<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 MARCH 31, 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 MARCH 31, 1997



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

         Item 1.  Financial Statements

                 Balance Sheets, March 31, 1997 and December 31, 1996..............................................1

                 Statements of Operations,
                         Three Months Ended March 31, 1997 and 1996................................................2

                 Statement of Partners' Equity (Deficiency),
                         Three Months Ended March 31, 1997.........................................................3

                 Statements of Cash Flows
                          Three Months Ended March 31, 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
                      MARCH 31, 1997 AND DECEMBER 31, 1996

                                     ASSETS


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



                          LIABILITIES AND PARTNERS' EQUITY


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


COMMITMENTS AND CONTINGENCIES (Notes 3 and 4)

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
                   THREE MONTHS ENDED MARCH 31, 1997 AND 1996

                                   (Unaudited)

<TABLE>
<CAPTION>
                                                        1997             1996
                                                     ---------        ---------
<S>                                                  <C>              <C>
RENTAL OPERATIONS:
     Revenues
          Rental income                              $     -          $ 183,600
          Other income                                     -              5,378
                                                     ---------        ---------
                                                           -            188,978
                                                     ---------        ---------
     Expenses
          Operating expenses                               -            125,400
          Management fees (Note 3)                         -              6,614
          Depreciation                                     -             34,872
          General and administrative expenses              -              9,969
          Interest expense                                 -            231,189
                                                     ---------        ---------

                                                           -            408,044
                                                     ---------        ---------

          Loss from rental operations                      -           (219,066)
                                                     ---------        ---------

PARTNERSHIPS OPERATIONS:
     Interest income                                       -             95,360
                                                     ---------        ---------

     Expenses
          General and administrative expenses              -             58,168
          Professional fees                                -             67,481
                                                     ---------        ---------

                                                           -            125,649
                                                     ---------        ---------

          Loss from partnership operations                 -            (30,289)
                                                     ---------        ---------

NET LOSS                                             $     -          $(249,355)
                                                     =========        =========

NET LOSS PER LIMITED PARTNERSHIP
     INTEREST (Note 1)                               $     -          $     (12)
                                                     =========        =========
</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)
                        THREE MONTHS ENDED MARCH 31, 1997

                                   (Unaudited)


<TABLE>
<CAPTION>
                                         General       Limited
                                         Partners      Partners       Total
                                         --------     ----------     -------
<S>                                      <C>          <C>            <C>
PARTNERSHIP INTERESTS,
       March 31, 1997                           1         21,500      21,501
                                         ========     ==========     =======

EQUITY (DEFICIENCY), January 1, 1996     $    -       $      -       $   -

       Net loss for the three months
       ended March 31, 1997                   -              -           -

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

EQUITY (DEFICIENCY), March 31, 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
                   THREE MONTHS ENDED MARCH 31, 1997 AND 1996

                                   (Unaudited)


<TABLE>
<CAPTION>
                                                             1997         1996
                                                           -------     ---------
<S>                                                        <C>         <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
     Net  loss                                             $   -       $(249,355)
     Adjustments to reconcile net loss to net cash
        used in operating activities:
           Depreciation                                        -          34,872

     Changes in operating assets and liabilities:
          Decrease in:
               Due from affiliated rental agent                -          (3,439)
               Other receivables and prepaid expenses          -         (58,351)
          Increase  in:
                Accounts payable and accrued expenses          -          88,551
                Accrued interest payable                       -         146,421
                                                           -------     ---------

                Net cash used in operating activities          -         (41,301)
                                                           -------     ---------

CASH FLOWS FROM INVESTING ACTIVITIES:
     Decrease in restricted cash                               -           5,191
     Decrease in liability for earthquake loss                 -          (5,191)
                                                           -------     ---------

                Net cash used in  investing activities         -             -
                                                           -------     ---------

CASH FLOWS FROM FINANCING ACTIVITIES:
     Principal payments on mortgage notes                      -          (9,290)
                                                           -------     ---------


NET DECREASE IN CASH
     AND CASH EQUIVALENTS                                      -         (50,591)

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

CASH AND CASH EQUIVALENTS,
     END OF PERIOD                                         $   -       $ 392,212
                                                           =======     =========

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

                                 MARCH 31, 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 NAPICO, 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 March 31, 1997, and
                 the results of operations and changes in cash flows for the
                 three months then ended.

                 ORGANIZATION

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

                                 MARCH 31, 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 three months ended March 31, 1997, NAPICO incurred net
        expenses of 19,306 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 March 31, 1997 and December 31, 1996 financial
        statements.

        NET LOSS PER LIMITED PARTNERSHIP INTEREST

        Net loss per limited partnership interest was computed by dividing the
        limited partners' share of net loss 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)

                                 MARCH 31, 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 - RELATED PARTY TRANSACTIONS

        The Partnership had entered into agreements with an affiliate of NAPICO
        to manage the operations of the West Colonial and Northridge rental
        properties owned by the Partnership. The agreements changed to a
        month-to-month basis and provided, among other things, for a management
        fee equal to 5% of gross revenue for West Colonial through July 23, 1995
        and approximately $2,450 per month for the Northridge property through
        the date of sale. Management fees charged by the NAPICO affiliate under
        these agreements were approximately $7,400 for the three months ended
        March 31, 1997. On July 24, 1995, management of West Colonial was
        transferred to an independent property management firm. The management
        agreement was on a month-to-month basis and provided for a management
        fee of 3.5% of gross revenue, equal to $6,614 for the three months ended
        March 31, 1997.

NOTE 4 - 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)

                                 MARCH 31, 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)

                                 MARCH 31, 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)

                                 MARCH 31, 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


                                By:
                                   --------------------------------------------
                                     Bruce Nelson
                                     President


                                Date:
                                     ------------------------------------------



                                By:
                                   --------------------------------------------
                                     Shawn Horwitz
                                     Executive Vice President and
                                     Chief Financial Officer


                                Date:
                                     ------------------------------------------


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