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, 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
14.<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

                                               (Unaudited)
                                        September 30,  December 31,
                                           1998           1997   
Real estate assets:
  <S>                                        <C>       <C>
  Investment in Joint Venture (Note 3)       $    -    $15,667,715
  Mortgage-backed securities ("MBS"), net of
     accumulated amortization and unrealized
      holding gains (Note 4)                      -       628,909
 
       Total real estate assets                   -     16,296,624

Cash and cash equivalents (Note 2)           3,554,350    569,231
Other assets                                    32,176     14,634

       Total assets                       $  3,586,526$16,880,489



                LIABILITIES AND PARTNERS' EQUITY

Accrued expenses and other liabilities    $    336,431$    13,526
       
Partners' equity (deficit)(Note 5):
  Unitholders
     (2,060,350 Units outstanding)          3,377,096   16,943,976
  Corporate Limited Partner
     (100 Units outstanding)                   (1,645)        (987)
  General Partner                            (125,356)   (122,972)
  Unrealized holding gains on MBS (Note 4)        -        46,946


       Total Partners' equity                3,250,095 16,866,963

       Total liabilities and Partners' equity$ 3,586,526$16,880,489

</TABLE>




                                



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

                   STATEMENTS OF INCOME (LOSS)
                                     
(Unaudited)

<TABLE>
<CAPTION>
                                       
                            For the Three Months  For the Nine Months
                            Ended September 30,   Ended September 30,
                              1998        1997     1998      1997 


Revenue:
  <S>                           <C>  <C>       <C>      <C>
  Interest income - MBS (Note 4)$ -  $ 14,118  $  25,287$ 43,163
  Interest income - other     50,103   17,046    376,940  53,627

       Total revenue          50,103   31,164    402,227  96,790

Expenses:
 General and administrative 
   (Note 6)                  24,191    40,087      116,416 123,633
 Asset management fees (Note 6) -      35,894       12,602 106,566
 Amortization of acquisition                     
   costs (Note 3)               -      26,146       -     78,439

       Total expenses         24,191  102,127    129,018 308,638

Income (loss) from operations 25,912  (70,963)   273,209(211,848)

 Partnership's share of Joint 
   Venture net income (Note 3)  -     115,513    131,925 479,081

Income before gain on sale of
 MBS and loss on dissolution 
   of Joint Venture           25,912   44,550    405,134 267,233

 Gain on sale of MBS (Note 4)   -        -        25,930    -

 Loss on dissolution of Joint
   Venture (Note 3)             -        -      (191,452)    -   

Net income (loss)           $ 25,912$ 44,550   $ 239,612$267,233
 

Allocation of net income (loss)
 (Note 5):

   Unitholders (2,060,350
     Units outstanding):
     Income before gain on sale
       of MBS and loss on the 
       dissolution of Joint 
       Venture              $ 25,651 $ 44,102  $ 401,063$264,548
     Gain on sale of MBS        -        -          25,929    -
     Loss on dissolution of 
       Joint Venture            -        -      (189,528)    -   
     Net income             $ 25,651 $ 44,102  $ 237,464$264,548
   
</TABLE>
   





Continued
KRUPP CASH PLUS-V LIMITED PARTNERSHIP

             STATEMENTS OF INCOME (LOSS), Continued
                                     
(Unaudited)

<TABLE>
<CAPTION>
        
                          For the Three Months For the Nine Months
                          Ended September 30,   Ended September 30,
                           1998       1997       1998       1997 


 Net income per Unit of
  Depositary Receipt:
  Income before gain on sale
     of MBS and loss on the
     dissolution of Joint
     <S>                    <C>       <C>      <C>      <C>  
     Venture                $ .02     $ .02    $    .20 $    .13
  Gain on sale of MBS           -         -         .01     -
  Loss on dissolution of 
     Joint Venture              -        -         (.09)       - 

  Net income                $    .02  $    .02$    .12  $    .13

 Corporate Limited Partner
  (100 Units outstanding):
  Income before gain on sale
     of MBS and loss on the 
     dissolution of Joint 
     Venture                $      2  $   2    $     20 $     13
  Gain on sale of MBS            -        -           1     -
  Loss on dissolution of
     Joint Venture               -        -         (9)     -   
  Net income                $      2  $      2 $    12  $     13

   General Partner:
  Income before gain on sale
     of MBS and loss on the
     dissolution of Joint
     Venture                $    259  $  446   $  4,051 $  2,672
  Gain on sale of MBS           -         -        -        -
  Loss on the dissolution of
     Joint Venture              -         -      (1,915)       - 

  Net income                $    259  $  446   $  2,136 $  2,672
                                               

</TABLE>



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

                    STATEMENTS OF CASH FLOWS
                                     
(Unaudited)
<TABLE>
<CAPTION>

                                              For the Nine Months
                                              Ended September 30, 

                                              1998          1997 


Operating activities:
  <S>                                     <C>        <C>
  Net income                              $   239,612$   267,233
  Adjustments to reconcile net income to net
     cash provided by operating activities:
       Amortization of acquisition costs         -        78,439
       Amortization of MBS discount              -          (529)
       Loss on dissolution of Joint Venture    191,452       -
       Gain on sale of MBS                    (25,930)       -
       Partnership's share of Joint Venture
          net income                         (131,925)   (479,081)
       Distributions from Joint Venture       131,925    479,081
       Changes in assets and liabilities:
          Increase in other assets            (17,542)       (312)
          Decrease in due to affiliates          -       (49,363)
          Increase in accrued expenses and 
            other liabilities                 322,905      2,442
  
             Net cash provided by operating
               activities                     710,497    297,910

Investing activities:
  Distributions from Joint Venture in
     excess of net income                     639,134    798,413
  Distributions received from Joint Venture
     sale of property, net                 14,837,129       -
  Principal collections on MBS                 88,337     46,092
  Proceeds from sale of MBS                   519,556       -   
  
             Net cash provided by investing 
                 activities                16,084,156    844,505 

Financing activity:
  Distributions                           (13,809,534) (1,557,095)

Net increase (decrease) in cash and cash
  equivalents                                2,985,119   (414,680)

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

Cash and cash equivalents, end of period  $ 3,554,350$ 1,109,368

</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
necessary to present fairly the Partnership's
financial position as of September 30, 1998,
its results of operations for the three and
nine months ended September 30, 1998 and 1997
and its cash flows for the nine months ended
September 30, 1998 and 1997. 

The results of operations for the three and
nine months ended September 30, 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>
                                      September 30, December 31, 
                                          1998          1997     

      <S>                             <C>            <C>
      Cash and money market accounts  $    568,171   $   569,231
      Commercial paper                   2,986,179          -  
   
                                      $  3,554,350  $   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") owned 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.  

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

Continued
KRUPP CASH PLUS-V LIMITED PARTNERSHIP

  NOTES TO FINANCIAL STATEMENTS, Continued
                           

(3)Investment in Joint Venture, Continued

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 $100,672 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.
                                          
The sale is considered a Terminating Capital
Transaction as defined by the Spring Valley
Partnership Agreement.  Consequently, the
Joint Venture Partners distributed the
remaining assets of the Joint Venture in the
second quarter of 1998.  In accordance with
the Spring Valley Partnership Agreement, the
Partnership and its Joint Venture Partner
received 49.9% and  50.1%, respectively, of
the remaining net assets.  Subsequent to the
final distribution, the Joint Venture was
effectively dissolved.

As of September 30, 1998, the Partnership
recognized a loss of $191,452 on the
dissolution of the Joint Venture.  The loss
represents the remaining investment balance
after allocations of net income earned by the
Joint Venture, distributions received from the
Joint Venture, liabilities transferred from
the Joint Venture and closing costs paid by
the Partnership.
                            
At December 31, 1997, the Partnership's
investment balance reflected 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 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
                                    (Unaudited)
                                    September 30,   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                            -            2,958,231

       Total assets                 $     -         $ 31,667,363

                LIABILITIES AND PARTNERS' EQUITY

  Total liabilities                 $     -         $    380,978

  Total Partners' equity                  -           31,286,385

       Total liabilities and 
          Partners' equity          $     -         $ 31,667,363

</TABLE>

                    Spring Valley Partnership
               Condensed Statements of Operations
                                      
(Unaudited)
<TABLE>
<CAPTION>
          For the Three Months             For the Nine Months
             Ended September 30,              Ended September 30, 
             1998       1997                  1998       1997    
  
  <S>       <C>      <C>                  <C>         <C>
  Revenue   $   -    $1,679,830           $    540,486$ 5,060,456
  Property operating 
     expenses   -      (867,383)              (376,779) (2,558,845)

  Depreciation  -      (580,957)                  -     (1,541,528) 
  Gain on sale of 
     property    -        -                    100,672       -   

  Net income$  -     $  231,490           $    264,379$   960,083


</TABLE>






                         Continued<PAGE>
              KRUPP CASH PLUS-V LIMITED PARTNERSHIP

            NOTES TO FINANCIAL STATEMENTS, Continued
                                     

(4)Mortgage Backed Securities

On April 29, 1998, the General Partners sold
the Partnership's MBS portfolio to an
unaffiliated third party for $519,556.  For
financial reporting purposes, the Partnership
recognized a gain on the sale of $25,930.  The
gain was calculated as the difference between
the selling price and net book value of the
MBS.

The MBS held by the Partnership were issued by
the Federal Home Loan Mortgage Corporation. 
At December 31, 1997, the MBS had a total face
value, amortized cost and estimated market
value of $592,004, $581,963 and $629,000,
respectively.  Coupon rates of the MBS ranged
from 9.0% to 9.5% per annum and were scheduled
to mature in the years 2016 and 2017.  At
December 31, 1997, the Partnership's MBS
portfolio had gross unrealized holding gains
of $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 nine
   months ended September 30, 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

 Income before gain  
   on sale of MBS and
   loss on sale of the 
   Joint Venture         401,063     20       4,051        -       405,134 

 Unrealized holding 
   gains on MBS            -           -       -        (46,946)    (46,946)

 Gain on sale of MBS      25,929       1       -           -        25,930

 Loss on dissolution 
   of the Joint Venture (189,528)     (9)   (1,915)        -      (191,452)

 Distributions:
   Operations           (515,088)    (25)    (4,520)       -      (519,633)
   Capital Transaction(13,289,256)  (645)      -          -    (13,289,901)

 Balance at                               
   September 30, 1998  $ 3,377,096$  (1,645)$(125,356)$      -   $ 3,250,095
</TABLE>

(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.

Continued
KRUPP CASH PLUS-V LIMITED PARTNERSHIP

NOTES TO FINANCIAL STATEMENTS, Continued
         

(6)  Related Party Transactions, Continued

   Amounts paid to the General Partner's affiliates were as follows:
<TABLE>
<CAPTION>
                     For the Three Months      For the Nine Months
                     Ended September 30,      Ended September 30,
                     1998         1997        1998       1997  

<S>                    <C>          <C>        <C>        <C>
Asset management fees  $ -          $35,894    $ 12,602   $106,566

Expense reimbursements      32,157   29,508      85,886   84,939

Charged to operations     $ 32,157  $65,402    $ 98,488 $191,505
</TABLE>

Due to affiliates consisted of expense reimbursements of $2,075 at
   September 30, 1998.    
   
   
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 (see Note 3).  The
sale is considered a Terminating Capital
Transaction as defined by the Partnership
Agreement.

On May 15, 1998, the Partnership made a
special distribution of $6.45 per Unit based
upon approximately 80% of the proceeds of the
sale 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 that were guaranteed
by the Federal Home Loan Mortgage Corporation. 
On April 29, 1998, the General Partner sold
the Partnership's MBS portfolio to an
unaffiliated third party. For financial
reporting purposes, the Partnership recognized
a gain of $25,930 from the sale.  At December
31, 1997, the Partnership recorded unrealized
holding gains on its MBS of $46,946 to adjust
the investments to market value (see Note 4).

KRUPP CASH PLUS-V LIMITED PARTNERSHIP
                                      
Operations
                
Partnership
The following discussion relates to the
operations of the Partnership for the three
and nine months ended September 30, 1998 and
1997.  The sale of the Partnership's Joint
Venture property (Spring Valley Marketplace)
on January 30, 1998, and the sale of the
Partnership's MBS portfolio on April 29, 1998,
significantly impacts the comparability of the
Partnership's operations between the periods.

Net income for the three and nine months ended
September 30, 1998 as compared to the three
and nine months ended September 30, 1997, net
of the Joint Venture activity and MBS
portfolio, increased as total revenue
increased and total expenses decreased. 
Interest income on other investments increased
due to higher average cash and cash equivalent
balances available for investment, as a result
of the proceeds received from the sale of the
Joint Venture property and MBS portfolio.

Total expenses for the three and nine months
ended September 30, 1998 decreased when
compared to the same periods in 1997, due
primarily to the decline in asset management
fees and amortization of acquisition costs due
to the sale of the Joint Venture property.

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
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 10, 1998