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, 2001          Commission File Number 0-15755
                      -------------                                 -------

                           FJS PROPERTIES FUND I, L.P.
                           ---------------------------
             (Exact name of registrant as specified in its charter)

           Delaware                                           13-3252067
           --------                                           ----------
(State or other jurisdiction of                            (I.R.S. Employer

incorporation or organization)                            Identification No.)

      264 Route 537 East
        Colts Neck, NJ                                           07722
        --------------                                           -----
(Address of principal executive offices)                      (Zip code)

Registrant's telephone number, including area code:       (732) 542-9209
                                                          --------------

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 of 15(d) of the  Securities  and  Exchange Act of 1934
during the preceding 12 months (or for such shorter  period that the  registrant
was  required  to file such  reports),  and (2) has been  subject to such filing
requirements for the past 90 days.

                             Yes   X      No
                                 -----       ------

Authorized 100,000 limited partnership  interests of which 16,788 have been sold
as of August 8, 2001.




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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, 2001 [Unaudited]
         and December 31, 2000....................................     1

         Statements of Operations for the three and six months ended
         June 30, 2001 and 2000 [Unaudited].......................     2

         Statement of Partners' Capital (Deficit) for the six months
         ended June 30, 2001 [Unaudited]..........................     3

         Statements of Cash Flows for the six months ended
         June 30, 2001 and 2000 [Unaudited].......................     4

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

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

Part III: OTHER INFORMATION

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

Signature.........................................................     9







<PAGE>



PART I - FINANCIAL INFORMATION
Item 1.  FINANCIAL STATEMENTS

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

                                                        June 30,    December 31,
                                                        --------    ------------
                                                         2 0 0 1       2 0 0 0
                                                         -------       -------
                                                       [Unaudited]
Assets:
Current Assets:
  Cash and Cash Equivalents                            $   254,451   $  188,122
  Cash - Escrow                                             84,429       64,184
  Cash - Security Deposits                                 131,271      125,015
  Tenant Receivables                                        14,903       13,215
  Other Current Assets                                      89,273       21,446
                                                       -----------   ----------

Total Current Assets                                       574,327      411,982
                                                       -----------   ----------

Property Investment:
  Land                                                   2,296,804    2,296,804
  Buildings                                              6,569,125    6,569,125
  Furniture, Fixtures and Improvements                   2,904,364    2,758,619
                                                       -----------   ----------
Totals - At Cost                                        11,770,293   11,624,548
Less: Accumulated Depreciation                          (5,620,595)  (5,427,009)
                                                       -----------   ----------

Property Investment - Net                                6,149,698    6,197,539
                                                       -----------   ----------

Other Assets                                               148,519      189,602
                                                       -----------   ----------

Total Assets                                           $ 6,872,544   $6,799,123
                                                       ===========   ==========

Liabilities and Partners' Capital (Deficit):
Current Liabilities:
  Accounts Payable                                     $   110,780   $  117,747
  Accrued Interest                                          36,671       37,045
  Other Accrued Expenses                                   101,830        7,093
  Due to Related Party                                       4,613       16,704
  Tenant Security Deposits Payable                         131,271      125,015
  Prepaid Rent                                              27,089       27,597
  Mortgage Payable - Current Portion                        99,662       94,971
  Deferred Income - Current Portion                          7,143        7,143
                                                       -----------   ----------

Total Current Liabilities                                  519,059      433,315
                                                       -----------   ----------

Long-Term Liabilities:
  Mortgage Payable - Non-Current Portion                 4,414,411    4,465,099
  Deferred Income - Non-Current Portion                      7,143       10,714
                                                       -----------   ----------

Total Long-Term Liabilities                              4,421,554    4,475,813
                                                       -----------   ----------

Partners' Capital (deficit):
  General Partner                                       (1,216,540)  (1,216,959)
  Limited Partners                                       3,148,471    3,106,954
                                                       -----------   ----------

Total Partners' Capital (deficit)                        1,931,931    1,889,995
                                                       -----------   ----------

Total Liabilities and Partners' Capital (deficit)      $ 6,872,544   $6,799,123
                                                       ===========   ==========

See Accompanying Notes to These Financial Statements.

                                        1

<PAGE>



PART 1 - FINANCIAL INFORMATION
Item 1:  Financial Statements

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,
                                       --------                  --------
                                  2 0 0 1     2 0 0 0      2 0 0 1      2 0 0 0
                                  -------     -------      -------      -------
Revenue:
  Rental                       $   610,645 $   617,048   $1,194,104  $1,198,168
  Interest                           1,505       2,000        3,500       4,449
                               ----------- -----------   ----------  ----------

  Total Revenue                    612,150     619,048    1,197,604   1,202,617
                               ----------- -----------   ----------  ----------

Expenses:
  Operating                        192,882     172,005      337,781     320,897
  General and administrative       192,196     198,161      391,127     383,885
  Interest                         110,204     112,546      220,970     225,598
  Depreciation and amortization    103,593      92,923      205,790     182,925
                               ----------- -----------   ----------  ----------

  Total Expenses                   598,875     575,635    1,155,668   1,113,305
                               ----------- -----------   ----------  ----------

Net Income                          13,275      43,413       41,936      89,312
                               =========== ===========   ==========  ==========

Income Per Limited
  Partnership Unit             $      0.78 $      2.56   $     2.47  $     5.27
                               =========== ===========   ==========  ==========

  Distributions Per Limited
   Partnership Unit.           $         0 $         0   $        0  $        0

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

See Accompanying Notes to These Financial Statements.


                                        2

<PAGE>



PART 1 - FINANCIAL INFORMATION
Item 1:  Financial Statements

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


                                                                        Total
                                             General     Limited      Partners'
                                             Partner    Partners       Capital

Partners' Capital (Deficit) -
  December 31, 2000                       $(1,216,959) $ 3,106,954   $1,889,995

Net Income for the six months
  ended June 30, 2001                            419        41,517       41,936
                                          ----------   -----------   ----------

  Partners' Capital (Deficit) -
   June 30, 2001 [Unaudited]              $(1,216,540) $ 3,148,471   $1,931,931
                                          ===========  ===========   ==========



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]
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                                                           Six months ended
                                                               June 30,
                                                          2 0 0 1      2 0 0 0
                                                          -------      -------

Operating activities:
  Net income                                           $    41,936   $   89,312
  Adjustments to reconcile net income to
   net cash provided by operating activities:
   Depreciation                                            193,586      170,721
   Amortization                                             12,204       12,204
   Deferred Income                                          (3,571)      (3,571)

  Changes in Assets and Liabilities:
   (Increase) decrease in escrow                           (20,245)       2,403
   (Increase) in security deposits                          (6,256)      (6,414)
   (Increase) in tenant receivables                         (1,688)           0
   (Increase) in other current assets                      (67,827)     (34,796)
   Decrease in other assets                                 28,879       71,152
   Increase in accounts payable
     and accrued expenses                                   87,396       54,206
   (Decrease) in prepaid rents                                (508)           0
   (Decrease) in due to related party                      (12,091)     (12,135)
   Increase in tenant security deposits                      6,256        6,414
                                                       -----------   ----------

  Net Cash Provided by Operating Activities                258,071      349,496
                                                       -----------   ----------

Investing Activities:
  Capital Expenditures                                    (145,745)    (228,346)
                                                       -----------   ----------

  Net Cash (used in) Investing Activities                 (145,745)    (228,346)
                                                       -----------   ----------

Financing Activities:
  Principal Payments on Mortgages                          (45,997)     (41,404)
                                                       -----------   ----------

  Net cash (used in) Financing Activities                  (45,997)     (41,404)
                                                       -----------   ----------

  Net increase in cash and cash equivalents                 66,329       79,746

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

  Cash and Cash Equivalents - End of Period            $   254,451   $  297,652
                                                       ===========   ==========

Supplemental disclosure of cash flow information:
  Interest paid                                        $   221,344   $  225,937
                                                       ===========   ==========

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

[B] Basis of Reporting

The balance sheet as of June 30, 2001,  the  statements  of  operations  for the
three and six months  ended June 30, 2001 and 2000,  the  statement of partners'
capital  (deficit) for the six months ended June 30, 2001, and the statements of
cash flows for the six months ended June 30, 2001 and 2000 have been prepared by
the Partnership without audit. The accompanying  unaudited financial  statements
have been prepared in accordance with standards generally accepted in the United
States of America 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 accounting  principles  generally
accepted in the United States of America 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, 2001,
and the results of its  operations and 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, 2000.


                                        5

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FJS PROPERTIES FUND I, L.P.
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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.

The holder of the first  mortgage on the Pavilion  Apartments  has agreed to the
withdrawal of $60,000 from an escrow account held by the first mortgagee.  These
funds are  intended to be  utilized  for capital  improvements  at the  Pavilion
Apartments,  in particular,  among other items, for roof repairs that are needed
at  the  property.  $60,000  was  disbursed  from  the  escrow  account  to  the
Partnership on June 13, 2001. The Partnership  will replenish the escrow account
with payments of $5,000 per month  commencing  June 2001 and continuing  monthly
for twelve months. It is anticipated that cash flow from the Pavilion Apartments
will be sufficient to make such  payments.  A similar  withdrawal of $59,675 was
made by the  Partnership  on May 22,  2000.  The  Partnership  replenished  this
account with payments of $5,000 per month from June 2000, through May 2001.

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-low 90% range for the second
quarter of 2001. Physical occupancy stands at 92.9% as of August 8, 2001. Of the
21 vacant apartments  (excluding the one vacant model apartment) 5 are available
for rent with the remaining 16 apartments pre leased for August occupancy.

Rental revenues  decreased  slightly to $610,645 from $617,048 and to $1,194,104
from  $1,198,168  for the three and six month  periods  ended June 30, 2001,  as
compared to the comparable  periods of the prior year. These decreases  resulted
from increased  vacancies at the Pavilion  Apartments which more than offset the
increases in rental rates at the project. Operating expenses,  consisting mainly
of real estate  taxes,  repairs  and  maintenance  and  utilities  increased  to
$192,882 from $172,005 and to $337,781  from $320,897 for the  comparable  three
and six month  periods of 2001 and 2000  respectively.  The  increases  resulted
primarily from increased  replacement costs and substantially  increased utility
charges for water and sewer and sanitation.  In addition they reflect  increased
real  estate  taxes for the  current  year.  These were offset to some extent by
decreased spending for repairs and maintenance.

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

         Item                             Amount spent

Stoves/Refrigerators/Dishwashers          $     9,055
Carpeting                                 $    25,377
Tile Replacement                          $       600
Roofs                                     $    27,521
Misc. Interior Improvements               $     1,277
                                          -----------

Total                                     $    63,830
                                          ===========



                                        6

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FJS PROPERTIES FUND I, L.P.
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Item 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
         AND RESULTS OF  OPERATIONS
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General and  administrative  expenses  decreased to $192,196  from  $198,161 and
increased  to $391,127  from  $383,885  for the  comparable  three and six month
periods  of the prior year  respectively.  This  result  reflects  increases  in
payroll and court costs and eviction  expenses during the periods.  In addition,
while the first quarter general and administrative  expenses showed only a small
increase in insurance  expense as compared to 2000, the Partnership has received
notice that the renewal  premium for the period from April 1, 2001 through March
31, 2002, has increased  substantially from $66,690 to $118,766. The increase in
general  and  administrative  expenses  for the  second  quarter  reflects  this
insurance increase. Our managing agent is in the process of seeking alternatives
for this  coverage.  We are unable to predict at this time  whether a lower cost
alternative can be found.

INFLATION

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


                                        7

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FJS PROPERTIES FUND I, L.P.
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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 Form 8-K:

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


                                        8

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




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


                                      FJS PROPERTIES FUND I, L.P.




Date: August 8, 2001                  By: /s/ Andrew C. Alson
                                         ----------------------------------
                                         Andrew C. Alson
                                         (President and Chief Financial Officer)
                                         FJS Properties, Inc.
                                         General Partner



                                        9

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