442,353


</TABLE>


Continued
KRUPP CASH PLUS-V LIMITED PARTNERSHIP

            NOTES TO FINANCIAL STATEMENTS, Continued
                                     

(4)  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>
                                   September 30,December 31,
                                       1997        1996   

       <S>                         <C>         <C>
       Face Value                  $    610,466$   656,558

       Amortized Cost              $    600,199$   645,762
   
       Estimated Market Value      $    649,000$   694,000

</TABLE>
Coupon rates of the MBS range from 9.0% to 9.5% per annum and
mature in theyears 2016 and 2017.  The Partnership's MBS portfolio
had gross unrealized gains of approximately $49,000 and $48,000 at
September 30, 1997 and December 31, 1996, respectively.  The
Partnership does not expect to realize these gains in the near
future as it has the intention and ability to hold the MBS until
maturity.

(5)  Changes in Partners' Equity
<TABLE>
<CAPTION>
   A summary of changes in Partners' equity (deficit) for the nine
   months ended September 30, 1997 is as follows:
       Corporate        Total
        Limited        General      Partners'
       Unitholders      Partner    Partner            Equity   
Balance at
<S>               <C>          <C>     <C>          <C>
December 31, 1996 $24,904,826  $ (601) $(50,521)    $24,853,704

   Net income      264,548         13      2,672     267,233     
                   
Distributions  (1,545,262)        (75)   (11,758)  (1,557,095)

Balance at
September 30, 1997$23,624,112 $   (663) $(59,607) $23,563,842

</TABLE>
















Continued
KRUPP CASH PLUS-V LIMITED PARTNERSHIP

            NOTES TO FINANCIAL STATEMENTS, Continued
                                     


(6)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 are as follows:
<TABLE>
<CAPTION>
      For the Three Months    For the Nine Months
      Ended September 30,     Ended September 30,
        1997         1996       1997       1996  

<S>                   <C>     <C>       <C>              <C>
Asset management fees $35,894 $35,984   $106,566         $107,235

Expense reimbursements  29,508   12,294   84,939           30,744

Charged to operations  $65,402  $48,278 $191,505         $137,979
</TABLE>

Due to affiliates consisted of expense reimbursements of $49,363 at
December 31, 1996.





              KRUPP CASH PLUS-V 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 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 93%
as of September 30, 1997.  Capital
improvements will be made as necessary, in
order to maintain or increase this level of
occupancy and to remain competitive within the
immediate market.  The Marketplace has spent
approximately $73,000 to date and is expected
to spend approximately $220,000 for capital
improvements at the property in 1997, most of
which are tenant buildouts and exterior
improvements to attract and retain quality
tenants at the shopping center.  Parking lot
paving and resurfacing of sidewalks which
began in 1996 is expected to be completed in
1997.  Painting of the external canopy began
in the third quarter of 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 market interest rate 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 prepayments, 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.











KRUPP CASH PLUS-V LIMITED PARTNERSHIP
                                     

                                
Operations

Partnership

Net income decreased for the three and nine
months ended September 30, 1997, as compared
to the three and nine months ended September
30, 1996, due to a decrease 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.  During the same periods, MBS interest
income decreased due to repayments of
principal 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 and nine month
periods ended September 30, 1997 increased as
compared to the same periods 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 decrease in net
income for the three and nine month periods
ended September 30, 1997, as compared to the
three and nine month periods ended September
30, 1996 as revenues decreased and expenses
increased.

Rental revenue decreased for the three and
nine month periods ended September 30, 1997 as
compared to the same periods ended September
30, 1996 because of lower reimbursable tenant
billings as a result of decreased reimbursable
operating expenses.    

Property operating expenses at the Marketplace
increased for the three and nine month periods
ended September 30, 1997, as compared to the
three and nine month periods ended September
30, 1996, primarily due to increased real
estate taxes.  Real estate taxes increased 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.  In 1996
the property also received a real estate tax
refund, further reducing tax expenses last
year as compared to 1997.  The increase in
real estates taxes was partially offset by a
decrease in maintenance expense due to
additional snow removal expenditures in 1996. 
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: November 12, 1997