<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, 2003

                      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
                             (A LIMITED PARTNERSHIP)
                           CONSOLIDATED BALANCE SHEET

<TABLE>
<CAPTION>
                                                                September 30,
                                                                     2003           December 31,
                                                                 (Unaudited)           2002
                                                                -------------       ------------
<S>                                                             <C>                 <C>
                                     ASSETS

REAL ESTATE AND INVESTMENTS IN REAL ESTATE PARTNERSHIPS

Real Estate:
           Land                                                  $ 4,030,069        $ 4,100,376
           Buildings and Improvements                             31,444,813         31,458,038
           Fixtures and Equipment                                     41,670             41,670
                                                                 -----------        -----------
                        Total                                     35,516,552         35,600,084
           Less-Accumulated Depreciation                          13,555,824         13,070,307
                                                                 -----------        -----------
                        Net Real Estate                           21,960,728         22,529,777
Investments in Real Estate Partnerships                            7,188,867          7,181,237
                                                                 -----------        -----------
                        Total                                     29,149,595         29,711,014
                                                                 -----------        -----------

LOANS RECEIVABLE                                                      86,963            941,725
                                                                 -----------        -----------

OTHER ASSETS
           Cash and Cash Equivalents                               5,694,699          4,562,781
           Certificates of Deposit - Restricted                      250,000            250,000
           Receivable                                                707,292          1,238,092
           Deposits                                                  984,615            832,105
           Deferred Charges                                        1,229,094          1,155,828
                                                                 -----------        -----------
                        Total                                      8,865,700          8,038,806
                                                                 -----------        -----------

                        TOTAL ASSETS                             $38,102,258        $38,691,545
                                                                 ===========        ===========

                        LIABILITIES AND PARTNERS' CAPITAL

MORTGAGES PAYABLE                                                $20,570,445        $20,870,507
                                                                 -----------        -----------

OTHER LIABILITIES
           Accounts Payable and Accrued Expenses                     170,840            191,688
           Accrued Property Taxes                                  1,233,838          1,329,662
           Deferred State Income Taxes                               170,000            170,000
           Security Deposits and Prepaid Rent                        622,138            584,447
                                                                 -----------        -----------
                        Total                                      2,196,816          2,275,797
                                                                 -----------        -----------

MINORITY INTEREST                                                  2,598,442          2,578,193
                                                                 -----------        -----------

PARTNERS' CAPITAL (170,916 units authorized and issued)           12,736,555         12,967,048
                                                                 -----------        -----------

           TOTAL LIABILITIES AND PARTNERS' CAPITAL               $38,102,258        $38,691,545
                                                                 ===========        ===========
</TABLE>

Note: Balance Sheet at 12/31/02 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, 2003 AND 2002
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                                      Three Months                      Nine Months
                                                                   Ended September 30,              Ended September 30,
                                                              ----------------------------      ----------------------------
                                                                  2003             2002             2003             2002
                                                              -----------      -----------      -----------      -----------
<S>                                                           <C>              <C>              <C>              <C>
REVENUES
        Rental Income                                         $ 1,993,880      $ 1,961,224      $ 6,124,570      $ 6,120,456
        Interest Income                                            19,006           43,322           66,285          129,665
        Gain on disposal of real estate and other revenue         331,531            5,988          341,964           16,354
                                                              -----------      -----------      -----------      -----------
                                                                2,344,417        2,010,534        6,532,819        6,266,475
                                                              -----------      -----------      -----------      -----------

PARTNERSHIP INVESTMENTS' INCOME
        Share of Net Income                                        57,143          265,819          232,706          444,336
                                                              -----------      -----------      -----------      -----------

EXPENSES
        Operating Expenses                                      1,092,993          998,277        3,073,093        3,008,230
        Real Estate Taxes                                         377,777          351,506          952,192          977,830
        Depreciation and Amortization                             313,132          314,735          944,121          942,976
        Interest Expense                                          407,689          413,794        1,229,772        1,240,090
        General and Administrative                                 11,995           47,175           82,392           97,828
                                                              -----------      -----------      -----------      -----------
                                                                2,203,586        2,125,487        6,281,570        6,266,954
                                                              -----------      -----------      -----------      -----------

INCOME BEFORE MINORITY INTEREST                                   197,974          150,866          483,955          443,857


MINORITY INTEREST IN
        SUBSIDIARIES' NET (INCOME) LOSS                           (72,405)          (4,159)        (150,422)             196
                                                              -----------      -----------      -----------      -----------

NET INCOME                                                    $   125,569      $   146,707      $   333,533      $   444,053
                                                              ===========      ===========      ===========      ===========


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

NET INCOME PER UNIT                                           $      0.73      $      0.86      $      1.95      $      2.60
                                                              ===========      ===========      ===========      ===========

DISTRIBUTION PER UNIT                                         $      1.10      $      1.10      $      3.30      $      5.20
                                                              ===========      ===========      ===========      ===========
</TABLE>


See accompanying notes to consolidated financial statements

<PAGE>

                              FIRST WILKOW VENTURE
                      CONSOLIDATED STATEMENT OF CASH FLOWS
                  NINE MONTHS ENDED SEPTEMBER 30, 2003 AND 2002
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                                              Nine Months Ended September 30,
                                                                              -------------------------------
                                                                                  2003               2002
                                                                              ------------      -------------
<S>                                                                           <C>               <C>
CASH FLOWS FROM OPERATING ACTIVITIES

Net Income                                                                     $   333,533      $   444,053

Noncash Items Included in Net Income:

              Depreciation and Amortization                                        944,121          942,976
              Net gain on disposal of land, building and improvements              (94,002)               0
              Increase (Decrease) In Accounts Payable and Accrued Expenses         326,287          (38,995)
              Share of Partnership's Net Income                                   (232,706)        (444,336)
                                                                               -----------      -----------

Net Cash Provided by Operating Activities                                        1,277,233          903,698
                                                                               -----------      -----------

CASH FLOWS FROM INVESTING ACTIVITIES

              Partnership Investment Draws                                         603,677        1,397,403
              Cash Proceeds from the sale of Real Estate                           212,395                0
              Collection of Loan Receivable                                        854,762                0
              Investment in Partnerships                                          (378,601)          (3,094)
              Investment in Land and Buildings                                    (698,572)        (272,991)
              Increase (Decrease) in Minority Interest                              20,249         (994,062)
              Investment in Deferred Charges                                      (280,507)        (165,014)
                                                                               -----------      -----------

Net Cash Provided (Used) by Investing Activities                                   333,403          (37,758)
                                                                               -----------      -----------

CASH FLOWS FROM FINANCING ACTIVITIES

              Cash Distribution to Partners                                       (564,023)        (888,763)
              Proceeds from Mortgage Financing                                     207,036                0
              Mortgage Principal Payments                                         (121,731)        (171,903)
                                                                               -----------      -----------

Net Cash Used by Financing Activities                                             (478,718)      (1,060,666)
                                                                               -----------      -----------

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                             1,131,918         (194,726)

CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD                                  4,562,781        5,990,392
                                                                               -----------      -----------

CASH AND CASH EQUIVALENTS - END OF PERIOD                                      $ 5,694,699      $ 5,795,666
                                                                               ===========      ===========
</TABLE>

See accompanying notes to consolidated financial statements

<PAGE>


                              FIRST WILKOW VENTURE
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                               SEPTEMBER 30, 2003




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.

    Reference is made to the Registrant's annual report for the year ended
    December 31, 2002, 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 - Recent Accounting Pronouncements

    In January 2003, the FASB issued FASB Interpretation No. 46 ("FIN No. 46"),
    "Consolidation of Variable Interest Entities". 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. 46 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 end of the Registrant's fiscal
    year beginning January 1, 2004. The Registrant is currently assessing its
    unconsolidated real estate investments to determine the impact of any
    potential consolidation requirements in applying FIN No. 46.

3 - Supplemental Schedule of Noncash Investing and Financing Activities

    Proceeds from the sale of real estate to retire debt were $385,367 for the
    nine months ended September 30, 2003.

4 - Subsequent Events

    On October 10, 2003, the Registrant made a distribution to its partners in
    the amount of $188,007.60, or $1.10 per unit, based on 170,916 units
    outstanding at September 30, 2003.

    On October 10, 2003, M & J Retail Limited Partnership received a
    distribution related to the sale of Bayfair Mall Shopping Center in the
    amount of $1,171,545.


<PAGE>

                              FIRST WILKOW VENTURE
                                    FORM 10-Q
                       MANAGEMENT DISCUSSION AND ANALYSIS
                           OF FINANCIAL CONDITION AND
                              RESULTS OF OPERATIONS
                               SEPTEMBER 30, 2003


Overview

         Reference is made to the Registrant's annual report for the year ended
December 31, 2002, for a discussion of the Registrant's business.

         On January 10, 2003, the Registrant made a distribution to its partners
in the amount of $188,008, or $1.10 per unit.

         In March of 2003, the Registrant received a payment of $123,638 on the
indebtedness from M&J/Dover Limited Partnership.

         On April 10, 2003, the Registrant made a distribution to its partners
in the amount of $188,008, or $1.10 per unit.

         On May 28, 2003, the Registrant invested $250,000 to obtain an 11.26%
interest in M & J/Louisville LLC which has a 33.33% interest in NW Acquisition
Company LLC which has a 90% interest in CMJ/NCT Louisville, LLC which has a 50%
interest in NCT Louisville LLC which owns National City Tower, an office
building located in Louisville, Kentucky.

         In May of 2003, the Registrant received a payment of $1,373,038,
including $641,914 of accrued interest, to satisfy the indebtedness from The
Villas at Monterey Limited Partnership and Tango Bay of Orlando L.C.

         On July 8, 2003, a property owned by M & J/Retail Limited Partnership,
Evergreen Commons, was sold for $660,000, resulting in net cash proceeds of
$212,395 after satisfaction of the outstanding mortgage obligation. The
transaction netted a gain on sale of $94,003.

         On July 10, 2003, the Registrant made a distribution to its partners in
the amount of $188,007.60, or $1.10 per unit.

         On September 29, 2003, Bayfair Mall Shopping Center was sold for
$37,000,000. M & J Retail Limited Partnership received a distribution related to
the sale in October 2003.


<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, 2003 and 2002.

                                   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: October 9, 2003

     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 October 9, 2003.

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


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