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, 1997           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, 1997.


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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, 1997 [Unaudited]
        and December 31, 1996 ....................................      1

        Statements of Operations for the three months ended
        March 31, 1997 and 1996 [Unaudited].......................      2

        Statement of Partners' Capital for the three months
        ended March 31, 1997 [Unaudited]..........................      3

        Statements of Cash Flows for the three months ended
        March 31, 1997 and 1996 [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







                          .   .   .   .   .   .   .   .


<PAGE>



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 7       1 9 9 6
                                                       [Unaudited]
Assets:
Current Assets:
  Cash and Cash Equivalents                            $  481,376   $   493,597
  Cash - Escrow                                           171,254       182,875
  Cash - Security Deposits                                132,047       121,167
  Other Current Assets                                     90,641         1,430
                                                       ----------   -----------

  Total Current Assets                                    875,318       799,069
                                                       ----------   -----------

Property Investment:
  Land                                                  2,296,804     2,296,804
  Buildings                                             6,569,125     6,569,125
  Furniture, Fixtures and Building Improvements         1,737,884     1,737,884
                                                       ----------   -----------

  Totals - At Cost                                     10,603,813    10,603,813
  Less:  Accumulated Depreciation                      (4,320,326)   (4,262,710)
                                                       ----------   -----------

  Property Investment - Net                             6,283,487     6,341,103
                                                       ----------   -----------

Other Assets                                              304,075       308,781
                                                       ----------   -----------

  Total Assets                                         $7,462,880   $ 7,448,953
                                                       ==========   ===========

Liabilities and Partners' Capital:
Current Liabilities:
  Accounts Payable                                     $   70,389   $    79,843
  Accrued Interest                                         38,799        38,922
  Other Accrued Expenses                                   59,204         7,225
  Accounts Payable - Related Party                         21,361        18,224
  Tenant Security Deposits                                132,047       121,167
  Mortgage Payable - Current Portion                       65,506        63,935
  Deferred Income - Current Portion                         7,142         7,142
                                                       ----------   -----------

  Total Current Liabilities                               394,448       336,458
                                                       ----------   -----------

Long-Term Liabilities:
  Mortgage Payable - Non-Current Portion                4,776,055     4,793,033
  Deferred Income - Non-Current Portion                    37,500        39,286
                                                       ----------   -----------

  Total Long-Term Liabilities                           4,813,555     4,832,319
                                                       ----------   -----------

Partners' Capital:
  General Partner                                      (1,213,310)   (1,213,057)
  Limited Partners                                      3,468,187     3,493,233
                                                       ----------   -----------

  Total Partners' Capital                               2,254,877     2,280,176
                                                       ----------   -----------

  Total Liabilities and Partners' Capital              $7,462,880   $ 7,448,953
                                                       ==========   ===========

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]
------------------------------------------------------------------------------



                                                          Three months ended
                                                               March 31,
                                                          1 9 9 7      1 9 9 6
                                                          -------      -------

Rental Income                                          $  496,655   $   467,880
Cost of Rental Income                                     188,749       158,682
                                                       ----------   -----------

  Gross Profit                                            307,906       309,198
                                                       ----------   -----------

Expenses:
  Selling, General and Administrative Expenses            157,348       153,940
  Depreciation and Amortization                            63,718        68,307
                                                       ----------   -----------

  Total Expenses                                          221,066       222,247
                                                       ----------   -----------

  Operating Income                                         86,840        86,951
                                                       ----------   -----------

Other [Income] and Expenses:
  Interest Income                                          (6,002)       (5,491)
  Interest Expense                                        118,141       119,578
                                                       ----------   -----------

  Other Expenses - Net                                    112,139       114,087
                                                       ----------   -----------

  Net Loss                                             $  (25,299)  $   (27,136)
                                                       ==========   ===========

  Loss Per Limited Partnership Unit                    $    (1.49)  $     (1.62)
                                                       ==========   ===========

  Distributions Per Limited Partnership Unit           $       --   $       .34
                                                       ==========   ===========

  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, 1996    $(1,213,057)  $3,493,233   $ 2,280,176

  Net Loss for the three months
   ended March 31, 1997                         (253)     (25,046)      (25,299)
                                         -----------   ----------   -----------

  Partners' Capital - March 31, 1997
   [Unaudited]                           $(1,213,310)  $3,468,187   $ 2,254,877
                                         ===========   ==========   ===========



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 7      1 9 9 6
                                                          -------      -------

Operating Activities:
  Net Loss                                             $  (25,299)  $   (27,136)
                                                       ----------   -----------
  Adjustments to Reconcile Net Loss to Net Cash
   Provided by Operating Activities:
   Depreciation                                            57,616        62,205
   Amortization                                             6,102         6,102

  Changes in Assets and Liabilities:
   [Increase] Decrease in:
     Escrow                                                10,226       (60,307)
     Security Deposits                                    (10,880)       (4,780)
     Other Current Assets                                 (89,211)         (345)

   Increase [Decrease] in:
     Accounts Payable                                      (9,456)        5,018
     Accrued Interest                                        (123)          326
     Other Accrued Expenses                                51,979        51,320
     Accounts Payable - Related Party                       3,137        (8,698)
     Tenant Security Deposits                              10,880         4,780
     Deferred Income                                       (1,785)           --
                                                       ----------   -----------

   Total Adjustments                                       28,485        55,621
                                                       ----------   -----------

  Net Cash - Operating Activities                           3,186        28,485
                                                       ----------   -----------

Financing Activities:
  Principal Payments on Mortgages                         (15,407)      (13,980)
  Cash Distributions to Partners                               --        (5,766)
                                                       ----------   -----------

  Net Cash - Financing Activities                         (15,407)      (19,746)
                                                       ----------   -----------

  Net [Decrease] Increase in Cash and Cash Equivalents    (12,221)        8,739

Cash and Cash Equivalents - Beginning of Periods          493,597       542,337
                                                       ----------   -----------

  Cash and Cash Equivalents - End of Periods           $  481,376   $   551,076
                                                       ==========   ===========

Supplemental Disclosure of Cash Flow Information:
  Cash paid for  interest  during the three months ended March 31, 1997 and 1996
was $118,264 and $119,690, 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

<PAGE>



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, 1996, as filed with
the Securities and Exchange Commission.

[B] Basis of Reporting

The balance sheet as of March 31, 1997,  the  statements  of operations  for the
three months ended March 31, 1997 and 1996,  the statement of partners'  capital
for the three months ended March 31, 1997,  and the statements of cash flows for
the three  months  ended  March 31,  1997 and 1996  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, 1997, 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, 1996.

Certain reclassifications may have been made to the 1996 financial statements to
conform to classifications used in 1997.




                         . . . . . . . . . . . . . . . .

                                        5

<PAGE>



Item 2

FJS PROPERTIES FUND I, L.P.
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 mid-90% range for the first quarter
of 1997.  Physical  occupancy  stands at 94.5% as of May 9, 1997, with 17 vacant
apartments  of which 14 have been rented with tenant  move-in  scheduled  during
May. In addition, six tenants have given notice of intent to vacate and eviction
proceedings  are in process  against  two  additional  tenants.  Of these  eight
additional apartments, two have been rented for future occupancy.  Rental income
for the three  month  period  ended  March 31,  1997,  increased  to $496,655 as
compared to $467,880 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 a reduction in vacancies at the project. This was slightly
offset by a small increase in the rental  allowances  given to tenants.  Cost of
Rental Income,  consisting mainly of real estate taxes,  repairs and maintenance
and utilities increased from $158,682 to $188,749 for the comparable three month
periods  of 1996  and 1997  respectively.  The  increase  was  principally  from
increased repairs, maintenance and replacements at the project which reflect the
continuing  upgrade/rehabilitation  program  at the  Pavilion.  This  project is
substantially  completed,  and the continuing  replacement  expense reflects the
replacements  and  updating  of items  such as  stoves,  hot water  heaters  and
bathroom lighting fixtures.

Selling,  General and Administrative  Expenses increased slightly to $157,348 as
compared to $153,940  for the  comparable  three month period of the prior year.
This reflects the accrual of $3,000 of quarterly administrative fees which first
quarter fees in 1996 were not  reflected in the financial  statements  until the
second  quarter.  Except  for the  timing of this  accrual,  aggregate  Selling,
General and Administrative Expenses were substantially the same as were incurred
in 1996. While payroll expenses and real estate  commissions  showed  increases,
the latter including  commissions paid to unaffiliated  tenant referral services
not  previously  utilized in prior  years,  court costs and  insurance  premiums
showed reductions which offset the increases.

The  increase in Rental  Income  offset by the  increases  in the Cost of Rental
Income and Selling,  General and  Administrative  Expenses resulted in Operating
Income's  being  substantially  the same for the three month periods of 1996 and
1997, at $86,951 and $86,840 respectively.

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

<PAGE>


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,  1997                   By: /s/ Andrew C. Alson
                                         --------------------
                                          Andrew C. Alson
                                         (President and Chief Financial Officer)
                                          FJS Properties, Inc.
                                          General Partner

                                        8

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