UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington D.C. 20549
                                    ---------

                                    FORM 10-Q

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

For the quarter ended March 31, 1998             Commission File Number 2-93980
                      --------------                                    -------

                           FJS PROPERTIES FUND I, L.P.
             (Exact name of registrant as specified in its charter)

               Delaware                                     13-3252067
     (State or other jurisdiction of                    (I.R.S. Employer
      incorporation or organization)                   Identification No.)

            264 Route 537 East
            Colts Neck, New Jersey                             07722
  (Address of principal executive offices)                   (Zip code)

Registrant's telephone number, including area code:     (908) 542-9209


Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 of 15(d) of the  Securities  and  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

Authorized 100,000 limited partnership  interests of which 16,788 have been sold
as of May 8, 1998.


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FJS PROPERTIES FUND I, L.P.
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INDEX
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Part I:  FINANCIAL INFORMATION

Item 1: Financial Statements

        Balance Sheets as of March 31, 1998 [Unaudited]
        and December 31, 1997 ....................................      1

        Statements of Operations for the three months ended
        March 31, 1998 and 1997 [Unaudited].......................      2

        Statement of Partners' Capital for the three months
        ended March 31, 1998 [Unaudited]..........................      3

        Statements of Cash Flows for the three months ended
        March 31, 1998 and 1997 [Unaudited].......................      4

        Notes to Financial Statements [Unaudited].................      5

Item 2: Management's Discussion and Analysis of Financial Condition
        and Results of Operations.................................      6

Part II: OTHER INFORMATION

Item 6: Exhibits and Reports on Form 8-K..........................      7

Signature ........................................................      8







                          .   .   .   .   .   .   .   .


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PART I - FINANCIAL INFORMATION
Item 1:  Financial Statements

FJS PROPERTIES FUND I, L.P.
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BALANCE SHEETS
------------------------------------------------------------------------------

                                                      March 31,   December 31,
                                                       1 9 9 8      1 9 9 7
                                                     [Unaudited]
Assets:
Current Assets:
  Cash and Cash Equivalents                          $  559,571   $   535,546
  Cash - Escrow                                         173,279        97,661
  Cash - Security Deposits                              125,528       121,878
  Other Current Assets                                   18,044        35,971
                                                     ----------   -----------

  Total Current Assets                                  876,422       791,056
                                                     ----------   -----------

Property Investment:
  Land                                                2,296,804     2,296,804
  Buildings                                           6,569,125     6,569,125
  Furniture, Fixtures and Building Improvements       1,835,525     1,818,365
                                                     ----------   -----------

  Totals - At Cost                                   10,701,454    10,684,294
  Less:  Accumulated Depreciation                    (4,571,187)   (4,507,327)
                                                     ----------   -----------

  Property Investment - Net                           6,130,267     6,176,967
                                                     ----------   -----------

Other Assets                                            287,131       290,795
                                                     ----------   -----------

  Total Assets                                       $7,293,820   $ 7,258,818
                                                     ==========   ===========

Liabilities and Partners' Capital:
Current Liabilities:
  Accounts Payable                                   $   91,804   $    97,300
  Accrued Interest                                       38,273        38,944
  Other Accrued Expenses                                 61,218         6,423
  Accounts Payable - Related Party                       22,023        26,138
  Tenant Security Deposits                              125,527       121,878
  Mortgage Payable - Current Portion                     72,185        70,455
  Deferred Income - Current Portion                       7,142         7,142
                                                     ----------   -----------

  Total Current Liabilities                             418,172       368,280
                                                     ----------   -----------

Long-Term Liabilities:
  Mortgage Payable - Non-Current Portion              4,703,868     4,722,578
  Deferred Income - Non-Current Portion                  30,356        32,141
                                                     ----------   -----------

  Total Long-Term Liabilities                         4,734,224     4,754,719
                                                     ----------   -----------

Partners' Capital:
  General Partner                                    (1,214,445)   (1,214,501)
  Limited Partners                                    3,355,869     3,350,320
                                                     ----------   -----------

  Total Partners' Capital                             2,141,424     2,135,819
                                                     ----------   -----------

  Total Liabilities and Partners' Capital            $7,293,820   $ 7,258,818
                                                     ==========   ===========

See Accompanying Notes to These Financial Statements.

                                         1

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FJS PROPERTIES FUND I, L.P.
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STATEMENTS OF OPERATIONS
[UNAUDITED]
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                                                       Three months ended
                                                            March 31,
                                                       1 9 9 8      1 9 9 7
                                                       -------      -------

Rental Income                                       $  526,564   $   496,655
Cost of Rental Income                                  165,313       188,749
                                                    ----------   -----------

  Gross Profit                                         361,251       307,906
                                                    ----------   -----------

Expenses:
  Selling, General and Administrative Expenses         173,203       157,348
  Depreciation and Amortization                         69,963        63,718
                                                    ----------   -----------

  Total Expenses                                       243,166       221,066
                                                    ----------   -----------

  Operating Income                                     118,085        86,840
                                                    ----------   -----------

Other [Income] and Expenses:
  Interest Income                                       (6,473)       (6,002)
  Interest Expense                                     116,053       118,141
  Other Expense                                          2,900            --
                                                    ----------   -----------

  Other Expenses - Net                                 112,480       112,139
                                                    ----------   -----------

  Net Income [Loss]                                 $    5,605   $   (25,299)
                                                    ==========   ===========

  Income [Loss] Per Limited Partnership Unit        $      .33   $     (1.49)
                                                    ==========   ===========

  Weighted Average Number of Limited
   Partnership Units Outstanding                        16,788        16,788
                                                    ==========   ===========



See Accompanying Notes to These Financial Statements.

                                         2

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FJS PROPERTIES FUND I, L.P.
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STATEMENT OF PARTNERS' CAPITAL
[UNAUDITED]
------------------------------------------------------------------------------


                                                                        Total
                                           General       Limited       Partners'
                                           Partner       Partners      Capital

Partners' Capital - December 31, 1997    $(1,214,501)  $3,350,320   $ 2,135,819

  Net Income for the three months
   ended March 31, 1998                           56        5,549         5,605
                                         -----------   ----------   -----------

  Partners' Capital - March 31, 1998
   [Unaudited]                           $(1,214,445)  $3,355,869   $ 2,141,424
                                         ===========   ==========   ===========



See Accompanying Notes to These Financial Statements.

                                         3

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FJS PROPERTIES FUND I, L.P.
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STATEMENTS OF CASH FLOWS
[UNAUDITED]
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                                                          Three months ended
                                                               March 31,
                                                          1 9 9 8      1 9 9 7
                                                          -------      -------

Operating Activities:
  Net Income [Loss]                                    $    5,605   $   (25,299)
                                                       ----------   -----------
  Adjustments to Reconcile Net Income [Loss] 
   to Net Cash Provided by Operating Activities:
   Depreciation                                            63,861        57,616
   Amortization                                             6,102         6,102

  Changes in Assets and Liabilities:
   [Increase] Decrease in:
     Escrow                                               (75,618)       10,226
     Security Deposits                                     (3,650)      (10,880)
     Other Current Assets                                  17,927       (89,211)
     Other Assets                                          (2,438)           --

   Increase [Decrease] in:
     Accounts Payable                                      (5,504)       (9,456)
     Accrued Interest                                        (670)         (123)
     Other Accrued Expenses                                54,796        51,979
     Accounts Payable - Related Party                      (4,114)        3,137
     Tenant Security Deposits                               3,650        10,880
     Deferred Income                                       (1,785)       (1,785)
                                                       ----------   -----------

   Total Adjustments                                       52,557        28,485
                                                       ----------   -----------

  Net Cash - Operating Activities                          58,162         3,186

Investing Activities:
  Capital Expenditures                                    (17,160)           --

Financing Activities:
  Principal Payments on Mortgages                         (16,977)      (15,407)
                                                       ----------   -----------

  Net Increase [Decrease] in Cash and Cash Equivalents     24,025       (12,221)

Cash and Cash Equivalents - Beginning of Periods          535,546       493,597
                                                       ----------   -----------

  Cash and Cash Equivalents - End of Periods           $  559,571   $   481,376
                                                       ==========   ===========

Supplemental Disclosure of Cash Flow Information:
  Cash paid for  interest  during the three months ended March 31, 1998 and 1997
was $116,722 and $118,264, respectively.

  For purposes of the statement of cash flows, the Company  considers all highly
liquid debt instruments  purchased with a maturity of three months or less to be
cash equivalents.


See Accompanying Notes to These Financial Statements.

                                         4

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FJS PROPERTIES FUND I, L.P.
NOTES TO FINANCIAL STATEMENTS
[UNAUDITED]
------------------------------------------------------------------------------




[A] Significant Accounting Policies

Significant  accounting policies of FJS Properties Fund I, L.P. are set forth in
the Partnership's  Form 10-K for the year ended December 31, 1997, as filed with
the Securities and Exchange Commission.

[B] Basis of Reporting

The balance sheet as of March 31, 1998,  the  statements  of operations  for the
three months ended March 31, 1998 and 1997,  the statement of partners'  capital
for the three months ended March 31, 1998,  and the statements of cash flows for
the three  months  ended  March 31,  1998 and 1997  have  been  prepared  by the
Partnership without audit. The accompanying  unaudited financial statements have
been prepared in accordance with generally  accepted  accounting  principles for
interim  financial  information and with the  instructions to Form 10-Q and Rule
10-01 of Regulation S-X. Accordingly, they do not include all of the information
and footnotes required by generally accepted accounting  principles for complete
financial  statements.  In the opinion of the managing partner,  such statements
include all adjustments  [consisting  only of normal  recurring items] which are
considered  necessary for a fair  presentation of the financial  position of the
Partnership  at March 31, 1998, and the results of its operations and cash flows
for the three months then ended. It is suggested that these financial statements
be read in  conjunction  with Form S-11 filed with the  Securities  and Exchange
Commission  on  April  25,  1985 and with the  financial  statements  and  notes
contained in the Partnership's Form 10-K for the year ended December 31, 1997.





                    .   .   .   .   .   .   .   .   .   .   .

                                        5

<PAGE>



Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
        AND RESULTS OF OPERATIONS
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LIQUIDITY AND CAPITAL RESOURCES

As of the present date,  the  Partnership  owns and operates one  Property,  the
Pavilion Apartments, and does not intend to acquire any other property.

Cash flow from Pavilion  should be sufficient to permit the  Partnership to make
the constant monthly payments due prior to maturity on the first mortgage and to
meet its monthly  operating  expenses.  However,  should there be a  significant
decrease in Pavilion's occupancy or rental rates, there can be no assurance that
the Partnership would be able to obtain sufficient funds to make such payments.

OPERATIONS

The  Partnership  has  operated the  Pavilion  Apartments,  located in West Palm
Beach, Florida since January 1985.

The project operated with occupancies in the low-90% range for the first quarter
of 1998.  Physical  occupancy stands at 92.3% as of May 11, 1998, with 24 vacant
apartments of which 8 have been rented with tenant move-in scheduled during May.
Two other tenants are presently being evicted. Rental income for the three month
period ended March 31,  1998,  increased to $526,564 as compared to $496,655 for
the comparable  period of the prior year. This increase was  attributable to the
increased  rental  rates  enjoyed  by the  Pavilion  Apartments  as  well  as to
reductions in both vacancies at the project,  as well as rental allowances given
to tenants.  Cost of Rental  Income,  consisting  mainly of real  estate  taxes,
repairs and  maintenance  and utilities  decreased from $188,749 to $165,313 for
the comparable three month periods of 1997 and 1998  respectively.  The decrease
was principally  from decreased  repairs,  maintenance  and  replacements at the
project  which to a great  extent  reflects  the past  expenses for these items.
Increases  were  experienced  in the  cost of water  and  sewer  service  to the
project,  and in addition a landscaping service has been engaged to maintain the
plantings around the property.

Selling,  General and Administrative  Expenses increased to $173,203 as compared
to  $157,348  for the  comparable  three month  period of the prior  year.  This
reflects increases in court costs which to some extent is a result of the higher
occupancies  at the property,  and increased  Professional  Fees which  includes
approximately  $5,600  for fees  related  to real  estate  tax  appeals  for the
Pavilion.  Payroll  expenses  showed a decrease  in part  because of the reduced
staffing  necessary  with the  outsourcing  of the landscape  maintenance at the
property.

The Other  Expense  item of $2,900  under Other  Income and  Expenses  for 1998,
reflects the net cost to the Partnership of fees and expenses in connection with
the tender offer  completed  by an  unaffiliated  third party in December  1997.
Transfer  fees of $10,300  were  received and  administrative  and legal fees of
$13,200  were  incurred  in  connection  with the  review of the  documents  and
preparation of legal filings required to be made by the Partnership.

INFLATION

As of the present date,  inflation has not had a major impact on the  operations
of the Partnership.

                                        6

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PART II - OTHER INFORMATION
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Item 6.  Exhibits and Reports on Form 8-K

[a] Exhibits as required by Item 601 of Regulation S-K:

None Required

[b] Reports on Form 8-K:

None filed during the quarter for which this report is submitted



                                        7

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SIGNATURE
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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 thereunto duly authorized.

                           FJS PROPERTIES FUND I, L.P.


Date: May 12, 1998                   By: /s/ Andrew C. Alson
                                         --------------------
                                         Andrew C. Alson
                                         (President and Chief Financial Officer)
                                         FJS Properties, Inc.
                                         General Partner

                                        8

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