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, 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 August 1, 1997.




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

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

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

        Statements of Cash Flows for the six months ended
        June 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




                          .   .   .   .   .   .   .   .


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<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
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                                                            June 30,    December 31,
                                                             1 9 9 7       1 9 9 6
                                                           [Unaudited]
<S>                                                        <C>         <C>  

Assets:
Current Assets:
  Cash and Cash Equivalents                                $  549,722   $   493,597
  Cash - Escrow                                               160,619       182,875
  Cash - Security Deposits                                    131,314       121,167
  Other Current Assets                                         80,901         1,430
                                                           ----------   -----------

  Total Current Assets                                        922,556       799,069
                                                           ----------   -----------

Property Investment:
  Land                                                      2,296,804     2,296,804
  Buildings                                                 6,569,125     6,569,125
  Furniture, Fixtures and Building Improvements             1,737,885     1,737,884
                                                           ----------   -----------

  Totals - At Cost                                         10,603,814    10,603,813
  Less:  Accumulated Depreciation                          (4,381,345)   (4,262,710)
                                                           ----------   -----------

  Property Investment - Net                                 6,222,469     6,341,103
                                                           ----------   -----------

Other Assets                                                  299,080       308,781
                                                           ----------   -----------

  Total Assets                                             $7,444,105   $ 7,448,953
                                                           ==========   ===========

Liabilities and Partners' Capital:
Current Liabilities:
  Accounts Payable                                         $   63,501   $    79,843
  Accrued Interest                                             37,383        38,922
  Other Accrued Expenses                                      111,810         7,225
  Accounts Payable - Related Party                              7,533        18,224
  Tenant Security Deposits                                    131,314       121,167
  Mortgage Payable - Current Portion                           67,116        63,935
  Deferred Income - Current Portion                             7,142         7,142
                                                           ----------   -----------

  Total Current Liabilities                                   425,799       336,458
                                                           ----------   -----------

Long-Term Liabilities:
  Mortgage Payable - Non-Current Portion                    4,758,660     4,793,033
  Deferred Income - Non-Current Portion                        35,714        39,286
                                                           ----------   -----------

  Total Long-Term Liabilities                               4,794,374     4,832,319
                                                           ----------   -----------

Partners' Capital:
  General Partner                                          (1,213,620)   (1,213,057)
  Limited Partners                                          3,437,552     3,493,233
                                                           ----------   -----------

  Total Partners' Capital                                   2,223,932     2,280,176
                                                           ----------   -----------

  Total Liabilities and Partners' Capital                  $7,444,105   $ 7,448,953
                                                           ==========   ===========

See Accompanying Notes to 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 7      1 9 9 6      1 9 9 7     1 9 9 6
                                     -------      -------      -------     -------
<S>                                <C>         <C>          <C>         <C>  

Rental Income                      $  508,477  $  465,432   $ 1,005,132 $   933,312
Cost of Rental Income                 171,987     166,008       360,736     324,689
                                   ----------  ----------   ----------- -----------

  Gross Profit                        336,490     299,424       644,396     608,623
                                   ----------  ----------   ----------- -----------

Expenses:
  Selling, General and Administrative
   Expenses                           167,358     172,204       324,706     326,145
  Depreciation and Amortization        67,121      68,646       130,839     136,953
                                   ----------  ----------   ----------- -----------

  Total Expenses                      234,479     240,850       455,545     463,098
                                   ----------  ----------   ----------- -----------

  Operating Income                    102,011      58,574       188,851     145,525
                                   ----------  ----------   ----------- -----------

Other [Income] and Expenses:
  Interest Income                      (5,558)     (5,840)      (11,560)    (11,331)
  Interest Expense                    116,469     117,926       234,610     237,504
                                   ----------  ----------   ----------- -----------

  Other Expenses - Net                110,911     112,086       223,050     226,173
                                   ----------  ----------   ----------- -----------

  Net [Loss]                       $   (8,900) $  (53,512)  $   (34,199)$   (80,648)
                                   ==========  ==========   =========== ===========

[Loss] Per Limited Partnership Unit $   (.52) $    (3.16)  $     (2.02)$     (4.76)
                                   =========  ==========   =========== ===========

  Distributions Per Limited Partnership
   Unit                            $     1.30  $     1.54   $      1.30 $      1.88
                                   ==========  ==========   =========== ===========

  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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<TABLE>

FJS PROPERTIES FUND I, L.P.
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STATEMENT OF PARTNERS' CAPITAL
[UNAUDITED]
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                                                                            Total
                                               General       Limited       Partners'
                                               Partner       Partners      Capital
<S>                                          <C>          <C>           <C>    

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

  Net [Loss] for the six months ended
   June 30, 1997                                    (342)     (33,857)      (34,199)

  Cash Distributions to Partners                    (221)     (21,824)      (22,045)
                                             -----------   ----------   -----------

  Partners' Capital - June 30, 1997          $(1,213,620)  $3,437,552   $ 2,223,932
                                             ===========   ==========   ===========



See Accompanying Notes to Financial Statements.


</TABLE>
                                         3

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<TABLE>

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 7      1 9 9 6
                                                              -------      -------
<S>                                                       <C>           <C>  

Operating Activities:
  Net [Loss]                                               $  (34,199)  $   (80,648)
                                                           ----------   -----------
  Adjustments to Reconcile Net [Loss] to Net Cash
   Provided by Operating Activities:
   Depreciation                                               118,635       124,749
   Amortization                                                12,204        12,204

  Changes in Assets and Liabilities:
   [Increase] Decrease in:
     Escrow                                                    19,753      (147,069)
     Security Deposits                                        (10,147)      (12,450)
     Other Current Assets                                     (79,471)       30,247

   Increase [Decrease] in:
     Accounts Payable                                         (16,342)          777
     Accrued Interest                                          (1,539)       (1,092)
     Other Accrued Expenses                                   104,585       105,064
     Accounts Payable - Related Party                         (10,691)      (19,295)
     Tenant Security Deposits                                  10,147        12,450
     Deferred Income                                           (3,571)           --
                                                           ----------   -----------

   Total Adjustments                                          143,563       105,585
                                                           ----------   -----------

  Net Cash - Operating Activities                             109,364        24,937
                                                           ----------   -----------

Investing Activities:
  Capital Expenditures                                             --        (3,391)
                                                           ----------   -----------

Financing Activities:
  Principal Payments on Mortgages                             (31,194)      (28,304)
  Distributions to Partners                                   (22,045)      (31,881)
                                                           ----------   -----------

  Net Cash - Financing Activities                             (53,239)      (60,185)
                                                           ----------   -----------

  Net Increase [Decrease] in Cash and Cash Equivalents         56,125       (38,639)

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

  Cash and Cash Equivalents - End of Periods               $  549,722   $   503,698
                                                           ==========   ===========

Supplemental Disclosure of Cash Flow Information:
  Cash paid for interest  during the six months ended June 30, 1997 and 1996 was
$236,150 and $239,036, 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
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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, 1996, as filed with
the Securities and Exchange Commission.

[B] Basis of Reporting

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

Certain reclassifications may have been made to the 1996 financial statements to
conform to classifications used in 1997.




                    .   .   .   .   .   .   .   .   .   .   .

                                        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 low to mid 90% range during the
second quarter of 1997. As of August 11, 1997,  there were 16 vacant  apartments
with 4 scheduled  move-ins for August.  12 apartments  were  available for rent.
Physical occupancy therefore stands at 94.9%, with 96% of the apartments rented.

Rental income for the comparable three and six month periods ended June 30, 1996
and 1997,  showed  increases  as compared to the prior year,  for both the three
month period from $465,432 to $508,477 and the six month period from $933,312 to
$1,005,132.  The increases were primarily  attributable to the increased  rental
rates enjoyed by the Pavilion  Apartments as well as increased  occupancy at the
property. Cost of rental income, consisting mainly of real estate taxes, repairs
and  maintenance  and  utilities  increased  from  $166,008 to $171,987 and from
$324,689 to $360,736 for the comparable  three and six month periods of 1996 and
1997 respectively.  The increase was principally from increased replacements and
repairs and maintenance  which were completed  during the first quarter of 1997,
as well as increased  replacements  during the second quarter as a result of the
increased occupancy at the project.

Selling, general and administrative expenses decreased from $326,145 to $324,706
for the  comparable  six month  periods,  and from  $172,204 to $167,358 for the
comparable  three  month  period  of the  prior  year.  The  decreases  resulted
principally from decreased payroll costs which in the prior year were associated
with the labor  associated with painting of the Pavilion  Apartments and related
work.  These  decreases  were  offset by  increases  in  commissions  to outside
agencies for tenant referrals as well as increases in professional fees incurred
by the Partnership.

As a result of the increase in rental income, operating income increased for the
three and six month  periods to $102,011 and $188,851  from $58,574 and $145,525
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.



                                        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:

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
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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 12, 1997                     By: /s/ Andrew C. Alson
                                              -------------------
                                 Andrew C. Alson
                                         [President and Chief Financial Officer]
                                   FJS Properties, Inc.
                                   General Partner

                                        8