FORM 10-KSB--Annual or Transitional Report
                            Under Section 13 or 15(d)
                   (As last amended by 34-31905, eff. 4/26/93)


[X]   Annual Report Under Section 13 or 15(d) of the
      Securities Exchange Act of 1934 [Fee Required]

                   For the fiscal year ended December 31, 1995
                                       or
[  ]  Transition Report Under Section 13 or 15(d) of the
      Securities Exchange Act of 1934 [No Fee Required]

                  For the transition period.........to.........

                         Commission file number 33-20527

                  BRUNNER COMPANIES INCOME PROPERTIES L.P. I   
                 (Name of small business issuer in its charter)

      Delaware                                           31-1234157
(State or other jurisdiction of                       (I.R.S. Employer
incorporation or organization)                        Identification No.)

One Insignia Financial Plaza, P.O. Box 1089
    Greenville, South Carolina                                  29602
(Address of principal executive offices)                      (Zip Code)

                    Issuer's telephone number (864) 239-1000

         Securities registered under Section 12(b) of the Exchange Act:

                                      None

         Securities registered under Section 12(g) of the Exchange Act:

                                      None
                                (Title of class)

Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act of 1934 during the past 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    

Check if there is no disclosure of delinquent filers in response to Item 405 of
Regulation S-B contained in this form, and no disclosure will be contained, to
the best of registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-KSB or any
amendment to this Form 10-KSB. [X]

State issuer's revenues for its most recent fiscal year.  $2,489,000

State the aggregate market value of the voting partnership interests held by
non-affiliates computed by reference to the price at which the partnership
interests were sold, or the average bid and asked prices of such partnership
interests, as of December 31, 1995.  Market value information for the
Registrant's partnership interests is not available.  Should a trading market
develop for these interests, it is management's belief that such trading would
not exceed $25,000,000.      
                                                                
                       DOCUMENTS INCORPORATED BY REFERENCE
1.    Portions of the Prospectus of Registrant dated June 10, 1988 (included in 
      Registration Statement, No.33-20527, of Registrant) are incorporated by
      reference into Parts I and III.


                                     PART I
Item 1.   Description of Business

   Brunner Companies Income Properties L.P. I (the "Registrant" or
"Partnership") is a Delaware limited partnership formed in February 1988.  The
Partnership will continue in existence until December 31, 2008, unless earlier
dissolved or terminated.  Brunner Management Limited Partnership ("General
Partner"), an Ohio limited partnership formed in February 1988, is the sole
general partner of the Partnership.  104 Management, Inc. ("Managing General
Partner"), an Ohio corporation formed in February 1988, is the sole general
partner of the General Partner, and in that capacity manages the business of the
Partnership.

   Commencing June 10, 1988, the Partnership offered through The Ohio Company up
to 552,000 Units of Class A Limited Partnership Interests at $10 per unit
("Units").  Holders of units are referred to as "Unitholders."  An additional
61,333 units of Class B Limited Partnership Interests were issued by the
Partnership to certain affiliates of the Managing General Partner as a part of
the purchase price for an undivided interest in each retail center equivalent to
a then fair market value of $613,330 ("Subordinated Interest").  Holders of
Subordinated Interest are referred to as "Subordinated Limited Partners," and
Unitholders and Subordinated Limited Partners are collectively referred to as
"Limited Partners".  Limited Partners are not required to make any additional
capital contributions.  There are only two differences between the Class A and
Class B limited partnership interests.  First, the holders of Class A units are
entitled to receive their Class A Priority Return before the holders of Class B
units are entitled to receive any portion of their Class B Priority Return. 
Second, holders of Class B units, if such holders are affiliates of the General
Partner, are not entitled to vote upon the removal of the General Partner or
upon consideration of a sale of any Retail Center to the General Partner or any
affiliate of the General Partner.

   The offering terminated on July 12, 1988.  Upon termination of the offering,
the Partnership had accepted subscriptions for 552,000 Units and 61,333 units of
Subordinated Interest for aggregate gross proceeds of $6,133,330.  The
Partnership invested substantially all of the net offering proceeds in the
Retail Centers.  The Partnership will not acquire nor invest in any other
properties or debt or equity securities of any other issuers (other than short
term investments of cash in high grade United States government obligations
during interim periods between the receipt of revenues and the distribution of
cash to the Limited Partners and pending payment of operating expenses of the
Partnership) and will not issue any additional limited partnership interests or
other equity securities in the Partnership.  The policies of the Partnership
noted above can only be changed by an affirmative vote of limited partners
owning a majority in interest and the General Partner.

   The General Partner, the Managing General Partner and the Subordinated
Limited Partners are all affiliates of a related group of corporations and
partnerships engaged generally in the real estate development business. 
Pursuant to an agreement effective December 31, 1992, IBGP, Inc., an affiliate
of Insignia Financial Group, Inc. ("Insignia"), acquired a majority of the
outstanding stock of 104 Management, Inc. on March 5, 1993.  IBGP, Inc. is an
indirect wholly-owned subsidiary of Metropolitan Asset Enhancement, L.P.
("MAE"), an affiliate of Insignia.  As a result of this transaction, IBGP, Inc.
effectively controls the General Partner.  The Partnership is in the business of
owning and operating three regional shopping centers:  Georgetown Landing,
Georgetown, South Carolina; White Horse Plaza, Greenville, South Carolina;  and
Hitchcock Plaza, Aiken, South Carolina (the "Retail Centers").  See "Item 2.
Description of Properties" for additional information regarding the Retail
Centers.

   The real estate business is highly competitive.  The Registrant's real
property investments are subject to competition from similar types of properties
in the vicinities in which they are located and the Partnership is not a
significant factor in its industry.  In addition, various limited partnerships
have been formed by related parties to engage in businesses which may be
competitive with the Registrant.

   The Registrant has no employees.  Management and administrative services are
performed by affiliates of Insignia.  The property manager is responsible for
the day-to-day operations of each property.  The Managing General Partner has
also selected  affiliates of Insignia to provide real estate advisory and asset
management services to the Partnership.  As advisor, these affiliates provide
all partnership accounting and administrative services, investment management,
and supervisory services over property management and leasing.  For a further
discussion of property and partnership management, see "Item 12," which
descriptions are herein incorporated by reference.

 Item 2. Description of Properties

   The Partnership was formed for the purpose of acquiring and operating the
Retail Centers described below.  Under the Partnership Agreement, the
Partnership will not invest in the securities of any other issuer, lend funds to
other persons or entities or engage in the purchase or sale of any investments
other than the Retail Centers and properties directly related to the Retail
Centers and short-term liquid investments of cash.  The policies of the
Partnership noted above can only be changed by an affirmative vote of limited
partners owning a majority in interest and the General Partner.

The following table sets forth the Registrant's investments in properties:

<TABLE>
<CAPTION>

                                    Date of              
 Property                           Purchase     Type of Ownership         Use   
<S>                                <C>        <C>                    <C>
 Hitchcock Plaza                    07/12/88   Fee ownership subject  Retail Center
 Aiken, South Carolina                         to first mortgage      233,375 sq.ft.
                                               
 White Horse Plaza                  07/12/88   Fee ownership subject  Retail Center
   Greenville, South Carolina                  to first mortgage      165,924 sq.ft.
                                               
 Georgetown Landing                 07/12/88   Fee ownership subject  Retail Center
   Georgetown, South Carolina                  to first mortgage      38,200 sq.ft.

</TABLE>
                                               

   A significant feature of all the retail centers is the fact that
approximately 71% of the leasable space is, in the aggregate, leased to anchor
tenants with national or regional name recognition.  Although such anchor
tenants generally pay lower base rents than smaller tenants, anchor tenants
offer greater security and stability of long-term leases from well-established
and more credit worthy tenants and tend to attract greater traffic to the retail
centers.

Schedule of Properties:

<TABLE>
<CAPTION>
                         Gross                                        
                        Carrying      Accumulated      Useful                 Federal
 Property                Value       Depreciation       Life       Method    Tax Basis
<S>                   <C>            <C>             <C>            <C>   <C>                            
 Hitchcock Plaza       $14,121,146    $2,979,112      5-31.5 yrs     S/L   $11,325,760   
                                                                                        
 White Horse Plaza       8,759,871     1,642,477      5-31.5 yrs     S/L     7,284,141  
                                                                                        
 Georgetown Landing      2,147,474       405,584        31.5 yrs     S/L     1,745,640  
                       $25,028,491    $5,027,173                           $20,355,541  

</TABLE>
                                                                         
   See "Note A" of the financial statements included in "Item 7" for a
description of the Partnership's depreciation policy.


Schedule of Mortgages:

<TABLE>
<CAPTION>

                            Principal                                      Principal
                           Balance At                                       Balance
                          December 31,   Interest    Period    Maturity     Due At
 Property                     1995         Rate    Amortized    Date(1)   Maturity(2)
<S>                       <C>              <C>      <C>          <C>     <C>                           
 Hitchcock Plaza           $10,825,819      9%       18 yrs       10/98   $10,059,040
                                                                                     
 White Horse Plaza           6,857,677      9%       18 yrs       10/98     6,371,951
                                                                                     
 Georgetown Landing          1,521,714      9%       18 yrs       10/98     1,413,918
                                                                                     
         Total             $19,205,210                                    $17,844,909

<FN>
(1)  Original maturity dates of June 1994 were extended to October 1998.
(2)  The mortgages require a balloon payment at maturity for the remaining
     principal balance.  

</TABLE>

Schedule of Rental Rates and Occupancy:

                                       Average Annual        
                                        Rental Rates          Average Annual
                                      (per square foot)          Occupancy  
                                    1995          1994        1995     1994

 Hitchcock Plaza                   $6.17         $6.12         99%      99%
 White Horse Plaza                  5.28          5.36         98%      99%
 Georgetown Landing                 5.82          5.92         93%     100%
                                                          
    The decrease in occupancy at Georgetown resulted from the move out of a
tenant occupying 3,600 square feet in January 1995.  A tenant occupying 1,200
square feet at Georgetown signed a three year lease renewal in the first quarter
of 1995.  Another tenant signed a new lease to occupy 1,200 square feet in the
fourth quarter of 1995.

    As noted under "Item 1. Description of Business", the real estate industry 
is highly competitive.  All of the properties of the Partnership are subject to
competition from other retail centers in the area.  The Managing General Partner
believes that all of the properties are adequately insured.  

The following is a schedule of the lease expirations for the years 1996-2005:  

                           Number of                                % of Gross
                         Expirations    Square Feet   Annual Rent  Annual Rent

 Hitchcock Plaza                                                 
 1996                         3               5,300    $   69,697         5.0%
 1997                         8              32,400       202,100        14.4%
 1998                         5              42,400       268,340        19.2%
 1999                         2               9,500        69,563         5.0%
 2000-2005                    0                   0             0           0 
                                                                 
 White Horse Plaza                                               
 1996                         1               4,000    $   30,000         3.5%
 1997                         5              19,080       135,148        15.6%
 1998                         3              12,550        78,510         9.1%
 1999                         4               8,700        86,725        10.0%
 2000-2005                    0                   0             0           0%
                                                                
 Georgetown Landing                                              
 1996                         0                   0    $        0           0%
 1997                         1               7,200        37,200        18.0%
 1998                         1               1,200        10,450         5.1%
 1999                         0                   0             0           0%
 2000-2005                    1               1,200        10,800         5.2%
                                                       
                                         
    The following schedule presents information on tenants occupying 10% or more
of the leasable square feet for each property:

<TABLE>
<CAPTION>
                                     Square Footage      Annual Rent     Lease
                 Nature of Business      Leased        Per Square Foot Expiration
<S>             <C>                      <C>                <C>         <C>          
 Hitchcock       Grocery Store            49,296             $6.95       02/28/07
   Plaza         Discount Store           86,479              4.16       06/30/12
                 Clothing Store           35,000              5.50       08/31/98
                                                                      
 White Horse     Discount Store           81,922              3.64       10/10/06
   Plaza         Grocery Store            35,000              6.67       05/31/06
                                                                     
 Georgetown      Grocery Store            25,000              5.55       11/22/06
   Landing       Hardware Store            7,200              5.17        8/31/97
</TABLE>
                     
Schedule of Real Estate Taxes and Rates:

                                         1995               1995
                                        Billing             Rate
 Hitchcock Plaza                        $99,005             1.49%
 White Horse Plaza                       66,612             1.56%
 Georgetown Landing                      34,889             1.92%

Item 3.      Legal Proceedings

      The Registrant is unaware of any pending or outstanding litigation that is
not of a routine nature.  The Managing General Partner of the Registrant 
believes that all such pending or outstanding litigation will be resolved 
without a material adverse effect upon the business, financial condition, or 
operations of the Partnership.

Item 4.      Submission of Matters to a Vote of Security Holders

      During the fourth quarter of the fiscal year ended December 31, 1995, no
matters were submitted to a vote of the Unitholders through the solicitation of
proxies or otherwise.


                                     PART II

Item 5.     Market for Partnership Equity and Related Partner Matters

      As of December 31, 1995, the number of holders of record of Limited
Partnership Units and Subordinated Interest Units was 387 and one, respectively.
Neither the Units nor the Subordinated Interest are traded on any established
public trading market, and it is not anticipated that such a market will develop
in the future.  See "Item 11. Security Ownership of Certain Beneficial Owners 
and Management."

      No cash distributions were paid during 1995 or 1994.  Future distributions
will depend on the levels of cash generated from operations, refinancings,
property sales and the availability of cash reserves.  At this time, the 
Managing General Partner does not anticipate making a cash distribution during 
1996.

Item 6.     Management's Discussion and Analysis or Plan of Operation

Results of Operations

      The Partnership realized a net loss of $310,896 for the year ended 
December 31, 1995, compared to a net loss of $668,615 for the year ended 
December 31, 1994.  The decreased loss for 1995 versus 1994 is primarily due to
a $323,021 write-down of the investment property, Hitchcock Plaza, in 1994 (See
"Note G" of the Financial Statements).

      Total revenues and expenses, aside from the write-down of Hitchcock
mentioned above, were comparable for the year ended December 31, 1995, compared
to the year ended December 31, 1994.  Other income increased primarily due to an
increase in interest income for 1995, compared to 1994, resulting from higher
cash balances in interest-bearing accounts during 1995.  General and
administrative expenses decreased slightly due to a decrease in professional
expenses for 1995 compared to 1994.  Interest expense decreased due to loan 
costs which were fully amortized in the second quarter of 1995 and the 
reduction of  the outstanding mortgage principal.  Amortization expense 
increased due to the Partnership expensing the remaining unamortized lease 
commission of a tenant which vacated Hitchcock prior to the end of its lease.

      As part of the ongoing business plan of the Partnership, the Managing
General Partner monitors the rental market environment of each of its investment
properties to assess the feasibility of increasing rents, maintaining or
increasing occupancy levels and protecting the Partnership from increases in
expense.  As part of this plan, the Managing General Partner attempts to protect
the Partnership from the burden of inflation-related increases in expenses by
increasing rents and maintaining a high overall occupancy level.  However, due
to changing market conditions, which can result in the use of rental concessions
and rental reductions to offset softening market conditions, there is no 
guarantee that the Managing General Partner will be able to sustain such a 
plan.


Liquidity and Capital Resources

      The Partnership held unrestricted cash of $315,770 at December 31, 1995,
compared to unrestricted cash of $539,955 at December 31, 1994.  Net cash
provided by operating activities was comparable for December 31, 1995, compared
to December 31, 1994.  Net cash used in investing activities increased due to
increased property improvements and replacements at Georgetown Landing during
1995.  Net cash used in financing activities increased due to a $350,000
principal paydown on the Georgetown and Hitchcock mortgage notes in 1995.

      On September 29, 1995, the Partnership successfully completed a loan
modification and extension for the Partnership's mortgage notes payable.  A
deposit of $192,980 made in the second quarter of 1995 was applied to the
mortgage principal and an additional $157,020 was paid to reduce the outstanding
principal balance of the Georgetown note by $50,000 and the Hitchcock note by
$300,000.  The maturity dates of the loans were extended from June 10, 1995, to
October 10, 1998, with all three loans requiring monthly payments to be applied
first to interest at the rate of 9.0% per annum with the remainder reducing the
outstanding principal balances.  All three loans are now cross-collateralized 
and cross-defaulted and are being amortized over eighteen years.

      The sufficiency of existing liquid assets to meet future liquidity and
capital expenditure requirements is directly related to the level of capital
expenditures required at the properties to adequately maintain the physical
assets and meet other operating needs of the Partnership.  Such assets are
currently thought to be sufficient for any near-term needs of the Partnership. 
The mortgage indebtedness of $19,205,210 matures October 10, 1998.  Any future
cash distributions will depend on the levels of net cash generated from
operations, property sales, and the availability of cash reserves.  No cash
distributions were made during 1994 or 1995 and no cash distributions are
anticipated for fiscal year 1996.

Item 7.  FINANCIAL STATEMENTS

BRUNNER COMPANIES INCOME PROPERTIES L.P. I

LIST OF FINANCIAL STATEMENTS

           Report of Independent Auditors

           Balance Sheet - December 31, 1995

           Statements of Operations - Years ended December 31, 1995 and 1994

           Statements of Changes in Partners Capital (Deficit) - Years ended 
           December 31, 1995 and 1994

           Statements of Cash Flows - Years ended December 31, 1995 and 1994

           Notes to Financial Statements


                Report of Ernst & Young LLP, Independent Auditors
<TABLE>


<S>                                     <C>
The Partners
Brunner Companies Income Properties L.P. I


We  have audited  the  accompanying  balance sheet  of Brunner  Companies  Income
Properties  L.P.  I  as of  December  31, 1995,  and  the  related statements  of
operations, changes in partners  capital (deficit) and cash flows for each of the
two years in the period ended December 31,  1995.  These financial statements are
the responsibility  of the  Partnership s management.  Our  responsibility is  to
express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with generally accepted auditing standards.
Those standards require  that we plan and perform  the audit to obtain reasonable
assurance  about  whether   the  financial  statements  are   free  of   material
misstatement.  An audit includes  examining, on a test basis, evidence supporting
the amounts and disclosures in  the financial statements.  An audit also includes
assessing  the accounting principles  used and significant estimates  made by the
Partnership's  management, as well as evaluating  the overall financial statement
presentation.   We believe  that our  audits provide  a reasonable  basis for our
opinion.

In our opinion, the financial statements referred to above present fairly, in all
material respects, the financial position of Brunner Companies Income  Properties
L.P. I as of  December 31, 1995, and  the results of its operations  and its cash
flows  for each  of the  two years  in the  period  ended December  31, 1995,  in
conformity with generally accepted accounting principles.

                                                ERNST & YOUNG LLP


Greenville, South Carolina
February 14, 1996
</TABLE>


                    BRUNNER COMPANIES INCOME PROPERTIES L.P. I

                                  BALANCE SHEET

                                December 31, 1995

                                                                       
                                                                        
 Assets                                                                    
  Cash:                                                                    
    Unrestricted                                                $   315,770
    Restricted-tenant security deposits                               8,316
  Accounts receivable                                               126,455
  Escrows for taxes                                                  69,706
  Other assets                                                      140,715
  Investment properties (Notes C and J)                                    
    Land                                         $ 4,123,131               
    Buildings and related personal property       20,905,360               
                                                  25,028,491               
    Accumulated depreciation                      (5,027,173)    20,001,318
                                                                          
                                                                $20,662,280
                                                                          
 Liabilities and Partners' Capital (Deficit)                               
 Liabilities                                                               
  Accounts payable                                              $    11,133
  Tenant security deposits                                           10,116
  Accrued taxes                                                      66,612
  Other liabilities                                                 104,542
  Mortgage notes payable (Note C)                                19,205,210
                                                                          
 Partners' Capital (Deficit)                                               
  General partner                                $   (24,090)              
  Class A Limited Partners - (552,000                       
    units)                                           990,475               
  Class B Limited Partners - (61,333                                       
    units)                                           298,282      1,264,667
                                                                           
                                                                $20,662,280
                                                                           
                  See Accompanying Notes to Financial Statements

                    BRUNNER COMPANIES INCOME PROPERTIES L.P. I

                              STATEMENTS OF OPERATIONS        
                                 
            
                                                                               
                                                   Years Ended December 31, 
                                                      1995           1994     
 Revenues:                                                                 
    Rental income                                 $2,471,767     $2,507,712
    Other income                                      17,233         11,429
          Total revenues                           2,489,000      2,519,141
                                                                          
 Expenses:                                                                 
    Operating                                        207,135        193,915
    General and administrative                        88,640         99,466
    Property management fees                          82,604         76,080
    Depreciation                                     668,655        676,728
    Amortization of lease commissions                 26,894         18,416
    Interest                                       1,785,179      1,852,532
    Property taxes                                   200,462        203,597
    Write-down of property (Note G)                       --        323,021
    Tenant reimbursements                           (259,673)      (255,999)
          Total expenses                           2,799,896      3,187,756
                                                                           
    Net loss                                      $ (310,896)    $ (668,615)
                                                                           
 Net loss allocated to general partner (1%)       $   (3,109)    $   (6,686)
 Net loss allocated to Class A limited                                     
    partners (89.1%)                                (277,008)      (595,736)
 Net loss allocated to Class B limited                                     
    partners (9.9%)                                  (30,779)       (66,193)
                                                                           
                                                  $ (310,896)    $ (668,615)
                                                              
 Net loss per limited partnership unit            $    (0.50)    $    (1.08)


               See Accompanying Notes to Financial Statements

                                        
                     BRUNNER COMPANIES INCOME PROPERTIES L.P. I

              STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT) 
                                         
<TABLE>
<CAPTION>
                                                                               
                                     General        Limited Partners   
                                     Partner       Class A     Class B         Total    
<S>                                <C>           <C>           <C>           <C>
 Original capital contributions     $  1,000      $5,520,000    $613,330      $6,134,330

 Partners' (deficit) capital                                                            
    at December 31, 1993            $(14,295)     $1,863,219    $395,254      $2,244,178

 Net loss for the year ended                                                            
    December 31, 1994                 (6,686)       (595,736)    (66,193)       (668,615)

 Partners' (deficit) capital at                                                         
    December 31, 1994                (20,981)      1,267,483     329,061       1,575,563

 Net loss for the year ended                                                            
    December 31, 1995                 (3,109)       (277,008)    (30,779)       (310,896)

 Partners' (deficit) capital                                                            
    at December 31, 1995            $(24,090)     $  990,475    $298,282      $1,264,667

<FN>
                  See Accompanying Notes to Financial Statements

</TABLE>

                    BRUNNER COMPANIES INCOME PROPERTIES L.P. I

                             STATEMENTS OF CASH FLOWS       
<TABLE>
<CAPTION>          
                                                                              
                                                          Years Ended December 31, 
                                                            1995             1994    
<S>                                                     <C>             <C>
 Cash flows from operating activities:                                             
    Net loss                                             $ (310,896)     $ (668,615)
    Adjustments to reconcile net loss to net                                       
       cash provided by operating activities:                                      
       Depreciation                                         668,655         676,728
       Amortization of loan costs and leasing                                      
        commissions                                          46,345          74,212
       Write-down of property                                    --         323,021
       Change in accounts:                                                         
         Restricted cash                                      2,237          (3,315)
         Accounts receivable                                 11,433          55,330
         Escrows for taxes                                  126,982         (83,627)
         Other assets                                         6,408         (29,972)
         Accounts payable                                       805           5,077
         Tenant security deposits                              (437)          3,315
         Accrued taxes                                      (94,882)         96,971
         Other liabilities                                   (7,951)          7,743
                                                                                   
            Net cash provided by operating activities       448,699         456,868
                                                                                   
 Cash flows from investing activities:                                             
    Property improvements and replacements                   (8,748)         (3,500)
                                                                                  
            Net cash used in investing activities            (8,748)         (3,500)
                                                                                   
 Cash flows from financing activities:                                             
    Loan extension costs                                    (59,413)        (34,911)
    Payments on mortgage notes payable                     (604,723)       (240,067)
                                                                                   
            Net cash used in financing activities          (664,136)       (274,978)
                                                                                   
 Net (decrease) increase in cash                           (224,185)        178,390
                                                                                  
 Cash at beginning of year                                  539,955         361,565
                                                                                  
 Cash at end of year                                     $  315,770      $  539,955
                                                                                   
 Supplemental disclosure of cash flow information:                                 
    Cash paid for interest                               $1,766,895      $1,796,736

<FN>
                  See Accompanying Notes to Financial Statements

</TABLE>                                         

                   BRUNNER COMPANIES INCOME PROPERTIES L.P. I

                          Notes to Financial Statements

                                December 31, 1995
<TABLE>

<S>                                                    <C>
Note A   Organization and Significant Accounting Policies

Organization:   Brunner Companies Income  Properties L.P. I (the "Registrant"), a
Delaware limited partnership, was formed on February 29, 1988, for the purpose of
acquiring and operating the following retail centers:  Hitchcock Plaza, a 233,375
square  foot retail center in Aiken, South Carolina; White Horse Plaza, a 165,924
square foot  retail center in Greenville, South Carolina; and Georgetown Landing,
a 38,200 square  foot retail center  in Georgetown, South Carolina  (collectively
referred to as  the "Retail Centers").   The Seller of  these Retail Centers  was
related to the then general partners of the Partnership.
 
The general  partner of the Partnership is Brunner Management Limited Partnership
("General Partner").  The  General Partner is  an Ohio limited partnership  whose
general partner is  104 Management, Inc.  ("Managing General Partner") and  whose
limited partner is a shareholder of 104 Management, Inc.  On March 5, 1993, IBGP,
Inc.,  an  affiliate  of Insignia  Brunner  L.P.,  acquired  a  majority  of  the
outstanding stock of 104 Management, Inc.  IBGP, Inc. is an indirect wholly-owned
subsidiary of  Metropolitan  Asset Enhancement  L.P., an  affiliate  of  Insignia
Financial Group,  Inc.  As a  result of this  transaction, IBGP, Inc. effectively
controls the Managing General Partner of the Partnership.

The Partnership shall continue in existence until December 31, 2008, unless it is
earlier  dissolved and terminated  pursuant to the provisions  of the partnership
agreement.

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 amounts reported in the financial statements  and
accompanying notes.  Actual results could differ from those estimates.

Investment Properties:   During 1995, the Partnership adopted FASB  Statement No.
121, "Accounting  for the  Impairment  of Long-Lived  Assets and  for  Long-Lived
Assets to be Disposed Of," which requires impairment losses  to be recognized for
long-lived  assets used in  operations when indicators of  impairment are present
and  the  undiscounted cash  flows  are  not sufficient  to  recover  the assets'
carrying amount.  The impairment loss is measured by comparing the fair  value of
the asset to its carrying amount.   The adoption of FASB No.  121 did not have  a
material effect on the Partnership's financial statements.  

Note A - Organization and Significant Accounting Policies (continued)

Buildings and  improvements are  depreciated on the straight-line  basis over  an
estimated  useful life of 5 to  31.5 years.  Tenant  improvements are depreciated
over the term of the lease.

For Federal  income tax  purposes,  the Partnership  depreciates a  portion  (89%
attributable  to non  tax-exempt investors)  of the  property's basis,  using the
straight-line  method over 31.5 years  and the balance (11%  attributable to tax-
exempt investors), using the straight-line method over 40 years.

Leases:  The Partnership leases certain commercial space to tenants under various
lease terms.   For leases with fixed rental increases,  rents are recognized on a
straight-line  basis  over the  terms  of the  lease.   This  straight-line basis
recognized  $32,230 more  in rental income  than was collected in  1995 and prior
years.  This amount  will be collected in future years as  cash collections under
the terms of the leases exceed the straight-line basis of revenue recognition.  

Lease  Commissions:   Lease  commissions  are capitalized  and amortized  by  the
straight-line method over the life of the applicable lease.  Lease commissions of
$40,195 net of accumulated amortization of $47,191 are included in other assets.

Loan Costs:  Loan extension  costs of  $59,413 were  incurred during  1995.  Loan
costs  are included  in other assets  and are being amortized  on a straight-line
basis over the term of the extension.

Advertising:  The Partnership expenses the costs of advertising as incurred.  

Cash:
        Unrestricted:   Unrestricted cash includes cash on hand  and in banks and
money market funds.  At certain times  the amount of cash deposited at a bank may
exceed the limit on insured deposits.

       Restricted  cash-tenant  security  deposits:    The Partnership  requires
security deposits from lessees for the duration  of the lease with such  deposits
being considered restricted cash.  Deposits are refunded when the tenant vacates,
provided  the tenant  has  not damaged  its space  and is  current on  its rental
payments. 

Note A   Organization and Significant Accounting Policies (continued)

Fair  Value:    In  1995, the  Partnership  implemented  Statement  of  Financial
Accounting  Standards  No.  107,  "Disclosure   about  Fair  Value  of  Financial
Instruments," which requires disclosure of fair value information about financial
instruments  for which it is practicable to estimate that value.  The Partnership
estimates the  fair value of its  fixed rate  mortgages by  discounted cash  flow
analysis,  based  on  estimated   borrowing  rates  currently  available  to  the
Partnership (Note C).   

Reclassification:  Certain   reclassifications  have   been  made   to  the  1994
information to conform to the 1995 presentation.

Note B   Partnership Allocations, Contributions and Distributions

Distributions  of operating cash  flow, as defined in  the partnership agreement,
will be distributed as follows:
 
      First, to  the  Class  A  Limited  Partners  until  they  have  received  a
      cumulative  noncompounded  annual  cash  return of  10%  (Class  A priority
      return) of their adjusted capital contributions;

      Second,  to  the  Class  B Limited  Partners  until  they  have  received a
      cumulative  noncompounded  annual  cash return  of  10%  (Class B  priority
      return) of their adjusted capital contributions;

      Third,  to the  General Partner to  the extent that taxable  income for the
      fiscal year is allocated to the General Partner; and

      Fourth, to the Class A Limited Partners and to the Class B Limited Partners
      an amount equal to 90% and 10%, respectively, of the balance, if any, 
      remaining.

Taxable income  or loss from  operations will be  allocated 89.1% to  the Class A
Limited Partners,  9.9% to the Class  B Limited  Partners and 1%  to the  General
Partner.

All proceeds from  sales and debt refinancings  generally will be distributed  in
the following order:

      First,  to  the  Class  A Limited  Partners  until  their adjusted  capital
      contributions are reduced to zero;

      Second,  to the  Class  B  Limited Partners  until their  adjusted  capital
      contributions are reduced to zero;

Note B - Partnership Allocations, Contributions and Distributions (continued)

      Third, to  the Class A Limited  Partners for any unpaid  priority return of
      cash distributions of operating cash flows;

      Fourth, to the Class B Limited Partners  for any unpaid priority return  of
      cash distributions of operating cash flows;

      Fifth,  to the General  Partner until its original  capital contribution is
      reduced to zero; and

      The balance,  if any, 67.5%  to the Class A  Limited Partners, 7.5%  to the
      Class B Limited Partners and 25% to the General Partner.

As of December 31, 1995, the Partnership had undeclared  amounts of $2,428,800 or
$4.40  per Class A unit and $458,087 or $7.47 per  Class B unit of the cumulative
annual 10% cash returns.

Note C   Mortgage Notes Payable


</TABLE>
<TABLE>
<CAPTION>
                                                               
                                                                               
                           Principal     Monthly                         Principal
                           Balance At    Payment     Stated               Balance
                         December 31,   Including   Interest  Maturity     Due At
 Property                     1995       Interest     Rate     Date(1)  Maturity(2)
<S>                      <C>            <C>           <C>      <C>    <C>                           
 Hitchcock Plaza                                                                   
  1st mortgage            $10,825,819    $101,759      9%       10/98   $10,059,040
                                                                                   
 White Horse Plaza                                                                 
   1st mortgage             6,857,677      64,460      9%       10/98     6,371,951
                                                                                  
 Georgetown Landing                                                                
   1st mortgage             1,521,714      14,304      9%       10/98     1,413,918
                                                                                   
 Total                    $19,205,210    $180,523                       $17,844,909

<FN>
(1)   Original maturity dates in June of 1994 were extended to October 1998.
(2)   Mortgages require a balloon payment at  maturity for the remaining principal
      amount.  
</TABLE>


The estimated  fair value  of the Partnership's aggregate  debt approximates 
the carrying value.

Note C - Mortgage Notes Payable (continued)

The  mortgage notes payable are nonrecourse and are secured by the properties 
and by a pledge of revenues from the respective properties.

Schedule of principal  payments of mortgage notes payable subsequent to December
31, 1995, are as follows:
      
               1996                             $   456,326            
               1997                                 499,132            
               1998                              18,249,752            
               Total                            $19,205,210            


Note D   Operating Leases
<TABLE>

<S>                                              <C>
Tenants are responsible  for their own utilities  and maintenance of their space,
and payment of  their proportionate share of common area  maintenance, utilities,
insurance and real estate taxes.   A portion of the real estate taxes, insurance,
and common area maintenance expenses are paid  directly by the Partnership.   The
Partnership is then reimbursed by the tenants for their proportionate share.  The
expenses  paid by the Partnership  are included in the accompanying Statements of
Operations as  property taxes,  insurance, and operating expenses.   The  portion
which is reimbursable from the tenants  is classified as tenant reimbursements in
the accompanying Statements of Operations.  
</TABLE>
Most of the leases also provide for  an additional percentage rent of .75%  to
6% of sales after a certain level of sales are achieved.  Percentage rents were
not material in 1995 or 1994.

The  future minimum  rental payments to be  received under  operating leases 
that have initial or remaining noncancellable  lease terms in excess of one
year as of December 31, 1995, are as follows:
      
                                                                               
          Years Ending December 31,                                    
               1996                             $ 2,351,374            
               1997                               2,111,582            
               1998                               1,845,553            
               1999                               1,517,128            
               2000                               1,452,920            
               Thereafter                        10,450,498            
                                                $19,729,055            

Four anchor  tenants represent  $15,402,749 of the above  minimum future rentals
under leases expiring in 2006 through 2012.

Note E   Major Tenants

Rents from tenants exceeding 10% of rental income were as follows:

<TABLE>
                                                                               
                                                 
                                      1995                          1994
                              Amount         Percent        Amount         Percent
<S>                          <C>             <C>          <C>              <C>
 K-Mart Corporation           $359,948        14.6%        $359,948         14.4%
 Kroger Co.                    342,607        13.9%         342,607         13.7%
 Wal-Mart Stores, Inc.         298,196        12.1%         298,196         11.9%
</TABLE>

<TABLE>
<S>     <C>
Note F   Contingencies

The Partnership is  unaware of any pending or  outstanding litigation that is not
of a routine nature.  The Managing General Partner believes that all such pending
or outstanding litigation will be resolved without a material adverse effect upon
the business, financial condition, or operations of the Partnership.

Note G - Write-Down of Investment Properties

During 1994,  Hitchcock Plaza, located in Aiken, South Carolina, experienced cash
flow  difficulties  as   a  result  of   a  highly  competitive  rental   market.
Accordingly,  in the fourth  quarter of  fiscal 1994, the Partnership  recorded a
valuation  write-down to  reduce  the carrying  costs  of the  assets  related to
Hitchcock Plaza based  on estimated  fair value.   The write-down  was calculated
using  net  operating income  of  the  property, capitalized  at  a  rate  deemed
reasonable  for the  type of  property adjusted  for market  conditions, physical
condition of  the property  and other  factors, to assess  whether any  permanent
impairment in value  had occurred.  Due to  extreme competitive conditions in the
rental market, continuing poor performance, and financial difficulties of certain
anchor  tenants,  the  Managing  General  Partner  concluded  that   a  permanent
impairment  in  value  had occurred.  The  write-down  resulted in  a  charge  to
operations of  $323,021 for the year ended December 31, 1994.  The adjusted basis
of  the property  is being  depreciated over  the remaining  useful lives  of the
assets.

Note H   Income Taxes

The Partnership is  classified as a partnership  for Federal income tax purposes.
Accordingly, no provision for income taxes is made in the financial statements of
the  Partnership.  Taxable income  or loss of the Partnership  is reported in the
income tax returns of its partners.

Differences between  the net  loss as  reported and  Federal taxable  loss result
primarily from (1) depreciation over different methods and lives and on differing
cost bases  of investment properties,  (2) change  in rental  income received  in
advance,  and  (3)  write-down of  investment  property.    The  following  is  a
reconciliation of reported net loss and Federal taxable loss:

</TABLE>

                                               1995               1994  
                                                                       
 Net loss as reported                       $(310,896)        $ (668,615)
 Add (deduct):                                                          
    Depreciation differences                   37,130             45,323
    Prepaid insurance                           2,457                485
    Unearned income                            (6,782)             7,320
    Bad debt allowance                        (15,851)            15,851
    Miscellaneous                                  --               (403)
    Write-down of investment property              --            323,021
                                                                       
 Federal taxable loss                       $(293,942)        $ (277,018)
                                                                       
 Federal taxable loss                                                   
    per limited partnership unit            $    (.47)        $     (.45)
                                        
The following is a reconciliation between the  Partnership's reported amounts 
and Federal tax basis of net assets and liabilities:

       Net assets as reported                     $1,264,667
       Land and Buildings                             21,434
       Accumulated depreciation                      332,789
       Syndication                                   666,666
       Other                                         (11,193)
                                                           
         Net assets - Federal tax basis           $2,274,363


<TABLE>
<S>                                  <C>
Note I - Transactions with Affiliated Parties

The Partnership has no employees and is dependent on the Managing General Partner
and  its affiliates  for  the management  and administration  of  all partnership
activities.  The  partnership agreement provides for  payments to affiliates  for
services and  for reimbursement  of certain  expenses incurred  by affiliates  on
behalf of the Partnership.  

The following payments were made to affiliates  of Insignia Financial Group, Inc.
in 1995 and 1994:
 
                                                         1995           1994 
                                                                               
    Property management fees                           $82,604        $76,080
    Reimbursement for services of affiliates            32,700         32,700
                                                                                

Note J - Investment Properties and Accumulated Depreciation



</TABLE>
<TABLE>
<CAPTION>
                                                     Initial Cost
                                                    To Partnership  
                                                                          Cost
                                                         Buildings     Capitalized
                                                        and Related     (Removed)
                                                          Personal     Subsequent 
Description                   Encumbrancess    Land       Property     Acquisition
<S>                          <C>           <C>         <C>             <C>                           
 Hitchcock Plaza                                                                      
  Aiken, South Carolina       $10,825,819   $1,796,596  $12,623,471     $  24,100
                                                                         (323,021)
 White Horse Plaza                                                                    
  Greenville, South Carolina    6,857,677    1,975,248    6,914,259        33,469
                                                                         (163,105)
 Georgetown Landing                                                                   
  Georgetown, South Carolina    1,521,714     427,745     1,710,981         8,748
                                                                                      
        Totals                $19,205,210   $4,199,589  $21,248,711     $(419,809)

</TABLE>                                                             

Note J - Investment Properties and Accumulated Depreciation (continued)

<TABLE>
<CAPTION>
                                   Gross Amount At Which Carried                            
                                         At December 31, 1995                                 

                                               Buildings                                      
                                              And Related                                     
                                                Personal                   Accumulated      Date      Depreciable
 Description                        Land        Property        Total      Depreciation   Acquired     Life-Years
<S>                             <C>          <C>            <C>            <C>           <C>            <C>   
 Hitchcock Plaza                 $1,756,347   $12,364,799    $14,121,146    $2,979,112    07/12/88       5-31.5
                                                                                              
 White Horse Plaza                1,939,039     6,820,832      8,759,871     1,642,477    07/12/88       5-31.5
                                                                                              
 Georgetown Landing                 427,745     1,719,729      2,147,474       405,584    07/12/88        31.5
                                                                                                                 
         Totals                  $4,123,131   $20,905,360    $25,028,491    $5,027,173                           

</TABLE>

Reconciliation of "Investment Properties and Accumulated Depreciation" :
<TABLE>
<CAPTION>

                                             Years Ended December 31,   
                                                 1995            1994   
<S>                                         <C>             <C>
 Investment Properties                                                  
 Balance at beginning of year                $25,019,743     $25,339,264
   Property improvements                           8,748           3,500
   Write-down of property                             --        (323,021)
 Balance at End of Year                      $25,028,491     $25,019,743
 Accumulated Depreciation                                               
 Balance at beginning of year                $ 4,358,518     $ 3,681,790
   Additions charged to expense                  668,655         676,728
 Balance at end of year                      $ 5,027,173     $ 4,358,518



The aggregate cost of the real estate for Federal income tax purposes at December
31, 1995, is $25,049,925.   The accumulated depreciation taken for Federal income
tax purposes at December 31, 1995, is  $4,694,384.

</TABLE>

Item 8. Changes in and Disagreements with Accountants on Accounting and 
        Financial Disclosure

    None.

                                     PART III


Item 9.  Directors, Executive Officers, Promoters and Control Persons; 
         Compliance with Section 16(a) of the Exchange Act

<TABLE>
  <S>                                             <C>
   The Registrant has no  officers or  directors.  The  Managing General  Partner
manages and controls the Registrant and  has general responsibility and authority
in all matters affecting its business.

   The names of the directors and executive officers of 104 Management, Inc., the
Partnership's Managing General Partner,  as of December 31,  1995, their ages and
the nature of all positions  with 104 Management, Inc. presently held by them are
set forth below.  There are no family relationships between or among any officers
and directors.

   Name                              Age                    Position

   Carroll D. Vinson                 55                     President, Director

   Robert D. Long, Jr.               28                     Controller, Principal
                                                            Accounting Officer

   William H. Jarrard, Jr.           49                     Vice President

   John K. Lines                     36                     Secretary

   Kelley M. Buechler                38                     Assistant Secretary


   Carroll D.  Vinson  has been  President of  the Managing  General Partner  and
Metropolitan Asset Enhancement, L.P.("MAE")subsidiaries since August 1994.  Prior
to that, during 1993 to August 1994, Mr. Vinson was affiliated with Crisp, Hughes
& Co. (regional CPA firm)  and engaged in various other investment and consulting
activities.   Briefly,  in early 1993,  Mr. Vinson served as  President and Chief
Executive Officer of  Angeles Corporation, a real  estate investment firm.   From
1991 to 1993, Mr. Vinson was employed by Insignia in various capacities including
Managing  Director-President  during 1991.   From  1986 to  1990, Mr.  Vinson was
President  and Director  of  U.S.  Shelter Corporation,  a real  estate  services
company, which sold substantially all of its assets to Insignia in December 1990.
   
   Robert  D. Long, Jr.  is Controller  and Principal  Accounting Officer  of the
Managing  General Partner and MAE subsidiaries.  Prior to joining MAE in February
1994, he was an auditor  for the State of  Tennessee and was associated  with the
accounting  firm of  Harshman Lewis  and Associates.   He  is a  graduate of  the
University of Memphis.

   William  H. Jarrard, Jr. is Vice President of the Managing General Partner and
MAE subsidiaries and Managing Director  - Partnership Administration of Insignia.
During the five years prior  to joining Insignia in 1991, he  served in a similar
capacity for U.S. Shelter.  Mr. Jarrard is a graduate of  the University of South
Carolina and a certified public accountant.

   John  K. Lines  has been  Secretary of  the Managing  General Partner  and MAE
subsidiaries  since August  1994 and  General Counsel  and Secretary  of Insignia
since July  1994.  From  May 1993 until  June 1994,  Mr. Lines was the  Assistant
General Counsel and  Vice President of  Ocwen Financial Corporation in  West Palm
Beach, Florida.   From  October 1991  until April  1993, Mr.  Lines was a  Senior
Attorney  with Banc  One Corporation  in  Columbus, Ohio.    From May  1984 until
October  1991,  Mr. Lines  was  employed as  an associate  with Squire  Sanders &
Dempsey in Columbus, Ohio.

   Kelley M. Buechler is Assistant Secretary of  the Managing General Partner and
MAE  subsidiaries and  Assistant Secretary of  Insignia.   During the  five years
prior  to joining  Insignia in  1991, she served in  a similar  capacity for U.S.
Shelter.  Ms. Buechler is a graduate of the University of North Carolina.

Item 10. Executive Compensation

   None of the  directors and officers of  the Managing General  Partner received
any remuneration from the Registrant.

Item 11. Security Ownership of Certain Beneficial Owners and Management

   As of February 1996, there were 552,000 Units and 61,333 Units of Subordinated
Interest  issued  and  outstanding.   The  following  table  sets  forth  certain
information,  as of December 31, 1995 (except to the extent otherwise indicated),
with  respect to  the ownership of  Units and units of  Subordinated Interest by:
(i) any  person or  group who is known  to the  Partnership to be  the beneficial
owner  of more than 5% of either the Units or units of Subordinated Interest, and
(ii)  the  directors  and  officers  of  the  Managing  General  Partner,   named
individually and as a group.
</TABLE>
                                                                               
<TABLE>
<CAPTION>
                                                              Units of Subordinated 
                                          Units (1)                Interest (1)     
                                     Amount       Percent      Amount       Percent
<S>                               <C>             <C>              <C>         <C>  
 The Ohio Company                  28,635(2)       5.19%            0           --
   155 East Broad Street                                                          
   Columbus, Ohio 43215                                                           
                                                                                  
 Insignia Brunner L.P.                    0           --       61,333         100%
   One Insignia Financial Plaza                                                   
   Greenville, SC 29602                                                           
                                                                                 
 All directors and officers of                                                    
   the Managing General Partner           0           --            0           --
   (5 persons) as a group                                                         

<FN>
(1)        The Limited Partners  have no right or authority  to participate in the
           management or  control of  the Partnership or  its business.   However,
           Limited  Partners  do  have limited  rights  to  approve or  disapprove
           certain fundamental Partnership  matters as  provided in  Article 7  of
           the Partnership  Agreement.  Transfer of  Units are subject  to certain
           restrictions set forth in Article 9 of the Partnership Agreement.

(2)        These  units  are  held by  The  Ohio  Company  as  custodian under  30
           separate  custodial agreements.  No single such custodial account holds
           more than 5% of the outstanding Units.

</TABLE>

Item 12.   Certain Relationships and Related Transactions

<TABLE>
  <S>                                                      <C>
   The General Partner did not receive  cash distributions from or with respect to
the  fiscal years ended  December 31,  1995 and 1994.   For a  description of the
share of cash distributions from operations, if any, to which the General Partner
is entitled, see  "Note B" of  the financial statements  included in "Item 7"  of
this report.

   The Registrant has a property management agreement with  affiliates of Insignia
pursuant to which such  affiliates have assumed direct responsibility for day-to-
day  management of  the  Partnership's  properties.   This  service  includes the
supervision of  leasing, rent  collection, maintenance,  budgeting, employment of
personnel, payment of  operating expenses, etc.   Insignia's affiliate received a
property management fee equal to 3% of gross revenues of all tenants.  During the
twelve months ended December 31, 1995 and 1994, an affiliate of Insignia received
$82,604 and $76,080 in property management fees, respectively.

   Section 6.4  of the Partnership Agreement  provides that the Partnership  shall
reimburse the General Partner and its affiliates for all out-of-pocket costs  and
expenses incurred by  the General Partner and  its affiliates in connection  with
the operation of the Partnership's business, including, without limitation, legal
and accounting fees and  the cost of  other administrative services performed  by
them for  the benefit of the  Partnership;  provided  that any such reimbursement
shall be in an amount equal to the lesser of the General Partners' or affiliates'
actual cost  with respect thereto or  the amount which  the Partnership  would be
required to  pay to  an independent  person for  comparable services  in the same
geographic location; and further provided that no reimbursement is permitted with
respect to,  among other things,  salaries, fringe benefits,  travel expenses and
other administrative  items incurred or  allocated to any  controlling persons of
the General Partner or any affiliate.

   If  the Partnership  requires  additional funds,  the  General Partner  or  its
affiliates may,  but are not  obligated to, lend  funds to the Partnership.   Any
such  loan and  any disposition,  re-negotiation or other  subsequent transaction
involving such  loan, shall  be made  only upon receipt from  an independent  and
qualified advisor of  an opinion letter to the effect  that such proposed loan or
disposition,  renegotiation or  subsequent transaction  is fair  and at  least as
favorable  to the  Partnership as a  loan to an unaffiliated  borrower in similar
circumstances.  The advisors'  compensation must be paid  by the General  Partner
and is not  reimbursable by the Partnership.  No  such loan has yet  been made by
the General Partner.

   A commission of up to 2%  of the sale  price may be paid to Brunner  Management
Limited Partnership upon  the sale of each of the  Retail Centers, if it performs
substantial  services in connection with the  sale.  Any such  commission paid to
Brunner Management Limited Partnership  will  be  subordinated  to  the Limited 
Partners'  priority distributions. Total commissions paid will not exceed  those
reasonable, customary and competitive in light of the size and  location of the 
Retail Center sold.

   See  "Note I"  of the  financial statements  for further discussion  of certain
relationships and related party transactions.


Item 13.   Exhibits and Reports on Form 8-K
   
           (a)  Exhibits:  See Exhibit Index contained herein.

           (b)  Reports on Form 8-K filed during the fourth quarter of 1995: None

</TABLE>
                                    SIGNATURES


   In accordance  with Section  13 or 15(d)  of the Exchange  Act, the  
Registrant caused this report to be signed on its  behalf by the undersigned,
thereunto duly authorized.


                           BRUNNER COMPANIES INCOME PROPERTIES L.P. I,
                            A Delaware Limited Partnership

                           By:   Brunner Management Limited Partnership,
                                 an Ohio Limited Partnership, its General 
                                 Partner

                           By:   104 Management, Inc., an Ohio corporation,
                                 its General Partner


                           By:   /s/ Carroll D. Vinson            
                                 Carroll D. Vinson
                                 President
                            
                           Date:    March 20, 1996 


  In accordance with the Exchange  Act, this report has been signed below by the
following  persons on behalf of the  Registrant and in the  capacities and on 
the date indicated.



/s/ Carroll D. Vinson          President                 March 20, 1996
Carroll D. Vinson              

/s/ Robert D. Long, Jr.        Controller and Principal  March 20, 1996
Robert D. Long, Jr.            Accounting Officer


<TABLE>
<CAPTION>

                                INDEX OF EXHIBITS

Exhibit
  No.          Description
<S>           <C>
3.1            Partnership Agreement of Brunner Companies  Income Properties L.P.
               I (the "Partnership"); incorporated by reference to Exhibit 4.3 to
               Form 10-Q for the fiscal quarter ended September 30, 1988

3.2            Certificate   of  Limited   Partnership   for   the   Partnership;
               incorporated by reference to Exhibit 3.2 to Registration Statement
               No. 33-20527 on Form S-11

4.1            Form  of Class  A Limited  Partnership Interest  Unit Certificate;
               incorporated   by  reference  to  Exhibit   3.1  to  Pre-effective
               Amendment No. 1 to Registration Statement No. 33-20527 on Form  S-
               11

4.2            Form  of Class  B Limited  Partnership Interest  Unit Certificate;
               incorporated  by  reference  to   Exhibit  3.1  to   Pre-effective
               Amendment No. 1 to Registration Statement No. 33-20527 on Form  S-
               11

10.1           Purchase Agreement for Hitchcock Plaza; incorporated by  reference
               to  Exhibit  19.1  to  Form 10-Q  for  the  fiscal  quarter  ended
               September 30, 1988

10.2           Purchase  Agreement   for  White  Horse   Plaza;  incorporated  by
               reference  to Exhibit  19.2 to  Form 10-Q  for the  fiscal quarter
               ended September 30, 1988

10.3           Purchase  Agreement   for  Georgetown  Landing;  incorporated   by
               reference  to Exhibit  19.3 to  Form 10-Q  for the  fiscal quarter
               ended September 30, 1988

10.4           Management   Agreement  for   Hitchcock  Plaza;   incorporated  by
               reference  to Exhibit  19.4 to  Form 10-Q  for the  fiscal quarter
               ended September 30, 1988

10.5           Management  Agreement  for  White  Horse  Plaza;  incorporated  by
               reference  to Exhibit  19.5 to  Form 10-Q  for the  fiscal quarter
               ended September 30, 1988

10.6           Management  Agreement  for  Georgetown  Landing;  incorporated  by
               reference  to Exhibit  19.6 to  Form 10-Q  for the  fiscal quarter
               ended September 30, 1988

10.7           Promissory Note secured by Mortgage  on Hitchcock Plaza, with  New
               York Life  Insurance Company, as  Payee; incorporated by reference
               to  Exhibit  19.7  to  Form 10-Q  for  the  fiscal  quarter  ended
               September 30, 1988

10.8           Security Agreement relating to Hitchcock Plaza with New  York Life
               Insurance Company, as  Secured Party; incorporated by reference to
               Exhibit 19.8 to  Form 10-Q for the fiscal quarter  ended September
               30, 1988

10.9           Assignment of Lessor's  Interest in Lease(s) relating to Hitchcock
               Plaza with New York Life Insurance Company, as Mortgagee/Assignee;
               incorporated by  reference to  Exhibit 19.9 to Form  10-Q for  the
               fiscal quarter ended September 30, 1988

10.10          Hitchcock  Plaza Mortgage  with New  York Life  Insurance Company;
               incorporated  by reference to  Exhibit 19.10 to Form  10-Q for the
               fiscal quarter ended September 30, 1988

10.11          Promissory Note secured by Mortgage on White Horse Plaza, with New
               York Life  Insurance Company, as  Payee; incorporated by reference
               to  Exhibit  19.11  to  Form  10-Q for  the  fiscal  quarter ended
               September 30, 1988

10.12          Security Agreement  relating to  White Horse  Plaza with  New York
               Life  Insurance   Company,  as  Secured  Party;   incorporated  by
               reference to  Exhibit 19.12  to Form 10-Q for  the fiscal  quarter
               ended September 30, 1988

10.13          Assignment  of Lessor's  Interest  in Lease(s)  relating  to White
               Horse   Plaza   with  New   York   Life   Insurance   Company,  as
               Mortgagee/Assignee; incorporated by  reference to Exhibit 19.13 to
               Form 10-Q for the fiscal quarter ended September 30, 1988

10.14          White Horse Plaza Mortgage  with New York Life  Insurance Company;
               incorporated  by reference to  Exhibit 19.14 to Form  10-Q for the
               fiscal quarter ended September 30, 1988

10.15          Promissory Note  secured by  Mortgage on  Georgetown Landing, with
               New  York  Life  Insurance  Company,  as  Payee;  incorporated  by
               reference to  Exhibit 19.15  to Form 10-Q for  the fiscal  quarter
               ended September 30, 1988

10.16          Assignment of Lessor's Interest in Lease(s) relating to Georgetown
               Landing   with    New   York    Life   Insurance    Company,    as
               Mortgagee/Assignee; incorporated by  reference to Exhibit 19.16 to
               Form 10-Q for the fiscal quarter ended September 30, 1988.

10.17          Security Agreement  relating to  Georgetown Landing  with New York
               Life  Insurance  Company,  as   Secured  Party;  incorporated   by
               reference to  Exhibit 19.17  to Form 10-Q for  the fiscal  quarter
               ended September 30, 1988

10.18          Georgetown Landing Mortgage  with New York Life Insurance Company;
               incorporated  by reference to  Exhibit 19.18 to Form  10-Q for the
               fiscal quarter ended September 30, 1988

10.19          Commitment letter between New York Life Insurance  Company and MBB
               Development Associates; incorporated by reference to  Exhibit 10.7
               to Registration Statement No. 33-20527 on Form S-11

10.20          Commitment  letter between  New  York Life  Insurance  Company and
               Dayton & Associates VII; incorporated by reference to Exhibit 10.8
               to Registration Statement No. 33-20527 on Form S-11

10.21          Commitment  letter between  New  York Life  Insurance  Company and
               Dayton & Associates VII; incorporated by reference to Exhibit 10.9
               to Registration Statement No. 33-20527 on Form S-11

10.22          Hitchcock  Center  Lease   with  Goody's  Family  Clothing,  Inc.;
               incorporated  by  reference  to  Exhibit  10.10  to  Pre-effective
               Amendment No. 1 to Registration Statement No. 33-20527 on Form  S-
               11

10.23          Hitchcock   Center   Lease   with  Franchise   Enterprises,  Inc.;
               incorporated  by  reference  to  Exhibit  10.11  to  Pre-effective
               Amendment No. 1 to Registration Statement No. 33-20527 on Form  S-
               11

10.24          Hitchcock   Center   Lease   with   Key   Wholesale   Corporation;
               incorporated  by  reference  to  Exhibit  10.12  to  Pre-effective
               Amendment No. 1 to Registration Statement No. 33-20527 on Form  S-
               11

10.25          Side Agreement  Regarding Rent Guarantee  between MBB  Development
               Associates  and  the  Partnership;  incorporated  by reference  to
               Exhibit 10.31  to Form 10-K for the fiscal year ended December 31,
               1988

10.26          Release  and Termination of Lease between  the Partnership and Key
               Wholesalers  of  Columbia,  Inc.;  incorporated  by  reference  to
               Exhibit 19.1  to Form 10-Q for  the fiscal quarter ended  June 30,
               1989

10.27          Hitchcock Center Lease  between the Partnership and Southco, Inc.;
               incorporated by  reference to  Exhibit 19.2 to Form  10-Q for  the
               fiscal quarter ended June 30, 1989

10.28          Construction  Agreement  between  the  Partnership  and  Gillam  &
               Associates,  Inc. regarding  Southco renovations;  incorporated by
               reference  to Exhibit 19.3  to Form 10-Q for  fiscal quarter ended
               June 30, 1989

10.29          Agreement between the Partnership  and MBB Development  Associates
               regarding   Southco  renovations;  incorporated  by  reference  to
               Exhibit  19.4 to Form 10-Q  for the fiscal  quarter ended June 30,
               1989

10.30          Hitchcock Center  Lease with  The Kroger  Company; incorporated by
               reference to  Exhibit 10.13  to Pre-effective  Amendment No.  1 to
               Registration Statement No. 33-20527 on Form S-11

10.31          Hitchcock Center  Lease with K-Mart  Corporation; incorporated  by
               reference to  Exhibit 10.14  to Pre-effective  Amendment No. 1  to
               Registration Statement No. 33-20527 on Form S-11

10.32          White Horse  Plaza Lease with  Wal-Mart Stores, Inc.; incorporated
               by reference to Exhibit 10.19 to Pre-effective Amendment No. 1  to
               Registration Statement No. 33-20527 on Form S-11

10.33          Amendment to  Wal-Mart lease with  White Horse Plaza; incorporated
               by reference to Exhibit 19.1 to Form 10-Q for fiscal quarter ended
               September 30, 1989

10.34          Second  Amendment  to  Wal-Mart  lease  with  White  Horse  Plaza;
               incorporated by reference to Exhibit 19.2 to Form 10-Q for  fiscal
               quarter ended September 30, 1989

10.35          White  Horse  Plaza   Lease  with  Winn-Dixie  Greenville,   Inc.;
               incorporated  by  reference  to  Exhibit  10.20  to  Pre-effective
               Amendment No. 1 to Registration Statement No. 33-20527 on Form  S-
               11

10.36          Georgetown Landing  Transfer and  Assignment of  Lease with Rhonda
               and Leon  Detzler; incorporated  by reference to  Exhibit 10.24 to
               Pre-effective Amendment  No. 1  to Registration  Statement No. 33-
               20527 on Form S-11

10.37          Georgetown  Landing Lease  with Food  Lion, Inc.;  incorporated by
               reference to  Exhibit 10.25  to Pre-effective  Amendment No.  1 to
               Registration Statement No. 33-20527 on Form S-11

10.38          Letter Agreement  dated January 14,  1991, amending the Georgetown
               Landing Lease  with Coast-to-Coast  incorporated by  reference  to
               Exhibit 10.38 to Form 10-K as of fiscal year end December 31, 1990

10.39          Advisory Agreement made  as of September 1,  1991 between  Brunner
               Companies Income Properties L.P. I and Insignia GP Corporation and
               Insignia  Financial  Group,  Inc.  incorporated  by  reference  to
               Exhibit 19.1 to  Form 10-Q for the fiscal quarter  ended September
               30, 1991

10.40          First Amendment to Advisory Agreement changing effective date from
               September 1, 1991 to October 1, 1991 incorporated by reference  to
               Exhibit 19.2 to  Form 10-Q for the fiscal quarter  ended September
               30, 1991

10.41          Management Agreement for Georgetown Landing made as of December 1,
               1991 between Brunner Companies Income Properties L.P. and Insignia
               Management Group, L.P.  incorporated by reference to Exhibit 10.41
               to Form 10-K as of fiscal year end December 31, 1991      

10.42          Management Agreement for White Horse Plaza made as of December  1,
               1991  between  Brunner  Companies  Income  Properties  L.P. I  and
               Insignia  Management Group,  L.P.  incorporated  by  reference  to
               Exhibit 10.42 to Form 10-K as of fiscal year end December 31, 1991

10.43          Hitchcock  Center  Lease  with  Consolidated   Stores  Corporation
               incorporated  by reference  to Exhibit  10.43 to  Form 10-K  as of
               fiscal year end December 31, 1991   

10.44          Transfer   Agent  Agreement   between  Brunner   Companies  Income
               Properties  L.P. I  and  Insignia GP  Corporation  incorporated by
               reference  to Exhibit  10.44 to Form  10-K as  of fiscal  year end
               December 31, 1991       

10.45          Letter Agreement amending Georgetown Landing Lease  with Coast-to-
               Coast incorporated by  reference to Exhibit 10.45 to Form  10-K as
               of fiscal year end December 31, 1991      

10.46          Closing Agreement  dated October 16,  1992 showing the acquisition
               of a  majority of the outstanding stock of 104 Management, Inc. by
               IBGP,  Inc. incorporated  by reference  to Exhibit  2 to  Form 8-K
               dated March 5, 1993

10.47          Third loan modification and extension agreement, cross-pledge  and
               default agreement, and  mortgage amendment  agreement relating  to
               Hitchcock  Plaza effective September  29, 1995 by and  between New
               York   Life  Insurance  Company   and  Brunner   Companies  Income
               Properties, L.P. I, a Delaware Limited Partnership incorporated by
               reference to Exhibit  10.47 to Form 10-QSB for the  fiscal quarter
               ended September 30, 1995.

10.48          Third loan modification and extension  agreement, cross-pledge and
               default agreement,  and mortgage  amendment agreement  relating to
               Whitehorse Plaza  effective September 29, 1995  by and between New
               York  Life   Insurance  Company   and  Brunner   Companies  Income
               Properties, L.P. I, a Delaware Limited Partnership incorporated by
               reference to Exhibit  10.47 to Form 10-QSB for the  fiscal quarter
               ended September 30, 1995.

10.49          Third loan modification and extension agreement,  cross-pledge and
               default agreement,  and mortgage  amendment agreement  relating to
               Georgetown Landing effective September 29, 1995 by and between New
               York  Life  Insurance   Company  and   Brunner  Companies   Income
               Properties, L.P. I, a Delaware Limited Partnership incorporated by
               reference to Exhibit  10.47 to Form 10-QSB for the  fiscal quarter
               ended September 30, 1995.

16.1           Letter  from  the  Registrant's   former  independent   accountant
               regarding  its  concurrence   with  the  statements  made  by  the
               Registrant  is incorporated by reference to the exhibit filed with
               Form 8-K dated January 12, 1993

27             Financial Data Schedule

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