10-Q

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

                            FORM 10-Q


(X) Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934

    For the period ended March 31, 1998

                                or

( ) Transition Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934

    For the transition period from              to             


Commission File No. O-9608


E & J PROPERTIES, LTD. (A California Limited Partnership)
 (Exact name of registrant as specified in its charter)


   California                                     94-2763152        
State of Organization)                      (IRS Identification Number)

2710 Gateway Oaks Dr, 300 South, Sacramento, CA                95833  
    (Address of principal executive office)                (Zip Code)


REGISTRANT'S TELEPHONE NUMBER,
INCLUDING AREA CODE:                   (916) 925-6620


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    



Number of units outstanding of issuer's limited partnership interests as of
March 31, 1998

                        3,523,680 Units


There was very little trading activity for these units during the last three
months, however a price range of $275 to $3.25 is indicated.




              PART I - FINANCIAL INFORMATION


                        E & J PROPERTIES, LTD.

                          (A California Limited Partnership)

                              Balance Sheets

                   March 31, 1998 and December 31, 1997
                       (Unaudited)



                                    March 31,     December 31,
                                      1998              1997    


Assets

Cash and cash equivalents                        $ 1,267,252       1,239,738

Elliott Ranch (held for sale)                                3,092,928      
3,092,928

Other assets                                   56,871         71,174

                                  $ 4,417,051       4,403,840



Liabilities and Partners' Equity

Liabilities:

  Accrued expenses and
    other liabilities                            $      88,122         24,051

Partners' equity:

  Units of limited partnership
    issued, 3,523,680                          4,259,167     4,309,461

  Units of general partnership
    issued, 39,643                                  69,762       70,328

    Total partners' equity                     4,328,929    4,379,789

                                          $  4,417,051      4,403,840




See accompanying note to financial statements.



                         E & J PROPERTIES, LTD.
                    (A California Limited Partnership)
              For the Three Months Ended March 31, 1998 and 1997
                         (Unaudited)


                           Statements of Earnings


                                             1998           1997   

Revenues:
  Interest and rental income                    $    18,441           22,521

Expenses:
  Property taxes                                        8,781           8,257
  General and administrative                          60,520          60,457

                                            69,301          68,714


Net earnings (loss)                            $   (50,860)         (46,193)

Net earnings (loss) per unit                   $      (0.01)           (0.01)
                                     
Units outstanding                               3,563,323  3,563,323
                                      


                   Statements of Cash Flow


                                            1998            1997   

Cash flows from operating activities:
  Net earnings (loss)                        $     (50,860)          (46,193)
  Decrease in other assets                                14,303          
22,643
  Increase (Decrease) in liabilities                           64,071          
  2,482
    
Net cash flow from operating
  activities                                              27,514        
(21,068)

Expenditures for Elliott Ranch                                  -              
(1,430)
 
Net decrease in cash and cash
  equivalents                                        27,514         (22,498)

Beginning cash and equivalents                       1,239,738  1,593,823

Ending cash and cash equivalents                  $ 1,267,252   1,571,325

                                     
                   E & J PROPERTIES, LTD.
                       (A California Limited Partnership)

                         Note to Financial Statements
                            (Unaudited)

In the opinion of the partnership, the accompanying unaudited financial
statements contain all adjustments (consisting only of normal recurring
accruals) necessary to present fairly financial position as of March 31, 1998
and the results of operations for the three months then ended, and cash flow
for the three months then ended.


              Management's Discussion and Analysis of
              Financial Condition and Results of Operations

The cash currently held by the Limited Partnership is considered sufficient to
meet future liquidity and capital needs.  Operations consist of interest and
rental income and rental, and general and administrative expenses.  On February
25, 1998, the Partnership entered into an agreement to sell approximately 1,850
acres of the Elliott Ranch for a price of $12,825,000.  The Buyer has until May
26, 1998 to conduct feasibility studies of the property and on or before May
26, 1998 must determine whether to consummate the purchase.

Operations for the three months ended March 31, 1998 compared to the three
months ended March 31, 1997.

Revenues were down 18% (from $22,521 to $18,441) primarily because the cash
funds that generate interest income were down 19%.  Expenses were up 1% (from
$68,714 to $69,301) primarily due to an increase in property tax expense.
 


             PART II - OTHER INFORMATION AND SIGNATURES


Items 1 - 5                                      Nothing to report.

Item 6        Two reports on Form 8-K were filed in the first quarter of 1998
regarding the potential                sale of substantially all of the Elliott
Ranch.


                        Signatures

Pursuant to the requirements 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.


                                       E & J PROPERTIES, LTD.
                                            (Registrant)



Date: May 8, 1998                                /s/ Elaine McKeon             
                   
                   
                                              Elaine McKeon
                                              General Partner

EX-27

 

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<MULTIPLIER>            1
       
                     
<PERIOD-TYPE>           3-MOS
<FISCAL-YEAR-END>                      DEC-31-1997
<PERIOD-END>                           MAR-31-1998
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