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 June 30, 1998              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 August 3, 1998.


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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 June 30, 1998 [Unaudited]
        and December 31, 1997 ....................................      1

        Statements of Operations for the three and six months ended
        June 30, 1998 and 1997 [Unaudited]........................      2

        Statement of Partners' Capital for the six months
        ended June 30, 1998 [Unaudited]...........................      3

        Statements of Cash Flows for the six months ended
        June 30, 1998 and 1997 [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
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FJS PROPERTIES FUND I, L.P.
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BALANCE SHEETS
------------------------------------------------------------------------------

                                                     June 30,    December 31,
                                                      1 9 9 8       1 9 9 7
                                                    [Unaudited]
Assets:
Current Assets:
  Cash and Cash Equivalents                         $  505,783   $   535,546
  Cash - Escrow                                        195,161        97,661
  Cash - Security Deposits                             123,624       121,878
  Other Current Assets                                  58,234        35,971
                                                    ----------   -----------

  Total Current Assets                                 882,802       791,056
                                                    ----------   -----------

Property Investment:
  Land                                               2,296,804     2,296,804
  Buildings                                          6,569,125     6,569,125
  Furniture, Fixtures and Building Improvements      1,878,086     1,818,365
                                                    ----------   -----------

  Totals - At Cost                                  10,744,015    10,684,294
  Less:  Accumulated Depreciation                   (4,636,373)   (4,507,327)
                                                    ----------   -----------

  Property Investment - Net                          6,107,642     6,176,967
                                                    ----------   -----------

Other Assets                                           282,183       290,795
                                                    ----------   -----------

  Total Assets                                      $7,272,627   $ 7,258,818
                                                    ==========   ===========

Liabilities and Partners' Capital:
Current Liabilities:
  Accounts Payable                                  $   78,074   $    97,300
  Accrued Interest                                      36,864        38,944
  Other Accrued Expenses                               115,124         6,423
  Accounts Payable - Related Party                       9,313        26,138
  Tenant Security Deposits                             123,624       121,878
  Mortgage Payable - Current Portion                    73,960        70,455
  Deferred Income - Current Portion                      7,143         7,142
                                                    ----------   -----------

  Total Current Liabilities                            444,102       368,280
                                                    ----------   -----------

Long-Term Liabilities:
  Mortgage Payable - Non-Current Portion             4,684,700     4,722,578
  Deferred Income - Non-Current Portion                 28,571        32,141
                                                    ----------   -----------

  Total Long-Term Liabilities                        4,713,271     4,754,719
                                                    ----------   -----------

Partners' Capital:
  General Partner                                   (1,214,707)   (1,214,501)
  Limited Partners                                   3,329,961     3,350,320
                                                    ----------   -----------

  Total Partners' Capital                            2,115,254     2,135,819
                                                    ----------   -----------

  Total Liabilities and Partners' Capital           $7,272,627   $ 7,258,818
                                                    ==========   ===========

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        Six months ended
                                       June 30,                 June 30,
                                       --------                 --------
                                  1 9 9 8      1 9 9 7     1 9 9 8     1 9 9 7
                                  -------      -------     -------     -------

Rental Income                   $  530,643  $  508,477  $ 1,057,208 $ 1,005,132
Cost of Rental Income              168,658     171,987      333,970     360,736
                                ----------  ----------  ----------- -----------

  Gross Profit                     361,985     336,490      723,238     644,396
                                ----------  ----------  ----------- -----------

Expenses:
  Selling, General and 
   Administrative Expenses         162,724     167,358      335,928     324,706
  Depreciation and Amortization     71,288      67,121      141,251     130,839
                                ----------  ----------  ----------- -----------

  Total Expenses                   234,012     234,479      477,179     455,545
                                ----------  ----------  ----------- -----------

  Operating Income                 127,973     102,011      246,059     188,851
                                ----------  ----------  ----------- -----------

Other [Income] and Expenses:
  Interest Income                   (6,509)     (5,558)     (12,982)    (11,560)
  Interest Expense                 114,866     116,469      230,919     234,610
  Other Expense                         --          --        2,900          --
                                ----------  ----------  ----------- -----------

  Other Expenses - Net             108,357     110,911      220,837     223,050
                                ----------  ----------  ----------- -----------

  Net Income [Loss]             $   19,616  $   (8,900) $    25,222 $   (34,199)
                                ==========  ==========  =========== ===========

  Income [Loss] Per Limited
   Partnership Unit             $     1.16  $     (.52) $      1.49 $     (2.02)
                                ==========  ==========  =========== ===========

  Distributions Per Limited 
   Partnership Unit             $     2.70  $     1.30  $      2.70 $      1.30
                                ==========  ==========  =========== ===========

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


See Accompanying Notes to 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, 1997   $(1,214,501)  $3,350,320   $ 2,135,819

  Net Income for the six months
   ended June 30, 1998                          252       24,970        25,222

  Cash Distributions to Partners               (458)     (45,329)      (45,787)
                                        -----------   ----------   -----------

  Partners' Capital - June 30, 1998
   [Unaudited]                          $(1,214,707)  $3,329,961   $ 2,115,254
                                        ===========   ==========   ===========




See Accompanying Notes to Financial Statements.


                                         3

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FJS PROPERTIES FUND I, L.P.
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STATEMENTS OF CASH FLOWS
[UNAUDITED]
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                                                            Six months ended
                                                                June 30,
                                                          1 9 9 8      1 9 9 7
                                                          -------      -------

Operating Activities:
  Net Income [Loss]                                    $   25,222   $   (34,199)
                                                       ----------   -----------
  Adjustments to Reconcile Net Income [Loss] 
   to Net Cash Provided by Operating Activities:
   Depreciation                                           129,047       118,635
   Amortization                                            12,204        12,204

  Changes in Assets and Liabilities:
   [Increase] Decrease in:
     Escrow                                               (97,499)       19,753
     Security Deposits                                     (1,746)      (10,147)
     Other Current Assets                                 (22,265)      (79,471)
     Other Assets                                          (3,592)           --

   Increase [Decrease] in:
     Accounts Payable                                     (19,226)      (16,342)
     Accrued Interest                                      (2,080)       (1,539)
     Other Accrued Expenses                               108,700       104,585
     Accounts Payable - Related Party                     (16,824)      (10,691)
     Tenant Security Deposits                               1,746        10,147
     Deferred Income                                       (3,571)       (3,571)
                                                       ----------   -----------

   Total Adjustments                                       84,894       143,563
                                                       ----------   -----------

  Net Cash - Operating Activities                         110,116       109,364
                                                       ----------   -----------

Investing Activities:
  Capital Expenditures                                    (59,720)           --
                                                       ----------   -----------

Financing Activities:
  Principal Payments on Mortgages                         (34,372)      (31,194)
  Distributions to Partners                               (45,787)      (22,045)
                                                       ----------   -----------

  Net Cash - Financing Activities                         (80,159)      (53,239)
                                                       ----------   -----------

  Net [Decrease] Increase in Cash and Cash Equivalents    (29,763)       56,125

Cash and Cash Equivalents - Beginning of Periods          535,546       493,597
                                                       ----------   -----------

  Cash and Cash Equivalents - End of Periods           $  505,783   $   549,722
                                                       ==========   ===========

Supplemental Disclosure of Cash Flow Information:
  Cash paid for interest  during the six months ended June 30, 1998 and 1997 was
$232,329 and $236,150, 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]
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[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, 1997, as filed with
the Securities and Exchange Commission.

[B] Basis of Reporting

The balance sheet as of June 30, 1998,  the  statements  of  operations  for the
three and six months  ended June 30, 1998 and 1997,  the  statement of partners'
capital for the six months ended June 30, 1998, and the statements of cash flows
for the six  months  ended  June 30,  1998 and 1997  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 June 30, 1998,  and the results of its  operations for the three
and six months then ended and its cash flows for the six 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, 1997.





                    .   .   .   .   .   .   .   .   .   .   .

                                        5

<PAGE>



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  during the
second  quarter of 1998. As of August 3, 1998,  there were 32 vacant  apartments
with 12 scheduled  move-ins for August.  20 apartments  were available for rent.
Physical  occupancy  therefore  stands at 89.7%,  with  93.6% of the  apartments
rented.

     Rental income for the comparable three and six month periods ended June 30,
1997 and 1998,  showed  increases  as compared  to the prior year,  for both the
three month  period from  $508,477  to  $530,643  and the six month  period from
$1,005,132 to  $1,057,208.  The increases  were  primarily  attributable  to the
increased rental rates enjoyed by the Pavilion Apartments as well as a reduction
in rental allowances utilized to attract tenants to the project.  Cost of Rental
Income,  consisting  mainly of real estate taxes,  repairs and  maintenance  and
utilities  decreased from $171,987 to $168,658 and from $360,736 to $333,970 for
the comparable  three and six month periods of 1997 and 1998  respectively.  The
decrease was principally  from a decrease in Replacements as a result of capital
improvements  incurred at the project. The cost of the capital improvements will
be amortized and expensed over the applicable period of years.

     Selling,  General and  Administrative  Expenses  increased from $324,706 to
$335,928 for the comparable six month periods, and decreased from to $167,358 to
$162,724 for the  comparable  three month periods of 1997 and 1998. The increase
in the six month period  resulted  primarily  from increased  Professional  Fees
resulting from the payments of fees incurred in connection  with Real Estate Tax
appeals for the project as well as  increased  court  costs in  connection  with
tenant  collection and eviction  proceedings in the first and second quarters of
1998.  In addition  higher  management  fees were  incurred  resulting  from the
increased rental income at the property. The decreases during the second quarter
resulted  principally  from  decreased  insurance  costs  as a  result  of lower
premiums on the coverage for the project.

     The Other  Expense  item of $2,900  under Other Income and Expenses for the
six month period of 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 recorded during the first quarter
of 1998 in connection  with the review of the documents and preparation of legal
filings required to be made by the Partnership.

     Principally as a result of the increase in Rental Income,  Operating Income
increased for both the three and six month periods to $127,973 and $246,059 from
$102,011 and $188,851 for the comparable periods of 1997.

     The  neighborhood  surrounding  the Pavilion  Apartments is undergoing some
changes.  The lot  adjacent  to the  property  which has been  vacant  since the
project was acquired is being  developed.  The building  department  has advised
that rental  townhomes are planned for  construction on this lot with completion
scheduled  for 1999.  While it would  seem that  rental  townhomes  would not be
direct competition for the Pavilion  Apartments,  and that new development could
bring  increased  traffic  flow to the area  which  might be  beneficial  to the
Partnership,  the  Partnership  is unable to  predict  the  actual  effect  this
construction will have on the Pavilion Apartments.

INFLATION

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


                                        6

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PART II - OTHER INFORMATION
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Item 6.  Exhibits and Reports on Form 8-K

[a] Exhibits as required by Item 601 of Regulation S-K:

     None Required

[b] Reports on Form 8-K:

     None filed during the quarter for which this report is submitted



                                        7

<PAGE>



SIGNATURE
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Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.

                                     FJS PROPERTIES FUND I, L.P.


Date: August 6, 1998                 By: /s/ Andrew C. Alson
                                         --------------------
                                         Andrew C. Alson
                                         (President and Chief Financial Officer)
                                         FJS Properties, Inc.
                                         General Partner

                                        8