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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000950134-96-006604.txt : 19981116
<SEC-HEADER>0000950134-96-006604.hdr.sgml : 19981116
ACCESSION NUMBER:		0000950134-96-006604
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	19961113
ITEM INFORMATION:		
ITEM INFORMATION:		
FILED AS OF DATE:		19961127

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INCOME OPPORTUNITY REALTY INVESTORS INC /TX/
		CENTRAL INDEX KEY:			0000949961
		STANDARD INDUSTRIAL CLASSIFICATION:	6798
		IRS NUMBER:				752615944
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		
		SEC FILE NUMBER:	001-14784
		FILM NUMBER:		96673353

	BUSINESS ADDRESS:	
		STREET 1:		10670 N CENTRAL EXPRSWY STE 300
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75231
		BUSINESS PHONE:		2146924700

	MAIL ADDRESS:	
		STREET 1:		10670 NORTH CENTRAL EXPRESSWAY
		STREET 2:		SUITE 600
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75231
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<DESCRIPTION>FORM 8-K
<TEXT>

<PAGE>   1
                       SECURITIES AND EXCHANGE COMMISSION

                            WASHINGTON, D.C.  20549



                                    FORM 8-K

                                 CURRENT REPORT



                     PURSUANT TO SECTION 13 OR 15(d) OF THE

                      SECURITIES AND EXCHANGE ACT OF 1934




                               November 13, 1996                
                ------------------------------------------------
                Date of Report (Date of Earliest Event Reported)



                  INCOME OPPORTUNITY REALTY INVESTORS, INC.
          ---------------------------------------------------------
           (Exact Name of Registrant as Specified in its Charter)




        Nevada                          1-9525                    75-2615944 
- - --------------------------------------------------------------------------------
(State of Incorporation)              (Commission               (IRS Employer
                                       File No.)             Identification No.)




10670 North Central Expressway, Suite 300, Dallas, TX                   75231  
- - --------------------------------------------------------------------------------
(Address of Principal Executive Offices)                             (Zip Code)




Registrant's Telephone Number, Including Area Code: (214) 692-4700
                                                   -----------------



                               Not Applicable
      -----------------------------------------------------------------
        (Former Name or Former Address, if Changed Since Last Report)





                                       1
<PAGE>   2
ITEM 2.    ACQUISITION OR DISPOSITION OF ASSETS

On November 13, 1996, Income Opportunity Realty Investors, Inc. (the "Company")
purchased the Olympic Building, a 47,000 square foot office building in Los
Angeles, California for $6.0 million, 12.2% of the Company's assets at December
31, 1995.  The seller of the property was Azusa Properties USA, Inc., a
California corporation.  The Company paid $6.0 million in cash.


ITEM 7.    FINANCIAL STATEMENTS AND EXHIBITS

(a)(3) The seller has informed the Company that audited financial statements
and supporting data relating to the property's operations are not available.
It is, therefore, impracticable to provide the required audited statement of
operations for the property acquired or pro forma financial information.  The
required information will be filed by amendment of this Form 8-K as soon as
practicable, but not later than January 13, 1997.


                      -----------------------------------


                                   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 hereto duly authorized.




                                          INCOME OPPORTUNITY REALTY
                                          INVESTORS, INC.
                                          
                                          
                                          
                                          
                                          
Date:   November 27, 1996                 By:      /s/ Thomas A. Holland        
     -------------------------               ----------------------------------
                                               Thomas A. Holland
                                               Executive Vice President and
                                               Chief Financial Officer
                                          




                                       2
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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