FORM 8-K


                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                 CURRENT REPORT



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


                                December 24, 1998
                                -----------------
                                 Date of Report
                        (Date of earliest event reported)



                        Metric Income Trust Series, Inc.
                        --------------------------------
                          (Exact name of registrant as
                            specified in its charter)




      0-18294                 California                 94-3087630
     ---------                -----------                -----------
    (Registration           (State or Other             (IRS Employer
        File                 Jurisdiction of            Identification
       Number)               Incorporation)                 Number)





           One California Street, San Francisco, California 94111-5415
           -----------------------------------------------------------
               (Address of principal executive offices) (Zip Code)


               Registrant's telephone number, including area code:

                                 (415) 678-2000

                    (800) 347-6707 Watts line for all states




ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS

(a)      The Registrant was organized to acquire,  hold for investment,  manage,
         and ultimately sell income-producing real properties and investments in
         securities.  In the normal course of its business,  the registrant sold
         the Stop N Go Store #2092  located in  Rubidoux,  California,  the last
         property in the registrant's portfolio.

TERMS OF ORIGINAL ACQUISITION

On November 30, 1989 the  Registrant  acquired the Stop N Go Store #2092 located
in  Rubidoux,  California  for  $946,000  including  acquisition  fees and other
miscellaneous closing costs

TERMS OF DISPOSITION AND FINANCING

The  Registrant  sold the sold the Stop N Go Store  #2092  located in  Rubidoux,
California on December 24, 1998. The sales price was $970,000.  After payment of
expenses of sale, the proceeds to the Registrant were approximately $857,000.

CARRYING AMOUNT AT DATE OF SALE

The  carrying  amount  of  the  land  and  improvements   approximated  $887,000
(including  $59,000  deferred  lease income  receivable)  and $826,000 on a book
basis and tax basis, respectively.


GAIN/LOSS ON SALE

The loss recognized on the sale approximated  $30,000 and the gain recognized on
the sale approximated $31,000 on a book basis and tax basis, respectively.

ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS

(a)      Financial Statements
         Not applicable.

(b)      Pro Forma Financial Information
         Historical  financial  information and Pro Forma financial  information
         relating  to the  sale  are not  included  in  this  Form  8-K,  as the
         registrant is in its final stages of liquidation and dissolution.

(c)      Exhibits
         Upon their receipt,  the Registrant  will amend its Form 8-K to include
         the disposition documents for the above-mentioned property.






                                    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, thereunto duly authorized.

                                            METRIC INCOME TRUST SERIES, INC.,
                                            a California Corporation


                                            By:      /s/ William A. Finelli
                                                     ----------------------
                                                     William A. Finelli
                                                     Chief Financial Officer


                                            Date:    January 5, 1999
                                                     ---------------