<PAGE>   1

                                  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, 2001

        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
                                       -----      -----


See accountant's report
<PAGE>   2


                         Independent Accountant's Report


To the Partners
First Wilkow Venture


We have reviewed the accompanying consolidated balance sheet of First Wilkow
Venture (the "Partnership") as of March 31, 2001, and the related consolidated
statements of operations and cash flows for the three months ended March 31,
2001 and 2000. These financial statements are the responsibility of the
management of the Partnership.

We conducted our review in accordance with standards established by the American
Institute of Certified Public Accountants. A review of interim financial
information consists principally of applying analytical procedures to financial
and accounting matters. It is substantially less in scope than an audit in
accordance with generally accepted auditing standards, the objective of which is
the expression of an opinion regarding the financial statements taken as a
whole. Accordingly, we do not express such an opinion.

Based on our review, we are not aware of any material modifications that should
be made to the accompanying consolidated financial statements in order for them
to be in conformity with generally accepted accounting principles.

The accompanying consolidated balance sheet for the year ended December 31,
2000, was audited by us, and we expressed an unqualified opinion on it in our
report dated February 14, 2001, but we have not performed any auditing
procedures since that date.



PHILIP ROOTBERG & COMPANY, LLP
Chicago, Illinois
May 4, 2001
<PAGE>   3
                              FIRST WILKOW VENTURE
                             (A LIMITED PARTNERSHIP)
                           CONSOLIDATED BALANCE SHEET

<TABLE>
<CAPTION>

                                                          March 31,
                                                            2001            December 31,
                                                         (Unaudited)           2000
                                                       --------------      -------------
<S>                                                       <C>                <C>
                                     ASSETS

REAL ESTATE AND INVESTMENTS IN REAL ESTATE PARTNERSHIPS

Real Estate:
       Land                                               $4,979,584         $4,979,584
       Buildings and Improvements                         41,212,246         40,896,198
       Fixtures and Equipment                                 47,440             47,379
                                                       --------------      -------------
                    Total                                 46,239,270         45,923,161
       Less-Accumulated Depreciation                      14,995,970         14,658,850
                                                       --------------      -------------
                    Net Real Estate                       31,243,300         31,264,311
Investments in Real Estate Partnerships                    7,694,907          7,763,093
                                                       --------------      -------------
                    Total                                 38,938,207         39,027,404
                                                       --------------      -------------

LOANS RECEIVABLE                                             818,087            818,087
                                                       --------------      -------------

OTHER ASSETS
       Cash                                                  257,372            147,773
       Short-term cash investments                         5,050,230          6,045,230
       Short-term cash investments - Restricted              250,000            250,000
       Receivable                                            672,343            963,734
       Prepaid Expenses                                        6,306              6,306
       Deposits                                            1,483,367          1,354,975
       Deferred Charges                                    1,171,797          1,111,419
                                                       --------------      -------------
                    Total                                  8,891,415          9,879,437
                                                       --------------      -------------

                    TOTAL ASSETS                         $48,647,709        $49,724,928
                    ------------                       ==============      =============

                    LIABILITIES AND PARTNERS' CAPITAL

MORTGAGES AND LOANS PAYABLE
       Mortgages Payable                                 $27,179,321           $27,263,463
       Notes Payable                                          11,027                11,027
                                                        -------------       ---------------
                    Total                                 27,190,348            27,274,490
                                                        -------------       ---------------

OTHER LIABILITIES
       Accounts Payable and Accrued Expenses                 214,292               187,058
       Accrued Property Taxes                              1,778,991             1,684,458
       Deferred State Income Taxes                           200,000               200,000
       Security Deposits and Prepaid Rent                    628,888               561,930
       Accrued Interest                                       11,749                14,992
                                                        -------------       ---------------
                    Total                                  2,833,920             2,648,438
                                                        -------------       ---------------

MINORITY INTEREST                                          2,802,120             4,000,074
                                                        -------------       ---------------

PARTNERS' CAPITAL (170,916 units authorized and issued)   15,821,321            15,801,926
                                                        -------------       ---------------

       TOTAL LIABILITIES AND PARTNERS' CAPITAL           $48,647,709           $49,724,928
                                                         =============       ===============
</TABLE>

Note:  Balance Sheet at 12/31/00 taken from the audited financial statements at
that date.

See accountant's report and accompanying notes to consolidated financial
statements


<PAGE>   4
                              FIRST WILKOW VENTURE
                      CONSOLIDATED STATEMENT OF OPERATIONS
                   THREE MONTHS ENDED MARCH 31, 2001 AND 2000
                                   (UNAUDITED)

<TABLE>
<CAPTION>

                                                                           Three Months
                                                                          Ended March 31,
                                                                 ------------------------------
                                                                     2001              2000
                                                                 ------------      ------------
<S>                                                               <C>               <C>
REVENUES
     Rental Income                                                $2,449,811        $3,147,645
     Interest Income                                                  19,487            79,860
     Gain on disposal of real estate and other revenue                92,589            50,264
                                                                 ------------      ------------
                                                                   2,561,887         3,277,769
                                                                 ------------      ------------

PARTNERSHIP INVESTMENTS' INCOME (LOSS)
     Share of Net Income                                             155,319            86,323
                                                                 ------------      ------------

EXPENSES
     Operating Expenses                                            1,122,439         1,070,204
     Real Estate Taxes                                               437,760           613,194
     Depreciation and Amortization                                   409,034           506,870
     Interest Expense                                                550,559           773,932
     General and Administrative                                       42,473            42,571
                                                                 ------------      ------------
                                                                   2,562,265         3,006,771
                                                                 ------------      ------------

INCOME  BEFORE MINORITY
     INTEREST                                                        154,941           357,321

MINORITY INTEREST IN
     SUBSIDIARIES' NET  INCOME/LOSS                                   (7,359)          (78,300)
                                                                 ------------      ------------

NET INCOME                                                          $147,582          $279,021
                                                                 ============      ============


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

NET INCOME PER UNIT                                                    $0.86             $1.63
                                                                 ============      ============

DISTRIBUTION PER UNIT                                                  $0.75             $0.50
                                                                 ============      ============
</TABLE>


See accountant's report and accompanying notes to consolidated financial
statements

<PAGE>   5
                              FIRST WILKOW VENTURE
                      CONSOLIDATED STATEMENT OF CASH FLOWS
                   THREE MONTHS ENDED MARCH 31, 2001 AND 2000
                                   (UNAUDITED)

<TABLE>
<CAPTION>

                                                                        Three Months Ended March 31,
                                                                       -----------------------------
                                                                           2001            2000
                                                                       ------------     ------------
<S>                                                                      <C>              <C>

CASH FLOWS FROM OPERATING ACTIVITIES

Net Income                                                                $147,582         $279,021

Noncash Items Included in Net Income:

          Depreciation and Amortization                                    409,034          506,870
          Increase (Decrease) in Net Payable and Accrued Expense           348,482          (30,932)
          Share of Partnership's Net Income                               (155,319)         (86,323)
                                                                       ------------     ------------

Net Cash Provided by Operating Activities                                  749,779          668,636
                                                                       ------------     ------------

CASH FLOWS FROM INVESTING ACTIVITIES

          Partnership Investment Draws                                     223,506           72,794
          Investment in Land and Buildings                                (316,109)        (276,752)
          Investment in Partnerships                                             0       (1,380,000)
          Increase (Decrease) in Minority Interest                      (1,197,954)          30,048
          Investment in Deferred Charges                                  (132,292)         (41,772)
                                                                       ------------     ------------

Net Cash Used by Investing Activities                                   (1,422,849)      (1,595,682)
                                                                       ------------     ------------

CASH FLOWS FROM FINANCING ACTIVITIES

          Increase (Decrease) in Mortgage and Notes Payable                      0          328,309
          Cash Distribution to Partners                                   (128,187)         (85,458)
          Mortgage Principal Payments                                      (84,144)        (100,751)
                                                                       ------------     ------------

Net Cash Provided (Used) by Financing Activities                          (212,331)         142,100
                                                                       ------------     ------------

NET INCREASE (DECREASE) IN CASH AND EQUIVALENTS                           (885,401)        (784,946)

CASH AND EQUIVALENTS - BEGINNING OF PERIOD                               6,193,003        4,039,846
                                                                       ------------     ------------

CASH AND EQUIVALENTS - END OF PERIOD                                    $5,307,602       $3,254,900
                                                                       ============     ============
</TABLE>

See accountant's report and accompanying notes to consolidated financial
statements


<PAGE>   6



                              FIRST WILKOW VENTURE
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                 MARCH 31, 2001




1 -   Financial Statements

      The financial statements have been prepared in accordance with 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.

      Certain amounts at March 31, 2000 have been reclassified to conform to the
      presentation at March 31, 2001.

      Reference is made to the Registrant's annual report for the year ended
      December 31, 2000, 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, 2001, the Registrant made a distribution to its partners in
      the amount of $683,664.00, or $4.00 per unit, based on 170,916 units
      outstanding at March 31, 2001.







<PAGE>   7



                              FIRST WILKOW VENTURE
                                    FORM 10-Q
                       MANAGEMENT DISCUSSION AND ANALYSIS
                           OF FINANCIAL CONDITION AND
                              RESULTS OF OPERATIONS
                                 MARCH 31, 2001


Overview

         Reference is made to the Registrant's annual report for the year ended
December 31, 2000, for a discussion of the Registrant's business.

         On January 10, 2001, the Registrant made a distribution to its partners
in the amount of $128,187.00, or $.75 per unit.






<PAGE>   8



                                     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, 2001 and 2000.


                                   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: May 10, 2001

     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 10, 2001.


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


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