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, 1997         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 3, 1997.


<PAGE>



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, 1997 [Unaudited]
        and December 31, 1996 ....................................      1

        Statements of Operations for the three months and nine months
        ended September 30, 1997 and 1996 [Unaudited].............      2

        Statement of Partners' Capital for the nine months
        ended September 30, 1997 [Unaudited]......................      3

        Statements of Cash Flows for the nine months ended
        September 30, 1997 and 1996 [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 Page....................................................      8




                          .   .   .   .   .   .   .   .


<PAGE>



PART I - FINANCIAL INFORMATION
Item 1.  FINANCIAL STATEMENTS
------------------------------------------------------------------------------


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


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

                                                      September 30, December 31,
                                                         1 9 9 7       1 9 9 6
                                                             [Unaudited]
Assets:
Current Assets:
  Cash and Cash Equivalents                            $  544,279   $   493,597
  Cash - Escrow                                           236,237       182,875
  Cash - Security Deposits                                124,969       121,167
  Other Current Assets                                     58,310         1,430
                                                       ----------   -----------

  Total Current Assets                                    963,795       799,069
                                                       ----------   -----------

Property Investment:
  Land                                                  2,296,804     2,296,804
  Buildings                                             6,569,125     6,569,125
  Furniture, Fixtures and Building Improvements         1,740,341     1,737,884
                                                       ----------   -----------

  Totals - At Cost                                     10,606,270    10,603,813
  Less:  Accumulated Depreciation                      (4,441,824)   (4,262,710)
                                                       ----------   -----------

  Property Investment - Net                             6,164,446     6,341,103
                                                       ----------   -----------

Other Assets                                              294,096       308,781
                                                       ----------   -----------

  Total Assets                                         $7,422,337   $ 7,448,953
                                                       ==========   ===========

Liabilities and Partners' Capital:
Current Liabilities:
  Accounts Payable                                     $   70,380   $    79,843
  Accrued Interest                                         37,258        38,922
  Other Accrued Expenses                                  164,259         7,225
  Accounts Payable - Related Party                          9,628        18,224
  Tenant Security Deposits                                124,969       121,167
  Mortgage Payable - Current Portion                       68,767        63,935
  Deferred Income - Current Portion                         7,142         7,142
                                                       ----------   -----------

  Total Current Liabilities                               482,403       336,458
                                                       ----------   -----------

Long-Term Liabilities:
  Mortgage Payable - Non-Current Portion                4,740,838     4,793,033
  Deferred Income - Non-Current Portion                    33,929        39,286
                                                       ----------   -----------

  Total Long-Term Liabilities                           4,774,767     4,832,319
                                                       ----------   -----------

Partners' Capital:
  General Partner                                      (1,214,208)   (1,213,057)
  Limited Partners                                      3,379,375     3,493,233
                                                       ----------   -----------

  Total Partners' Capital                               2,165,167     2,280,176
                                                       ----------   -----------

  Total Liabilities and Partners' Capital              $7,422,337   $ 7,448,953
                                                       ==========   ===========

See Accompanying Notes to Financial Statements.

                                         1

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


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

<TABLE>


                                                    Three months ended        Nine months ended
                                                       September 30,            September 30,
                                                       -------------            -------------
                                                  1 9 9 7       1 9 9 6      1 9 9 7       1 9 9 6
                                                  -------       -------      -------       -------

<S>                                           <C>           <C>           <C>           <C>        
Rental Income                                 $   515,580   $   464,244   $ 1,520,712   $ 1,397,556
Cost of Rental Income                             173,158       170,119       533,894       494,808
                                              -----------   -----------   -----------   -----------

  Gross Profit                                    342,422       294,125       986,818       902,748
                                              -----------   -----------   -----------   -----------

Expenses:
  Selling, General and Administrative
   Expenses                                      183,757        215,463       508,462       541,607
  Depreciation and Amortization                   66,582         69,114       197,421       206,067
                                             -----------    -----------   -----------   -----------

  Total Expenses                                 250,339        284,577       705,883       747,674
                                             -----------    -----------   -----------   -----------

  Operating Income                                92,083          9,548       280,935       155,074
                                             -----------    -----------   -----------   -----------

Other [Income] and Expenses:
  Interest Income                                (7,223)        (6,089)      (18,782)      (17,420)
  Interest Expense                              117,373        118,880       351,983       356,384
                                            -----------    -----------   -----------   -----------

  Total Other Expenses - Net                    110,150        112,791       333,201       338,964
                                            -----------    -----------   -----------   -----------

  Net [Loss]                                $   (18,067)   $  (103,243)  $   (52,266)  $  (183,890)
                                            ===========    ===========   ===========   ===========

[Loss] Per Limited Partnership Unit         $     (1.07)   $     (6.09)  $     (3.08)  $    (10.84)
                                            ===========    ===========   ===========   ===========

Distributions Per Limited
  Partnership Unit                         $      2.40     $       --    $      3.70   $      1.88
                                           ===========     ===========   ===========   ===========

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

</TABLE>

See Accompanying Notes to Financial Statements.



                                         2

<PAGE>



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


STATEMENT OF PARTNERS' CAPITAL
[UNAUDITED]
------------------------------------------------------------------------------
<TABLE>


                                                                                     Total
                                                     General       Limited         Partners'
                                                     Partner       Partners         Capital

<S>                          <C> <C>              <C>             <C>            <C>        
Partners' Capital - December 31, 1996             $(1,213,057)    $3,493,233     $ 2,280,176

  Net [Loss] for the nine months ended
   September 30, 1997                                    (523)       (51,743)        (52,266)

  Cash Distributions to Partners                         (628)       (62,115)        (62,743)
                                                  -----------     ----------     -----------

  Partners' Capital - September 30, 1997          $(1,214,208)    $3,379,375     $ 2,165,167
                                                  ===========     ==========     ===========


</TABLE>

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


                                                           Nine months ended
                                                              September 30,
                                                          1 9 9 7      1 9 9 6
                                                          -------      -------
Operating Activities:
  Net [Loss]                                           $  (52,266)  $  (183,890)
                                                       ----------   -----------
  Adjustments to Reconcile Net [Loss] to
   Net Cash Provided by Operating Activities:
   Depreciation                                           179,114       187,762
   Amortization                                            18,306        18,306

  Changes in Assets and Liabilities:
   [Increase] Decrease in:
     Escrow                                               (56,983)     (231,250)
     Security Deposits                                     (3,801)          (70)
     Other Current Assets                                 (56,880)       64,558

   Increase [Decrease] in:
     Accounts Payable                                      (9,463)       (2,525)
     Accrued Interest                                      (1,664)       (1,206)
     Other Accrued Expenses                               157,036       158,331
     Accounts Payable - Related Party                      (8,596)      (19,328)
     Tenant Security Deposits                               3,801            70
     Deferred Income                                       (5,357)       48,214
                                                       ----------   -----------

   Total Adjustments                                      215,513       222,862
                                                       ----------   -----------

  Net Cash - Operating Activities                         163,247        38,972
                                                       ----------   -----------

Investing Activities:
  Capital Expenditures                                     (2,457)      (10,337)
                                                       ----------   -----------

Financing Activities:
  Principal Payments on Mortgage                          (47,365)      (42,981)
  Distributions to Partners                               (62,743)      (31,881)
                                                       ----------   -----------

  Net Cash - Financing Activities                        (110,108)      (74,862)
                                                       ----------   -----------

  Net Increase [Decrease] in Cash and Cash Equivalents     50,682       (46,227)

Cash and Cash Equivalents - Beginning of Periods          493,597       542,337
                                                       ----------   -----------

  Cash and Cash Equivalents - End of Periods           $  544,279   $   496,110
                                                       ==========   ===========

Supplemental Disclosures of Cash Flow Information:
  Cash paid for  interest  during the nine months ended  September  30, 1997 and
1996 was $353,647 and $358,030, 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, 1996, as filed with
the Securities and Exchange Commission.

[B] Basis of Reporting

The balance sheet as of September 30, 1997, the statements of operations for the
three and nine months  ended  September  30,  1997 and 1996,  the  statement  of
partners'  capital  for the  nine  months  ended  September  30,  1997,  and the
statements  of cash flows for the nine months ended  September 30, 1997 and 1996
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, 1997,  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,
1996.


                          .   .   .   .   .   .   .   .


                                        5

<PAGE>



Item 2:

FJS PROPERTIES FUND I, L.P.
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  during the third
quarter of 1997.  As of November  5, 1997,  there were 25 vacant  apartments  of
which 10 of the vacant apartments were rented for occupancy during November, and
15 apartments were available for rent. Thus 91.9% of the apartments are occupied
and 95.2% are  presently  rented.  Rental  income  for the three and nine  month
periods  ending  September 30, of 1996 and 1997,  increased  substantially  from
$464,244 and $1,397,556 to $515,580 and  $1,520,712 for the comparable  periods.
These increases were  attributable to the in creased rental rates for apartments
at the  Pavilion,  as well  as  decreases  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 1996
to 1997, from $170,119 and $494,808 to $173,158 and $533,894  respectively.  The
increase  during the nine month  period was  primarily a result of  expenditures
made in connection with the increased  Replacements  and Repairs and Maintenance
which were completed at the project earlier this year, while the slight increase
during  the three  month  period  was a result of  increases  in water and sewer
expense at the project.

Selling,  General  and  Administrative  Expenses  decreased  from  $215,463  and
$541,607 for the respective three and nine month periods of 1996 to $183,757 and
$508,462 for 1997.  Expenses for 1997  reflected  decreased  payroll  costs as a
result  of the  completion  of the  Repairs  and  Maintenance  performed  at the
Pavilion  Apartment  in the earlier  year.  In addition,  the 1996  accruals for
professional  fees  reflected  additional  accruals to more  accurately  reflect
actual expenses which were paid for the 1995 fiscal year. In addition,  the 1996
year reflected  increased  management fees to the unaffiliated  property manager
for  supervision of the additional  work at the Pavilion  completed  during that
period.

As a result of the increased  Rental Income as well as the decreases in Selling,
General and Administrative  Expenses,  Operating Income increased  significantly
from $9,548 and $155,074 for the three and nine month periods of 1996 to $92,083
and $280,935 for the comparable periods of 1997.

INFLATION

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


                                        6

<PAGE>



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:

On June 19,  1997,  the  Partnership  filed a report  on Form 8-K  under  Item 1
reporting a change in control of registrant.



                                        7

<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 10, 1997               By:/s/ Andrew C. Alson
                                         -------------------
                                         Andrew C. Alson
                                         [President and Chief Financial Officer]
                                         FJS Properties, Inc.
                                         General Partner

                                        8

<PAGE>