JMB INCOME PROPERTIES LTD V
10-Q, 1997-08-13
OPERATORS OF NONRESIDENTIAL BUILDINGS
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                  SECURITIES AND EXCHANGE COMMISSION
                        Washington, D.C.  20549



                               FORM 10-Q



              Quarterly Report Under Section 13 or 15(d)
                of the Securities Exchange Act of 1934




For the quarter ended June 30, 1997       Commission file #0-8716     




                    JMB INCOME PROPERTIES, LTD. - V
        (Exact name of registrant as specified in its charter)




                Illinois                 36-2897158                   
      (State of organization)   (IRS Employer Identification No.)     



  900 N. Michigan Ave., Chicago, IL         60611                     
(Address of principal executive office)   (Zip Code)                  




Registrant's telephone number, including area code 312/915-1987




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 


<PAGE>


                           TABLE OF CONTENTS




PART I     FINANCIAL INFORMATION


Item 1.    Financial Statements . . . . . . . . . . . . . .      3


Item 2.    Management's Discussion and Analysis of 
           Financial Condition and Results of Operations. .     11



PART II    OTHER INFORMATION


Item 5.    Other Information. . . . . . . . . . . . . . . .     13


Item 6.    Exhibits and Reports on Form 8-K . . . . . . . .     14



<PAGE>


<TABLE>
PART I.  FINANCIAL INFORMATION

     ITEM 1.  FINANCIAL STATEMENTS

                                      JMB INCOME PROPERTIES, LTD. - V
                                          (A LIMITED PARTNERSHIP)
                                         AND CONSOLIDATED VENTURE

                                        CONSOLIDATED BALANCE SHEETS

                                    JUNE 30, 1997 AND DECEMBER 31, 1996

                                                (UNAUDITED)

                                                  ASSETS
                                                  ------
<CAPTION>
                                                                            JUNE 30,      DECEMBER 31, 
                                                                              1997           1996      
                                                                         -------------   ------------  
<S>                                                                      <C>             <C>           
Current assets:
  Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . .      $  6,950,790      9,717,478 
  Interest, rents and other receivables . . . . . . . . . . . . . . .           135,716        273,553 
  Prepaid expenses. . . . . . . . . . . . . . . . . . . . . . . . . .             --            62,341 
  Escrow deposits . . . . . . . . . . . . . . . . . . . . . . . . . .           541,651      1,005,343 
                                                                           ------------   ------------ 
        Total current assets. . . . . . . . . . . . . . . . . . . . .         7,628,157     11,058,715 
                                                                           ------------   ------------ 

Investment property, at cost:
    Land. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .           801,703        801,703 
    Buildings and improvements. . . . . . . . . . . . . . . . . . . .        28,697,375     22,882,195 
                                                                           ------------   ------------ 
                                                                             29,499,078     23,683,898 
    Less accumulated depreciation . . . . . . . . . . . . . . . . . .        12,630,179     12,468,511 
                                                                           ------------   ------------ 
        Total investment property, net of accumulated depreciation. .        16,868,899     11,215,387 

    Property held for sale or disposition . . . . . . . . . . . . . .         7,306,483      7,299,846 
                                                                           ------------   ------------ 
        Total investment properties . . . . . . . . . . . . . . . . .        24,175,382     18,515,233 
                                                                           ------------   ------------ 

Deferred expenses . . . . . . . . . . . . . . . . . . . . . . . . . .           330,119        346,713 
Accrued rents receivable. . . . . . . . . . . . . . . . . . . . . . .           313,986        337,663 
                                                                           ------------   ------------ 
                                                                           $ 32,447,644     30,258,324 
                                                                           ============   ============ 



<PAGE>


                                      JMB INCOME PROPERTIES, LTD. - V
                                          (A LIMITED PARTNERSHIP)
                                         AND CONSOLIDATED VENTURE

                                  CONSOLIDATED BALANCE SHEETS - CONTINUED

                           LIABILITIES AND PARTNERS' CAPITAL ACCOUNTS (DEFICITS)
                           -----------------------------------------------------

                                                                            JUNE 30,      DECEMBER 31, 
                                                                              1997           1996      
                                                                         -------------    ------------ 
Current liabilities:
  Current portion of long-term debt . . . . . . . . . . . . . . . . .      $    784,664        749,993 
  Accounts payable. . . . . . . . . . . . . . . . . . . . . . . . . .         3,214,838      2,659,268 
  Accrued interest. . . . . . . . . . . . . . . . . . . . . . . . . .           366,779        219,331 
  Accrued real estate taxes . . . . . . . . . . . . . . . . . . . . .           335,307        480,208 
                                                                           ------------   ------------ 
        Total current liabilities . . . . . . . . . . . . . . . . . .         4,701,588      4,108,800 
Tenant security deposits. . . . . . . . . . . . . . . . . . . . . . .            23,239         24,668 
Construction loan payable . . . . . . . . . . . . . . . . . . . . . .         4,368,959      1,262,281 
Long-term debt, less current portion. . . . . . . . . . . . . . . . .        24,528,521     24,939,477 
                                                                           ------------   ------------ 
Commitments and contingencies 

        Total liabilities . . . . . . . . . . . . . . . . . . . . . .        33,622,307     30,335,226 
Venture partner's subordinated equity in venture. . . . . . . . . . .        10,240,986     11,810,336 

Partners' capital accounts (deficits):
  General partners:
    Capital contributions . . . . . . . . . . . . . . . . . . . . . .             1,000          1,000 
    Cumulative net earnings (loss). . . . . . . . . . . . . . . . . .         1,436,149      1,422,001 
    Cumulative cash distributions . . . . . . . . . . . . . . . . . .        (3,092,059)    (3,092,059)
                                                                           ------------   ------------ 
                                                                             (1,654,910)    (1,669,058)
                                                                           ------------   ------------ 
  Limited partners (38,505 interests):
    Capital contributions, net of offering costs. . . . . . . . . . .        34,926,505     34,926,505 
    Cumulative net earnings (loss). . . . . . . . . . . . . . . . . .        27,514,635     27,057,194 
    Cumulative cash distributions . . . . . . . . . . . . . . . . . .       (72,201,879)   (72,201,879)
                                                                           ------------   ------------ 
                                                                             (9,760,739)   (10,218,180)
                                                                           ------------   ------------ 
        Total partners' capital accounts (deficits) . . . . . . . . .       (11,415,649)   (11,887,238)
                                                                           ------------   ------------ 
                                                                           $ 32,447,644     30,258,324 
                                                                           ============   ============ 

<FN>
                       See accompanying notes to consolidated financial statements.
</TABLE>


<PAGE>


<TABLE>
                                      JMB INCOME PROPERTIES, LTD. - V
                                          (A LIMITED PARTNERSHIP)
                                         AND CONSOLIDATED VENTURE

                                   CONSOLIDATED STATEMENTS OF OPERATIONS

                             THREE AND SIX MONTHS ENDED JUNE 30, 1997 AND 1996
                                                (UNAUDITED)

<CAPTION>
                                                     THREE MONTHS ENDED           SIX MONTHS ENDED      
                                                          JUNE 30                      JUNE 30          
                                                 --------------------------  -------------------------- 
                                                      1997          1996          1997          1996    
                                                  -----------    ----------   -----------    ---------- 
<S>                                              <C>            <C>          <C>            <C>         
Income:
  Rental income . . . . . . . . . . . . . . . .   $ 2,200,610     2,340,105     4,518,595     4,703,558 
  Interest income . . . . . . . . . . . . . . .        85,304       126,726       188,684       231,026 
                                                  -----------    ----------    ----------    ---------- 
                                                    2,285,914     2,466,831     4,707,279     4,934,584 
                                                  -----------    ----------    ----------    ---------- 
Expenses:
  Mortgage and other interest . . . . . . . . .       496,845       595,466     1,035,913     1,196,036 
  Depreciation. . . . . . . . . . . . . . . . .        80,846       220,469       161,668       439,937 
  Property operating expenses . . . . . . . . .     1,307,304     1,248,261     2,364,982     2,430,314 
  Professional services . . . . . . . . . . . .        21,569        15,660        50,627        48,434 
  Amortization of deferred expenses . . . . . .         5,271        13,121        10,543        26,241 
  General and administrative. . . . . . . . . .        42,308        31,654        69,217        56,835 
                                                  -----------    ----------    ----------    ---------- 
                                                    1,954,143     2,124,631     3,692,950     4,197,797 
                                                  -----------    ----------    ----------    ---------- 
       Operating earnings (loss). . . . . . . .       331,771       342,200     1,014,329       736,787 

Venture partner's share of 
  venture's operations. . . . . . . . . . . . .      (267,703)     (258,110)     (542,740)     (520,173)
                                                  -----------    ----------    ----------    ---------- 
       Net earnings (loss). . . . . . . . . . .   $    64,068        84,090       471,589       216,614 
                                                  ===========    ==========    ==========    ========== 
       Net earnings (loss) per 
         limited partnership interest . . . . .   $      1.61          2.12         11.88          5.46 
                                                  ===========    ==========    ==========    ========== 
       Cash distributions per 
         limited partnership 
         interest . . . . . . . . . . . . . . .   $     --            --            --            --    
                                                  ===========    ==========    ==========    ========== 

<FN>
                       See accompanying notes to consolidated financial statements.
</TABLE>


<PAGE>


<TABLE>
                                      JMB INCOME PROPERTIES, LTD. - V
                                          (A LIMITED PARTNERSHIP)
                                         AND CONSOLIDATED VENTURE

                                   CONSOLIDATED STATEMENTS OF CASH FLOWS

                                  SIX MONTHS ENDED JUNE 30, 1997 AND 1996

                                                (UNAUDITED)
<CAPTION>
                                                                                1997            1996    
                                                                            ------------   ------------ 
<S>                                                                        <C>            <C>           
Cash flows from operating activities:
  Net earnings (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . $    471,589        216,614 
  Items not requiring (providing) cash or cash equivalents:
    Depreciation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .      161,668        439,937 
    Amortization of deferred expenses . . . . . . . . . . . . . . . . . . .       10,543         26,241 
    Venture partner's share of venture's operations . . . . . . . . . . . .      542,740        520,173 
  Changes in:
    Interest, rents and other receivables . . . . . . . . . . . . . . . . .      137,837        107,376 
    Prepaid expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . .       62,341         28,421 
    Accrued rents receivable. . . . . . . . . . . . . . . . . . . . . . . .       23,677         14,627 
    Accounts payable. . . . . . . . . . . . . . . . . . . . . . . . . . . .   (1,098,670)        45,214 
    Accrued interest  . . . . . . . . . . . . . . . . . . . . . . . . . . .      147,448         (2,711)
    Accrued real estate taxes . . . . . . . . . . . . . . . . . . . . . . .     (144,901)      (159,784)
    Other current liabilities . . . . . . . . . . . . . . . . . . . . . . .       78,499         60,943 
    Tenant security deposits. . . . . . . . . . . . . . . . . . . . . . . .       (1,429)           952 
                                                                            ------------    ----------- 
          Net cash provided by (used in) operating activities . . . . . . .      391,342      1,298,003 

Cash flows from investing activities:
  Additions to investment properties, net of related payables . . . . . . .   (4,246,076)      (336,868)
  Escrow refunds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .      463,692          --    
                                                                            ------------    ----------- 
          Net cash provided by (used in) investing activities . . . . . . .   (3,782,384)      (336,868)
                                                                            ------------    ----------- 
Cash flows from financing activities:
  Cash proceeds from construction loan. . . . . . . . . . . . . . . . . . .    3,106,678          --    
  Principal payments on long-term debt. . . . . . . . . . . . . . . . . . .     (376,285)      (363,596)
  Refund of deferred financing fees . . . . . . . . . . . . . . . . . . . .        6,051          --    
  Venture partner's contributions to venture. . . . . . . . . . . . . . . .      414,611        414,657 
  Distributions to venture partners . . . . . . . . . . . . . . . . . . . .   (2,526,701)      (441,382)
                                                                            ------------    ----------- 
          Net cash provided by (used in) financing activities . . . . . . .      624,354       (390,321)
                                                                            ------------    ----------- 



<PAGE>


                                      JMB INCOME PROPERTIES, LTD. - V
                                          (A LIMITED PARTNERSHIP)
                                         AND CONSOLIDATED VENTURE

                             CONSOLIDATED STATEMENTS OF CASH FLOWS - CONTINUED



                                                                                1997            1996    
                                                                            ------------   ------------ 

          Net increase (decrease) in cash 
            and cash equivalents. . . . . . . . . . . . . . . . . . . . . .   (2,766,688)       570,814 
          Cash and cash equivalents, 
            beginning of year . . . . . . . . . . . . . . . . . . . . . . .    9,717,478     11,134,983 
                                                                            ------------    ----------- 

          Cash and cash equivalents, 
            end of period . . . . . . . . . . . . . . . . . . . . . . . . . $  6,950,790     11,705,797 
                                                                            ============    =========== 

Supplemental disclosure of cash flow information:
    Cash paid for mortgage and other interest, 
      net of capitalized interest . . . . . . . . . . . . . . . . . . . . . $  1,038,684      1,198,747 
                                                                            ============    =========== 
    Non-cash investing and financing activities . . . . . . . . . . . . . . $      --             --    
                                                                            ============    =========== 





















<FN>
                       See accompanying notes to consolidated financial statements.
</TABLE>


<PAGE>


                    JMB INCOME PROPERTIES, LTD. - V
                        (A LIMITED PARTNERSHIP)
                       AND CONSOLIDATED VENTURE

              NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                        JUNE 30, 1997 AND 1996

                              (UNAUDITED)

GENERAL

     Readers of this quarterly report should refer to the Partnership's
audited financial statements for the year ended December 31, 1996 which are
included in the Partnership's 1996 Annual Report, as certain footnote
disclosures which would substantially duplicate those contained in such
audited financial statements have been omitted from this report.

     The preparation of financial statements in accordance with GAAP
requires the Partnership to make estimates and assumptions that affect the
reported or disclosed amount of assets and liabilities at the date of the
financial statements and the reported amounts of revenues and expenses
during the reporting period.  Actual results could differ from those
estimates.

     Certain amounts in the 1996 consolidated financial statements have
been reclassified to conform with the 1997 presentation.

     The Partnership adopted Statement of Financial Accounting Standards
No. 121 "Accounting for the Impairment of Long-Lived Assets and for Long-
Lived Assets to be Disposed of" ("SFAS 121") as required in the first
quarter of 1996.  The Partnership's policy is to consider a property to be
held for sale or disposition when the Partnership has committed to a plan
to sell such property and active marketing activity has commenced or is
expected to commence in the near term.  The Partnership has concluded that
it may dispose of a property by no longer funding operating deficits or
debt service requirements thus allowing the lender to realize upon its
security.  In accordance with SFAS 121, any properties identified as "held
for sale or disposition" are no longer depreciated.  As of July 1, 1996,
the Partnership considered the Wachovia Bank investment property as held
for sale or disposition.  The results of operations, net of venture
partners' share, for such property were $1,007,946 and $966,035,
respectively, for the six months ended June 30, 1997 and 1996.

     During the second quarter of 1997, Statements of Financial Accounting
Standards No. 128 ("Earnings per Share") and No. 129 ("Disclosure of
Information about Capital Structure") were issued.  As the Partnership's
capital structure only has general and limited partnership interests, the
Partnership does not expect any significant impact on its consolidated
financial statements upon adoption of these standards when required at the
end of 1997.


TRANSACTIONS WITH AFFILIATES

     Fees, commissions and other expenses required to be paid by the
Partnership to the General Partners and their affiliates as of June 30,
1997 and for the six months ended June 30, 1997 and 1996 were as follows:


<PAGE>


                                                          Unpaid at  
                                                          June 30,   
                                   1997        1996         1997     
                                 --------    -------    -------------
Property management 
 and leasing fees . . . . . .    $126,674    130,669      1,386,538  
Insurance commissions . . . .      33,725     13,473          --     
Reimbursement (at cost) 
 for out-of-pocket salary
 and salary-related expenses
 relating to on-site and
 other costs for the Part-
 nership and its investment 
 property, and other out-of-
 pocket expenses. . . . . . .      61,014      9,251             35  
                                 --------    -------      ---------  
                                 $221,413    153,393      1,386,573  
                                 ========    =======      =========  

     All amounts deferred or currently payable to the General Partners and
their affiliates do not bear interest.  The General Partners and their
affiliates have deferred receipt of property management and leasing fees
pursuant to the venture agreement for the Wachovia Bank Building and
Phillips Building.  Prior to 1995, an affiliate of the Managing General
Partner provided management and leasing services. In December 1994, the
affiliate sold all of its assets and assigned its interest in the
management contracts, including the one for the Wachovia Bank Building and
Phillips Building to an unaffiliated third party.  In connection with such
sale, an affiliate of the General Partners guaranteed payment to the
unaffiliated third party the portion of the fees currently deferred due to
the provision in the venture agreement for the Wachovia Bank Building and
Phillips Building.  Such amounts are deferred until the sale or disposition
of the property and are subordinated to certain distributions of net sale
and refinancing proceeds.  As of June 30, 1997, the General Partners and
their affiliates have deferred receipt of approximately $1,348,000
(approximately $34 per interest) of such fees.  This amount is reflected in
accounts payable in the accompanying consolidated financial statements.

BRISTOL MALL

     During 1989, the Partnership entered into a lease with the J.C. Penney
Company ("J.C. Penney") for an 86,000 square foot addition at the Bristol
Mall shopping center.  For the lease to commence, an addition and
associated mall enhancement program was required to be completed. This led
to protracted negotiations with J.C. Penney and the property's mortgage
lender to determine how these capital costs would be funded.  As a result,
in July 1996, the Partnership and J.C. Penney executed an amendment to the
existing lease and the Partnership began construction of the anchor store
and the mall enhancement.

     The estimated cost of the construction of the anchor store, as well as
the mall enhancement and certain anticipated tenant improvement costs is
approximately $13,960,000, of which approximately $8,840,000 (including
pre-development costs) has been funded as of June 30, 1997.

     The Partnership expects to utilize a construction loan provided by
J.C. Penney for certain construction costs up to $4,665,200, of which
approximately $4,370,000 has been funded at June 30, 1997.  The remaining
costs not scheduled to be funded by the loan (approximately $4,820,000) are
expected to be funded by the Partnership from available cash.

     In August 1997, the J.C. Penney store opened and commenced operations
at the mall and the mall enhancement was substantially completed.

     The construction loan bears an interest rate of 10% per annum and
interest accrues on the funds from the date of the advance.  The
Partnership is not required to make any payments on the loan until the
first month after the opening date of the new anchor store (in August
1997). 


<PAGE>


The Partnership will then be required to make monthly interest only
payments for five years on the total amount advanced under the loan plus
any accrued, but unpaid interest from the construction period.  Thereafter,
for the remaining 5-year term of the loan, the Partnership will be required
to make payments of both principal and interest based on a ten-year
amortization schedule with the balance of unpaid principal due upon
maturity.  All rental amounts due from the tenant to the Partnership under
the terms of the lease amendment will be applied to offset these debt
service payments.  Additionally, in September 1996, the Partnership
escrowed $1,000,000 as required by the loan.  In March 1997, the
Partnership (as the anchor store was 50% complete) was able to withdraw
approximately $483,000 from the escrow account based on the achievement of
completion points (as defined).  All remaining escrowed funds are expected
to be withdrawn before completion of construction.

     Due to the J.C. Penney addition and related mall enhancement, the
Partnership has capitalized $299,983 of the $401,941 of interest expense
incurred by Bristol Mall for the six months ended June 30, 1997.  The
balance of capitalized interest as of June 30, 1997 of $405,478 is
reflected in investment property in the accompanying consolidated financial
statements.

     Due to the foregoing, the Partnership is not actively marketing the
property for sale.

     In July 1997, the Partnership sold a small outparcel at the Bristol
Mall.  The Partnership received proceeds from such sale of approximately
$70,000.

WACHOVIA BANK BUILDING AND PHILLIPS BUILDING

     The Partnership is currently marketing the remaining space
(approximately 40% of the buildings vacated by Wachovia Bank at the
expiration of one of their leases in December 1995) to prospective
replacement tenants but has not been successful in its efforts due to the
lack of large space users in this market.  In the fourth quarter of 1996,
Wachovia Bank notified the venture that it was exercising its option to
extend a lease (approximately 117,000 square feet) until June 1998 upon the
expiration of the current lease in December 1997.  Re-leasing the remaining
space in the building or any additional extensions of the Wachovia Bank
lease would likely require major renovation to the building as well as
significant tenant improvements which, in turn, would be contingent upon
the Partnership obtaining financing for these tenant replacement costs. 
Unless replacement tenants are secured on acceptable terms for the
remaining space, it is unlikely that the Partnership will commit any
additional funds to the property.  This may result in the Partnership no
longer having an ownership interest in the two office buildings.  This
action would result in a gain for financial reporting and Federal income
tax purposes with no corresponding distributable proceeds.  Additionally,
the Partnership could be required to remit to the state tax authorities
withholding for taxes due as a result of this action.  This withholding
amount is currently estimated to be approximately $500,000.

     The mortgage loan secured by the property matured in October 1996. 
Wachovia reached an agreement with the current mortgage lender to modify
and extend the existing mortgage note effective November 1, 1996.  The loan
modification requires principal and interest payments based on a 22 year
amortization at an interest rate of 9.55% per annum and matures on November
1, 2001, when all remaining principal and unpaid interest is due.  The
venture paid loan commitment fees in 1996 of approximately $105,000 to the
lender in conjunction with the modification and extension.

     The Partnership's venture partner had agreed to contribute
$10,700,000, before applicable interest, to the venture pursuant to a
payment schedule from the closing date through August 1, 1996, when it
would owe the balance of its obligation (approximately $7,600,000).  The


<PAGE>


venture partner has continued to make contributions based on the old
payment schedule rather than making the balloon payment in August 1996 as
required.  As a result, the venture partner is currently approximately
$7,500,000 in arrears for such contributions as of the date of this report.

The venture partner's obligation to make such payment is secured only by
its interest in the venture.  In the fourth quarter of 1996, the
Partnership notified the venture partner of its default effective August
1996.  As a result of the extension of the first mortgage loan securing the
property as discussed above, the Partnership is currently negotiating a
possible extension of the payment schedule with the venture partner. 
However, there can be no assurance that any such agreement will be reached.

     The accompanying consolidated financial statements include
approximately $1,676,000 of undistributed operating cash flow related to
the Wachovia Building Associates.  Such funds are distributable to the
Partnership and the unaffiliated joint venture partner in the amounts of
approximately $1,068,000 and $608,000, respectively.  In addition, in
January 1997, the venture distributed approximately $2,773,000 and
$2,112,000 to the Partnership and the venture partner, respectively.  Such
funds did not secure the venture partner's obligations discussed above and
consequently the venture could not offset such distributions against the
venture partner's unfunded capital commitment.

ADJUSTMENTS

     In the opinion of the Managing General Partner, all adjustments
(consisting solely of normal recurring adjustments) necessary for a fair
presentation have been made to the accompanying figures as of June 30, 1997
and for the three and six months ended June 30, 1997 and 1996.



PART I.  FINANCIAL INFORMATION

     ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                  FINANCIAL CONDITION AND RESULTS OF OPERATIONS

     Reference is made to the notes to the accompanying financial
statements for additional information concerning the Partnership's
investments.

     The General Partners and their affiliates have deferred payment of
certain fees of approximately $1,348,000 (approximately $34 per interest)
as of June 30, 1997 pursuant to the venture agreement for the Wachovia Bank
Building and Phillips Building.

     The General Partners of the Partnership expect to be able to conduct
an orderly liquidation of its remaining investment portfolio as quickly as
practicable.  Therefore, the affairs of the Partnership are expected to be
wound up no later than December 31, 1999 (sooner, if the properties are
sold or disposed of in the near term), barring unforeseen economic
developments.  The Partnership's only remaining real estate assets are its
joint venture interest in the Wachovia Bank and Phillips Buildings, and its
interest in Bristol Mall.  The Partnership does not expect to realize any
proceeds from the disposition of the Wachovia Bank and Phillips Buildings. 
However, the Partnership does expect to realize net proceeds from the sale
of Bristol Mall.

RESULTS OF OPERATIONS

     The increase in building and improvements, construction loan payable,
accounts payable and related decreases in cash and cash equivalents and
escrow deposits as of June 30, 1997 as compared to December 31, 1996 is
primarily due to the continuing construction of the addition and related
mall enhancement at the Bristol Mall.

     The decrease in interest, rents and other receivables as of June 30,
1997 as compared to December 31, 1996 is primarily due to the timing of
rent payments from tenants at the Bristol Mall.


<PAGE>


     The decrease in prepaid expenses as of June 30, 1997 as compared to
December 31, 1997 is primarily due to the timing of payments for insurance
at the Bristol Mall and Wachovia Bank Building.

     The increase in accrued interest at June 30, 1997 as compared to
December 31, 1996 is primarily due to the continued accrual of interest
related to the J.C. Penney construction loan at Bristol Mall.

     The decrease in accrued real estate taxes at June 30, 1997 as compared
to December 31, 1996 is due to the timing of payments for real estate taxes
at the Bristol Mall and Wachovia Bank Building.

     The decrease in venture partner's share of subordinated equity in
venture at June 30, 1997 as compared to December 31, 1996 is primarily due
to the distribution of approximately $2,112,000 of previously undistributed
operating cash flow to the venture partner related to the Wachovia Bank
Building.

     The decrease in rental income for the three and six months ended June
30, 1997 as compared to the same periods in 1996 is primarily due to the
decrease in occupancy at the Wachovia Bank Building.

     The decrease in interest income for the three and six months ended
June 30, 1997 as compared to the same periods in 1996 is primarily due to
the distribution of approximately $2,112,000 of previously undistributed
operating cash flow to the venture partner related to the Wachovia Bank
Building and payment of costs related to the addition and related mall
enhancement at the Bristol Mall resulting in a lower average cash balance
available for temporary investment.

     The decrease in mortgage and other interest for the three and six
months ended June 30, 1997 as compared to the same period in 1996 is
primarily due to the 1997 capitalization of approximately $88,000 and
$148,000, respectively, of interest on certain construction costs incurred
at the Bristol Mall.

     The decrease in depreciation for the three and six months ended June
30, 1997 as compared to the same period in 1996 is primarily due to
classification of the Wachovia Bank Building as assets held for sale or
disposition at July 1, 1996, and therefore not subject to continued
depreciation.

     The decrease in property operating expenses for the six months ended
June 30, 1997 as compared to the same period in 1996 is primarily due to
additional utility and maintenance costs incurred for space occupied
temporarily by the Wachovia Bank in 1996.  The increase for the three
months ended June 30, 1997 as compared to the same period in 1996 is
primarily due to approximately $70,000 of unanticipated costs incurred in
the second quarter of 1997 for repairs to the parking lot of the Bristol
Mall.



<PAGE>


<TABLE>
PART II.  OTHER INFORMATION
     ITEM 5.  OTHER INFORMATION

                                                 OCCUPANCY

     The following is a listing of approximate occupancy levels by quarter for the Partnership's investment
properties owned during 1997:
<CAPTION>
                                                   1996                             1997               
                                --------------------------------------   ------------------------------
                                    At         At        At        At       At      At      At      At 
                                   3/31       6/30      9/30     12/31     3/31    6/30    9/30   12/31
                                   ----       ----      ----     -----     ----    ----   -----   -----
<S>                              <C>        <C>       <C>       <C>       <C>     <C>     <C>    <C>   
1.  Wachovia Bank Building and
     Phillips Building
      Winston-Salem, 
      North Carolina. . . . . . .   67%        69%       65%       63%      63%     65%

2.  Bristol Mall
     Bristol, Virginia (a). . . .   81%        81%       81%       80%      85%     84%

<FN>

  (a)    Occupancy in 1996 is calculated based on total gross leasable area ("GLA") of 426,963 square feet.  Due
to the addition and related mall enhancement, GLA was reduced to 401,582 square feet in 1997 until the opening of
the J. C. Penney store in August 1997 when total GLA increases to 487,502 total.

</TABLE>


<PAGE>


                                PART IV

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

    (a)   Exhibits

          3-A.*   The Prospectus of the Partnership dated August 15,
1977, as supplemented September 20, 1977, filed with the Commission
pursuant to Rules 424(b) and 424(c), is hereby incorporated herein by
reference.  Certain pages of the Prospectus are incorporated herein by
reference.

          3-B.*   Amended and Restated Agreement of Limited Partnership
set forth as Exhibit A to the Prospectus, which is incorporated herein by
reference and which agreement is hereby incorporated herein by reference.

          4-A.    Documents relating to the refinancing of the mortgage
loan, dated October 17, 1986, secured by the Wachovia Bank Building and
Phillips Building office buildings in Winston-Salem, North Carolina are
hereby incorporated by reference to the Partnership's Report for December
31, 1992 on Form 10-K (File No. 0-8716) dated March 19, 1993.

          4-B.    Documents relating to the mortgage loan secured by the
Bristol Mall shopping center in Bristol, Virginia are hereby incorporated
by reference to the Partnership's Report on Form 8-K (File No. 0-8716)
dated October 17, 1977.

          4-C.    Documents relating to the construction loan, dated
July 25, 1996 secured by the Bristol Mall shopping center in Bristol,
Virginia are hereby incorporated by reference to the Partnership's Report
for September 30, 1996 on Form 10-Q (File No. 0-8716) dated November 8,
1996.

          4-D.    Modification and extension agreement related to the
mortgage loan secured by the Wachovia Bank Building and Phillips Building,
office buildings in Winston Salem, North Carolina, effective November 1,
1996 is hereby incorporated by reference to the Partnership's Report for
December 31, 1996 on Form 10-K (File No. 0-8716) dated March 21, 1997.

          10-A.   Acquisition documents relating to the purchase by the
Partnership of an interest in the Wachovia Bank Building and Phillips
Building in Winston Salem, North Carolina are hereby incorporated by
reference to the Partnership's Registration Statement on Form S-11 (File
No. 2-58026) dated September 20, 1977.

          10-B.   Acquisition documents relating to the purchase by the
Partnership of the Bristol Mall shopping center in Bristol, Virginia are
hereby incorporated by reference to the Partnership's Report on Form 8-K
(File No. 0-8716) dated October 17, 1977.

          27.     Financial Data Schedule
    --------------------
    *     Previously filed as Exhibits 3-A and 3-B, respectively, to the
Partnership's Report for December 31, 1992 on Form 10-K of the Securities
Exchange Act of 1934 (File No. 0-8716) filed on March 19, 1993 and hereby
incorporated herein by reference.

    (b)   No Reports on Form 8-K have been filed during the last quarter
of the period covered by this report.


<PAGE>


                              SIGNATURES




     Pursuant to the requirements of the Securities Exchange Act of 1934,
the Company has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.


                JMB INCOME PROPERTIES, LTD. - V

                BY:   JMB Realty Corporation
                      (Managing General Partner)




                      By:   GAILEN J. HULL
                            Gailen J. Hull, Senior Vice President
                      Date: August 8, 1997


     Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following person in the capacity
and on the date indicated.




                            GAILEN J. HULL
                            Gailen J. Hull, Principal Accounting Officer
                      Date: August 8, 1997



<TABLE> <S> <C>



<ARTICLE> 5

<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
REGISTRANT'S FORM 10-Q FOR THE SIX MONTHS ENDED JUNE 30, 1997 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS
INCLUDED IN SUCH REPORT.
</LEGEND>

       
<S>                   <C>
<PERIOD-TYPE>         6-MOS
<FISCAL-YEAR-END>     DEC-31-1997
<PERIOD-END>          JUN-30-1997

<CASH>                       6,950,790 
<SECURITIES>                      0    
<RECEIVABLES>                  677,367 
<ALLOWANCES>                      0    
<INVENTORY>                       0    
<CURRENT-ASSETS>             7,628,157 
<PP&E>                      29,499,078 
<DEPRECIATION>              12,630,179 
<TOTAL-ASSETS>              32,447,644 
<CURRENT-LIABILITIES>        4,701,588 
<BONDS>                     24,528,521 
<COMMON>                          0    
             0    
                       0    
<OTHER-SE>                 (11,415,649)
<TOTAL-LIABILITY-AND-EQUITY>32,447,644 
<SALES>                      4,518,595 
<TOTAL-REVENUES>             4,707,279 
<CGS>                             0    
<TOTAL-COSTS>                2,537,193 
<OTHER-EXPENSES>               119,844 
<LOSS-PROVISION>                  0    
<INTEREST-EXPENSE>           1,035,913 
<INCOME-PRETAX>              1,014,329 
<INCOME-TAX>                      0    
<INCOME-CONTINUING>            471,589 
<DISCONTINUED>                    0    
<EXTRAORDINARY>                   0    
<CHANGES>                         0    
<NET-INCOME>                   471,589 
<EPS-PRIMARY>                    11.88 
<EPS-DILUTED>                    11.88 

        

</TABLE>


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