<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 March 31, 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 [ ]

<PAGE>

                              FIRST WILKOW VENTURE
                             (A LIMITED PARTNERSHIP)
                           CONSOLIDATED BALANCE SHEET

<TABLE>
<CAPTION>
                                                              March 31,
                                                                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                         33,397,828       33,052,041
           Fixtures and Equipment                                 23,511           23,511
                                                             -----------      -----------
                        Total                                 37,451,408       37,105,621
           Less-Accumulated Depreciation                      14,615,819       14,360,780
                                                             -----------      -----------
                        Net Real Estate                       22,835,589       22,744,841
Investments in Real Estate Partnerships                        5,014,652        5,060,888
                                                             -----------      -----------
                        Total                                 27,850,241       27,805,729
                                                             -----------      -----------

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

OTHER ASSETS
           Cash and Cash Equivalents                           7,825,175        9,863,712
           Certificates of Deposit - Restricted                  250,000          250,000
           Receivables and Prepaid Expenses                    1,115,079        1,193,922
           Deposits                                              699,374          893,892
           Deferred Charges                                    1,303,648        1,345,651
                                                             -----------      -----------
                        Total                                 11,193,276       13,547,177
                                                             -----------      -----------

                        TOTAL ASSETS                         $39,130,480      $41,439,869
                                                             ===========      ===========

            LIABILITIES AND PARTNERS' CAPITAL

MORTGAGES PAYABLE                                            $19,595,257      $19,638,439
                                                             -----------      -----------

OTHER LIABILITIES
           Accounts Payable and Accrued Expenses                 216,249           95,758
           Accrued Property Taxes                              1,038,194        1,297,188
           Deferred State Income Taxes                           170,000          170,000
           Security Deposits and Prepaid Rent                    605,010          856,963
                                                             -----------      -----------
                        Total                                  2,029,453        2,419,909
                                                             -----------      -----------

MINORITY INTEREST                                              2,104,293        3,137,378
                                                             -----------      -----------

PARTNERS' CAPITAL (170,916 units authorized and issued)       15,401,477       16,244,143
                                                             -----------      -----------

           TOTAL LIABILITIES AND PARTNERS' CAPITAL           $39,130,480      $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

<PAGE>

                              FIRST WILKOW VENTURE
                      CONSOLIDATED STATEMENT OF OPERATIONS
                   THREE MONTHS ENDED MARCH 31, 2005 AND 2004
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                                       Three Months Ended March 31,
                                                                       -----------------------------
                                                                           2005               2004
                                                                       -----------       -----------
<S>                                                                    <C>               <C>
REVENUES
         Rental Income                                                 $ 1,946,744       $ 2,332,733
         Interest Income                                                    47,815            19,633
         Gain on disposal of real estate and other revenue                   5,864           100,727
                                                                       -----------       -----------
                                                                         2,000,423         2,453,093
                                                                       -----------       -----------

PARTNERSHIP INVESTMENTS' INCOME
         Share of Net Income                                                60,643           329,033
                                                                       -----------       -----------

EXPENSES
         Operating Expenses                                                877,229           982,528
         Real Estate Taxes                                                 308,052           328,924
         Depreciation and Amortization                                     320,922           340,845
         Interest Expense                                                  322,295           402,927
         General and Administrative                                         11,482            14,150
                                                                       -----------       -----------
                                                                         1,839,980         2,069,374
                                                                       -----------       -----------

INCOME BEFORE MINORITY INTEREST                                            221,086           712,752

MINORITY INTEREST IN
         SUBSIDIARIES' NET INCOME                                          (21,161)         (116,714)
                                                                       -----------       -----------

NET INCOME                                                             $   199,925       $   596,038
                                                                       ===========       ===========

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

NET INCOME PER UNIT                                                    $      1.17       $      3.49
                                                                       ===========       ===========

DISTRIBUTION PER UNIT                                                  $      6.10       $      1.10
                                                                       ===========       ===========
</TABLE>

See accompanying notes to consolidated financial statements

<PAGE>

                              FIRST WILKOW VENTURE
                      CONSOLIDATED STATEMENT OF CASH FLOWS
                   THREE MONTHS ENDED MARCH 31, 2005 AND 2004
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                                     Three Months Ended March 31,
                                                                    -----------------------------
                                                                       2005               2004
                                                                    -----------       -----------
<S>                                                                 <C>               <C>
CASH FLOWS FROM OPERATING ACTIVITIES

Net Income                                                          $   199,925       $   596,038

Noncash Items Included in Net Income:

             Depreciation and Amortization                              320,922           340,845
             Income allocated to minority interests                      21,161           116,714
             Share of Partnership Investments' Net Income               (60,643)         (329,033)
             Decrease (Increase) in operating assets:
                        Receivables and Prepaid Expenses                 78,843           (34,520)
                        Deposits                                        194,518           209,210
             (Decrease) Increase in operating liabilities:
                        Accounts Payable and Accrued Expenses           120,491          (129,658)
                        Accrued Property Taxes                         (258,994)         (242,846)
                        Security Deposits and Prepaid Rent             (251,953)           50,952
                                                                    -----------       -----------

Net Cash Provided by Operating Activities                               364,270           577,702
                                                                    -----------       -----------

CASH FLOWS FROM INVESTING ACTIVITIES

             Partnership Investment Draws                               106,879           714,815
             Investment in Land and Buildings                          (345,787)         (663,610)
             Decrease in Minority Interest                           (1,054,246)          (43,390)
             Investment in Deferred Charges                             (23,880)          (49,593)
                                                                    -----------       -----------

Net Cash Provided by Investing Activities                            (1,317,034)          (41,778)
                                                                    -----------       -----------

CASH FLOWS FROM FINANCING ACTIVITIES

             Cash Distribution to Partners                           (1,042,591)         (188,010)
             Proceeds from Mortgage Financing                                 0            55,176
             Mortgage Principal Payments                                (43,182)          (60,057)
                                                                    -----------       -----------

Net Cash Used by Financing Activities                                (1,085,773)         (192,891)
                                                                    -----------       -----------

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                 (2,038,537)          343,033

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

CASH AND CASH EQUIVALENTS - END OF PERIOD                           $ 7,825,175       $ 6,945,393
                                                                    ===========       ===========
</TABLE>

See accompanying notes to consolidated financial statements

<PAGE>

                              FIRST WILKOW VENTURE
                                    FORM 10-Q
                       MANAGEMENT DISCUSSION AND ANALYSIS
                           OF FINANCIAL CONDITION AND
                              RESULTS OF OPERATIONS
                                 MARCH 31, 2005

Overview

      Reference is made to the Registrant's annual report for the year ended
December 31, 2004, for a discussion of the Registrant's business.

      On January 6, 2005, the Registrant made a distribution to its partners in
the amount of $1,042,588, or $6.10 per unit.

<PAGE>

                              FIRST WILKOW VENTURE
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                 MARCH 31, 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 April 10, 2005, the Registrant made a distribution to its partners in
      the amount of $1,068,225, or $6.25 per unit, based on 170,916 units
      outstanding as of March 31, 2005.

<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 March 31, 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: May 13, 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 May 13, 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.