FORM 10-KSB--ANNUAL OR TRANSITIONAL REPORT UNDER
                              SECTION 13 OR 15(D)
                  (As last amended by 34-31905, eff. 4/26/93)

                                  FORM 10-KSB

[X]  ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
     1934 [No Fee Required]

                  For the fiscal year ended December 31, 1997
                                       or
[ ]  TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
     OF 1934 [No Fee Required]

                 For the transition period.........to.........

                         Commission file number 0-16684

                        MULTI-BENEFIT REALTY FUND '87-1
                 (Name of small business issuer in its charter)

        California                                        94-3026785
(State or other jurisdiction of                       (I.R.S. Employer
incorporation or organization)                        Identification No.)

                  One Insignia Financial Plaza, P.O. Box 1089
                        Greenville, South Carolina 29602
                    (Address of principal executive offices)

                    Issuer's telephone number (864) 239-1000

         Securities registered under Section 12(b) of the Exchange Act:
                                      None

         Securities registered under Section 12(g) of the Exchange Act:

                          Units of Depositary Receipts
                                (Title of class)

Check whether the issuer (1) filed all reports required to be filed by Section 
13 or 15(d) of the Exchange Act during the past 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

Check if there is no disclosure of delinquent filers in response to Item 405 of
Regulation S-B contained in this form, and no disclosure will be contained, to
the best of registrant's knowledge, in definitive proxy or information 
statements incorporated by reference in Part III of this Form 10-KSB or any 
amendment to this Form 10-KSB. [X]

State issuer's revenues for its most recent fiscal year.  $5,044,000

State the aggregate market value of the voting partnership interests held by 
non-affiliates computed by reference to the price at which the partnership 
interests were sold, or the average bid and asked prices of such partnership 
interests, as of December 31, 1996.  Market value information for the 
Registrant's partnership interests is not available.  Should a trading market
develop for these interests, it is the Managing General Partner's belief that 
the aggregate market value of the voting partnership interests would not exceed
$25,000,000.


                      DOCUMENTS INCORPORATED BY REFERENCE

                                      None


                                     PART I


ITEM 1.  DESCRIPTION OF BUSINESS

Multi-Benefit Realty Fund '87-1 (the "Partnership" or "Registrant") was
organized on September 8, 1986, as a limited partnership under the California
Revised Limited Partnership Act.  On December 10, 1986, the Partnership
registered with the Securities and Exchange Commission under the Securities Act
of 1933 (File No. 33-8908) and commenced a public offering for sale of
$60,000,000 of Units of Depositary Receipts (collectively, the "Units," and
individually, "Unit").  Two classes of Units ("A" Units and "B" Units, herein so
called), entitled to different rights and priorities as to cash distributions
and partnership allocations, were offered.  The Units represent economic rights
attributable to the limited partnership interests in the Partnership and entitle
the holders ("Unit holders") thereof to participate in certain allocations and
distributions of the Partnership.  The General Partner of the Partnership
intended that the "A" Units and "B" Units be allocated such that the "B" Units
would not exceed 25% nor be less than 20% of the total amount of the Units sold.
At the end of the current fiscal year, the "B" Units represented approximately
44% of the total amount of the Units sold.  The General Partner is currently
considering several alternative procedures to conform the unit allocations more
closely to the intended investment objectives.  The General Partner intends to
continue such consideration, but has not yet determined a feasible alternative.
The Corporate Limited Partner of the Partnership was Multi-Benefit '87-1
Depositary Corporation, an affiliate of the General Partner.  The Corporate
Limited Partner served as depositary for the Units pursuant to a Depositary
Agreement entered into with the Partnership.  The Partnership filed a Form 8-A
Registration Statement with the SEC and registered its Units under the
Securities Exchange Act of 1934 (File No. 0-16684) on April 11, 1988.  The sale
of Units closed on September 30, 1988, with 172,436 Units sold at $100 each, or
gross proceeds of approximately $17,200,000 to the Partnership.  The Partnership
retired a total of 1,000 Units during 1993, in accordance with its Partnership
Agreement ("Agreement"). The Partnership gave no consideration for the Units
retired.  The Partnership may repurchase or retire any Units, at its absolute
discretion, but is under no obligation to do so.

Upon the Partnership's formation in 1986, Consolidated Capital Equities
Corporation ("CCEC"), a Colorado corporation, was the sole general partner of
the Partnership and the Corporate Limited Partner, a wholly-owned subsidiary of
CCEC, was the sole limited partner.  In 1988, through a series of transactions,
Southmark Corporation ("Southmark") acquired a controlling interest in CCEC.  In
December 1988, CCEC filed for reorganization under Chapter 11 of the United
States Bankruptcy Code.  In 1990, as part of CCEC's reorganization plan, ConCap
Equities, Inc. ("CEI") acquired CCEC's general partner interest in the
Partnership and in 15 other affiliated public limited partnerships (the
"Affiliated Partnerships"), acquired the stock of the Corporate Limited Partner,
and CEI replaced CCEC as managing general partner in all 16 partnerships.  The
selection of CEI as the sole managing general partner was approved by a majority
of the Unit holders in the Partnership and of the limited partners in each of
the Affiliated Partnerships pursuant to a solicitation of the Unit holders dated
August 10, 1990.  As part of this solicitation, the Unit holders also approved
an amendment to the Partnership Agreement to limit changes of control of the
Partnership. All of CEI's outstanding stock is owned by Insignia Properties
Trust, an affiliate of Insignia Financial Group, Inc. ("Insignia") which
acquired the stock through two transactions in December 1994, and October 1995.
As of December 31, 1997, Insignia Properties, L.P., an affiliate of Insignia,
owned 1,633 and 210 of the outstanding "A" and "B" units, respectively.

During December 1997, Insignia affiliates (the "Purchaser") commenced tender
offers for limited partnership interests in ten real estate limited partnerships
(including the Partnership) in which various Insignia affiliates act as general
partner.  The Purchaser offered to purchase up to 24,000 and 23,000 of the
outstanding "A" and "B" units, respectively, of limited partnership interest in
the Partnership at $50 and $25 per Unit, respectively, net to the seller in
cash, upon the terms and subject to the conditions set forth in the Offer to
Purchase dated December 23, 1997 (the "Offer to Purchase") and the related
Assignment of Partnership Interest attached as Exhibits (a)(1) and (a)(2),
respectively, to the Tender Offer Statement on Schedule 14D-1 originally filed
with the Securities and Exchange Commission on December 23, 1997. Because of the
existing and potential future conflicts of interest (described in the
Partnership's Statements on Schedule 14D-9 filed with the Securities and
Exchange Commission), neither the Partnership nor the Managing General Partner
expressed any opinion as to the Offer to Purchase and made no recommendation as
to whether unit holders should tender their units in response to the Offer to
Purchase.  In addition, because of these conflicts of interest, including as a
result of the Purchaser's affiliation with various Insignia affiliates that
provide property management services to the Partnership's properties, the manner
in which the Purchaser votes its limited partner interests in the Partnership
may not always be consistent with the best interests of the other limited
partners.  During February 1998 the tender offers were completed and an
affiliate of Insignia tendered 21,457 and 13,822 of the outstanding "A" and "B"
units, respectively.

On March 17, 1998, Insignia entered into an agreement to merge its national
residential property management operations, and its controlling interest in
Insignia Properties Trust, with Apartment Investment and Management Company
("AIMCO"), a publicly traded real estate investment trust.  The closing, which
is anticipated to happen in the third quarter of 1998, is subject to customary
conditions, including government approvals and the approval of Insignia's
shareholders.  If the closing occurs, AIMCO will then control the General
Partner of the Partnership.

A further description of the Partnership's business is included in "Item 6 -
Management's Discussion and Analysis or Plan of Operation" included in this Form
10-KSB.

The Registrant has no employees.  Management and administrative services are
performed by the General Partner and by Insignia Residential Group, L.P., an
affiliate of Insignia, an affiliate of the General Partner.  Pursuant to a
management agreement between them, Insignia Residential Group, L.P. provides
property management services to the Registrant.

The real estate business in which the Partnership is engaged is highly
competitive and the Partnership is not a significant factor in this industry.
The Registrant's property is subject to competition from similar properties in
the vicinity in which the property is located.  In addition, various limited
partnerships have been formed by the General Partner and/or its affiliates to
engage in business which may be competitive with the Registrant.

ITEM 2.  DESCRIPTION OF PROPERTIES

The following table sets forth the Registrant's investments in properties:

                                  Date of
Property                         Purchase     Type of Ownership       Use

Carlin Manor Apartments          11/87     Fee ownership, subject  Apartment
 Columbus, Ohio                            to first mortgage.      278 units

Hunt Club Apartments             05/87     Fee ownership, subject  Apartment
 Indianapolis, Indiana                     to first mortgage.      200 units

Shadow Brook Apartments          05/87     Fee ownership, subject  Apartment
 West Valley City, Utah                    to first mortgage.      300 units


SCHEDULE OF PROPERTIES:
    (dollar amounts in thousands)


                            Gross
                          Carrying   Accumulated                   Federal
Property                    Value   Depreciation   Rate   Method  Tax Basis

Carlin Manor Apartments   $ 6,679     $ 3,512      5-30     SL    $ 5,410
Hunt Club Apartments        6,912       3,502      5-30     SL      4,224
Shadow Brook Apartments    10,352       3,899      5-30     SL      6,487

  Total                   $23,943     $10,913                     $16,121

See "Note A" to the financial statements in "Item 7" for a further description
of the Partnership's depreciation policy.

SCHEDULE OF MORTGAGES:
  (dollar amounts in thousands)


                   Principal                                   Principal
                  Balance At     Stated                         Balance
                 December 31,   Interest   Period   Maturity    Due At
Property             1997         Rate   Amortized    Date     Maturity

Carlin Manor
 1st Mortgage     $ 2,500        7.33%      (1)     11/03      $2,500

Hunt Club
 1st Mortgage       3,785        8.30%     84 mo.   10/00       3,575

Shadow Brook
 1st Mortgage       6,000        7.33%      (1)     11/03       6,000
                  $12,285

(1) Payments consist of interest only.


SCHEDULE OF RENTAL RATES AND OCCUPANCY:

                          Average Annual              Average Annual
                           Rental Rates                  Occupancy
                       1997             1996          1997       1996

Carlin Manor    $5,685/unit       $5,497/unit          89%        90%
Hunt Club        7,267/unit        7,074/unit          93%        94%
Shadow Brook     6,933/unit        6,511/unit          96%        97%

As noted under "Item 1. Description of Business", the real estate industry is
highly competitive.  All of the properties of the Partnership are subject to
competition from other residential apartment complexes in the area.  The
Corporate General Partner believes that all of the properties are adequately
insured.  The multifamily residential properties' lease terms are for one year
or less.  No residential tenant leases 10% or more of the available rental
space.

REAL ESTATE TAXES AND RATES:
(dollar amounts in thousands):


                                        1997             1997
                                       Billing           Rate

Carlin Manor                            $107             5.4%
Hunt Club                                156             9.6%
Shadow Brook                              80             1.3%

ITEM 3.  LEGAL PROCEEDINGS

In January 1998, a limited partner of the Partnership commenced an arbitration
proceeding against the General Partner claiming that the General Partner had
breached certain contractual and fiduciary duties allegedly owed to the
claimant.  The General Partner believes the claim to be without merit and
intends to vigorously defend the claim.

The Partnership is unaware of any other pending or outstanding litigation that
is not of a routine nature.  The General Partner believes that all such other
matters are adequately covered by insurance and will be resolved without a
material adverse effect upon the business, financial condition, results of
operations, or liquidity of the Partnership.

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF PARTNERS

During the fiscal year ended December 31, 1997, no matter was submitted to a
vote of the Unit holders through the solicitation of proxies or otherwise.




                                      PART II


ITEM 5.MARKET FOR THE REGISTRANT'S UNITS OF DEPOSITORY RECEIPTS AND RELATED
       SECURITY HOLDER MATTERS

(A)  No established public trading market for the Units exists nor is one
     expected to develop.

(B)  Title of Class:                   Number of Record Unit holders:

     Units of Depositary Receipts
                          A Units        905 as of December 31, 1997
                          B Units      1,003 as of December 31, 1997

(C)  Distributions of approximately $1,377,000 were made in 1997, while
     distributions of approximately $459,000 were paid in 1996.  All of the
     distributions to the limited partners in both 1997 and 1996 were paid to
     the "A" Unit holders.  No distributions have been made to the "B" Unit
     holders.

The Partnership expects to make a distribution during the first quarter of 1998.
Future distributions will depend on the levels of cash generated from
operations, refinancings, property sales and the availability of cash reserves.

ITEM 6.  MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

This item should be read in conjunction with the consolidated financial
statements and other items contained elsewhere in this report.

Results of Operations

The Partnership had net income of approximately $15,000 for the year ended
December 31, 1997 compared to a net income of approximately $46,000 for the year
ended December 31, 1996. The decrease in net income is primarily due to the loss
on disposal of property related to the replacement of roofs at the Hunt Club and
Carlin Manor properties in 1997.  A portion of the original cost of roofs, which
were not fully depreciated, was written off during the third and fourth quarters
of 1997 and the resulting loss totaled $106,000.  In addition to the loss on
disposal, an increase in operating expenses also contributed to the decrease in
net income.  The increase in operating expenses is primarily due to increased
utility rates at Hunt Club, along with an increase in concessions given in an
effort to maintain occupancy levels at Hunt Club.  Major repairs and maintenance
also increased at Hunt Club for paving and painting projects which were
performed in 1997.  Additionally, Partnership management fees included in
operating expenses increased during 1997 as a result of increased distributions
to the limited partners from "cash available for distribution" (as defined in
the Agreement, see "Item 7. Note D - Related Party Transactions").

An increase in revenues partially offset the above increases in operating
expenses. Rental income increased primarily due to rental rate increases at all
properties which more than offset a slight decrease in average occupancy at all
properties.  The increase in other income was due to an increase in deposit
forfeitures, lease cancellation fees, and cleaning fees due to turn over at
Shadow Brook, Carlin Manor, and Hunt Club.  Interest income increased due to
interest earned on restricted escrow accounts which were established for Carlin
Manor and Shadow Brook with the 1996 refinancing of these properties.

Included in operating expenses for the year ended December 31, 1997 is
approximately $152,000 of major repairs and maintenance comprised primarily of
major landscaping, parking lot repairs, window coverings and exterior building
repairs.  Included in operating expenses for the year ended December 31, 1996 is
approximately $138,000 of major repairs and maintenance comprised primarily of
exterior painting, exterior building improvements and swimming pool repairs.

As part of the ongoing business plan of the Partnership, the General Partner
monitors the rental market environment of each of its investment properties to
assess the feasibility of increasing rents, maintaining or increasing occupancy
levels and protecting the Partnership from increases in expense.  As part of
this plan, the General Partner attempts to protect the Partnership from the
burden of inflation-related increases in expenses by increasing rents and
maintaining a high overall occupancy level.  However, due to changing market
conditions, which can result in the use of rental concessions and rental
reductions to offset softening market conditions, there is no guarantee that the
General Partner will be able to sustain such a plan.

Capital Resources and Liquidity

At December 31, 1997,  the Partnership had cash and cash equivalents of
approximately $1,139,000 as compared to approximately $1,860,000 at December 31,
1996.  The net decrease in cash and cash equivalents for the year ended December
31, 1997 was approximately $721,000 compared to an increase of approximately
$626,000 for the year ended December 31, 1996.  Net cash provided by operating
activities increased primarily due to the decrease in cash used for payments of
accounts payable and other liabilities related to the timing of payments to
creditors.  Net cash used in investing activities decreased as a result of
increases in receipts from restricted escrows.  This decrease was partially
offset by the absence of any investment sales in 1997 and an increase in
property improvements and replacements.  Net cash used in financing activities
increased primarily due to an increase in distributions paid to partners and the
absence of refinancing proceeds in 1997.

The Partnership has no material capital programs scheduled to be performed in
1998, although certain routine capital expenditures and maintenance expenses
have been budgeted.  These capital expenditures and maintenance expenses will be
incurred only if cash is available from operations or is received from the
capital reserve account.

On November 13, 1996, the Partnership financed Carlin Manor and refinanced
Shadow Brook.  The Partnership received $8,500,000 in gross proceeds from the
financings and repaid a mortgage note on Shadow Brook of approximately
$7,314,000.  The previous mortgage note on Shadow Brook had a stated interest
rate of 9.19% and a maturity date of June 1, 1997.  The new mortgage notes
require monthly interest-only payments at a stated interest rate of 7.33% and
have balloon payments due on November 1, 2003.

The sufficiency of existing liquid assets to meet future liquidity and capital
expenditure requirements is directly related to the level of capital
expenditures required at the property to adequately maintain the physical assets
and other operating needs of the Partnership.  Such assets are currently thought
to be sufficient for any near-term needs of the Partnership.  The mortgage
indebtedness of approximately $12,285,000 is amortized over varying periods and
requires one balloon payment in October 2000 and two balloon payments in
November 2003 at which time the properties will either be refinanced or sold.
During the year ended December 31, 1997, distributions of approximately
$1,363,000 and $14,000 were made to the "A" Unit limited partners and to the
General Partner, respectively.  Distributions of approximately $454,000 and
$5,000 were made to the "A" Unit limited partners and to the General
Partner, respectively, during the year ended December 31, 1996.  The Partnership
expects to make a distribution of approximately $375,000 in the first quarter of
1998. Future cash distributions will depend on the levels of net cash generated
from operations, refinancings, property sales and cash reserves.

Year 2000

The Partnership is dependent upon the Managing General Partner and Insignia for
management and administrative services.  Insignia has completed an assessment
and will have to modify or replace portions of its software so that its computer
systems will function properly with respect to dates in the year 2000 and
thereafter (the "Year 2000 Issue").  The project is estimated to be completed
not later than December 31, 1998, which is prior to any anticipated impact on
its operating systems.  The Managing General Partner believes that with
modifications to existing software and conversions to new software, the Year
2000 Issue will not pose significant operational problems for its computer
systems. However, if such modifications and conversions are not made, or are not
completed timely, the Year 2000 Issue could have a material impact on the
operations of the Partnership.

Other

Certain items discussed in this annual report may constitute forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of
1995 (the "Reform Act") and as such may involve known and unknown risks,
uncertainties and other factors which may cause the actual results, performance
or achievements of the Partnership to be materially different from any future
results, performance or achievements expressed or implied by such forward-
looking statements.  Such forward-looking statements speak only as of the date
of this annual report.  The Partnership expressly disclaims any obligation or
undertaking to release publicly any updates of revisions to any forward-looking
statements contained herein to reflect any change in the Partnership's
expectations with regard thereto or any change in events, conditions or
circumstances on which any such statement is based.



ITEM 7.  FINANCIAL STATEMENTS


MULTI-BENEFIT REALTY FUND '87-1

LIST OF FINANCIAL STATEMENTS



Report of Ernst & Young LLP, Independent Auditors

Consolidated Balance Sheet--December 31, 1997

Consolidated Statements of Operations--Years ended December 31, 1997 and 1996

Consolidated Statements of Changes in Partners' Capital (Deficit)--Years ended
  December 31, 1997 and 1996

Consolidated Statements of Cash Flows--Years ended December 31, 1997 and 1996

Notes to Consolidated Financial Statements














                 Report of Ernst & Young LLP, Independent Auditors



The Partners
Multi-Benefit Realty Fund '87-1


We have audited the accompanying consolidated balance sheet of Multi-Benefit
Realty Fund '87-1 as of December 31, 1997, and the related consolidated
statements of operations, changes in partners' capital (deficit) and cash flows
for each of the two years in the period ended December 31, 1997.  These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements based
on our audits.

We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement.  An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements.  An audit also includes
assessing the accounting principles used and significant estimates made by the
Partnership's management, as well as evaluating the overall financial statement
presentation.  We believe that our audits provide a reasonable basis for our
opinion.

In our opinion, the consolidated financial statements referred to above present
fairly, in all material respects, the financial position of Multi-Benefit Realty
Fund '87-1 at December 31, 1997, and the results of its operations and its cash
flows for each of the two years in the period ended December 31, 1997, in
conformity with generally accepted accounting principles.




                                          /s/ERNST & YOUNG LLP


Greenville, South Carolina
February 3, 1998,
except for Note H, as to which the date is
March 17, 1998


                        MULTI-BENEFIT REALTY FUND '87-1

                           CONSOLIDATED BALANCE SHEET
                        (in thousands, except unit data)

                               December 31, 1997




Assets
 Cash and cash equivalents                                        $  1,139
 Receivables and deposits                                              267
 Restricted escrows                                                    372
 Other assets                                                          308
 Investment properties:
   Land                                              $  1,742
   Buildings and related personal property             22,201
                                                       23,943
   Less accumulated depreciation                      (10,913)      13,030

                                                                  $ 15,116

Liabilities and Partners' Capital (Deficit)

Liabilities
 Accounts payable                                                 $    105
 Tenant security deposit liabilities                                   118
 Accrued property taxes                                                271
 Other liabilities                                                     223
 Mortgage notes payable                                             12,285

Partners' Capital (Deficit)
 General Partner                                     $   (132)
 Limited Partner "A" Unit holders -
    96,284 units issued and outstanding                (1,593)
 Limited Partner "B" Unit holders -
    75,152 units issued and outstanding                 3,839        2,114
                                                                  $ 15,116

            See Accompanying Notes to Consolidated Financial Statements


                        MULTI-BENEFIT REALTY FUND '87-1

                     CONSOLIDATED STATEMENTS OF OPERATIONS
                      (in thousands, except per unit data)


<TABLE>
<CAPTION>
                                                         Years Ended December 31,
                                                            1997          1996
<S>                                                     <C>           <C>
Revenues:
  Rental income                                          $ 4,729       $ 4,595
  Other income                                               315           266
     Total revenues                                        5,044         4,861

Expenses:
  Operating                                                2,308         2,214
  General and administrative                                 275           240
  Depreciation                                               984           993
  Interest                                                 1,003         1,041
  Property taxes                                             353           327
  Loss on disposal of property                               106            --
     Total expenses                                        5,029         4,815

       Net income                                        $    15       $    46

Net income allocated to general partner (1%)             $    --       $    --
Net income allocated to limited partners (99%)                15            46
                                                         $    15       $    46

Net income per Limited Partnership "A" and "B" Units     $   .09       $   .27

<FN>
            See Accompanying Notes to Consolidated Financial Statements
</FN>
</TABLE>

                        MULTI-BENEFIT REALTY FUND '87-1

       CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)
                        (in thousands, except unit data)




                                                                   Total
                                                                 Partners'
                                   General    Limited Partners    Capital
                                   Partner  "A" Units "B" Units  (Deficit)

Original capital contributions     $     1    $ 9,706   $ 7,538  $ 17,245
Limited partnership units at
  December 31, 1997 and
  December 31, 1996                     --     96,284    75,152   171,436

Partners' capital (deficit)
  at December 31, 1995             $  (113)   $   190   $ 3,812  $  3,889
Net income for the year ended
  December 31, 1996                     --         26        20        46
Distributions                           (5)      (454)       --      (459)
Partners' capital (deficit)
  at December 31, 1996                (118)      (238)    3,832     3,476
Net income for the year ended
  December 31, 1997                     --          8         7        15
Distributions                          (14)    (1,363)       --    (1,377)
Partners' capital (deficit) at
  December 31, 1997                $  (132)   $(1,593)  $ 3,839  $  2,114

            See Accompanying Notes to Consolidated Financial Statements

                       MULTI-BENEFIT REALTY FUND '87-1

                    CONSOLIDATED STATEMENTS OF CASH FLOWS
                                (in thousands)


                                                          For the Years Ended
                                                              December 31,
                                                          1997         1996
Cash flows from operating activities:
  Net income                                          $    15       $    46
  Adjustments to reconcile net income to
   net cash provided by operating activities:
    Depreciation                                          984           993
    Amortization of loan costs                             63            45
    Loss on disposal of property                          106            --
    Change in accounts:
       Receivables and deposits                           128            67
       Other assets                                        (1)           46
       Accounts payable                                   (59)         (222)
       Tenant security deposit liabilities                (22)            7
       Accrued property taxes                               7             1
       Other liabilities                                    5          (116)
           Net cash provided by operating activities    1,226           867

Cash flows from investing activities:
  Property improvements and replacements                 (569)         (506)
  Receipts from (deposits to) restricted escrows           65          (348)
  Proceeds from sale of investments                        --           298
           Net cash used in investing activities         (504)         (556)

Cash flows from financing activities:
  Proceeds from long-term borrowings                       --         8,500
  Repayment of mortgage notes payable                      --        (7,314)
  Loan costs paid                                          (1)         (246)
  Payments on mortgage notes payable                      (65)         (166)
  Distributions to partners                            (1,377)         (459)
           Net cash (used in) provided by
             financing activities                      (1,443)          315

Net (decrease) increase in cash and cash equivalents     (721)          626

Cash and cash equivalents at beginning of period        1,860         1,234

Cash and cash equivalents at end of period            $ 1,139       $ 1,860

Supplemental disclosure of cash flow information:
  Cash paid for interest                              $   938       $ 1,001

          See Accompanying Notes to Consolidated Financial Statements

                        MULTI-BENEFIT REALTY FUND '87-1

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                               December 31, 1997


NOTE A - ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Organization:  Multi-Benefit Realty Fund '87-1 (the "Partnership") was organized
as a limited partnership under the laws of the State of California pursuant to a
Certificate and Agreement of Limited Partnership filed September 8, 1986.  The
Partnership commenced operations on February 27, 1987, the date on which impound
requirements were met.  The Partnership operates three apartment properties
located in the Mid-west and West.

Upon the Partnership's formation in 1986, Consolidated Capital Equities
Corporation ("CCEC"), a Colorado corporation, was the sole general partner of
the Partnership and the Corporate Limited Partner, a wholly-owned subsidiary of
CCEC, was the sole limited partner.  In 1988, through a series of transactions,
Southmark Corporation ("Southmark") acquired a controlling interest in CCEC.  In
December 1988, CCEC filed for reorganization under Chapter 11 of the United
States Bankruptcy Code.  In 1990, as part of CCEC's reorganization plan, ConCap
Equities, Inc. ("CEI"), acquired CCEC's general partner interest in the
Partnership and in 15 other affiliated public limited partnerships (the
"Affiliated Partnerships"), acquired the stock of the Corporate Limited Partner,
and CEI replaced CCEC as managing general partner in all 16 partnerships.  The
selection of CEI as the sole managing general partner was approved by a majority
of the Unit holders in the Partnership and of the limited partners in each of
the Affiliated Partnerships pursuant to a solicitation of the Unit holders dated
August 10, 1990.  As part of this solicitation, the Unit holders also approved
an amendment to the Partnership Agreement to limit changes of control of the
Partnership. All of CEI's outstanding stock is owned by Insignia Properties
Trust, an affiliate of Insignia Financial Group, Inc. ("Insignia") which
acquired the stock through two transactions in December 1994 and October 1995.
At December 31, 1997, Insignia Properties, L.P. ("IPLP"), an affiliate of
Insignia, owned 1,633 "A" units and 210 "B" units.  Subsequent to December 31,
1997, IPLP purchased an additional 21,457 "A" units and 13,822 "B" units.

Principles of Consolidation:  The consolidated financial statements of the
Partnership include its 99% limited partnership interest in Hunt Club
Associates, Ltd.  The Partnership may remove the General Partner of Hunt Club
Associates, Ltd.; therefore, the consolidated partnership is controlled and
consolidated by the Partnership.  All significant interpartnership balances have
been eliminated.

Use of Estimates:  The preparation of financial statements in conformity with
generally accepted accounting principles requires management to make estimates
and assumptions that affect the amounts reported in the financial statements and
accompanying notes. Actual results could differ from those estimates.

Partners' Capital (Deficit):  The Partnership has issued two classes of Units of
Depositary Receipts ("Units"), "A" Units and "B" Units.  The two classes of
units are entitled to different rights and priorities as to cash distributions
and partnership allocations.  The Units represent economic rights attributable
to the limited partnership interests in the Partnership and entitle the holders
thereof ("Unit holders") to participate in certain allocations and distributions
of the Partnership.

The Partnership Agreement("Agreement") provides for the allocation of net income
and net losses from operations for both financial and tax reporting purposes as
follows: net profits are allocated 99% to the holders of "A" Units until they
have been allocated income equal to their priority return, and 1% to the General
Partner.  The priority return represents 9% per annum return on invested capital
for the Partnership's first fiscal year, 9.5% for the second year and 10% per 
annum thereafter. Additional net profits are allocated 1% to the General Partner
and 99% to the Unit holders.  Net losses are allocated 1% to the General Partner
and 99% to the Unit holders until their capital accounts are depleted.  
Additional net losses are allocated to the General Partner.  Net income per 
limited partnership unit for both 1997 and 1996 was computed as 99% of net 
income divided by 171,436 units outstanding.

Distributable cash from operations is allocated 1% to the General Partner and
99% to the Unit holders with holders of "A" Units first receiving their priority
return, then the balance is split equally between holders of "A" Units and "B"
Units.  The General Partner receives 1% of surplus funds and holders of "A"
Units will receive their priority return, then both classes of Unit holders will
receive a return of their invested capital.  Any remainder will be allocated 10%
to holders of "A" Units and 90% to holders of "B" Units.

Cash and Cash Equivalents:  Includes cash on hand and in banks, demand deposits,
money market funds and certificates of deposit with original maturities less
than 90 days. At certain times, the amount of cash deposited at a bank may
exceed the limit on insured deposits.

Tenant Security Deposits:  The Partnership requires security deposits from
lessees for the duration of the lease and such deposits, of approximately
$117,500, are included in receivables and deposits. The security deposits are
refunded when the tenant vacates, provided the tenant has not damaged the space
and is current on its rental payments.

Escrows for Taxes:  Escrows for Hunt Club are held by the mortgagor.  Escrows
for Carlin Manor and Shadow Brook are held by the Partnership.  All escrowed
funds are designated for the payment of real estate taxes and insurance.  These
escrows totaling approximately $139,000 are included in receivables and
deposits.

Restricted Escrows:  In relation to the mortgages at all three properties, the
mortgage lenders have required a "replacement reserve" for certain capital
improvements.  At December 31, 1997, the balance was approximately $372,000 and
is included in other assets.

Investment Properties:  Investment properties are stated at cost.  Acquisition
fees are capitalized as a cost of real estate.  The Partnership records
impairment losses on long-lived assets used in operations when events and
circumstances indicate that the assets might be impaired and the undiscounted
cash flows estimated to be generated by those assets are less than the carrying
amounts of those assets.  For 1997 and 1996, no adjustments for impairment of
value were recorded.

Depreciation:  Depreciation is provided by the straight-line method over the
estimated lives of the apartment properties and related personal property.  For
Federal income tax purposes, the modified accelerated cost recovery method is
used for depreciation of (1) real property additions over 27 1/2 years and (2)
personal property additions over 5-15 years.

Loan Costs:  Loan costs of approximately $404,000 less accumulated amortization
of approximately $121,000 are included in other assets and are being amortized
on a straight-line basis over the life of the loans.

Leases:  The Partnership generally leases apartment units for twelve-month terms
or less.  The Partnership recognizes income as earned on its leases.  In
addition, management finds it necessary to offer rental concessions during
particularly slow months or in response to heavy competition from other similar
complexes in the area. Concessions are charged to expenses as incurred.

Advertising:  The Partnership expenses the costs of advertising as incurred.
Advertising expense, included in operating expenses, was approximately $98,000
and $100,000 for the years ended December 31, 1997 and 1996, respectively.

Fair Value of Financial Instruments:  The Partnership believes that the carrying
amount of its financial instruments (except for long term debt) approximates
their fair value due to the short term maturity of these instruments.  The fair
value of the Partnership's long term debt, after discounting the scheduled loan
payments at an estimated borrowing rate currently available to the Partnership,
approximates its carrying balance.

Reclassifications:  Certain reclassifications have been made to the 1996
information to conform to the 1997 presentation.

NOTE B - MORTGAGE NOTES PAYABLE

The principle terms of mortgage notes payable are as follows (dollar amounts in
thousands):



                  Principal    Monthly                       Principal
                 Balance At    Payment     Stated             Balance
                December 31,  Including   Interest Maturity   Due At
Property            1997       Interest     Rate     Date    Maturity

Carlin Manor
 1st mortgage    $ 2,500        $15        7.33%   11/01/03   $2,500
Hunt Club
 1st mortgage      3,785         32        8.30%   10/01/00    3,575
Shadow Brook
 1st mortgage      6,000         37        7.33%   11/01/03    6,000

    Totals       $12,285


The mortgage notes payable are non-recourse and are secured by pledge of all of
the Partnership's apartment properties and by pledge of revenues from the
apartment properties.  Certain of the notes require prepayment penalties if
repaid prior to maturity and prohibit resale of the properties subject to
existing indebtedness.

On November 13, 1996, the Partnership financed Carlin Manor and refinanced
Shadow Brook. The Partnership received $8,500,000 in gross proceeds from the
financings and repaid a mortgage note on Shadow Brook of approximately
$7,314,000.  The previous mortgage note on Shadow Brook had a stated interest
rate of 9.19% and a maturity date of June 1, 1997. The new mortgage notes
require monthly interest-only payments at a stated interest rate of 7.33% and
have balloon payments due on November 1, 2003.

Scheduled principal payments of mortgage notes payable subsequent to December
31, 1997, are as follows (dollar amounts in thousands):

            1998                          $    71
            1999                               77
            2000                            3,637
            2001                               --
            2002                               --
            Thereafter                      8,500
                                          $12,285

NOTE C- INCOME TAXES


The Partnership has received a ruling from the Internal Revenue Service that it
will be classified as a partnership for Federal income tax purposes.  Taxable
income or loss of the Partnership is reported in the income tax returns of its
partners.  Accordingly, no provision for income taxes is made in the financial
statements of the Partnership.

The following is a reconciliation of reported net income (loss) and Federal
taxable income (loss) (in thousands, except per unit data):


                                                   1997             1996

Net income as reported                          $   15           $   46
Add (deduct):
  Write-downs of fixed asset values                106               15
  Depreciation differences                          64              122
  Change in prepaid rental                          49              (86)
  Other                                              3              (41)

Federal taxable income                          $  237           $   56
Federal taxable income per limited
    partnership unit                            $ 1.37           $  .32 


The following is a reconciliation between the Partnership's reported amounts and
Federal tax basis of net assets and liabilities:


    Net assets as reported                       $2,114
    Land and buildings                            2,150
    Accumulated depreciation                        127
    Syndication fees                              1,975
    Investment in lower tier partnership            852
    Other                                            60
    Net assets - tax basis                       $7,278

NOTE D - RELATED PARTY TRANSACTIONS

The Partnership has no employees and is dependent on the General Partner and its
affiliates for the management and administration of all partnership activities.
The Partnership paid property management fees based upon collected gross rental
revenues for property management services as noted below for the years ended
December 31, 1997 and 1996, respectively.  Such fees are included in operating
expense on the consolidated statements of operations and are reflected in the
following table. The Agreement provides for reimbursement to the General Partner
and its affiliates for costs incurred in connection with the administration of
Partnership activities.  These reimbursements are included in general and
administrative and operating expense and in investment properties  The General
Partner and its affiliates received reimbursements and fees as reflected in the
following table:


                                                        For the Years Ended
                                                            December 31,
                                                         1997          1996
                                                           (in thousands)
   Property management fees                            $248          $240
   Reimbursements for services of affiliates (1)        124           178
   Partnership management fees (2)                      123            41


   (1)Included in "Reimbursements for services of affiliates" for 1997 and
   1996 is approximately $11,000 and $54,000, respectively, in reimbursements
   for construction oversight costs.

   (2)The Agreement provides for a fee equal to 9% of distributable cash from
   operations (as defined in the Agreement) received by the limited partners
   be paid to the General Partner for executive and administrative management
   services.

For the period of January 1, 1996 to August 31, 1997, the Partnership insured
its properties under a master policy through an agency and insurer unaffiliated
with the General Partner.  An affiliate of the General Partner acquired, in the
acquisition of a business, certain financial obligations from an insurance
agency which was later acquired by the agent who placed the master policy.  The
agent assumed the financial obligations to the affiliate of the General Partner,
who receives payments on these obligations from the agent.  The amount of the
Partnership's insurance premiums accruing to the benefit of the affiliate of the
General Partner by virtue of the agent's obligations is not significant.

NOTE E - COMMITMENTS AND CONTINGENCIES

The Partnership is required by the Agreement to maintain working capital
reserves of not less than 5% of Net Invested Capital, as defined in the
Agreement.  In the event expenditures are made from this reserve, operating
revenue shall be allocated to such reserve to the extent necessary to maintain
the foregoing level.  Reserves, including cash and cash equivalents totaling
approximately $1,139,000, exceeded the reserve requirement of approximately
$759,000 at December 31, 1997.

In January 1998, a limited partner of the Partnership commenced an arbitration
proceeding against the General Partner claiming that the General Partner had
breached certain contractual and fiduciary duties allegedly owed to the
claimant.  The General Partner believes the claim to be without merit and
intends to vigorously defend the claim.

The Partnership is unaware of any other pending or outstanding litigation that
is not of a routine nature.  The General Partner believes that all such other
matters are adequately covered by insurance and will be resolved without a
material adverse effect upon the business, financial condition, results of
operations, or liquidity of the Partnership.

NOTE F - REAL ESTATE AND ACCUMULATED DEPRECIATION


Investment Properties
(dollar amounts in thousands)
                                            Initial Cost
                                           To Partnership

                                                                  Cost
                                                  Buildings    Capitalized
                                                 and Related (Written Down)
                                                  Personal    Subsequent to
Description               Encumbrances   Land     Property     Acquisition

Carlin Manor Apartments
   Columbus, Ohio          $ 2,500       $  408   $ 6,582       $  (311)

Hunt Club Apartments
   Indianapolis, Indiana     3,785          485     5,673           754

Shadow Brook Apartments
   West Valley City, Utah    6,000          961     8,263         1,128

      Totals              $ 12,285       $1,854   $20,518       $ 1,571



<TABLE>
<CAPTION>
                        Gross Amount At Which Carried
                             At December 31, 1997
                                Buildings
                                   And
                                 Related
                                 Personal           Accumulated      Date of       Date       Depreciable
Description               Land   Property   Total   Depreciation  Construction   Acquired     Life-Years
<S>                    <C>     <C>        <C>       <C>            <C>           <C>           <C>
Carlin Manor Apartments                                             Phase I
 Columbus, Ohio         $  295  $ 6,384    $ 6,679   $ 3,512          1967        11/87         5-30
                                                                    Phase II
                                                                      1972
Hunt Club Apartments
 Indianapolis, Indiana     485    6,427      6,912     3,502          1979        05/87         5-30

Shadow Brook Apartments
 West Valley City, Utah    962    9,390     10,352     3,899          1985        05/87         5-30

      Totals            $1,742  $22,201    $23,943   $10,913
</TABLE>


Reconciliation of "Investment Properties and Accumulated Depreciation" (dollar
amounts in thousands):


                                              Years Ended December 31,
                                                 1997           1996

Real Estate
Balance at beginning of year                  $23,554        $23,073
 Property improvements                            569            506
 Disposals of property                           (180)           (25)

Balance at end of year                        $23,943        $23,554

Accumulated Depreciation
Balance at beginning of year                  $10,003        $ 9,020
 Additions charged to expense                     984            993
 Disposals of property                            (74)           (10)

Balance at end of year                        $10,913        $10,003


The aggregate cost of the real estate for Federal income tax purposes at
December 31, 1997 and 1996, is approximately $26,178,000 and $25,610,000,
respectively. Accumulated depreciation for Federal income tax purposes at
December 31, 1997 and 1996, is approximately $10,057,000 and $9,137,000,
respectively.

NOTE G - TENDER OFFER


During December 1997, Insignia affiliates (the "Purchaser") commenced tender
offers for limited partnership interests in ten real estate limited partnerships
(including the Partnership) in which various Insignia affiliates act as general
partner. The Purchaser offered to purchase up to 24,000 and 23,000 of the
outstanding "A" and "B" units, respectively, of limited partnership interest in
the Partnership at $50 and $25 per unit, respectively, net to the seller in
cash, upon the terms and subject to the conditions set forth in the Offer to
Purchase dated December 23, 1997 (the "Offer to Purchase") and the related
Assignment of Partnership Interest attached as Exhibits (a)(1) and (a)(2),
respectively, to the Tender Offer Statement on Schedule 14D-1 originally filed
with the Securities and Exchange Commission on December 23, 1997. Because of the
existing and potential future conflicts of interest (described in the
Partnership's Statements on Schedule 14D-9 filed with the Securities and
Exchange Commission), neither the Partnership nor the Managing General Partner
expressed any opinion as to the Offer to Purchase and made no recommendation as
to whether unit holders should tender their units in response to the Offer to
Purchase. In addition, because of these conflicts of interest, including as a
result of the Purchaser's affiliation with various Insignia affiliates that
provide property management services to the Partnership's properties, the manner
in which the Purchaser votes its limited partner interests in the Partnership
may not always be consistent with the best interests of the other limited
partners.  During February 1998 the tender offers were completed and an
affiliate of Insignia tendered 21,457 and 13,822 of the outstanding "A" and "B"
units, respectively.  As a result, IPLP owns 23,090 "A" units and 14,032 "B"
units.

NOTE H - SUBSEQUENT EVENT

On March 17, 1998, Insignia entered into an agreement to merge its national
residential property management operations, and its controlling interest in
Insignia Properties Trust, with Apartment Investment and Management Company
("AIMCO"), a publicly traded real estate investment trust.  The closing, which
is anticipated to happen in the third quarter of 1998, is subject to customary
conditions, including government approvals and the approval of Insignia's
shareholders.  If the closing occurs, AIMCO will then control the General
Partner of the Partnership.

ITEM 8.CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
       FINANCIAL DISCLOSURE

None.

                                      PART III


ITEM 9.DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS, COMPLIANCE
       WITH SECTION 16(A) OF THE EXCHANGE ACT

The names of the directors and executive officers of ConCap Equities, Inc.
("CEI"), the Partnership's Managing General Partner, their ages and the nature
of all positions with CEI presently held by them are as follows:

       NAME OF INDIVIDUAL             POSITION IN CEI                 AGE

       William H. Jarrard, Jr.        President and Director           51

       Ronald Uretta                  Vice President and Treasurer     41

       Daniel M. LeBey                Vice President and Secretary     32

       Robert D. Long, Jr.            Vice President                   30

       Kelley M. Buechler             Assistant Secretary              40

       Martha L. Long                 Controller                       38


William H. Jarrard, Jr. has been President and Director of CEI since December
1996.  He has acted as Senior Vice President of Insignia Properties Trust
("IPT"), parent of CEI since May 1997.  Mr. Jarrard previously acted as Managing
Director - Partnership Administration of Insignia from January 1991 through
September 1997 and served as Managing Director - Partnership Administration and
Asset Management from July 1994 until January 1996.

Ronald Uretta has been Vice President and Treasurer of CEI since December 1996
and Insignia's Treasurer since January 1992.  Since August 1996, he has also
served as Insignia's Chief Operating Officer.  He has also served as Insignia's
Secretary from January 1992 to June 1996 and as Insignia's Chief Financial
Officer from January 1992 to August 1996.

Daniel M. LeBey has been Vice President and Secretary of CEI since January 29,
1998 and Insignia's Assistant Secretary since April 30, 1997.  Since July 1996
he has also served as Insignia's Associate General Counsel.  From September 1992
until June 1996, Mr. LeBey was an attorney with the law firm of Alston & Bird
LLP, Atlanta, Georgia.

Robert D. Long, Jr. has been Vice President of CEI since January 2, 1998.  Mr.
Long joined Metropolitan Asset Enhancement, L.P. ("MAE"), an affiliate of
Insignia, in September 1993.  Since 1994 he has acted as Vice President and
Chief Accounting Officer of the MAE subsidiaries.  Mr. Long was an accountant
for Insignia until joining MAE in 1993.  Prior to joining Insignia, Mr. Long was
an auditor for the State of Tennessee and was associated with the accounting
firm of Harsman Lewis and Associates.

Kelley M. Buechler has been Assistant Secretary of CEI since June 1996 and
Assistant Secretary of Insignia since January 1991.

Martha L. Long has been Controller of CEI since December 1996 and Senior Vice
President - Finance and Controller of Insignia since January 1997.  In June
1994, Ms. Long joined Insignia as its Controller and was promoted to Senior Vice
President - Finance in January 1997.  Prior to that time, she was Senior Vice
President and Controller of the First Savings Bank in Greenville, South
Carolina.

ITEM 10.    EXECUTIVE COMPENSATION

The Registrant was not required to and did not pay remuneration to officers or
directors of the Managing General Partner during 1997 or 1996.  However,
reimbursements and other payments have been made to the Partnership's Managing
General Partner and its affiliates, as described in "Item 12" below.

ITEM 11.    SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

(a)   Security Ownership of Certain Beneficial Owners

      Except as provided below, as of February 28, 1998, no person or entity was
      known to CEI to own of record or beneficially more than 5 percent of the
      Units of the Partnership.

                                         Number of      Percent
      Name and Address                     Units       of Total

      Insignia Properties, L.P.      23,090 A units     23.98%
      One Insignia Financial Plaza   14,032 B units     18.26%
      P. O. Box 1089
      Greenville, SC 29602

      Insignia Properties, L.P. is an affiliate of Insignia.

(b)   Beneficial Owners of Management

      Neither CEI nor any of its directors or officers or associates of CEI own
      any units of the Partnership of record or beneficially.

(c)   Changes in Control

      Beneficial Owners of CEI

      As of December 31, 1997, the following entity was known to CEI to be the
      beneficial owner of more than 5 percent of its common stock:

                                       Number of        Percent
      Name and Address                 CEI SHARES       of Total

      Insignia Properties Trust          100,000          100%
      One Insignia Financial Plaza
      P.O. Box 1089
      Greenville, SC 29602


      Insignia Properties Trust is an affiliate of Insignia (see "Item 1").

On March 17, 1998, Insignia entered into an agreement to merge its national
residential property management operations, and its controlling interest in
Insignia Properties Trust, with Apartment Investment and Management Company
("AIMCO"), a publicly traded real estate investment trust.  The closing, which
is anticipated to happen in the third quarter of 1998, is subject to customary
conditions, including government approvals and the approval of Insignia's
shareholders.  If the closing occurs, AIMCO will then control the General
Partner of the Partnership.


ITEM 12.    CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

Transactions with Current Management and Others

The Partnership has no employees and is dependent on the General Partner and its
affiliates for the management and administration of all partnership activities.
The Partnership paid property management fees based upon collected gross rental
revenues for property management services as noted below for the years ended
December 31, 1997 and 1996, respectively.  The Limited Partnership Agreement
("Agreement") provides for reimbursement to the General Partner and its
affiliates for costs incurred in connection with the administration of
Partnership activities.  The General Partner and its current and former
affiliates received reimbursements and fees as reflected in the following table:


                                                         For the Years Ended
                                                            December 31,
                                                         1997          1996
                                                           (in thousands)
   Property management fees                            $248            $240
   Reimbursements for services of affiliates (1)        124             178
   Partnership management fees (2)                      123              41

   (1)Included in "Reimbursements for services of affiliates" for 1997 and
   1996 is approximately $11,000 and $54,000, respectively, in reimbursements
   for construction oversight costs.

   (2)The Agreement provides for a fee equal to 9% of distributable cash from
   operations (as defined in the Agreement) received by the limited partners
   be paid to the General Partner for executive and administrative management
   services.

For the period of January 1, 1996 to August 31, 1997, the Partnership insured
its properties under a master policy through an agency and insurer unaffiliated
with the General Partner.  An affiliate of the General Partner acquired, in the
acquisition of a business, certain financial obligations from an insurance
agency which was later acquired by the agent who placed the master policy.  The
agent assumed the financial obligations to the affiliate of the General
Partner, who receives payments on these obligations from the agent.  The amount
of the Partnership's insurance premiums accruing to the benefit of the
affiliate of the General Partner by virtue of the agent's obligations is not
significant.

All of the above referenced agreements with affiliates of CEI and related
parties of the Partnership are subject to the conditions and limitations
imposed by the Partnership Agreement.

ITEM 13.  EXHIBITS AND REPORTS ON FORM 8-K

        (a)  Exhibits:

             Exhibit 27, Financial Data Schedule, is filed as an exhibit to
             this report.

        (b)  Reports on Form 8-K:

             None filed for the quarter ended December 31, 1997.

                        MULTI-BENEFIT REALTY FUND '87-1



                                 SIGNATURE PAGE

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.


                              MULTI-BENEFIT REALTY FUND '87-1

                         By:  CONCAP EQUITIES, INC.
                              Its General Partner,



March 23, 1998                By:  /s/ William H. Jarrard, Jr.
Date                               William H. Jarrard, Jr.
                                   President and Director


March 23, 1998                By:  /s/ Ronald Uretta
Date                               Ronald Uretta
                                   Vice President and Treasurer


Pursuant to the requirements of the Securities Exchange Act of 1934, this report
has been signed below by the following persons on behalf of the registrant and
in the capacities and on the dates indicated.


March 23, 1998                    By:  /s/ William H. Jarrard, Jr.
Date                                   William H. Jarrard, Jr.
                                       President and Director


March 23, 1998                    By:  /s/ Ronald Uretta
Date                                   Ronald Uretta
                                       Vice President and Treasurer



                                 EXHIBIT INDEX



      S-K REFERENCE                                          SEQUENTIAL
           NUMBER    DOCUMENT DESCRIPTION                    PAGE NUMBER

            3        Certificate of Limited Partnership,         N/A
                     as amended to date.

            4        Depositary Agreement (Incorporated          N/A
                     by reference to Registration State-
                     ment of Registrant (File No. 33-8908)
                     filed December 10, 1986, as amended
                     to date).

          10.1       Property Management Agreement No. 310       N/A
                     dated October 23, 1990, by and between
                     the Partnership and CCEC (Incorporated
                     by reference to the Quarterly Report
                     on Form 10-Q for the quarter ended
                     September 30, 1990).

          10.2       Bill of Sale and Assignment dated           N/A
                     October 23, 1990, by and between CCEC and
                     ConCap Services Company (Incorporated
                     by reference to the Quarterly Report
                     on Form 10-Q for the quarter ended
                     September 30, 1990).

          10.3       Assignment and Assumption Agreement dated   N/A
                     October 23, 1990, by and between CCEC
                     and ConCap Management Limited Partnership
                     ("CCMLP") (Incorporated by reference to
                     the Quarterly Report on Form 10-Q for
                     the quarter ended September 30, 1990).

          10.4       Assignment and Agreement as to Certain      N/A
                     Property Management Services dated
                     October 23, 1990, by and between CCMLP
                     and ConCap Capital Company (Incorporated
                     by reference to the Quarterly Report
                     on Form 10-Q for the quarter ended
                     September 30, 1990).

          10.5       Assignment and Assumption Agreement dated   N/A
                     October 23, 1990, by and between CCMLP
                     and Metro ConCap, Inc. (300 Series of
                     Property Management Contracts)
                     (Incorporated by reference to the
                     Quarterly Report on Form 10-Q for
                     the quarter ended September 30, 1990).

          10.6       Construction Management Cost Reimbursement  N/A
                     Agreement dated January 1, 1991, by and
                     between the Partnership and Metro ConCap,
                     Inc.  (Incorporated by reference to the
                     Annual Report on Form 10-K for the year
                     ended December 31, 1991).

          10.9       Construction Management Cost Reimbursement  N/A
                     Agreement dated January 1, 1991, by and
                     between the Partnership and The Hayman
                     Company.  (Incorporated by reference to
                     the Annual Report on Form 10-K for the
                     year ended December 31, 1991).

          10.10      Investor Services Agreement dated October   N/A
                     23, 1990, by and between the Partnership
                     and CCEC (Incorporated by reference to
                     the Quarterly Report on Form 10-Q for
                     the quarter ended September 30, 1990).

          10.11      Assignment and Assumption Agreement         N/A
                     (Investor Services Agreement) dated
                     October 23, 1990, by and between CCEC
                     and ConCap Services Company (Incorporated
                     by reference to the Annual Report on
                     Form 10-K for the year ended December
                     31, 1990).

          10.12      Letter of Notice dated December 20,         N/A
                     1991, from Partnership Services, Inc.
                     ("PSI") to the Partnership regarding
                     the change in ownership and dissolution
                     of ConCap Services Company whereby PSI
                     assumed the Investor Services Agreement.
                     (Incorporated by reference to the Annual
                     Report on Form 10-K for the year ended
                     December 31, 1991).

          10.13      Financial Services Agreement dated October  N/A
                     23, 1990, by and between the Partnership
                     and CCEC (Incorporated by reference to
                     the Quarterly Report on Form 10-Q for
                     the quarter ended September 30, 1990). 


          10.14      Assignment and Assumption Agreement         N/A
                     (Financial Services Agreement) dated
                     October 23, 1990, by and between CCEC and
                     ConCap Capital Company (Incorporated
                     by reference to the Quarterly Report
                     on Form 10-Q for the quarter ended
                     September 30, 1990).

          10.15      Letter of Notice dated December 20,         N/A
                     1991, from PSI to the Partnership
                     regarding the change in ownership
                     and dissolution of ConCap Capital
                     Company whereby PSI assumed the
                     Financial Services Agreement.
                     (Incorporated by reference to the
                     Annual Report on Form 10-K for the year
                     ended December 31, 1991).

          10.16      Property Management Agreement No. 518       N/A
                     dated June 1, 1993, by and between the
                     Partnership and Coventry Management, Inc.

          10.17      Assignment and Assumption Agreement         N/A
                     (Financial Services Agreement) dated
                     October 23, 1990, by and between CCEC and
                     ConCap Capital Company (Incorporated
                     by reference to the Quarterly Report
                     on Form 10-Q for the quarter ended
                     September 30, 1990).

          10.18      Letter dated December 8, 1994 reporting a   N/A
                     change in control of the General partner
                     of the Registrant. (Incorporated by
                     reference to Form 8-K dated
                     December 8, 1994).

          10.19      Multifamily Note dated November 1, 1996,    N/A
                     between Multi-Benefit Realty Fund '87-1,
                     a California limited partnership, and
                     Lehman Brokers Holdings Inc. d/b/a Lehman
                     Capital, A Division of Lehman Brothers
                     Holdings, Inc.

          10.20      Multifamily Note dated November 1, 1996,    N/A
                     between Multi-Benefit Realty Fund '87-1,
                     a California limited partnership, and
                     Lehman Brokers Holdings Inc. d/b/a
                     Lehman Capital, A Division of Lehman
                     Brothers Holdings, Inc.

           11        Statement regarding computation of           13
                     Net Income per Unit of Depositary
                     Receipt (Incorporated by reference to
                     Note 5 of Item 8 - Financial State-
                     ments of this Form 10-K)

           16        Letter, Dated August 12, 1992, from         N/A
                     Ernst & Young to the Securities and
                     Exchange Commission regarding change
                     in certifying accountant.  (Incorporated
                     by reference to Form 8-K dated August 6,
                     1992)

          16.1       Letter dated May 3, 1995, from Arthur       N/A
                     Anderson to the Securities and Exchange
                     Commission regarding change in Certifying
                     Accountant. (Incorporated by reference
                     to Form 8-K dated May 3, 1995).

           27        Financial Data Schedule is filed as an
                     Exhibit to this report.