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    March 31,
1998                                          

                     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
<TABLE>
<CAPTION>
                                     

                             ASSETS

                                             March 31,December 31,
                                                1998       1997  

Real estate assets:
  <S>                                       <C>        <C>
  Investment in Joint Venture (Note 3)      $   468,949$15,667,715
  Mortgage-backed securities ("MBS"), net of
     accumulated amortization (Note 4)          534,715    628,909

       Total real estate assets               1,003,664 16,296,624

Cash and cash equivalents (Note 2)           15,816,155    569,231
Other assets                                    149,822     14,634

       Total assets                         $16,969,641$16,880,489



                LIABILITIES AND PARTNERS' EQUITY

Liabilities:                                           
   Accrued expenses and other liabilities   $   364,745$    13,500
   Due to affiliates (Note 6)                    32,458         26
  
       Total liabilities                       397,203       13,526

Partners' equity (deficit) (Note 5):
  Unitholders
     (2,060,350 Units outstanding)           16,658,333 16,943,976
  Corporate Limited Partner
     (100 Units outstanding)                     (1,001)    (987)
  General Partner                              (125,174) (122,972)
  Unrealized holding gains on MBS (Note 3)       40,280     46,946

       Total Partners' equity                16,572,438 16,866,963

     Total liabilities and Partners' equity $16,969,641$16,880,489
</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
                                             Ended March 31,   
                                           1998       1997  

Revenue:
  <S>                                   <C>         <C>
  Interest income - MBS (Note 4)        $  13,105   $ 14,679
  Interest income - other                 144,275     18,296

     Total income                         157,380     32,975

Expenses:
  General and administrative (Note 6)      39,066     43,367
  Asset management fees (Note 6)           12,540     35,149
  Amortization of acquisition costs (Note 3)  -       26,146

     Total expenses                        51,606    104,662

Income (loss) from operations             105,774    (71,687)

  Partnership's share of Joint Venture
     net income (Note 3)                  126,000    186,731

Net income                              $ 231,774   $115,044

Allocation of net income (Note 5):

  Unitholders
     (2,060,350 Units outstanding)      $ 229,445   $113,888

  Net income per Unit of
     Depositary Receipt                 $     .11   $    .06

  Corporate Limited Partner                         (100 Units
outstanding)                            $      11   $      6

  General Partner                       $   2,318   $  1,150



















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

              KRUPP CASH PLUS-V LIMITED PARTNERSHIP

                    STATEMENTS OF CASH FLOWS
                                     


                                             For the Three Months 
 
                                               Ended March 31,   
  
                                              1998         1997   

Operating activities:
  Net income                              $   231,774  $  115,044
  Adjustments to reconcile net income to net
   cash provided by operating activities:
     Amortization of MBS discount, net         (1,713)      (131)
     Amortization of acquisition costs           -         26,146
     Partnership's share of Joint Venture net
       income                                (126,000)   (186,731)
Distributions received from Joint Venture     126,000     186,731
     Changes in assets and liabilities:
     Decrease (increase) in other assets     (135,188)       769
       Increase (decrease) in accrued expenses                 
          and other liabilities               351,245      (6,224)
       Increase (decrease) in due to
           affiliates                          32,432     (13,564) 
  
          Net cash provided by operating
             activities                       478,550     122,040

Investing activities:
  Distributions received from Joint Venture
     in excess of net income                  367,862     312,270
  Distribution received from Joint Venture
     sale of property, net                 14,830,904       -
  Principal collections on MBS                 89,241      12,696
  
          Net cash provided by investing 
            activities                     15,288,007     324,966 

Financing activity:
  Distributions                              (519,633)  (516,519)
Net increase (decrease) in cash and cash
  equivalents                              15,246,924     (69,513) 

Cash and cash equivalents, beginning of period    569,231 1,524,048

Cash and cash equivalents, end of period  $15,816,155  $1,454,535


Supplemental schedule of noncash investing and financing
activities:

  Unrealized holding gains on MBS (Note 4)$     6,666  $     -   


</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, 1997
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, 1998, and
its results of operations and cash flows for
the three months ended March 31, 1998 and
1997.

The results of operations for the three months
ended March 31, 1998 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>
                                       March 31,   December 31,
                                         1998          1997   

      <S>                            <C>           <C>
      Cash and money market accounts $    394,437  $   569,231
      Commercial paper                 15,421,718         -   

                                     $ 15,816,155  $   569,231
</TABLE>
   
(3)   Investment in Joint Venture

   The Partnership and an affiliate of the Partnership
   (collectively referred to herein as the "Joint Venture
   Partners") 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.  











Continued
              KRUPP CASH PLUS-V LIMITED PARTNERSHIP

            NOTES TO FINANCIAL STATEMENTS, Continued
                                     


(3)Investment in Joint Venture, Continued

 Based upon the Joint Venture Partners'
 assessment of the current and future market
 conditions, the capital improvements
 necessary to remain competitive in its
 market, its capital resources and the
 differing strategies of the Joint Venture
 Partners, the Joint Venture Partners
 determined that it was in their best
 interests, and that of their respective
 investors, to sell Spring Valley Marketplace. 
 On January 30, 1998, the Partnership and its
 Joint Venture Partner sold the Marketplace to
 unaffiliated third parties.  The property was
 included in a package with thirteen other
 properties owned by affiliates of the General
 Partner.  The total selling price of the
 fourteen properties was $138,000,000, of
 which the Joint Venture Partners received
 $29,571,700, less their share of the closing
 costs of $246,830.  For financial reporting
 purposes, the Joint Venture recognized a gain
 of $101,672 on the sale of the property.  The
 gain was calculated as the difference between
 the property's selling price less net book
 value of the property and closing costs.

 In accordance with Financial Accounting
 Standard No. 121, "Accounting for the
 Impairment of Long-Lived Assets to Be
 Disposed Of", the Joint Venture recordeda
 valuation provision for losses on its real
 estate asset of $9,277,433 as of December 31,
 1997.  This provision represented the
 difference between carrying value and selling
 price less estimated costs to sell as a
 result of the sale of the Joint Venture's
 property on January 30, 1998. 
 
 The sale is considered a Terminating Capital
 Transaction as defined by the Spring Valley
 Partnership Agreement.  Accordingly, the
 Joint Venture Partners expect to liquidate
 and distribute the remaining assets of the
 Joint Venture in 1998. 

 At March 31, 1998, the Partnership's
 investment balance reflects the original cost
 of the investment, allocations of net income
 earned by the Joint Venture and distributions
 received from the Joint Venture.

 At March 31, 1997, the Partnership's
 investment balance reflects the original cost
 of the investment, acquisition costs of
 $1,882,546, allocations of net income earned
 by the Joint Venture and distributions
 received from the Joint Venture.  For the
 three months ended March 31, 1997, the
 Partnership recognized amortization of
 acquisition costs of $26,146. 
















                         Continued<PAGE>
              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



                                      March 31,     December 31,
                                        1998            1997    

  <S>                               <C>             <C>
  Real estate asset, at cost        $       -       $ 54,036,202 
     Accumulated depreciation               -        (25,327,070)

       Total real estate asset              -        28,709,132  
     
  Other assets                           567,332       2,958,231

       Total assets                 $    567,332    $ 31,667,363


                LIABILITIES AND PARTNERS' EQUITY


  Total liabilities                 $     11,228    $    380,978

  Total Partners' equity                 556,104      31,286,385

       Total liabilities and 
          Partners' equity          $    567,332    $ 31,667,363



                    Spring Valley Partnership
               Condensed Statements of Operations
                                      


                                         For the Three Months
                                            Ended March 31,      
 
                                        1998           1997     

  Revenue                           $    523,303    $  1,711,492
     Property operating expenses        (372,471)        (857,046)
  Depreciation                              -           (480,236)
  Gain on sale of property               101,672            -   

       Net income                   $    252,504    $    374,210



</TABLE>

                         Continued<PAGE>
              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>
                                    March 31,  December 31,
                                       1998        1997   

       <S>                          <C>         <C> 
       Face Value                   $ 502,763   $   592,004

       Amortized Cost               $ 494,436  $   581,963

       Estimated Market Value       $ 535,000  $   629,000
</TABLE>

Coupon rates of the MBS ranged from 9.0% to
9.5% per annum and were due to  mature in the
years 2016 and 2017. 

In accordance with Financial Accounting
Standard No. 115, "Accounting for Certain
Investments in Debt and Equity Securities",
unrealized holding gains and losses for
available-for-sale securities are reported as
a separate component of equity until realized. 
At March 31, 1998 and December 31, 1997, the
Partnership had unrealized holding gains of
$40,280 and $46,946 on its MBS investments to
adjust to market value based on quoted market
prices.

(5)Changes in Partners' Equity

A summary of changes in Partners' equity
(deficit) for the three months ended March 31,
1998 is as follows:
<TABLE>
<CAPTION>
                                                     Unrealized
                   Corporate     Holding
                    Limited     General   Gains on
                   Unitholders  Partner   Partner      MBS       Total  
   
Balance at         
   <S>              <C>         <C>      <C>       <C>         <C>
   December 31, 1997$ 16,943,976$  (987) $(122,972)$   46,946  $16,866,963

Net income              229,445      11      2,318       -         231,774

Unrealized Holding
   Gains on MBS            -        -         -     (6,666)         (6,666)

Distributions          (515,088)      (25)   (4,520)      -       (519,633)

Balance at 
   March 31, 1998  $ 16,658,333$  (1,001)$(125,174)$   40,280  $16,572,438
</TABLE>

   The distribution payable to the General Partner of $4,520 was
   included in accrued expenses and other liabilities at March 31,
   1998.







                         Continued<PAGE>
              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's affiliates were as follows:

<TABLE>
<CAPTION>
                                     For the Three Months
                                        Ended March 31,    
                                        1998       1997 

       <S>                            <C>       <C>
       Asset management fees          $ 12,540  $ 35,149

       Expense reimbursements           21,572    25,923

          Charged to operations       $ 34,112  $ 61,072
</TABLE>

   Due to affiliates consisted of expense reimbursements of
$32,458 and $26 at March 31, 1998 and December 31, 1997,
respectively.             

(7)    Subsequent Event

   On April 29, 1998, the General Partner sold the Partnership's
   MBS portfolio to an unaffiliated third party for $519,556.
<PAGE>
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

Based upon the Joint Venture Partners'
assessment of the current and future market
conditions, the capital improvements necessary
to remain competitive in its market, its
capital resources and the differing strategies
of the Joint Venture Partners, the Joint
Venture Partners determined that it was in
their best interests, and that of their
respective investors, to sell Spring Valley
Marketplace.  On January 30, 1998, Spring
Valley Marketplace was sold to  unaffiliated
third parties.  The property was included in
a package with thirteen other properties owned
by affiliates of the General Partner.  The
total selling price of the fourteen properties
was $138,000,000, of which the Joint Venture
Partners received $29,571,700, less their
share of the closing costs.
The sale is considered a Terminating Capital
Transaction as defined by the Partnership
Agreement.

The Partnership anticipates making a special
distribution of $6.45 per Unit in the second
quarter of 1998, based upon approximately 80%
of the proceeds of the sale of the Marketplace
and estimated liquidation value of remaining
Partnership assets.  Once all necessary
reserves and contingent liabilities are
funded, the remaining proceeds will be
distributed.  All Partnership affairs are
expected to be completed by year-end.  

The Partnership held MBS guaranteed by the
Federal Home Loan Mortgage Corporation
("FHLMC").  At March 31, 1998 and December 31,
1997, the Partnership recorded unrealized
holding gains on its MBS of $40,280 and
$46,946, respectively, to adjust the
investments to market value (see Note 3). 
Subsequent to March 31, 1998, the Partnership
sold its MBS portfolio to an unaffiliated
third party (see Note 7).




















                         Continued<PAGE>
              KRUPP CASH PLUS-V LIMITED PARTNERSHIP
                                     


Operations

Partnership
                
Net income, net of the Partnership's share of
Joint Venture net income,  increased for the
three months ended March 31, 1998, as compared
to the three months ended March 31, 1997, due
to an increase in income and a decrease in
expenses.  Interest income on other
investments increased as a result of higher
cash and cash equivalent balances available
for investment, due to proceeds received from
the sale of the Joint Venture.  This increase
is partially offset by a decrease in MBS
interest income due to repayments of principal
on the MBS portfolio.

Total expenses for the three months ended
March 31, 1998 decreased, as compared to the
same period in 1997, as a result of a decrease
in general and administrative expense related
to charges incurred in connection with the
preparation and mailing of Partnership reports
and other investor communications.  The
decrease is also attributable to a decline in
asset management fees and amortization of
acquisition costs due to the sale of the Joint
Venture on January 30, 1998.

Joint Venture

Spring Valley Marketplace was sold on January
30, 1998 to unaffiliated third parties.  See
Note 3 for further discussion of this
matter.<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
        

   (a)  Exhibits
        Response:  None

   (b)  Reports on Form 8-K

         Date                                     Event Reported  
      Financial Statements Filed

   January 30, 1998                        Disposition of Spring
Valley Pro Forma Balance Sheet at          Marketplace  September
30, 1997.
                  
                  Pro Forma Statements of  Operations for the nine
                  months ended September 30, 1997 and for the year
                  ended December 31, 1996.
























                  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:                May 14, 1998