<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 SEPTEMBER 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 SEPTEMBER 30, 1997
<TABLE>
<CAPTION>


PART I.  FINANCIAL INFORMATION

<S>                                                                          <C>
  Item 1.   Financial Statements

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

            Statements of Operations,
               Nine and Three Months Ended September 30, 1997 and 1996........2

            Statement of Partners' Equity (Deficiency),
               Nine Months Ended September 30, 1997...........................3

            Statements of Cash Flows
               Nine Months Ended September 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

                    SEPTEMBER 30, 1997 AND DECEMBER 31, 1996
<TABLE>
<CAPTION>

                                     ASSETS


                                                                 1997         1996
                                                             (Unaudited)   (Audited)
                                                             ----------     --------

<S>                                                          <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

             NINE AND THREE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996

                                   (Unaudited)
<TABLE>
<CAPTION>

                                                   Nine months    Three months     Nine months    Three months
                                                     ended           ended            ended           ended
                                                 Sept. 30, 1997  Sept. 30, 1997   Sept. 30, 1996  Sept. 30, 1996
                                                 --------------  --------------   --------------  --------------
<S>                                             <C>               <C>             <C>              <C>    
RENTAL OPERATIONS:
     Revenues
         Rental income                           $         --    $         --     $      246,417   $         --  
         Other income                                      --              --              7,050             --  
                                                 --------------  --------------   --------------   --------------
                                                           --              --            253,467             --
                                                 --------------  --------------   --------------   --------------
     Expenses
         Operating expenses                                --              --            178,621             --
         Management fees                                   --              --              8,871             --
         Depreciation                                      --              --             34,872             --
         General and administrative expenses               --              --             12,180             --
         Interest expense                                  --              --            360,093             --
                                                 --------------  --------------   --------------   --------------

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

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

PARTNERSHIPS OPERATIONS:
     Interest income                                       --              --            160,123           40,298
                                                 --------------  --------------   --------------   --------------

     Expenses
         General and administrative expenses               --              --             20,696            8,587
         Professional fees                                 --              --            107,966            8,600
                                                 --------------  --------------   --------------   --------------

                                                           --              --            128,662           17,187
                                                 --------------  --------------   --------------   --------------

         Income from partnership operations                --              --             31,461           23,111
                                                 --------------  --------------   --------------   --------------

GAIN ON SALE OF RENTAL PROPERTIES                          --              --          2,239,360          (41,623)
                                                 --------------  --------------   --------------   --------------

NET INCOME                                       $         --    $         --     $    1,929,651   $      (18,512)
                                                 ==============  ==============   ==============   ==============

NET INCOME PER LIMITED PARTNERSHIP
     INTEREST (Note 1)                           $         --    $         --     $           90   $           (1)
                                                 ==============  ==============   ==============   ==============
</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)

                      NINE MONTHS ENDED SEPTEMBER 30, 1997

                                   (Unaudited)
<TABLE>
<CAPTION>


                                                 General           Limited
                                                 Partners          Partners         Total
                                                 ---------         --------        ------

<S>                                              <C>               <C>             <C>  
EQUITY (DEFICIENCY), January 1, 1996             $      --         $     --        $  --

      Net loss for the nine months
      ended September 30, 1997                          --               --            --

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

EQUITY (DEFICIENCY), September 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

                  NINE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996

                                   (Unaudited)
<TABLE>
<CAPTION>

                                                            1997                1996
                                                        ------------       -------------
<S>                                                     <C>               <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
    Net  income                                         $       --         $  1,929,651
    Adjustments to reconcile net loss to net cash
     used in operating activities:
      Depreciation                                              --               34,872
      Gain on sale of rental properties                         --           (2,239,360)
    Changes in operating assets and liabilities:
     Decrease in:
      Due from affiliated rental agent                          --              114,728
      Other receivables and prepaid expenses                    --                9,790
    Decrease in:
      Accounts payable and accrued expenses                     --             (405,491)
      Accrued interest payable                                  --           (1,226,835)
      Tenant security deposit                                   --              (31,028)
                                                        ------------       ------------

      Net cash used in operating activities                     --           (1,813,673)
                                                        ------------       ------------

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                     --           13,139,613
                                                        ------------       ------------

      Net cash provided by investing activities                 --           13,012,846
                                                        ------------       ------------

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


NET INCREASE IN CASH
    AND CASH EQUIVALENTS                                        --            1,549,993

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

CASH AND CASH EQUIVALENTS,
    END OF PERIOD                                       $       --         $  1,992,796
                                                        ============       ============

SUPPLEMENTAL CASH FLOW INFORMATION:
    Cash paid during the year for interest              $       --         $    360,093
                                                        ============       ============
</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

                               SEPTEMBER 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 September 30, 1997, and the results of operations for
        the nine and three months then ended and changes in cash flows for the
        nine 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)

                               SEPTEMBER 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 nine months ended September 30, 1997, NAPICO incurred net
        expenses of $67,426 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 September 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)

                               SEPTEMBER 30, 1997


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)

                               SEPTEMBER 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)

                               SEPTEMBER 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)

                               SEPTEMBER 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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