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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 B1MRnsuAaQNweZsp7q2hzHqMKJ0gEXV6gMMllg75z6IFu4nDXkviNSoDNZ6OTVFz
 8mDtvBuQVMqo7lOP02X9AQ==

<SEC-DOCUMENT>0000919574-03-002421.txt : 20031121
<SEC-HEADER>0000919574-03-002421.hdr.sgml : 20031121
<ACCEPTANCE-DATETIME>20031121163514
ACCESSION NUMBER:		0000919574-03-002421
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20031119
FILED AS OF DATE:		20031121

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ARIZONA LAND INCOME CORP
		CENTRAL INDEX KEY:			0000830748
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				860602478
		STATE OF INCORPORATION:			AZ
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		2999 N 44TH ST STE 100
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85018
		BUSINESS PHONE:		6029526800

	MAIL ADDRESS:	
		STREET 2:		2999 N 44TH STREET SUITE 100
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85018

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			CONSTABLE LOURDE JOHN
		CENTRAL INDEX KEY:			0001060522

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09900
		FILM NUMBER:		031018573

	BUSINESS ADDRESS:	
		STREET 1:		41 LEOPARD ROAD
		STREET 2:		SUITE 202
		CITY:			PAOLI
		STATE:			PA
		ZIP:			19301
		BUSINESS PHONE:		6109640750

	MAIL ADDRESS:	
		STREET 1:		5 RADNOR CORP CENTER
		STREET 2:		100 MATSONFORD ROAD SUITE 520
		CITY:			RADNOR
		STATE:			PA
		ZIP:			19087
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>p444913_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<!-- - EDGAR Ease Plus 1.0                                   07/25/03  TT    -->
<ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>
   <periodOfReport>2003-11-19</periodOfReport>
   <notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0000830748</issuerCik>
        <issuerName>ARIZONA LAND INCOME CORP</issuerName>
        <issuerTradingSymbol>AZL</issuerTradingSymbol>
   </issuer>
   <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001060522</rptOwnerCik>
            <rptOwnerName>CONSTABLE LOURDE JOHN</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>41 LEOPARD ROAD</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 202</rptOwnerStreet2>
            <rptOwnerCity>PAOLI</rptOwnerCity>
            <rptOwnerState>PA</rptOwnerState>
            <rptOwnerZipCode>19301</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
         <isDirector>0</isDirector>
         <isOfficer>0</isOfficer>
         <isTenPercentOwner>1</isTenPercentOwner>
         <isOther>0</isOther>
      </reportingOwnerRelationship>
   </reportingOwner>
 <nonDerivativeTable>
   <nonDerivativeTransaction>
      <securityTitle>
         <value>Common Stock</value>
      </securityTitle>
      <transactionDate>
         <value>2003-11-19</value>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>P</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>3000</value>
         </transactionShares>
         <transactionPricePerShare>
           <value>4.50</value>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>A</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>3000</value>
            <footnoteId id="F1"/>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
            <value>D</value>
         </directOrIndirectOwnership>
      </ownershipNature>
   </nonDerivativeTransaction>
   <nonDerivativeHolding>
      <securityTitle>
         <value>Common Stock</value>
      </securityTitle>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>281450</value>
            <footnoteId id="F2"/>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
            <value>I</value>
         </directOrIndirectOwnership>
         <natureOfOwnership>
            <value>By Constable Partners, L.P. and Constable Partners II, L.P.</value>
         </natureOfOwnership>
      </ownershipNature>
   </nonDerivativeHolding>
 </nonDerivativeTable>
   <footnotes>
      <footnote id="F1"> These securities are owned by John Constable d/b/a Constable Asset Management, which is the Reporting Person.</footnote>

      <footnote id="F2"> These securities may be deemed to be beneficially owned by John Constable d/b/a Constable Asset Management, the General Partner of Constable Group, LLC, which is the General Partner of both Constable Managing Partners, L.P. which is the General Partner of Constable Partners, L.P. and Constable Managing Partners II, L.P. which is the General Partner of Constable Partners II, L.P. The Reporting Person disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein, and this report shall not be deemed an admission that the Reporting Person is the beneficial owner of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.</footnote>
   </footnotes>
   <ownerSignature>
      <signatureName>/s/ John Constable d/b/a Constable Asset Management</signatureName>
      <signatureDate>2003-11-18</signatureDate>
   </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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