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, 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 May 5, 2001.



<PAGE>



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


INDEX
------------------------------------------------------------------------------



Part I: FINANCIAL INFORMATION

Item 1:   Financial Statements

         Balance sheets as of March 31, 2001 [Unaudited]
         and December 31, 2000....................................     1

         Statement of Operations for the three months ended
         March 31, 2001 and 2000 [Unaudited]......................     2

         Statement of Partners' Capital for the three months
         ended March 31, 2001 [Unaudited].........................     3

         Statements of Cash Flows for the three months ended
         March 31, 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 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.
------------------------------------------------------------------------------

BALANCE SHEETS
------------------------------------------------------------------------------

                                                        March 31,   December 31,
                                                        ---------   ------------
                                                         2 0 0 1       2 0 0 0
                                                         -------       -------
                                                       [Unaudited]
Assets:
Current Assets:
  Cash and Cash Equivalents                            $   137,229   $  188,122
  Cash - Escrow                                            126,641       64,184
  Cash - Security Deposits                                 140,433      125,015
  Tenant Receivables                                         5,470       13,215
  Other Current Assets                                       6,186       21,446
                                                       -----------   ----------

Total Current Assets                                       415,959      411,982
                                                       -----------   ----------

Property Investment:
  Land                                                   2,296,804    2,296,804
  Buildings                                              6,569,125    6,569,125
  Furniture, Fixtures and Improvements                   2,840,534    2,758,619
                                                       -----------   ----------

Totals - At Cost                                        11,706,463   11,624,548
Less: Accumulated Depreciation                          (5,523,104)  (5,427,009)
                                                       ------------  -----------

Property Investment - Net                                6,183,359    6,197,539
                                                       -----------   ----------

Other Assets                                               199,087      189,602
                                                       -----------   ----------

Total Assets                                           $ 6,798,405   $6,799,123
                                                       ===========   ==========

Liabilities and Partners' Capital (Deficit):
Current Liabilities:
  Accounts Payable                                     $    71,287   $  117,747
  Accrued Interest                                          36,861       37,045
  Other Accrued Expenses                                    54,488        7,093
  Due to Related Party                                       4,665       16,704
  Tenant Security Deposits Payable                         140,433      125,015
  Prepaid Rent                                              18,592       27,597
  Mortgage Payable - Current Portion                        97,288       94,971
  Deferred Income - Current Portion                          7,143        7,143
                                                       -----------   ----------

Total Current Liabilities                                  430,757      433,315
                                                       -----------   ----------

Long-Term Liabilities:
  Mortgage Payable - Non-Current Portion                 4,440,063    4,465,099
  Deferred Income - Non-Current Portion                      8,928       10,714
                                                       -----------   ----------

Total Long-Term Liabilities                              4,448,991    4,475,813
                                                       -----------   ----------

Partners' Capital (deficit):
  General Partner                                       (1,216,672)  (1,216,959)
  Limited Partners                                       3,135,329    3,106,954
                                                       -----------   ----------

Total Partners' Capital (deficit)                        1,918,657    1,889,995
                                                       -----------   ----------

Total Liabilities and Partners' Capital (deficit)      $ 6,798,405   $6,799,123
                                                       ===========   ==========

See Accompanying Notes to These Financial Statements.

                                        1

<PAGE>



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


STATEMENTS OF OPERATIONS
[UNAUDITED]
------------------------------------------------------------------------------


                                                            Three months ended
                                                                 March 31,
                                                           2 0 0 1      2 0 0 0
                                                           -------      -------
Revenue:
  Rental                                                 $  583,458  $  581,120
  Interest                                                    1,996       2,449
                                                         ----------  ----------

   Total Revenue                                            585,454     583,569
                                                         ----------  ----------


Expenses:
  Operating                                                 144,899     148,891
  General and administrative                                198,930     185,724
  Interest                                                  110,767     113,052
  Depreciation and amortization                             102,196      90,003
                                                         ----------  ----------

   Total expenses                                           556,792     537,670
                                                         ----------  ----------

Net income                                               $   28,662  $   45,899
                                                         ==========  ==========


Income per limited partnership unit                      $     1.69  $     2.71
                                                         ==========  ==========

Distributions per limited partnership unit.              $     0.00  $     0.00
                                                         ==========  ==========

Weighted average number of limited
  partnership units outstanding                              16,788      16,788
                                                         ----------  ----------


See Accompanying Notes to These Financial Statements.

                                        2

<PAGE>



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


STATEMENT OF PARTNERS' CAPITAL
[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 three months
      ended March 31, 2001                       287        28,375       28,662
                                          ----------   -----------   ----------

Partners' Capital (Deficit) -
  March 31, 2001 [Unaudited]             $(1,216,672)  $ 3,135,329   $1,918,657
                                         ============  ===========   ==========



See Accompanying Notes to These Financial Statements.


                                        3

<PAGE>



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


STATEMENTS OF CASH FLOWS
[UNAUDITED]
------------------------------------------------------------------------------


                                                          Three months ended
                                                               March 31,
                                                               ---------
                                                          2 0 0 1      2 0 0 0
                                                          -------      -------

Operating activities:
  Net income                                           $    28,662   $   45,899
  Adjustments to reconcile net income to
     net cash provided by operating activities:
   Depreciation                                             96,095       83,901
   Amortization                                              6,101        6,102
   Deferred Income                                          (1,786)      (1,786)

  Changes in Assets and Liabilities:
     (Increase) in escrow                                  (62,457)      (6,499)
     (Increase) in security deposits                       (15,418)     (16,369)
     Decrease in Tenant Receivables                          7,745            0
     Decrease in other current assets                       15,260       13,334
     (Increase) decrease in other assets                   (15,586)      11,940
     Increase in accounts payable
          and accrued expenses                                 751       26,300
     (Decrease) in prepaid rents                            (9,005)           0
     (Decrease) increase in due to related party           (12,039)     (11,904)
     Increase in tenant security deposits                   15,418       16,369
                                                       -----------   ----------

   Total Adjustments                                        25,079      121,388
                                                       -----------   ----------

  Net Cash Provided by Operating Activities                 53,741      167,287
                                                       -----------   ----------

Investing Activities:
  Capital Expenditures                                     (81,915)    (109,928)
                                                       ------------  -----------

   Net Cash (used in) Investing Activities                 (81,915)    (109,928)
                                                       ------------  -----------

Financing Activities:
  Principal Payments on Mortgages                          (22,719)     (20,451)
                                                       ------------  -----------

   Net cash (used in) Financing Activities                 (22,719)     (20,451)
                                                       ------------  -----------

  Net (decrease) increase in cash and cash equivalents     (50,893)      36,908

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

  Cash and Cash Equivalents - End of Periods           $   137,229   $  254,814
                                                       ===========   ==========

Supplemental disclosure of cash flow information:
  Interest paid                                        $   111,134   $  113,220
                                                       ===========   ==========

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

[B] Basis of Reporting

The balance sheet as of March 31, 2001,  the  statements  of operations  for the
three months ended March 31, 2001 and 2000,  the statement of partners'  capital
(deficit) for the three months ended March 31, 2001,  and the statements of cash
flows for the three months  ended March 31, 2001 and 2000 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, 2001, 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,
2000.



                                        5

<PAGE>



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


Item 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
         AND RESULTS OF  OPERATIONS
------------------------------------------------------------------------------


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 2001. Physical occupancy stands at 97% as of May 4, 2001. Of the seven vacant
apartments  (excluding the one vacant model  apartment) 4 are available for rent
with the remaining three apartments pre leased for May occupancy.

Rental  revenues  for the three  month  period  ended March 31,  2001,  remained
substantially  unchanged at $583,458 as compared to $581,120 for the  comparable
period of the prior year.  Operating expenses,  consisting mainly of real estate
taxes, repairs and maintenance and utilities decreased slightly to $144,899 from
$148,891 for the comparable three month periods of 2001 and 2000 respectively.

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

               Item                                Amount spent
Stoves/Refrigerators/Dishwashers                   $      5,630
Carpeting                                                28,256
Tile Replacement                                          7,627
Roofs                                                    16,200
Dumpster Gates                                           11,698
Counter Tops                                              9,960
Misc. Interior Improvements                               2,544
                                                   ------------
Total:                                             $     81,915
                                                   ============

General  and  administrative  expenses  increased  to  $198,930  as  compared to
$185,724 for the comparable  three month period of the prior year. This reflects
increases in payroll and court costs and eviction expenses.

While the first quarter  general and  administrative  expenses show only a small
increase in insurance  expense as compared to 2000, the Partnership has received
notice that the renewal  premium for the period from April 1, 2001 through March
31, 2002,  has increased  substantially  from $66,690 to $118,766.  Our managing
agent is in the process of seeking alternatives for this coverage. We are unable
to predict at this time whether a lower cost alternative can be found.

INFLATION

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

                                        6

<PAGE>



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


PART II - OTHER INFORMATION
------------------------------------------------------------------------------



Item 6. Exhibits and Reports on Form 8-K

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>


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: May 5, 2001                By: /s/ Andrew C. Alson
                                    ----------------------------------
                                       Andrew C. Alson
                                       (President and Chief Financial Officer)
                                       FJS Properties, Inc.
                                       General Partner

                                        8