<PAGE>   1
                       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 Quarterly Period Ended JUNE 30, 1997

                         Commission File Number 2-94725

                            REAL AMERICAN PROPERTIES
                       (A California Limited Partnership)

                  I.R.S. Employer Identification No. 95-3906164

                         9090 WILSHIRE BLVD., SUITE 201
                           BEVERLY HILLS, CALIF. 90211

                         Registrant's Telephone Number,
                       Including Area Code (310) 278-2191


Indicate by check mark whether the registrant (1) has filed all documents and
reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding twelve 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
                                   -----     -----

<PAGE>   2
                            REAL AMERICAN PROPERTIES
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                               INDEX TO FORM 10-Q

                       FOR THE QUARTER ENDED JUNE 30, 1997


<TABLE>
<S>      <C>                                                                                <C>
PART I.  FINANCIAL INFORMATION

         Item 1.  Financial Statements

                 Balance Sheets, June 30, 1997 and December 31, 1996.........................1

                 Statements of Operations,
                         Six and Three Months Ended June 30, 1997 and 1996...................2

                 Statement of Partners' Equity (Deficiency),
                         Six Months Ended June 30, 1997......................................3

                 Statements of Cash Flows
                          Six Months Ended June 30, 1997 and 1996............................4

                 Notes to Financial Statements...............................................5

          Item 2.  Management's Discussion and Analysis of Financial
                       Condition and Results of Operations .................................11


PART II.  OTHER INFORMATION

         Item 1. Legal Proceedings..........................................................12

         Item 6.  Exhibits and Reports on Form 8-K .........................................12

         Signatures.........................................................................13
</TABLE>



<PAGE>   3
                            REAL AMERICAN PROPERTIES
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                                 BALANCE SHEETS

                       JUNE 30, 1997 AND DECEMBER 31, 1996

                                     ASSETS


<TABLE>
<CAPTION>
                                                                   1997           1996
                                                               (Unaudited)      (Audited)
                                                               ----------      ----------
<S>                  <C>                                       <C>             <C>     
        ASSETS (Note 1)                                        $     --        $     --
                                                               ==========      ==========



                        LIABILITIES AND PARTNERS' EQUITY


                                                               ----------      ----------
        LIABILITIES                                                  --              --
                                                               ----------      ----------


        COMMITMENTS AND CONTINGENCIES (Note 3)

        PARTNERS' EQUITY                                             --              --
                                                               ----------      ----------

                   TOTAL LIABILITIES AND PARTNERS' EQUITY      $     --        $     --
                                                               ==========      ==========
</TABLE>





   The accompanying notes are an integral part of these financial statements.




                                       1
<PAGE>   4
                            REAL AMERICAN PROPERTIES
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                            STATEMENTS OF OPERATIONS

                SIX AND THREE MONTHS ENDED JUNE 30, 1997 AND 1996

                                   (Unaudited)


<TABLE>
<CAPTION>
                                                 Six months     Three months      Six months         Three months
                                                    ended           ended            ended              ended
                                                   June 30,        June 30,         June 30,           June 30,      
                                                     1997            1997             1996               1996
                                                   ---------      -----------      -----------       -----------
<S>                                                <C>            <C>              <C>               <C>        
RENTAL OPERATIONS:
     Revenues
          Rental income                            $    --        $      --        $   246,417       $    62,817
          Other income                                  --               --              7,050             1,672
                                                   ---------      -----------      -----------       -----------
                                                        --               --            253,467            64,489
                                                   ---------      -----------      -----------       -----------
     Expenses
          Operating expenses                            --               --            178,621            53,221
          Management fees                               --               --              8,871             2,257
          Depreciation                                  --               --             34,872              --
          General and administrative expenses           --               --             12,180             2,211
          Interest expense                              --               --            360,093           128,905
                                                   ---------      -----------      -----------       -----------

                                                        --               --            594,637           186,594
                                                   ---------      -----------      -----------       -----------

          Loss from rental operations                   --               --           (341,170)         (122,105)
                                                   ---------      -----------      -----------       -----------

PARTNERSHIPS OPERATIONS:
     Interest income                                    --               --            119,825            24,465
                                                   ---------      -----------      -----------       -----------

     Expenses
          General and administrative expenses           --               --             12,110             3,941
          Professional fees                             --               --             99,366           (18,115)
                                                   ---------      -----------      -----------       -----------

                                                        --               --            111,476           (14,174)
                                                   ---------      -----------      -----------       -----------

          Income from partnership operations            --               --              8,349            38,639
                                                   ---------      -----------      -----------       -----------

GAIN ON SALE OF RENTAL PROPERTIES                       --               --          2,280,983         2,280,983
                                                   ---------      -----------      -----------       -----------

NET INCOME                                         $    --        $      --        $ 1,948,162       $ 2,197,517
                                                   =========      ===========      ===========       ===========

NET INCOME PER LIMITED PARTNERSHIP
     INTEREST (Note 1)                             $    --        $      --        $        91       $       102
                                                   =========      ===========      ===========       ===========
</TABLE>







   The accompanying notes are an integral part of these financial statements.




                                       2
<PAGE>   5
                            REAL AMERICAN PROPERTIES
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                   STATEMENT OF PARTNERS' EQUITY (DEFICIENCY)

                         SIX MONTHS ENDED JUNE 30, 1997

                                   (Unaudited)


<TABLE>
<CAPTION>
                                          General        Limited
                                          Partners       Partners          Total
                                          --------      ----------      ----------
<S>                                       <C>           <C>             <C>     
EQUITY (DEFICIENCY), January 1, 1996      $   --        $     --        $     --

     Net loss for the six months
     ended June 30, 1997                      --              --              --

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

EQUITY (DEFICIENCY), June 30, 1997        $   --        $     --        $     --
                                          ========      ==========      ==========
</TABLE>






   The accompanying notes are an integral part of these financial statements.






                                       3
<PAGE>   6
                            REAL AMERICAN PROPERTIES
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                            STATEMENTS OF CASH FLOWS

                     SIX MONTHS ENDED JUNE 30, 1997 AND 1996

                                   (Unaudited)


<TABLE>
<CAPTION>
                                                                  1997              1996
                                                               ----------      ------------
<S>                                                            <C>             <C>         
CASH FLOWS FROM OPERATING ACTIVITIES:
     Net  income                                               $     --        $  1,948,162
     Adjustments to reconcile net loss to net cash
        used in operating activities:
           Depreciation                                              --              34,872
           Gain on sale of rental properties                         --          (2,280,983)
     Changes in operating assets and liabilities:
          Decrease in:
               Due from affiliated rental agent                      --             114,728
               Other receivables and prepaid expenses                --              10,331
          Decrease  in:
                Accounts payable and accrued expenses                --            (403,683)
                Accrued interest payable                             --          (1,226,835)
                Tenant security deposit                              --             (31,028)
                                                               ----------      ------------

                Net cash used in operating activities                --          (1,834,436)
                                                               ----------      ------------

CASH FLOWS FROM INVESTING ACTIVITIES:
     Decrease in restricted cash                                     --           5,236,780
     Decrease in liability for earthquake loss                       --          (5,363,547)
     Proceeds from sale of rental properties                         --          13,181,236
                                                               ----------      ------------

                Net cash provided by investing activities            --          13,054,469
                                                               ----------      ------------

CASH FLOWS FROM FINANCING ACTIVITIES:
     Principal payments on mortgage notes                            --          (9,649,180)
                                                               ----------      ------------

NET INCREASE IN CASH
     AND CASH EQUIVALENTS                                            --           1,570,853

CASH AND CASH EQUIVALENTS,
     BEGINNING OF PERIOD                                             --             442,803
                                                               ----------      ------------

CASH AND CASH EQUIVALENTS,
     END OF PERIOD                                             $     --        $  2,013,656
                                                               ==========      ============

SUPPLEMENTAL CASH FLOW INFORMATION:
       Cash paid during the year for interest                  $     --        $     56,446
                                                               ==========      ============
</TABLE>



   The accompanying notes are an integral part of these financial statements.




                                       4
<PAGE>   7
                            REAL AMERICAN PROPERTIES
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                          NOTES TO FINANCIAL STATEMENTS

                                  JUNE 30, 1997


NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

          GENERAL

          The information contained in the following notes to the financial
          statements is condensed from that which would appear in the annual
          audited financial statements; accordingly, the financial statements
          included herein should be reviewed in conjunction with the financial
          statements and related notes thereto contained in the annual report
          for the year ended December 31, 1996 of REAL American Properties (the
          "Partnership"). Accounting measurements at interim dates inherently
          involve greater reliance on estimates than at year end. The results of
          operations for the interim periods presented are not necessarily
          indicative of the results for the entire year.

          In the opinion of National Partnership Investments Corp. ("NAPICO"), a
          California corporation, the accompanying unaudited financial
          statements contain all adjustments (consisting primarily of normal
          recurring accruals) necessary to present fairly the financial position
          of the Partnership as of June 30, 1997, and the results of operations
          for the six and three months then ended and changes in cash flows for
          the six months then ended.

          ORGANIZATION

          The Partnership was formed under the California Limited Partnership
          Act on March 9, 1984. The general partners are NAPICO, and Real Estate
          Services XIII Inc. ("RES XIII"), a Delaware corporation. Casden
          Investment Corporation owns 100 percent of NAPICO's stock. LB I Group
          Inc. owns 100 percent of the stock of RES XIII. The Partnership was
          formed to invest in a diversified portfolio of apartment complexes.

          The Partnership offered 45,000 limited partnership interests ("Units")
          at $1,000 each, of which 21,500 were sold through a public offering.
          The terms of the Partnership's Amended and Restated Certificate and
          Agreement of Limited Partnership (the "Partnership Agreement")
          provide, among other things, for allocation to the partners of
          profits, losses and any special allocations with respect thereto.
          Under the terms of the Partnership Agreement, cash available for
          distribution is allocated 90 percent to the limited partners as a
          group and 10 percent to the general partners.

          The Partnership originally invested in five apartment buildings. Two
          of such buildings were contributed to a separate limited partnership
          in exchange for a subordinated limited partner interest therein,
          which, in turn, exchanged the buildings for an interest in a publicly
          traded Real Estate Investment Trust ("REIT"). The Partnership sold the
          REIT stock it received as a result of that exchange in November 1996
          for $890,371. One building was foreclosed upon by the lender in June
          1993 and one building was substantially destroyed in the January 17,
          1994 earthquake in the Los Angeles area and was sold in May 1996. The
          other building was sold in April 1996. Distributions of $2,823,700
          were paid to the limited partners during 1996. Accordingly, since the
          Partnership's primary assets at December 31, 1996 consisted of cash of
          approximately $345,000 and certain short-term receivables and other
          claims, the Partnership was dissolved effective December 31, 1996.




                                       5
<PAGE>   8
                            REAL AMERICAN PROPERTIES

                       (A CALIFORNIA LIMITED PARTNERSHIP)

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                                  JUNE 30, 1997


NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

          NAPICO was appointed the liquidation agent for the Partnership
          pursuant to a Liquidation Agreement, made as of December 1, 1996,
          among the Partnership, NAPICO, and RES XIII. Under the terms of the
          Liquidation Agreement, the liquidation agent will pursue collection of
          the Partnership's outstanding receivables and other non-liquid assets
          and, subject to the approval of RES XIII, cause the Partnership's
          final tax returns and reports to be filed. Upon collection and
          liquidation of the Partnership's remaining assets, the liquidation
          agent will cause the final distribution(s) to be paid to the partners
          in accordance with the terms of the Amended and Restated Agreement of
          Limited Partnership of the Partnership. The liquidation agent shall be
          entitled to (a) utilize its reasonable discretion in liquidating the
          Partnership's remaining assets and (b) reimbursement for all
          reasonable costs and expenses incurred in conforming its duties under
          the Liquidation Agreement. As of December 31, 1996, the Partnership's
          remaining assets consisted of cash of approximately $345,000 and
          certain short-term receivables and other claims, and its remaining
          liabilities consisted of approximately $112,000 of accounts payable.
          The Partnership's remaining assets and liabilities were assigned to
          NAPICO as the liquidation agent under the Liquidation Agreement, and
          were reflected as a net distribution of approximately $233,000 to the
          limited partners, which is due from NAPICO, subject to the payment of
          costs and expenses of the liquidation. During the six months ended
          June 30, 1997, NAPICO incurred net expenses of $50,897 on behalf of
          the Partnership.

          USE OF ESTIMATES

          The preparation of financial statements in conformity with generally
          accepted accounting principles requires management to make estimates
          and assumptions that affect the reported amounts of assets and
          liabilities and disclosure of contingent assets and liabilities at the
          date of the financial statements and reported amounts of revenues and
          expenses during the reporting period. Actual results could differ from
          those estimates.

          RENTAL PROPERTY AND DEPRECIATION

          There are no remaining rental properties owned by the Partnership,
          therefore no rental property cost and accumulated depreciation are
          included in the June 30, 1997 and December 31, 1996 financial
          statements.

          NET INCOME PER LIMITED PARTNERSHIP INTEREST

          Net income per limited partnership interest was computed by dividing
          the limited partners' share of net income by 21,500, the number of
          limited partnership interests outstanding for the periods presented.




                                       6
<PAGE>   9
                            REAL AMERICAN PROPERTIES

                       (A CALIFORNIA LIMITED PARTNERSHIP)

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                                  JUNE 30, 1997


NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

          IMPAIRMENT OF LONG-LIVED ASSETS

          The Partnership adopted Statement of Financial Accounting Standards
          No. 121, Accounting for the Improvement of Long-Lived Assets and for
          Long-Lived Assets To Be Disposed Of as of January 1, 1996 without a
          significant effect on its financial statements. The Partnership
          reviews long-lived assets to determine if there has been any permanent
          impairment whenever events or changes in circumstances indicate that
          the carrying amount of the asset may not be recoverable. If the sum of
          the expected future cash flows is less than the carrying amount of the
          assets, the Partnership recognizes an impairment loss.

NOTE 2 - INCOME TAXES

          No provision has been made for income taxes in the accompanying
          financial statements as such taxes, if any, are the liability of the
          individual partners.

NOTE 3 - CONTINGENCIES

          NAPICO is involved in various lawsuits arising from transactions in
          the ordinary course of business. In the opinion of NAPICO, the claims
          will not result in any material liability to the Partnership.






                                       7
<PAGE>   10
                            REAL AMERICAN PROPERTIES
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                                  JUNE 30, 1997


ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL POSITION AND
          RESULTS OF OPERATIONS

CAPITAL RESOURCES AND LIQUIDITY

The Partnership received a total of $10,750,000 in subscriptions for units of
limited partnership interests (at $1,000 per unit) during the period September
12, 1985 to February 28, 1986, pursuant to a registration statement on Form
S-11. $10,750,000 in subscriptions were received pursuant to the exercise of
warrants and the sale of additional limited partnership interests from April 1,
1986 to May 31, 1986.

The Partnership's primary sources of funds are income from rental operations and
interest income on money market funds and certificates of deposit.

The Partnership acquired five apartment complexes since inception, one of which
was foreclosed by the lender in 1993. In 1992, two of the Partnership's
properties (the "Del Coronado Properties") were contributed to 843 South
Longmore Limited Partnership, an unaffiliated limited partnership, and such
buildings were thereafter sold by said partnership for REIT shares in August of
1995. The remaining two apartment complexes of West Colonial and Northridge were
sold in 1996,

In August 1995, the Del Coronado Properties were sold by 843 South Longmore
Limited Partnership to a publicly held Real Estate Investment Trust ("REIT").
The net proceeds of $5,682,262 paid to 843 South Longmore Limited Partnership
was in the form of limited partnership interests in the operating partnership
controlled by the REIT. Of the net proceeds, the Partnership received an
allocation equivalent to 23,524 shares, which were converted to REIT stock. The
Partnership sold the REIT stock in November 1996 for $891,000 and recognized a
gain in that amount because the investment was being carried at a zero balance.

RESULTS OF OPERATIONS

Rental operations consisted primarily of rental income and depreciation expense,
debt service, and normal operating expenses to maintain the properties.
Depreciation was provided on the straight-line method over the estimated useful
lives of the buildings and equipment. Substantially all of the rental units were
leased on a month-to-month basis.

Partnership operations consisted primarily of interest income earned on
certificates of deposit and other temporary investment of funds. Operating
expenses of the Partnership consist substantially of recurring general and
administrative expenses and professional fees for services rendered to the
Partnership.




                                       8
<PAGE>   11
                            REAL AMERICAN PROPERTIES
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                                  JUNE 30, 1997


PART II.   OTHER INFORMATION

ITEM 1.    LEGAL PROCEEDINGS:

NAPICO is involved in various lawsuits. None of these suits were related to the
Partnership.


ITEM 6.    EXHIBITS AND REPORTS ON FORM 8-K

          (a)    No exhibits are required per the provision of item 601 of
                 regulation S-K









                                       9
<PAGE>   12
                            REAL AMERICAN PROPERTIES
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                                  JUNE 30, 1997


                                   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.


                                  REAL AMERICAN PROPERTIES
                                  (a California limited partnership)


                                  By:  National Partnership Investments Corp.
                                      ------------------------------------------
                                       a General Partner


                                       -----------------------------------------
                                       Bruce Nelson
                                       President


                                  Date: ________________________________________



                                       -----------------------------------------
                                       Charles H. Boxenbaum
                                       Chief Executive Officer



                                  Date: ________________________________________




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