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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000711642-98-000074.txt : 19981211
<SEC-HEADER>0000711642-98-000074.hdr.sgml : 19981211
ACCESSION NUMBER:		0000711642-98-000074
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	19981209
ITEM INFORMATION:		
ITEM INFORMATION:		
FILED AS OF DATE:		19981210

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NATIONAL PROPERTY INVESTORS 5
		CENTRAL INDEX KEY:			0000355637
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE [6500]
		IRS NUMBER:				222385051
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		
		SEC FILE NUMBER:	000-11095
		FILM NUMBER:		98766638

	BUSINESS ADDRESS:	
		STREET 1:		55 BEATTIE PLACE
		STREET 2:		P O BOX 1089
		CITY:			GREENVILLE
		STATE:			SC
		ZIP:			29602
		BUSINESS PHONE:		8642391000

	MAIL ADDRESS:	
		STREET 1:		55 BEATTIE PLACE
		STREET 2:		P O BOX 1089
		CITY:			GREENVILLE
		STATE:			SC
		ZIP:			29602
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<TEXT>


                           FORM 8-K - CURRENT REPORT


                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION

                              Washington, DC 20549

                                    FORM 8-K

                                 CURRENT REPORT

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

                        Date of Report: December 9, 1998


                         NATIONAL PROPERTY INVESTORS 5
             (Exact name of registrant as specified in its charter)


             California               0-11095                22-2385051
  (State or other jurisdiction of   (Commission           (I.R.S. Employer
   incorporation or organization)   File Number)           Identification
                                                              Number)


           55 Beattie Place
         Post Office Box 1089
      Greenville, South Carolina                                29602
(Address of principal executive office)                       (Zip Code)


       Registrant's telephone number, including area code (864) 239-1000


                                      N/A
                 (Former address, if changed since last report)
                 
                 
ITEM 4.  CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT

As of November 24, 1998, National Property Investors 5 (the "Registrant" or the
"Partnership") engaged Ernst & Young LLP as independent accountants for the year
ending December 31, 1998.  Prior to the appointment of Ernst & Young LLP, the
Partnership did not engage or consult with Ernst & Young LLP regarding any of
the matters described in Item 304(a)(2) of regulation S-B.

ITEM 7.  FINANCIAL STATEMENTS AND EXHIBITS

(c)  Exhibits:  None.


                                   SIGNATURE

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 hereunto duly authorized.


                         NATIONAL PROPERTY INVESTORS 5


                         By:       NPI Equity Investments, Inc.
                                   Its Managing General Partner


                         By:       /s/ Patrick Foye
                                   Patrick Foye
                                   Executive Vice President


                         Date: December 9, 1998

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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