SECURITIES AND EXCHANGE COMMISSION
                                  
                             Washington, D.C. 20549
                                  
                                    FORM 8-K
                                  
                                 CURRENT REPORT
                                  
                                  
                                  
     Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
                                  
       Date of Report (Date of earliest event reported) December 1, 1997
                                  
                                  
                        HUTTON/CONAM REALTY INVESTORS 5
             (Exact name of registrant as specified in its charter)
                                  


     California                    0-014341                11-2712111
State or other jurisdiction       Commission              IRS Employer
of incorporation                  File Number           Identification No.



1764 San Diego Avenue
San Diego, CA  92110 Attn.: Robert J. Svatos               92110-1906
Address of principal executive offices                      Zip Code



Registrant's telephone number, including area code (619) 297-6771






Item 4.  Changes in Registrant's Certifying Accountants

Effective December 1, 1997, the Registrant advised Coopers & Lybrand
that it was changing accounting firms and engaged KPMG Peat Marwick.

Coopers and Lybrand report on the financial statements for the years
ended December 31, 1995 and December 31, 1996 contained no adverse
opinion or disclaimer of opinion and was not qualified as to
uncertainty, audit scope or accounting principles.  There have been
no disagreements with Coopers and Lybrand on any matters of
accounting principles or practices, financial statement disclosure,
or auditing scope procedure.

The Registrant has requested Coopers & Lybrand to provide a letter
addressed to the Commission stating whether it agrees with the
information disclosed above.  Such letter will be filed subsequently
by amendment pursuant to paragraph (a)(3) of Item 304 in Regulation
S-K.

The decision to change accountants was approved by ConAm Property
Services IV, Ltd. and RI 5 Real Estate Services, Inc., the General
Partners of the Registrant.







                             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 hereunto duly authorized.


                         CONAM PROPERTY SERVICES IV, LTD
                         General Partner of Hutton/ConAm Realty
                         Investors 5

                         BY:  CONTINENTAL AMERICAN DEVELOPMENT, INC.
                              General Partner


Date:  December 15, 1997      BY:  /s/Daniel J. Epstein
                              Director, President, and Principal
                              Executive Officer


Date:  December 15, 1997      BY:  /s/Robert J. Svatos
                              Chief Financial Officer