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     September 30, 1996                       

                                      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            
<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,
                                                       1996           1995   
<S>                                               <C>            <C>
Real estate assets:
   Investment in Joint Venture, net of
      accumulated amortization of
      acquisition costs of $78,439
      and $0, respectively (Note 2)                $22,775,784    $23,187,379
   Mortgage-backed securities ("MBS"), net of
      accumulated amortization (Note 3)                652,726        915,554

         Total real estate assets                   23,428,510     24,102,933


Cash and cash equivalents                            1,840,671      2,101,121
Other assets                                            19,102         36,190

         Total assets                              $25,288,283    $26,240,244

                       LIABILITIES AND PARTNERS' EQUITY

                                                
Accrued audit liability                            $    10,125    $     9,729
Due to affiliate                                           152           -   
   
         Total liabilities                              10,277          9,729

Partners' equity (Note 4):

   Unitholders
      (2,060,350 Units outstanding)                 25,326,389     26,273,929
   Corporate Limited Partner
      (100 Units outstanding)                             (581)          (535)
   General Partners                                    (47,802)       (42,879)

         Total Partners' equity                     25,278,006     26,230,515

         Total liabilities and Partners' equity    $25,288,283    $26,240,244

</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     For the Nine Months
                                  Ended September 30,     Ended September 30,
                                   1996        1995         1996        1995 
<S>                              <C>         <C>            <C>       <C>
Revenue:
   Partnership's share of Joint
      Venture net income 
      (Note 2)                   $321,642    $219,288       $719,734  $715,394
   Interest income - MBS
      (Note 3)                     17,391      21,629         57,968    65,788
   Interest income - other         24,313      34,108         74,338   102,598

         Total revenue            363,346     275,025        852,040   883,780

Expenses:
   General and administrative
      (Note 5)                     23,508      31,134         62,576    88,084

   Asset management fees
      (Note 5)                     35,984      36,310        107,235   107,794
   Amortization of acquisition
      costs (Note 2)               26,146        -            78,439      -  

     
         Total expenses            85,638      67,444        248,250   195,878

Net income                       $277,708    $207,581       $603,790  $687,902

Allocation of net income
   (Note 4):

   Unitholders  (2,060,350
      Units outstanding)         $274,918    $205,495       $597,723  $680,990

   Net income per Unit of
      Depositary Receipt         $    .13    $    .10       $    .29  $    .33

   Corporate Limited Partner
      (100 Units outstanding)    $     13    $     10       $     29  $     33

   General Partners              $  2,777    $  2,076       $  6,038  $  6,879
</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,     
                                                       1996         1995   
<S>                                                <C>          <C>
Operating activities:
   Net income                                      $   603,790  $   687,902
   Adjustments to reconcile net income to
      net cash provided by operating activities: 
         Amortization of acquisition costs              78,439         -
         Amortization of MBS discount                   (4,850)        (583)
         Distributions from Joint Venture              719,734      715,394
         Partnership's share of Joint Venture net
            income                                    (719,734)    (715,394)
         Decrease in other assets                       17,088       10,778
         Increase in audit liability                       396        4,509
         Increase in due to affiliate                      152       36,326
         
               Net cash provided by operating
                  activities                           695,015      738,932

Investing activities:
   Distributions from Joint Venture in excess
      of net income                                    333,156      313,544
   Principal collections on MBS                        267,678       56,715

               Net cash provided by investing
                  activities                           600,834      370,259

Financing activity:
   Distributions                                    (1,556,299)  (1,558,175)

Net decrease in cash and cash equivalents             (260,450)    (448,984)

Cash and cash equivalents, beginning of period       2,101,121    2,665,531

Cash and cash equivalents, end of period           $ 1,840,671  $ 2,216,547

</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 Partners 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,
    1995 for additional information relevant to significant accounting
    policies followed by the Partnership.
    
    In the opinion of the General Partners of the Partnership, the
    accompanying unaudited financial statements reflect all adjustments
    (consisting only of normal recurring accruals) necessary to present
    fairly the Partnership's financial position as of September 30, 1996, its
    results of operations for the three and nine months ended September 30,
    1996 and 1995 and cash flows for the nine months ended September 30, 1996
    and 1995.

    The results of operations for the three and nine months ended September
    30, 1996 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 Marketplace Joint Venture (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 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.

    Condensed financial statements of the Joint Venture are as follows:

<TABLE>
<CAPTION>
                           Spring Valley Partnership
                           Condensed Balance Sheets
                                               
                                    ASSETS
                                            September 30,      December 31,
                                                1996               1995    

   <S>                                      <C>                <C>
   Property, at cost                        $ 53,789,298       $ 53,409,298
   Accumulated depreciation                  (13,489,679)       (12,084,310)
                                              40,299,619         41,324,988

   Other assets                                1,834,421          1,491,737

         Total assets                       $ 42,134,040       $ 42,816,725

                       LIABILITIES AND PARTNERS' EQUITY

   Total liabilities                        $    218,471       $    233,513

   Partners' equity:
      The Partnership                         20,971,677         21,304,833
      Joint Venture partner                   20,943,892         21,278,379

         Total Partners' equity               41,915,569         42,583,212

         Total liabilities and 
            Partners' equity                $ 42,134,040       $ 42,816,725

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

                             For the Three Months     For the Nine Months
                              Ended September 30,      Ended September 30,  
                              1996        1995          1996         1995    

      <S>                  <C>          <C>         <C>           <C>
      Revenue              $1,826,598   $1,702,500  $ 5,265,675   $ 4,906,370
      Property operating
         expenses            (704,553)    (797,736)  (2,417,953)   (2,099,774)
      Depreciation           (477,473)    (465,310)  (1,405,369)   (1,372,941)
  
         Net income        $  644,572   $  439,454  $ 1,442,353   $ 1,433,655
</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>
                                          September 30,  December 31,
                                              1996           1995   

         <S>                              <C>            <C>
         Face Value                       $    663,519   $   931,197

         Amortized Cost                   $    652,726   $   915,554
    
         Estimated Market Value           $    694,000   $   940,000
</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 $41,000 and $24,000 at September 30,
    1996 and December 31, 1995, 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 for the nine months ended
    September 30, 1996 is as follows:

<TABLE>
<CAPTION>
                                          Corporate              Total
                                           Limited  General     Partners'
                            Unitholders    Partner  Partners     Equity   
    <S>                     <C>           <C>       <C>        <C>
    Balance at
       December 31, 1995    $26,273,929   $   (535) $(42,879)  $26,230,515

    Net income                  597,723         29     6,038       603,790

    Distributions            (1,545,263)       (75)  (10,961)   (1,556,299)

    Balance at
       September 30, 1996   $25,326,389   $   (581) $(47,802)  $25,278,006

</TABLE>
(5) Related Party Transactions

    Under the terms of the Partnership Agreement, the General Partners or
    their 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 Partners 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 Partners or their affiliates are
    as follows:
<TABLE>
<CAPTION>
                                    For the Three Months  For the Nine Months
                                    Ended September 30,   Ended September 30,
                                      1996        1995      1996       1995  

    <S>                             <C>         <C>       <C>        <C>
    Asset management fees           $35,984     $36,310   $107,235   $107,794

    Expense reimbursements           12,294      14,646     30,744     43,937

    Charged to operations           $48,278     $50,956   $137,979   $151,731
</TABLE>
<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

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 is currently occupied at a rate of 98%.  In order to retain or
increase this level of occupancy and to remain competitive within its
immediate market, the Marketplace is expected to spend approximately $630,000
for capital improvements in 1996, most of which are tenant buildouts to
attract and retain quality tenants at the shopping center.  Major capital
improvements performed in 1996 include the expansion of T.J. Maxx and parking
lot paving with additional improvements expected to continue throughout the
remainder of the year.

Liquidity provided by the MBS is derived primarily from interest income and
principal repayments and prepayments of the portfolio.  The level of
prepayments are 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
Partners believe 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 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 the
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 nine months ended September 30, 1996 and the period from
inception to September 30, 1996.  The General Partners provide certain of the
information below to meet requirements of the Partnership Agreement and
because they believe that is an appropriate supplemental measure of operating
performance. However,  Distributable Cash Flow and Net Proceeds from Capital
Transactions should not be considered by the reader as a substitute to net
income, as an indicator of the Partnership's operating performance or to cash
flow as a measure of liquidity.   
<TABLE>
<CAPTION>
                                       (In $1,000's except per Unit amounts)
                                       For the Nine Months     Inception to
                                       Ended September 30,     September 30,
                                              1996                1996     
<S>                                          <C>                <C>
Distributable Cash Flow:
Net income for tax purposes                  $  835             $ 7,226
Items providing / not requiring or 
   (not providing) the use of 
      operating funds:
   Amortization of acquisition costs             78                  78
   Amortization of organization costs          -                     50
   Distributions from Joint Venture           1,053              10,519   
   Partnership's share of Joint Venture        
      taxable net income                       (951)             (7,178)
Total Distributable Cash Flow ("DCF")        $1,015             $10,695  

   Unitholders' Share of DCF                 $1,005             $10,589

   Unitholders' Share of DCF per Unit        $  .49             $  5.15(c)

   General Partners' Share of DCF            $   10             $   106

Net Proceeds from Capital Transactions: 
Principal collections on MBS, net            $  263             $ 4,716

   Distributions: 

      Unitholders                            $1,545(a)          $17,041(b)

      Unitholders' Average per Unit             .75(a)          $  8.27(b)(c)

      General Partners                       $   10(a)          $   109(b)

      Total Distributions                    $1,555(a)          $17,150(b)

</TABLE>
(a)   Represents distributions paid in 1996, except the February, 1996
      distribution, which relates to 1995 cash flow and includes an estimate
      of the distribution to be paid in November, 1996.
(b)   Includes an estimate of the distribution to be paid in November, 1996.
(c)   Unitholders average per Unit  return of capital as of November, 1996
      is $3.12 ($8.27 - $5.15).
                                       
Operations

   Partnership

   Distributable Cash Flow, increased during the nine months ended September
   30, 1996, as compared to the nine months ended September 30, 1995.  This
   increase is primarily due to an increase in distributions received from
   the Joint Venture.

   Total revenue for the three months ended September 30, 1996, increased as
   compared to the three months ended September 30, 1995, as a result of an
   increase in net income generated by the Partnership's Joint Venture
   investment in the Marketplace, as discussed below. 

   For the nine months ended September 30, 1996, total revenue decreased as
   compared to the same time period in 1995, primarily due to a decrease in
   interest income earned on the Partnership's investments.  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 increased for the three and nine month periods ended
   September 30, 1996, as compared to the same periods in 1995, as a result
   of the amortization of costs relating to the investment in the Marketplace
   which will continue to be amortized over the remaining life of the
   Marketplace.  This increase was partially offset by a decrease in general
   and administrative expenses incurred with the preparation and mailing of
   reports and other investor communications.

   Joint Venture

   Overall, net income increased for the three and nine months ended
   September 30, 1996, as compared to the three and nine months ended
   September 30, 1995.  Revenue increased during the same periods, due to
   higher tenant billings at the Marketplace based upon greater reimbursable
   operating expenses, including snow removal costs from the stormy winter
   season, and real estate taxes.

   Property operating expenses for the three months ended September 30, 1996,
   as compared to the three months ended 1995, decreased as a result of a
   refund received in the third quarter of 1996, relating to a prior year
   real estate tax appeal.
   
   For the nine months ended September 30, 1996 property operating expenses 
increased, as compared to the nine months ended September 30, 1995, due to 
increased real estate tax and maintenance expenses.  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.  The increase 
in maintenance expense was due to snow removal expenditures as result of   
adverse winter weather conditions.
                                     
  Depreciation expense increased for the three and nine month periods ended
   September 30, 1996, as compared to the three and nine month periods ended
   September 30, 1995, as a result of continued capital improvement
   expenditures.                     

General

In accordance with Financial Accounting Standard No. 121, "Accounting for the
Impairment of Long-Lived Assets and for Long-Lived Assets to Be Disposed Of",
which is effective for fiscal years beginning after December 15, 1995, the
Partnership has implemented policies and practices for assessing impairment of
its real estate assets.

In assessing the impairment of the underlying real estate owned by the Joint
Venture, the General Partners routinely perform market and growth studies
combined with periodic appraisals of the underlying property.  If the General
Partners believe that there is a significant impairment in value, a provision
to write down the investment to fair value will be charged against income.  At
this time, the General Partners do not believe that any asset of the
Partnership is significantly impaired.

<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/Robert A. Barrows                   
                                        Robert A. Barrows
                                        Treasurer and Chief Accounting Officer
                                        of Krupp Plus-II Corporation, the
                                        General Partner of Krupp Company
                                        Limited Partnership-VI


DATE: October 30,1996