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 September 30, 2001     Commission File Number 0-15755
                      ------------------                            -------

                           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, NJ                                           07722
        --------------                                           -----
(Address of principal executive offices)                      (Zip code)

Registrant's telephone number, including area code:       (732) 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 November 8, 2001.



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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 September 30, 2001 [Unaudited]
         and December 31, 2000....................................     1

         Statements of Operations for the three and nine months ended
         September 30, 2001 and 2000 [Unaudited]..................     2

         Statement of Partners' Capital (Deficit) for the nine months
         ended September 30, 2001 [Unaudited].....................     3

         Statements of Cash Flows for the nine months ended
         September 30, 2001 and 2000 [Unaudited]..................     4

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

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

Part III: OTHER INFORMATION

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

Signature.........................................................     9







<PAGE>



PART I - FINANCIAL INFORMATION
Item 1.  FINANCIAL STATEMENTS

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

                                                      September 30, December 31,
                                                      ------------- ------------
                                                         2 0 0 1       2 0 0 0
                                                         -------       -------
                                                       [Unaudited]
Assets:
Current Assets:
  Cash and Cash Equivalents                            $   123,431   $  188,122
  Cash - Escrow                                            164,213       64,184
  Cash - Security Deposits                                 139,389      125,015
  Tenant Receivables                                        18,127       13,215
  Other Current Assets                                      56,978       21,446
                                                       -----------   ----------

Total Current Assets                                       502,138      411,982
                                                       -----------   ----------

Property Investment:
  Land                                                   2,296,804    2,296,804
  Buildings                                              6,569,125    6,569,125
  Furniture, Fixtures and Improvements                   2,981,969    2,758,619
                                                       -----------   ----------
Totals - At Cost                                        11,847,898   11,624,548
Less: Accumulated Depreciation                          (5,719,464)  (5,427,009)
                                                       -----------   ----------

Property Investment - Net                                6,128,434    6,197,539
                                                       -----------   ----------

Other Assets                                               157,718      189,602
                                                       -----------   ----------

Total Assets                                           $ 6,788,290   $6,799,123
                                                       ===========   ==========

Liabilities and Partners' Capital (Deficit):
Current Liabilities:
  Accounts Payable                                     $    54,346   $  117,747
  Accrued Interest                                          36,477       37,045
  Other Accrued Expenses                                   149,255        7,093
  Due to Related Party                                       4,582       16,704
  Tenant Security Deposits Payable                         139,389      125,015
  Prepaid Rent                                               5,549       27,597
  Mortgage Payable - Current Portion                       102,094       94,971
  Deferred Income - Current Portion                          7,143        7,143
                                                       -----------   ----------

Total Current Liabilities                                  498,835      433,315
                                                       -----------   ----------

Long-Term Liabilities:
  Mortgage Payable - Non-Current Portion                 4,388,130    4,465,099
  Deferred Income - Non-Current Portion                      5,357       10,714
                                                       -----------   ----------

Total Long-Term Liabilities                              4,393,487    4,475,813
                                                       -----------   ----------

Total Liabilities                                        4,892,322    4,909,128
                                                       -----------   ----------

Partners' Capital (deficit):
  General Partner                                       (1,216,899)  (1,216,959)
  Limited Partners                                       3,112,867    3,106,954
                                                       -----------   ----------

Total Partners' Capital (deficit)                        1,895,968    1,889,995
                                                       -----------   ----------

Total Liabilities and Partners' Capital (deficit)      $ 6,788,290   $6,799,123
                                                       ===========   ==========

See Accompanying Notes to These Financial Statements.

                                        1

<PAGE>



PART 1 - FINANCIAL INFORMATION
Item 1:  Financial Statements

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


STATEMENTS OF OPERATIONS [UNAUDITED]
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                                  Three months ended         Nine months ended
                                     September 30,             September 30,
                                     -------------             -------------
                                  2 0 0 1     2 0 0 0      2 0 0 1      2 0 0 0
                                  -------     -------      -------      -------
Revenue:
  Rental                       $   593,804 $   600,939   $1,787,908  $1,799,107
  Interest                           1,005       2,448        4,505       6,897
                               ----------- -----------   ----------  ----------

   Total Revenue                   594,809     603,387    1,792,413   1,806,004
                               ----------- -----------   ----------  ----------

Expenses:
  Operating                        189,300     169,615      527,081     490,512
  General and administrative       226,874     178,957      618,000     562,842
  Interest                         109,627     112,027      330,598     337,625
  Depreciation and amortization    104,971      94,163      310,761     277,088
                               ----------- -----------   ----------  ----------

     Total Expenses                630,772     554,762    1,786,440   1,668,067
                               ----------- -----------   ----------  ----------

Net (Loss) Income                  (35,963)     48,625        5,973     137,937
                               =======================   ==========  ==========

  (Loss) Income Per
     Limited Partnership Unit  $     (2.12)$      2.87   $     0.35  $     8.13
                               =======================   ==========  ==========

  Distributions Per Limited
   Partnership Unit.           $         0 $         0   $        0  $        0

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

See Accompanying Notes to These Financial Statements.


                                        2

<PAGE>



PART 1 - FINANCIAL INFORMATION
Item 1:  Financial Statements

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


                                                                        Total
                                             General     Limited      Partners'
                                             Partner    Partners       Capital

Partners' Capital (Deficit) -
  December 31, 2000                       $(1,216,959) $ 3,106,954   $1,889,995

Net Income for the nine months
  ended September 30, 2001                        60         5,913        5,973
                                          ----------   -----------   ----------

  Partners' Capital (Deficit) -
   September 30, 2001 [Unaudited]         $(1,216,899) $ 3,112,867   $1,895,968
                                          ===========  ===========   ==========



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


                                                           Nine months ended
                                                              September 30,
                                                          2 0 0 1      2 0 0 0
                                                          -------      -------

Operating activities:
  Net income                                           $     5,973   $  137,937
  Adjustments to reconcile net income to
     net cash provided by operating activities:
   Depreciation                                            292,455      258,782
   Amortization                                             18,306       18,306
   Deferred Income                                          (5,357)      37,590

  Changes in Assets and Liabilities:
     (Increase) in escrow                                 (100,029)     (62,570)
     (Increase) in security deposits                       (14,374)      (5,727)
     (Increase) in tenant receivables                       (4,912)           0
     (Increase) in other current assets                    (35,532)     (21,610)
     Decrease in other assets                               13,578       51,770
     Increase in accounts payable
          and accrued expenses                              78,193       59,006
     (Decrease) in prepaid rents                           (22,048)           0
     (Decrease) in due to related party                    (12,122)     (12,059)
     Increase in tenant security deposits                   14,374        5,727
                                                       -----------   ----------

  Net Cash Provided by Operating Activities                228,505      467,152
                                                       -----------   ----------

Investing Activities:
  Capital Expenditures                                    (223,350)    (304,415)
                                                       ------------  -----------

   Net Cash (used in) Investing Activities                (223,350)    (304,415)
                                                       ------------  -----------

Financing Activities:
  Principal Payments on Mortgages                          (69,846)     (62,872)
                                                       ------------  -----------

   Net cash (used in) Financing Activities                 (69,846)     (62,872)
                                                       ------------  -----------

  Net (decrease) increase in cash and cash equivalents     (64,691)      99,865

Cash and Cash Equivalents - Beginning of Period            188,122      217,906
                                                       -----------   ----------

  Cash and Cash Equivalents - End of Period            $   123,431   $  317,771
                                                       ===========   ==========

Supplemental disclosure of cash flow information:
  Interest paid                                        $   331,165   $  338,140
                                                       ===========   ==========

  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

[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, 2000, as filed with
the Securities and Exchange Commission.

[B] Basis of Reporting

The balance sheet as of September 30, 2001, the statements of operations for the
three and nine months  ended  September  30,  2001 and 2000,  the  statement  of
partners'  capital  (deficit) for the nine months ended  September 30, 2001, and
the  statements  of cash flows for the nine months ended  September 30, 2001 and
2000 have been  prepared by the  Partnership  without  audit.  The  accompanying
unaudited  financial  statements have been prepared in accordance with standards
generally  accepted  in the  United  States of  America  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  accounting  principles  generally  accepted in the United States of
America  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 September 30, 2001, and the results of
its  operations  and cash flows for the nine 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, 2000.



                                        5

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FJS PROPERTIES FUND I, L.P.
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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.

The  holder of the  first  mortgage  on the  Pavilion  Apartments  agreed to the
withdrawal of $60,000 from an escrow account held by the first mortgagee.  These
funds were  intended to be utilized  for capital  improvements  at the  Pavilion
Apartments,  in  particular,  among other items,  for roof repairs needed at the
property.  $60,000 was disbursed from the escrow  account to the  Partnership on
June 13, 2001. The  Partnership  will replenish the escrow account with payments
of $5,000  per month  commencing  June 2001 and  continuing  monthly  for twelve
months.  It is anticipated  that cash flow from the Pavilion  Apartments will be
sufficient to make such  payments.  A similar  withdrawal of $59,675 was made by
the Partnership on May 22, 2000. The Partnership  replenished  this account with
payments of $5,000 per month from June 2000, through May 2001.

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 third quarter
of 2001.  Physical  occupancy  stands at 91.0% as of October 25, 2001. Of the 28
vacant  apartments  (excluding the one vacant model  apartment) 19 are available
for rent with the remaining 9 apartments pre leased for October occupancy.

Rental revenues  decreased  slightly to $593,804 from $600,939 and to $1,787,908
from  $1,799,107 for the three and nine month periods ended  September 30, 2001,
as  compared  to the  comparable  periods  of the prior  year.  These  decreases
resulted from  increased  vacancies at the Pavilion  Apartments  which more than
offset the increases in rental rates at the project.

Operating  expenses,  consisting  mainly  of  real  estate  taxes,  repairs  and
maintenance  and  utilities  increased to $189,300 from $169,615 and to $527,081
from $490,512 for the  comparable  three and nine month periods of 2001 and 2000
respectively.  The  increases  resulted  primarily  from  increased  repairs and
maintenance  during the three and nine  month  periods,  as well as  replacement
costs for the third quarter.  The higher utility charges for water and sewer and
sanitation  during the first two quarters of the year were offset by a reduction
in such costs for the third quarter of 2001. In addition both the three and nine
month figures reflect increased real estate taxes for the current year.


                                        6

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FJS PROPERTIES FUND I, L.P.
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Item 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
         AND RESULTS OF  OPERATIONS
------------------------------------------------------------------------------


During  the  third  quarter  of  2001  the  following   sums  were  expended  on
capitalizable replacements.

         Item                                   Amount spent

         Stoves/Refrigerators/Dishwashers          $12,128
         Carpeting                                 $24,922
         Tile Replacement                          $   761
         Roofs                                     $ 3,860
         Misc. Interior Improvements               $ 8,964
         Counter Tops                              $13,225
         A/C Replacement                           $13,745
                                                   -------

         Total:                                    $77,605
                                                   =======

General and  administrative  expenses  increased to $226,874  from  $178,957 and
increased  to $618,000  from  $562,842 for the  comparable  three and nine month
periods  of the prior year  respectively.  This  result  reflects  increases  in
payroll  and court  costs and  eviction  expenses  during the  periods.  Payroll
increased as a result of the hiring of an additional maintenance employee at the
Pavilion,  which was necessary to handle the increased maintenance  requirements
at the property. The increase in court costs and eviction expenses resulted from
an increase in tenant  delinquencies  at the  Pavilion.  In addition,  while the
first quarter general and  administrative  expenses showed only a small increase
in  insurance  expense as compared to 2000,  the renewal  premium for the period
from April 1, 2001 through  March 31, 2002,  has  increased  substantially  from
$66,690 to $118,766. The increase in general and administrative expenses for the
second and third quarters reflects this insurance increase.

INFLATION

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

                                        7

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FJS PROPERTIES FUND I, L.P.
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PART II - OTHER INFORMATION
------------------------------------------------------------------------------



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.


                                        8

<PAGE>


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


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 thereunto duly authorized.


                                       FJS PROPERTIES FUND I, L.P.




Date: November 8, 2001              By: /s/ Andrew C. Alson
                                       ----------------------------------
                                         Andrew C. Alson
                                         (President and Chief Financial Officer)
                                         FJS Properties, Inc.
                                         General Partner


                                        9

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