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, 1996         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 November 11, 1996.




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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, 1996 [Unaudited]
        and December 31, 1995 ....................................      1

        Statements of Operations for the three months and nine months
        ended September 30, 1996 and 1995 [Unaudited].............      2

        Statement of Partners' Capital for the nine months
        ended September 30, 1996 [Unaudited]......................      3

        Statements of Cash Flows for the nine months ended
        September 30, 1996 and 1995 [Unaudited]...................      4

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

Item 2: Management's Discussion and Analysis of Financial Condition
        and Results of Operations.................................      6.....7

Part II: OTHER INFORMATION

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

Signature Page....................................................      9




                          .   .   .   .   .   .   .   .

<PAGE>

<TABLE>


PART I - FINANCIAL INFORMATION
Item 1.  FINANCIAL STATEMENTS
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FJS PROPERTIES FUND I, L.P.
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BALANCE SHEETS
------------------------------------------------------------------------------


                                                          September 30, December 31,
                                                             1 9 9 6       1 9 9 5
<S>                                                       <C>           <C>
                                                           [Unaudited]
Assets:
Current Assets:
  Cash and Cash Equivalents                                $  496,110   $   542,337
  Cash - Escrow                                               419,717       188,468
  Cash - Security Deposits                                    122,437       122,367
  Other Current Assets                                         36,482       101,040
                                                           ----------   -----------

  Total Current Assets                                      1,074,746       954,212
                                                           ----------   -----------

Property Investment:
  Land                                                      2,296,804     2,296,804
  Buildings                                                 6,569,125     6,569,125
  Furniture, Fixtures and Building Improvements             1,737,885     1,727,549
                                                           ----------   -----------

  Totals - At Cost                                         10,603,814    10,593,478
  Less:  Accumulated Depreciation                          (4,199,584)   (4,011,823)
                                                           ----------   -----------

  Property Investment - Net                                 6,404,230     6,581,655
                                                           ----------   -----------

Other Assets                                                  202,699       221,005
                                                           ----------   -----------

  Total Assets                                             $7,681,675   $ 7,756,872
                                                           ==========   ===========

Liabilities and Partners' Capital:
Current Liabilities:
  Accounts Payable                                         $   61,035   $    63,561
  Accounts Payable - Related Party                              6,221        25,549
  Accrued Interest                                             37,741        38,947
  Other Accrued Expenses                                      166,740         8,409
  Tenant Security Deposits                                    122,437       122,367
  Mortgage Payable - Current Portion                           62,402        58,019
  Deferred Income - Current Portion                             7,143            --
                                                           ----------   -----------

  Total Current Liabilities                                   463,719       316,852
                                                           ----------   -----------

Long-Term Liability:
  Mortgage Payable - Non-Current Portion                    4,809,603     4,856,967
                                                           ----------   -----------

Deferred Income                                                41,071            --
                                                           ----------   -----------

Partners' Capital:
  General Partner                                          (1,212,186)   (1,210,028)
  Limited Partners                                          3,579,468     3,793,081
                                                           ----------   -----------

  Total Partners' Capital                                   2,367,282     2,583,053
                                                           ----------   -----------

  Total Liabilities and Partners' Capital                  $7,681,675   $ 7,756,872
                                                           ==========   ===========

See Accompanying Notes to Financial Statements.

                                         1
</TABLE>

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<TABLE>

FJS PROPERTIES FUND I, L.P.
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STATEMENTS OF OPERATIONS
[UNAUDITED]
------------------------------------------------------------------------------



                                       Three months ended       Nine months ended
                                          September 30,           September 30,
                                          -------------           -------------
                                       1 9 9 6     1 9 9 5     1 9 9 6     1 9 9 5
                                       -------     -------     -------     -------
<S>                                 <C>             <C>      <C>        <C>  

Rental Income                       $   464,244 $   451,164 $ 1,397,556 $ 1,375,456
Cost of Rental Income                   170,119     150,732     494,808     455,834
                                    ----------- ----------- ----------- -----------

  Gross Profit                          294,125     300,432     902,748     919,622
                                    ----------- ----------- ----------- -----------

Expenses:
  Selling, General and Administrative
   Expenses                             215,463     158,796     541,607     445,734
  Depreciation and Amortization          69,114      68,405     206,067     205,215
                                    ----------- ----------- ----------- -----------

  Total Expenses                        284,577     227,201     747,674     650,949
                                    ----------- ----------- ----------- -----------

  Operating Income                        9,548      73,231     155,074     268,673
                                    ----------- ----------- ----------- -----------

Other [Income] and Expenses:
  Interest Income                        (6,089)     (6,385)    (17,420)    (18,956)
  Interest Expense                      118,880     120,249     356,384     360,379
                                    ----------- ----------- ----------- -----------

  Total Other Expenses - Net            112,791     113,864     338,964     341,423
                                    ----------- ----------- ----------- -----------

  Net [Loss]                        $  (103,243)$   (40,633)$  (183,890)$   (72,750)
                                    =========== =========== =========== ===========

[Loss] Per Limited Partnership Unit $     (6.09)$     (2.40)$    (10.84)$     (4.29)
                                    =========== =========== =========== ===========

Distributions Per Limited
  Partnership Unit                  $        -- $      1.83 $      1.88 $      4.71
                                    =========== =========== =========== ===========

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


See Accompanying Notes to Financial Statements.

</TABLE>


                                         2

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<TABLE>


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


                                                                            Total
                                               General       Limited       Partners'
                                               Partner       Partners      Capital
<S>                                          <C>           <C>          <C> 

Partners' Capital - December 31, 1995        $(1,210,028)  $3,793,081   $ 2,583,053

  Net [Loss] for the nine months ended
   September 30, 1996                             (1,839)    (182,051)     (183,890)

  Cash Distributions to Partners                    (319)     (31,562)      (31,881)
                                             -----------   ----------   -----------

  Partners' Capital - September 30, 1996     $(1,212,186)  $3,579,468   $ 2,367,282
                                             ===========   ==========   ===========



See Accompanying Notes to Financial Statements.


                                         3
</TABLE>

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<TABLE>

FJS PROPERTIES FUND I, L.P.
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STATEMENTS OF CASH FLOWS
[UNAUDITED]
------------------------------------------------------------------------------



                                                               Nine months ended
                                                                  September 30,
                                                              1 9 9 6       1 9 9 5
                                                              -------       -------

<S>                                                        <C>          <C> 

Operating Activities:
  Net [Loss]                                               $ (183,890)  $   (72,750)
                                                           ----------   -----------
  Adjustments to Reconcile Net [Loss] to
   Net Cash Provided by Operating Activities:
   Depreciation                                               187,762       186,909
   Amortization                                                18,306        18,306

  Changes in Assets and Liabilities:
   [Increase] Decrease in:
     Escrow                                                  (231,250)     (283,826)
     Security Deposits                                            (70)        2,687
     Other Current Assets                                      64,558        93,046

   Increase [Decrease] in:
     Accounts Payable                                          (2,525)      (14,388)
     Accrued Interest                                          (1,206)       (1,629)
     Other Accrued Expenses                                   158,331       157,381
     Accounts Payable - Related Party                         (19,328)       (9,749)
     Tenant Security Deposits                                      70        (2,687)
     Deferred Income                                           48,214          (400)
                                                           ----------   -----------

   Total Adjustments                                          222,862       145,650
                                                           ----------   -----------

  Net Cash - Operating Activities                              38,972        72,900
                                                           ----------   -----------

Investing Activities:
  Capital Expenditures                                        (10,337)       (2,687)
                                                           ----------   -----------

Financing Activities:
  Principal Payments on Mortgages                             (42,981)      (39,003)
  Distributions to Partners                                   (31,881)      (79,869)
                                                           ----------   -----------

  Net Cash - Financing Activities                             (74,862)     (118,872)
                                                           ----------   -----------

  Net [Decrease] in Cash and Cash Equivalents                 (46,227)      (48,659)

Cash and Cash Equivalents - Beginning of Periods              542,337       574,627
                                                           ----------   -----------

  Cash and Cash Equivalents - End of Periods               $  496,110   $   525,968
                                                           ==========   ===========
</TABLE>

Supplemental Disclosures of Cash Flow Information:
  Cash paid for  interest  during the nine months ended  September  30, 1996 and
1995 was $358,030 and $362,008, 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 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, 1995, as filed with
the Securities and Exchange Commission.

[B] Basis of Reporting

The balance sheet as of September 30, 1996, the statements of operations for the
three and nine months  ended  September  30,  1996 and 1995,  the  statement  of
partners'  capital  for the  nine  months  ended  September  30,  1996,  and the
statements  of cash flows for the nine months ended  September 30, 1996 and 1995
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 September  30, 1996,  and the
results of its operations for the three and nine months then ended, and its 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,
1995.

Certain reclassifications may have been made to the 1995 financial statements to
conform to classifications used in 1996.

                                        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 to upper 80% range during the
third quarter of 1996. As of November 8, 1996,  there were 48 vacant  apartments
of which 10 of the vacant  apartments were rented for occupancy during November,
and 38  apartments  were  available  for rent.  Thus 85% of the  apartments  are
occupied and 88% are presently rented. With the excess of available  apartments,
one free month's  rental is currently  being  offered for 13 month leases on two
bedroom/two  bathroom  units.  These units  comprise  the great  majority of the
available apartments.  Rental income for the three and nine month periods ending
September 30, of 1995 and 1996,  increased slightly from $451,164 and $1,375,456
to $464,244 and  $1,397,556  for the comparable  periods.  These  increases were
attributable to the increased rental rates for apartments at the Pavilion, which
were  offset to some  extent by  increases  in the  vacancy  rate at the project
compared to the earlier year.

Cost of Rental  Income,  consisting  mainly of real  estate  taxes,  repairs and
maintenance and utilities increased for the three and nine month periods of 1995
and 1996,  from  $150,732 and  $455,834 to $170,119  and $494,808  respectively.
These increases were primarily a result of expenditures  made in connection with
the increased  Replacements and Repairs and Maintenance  which were completed at
the project during the period. These are discussed further below.

Selling,  General  and  Administrative  Expenses  increased  substantially  from
$158,796 and $445,734 for the respective three and nine month periods of 1995 to
$215,463 and $541,607 for 1996.  Expenses for 1996 reflected  increased  payroll
costs in  connection  with  Repairs and  Maintenance  performed  at the Pavilion
Apartment.  In  addition,  accruals  for  professional  fees  reflect  increased
accruals to more accurately reflect actual expenses which were paid for the 1995
fiscal year.  Additional increases reflected the administrative  services of the
General  Partner in connection  with the  preparation of the quarterly Forms 10Q
for filing with the  Securities  and Exchange  Commission as required by law. In
addition,  increased  management fees to the  unaffiliated  property manager for
supervision  of the  additional  work at the  Pavilion  were  reflected in these
periods.


                                        6

<PAGE>



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



Operations [Continued]

In 1996, a new laundry  room  contract was entered into with the operator of the
laundry  equipment at the Pavilion  Apartments.  This contract  provided that in
addition  to the  installation  of new laundry  equipment  at the  Project,  and
regular  recurring fees based on machine income,  an initial lump sum payment of
$50,000 was paid to the Partnership. This sum is being amortized over the 7 year
term of the  agreement,  and the cash  received was utilized for the Repairs and
Maintenance being performed at the property. To date, all buildings [except one]
have  been  repainted,  the  swimming  pool was  remarcited,  approximately  six
thousand dollars of roof work was completed  involving  reroofing of many of the
patio areas at the property,  and the fencing has been replaced  around both the
tennis  courts and the pool.  Identification  signs on the  buildings  have been
replaced,  as  have  all  the  dumpster  enclosures  on  the  project.  To  date
approximately  $140,000 has been spent. Still to be completed is the painting of
the final  building  and the  painting  of the  exterior  unit  doors on all the
buildings.

As a result of the  increased  Selling,  General  and  Administrative  Expenses,
Operating Income decreased significantly from $73,231 and $268,673 for the three
and nine month periods of 1995 to $9,548 and $155,074 for the comparable periods
of 1996.

Inflation

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


                                        7

<PAGE>



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



                                        8

<PAGE>



SIGNATURES
------------------------------------------------------------------------------




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 12, 1996                   By:________________________________
                                 Andrew C. Alson
                                        [President and Chief Financial Officer]
                              FJS Properties, Inc.
                                 General Partner

                                        9

<PAGE>



SIGNATURES
------------------------------------------------------------------------------



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 12, 1996                   By: /s/ Andrew C. Alson
                                              -------------------
                                 Andrew C. Alson
                                       [President and Chief Financial Officer]
                              FJS Properties, Inc.
                                 General Partner


                                        9