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

                                  FORM 12b-25

                          NOTIFICATION OF LATE FILING

(Check One): __Form 10-K  __Form 11-K  __Form 20-F  XX Form 10-Q  __Form N-SAR

                      For Period Ended:     March 31, 1997

Read Instructions (on back page) Before Preparing Form.  Please Print or Type.
Nothing in this Form Shall be construed to imply that the Commission has
verified any information contained herein.

If the notification relates to a portion of the filing checked above, identify
the Item(s) to which the notification relates:


PART I - REGISTRANT INFORMATION


         Hutton/ConAm Realty Investors 81
         --------------------------------
         Full Name of Registrant
         

         N.A.
         ------
         Former Name if Applicable


         3 World Financial Center, 29th Flr., NY, NY Attn: Andre Anderson
         ----------------------------------------------------------------
         Address of Principal Executive Officer (Street and Number)


PART II - RULES 12b-25(b) AND (c)

If the subject report could not be filed without unreasonable effort or expense
and the registrant seeks relief pursuant to Rule 12b-25(b), the following
should be completed.   (Check box if appropriate)


      (a)  The reasons described in reasonable detail in Part III of this
           form could not be eliminated without unreasonable effort or expense;

  XX  (b)  The subject annual report or semi-annual report/portion thereof
           will be filed on or before the fifteenth calendar day following
           the prescribed due date; or the subject quarterly report/portion
           thereof will be filed on or before the fifth calendar day following
           the prescribed due date; and

      (c)  The accountant's statement or other exhibit required by Rule
           12b-25(c) has been attached if applicable.


PART III - NARRATIVE

State below in reasonable detail the reasons why the Form 10-K, 11-K, 20-F,
10-Q or N-SAR or portion thereof, could not be filed within the prescribed
time period.

         Additional time is needed to complete the Registrant's Form 10-Q
         for the three months ended March 31, 1997 in order to resolve
         questions concerning the accrual of certain general and
         administrative expenses.


PART IV - OTHER INFORMATION

(1)  Name and telephone number of person to contact in regard to this
     notification

         Malachy J. Duffy Jr.          (617)             573-1087
         --------------------       -----------    ------------------
              (Name)                (Area Code)    (Telephone Number)

(2)  Have all other periodic reports required under Section 13 or 15(d) of
     the Securities Exchange Act of 1934 or Section 30 of the Investment
     Company Act of 1940 during the preceding 12 months (or for such shorter
     period that the registrant was required to file such reports) been filed?
     If answer is no, identify report(s).
                                               xxx     ____
                                               Yes      No

(3)  Is it anticipated that any significant change in results of operations
     from the corresponding period for the last fiscal year will be reflected
     by the earnings statements to be included in the subject report or
     portion thereof?
                                              ____     xxx
                                               Yes      No

     If so, attach an explanation of the anticipated change, both narratively
     and quantitatively, and, if appropriate, state the reasons why a
     reasonable estimate of the results cannot be made.  



                        Hutton/ConAm Realty Investors 81
                        --------------------------------
                  (Name of Registrant as Specified in Charter)

has caused this notification to be signed on its behalf by the undersigned
hereunto duly authorized.



Date     May 15, 1997                    By   /s/Paul L. Abbott
       --------------------                   -----------------
                                              Paul L. Abbott
                                              Director, President,
                                              Chief Financial Officer and
                                              Chief Executive Officer 


INSTRUCTION:  The form may be signed by an executive officer of the registrant
or by any other duly authorized representative.  The name and title of the
person signing the form shall be typed or printed beneath the signature.  It
the statement is signed on behalf of the registrant by an authorized
representative (other than an executive officer), evidence of the
representative's authority to sign on behalf of the registrant shall be filed
with the form.



                                   ATTENTION

Intentional misstatements or omissions of fact constitute Federal Criminal
Violations (See 18 U.S.C. 1001).


                              GENERAL INSTRUCTIONS

1.  This form is required by Rule 12b-25 (17 CFR 240.12b-25) of the General
    Rules and Regulations under the Securities Exchange Act of 1934.

2.  One signed original and four conformed copies of this Form and amendments
    thereto must be completed and filed with the Securities and Exchange
    Commission, Washington, D.C. 20549, in accordance with Rule 0-3 of the
    General Rules and Regulations under the Act.  The information contained
    in or filed with the Form will be made a matter of public record in the
    Commission files.

3.  A manually signed copy of the form and amendments thereto shall be filed
    with each national securities exchange on which any class of securities
    of the registrant is registered.


4.  Amendments to the notifications must also be filed on Form 12b-25 but need
    not restate information that has been correctly furnished.  The Form shall
    beclearly identified as an amendment notification.