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, 1999     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:       (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 5, 1999.



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FJS PROPERTIES FUND I, L.P.
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INDEX
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Part I: FINANCIAL INFORMATION (See Preliminary Note Below)

Item 1:  Financial Statements

         Balance Sheets as of September 30, 1999 [Unaudited]
         and December 31, 1998....................................     1

         Statement of Operations for the three and nine months ended
         September 30, 1999 and 1998 [Unaudited]..................     2

         Statement of Partners' Capital for the nine months
         ended September 30, 1999 [Unaudited].....................     3

         Statements of Cash Flows for the nine months ended
         September 30, 1999 and 1998 [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.........................     7

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




                        .   .   .   .   .   .   .   .   .


Preliminary Note - In a recent letter,  the Staff of the Securities and Exchange
Commission  raised  the  issue  that  the  Partnership's  auditors  may  not  be
independent  of the  Partnership,  as  required  by law, in that a member of the
audit firm had a  relationship  with an entity which is a holder of  Partnership
interests.  Neither the Staff letter, nor any other information available to the
Partnership  indicates that there is any  inaccuracy in the "audited"  financial
statements.  As a  result  of  the  Staff's  position,  however,  the  "audited"
financial statements might be deemed to be unaudited.  The Partnership is in the
process of obtaining a new auditing firm to serve as the Partnership's principal
independent accountants to audit its financial statements, and, if necessary, to
review prior years' financials and confirm their accuracy.




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


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

                                                      September 30, December 31,
                                                         1 9 9 9       1 9 9 8
                                                       [Unaudited]
Assets:
Current Assets:
  Cash and Cash Equivalents                            $   296,847   $  458,782
  Cash - Escrow                                            228,730      148,617
  Cash - Security Deposits                                 126,267      125,397
  Other Current Assets                                      36,475       25,752
                                                       -----------   ----------

  Total Current Assets                                     688,319      758,548
                                                       -----------   ----------

Property Investment:
  Land                                                   2,296,804    2,296,804
  Buildings                                              6,569,125    6,569,125
  Furniture, Fixtures and Building Improvements          2,188,281    1,953,010
                                                       -----------   ----------

  Totals - At Cost                                      11,054,210   10,818,939
  Less: Accumulated Depreciation                        (4,985,601)  (4,772,099)
                                                       -----------   ----------

  Property Investment - Net                              6,068,609    6,046,840
                                                       -----------   ----------

Other Assets                                               255,324      271,341
                                                       -----------   ----------

  Total Assets                                         $ 7,012,252   $7,076,729
                                                       ===========   ==========

Liabilities and Partners' Capital:
Current Liabilities:
  Accounts Payable                                     $    48,762   $   66,582
  Accrued Interest                                          37,957       38,371
  Other Accrued Expenses                                   157,193        6,826
  Accounts Payable - Related Party                           4,510       19,707
  Tenant Security Deposits                                 126,268      125,397
  Mortgage Payable - Current Portion                        83,043       77,641
  Deferred Income - Current Portion                          7,143        7,143
                                                       -----------   ----------

  Total Current Liabilities                                464,876      341,667
                                                       -----------   ----------

Long-Term Liabilities:
  Mortgage Payable - Non-Current Portion                 4,581,555    4,644,938
  Deferred Income - Non-Current Portion                     19,643       25,000
                                                       -----------   ----------

  Total Long-Term Liabilities                            4,601,198    4,669,938
                                                       -----------   ----------

Partners' Capital:
  General Partner                                       (1,216,396)  (1,215,207)
  Limited Partners                                       3,162,574    3,280,331
                                                       -----------   ----------

  Total Partners' Capital                                1,946,178    2,065,124
                                                       -----------   ----------

  Total Liabilities and Partners' Capital              $ 7,012,252   $7,076,729
                                                       ===========   ==========

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         Nine months ended
                                     September 30,             September 30,
                                     -------------             -------------
                                  1 9 9 9     1 9 9 8      1 9 9 9      1 9 9 8
                                  -------     -------      -------      -------

Rental Income                  $   524,992 $   508,072   $1,630,301  $1,565,280
Cost of Rental Income              204,560     158,170      601,664     492,141
                               ----------- -----------   ----------  ----------

  Gross Profit                     320,432     349,902    1,028,637   1,073,139
                               ----------- -----------   ----------  ----------

Expenses:
  Selling, General and
   Administrative Expenses         190,155     184,573      510,573     520,501
  Depreciation and Amortization     79,542      71,851      231,808     213,102
                               ----------- -----------   ----------  ----------

  Total Expenses                   269,697     256,424      742,381     733,603
                               ----------- -----------   ----------  ----------

  Operating Income                  50,735      93,478      286,256     339,536
                               ----------- -----------   ----------  ----------

Other [Income] and Expenses:
  Interest Income                   (4,215)     (6,241)     (13,386)    (19,224)
  Interest Expense                 113,766     115,709      342,617     346,629
  Other Expense                         --          --           --       2,900
                               ----------- -----------   ----------  ----------

  Other Expenses - Net             109,551     109,468      329,231     330,305
                               ----------- -----------   ----------  ----------

  Net [Loss] Income            $   (58,816)$   (15,990)  $  (42,975) $    9,231
                               =========== ===========   ==========  ==========

  [Loss] Income Per Limited
   Partnership Unit            $     (3.47)$     (0.94)  $    (2.53) $     0.54
                               =========== ===========   ==========  ==========

  Distributions Per Limited
   Partnership Unit            $        -- $      2.62   $     4.48  $     5.32
                               =========== ===========   ==========  ==========

  Weighted Average Number
   of Limited Partnership
   Units Outstanding                16,788      16,788       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, 1998     $(1,215,207) $ 3,280,331   $2,065,124

  Net [Loss] for the nine months
   ended September 30, 1999                     (429)      (42,546)     (42,975)

  Distributions to Partners                     (760)      (75,211)     (75,971)
                                          ----------   -----------   ----------

  Partners' Capital - September 30, 1999
   [Unaudited]                            $(1,216,396) $ 3,162,574   $1,946,178
                                          ===========  ===========   ==========



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,
                                                          1 9 9 9      1 9 9 8
                                                          -------      -------
Operating Activities:
  Net [Loss] Income                                    $   (42,975)  $    9,231
                                                       -----------   ----------
  Adjustments to Reconcile Net [Loss] Income to
   Net Cash Provided by Operating Activities:
   Depreciation                                            213,502      194,796
   Amortization                                             18,306       18,306

  Changes in Assets and Liabilities:
   [Increase] Decrease in:
     Escrow                                                (80,112)    (173,118)
     Security Deposits                                        (871)        (704)
     Other Current Assets                                  (10,722)      (9,378)
     Other Assets                                           (2,289)      (4,757)

   Increase [Decrease] in:
     Accounts Payable                                      (17,820)     (24,447)
     Accrued Interest                                         (414)      (2,219)
     Other Accrued Expenses                                150,366      163,111
     Accounts Payable - Related Party                      (15,197)     (21,402)
     Tenant Security Deposits                                  871          704
     Deferred Income                                        (5,357)      (5,357)
                                                       -----------   ----------

   Total Adjustments                                       250,263      135,535
                                                       -----------   ----------

  Net Cash - Operating Activities                          207,288      144,766
                                                       -----------   ----------

Investing Activities:
  Capital Expenditures                                    (235,271)     (89,834)
                                                       -----------   ----------

Financing Activities:
  Principal Payments on Mortgages                          (57,981)     (52,194)
  Cash Distributions to Partners                           (75,971)     (90,215)
                                                       -----------   ----------

  Net Cash - Financing Activities                         (133,952)    (142,409)
                                                       -----------   ----------

  Net [Decrease] in Cash and Cash Equivalents             (161,935)     (87,477)

Cash and Cash Equivalents - Beginning of Periods           458,782      535,546
                                                       -----------   ----------

  Cash and Cash Equivalents - End of Periods           $   296,847   $  448,069
                                                       ===========   ==========

Supplemental Disclosure of Cash Flow Information:
  Cash paid for  interest  during the nine months ended  September  30, 1999 and
1998 was $343,031 and $348,847 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, 1998, as filed with
the Securities and Exchange  Commission.  (See, also,  Preliminary Note on Index
page).

[B] Basis of Reporting

The balance sheet as of September 30, 1999, the statements of operations for the
three and nine months  ended  September  30,  1999 and 1998,  the  statement  of
partners'  capital  for the  nine  months  ended  September  30,  1999,  and the
statements  of cash flows for the nine months ended  September 30, 1999 and 1998
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, 1999,  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, 1998. (See, also, Preliminary Note on Index page).



                    .   .   .   .   .   .   .   .   .   .   .

                                        5

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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.

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 1999.  As of  November  2,  1999,  there  were 19  vacant  apartments  with 4
scheduled move-ins for November. 15 apartments were available for rent. Physical
occupancy stands at 94%, with 95% of the apartments rented.

Rental  income for the  comparable  periods  ended  September  30, 1999,  showed
increases as compared to the prior year, both for the three month periods,  from
$508,072 to $524,992 and the nine month periods from  $1,565,280 to  $1,630,301.
The increases were primarily  attributable to the increased rental rates enjoyed
by the Pavilion Apartments. The project saw a decrease in vacancies for the nine
month  period,  but showed a small  increase  in  vacancies  for the three month
period as compared to the prior year. Cost of Rental Income,  consisting  mainly
of real estate  taxes,  repairs and  maintenance  and utilities  increased  from
$158,170 to $204,560 and from $492,141 to $601,664 for the comparable  three and
nine  month  periods  of 1998  and  1999  respectively.  The  increase  resulted
principally  from  increased  expenses  for  replacements  and  upgrades  at the
Pavilion. Approximately $31,500 of replacements in excess of the 1998 amount was
incurred during the third quarter of 1999.

In addition,  capitalized  expenditures of  approximately  $131,200 was spent on
replacement  of  shower  and  tub  enclosures,   roof   replacements,   sidewalk
replacements,  sewer line replacement and  miscellaneous  interior  replacements
during the third quarter of 1999, and an aggregate of approximately $235,271 has
been spent  during the first nine months of 1999.  The costs of these items were
capitalized  and will be amortized  and expensed over the  applicable  number of
years.

Selling,  General and Administrative  Expenses remained substantially  unchanged
from 1998 to 1999,  reflecting  $520,501 and $510,573  for the  comparable  nine
month periods and $184,573 and $190,155 for the comparable three month periods.

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 expensed  during the first quarter of 1999, in connection  with the
review of the documents and preparation of legal filings  required to be made by
the  Partnership.  This  was a  non-recurring  income  and  expense  and was not
duplicated during the first quarter of 1999.

Principally  as a result of the  increase  in Cost of Rental  Income,  Operating
Income  decreased  for both the three and nine month  periods,  to  $50,735  and
$286,256 from $93,478 and $339,536 for the comparable periods of 1998.

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
------------------------------------------------------------------------------




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 From 8-K:

None filed during the quarter for which this report is submitted.


                                        7

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SIGNATURE
------------------------------------------------------------------------------




Pursuant  to the  requirements  of the  Securities  Exchange  Act or  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 5, 1999               By: /s/ Andrew C. Alson
                                         --------------------
                                         Andrew C. Alson
                                         (President and Chief Financial Officer)
                                         FJS Properties, Inc.
                                         General Partner




                                        8

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