<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, 2002

           [ ]       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 [ ]

<PAGE>

                              FIRST WILKOW VENTURE
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                               SEPTEMBER 30, 2002




1 - Financial Statements

    The consolidated 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.

    Reference is made to the Registrant's annual report for the year ended
    December 31, 2001, 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, 2002, the Registrant made a distribution to its partners in
    the amount of $188,007.00, or $1.10 per unit, based on 170,916 units
    outstanding at September 30, 2002.



<PAGE>



                              FIRST WILKOW VENTURE
                                    FORM 10-Q
                       MANAGEMENT DISCUSSION AND ANALYSIS
                           OF FINANCIAL CONDITION AND
                              RESULTS OF OPERATIONS
                               SEPTEMBER 30, 2002


Overview

    Reference  is made to the  Registrant's  annual  report  for the year  ended
December 31, 2001, for a discussion of the Registrant's business.

    On January 10, 2002, the Registrant  made a distribution  to its partners in
the amount of $170,916.00, or $1.00 per unit.

    On April 10, 2002,  M&J/Retail  Limited  Partnership  received a liquidating
distribution from Northlake Tower Limited Partnership in the amount of $645,986,
resulting in a loss on disposition of investment in partnership of $104,014.

    On April 10, 2002, the Registrant made a distribution to its partners in the
amount of $529,840.00, or $3.10 per unit.

    On July 10, 2002, the Registrant  made a distribution to its partners in the
amount of $188,007.00, or $1.10 per unit.








<PAGE>

                              FIRST WILKOW VENTURE
                             (A LIMITED PARTNERSHIP)
                           CONSOLIDATED BALANCE SHEET

<TABLE>
<CAPTION>

                                                                September 30,
                                                                     2002     December 31,
                                                                 (Unaudited)      2001
                                                                ------------  -----------
                                     ASSETS
                                     ------

REAL ESTATE AND INVESTMENTS IN REAL ESTATE PARTNERSHIPS

<S>                                                             <C>           <C>
Real Estate:
           Land                                                 $ 4,100,376   $ 4,100,376
           Buildings and Improvements                            31,287,426    31,014,435
           Fixtures and Equipment                                    41,670        41,670
                                                                -----------   -----------
                        Total                                    35,429,472    35,156,481
           Less-Accumulated Depreciation                         12,941,736    12,169,085
                                                                -----------   -----------
                        Net Real Estate                          22,487,736    22,987,396
Investments in Real Estate Partnerships                           7,120,807     8,070,780
                                                                -----------   -----------

                        Total                                    29,608,543    31,058,176
                                                                -----------   -----------


LOANS RECEIVABLE                                                    905,687       905,687
                                                                -----------   -----------

OTHER ASSETS
           Cash and Cash Equivalents                              5,795,666     5,990,392
           Short-term cash investments - Restricted                 250,000       250,000
           Receivable                                               831,152       863,205
           Prepaid Expenses                                               0         6,306
           Deposits                                               1,441,163     1,319,236
           Deferred Charges                                         962,194       967,505
                                                                -----------   -----------
                        Total                                     9,280,175     9,396,644
                                                                -----------   -----------

                        TOTAL ASSETS                            $39,794,405   $41,360,507
                                                                ===========   ===========

                        LIABILITIES AND PARTNERS' CAPITAL

MORTGAGES PAYABLE                                               $20,925,694   $21,097,597
                                                                -----------   -----------

OTHER LIABILITIES
           Accounts Payable and Accrued Expenses                    161,849       126,811
           Accrued Property Taxes                                 1,585,283     1,290,215
           Deferred State Income Taxes                              176,000       176,000
           Security Deposits and Prepaid Rent                       562,815       848,348
                                                                -----------   -----------
                        Total                                     2,485,947     2,441,374
                                                                -----------   -----------

MINORITY INTEREST                                                 2,394,754     3,388,816
                                                                -----------   -----------

PARTNERS' CAPITAL      (170,916 units authorized and issued)     13,988,010    14,432,720
                                                                -----------   -----------

           TOTAL LIABILITIES AND PARTNERS' CAPITAL              $39,794,405   $41,360,507
                                                                ===========   ===========

</TABLE>


Note:  Balance Sheet at 12/31/01 taken from the audited financial statements at
that date.

See accompanying notes to consolidated financial statements


<PAGE>

                              FIRST WILKOW VENTURE
                      CONSOLIDATED STATEMENT OF OPERATIONS
             THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2002 AND 2001
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                                           Three Months                  Nine Months
                                                                       Ended September 30,          Ended September 30,
                                                                   --------------------------    -------------------------
                                                                       2002           2001           2002          2001
                                                                   -----------    -----------    -----------   -----------
<S>                                                                <C>            <C>            <C>           <C>

REVENUES
        Rental Income                                              $ 1,961,224    $ 2,367,614    $ 6,120,456   $ 7,318,645
        Interest Income                                                 43,322         55,743        129,665       238,839
        Gain (Loss) on disposal of real estate and other revenue         5,988      1,168,695         16,354     1,209,115
                                                                   -----------    -----------    -----------   -----------
                                                                     2,010,534      3,592,052      6,266,475     8,766,599
                                                                   -----------    -----------    -----------   -----------

PARTNERSHIP INVESTMENTS' INCOME
        Share of Net Income                                            265,819         99,327        444,336       387,520
                                                                   -----------    -----------    -----------   -----------

EXPENSES
        Operating Expenses                                             998,277      1,413,995      3,008,230     3,523,281
        Real Estate Taxes                                              351,506        338,157        977,830     1,171,428
        Depreciation and Amortization                                  314,735        539,160        942,976     1,354,742
        Interest Expense                                               413,794        499,645      1,240,090     1,630,236
        General and Administrative                                      47,175         57,691         97,828       129,328
                                                                   -----------    -----------    -----------   -----------
                                                                     2,125,487      2,848,648      6,266,954     7,809,015
                                                                   -----------    -----------    -----------   -----------

INCOME  (LOSS) BEFORE MINORITY INTEREST                                150,866        842,731        443,857     1,345,104

MINORITY INTEREST IN
        SUBSIDIARIES' NET INCOME (LOSS)                                 (4,159)      (382,749)           196      (465,087)
                                                                   -----------    -----------    -----------   -----------

NET INCOME (LOSS)                                                  $   146,707    $   459,982        444,053   $   880,017
                                                                   ===========    ===========    ===========   ===========


UNITS USED TO COMPUTE PER UNIT AMOUNTS                                 170,916        170,916        170,916       170,916

NET INCOME (LOSS) PER UNIT                                         $      0.86    $      2.69    $      2.60   $      5.15
                                                                   ===========    ===========    ===========   ===========

DISTRIBUTION PER UNIT                                              $      1.10    $      1.00    $      5.20   $      5.75
                                                                   ===========    ===========    ===========   ===========

</TABLE>

See accompanying notes to consolidated financial statements


<PAGE>

                              FIRST WILKOW VENTURE
                      CONSOLIDATED STATEMENT OF CASH FLOWS
                  NINE MONTHS ENDED SEPTEMBER 30, 2002 AND 2001
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                                      Nine Months Ended September 30,
                                                                      ------------------------------
                                                                            2002           2001
                                                                        -----------    -----------

<S>                                                                     <C>            <C>

CASH FLOWS FROM OPERATING ACTIVITIES

Net Income                                                              $   444,053    $   880,017

Noncash Items Included in Net Income:

              Depreciation and Amortization                                 942,976      1,354,742
              Net gain on disposal of land, building and improvements             0       (813,934)
              Increase (Decrease) in Net Payable and Accrued Expense        (38,995)       121,777
              Share of Partnership's Net Income                            (444,336)      (387,520)
                                                                        -----------    -----------

Net Cash Provided by Operating Activities                                   903,698      1,155,082
                                                                        -----------    -----------

CASH FLOWS FROM INVESTING ACTIVITIES

              Partnership Investment Draws                                1,397,403        566,433
              Cash Proceeds from the sale of Real Estate                          0      1,882,120
              Investment in Land and Buildings                             (272,991)      (898,973)
              Investment in Fixtures and Equipment                                0            (43)
              Investment in Partnerships                                     (3,094)      (951,000)
              Decrease in Minority Interest                                (994,062)      (864,201)
              Investment in Deferred Charges                               (165,014)      (253,140)
                                                                        -----------    -----------

Net Cash Used by Investing Activities                                       (37,758)      (518,804)
                                                                        -----------    -----------

CASH FLOWS FROM FINANCING ACTIVITIES

              Increase in Mortgage and Notes Payable                              0        152,209
              Cash Distribution to Partners                                (888,763)      (982,767)
              Mortgage Principal Payments                                  (171,903)      (205,414)
                                                                        -----------    -----------

Net Cash Used by Financing Activities                                    (1,060,666)    (1,035,972)
                                                                        -----------    -----------

NET DECREASE IN CASH AND EQUIVALENTS                                       (194,726)      (399,694)

CASH AND EQUIVALENTS - BEGINNING OF PERIOD                                5,990,392      6,193,003
                                                                        -----------    -----------


CASH AND EQUIVALENTS - END OF PERIOD                                    $ 5,795,666    $ 5,793,309
                                                                        ===========    ===========

</TABLE>

See accompanying notes to consolidated financial statements

<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 ended September 30, 2002 and 2001.

                                    EXHIBITS

     Exhibit 99.1        Statement of Chief Executive Officer Pursuant to
                         Section 1350

     Exhibit 99.2        Statement of Chief Financial Officer Pursuant to
                         Section 1350

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

DATED: November 10, 2002

     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 10, 2002.

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


                                    By: /s/ Thomas Harrigan
                                       ---------------------------------------
                                    Thomas Harrigan, Senior Vice President of
                                    M&J Wilkow, Ltd.

<PAGE>
I, Marc Wilkow, certify that:


1. I have reviewed this quarterly report on Form 10-Q of First Wilkow Venture;

2. Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this quarterly
report;

3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;

4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

a) designed such disclosure controls and procedures to ensure that material
information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the
period in which this quarterly report is being prepared;

b) evaluated the effectiveness of the registrant's disclosure controls and
procedures as of a date within 90 days prior to the filing date of this
quarterly report (the "Evaluation Date"); and

c) presented in this quarterly report our conclusions about the effectiveness of
the disclosure controls and procedures based on our evaluation as of the
Evaluation Date;

5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation, to the registrant's auditors and the audit committee of
registrant's board of directors (or persons performing the equivalent function):

a) all significant deficiencies in the design or operation of internal controls
which could adversely affect the registrant's ability to record, process,
summarize and report financial data and have identified for the registrant's
auditors any material weaknesses in internal controls; and

b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal controls; and

6. The registrant's other certifying officers and I have indicated in this
quarterly report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.

Date: November 13, 2002


/s/ MARC WILKOW
--------------------------------
Marc Wilkow
Chief Executive Officer

<PAGE>
I, Thomas Harrigan, certify that:


1. I have reviewed this quarterly report on Form 10-Q of First Wilkow Venture;

2. Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this quarterly
report;

3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;

4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

a) designed such disclosure controls and procedures to ensure that material
information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the
period in which this quarterly report is being prepared;

b) evaluated the effectiveness of the registrant's disclosure controls and
procedures as of a date within 90 days prior to the filing date of this
quarterly report (the "Evaluation Date"); and

c) presented in this quarterly report our conclusions about the effectiveness of
the disclosure controls and procedures based on our evaluation as of the
Evaluation Date;

5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation, to the registrant's auditors and the audit committee of
registrant's board of directors (or persons performing the equivalent function):

a) all significant deficiencies in the design or operation of internal controls
which could adversely affect the registrant's ability to record, process,
summarize and report financial data and have identified for the registrant's
auditors any material weaknesses in internal controls; and

b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal controls; and

6. The registrant's other certifying officers and I have indicated in this
quarterly report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.

Date: November 13, 2002


/s/ THOMAS HARRIGAN
---------------------------
Thomas Harrigan
Chief Financial Officer