BOETTCHER WESTERN PROPERTIES III LTD
NT 10-Q, 1997-05-13
REAL ESTATE
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                                                       SEC File Number  0-11502
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                                                       CUSIP Number
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                                 UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549
                                        
                                  FORM 12b-25

                          NOTIFICATION OF LATE FILING


(Check One):     [_] Form 10-K      [_] Form 20-F      [_] Form 11-K  
                 [X] Form 10-Q      [_] Form N-SAR
 
For Period Ended:               March 31, 1997
                  --------------------------------------------------
                  [_]  Transition Report on Form 10-K
                  [_]  Transition Report on Form 20-F
                  [_]  Transition Report on Form 11-K
                  [_]  Transition Report on Form 10-Q
                  [_]  Transition Report on Form N-SAR
                  For the Transition Period Ended: 
                                                   -----------------------------

If the notification relates to a portion of the filing checked above, identify
the Item(s) to which the notification relates:
 
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PART I - REGISTRANT INFORMATION

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Full Name of Registrant

                     Boettcher Western Properties III Ltd.
                                        
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Former Name if Applicable

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Address of Principal Executive Office (Street and Number)

                77 West Wacker Drive, Chicago, Illinois 60601

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City, State and Zip Code

PART II - RULES 12b-25(b) AND (c)

If the subject report could not be filed without unreasonable effort or expense
and the registrant seeks relief pursuant to Rule 12b-25(b), the following should
be completed. (Check box if appropriate)
 
 
     (a)  The reasons described in reasonable detail in Part III of this form
          could not be eliminated without unreasonable effort or expense;
     (b)  The subject annual report, semi-annual report, transition report on 
[X]       Form 10-K, Form 20-F, 11-K, Form N-SAR, or portion thereof, will be
          filed on or before the fifteenth calendar day following the prescribed
          due date; or the subject quarterly report of transition report on
          Form 10-Q, or portion thereof will be filed on or before the fifth
          calendar day following the specified due date; and
     (c)  The accountant's statement or other exhibit required by Rule 12b-25(c)
          has been attached if applicable.

PART III - NARRATIVE

State below in reasonable detail the reasons why the Form 10-K, 11-K, 10-Q, 
N-SAR, or the transition report or portion thereof, could not be filed within
the prescribed time period. (Attach Extra Sheets if Needed)

The Partnership is currently responding to comments from the Commission on its
prior quarter Form 10-Q and prior year Form 10-K. The issues raised will effect
the presentation of the current quarter results. The Partnership intends to
respond to these comments in the next five calendar days, at which time it would
be reasonable to file the current quarter 10-Q.
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PART IV - OTHER INFORMATION
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(1)  Name and telephone number of person to contact in regard to this 
     notification

              Debbie Hickey                   312                  574-5383
     -------------------------------      -----------         ------------------
                 (Name)                   (Area Code)         (Telephone Number)

(2)  Have all other periodic reports required under Section 13 or 15(d) of the
     Securities Exchange Act of 1934 or Section 30 of the Investment Company Act
     of 1940 during the preceding 12 months (or for such shorter) period that 
     the registrant was required to file such reports been filed? If answer is
     no, identify report(s).

          [X] Yes       [_] No

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(3)  Is it anticipated that any significant change in results of operations
     from the corresponding period for the last fiscal year will be reflected by
     the earnings statements to be included in the subject report or portion
     thereof?

          [_] Yes       [X] No

     If so, attach an explanation of the anticipated change, both narratively 
     and quantitatively, and if appropriate, state the reasons why a reasonable
     estimate of the results cannot be made.

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                     Boettcher Western Properties III Ltd.
                 --------------------------------------------
                 (Name of Registrant as Specified in Charter)

     has caused this notification to be signed on its behalf by the undersigned
     hereunto duly authorized.


Date May 14, 1997     By /s/ Thomas M. Mansheim
     ------------        -------------------------------------------------------
                      Thomas M. Mansheim - Treasurer, Boettcher Properties, Ltd.


INSTRUCTION: The form may be signed by an executive officer of the registrant or
by any other duly authorized representative. The name and title of the person 
signing the form shall be typed or printed beneath the signature. If the 
statement is signed on behalf of the registrant by an authorized representative 
(other than an executive officer), evidence of the representative's authority to
sign on behalf of the registrant shall be filed with the form.

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