<PAGE>
                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 10-Q


 X      Quarterly Report Pursuant to Section 13 or 15(d) of the Securities
---     Exchange Act of 1934

        For the quarterly period ended September 30, 2005

        Transition Report Pursuant to Section 13 or 15(d) of the Securities
---     Exchange Act of 1934

        For the transition period from           to         .
                                        --------    --------

                          Commission File Number 0-7798

                   FIRST WILKOW VENTURE, A LIMITED PARTNERSHIP (Exact Name of
             Registrant as Specified in Its Charter)

       Illinois                                            36-6169280
----------------------                         ---------------------------------
(State of Organization)                        (IRS Employer Identification No.)


               180 North Michigan Avenue, Chicago, Illinois 60601
                    (Address of Principal Executive Offices)

       Registrant's Telephone Number, including area code: (312) 726-9622
                                                           --------------


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

                                            YES   X       NO
                                                 ---         ---

Indicate by check mark whether the Registrant is an accelerated filer (as
defined in Rule 12b-2 of the Exchange Act)

                                            YES           NO  X
                                                 ---         ---

Indicate by check mark whether the registrant is a shell company (as defined in
Rule 12b-2 of the Exchange Act).

                                            YES           NO  X
                                                 ---         ---


<PAGE>



                              FIRST WILKOW VENTURE
                                    FORM 10-Q
                                TABLE OF CONTENTS
                               SEPTEMBER 30, 2005


<TABLE>
<S>                                                                         <C>
FINANCIAL INFORMATION
     Item 1.  Financial Statements
                   Balance Sheet                                             3
                   Statement of Operations                                   4
                   Statements of Cash Flows                                  5
                   Notes                                                     6
     Item 2.  Management's Discussion and Analysis of Financial Condition
              and Results of Operations                                      7

REMARKS                                                                      9

SIGNATURES                                                                   9

CERTIFICATIONS                                                              10

</TABLE>



                                        2


<PAGE>
                              FIRST WILKOW VENTURE
                             (A LIMITED PARTNERSHIP)
                           CONSOLIDATED BALANCE SHEET


<TABLE>
<CAPTION>
                                                             September 30,
                                                                 2005         December 31,
                                                              (Unaudited)        2004
                                                             -------------    -----------
<S>                                                          <C>              <C>
                                     ASSETS

REAL ESTATE AND INVESTMENTS IN REAL ESTATE PARTNERSHIPS

Real Estate:
           Land                                               $ 4,030,069     $ 4,030,069
           Buildings and Improvements                          34,569,252      33,052,041
           Fixtures and Equipment                                  23,511          23,511
                                                              -----------     -----------
                        Total                                  38,622,832      37,105,621
           Less-Accumulated Depreciation                       15,123,650      14,360,780
                                                              -----------     -----------
                        Net Real Estate                        23,499,182      22,744,841
Investments in Real Estate Partnerships                         3,726,893       5,060,888
                                                              -----------     -----------
                        Total                                  27,226,075      27,805,729
                                                              -----------     -----------

LOANS RECEIVABLE                                                   86,963          86,963
                                                              -----------     -----------

OTHER ASSETS
           Cash and Cash Equivalents                            7,145,128       9,863,712
           Certificates of Deposit - Restricted                   250,000         250,000
           Receivables and Prepaid Expenses                     1,235,047       1,193,922
           Deposits                                             1,314,388         893,892
           Deferred Charges                                     1,394,522       1,345,651
                                                              -----------     -----------
                        Total                                  11,339,085      13,547,177
                                                              -----------     -----------

                        TOTAL ASSETS                          $38,652,123     $41,439,869
                                                              ===========     ===========

                        LIABILITIES AND PARTNERS' CAPITAL

MORTGAGES PAYABLE                                             $19,513,125     $19,638,439
                                                              -----------     -----------

OTHER LIABILITIES
           Accounts Payable and Accrued Expenses                   75,669          95,758
           Accrued Property Taxes                               1,589,764       1,297,188
           Deferred State Income Taxes                            170,000         170,000
           Security Deposits and Prepaid Rent                     540,913         856,963
                                                              -----------     -----------
                        Total                                   2,376,346       2,419,909
                                                              -----------     -----------

MINORITY INTEREST                                               1,620,825       3,137,378
                                                              -----------     -----------

PARTNERS' CAPITAL
  (163,523 and 170,916 units authorized
   and issued, respectively)                                   15,141,827      16,244,143
                                                              -----------     -----------

           TOTAL LIABILITIES AND PARTNERS' CAPITAL            $38,652,123     $41,439,869
                                                              ===========     ===========
</TABLE>


Note: Balance Sheet at 12/31/04 taken from the audited financial statements at
      that date.

See accompanying notes to consolidated financial statements



                                       3
<PAGE>

                              FIRST WILKOW VENTURE
                      CONSOLIDATED STATEMENT OF OPERATIONS
             THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2005 AND 2004
                                   (UNAUDITED)


<TABLE>
<CAPTION>
                                                                      Three Months                      Nine Months
                                                                   Ended September 30,              Ended September 30,
                                                              ----------------------------      ----------------------------
                                                                 2005             2004             2005              2004
                                                              -----------      -----------      -----------      -----------
<S>                                                           <C>              <C>              <C>              <C>
REVENUES
        Rental Income                                         $ 2,108,666      $ 1,942,999      $ 6,080,025      $ 6,256,491
        Interest Income                                            60,161           32,736          157,231           69,093
        Gain on disposal of real estate and other revenue          66,412           42,787          117,490          149,484
                                                              -----------      -----------      -----------      -----------
                                                                2,235,239        2,018,522        6,354,746        6,475,068
                                                              -----------      -----------      -----------      -----------

PARTNERSHIP INVESTMENTS' INCOME
        Share of Net Income                                     1,568,130        4,464,889        1,760,598        5,165,579
                                                              -----------      -----------      -----------      -----------

EXPENSES
        Operating Expenses                                      1,065,405          942,872        2,904,923        2,860,194
        Real Estate Taxes                                         350,695          273,878          991,631          939,652
        Depreciation and Amortization                             319,982          298,096          955,580          939,048
        Interest Expense                                          351,324          400,723        1,017,997        1,200,610
        General and Administrative                                 36,300           11,397          121,566           91,885
                                                              -----------      -----------      -----------      -----------
                                                                2,123,706        1,926,966        5,991,697        6,031,389
                                                              -----------      -----------      -----------      -----------

INCOME BEFORE MINORITY INTEREST                                 1,679,663        4,556,445        2,123,647        5,609,258


MINORITY INTEREST IN
        SUBSIDIARIES' NET INCOME                                 (232,479)        (941,408)        (287,694)      (1,159,587)
                                                              -----------      -----------      -----------      -----------

NET INCOME                                                    $ 1,447,184      $ 3,615,037      $ 1,835,953      $ 4,449,671
                                                              ===========      ===========      ===========      ===========


NET INCOME PER UNIT                                           $      8.85      $     21.15      $     11.12      $     26.03
                                                              ===========      ===========      ===========      ===========

DISTRIBUTIONS PER UNIT                                        $      1.25      $      1.10      $     13.60      $      5.50
                                                              ===========      ===========      ===========      ===========
</TABLE>


See accompanying notes to consolidated financial statements



                                       4
<PAGE>

                              FIRST WILKOW VENTURE
                      CONSOLIDATED STATEMENT OF CASH FLOWS
                  NINE MONTHS ENDED SEPTEMBER 30, 2005 AND 2004
                                   (UNAUDITED)


<TABLE>
<CAPTION>
                                                                   Nine Months Ended September 30,
                                                                   -------------------------------
                                                                      2005               2004
                                                                   ------------      ------------
<S>                                                                <C>               <C>
CASH FLOWS FROM OPERATING ACTIVITIES

Net Income                                                         $  1,835,953      $  4,449,671

Noncash Items Included in Net Income:

             Depreciation and Amortization                              955,580           939,048
             Income allocated to minority interests                     287,694         1,159,587
             Share of Partnership Investments' Net Income              (216,569)       (5,165,579)
             Decrease (Increase) in operating assets:
                         Receivables and Prepaid Expenses               (41,125)           20,736
                         Deposits                                      (420,496)         (165,174)
             (Decrease) Increase in operating liabilities:
                         Accounts Payable and Accrued Expenses          (20,089)         (190,660)
                         Accrued Property Taxes                         292,576           233,219
                         Security Deposits and Prepaid Rent            (316,050)          127,691
                                                                   ------------      ------------

Net Cash Provided by Operating Activities                             2,357,474         1,408,539
                                                                   ------------      ------------

CASH FLOWS FROM INVESTING ACTIVITIES

             Partnership Investment Draws                             2,138,304         7,843,371
             Investment in Partnerships                                (587,740)         (324,745)
             Investment in Land and Buildings                        (1,517,211)       (1,180,963)
             Decrease in Minority Interest                           (1,804,247)         (534,125)
             Investment in Deferred Charges                            (241,581)          (87,478)
                                                                   ------------      ------------

Net Cash Provided (Used) by Investing Activities                     (2,012,475)        5,716,060
                                                                   ------------      ------------

CASH FLOWS FROM FINANCING ACTIVITIES

             Cash Distributions to Partners                          (2,317,253)         (940,038)
             Redemption of limited partnership units                   (621,016)                0
             Proceeds from Mortgage Financing                                 0            55,176
             Mortgage Principal Payments                               (125,314)         (179,474)
                                                                   ------------      ------------

Net Cash Used by Financing Activities                                (3,063,583)       (1,064,336)
                                                                   ------------      ------------

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                 (2,718,584)        6,060,263

CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD                       9,863,712         6,602,360
                                                                   ------------      ------------

CASH AND CASH EQUIVALENTS - END OF PERIOD                          $  7,145,128      $ 12,662,623
                                                                   ============      ============
</TABLE>


See accompanying notes to consolidated financial statements




                                       5
<PAGE>

                              FIRST WILKOW VENTURE
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                               SEPTEMBER 30, 2005


1 - Financial Statements

    The financial statements have been prepared in accordance with U.S.
    generally accepted accounting principles. Under this method of accounting,
    revenues are recorded when earned and expenses are recorded when incurred.

    No provision for federal income taxes has been made since First Wilkow
    Venture (the "Registrant") is a partnership and the partners report their
    pro rata share of income or loss individually.

    In December 2003, the FASB issued Interpretation No. 46R (FIN 46R),
    "Consolidation of Variable Interest Entities," which replaces FIN 46,
    "Consolidation of Variable Interest Entities," which was issued in January
    2003. The objective of this interpretation is to provide guidance on how to
    identify a variable interest entity ("VIE") and determine whether the
    assets, liabilities, non-controlling interests, and results of operations of
    a VIE need to be included in a company's consolidated financial statements.
    A company that holds variable interests in an entity will need to
    consolidate the entity if the company's interest in the VIE is such that the
    company will absorb a majority of the VIE's expected losses and/or receive a
    majority of the entity's expected residual returns, if they occur. FIN No.
    46R also requires additional disclosures by primary beneficiaries and other
    significant variable interest holders. In connection with any of the
    Registrant's unconsolidated real estate investments that may qualify as a
    VIE, provisions of this interpretation are effective at the BEGINNING of the
    Registrant's fiscal year beginning January 1, 2005. The Registrant has
    determined that it is not the "primary beneficiary", as defined by FIN No.
    46R with respect to any of its unconsolidated real estate investments.

    Reference is made to the Registrant's annual report for the year ended
    December 31, 2004, for a description of other accounting principles and
    additional details for the Registrant's financial condition, results of
    operations, changes in partners' capital and statement of cash flows for the
    year then ended. The details provided in the notes thereto have not changed
    as a result of normal transactions in the interim.

2 - Subsequent Events

    On October 10, 2005, the Registrant made a distribution to its partners in
    the amount of $204,403, or $1.25 per unit, based on 163,523 units
    outstanding as of September 30, 2005.




                                       6
<PAGE>


                   ITEM 2. MANAGEMENT DISCUSSION AND ANALYSIS
                 OF FINANCIAL CONDITION AND RESULTS OF OPERATION

OVERVIEW

         First Wilkow Venture is a limited partnership composed of numerous
limited partners and two general partners, Marc R. Wilkow and Clifton J. Wilkow.
It was organized on December 8, 1972, for the purpose of acquiring the total
interest in twenty-one partnerships and to carry on the business and operations
of such terminating partnerships. The acquisition of these partnerships was
accomplished in 1973 through an exchange offer of partnership units in First
Wilkow Venture for substantially all of the partnership units in the terminating
partnerships.
         Throughout the following years First Wilkow Venture has continued to
own outright or otherwise maintain a participatory interest in real property for
investment purposes. The partnership currently has an interest in seventeen
properties, divided among residential, commercial and industrial buildings and
shopping centers. Fifteen of the properties are neither owned nor leased by
First Wilkow Venture directly, but are owned in participation with other
partnerships. These properties break down as follows: one is a residential
project, six are shopping centers, seven are office buildings, and one is a real
estate investment trust. The remaining two properties are owned and operated by
First Wilkow Venture as office buildings.


MATERIAL CHANGES IN FINANCIAL CONDITION

         Total Assets decreased through September 30, 2005, as a result of the
sizable distributions that were made, using up some of the excess cash on hand.
Cash was also used in the expenditures related to building improvements being
done to one of the office buildings. Additionally two investments were made. On
June 29, 2005, First Wilkow Venture invested $478,000 to receive a 32% interest
in M & J/LaSalle Office Tower, LLC and an effective interest of approximately
2.21% in 203 North LaSalle Street, an office building in Chicago, Illinois. On
September 28, 2005, First Wilkow Venture invested $109,740 to receive a 4.2%
interest in M & J/Warrenville and an effective interest of approximately 0.75%
in Naperville Woods, an office complex consisting of two office buildings in
Naperville, Illinois.
         The decrease in Total Liabilities and Partners' Capital is a result of
the 2005, distributions and the lapsing of a number of prepaid tenant receivable
balances shown in Other Liabilities.


MATERIAL CHANGES IN RESULTS OF OPERATIONS

REVENUES

         Revenues totaled $2,235,239 for the third quarter ended September 30,
2005, compared to $2,018,522 for the three months ended September 30, 2004.
Revenues for the current fiscal year were largely attributable to office
building tenant collections. No significant change in quarterly revenues is
anticipated for the remainder of the fiscal year.
         In addition, income earned from partnerships decreased from $4,464,889
to $1,568,130 in the comparative current fiscal quarter end. The quarter ended
September 30, 2004, was artificially high due to the sale of an investment
interest. Sales of investments are anticipated in the upcoming months of 2005
and higher partnership income is expected.


                                       7
<PAGE>

EXPENSES

         Total expenses for the three months ended September 30, 2005 were
$2,123,706, consisting of operating, interest, real estate tax and
depreciation/amortization expenses for the office buildings as well as other
general and administrative expenses for the partnership. For the three months
ended September 30, 2004, expenses were $1,926,966.

         First Wilkow Venture is expecting to complete renovation work to one of
the office buildings throughout the remainder of the fiscal year and a portion
of these expenditures will be classified as repairs causing the expense line
item to rise. This renovation work is intended to upgrade the quality of the
office building and will enhance our office space marketing programs.


NET INCOME

         First Wilkow Venture had net income in the amount of $1,447,184 for the
most recent fiscal quarter ended September 30, 2005. In comparison, First Wilkow
Venture had net income from operations in the amount of $3,615,037 for the same
period in the prior year. The lower net income is attributable to the loss of
partnership income from investments that have been sold.

LIQUIDITY AND CAPITAL RESOURCES

         First Wilkow Venture has cash on hand to pay for the cost of renovating
the office building as described in the expenses section above, as well as to
cover any current liabilities that exist. The cash on hand has been generated
from partnership interest sales over the past few years. The remaining cash on
hand may be used for future investments as the opportunities present themselves
or distributions to the partners.

         There are no known trends, events or uncertainties that have had or
that are reasonably expected to have a material impact on First Wilkow Venture's
revenues from continuing operations.

         First Wilkow Venture does not have any off-balance sheet arrangements.

         First Wilkow Venture does not own any significant plant or equipment
that it would seek to sell in the near future.



                                        8


<PAGE>




                                     REMARKS

      In the opinion of the General Partners, the financial information of this
report includes all adjustments, including estimated provisions for items
normally settled at year end, and is a fair statement of the results for the
interim periods ended September 30, 2005 and 2004.

                                   SIGNATURES

      Pursuant to the requirements of Section 13 or 15(d) 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.

                                      FIRST WILKOW VENTURE

                                      By: Marc R. Wilkow
                                          ------------------------------------
                                          Marc R. Wilkow, General Partner and
                                          President of M&J Wilkow, Ltd., its
                                          Managing Agent

DATED: November 14, 2005

     Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed below by the following persons on behalf of the
Registrant, in the capacities indicated, on November 14, 2005.

                                      By: Clifton J. Wilkow
                                          --------------------------------------
                                          Clifton J. Wilkow, General Partner and
                                          Executive Vice President of
                                          M&J Wilkow, Ltd.


                                      By: Peter Boelke
                                          --------------------------------------
                                          Peter Boelke, Vice President of
                                          M&J Wilkow, Ltd.


                                        9