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, 1998     Commission File Number 2-93980

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

               Delaware                                     13-3252067
            (State or other jurisdiction of              (I.R.S. Employer
            incorporation or organization)              Identification No.)

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

Registrant's telephone number, including area code:     (908) 542-9209


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

                              Yes   X      No      

Authorized 100,000 limited partnership  interests of which 16,788 have been sold
as of November 2, 1998.


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FJS PROPERTIES FUND I, L.P.
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INDEX
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Part I:  FINANCIAL INFORMATION

Item 1: Financial Statements

        Balance Sheets as of September 30, 1998 [Unaudited]
        and December 31, 1997 ....................................      1

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

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

        Statements of Cash Flows for the nine months ended
        September 30, 1998 and 1997 [Unaudited]...................      4

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

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

Part II: OTHER INFORMATION

Item 6: Exhibits and Reports on Form 8-K..........................      7

Signature ........................................................      8







                          .   .   .   .   .   .   .   .


<PAGE>



PART I - FINANCIAL INFORMATION
Item 1.  FINANCIAL STATEMENTS
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FJS PROPERTIES FUND I, L.P.
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BALANCE SHEETS
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<TABLE>

                                                          September 30, December 31,
                                                             1 9 9 8       1 9 9 7
                                                           [Unaudited]
Assets:
Current Assets:
<S>                                                        <C>          <C>        
  Cash and Cash Equivalents                                $  448,069   $   535,546
  Cash - Escrow                                               270,779        97,661
  Cash - Security Deposits                                    122,582       121,878
  Other Current Assets                                         45,349        35,971
                                                           ----------   -----------

  Total Current Assets                                        886,779       791,056
                                                           ----------   -----------

Property Investment:
  Land                                                      2,296,804     2,296,804
  Buildings                                                 6,569,125     6,569,125
  Furniture, Fixtures and Building Improvements             1,908,203     1,818,365
                                                           ----------   -----------

  Totals - At Cost                                         10,774,132    10,684,294
  Less:  Accumulated Depreciation                          (4,702,123)   (4,507,327)
                                                           ----------   -----------

  Property Investment - Net                                 6,072,009     6,176,967
                                                           ----------   -----------

Other Assets                                                  277,246       290,795
                                                           ----------   -----------

  Total Assets                                             $7,236,034   $ 7,258,818
                                                           ==========   ===========

Liabilities and Partners' Capital:
Current Liabilities:
  Accounts Payable                                         $   72,854   $    97,300
  Accrued Interest                                             36,725        38,944
  Other Accrued Expenses                                      169,534         6,423
  Accounts Payable - Related Party                              4,736        26,138
  Tenant Security Deposits                                    122,582       121,878
  Mortgage Payable - Current Portion                           75,778        70,455
  Deferred Income - Current Portion                             7,143         7,142
                                                           ----------   -----------

  Total Current Liabilities                                   489,352       368,280
                                                           ----------   -----------

Long-Term Liabilities:
  Mortgage Payable - Non-Current Portion                    4,665,061     4,722,578
  Deferred Income - Non-Current Portion                        26,786        32,141
                                                           ----------   -----------

  Total Long-Term Liabilities                               4,691,847     4,754,719
                                                           ----------   -----------

Partners' Capital:
  General Partner                                          (1,215,310)   (1,214,501)
  Limited Partners                                          3,270,145     3,350,320
                                                           ----------   -----------

  Total Partners' Capital                                   2,054,835     2,135,819
                                                           ----------   -----------

  Total Liabilities and Partners' Capital                  $7,236,034   $ 7,258,818
                                                           ==========   ===========

See Accompanying Notes to These Financial Statements.

                                         1

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FJS PROPERTIES FUND I, L.P.
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STATEMENTS OF OPERATIONS
[UNAUDITED]
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                                     Three months ended         Nine months ended
                                        September 30,             September 30,
                                        -------------             -------------
                                     1 9 9 8      1 9 9 7      1 9 9 8     1 9 9 7
                                     -------      -------      -------     -------

<S>                                <C>         <C>          <C>         <C>        
Rental Income                      $  508,072  $  515,580   $ 1,565,280 $ 1,520,712
Cost of Rental Income                 158,170     173,158       492,141     533,894
                                   ----------  ----------   ----------- -----------

  Gross Profit                        349,902     342,422     1,073,139     986,818
                                   ----------  ----------   ----------- -----------

Expenses:
  Selling, General and Administrative
   Expenses                           184,573     183,757       520,501     508,462
  Depreciation and Amortization        71,851      66,582       213,102     197,421
                                   ----------  ----------   ----------- -----------

  Total Expenses                      256,424     250,339       733,603     705,883
                                   ----------  ----------   ----------- -----------

  Operating Income                     93,478      92,083       339,536     280,935
                                   ----------  ----------   ----------- -----------

Other [Income] and Expenses:
  Interest Income                      (6,241)     (7,223)      (19,224)    (18,782)
  Interest Expense                    115,709     117,373       346,629     351,983
  Other Expense                            --          --         2,900          --
                                   ----------  ----------   ----------- -----------

  Other Expenses - Net                109,468     110,150       330,305     333,201
                                   ----------  ----------   ----------- -----------

  Net [Loss] Income                $  (15,990) $  (18,067)  $     9,231 $   (52,266)
                                   ==========  ==========   =========== ===========

  [Loss] Income Per Limited
   Partnership Unit                $     (.94) $    (1.07)  $       .54 $     (3.08)
                                   ==========  ==========   =========== ===========

  Distributions Per Limited Partnership
   Unit                            $     2.62  $     2.40   $      5.32 $      3.70
                                   ==========  ==========   =========== ===========

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


See Accompanying Notes to Financial Statements.


                                         2

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

<S>                          <C> <C>         <C>           <C>          <C>        
Partners' Capital - December 31, 1997        $(1,214,501)  $3,350,320   $ 2,135,819

  Net Income for the nine months
   ended September 30, 1998                           92        9,139         9,231

  Cash Distributions to Partners                    (901)     (89,314)      (90,215)
                                             -----------   ----------   -----------

  Partners' Capital - September 30, 1998
   [Unaudited]                               $(1,215,310)  $3,270,145   $ 2,054,835
                                             ===========   ==========   ===========




See Accompanying Notes to Financial Statements.


                                         3

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

Operating Activities:
<S>                                                        <C>          <C>         
  Net Income [Loss]                                        $    9,231   $   (52,266)
                                                           ----------   -----------
  Adjustments to Reconcile Net Income [Loss] to Net Cash
   Provided by Operating Activities:
   Depreciation                                               194,796       179,114
   Amortization                                                18,306        18,306

  Changes in Assets and Liabilities:
   [Increase] Decrease in:
     Escrow                                                  (173,118)      (56,983)
     Security Deposits                                           (704)       (3,801)
     Other Current Assets                                      (9,378)      (56,880)
     Other Assets                                              (4,757)           --

   Increase [Decrease] in:
     Accounts Payable                                         (24,447)       (9,463)
     Accrued Interest                                          (2,219)       (1,664)
     Other Accrued Expenses                                   163,111       157,036
     Accounts Payable - Related Party                         (21,402)       (8,596)
     Tenant Security Deposits                                     704         3,801
     Deferred Income                                           (5,357)       (5,357)
                                                           ----------   -----------

   Total Adjustments                                          135,535       215,513
                                                           ----------   -----------

  Net Cash - Operating Activities                             144,766       163,247
                                                           ----------   -----------

Investing Activities:
  Capital Expenditures                                        (89,834)       (2,457)
                                                           ----------   -----------

Financing Activities:
  Principal Payments on Mortgages                             (52,194)      (47,365)
  Distributions to Partners                                   (90,215)      (62,743)
                                                           ----------   -----------

  Net Cash - Financing Activities                            (142,409)     (110,108)
                                                           ----------   -----------

  Net [Decrease] Increase in Cash and Cash Equivalents        (87,477)       50,682

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

  Cash and Cash Equivalents - End of Periods               $  448,069   $   544,279
                                                           ==========   ===========

Supplemental Disclosure of Cash Flow Information:
  Cash paid for  interest  during the nine months ended  September  30, 1998 and
1997 was $325,354 and $353,647, 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.
</TABLE>

                                         4

<PAGE>



FJS PROPERTIES FUND I, L.P.
NOTES TO FINANCIAL STATEMENTS
[UNAUDITED]
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[A] Significant Accounting Policies

Significant  accounting policies of FJS Properties Fund I, L.P. are set forth in
the Partnership's  Form 10-K for the year ended December 31, 1997, as filed with
the Securities and Exchange Commission.

[B] Basis of Reporting

The balance sheet as of September 30, 1998, the statements of operations for the
three and nine months  ended  September  30,  1998 and 1997,  the  statement  of
partners'  capital  for the  nine  months  ended  September  30,  1998,  and the
statements  of cash flows for the nine months ended  September 30, 1998 and 1997
have been prepared by the Partnership without audit. The accompanying  unaudited
financial  statements have been prepared in accordance  with generally  accepted
accounting   principles  for  interim   financial   information   and  with  the
instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do
not include all of the information and footnotes  required by generally accepted
accounting principles for complete financial  statements.  In the opinion of the
managing partner,  such statements  include all adjustments  [consisting only of
normal recurring items] which are considered  necessary for a fair  presentation
of the financial  position of the  Partnership  at September  30, 1998,  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,
1997.





                    .   .   .   .   .   .   .   .   .   .   .

                                        5

<PAGE>



Item 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
         AND RESULTS OF  OPERATIONS
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LIQUIDITY AND CAPITAL RESOURCES

As of the present date,  the  Partnership  owns and operates one  Property,  the
Pavilion Apartments, and does not intend to acquire any other property.

Cash flow from Pavilion  should be sufficient to permit the  Partnership to make
the constant monthly payments due prior to maturity on the first mortgage and to
meet its monthly  operating  expenses.  However,  should there be a  significant
decrease in Pavilion's occupancy or rental rates, there can be no assurance that
the Partnership would be able to obtain sufficient funds to make such payments.

OPERATIONS

The  Partnership  has  operated the  Pavilion  Apartments,  located in West Palm
Beach, Florida since January 1985.

The project  operated  with  occupancies  in the low 90% range  during the third
quarter of 1998.  As of November  2, 1998,  there were 28 vacant  apartments  of
which 6 of the vacant apartments were rented for occupancy during November,  and
22 apartments were available for rent. Thus 91.0% of the apartments are occupied
and 92.9% are  presently  rented.  Rental  income  for the three and nine  month
periods  ending  September  30, of 1997 and 1998,  decreased for the three month
periods while increasing for the nine month periods from $515,580 and $1,520,712
to $508,072 and $1,565,280 for the comparable periods. The increase for the nine
month period was  attributable  to the increased  rental rates for apartments at
the  Pavilion,  while the  decrease  for the three month  period  resulted  from
increased  vacancies at the project  during the summer months as compared to the
prior year.

Cost of Rental  Income,  consisting  mainly of real  estate  taxes,  repairs and
maintenance and utilities decreased for the three and nine month periods of 1997
to 1998, from $173,158 and $533,894 to $158,170 and $492,141  respectively.  The
decreases  resulted  primarily from the nature of replacements and repairs which
were completed at the project which by their nature were capitalized rather than
expensed during this period.  The capitalized and now depreciated items resulted
in increased depreciation which is reflected during those periods.

Selling,  General  and  Administrative  Expenses  increased  from  $183,757  and
$508,462 for the respective three and nine month periods of 1997 to $184,573 and
$520,501 for 1998.  Expenses for 1998 reflected  increased  management fees as a
result of the increased  rental income as well as increases in various  expenses
including court costs and professional fees.

Operating  Income  increased  from  $92,083 and  $280,935 for the three and nine
month  periods of 1997 to $93,478 and  $339,536  for the  comparable  periods of
1998.

INFLATION

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


                                        6

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

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

None Required

[b] Reports on Form 8-K:

None filed during the quarter for which this report is submitted



                                        7

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

                           FJS PROPERTIES FUND I, L.P.


Date: November 12, 1998                By:/s/ Andrew C. Alson             
                                       --------------------------------
                                       Andrew C. Alson
                                       (President and Chief Financial Officer)
                                       FJS Properties, Inc.
                                       General Partner

                                        8

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