<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, 2004

          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,
                                                                                               2004                   December 31,
                                                                                            (Unaudited)                   2003
                                                                                            -----------               -----------
<S>                                                                                         <C>                       <C>
                        ASSETS

REAL ESTATE AND INVESTMENTS IN REAL ESTATE PARTNERSHIPS

Real Estate:
           Land                                                                             $ 4,030,069               $ 4,030,069
           Buildings and Improvements                                                        32,526,434                31,659,299
           Fixtures and Equipment                                                                23,511                    46,999
                                                                                            -----------               -----------
                        Total                                                                36,580,014                35,736,367
           Less-Accumulated Depreciation                                                     14,115,094                13,709,271
                                                                                            -----------               -----------
                        Net Real Estate                                                      22,464,920                22,027,096
Investments in Real Estate Partnerships                                                       4,888,796                 7,241,842
                                                                                            -----------               -----------
                        Total                                                                27,353,716                29,268,938
                                                                                            -----------               -----------

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

OTHER ASSETS
           Cash and Cash Equivalents                                                         12,662,623                 6,602,360
           Certificates of Deposit - Restricted                                                 250,000                   250,000
           Receivables and Prepaid Expenses                                                     860,353                   881,089
           Deposits                                                                           1,185,505                 1,020,331
           Deferred Charges                                                                   1,088,275                 1,196,706
                                                                                            -----------               -----------
                        Total                                                                16,046,756                 9,950,486
                                                                                            -----------               -----------

                        TOTAL ASSETS                                                        $43,487,435               $39,306,387
                                                                                            ===========               ===========

              LIABILITIES AND PARTNERS' CAPITAL

MORTGAGES PAYABLE                                                                           $20,391,943               $20,516,241
                                                                                            -----------               -----------
OTHER LIABILITIES
           Accounts Payable and Accrued Expenses                                                155,135                   345,792
           Accrued Property Taxes                                                             1,535,215                 1,301,996
           Deferred State Income Taxes                                                          170,000                   170,000
           Security Deposits and Prepaid Rent                                                   634,431                   506,740
                                                                                            -----------               -----------
                        Total                                                                 2,494,781                 2,324,528
                                                                                            -----------               -----------

MINORITY INTEREST                                                                             3,776,903                 3,151,441
                                                                                            -----------               -----------

PARTNERS' CAPITAL (170,916 units authorized and issued)                                      16,823,808                13,314,177
                                                                                            -----------               -----------

           TOTAL LIABILITIES AND PARTNERS' CAPITAL                                          $43,487,435               $39,306,387
                                                                                            ===========               ===========
</TABLE>



Note: Balance Sheet at 12/31/03 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, 2004 AND 2003
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                                               Three Months                    Nine Months
                                                                            Ended September 30,             Ended September 30,
                                                                      ----------------------------      ---------------------------
                                                                         2004              2003             2004            2003
                                                                      ----------------------------      ---------------------------
<S>                                                                   <C>              <C>              <C>             <C>
REVENUES
        Rental Income                                                 $ 1,942,999      $ 1,993,880      $ 6,256,491     $ 6,124,570
        Interest Income                                                    32,736           19,006           69,093          66,285
        Gain (Loss) on disposal of real estate and other revenue           42,787          331,531          149,484         341,964
                                                                      -----------      -----------      -----------     -----------
                                                                        2,018,522        2,344,417        6,475,068       6,532,819
                                                                      -----------      -----------      -----------     -----------
PARTNERSHIP INVESTMENTS' INCOME
        Share of Net Income                                             4,464,889           57,143        5,165,579         232,706
                                                                      -----------      -----------      -----------     -----------
EXPENSES
        Operating Expenses                                                942,872        1,092,993        2,860,194       3,073,093
        Real Estate Taxes                                                 273,878          377,777          939,652         952,192
        Depreciation and Amortization                                     298,096          313,132          939,048         944,121
        Interest Expense                                                  400,723          407,689        1,200,610       1,229,772
        General and Administrative                                         11,397           11,995           91,885          82,392
                                                                      -----------      -----------      -----------     -----------
                                                                        1,926,966        2,203,586        6,031,389       6,281,570
                                                                      -----------      -----------      -----------     -----------

INCOME  (LOSS) BEFORE MINORITY INTEREST                                 4,556,445          197,974        5,609,258         483,955

MINORITY INTEREST IN
        SUBSIDIARIES' NET INCOME (LOSS)                                  (941,408)         (72,405)      (1,159,587)       (150,422)
                                                                      -----------      -----------      -----------     -----------

NET INCOME (LOSS)                                                     $ 3,615,037      $   125,569      $ 4,449,671     $   333,533
                                                                      ===========      ===========      ===========     ===========

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

NET INCOME (LOSS) PER UNIT                                            $     21.15      $      0.73      $     26.03     $      1.95
                                                                      ===========      ===========      ===========     ===========

DISTRIBUTION PER UNIT                                                 $      1.10      $      1.10      $      5.50     $      3.30
                                                                      ===========      ===========      ===========     ===========
</TABLE>



See accompanying notes to consolidated financial statements


<PAGE>


                              FIRST WILKOW VENTURE
                      CONSOLIDATED STATEMENT OF CASH FLOWS
                  NINE MONTHS ENDED SEPTEMBER 30, 2004 AND 2003
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                                                        Nine Months Ended September 30,
                                                                                     ------------------------------------
                                                                                         2004                    2003
                                                                                     ------------            ------------
<S>                                                                                  <C>                     <C>
CASH FLOWS FROM OPERATING ACTIVITIES

Net Income                                                                           $  4,449,671            $    333,533

Noncash Items Included in Net Income:

             Depreciation and Amortization                                                939,048                 944,121
             Net gain on disposal of land, building and improvements                            0                 (94,002)
             Income allocated to minority interests                                     1,159,587                 150,422
             Decrease (Increase) in operating assets:
                        Receivables and Prepaid Expenses - net                             20,736                       0
                        Deposits                                                         (165,174)                      0
             (Decrease) Increase in operating liabilities:
                        Accounts Payable and Accrued Expenses                            (190,660)                326,287
                        Accrued Property Taxes                                            233,219                       0
                        Security Deposits and Prepaid Rent                                127,691                       0
             Share of Partnership Investments' Net Income                              (5,165,579)               (232,706)
                                                                                     ------------            ------------

Net Cash Provided by Operating Activities                                               1,408,539               1,427,655
                                                                                     ------------            ------------
CASH FLOWS FROM INVESTING ACTIVITIES

             Partnership Investment Draws                                               7,843,371                 603,677
             Cash Proceeds from the sale of Real Estate                                         0                 212,395
             Collection of Loan Receivable                                                      0                 854,762
             Investment in Partnerships                                                  (324,745)               (378,601)
             Investment in Land and Buildings                                          (1,180,963)               (698,572)
             Increase (Decrease) in Minority Interest                                    (534,125)               (130,174)
             Investment in Deferred Charges                                               (87,478)               (280,507)
                                                                                     ------------            ------------

Net Cash Provided by Investing Activities                                               5,716,060                 182,980
                                                                                     ------------            ------------
CASH FLOWS FROM FINANCING ACTIVITIES

             Cash Distribution to Partners                                               (940,038)               (564,023)
             Proceeds from Mortgage Financing                                              55,176                 207,036
             Mortgage Principal Payments                                                 (179,474)               (121,731)
                                                                                     ------------            ------------

Net Cash Used by Financing Activities                                                  (1,064,336)               (478,718)
                                                                                     ------------            ------------

NET INCREASE IN CASH AND CASH EQUIVALENTS                                               6,060,263               1,131,917

CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD                                         6,602,360               4,562,781
                                                                                     ------------            ------------

CASH AND CASH EQUIVALENTS - END OF PERIOD                                            $ 12,662,623            $  5,694,698
                                                                                     ============            ============
</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
                               SEPTEMBER 30, 2004


Overview

         Reference is made to the Registrant's annual report for the year ended
December 31, 2003, for a discussion of the Registrant's business.

         On January 10, 2004, the Registrant made a distribution to its partners
in the amount of $188,008, or $1.10 per unit.

         On February 24, 2004, Tower Square Shopping Center, the sole asset of
M & J/Eden Prairie Limited Partnership, was sold for $13,100,000, resulting in
net cash proceeds of $4,983,000, after satisfaction of the outstanding mortgage
obligation. The transaction netted a gain on sale of $4,285,000. Through June
30, 2004, the Registrant received a distribution related to the sale of
$353,000.

         On April 10, 2004 the Registrant made a distribution to its partners in
the amount of $564,022, or $3.30 per unit.

          On June 11, 2004, Shops at Clarks Pond, the sole asset of Shops at
Clark's Pond LLC, was sold for $20,050,000, resulting in net cash proceeds of
$3,848,000. The transaction netted a gain on sale of $3,087,000. M & J/Retail
received a distribution related to the sale via its interest in Fulcrum, LLC.

         On June 25, 2004, the Registrant exercised its option to purchase the
units of M & J/LaSalle Associates from an investor.

         On July 1, 2004, the Registrant invested $215,000 to obtain a 7.28%
interest in M & J/2121 K Street, LLC, which owns a 22% interest in 2121 K
Street, LLC, which owns an 8-story office building located in Washington D.

         On July 10, 2004, the Registrant made a distribution to its partners in
the amount of $188,008, or $1.10 per unit.

         On August 26, 2004, Annex of Arlington, the sole asset of Arlington
LLC, was sold for $27,200,000, resulting in net cash proceeds of $8,480,900.
The transaction netted a gain on sale of $9,651,700. The Registrant received a
distribution related to the sale via its interest in Arlington LLC.



<PAGE>


                              FIRST WILKOW VENTURE
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                               SEPTEMBER 30, 2004



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 is currently assessing its unconsolidated
      real estate investments to determine the impact of any potential
      consolidation requirements in applying FIN No. 46R.

      Reference is made to the Registrant's annual report for the year ended
      December 31, 2003, 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, 2004, the Registrant made a distribution to its partners in
      the amount of $188,008, or $1.10 per unit, based on 170,916 units
      outstanding as of September 30, 2004.


<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, 2004 and 2003.

                                   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 10, 2004

     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, 2004.

                                    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.