SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 13)*
Monmouth Real Estate Investment Corporation
(Name of Issuer)
Common Stock
(Title of Class of Security)
11-1897375
(CUSIP Number)
Check the following box if a fee is being paid with this
statement _____. (A fee is not required only if the filing
person: (1) has a previous statement on file reporting
beneficial ownership of more than five percent of the class
of securities described in Item 1; and (2) has filed no
amendment subsequent thereto reporting beneficial ownership
of five percent or less of such class.) (See Rule 13d-7.)
*The remainder of this cover page shall be filled out for a
reporting person's initial filing on this form with respect
to the subject class of securities, and for any subsequent
amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required in the remainder of this cover page
shall not be deemed to be "filed" for the purpose of Section
18 of the Securities Exchange Act of 1934 ("Act") or
otherwise subject to the liabilities of that section of the
Act but shall be subject to all other provisions of the Act
(however, see the Notes).
(Continued on following page(s))
Page 1 of 3 Pages
CUSIP No. 11-1897375 13G Page 2 of 3
Pages
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Eugene W. Landy S.S. ####-##-####
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) _____
(b) X
3. SEC USE ONLY
4. CITIZENSHIP OR PLACE OF ORGANIZATION
Mr. Landy is a United States citizen.
5. SOLE VOTING POWER
22,472.0647 Direct
69,062.3865 Wife
NUMBER OF 6. SHARED VOTING POWER
SHARES 168,547.1799 E.W. Landy Profit Sharing
BENEFICIALLY 90,365.0353 E.W. Landy Pension Plan
OWNED BY
EACH 7. SOLE DISPOSITIVE POWER
REPORTING
PERSON 22,472.0647 Direct
WITH 69,062.3865 Wife
8. SHARED DISPOSITIVE POWER
168,547.1799 E.W. Landy Profit Sharing
90,365.0353 E.W. Landy Pension Plan
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
22,472.0647 Direct
258,912.2152 Trustee
69,062.3865 Wife Total: 350,446.6664
CUSIP No. 11-1897375 13G Page 3 of 3
Pages
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES*
Excludes shares held by Mr. Landy's adult children in
which he disclaims any beneficial interest.
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN. ROW 9
7.43%
12. TYPE OF REPORTING PERSON*
Individual.
CERTIFICATION
After reasonable inquiry and to the best of by knowledge
and belief, I certify that the information set forth in this statement
is true, complete and correct.
Dated: January 27, 1998
/s/ Eugene W. Landy
Eugene W. Landy
