<PAGE>   1


                       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, 1997
                                       ----------------------------------------

                                       OR

[   ]   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
        EXCHANGE ACT OF 1934

         For the transition period from                    to
                                        -------------------  ------------------

                                             0-7798 
                       Commission File No. -----------
    

                            FIRST WILKOW VENTURE
-------------------------------------------------------------------------------
           (Exact name of registrant as specified in its charter)


     ILLINOIS                                            36-6169280
---------------------------------------      ----------------------------------
    (State or other jurisdiction of                    (IRS Employer
     incorporation or organization)                    Identification No.)


180 NORTH MICHIGAN AVENUE, CHICAGO, ILLINOIS                      60601
----------------------------------------------      ---------------------------
(Address of principal executive offices)                       (Zip Code)


Registrant's telephone number, including area code:      (312) 726-9622
                                                    ---------------------------


                                NOT APPLICABLE
-------------------------------------------------------------------------------
Former name, former address and former fiscal year, if changed since last
 report.


         Indicate by check mark whether the registrant (1) has filed all
         reports to be filed by Section 13 or 15(d) of the Securities
         Exchange Act of 1934 during the preceding 12 months and (2) has
         been subject to such filing requirements for the past 90 days. 
         YES   X    NO 
             -----     -----




<PAGE>   2
                              FIRST WILKOW VENTURE
                            (A LIMITED PARTNERSHIP)
                           CONSOLIDATED BALANCE SHEET

<TABLE>
<CAPTION>
                                                                                      September 30,
                                                                                          1997            December 31,
                                                                                       (Unaudited)            1996
                                                                                      -------------       ------------
                                 ASSETS
<S>                                                                                     <C>                <C>
REAL ESTATE AND INVESTMENTS IN REAL ESTATE PARTNERSHIPS

Real Estate:

     Land                                                                                $6,230,711         $6,230,711
     Buildings and Improvements                                                          46,383,354         45,672,807
     Fixtures and Equipment                                                                 117,117            116,955
                                                                                      -------------       ------------
            Total                                                                        52,731,182         52,020,473
     Less-Accumulated Depreciation                                                       17,599,045         16,543,394
                                                                                      -------------       ------------
            Net Real Estate                                                              35,132,137         35,477,079
Investment in Real Estate Partnerships                                                    3,708,553          5,180,049
                                                                                      -------------       ------------
            Total                                                                        38,840,690         40,657,128
                                                                                      -------------       ------------

LOANS RECEIVABLE                                                                            921,113          1,224,274
                                                                                      -------------       ------------

OTHER ASSETS

     Cash                                                                                   595,693            466,870
     Certificates of Deposit                                                              2,210,000            840,000
     Receivable                                                                             672,923            702,376
     Prepaid Expenses                                                                           391            -
     Deposits                                                                               411,491            715,053
     Deferred Charges                                                                       938,018            988,991
                                                                                      -------------       ------------
            Total                                                                         4,828,516          3,713,290
                                                                                      -------------       ------------

            TOTAL ASSETS                                                                $44,590,319        $45,594,692
                                                                                      =============       ============

                                 LIABILITIES AND PARTNERS' CAPITAL

MORTGAGES AND LOANS PAYABLE

     Mortgages Payable                                                                  $30,796,313        $31,339,400
     Notes Payable                                                                          712,105            829,488
                                                                                      -------------       ------------
            Total                                                                        31,508,418         32,168,888
                                                                                      -------------       ------------

OTHER LIABILITIES

     Accounts Payable and Accrued Expenses                                                  115,098            182,975
     Accrued Property Taxes                                                               1,856,984          2,328,926
     Deferred State Income Taxes                                                            200,000            200,000
     Security Deposits and Prepaid Rent                                                     438,458            404,507
     Accrued Interest                                                                        72,784             69,110
                                                                                      -------------       ------------
            Total                                                                         2,683,324          3,185,518
                                                                                      -------------       ------------

MINORITY INTEREST                                                                         1,424,610          1,449,774
                                                                                      -------------       ------------

PARTNERS' CAPITAL  (178,972 units authorized and issued)                                  8,973,967          8,790,512
                                                                                      -------------       ------------

     TOTAL LIABILITIES AND PARTNERS' CAPITAL                                            $44,590,319        $45,594,692
                                                                                      =============       ============
</TABLE>

Note:   Balance Sheet at 12/31/96 has been taken from the audited financial
statements at that date.
                                      -2-
<PAGE>   3
                              FIRST WILKOW VENTURE
                      CONSOLIDATED STATEMENT OF OPERATIONS
            THREE AND NINE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
                                  (UNAUDITED)

<TABLE>
<CAPTION>
                                                          Three Months                       Nine Months
                                                       Ended September 30,                Ended September 30,
                                                    --------------------------         --------------------------
                                                       1997            1996               1997            1996
                                                    ----------      ----------         ----------      ----------
<S>                                                 <C>             <C>                <C>             <C>
REVENUES

    Rental Income                                   $2,474,001      $2,263,803         $7,037,207      $6,841,820
    Interest Income                                     63,050          41,772            162,766         112,549
    Other Income                                        17,953          55,646             53,996          83,210
                                                    ----------      ----------         ----------      ----------
                                                     2,555,004       2,361,221          7,253,969       7,037,579
                                                    ----------      ----------         ----------      ----------

PARTNERSHIP INVESTMENTS' INCOME (LOSS)

    Share of Net Income (Loss)                         501,443          70,361          1,082,979         206,879
                                                    ----------      ----------         ----------      ----------
                                                       501,443          70,361          1,082,979         206,879
                                                    ----------      ----------         ----------      ----------

EXPENSES

    Operating Expenses                                 638,097         683,638          2,020,129       1,919,026
    Real Estate Taxes                                  636,179         577,857          1,843,800       1,765,205
    Depreciation and Amortization                      433,363         432,389          1,304,527       1,283,904
    Interest Expense                                   675,539         675,839          2,046,314       2,078,582
    General and Administrative                         127,958         222,600            433,808         498,289
                                                    ----------      ----------         ----------      ----------
                                                     2,511,136       2,592,323          7,648,578       7,545,006
                                                    ----------      ----------         ----------      ----------

INCOME (LOSS) BEFORE
    MINORITY INTEREST
    AND TAXES                                          545,311        (160,741)           688,370        (300,548)

MINORITY INTEREST IN
    SUBSIDIARIES NET  INCOME/LOSS                      (60,489)         20,134            (57,486)         64,674

PROVISION FOR STATE
    INCOME TAXES                                             0               0                  0               0
                                                    ----------      ----------         ----------      ----------

NET INCOME (LOSS)                                     $484,822       ($140,607)          $630,884       ($235,874)
                                                    ==========      ==========         ==========      ==========

NET INCOME (LOSS)/PER UNIT BASED
        ON 178,972 UNITS OUTSTANDING                     $2.71          ($0.79)             $3.53          ($1.32)
                                                    ==========      ==========         ==========      ==========

DISTRIBUTION PER UNIT                                    $0.25           $0.00              $2.50           $0.00
                                                    ==========      ==========         ==========      ==========
</TABLE>

NOTE 1:  No provision for Federal Income Taxes has been made since First Wilkow
         Venture is a partnership and the partners report their pro-rata share
         of income or loss individually. 



                                      -3-

<PAGE>   4
                              FIRST WILKOW VENTURE
                      CONSOLIDATED STATEMENT OF CASH FLOWS
                 NINE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
                                  (UNAUDITED)


<TABLE>
<CAPTION>
                                                                               Nine Months Ended September 30,
                                                                              ---------------------------------
                                                                                  1997                 1996
                                                                              ------------         ------------ 

<S>                                                                             <C>                  <C>
CASH FLOWS FROM OPERATING ACTIVITIES

Net Income (Loss)                                                                 $630,884            ($235,874)

Non Cash Items Included in Net Income

       Loss on Sale of Real Estate                                                   -                  271,076
       Minority Interest in Subsidiaries Net Income/Loss                            57,486              (64,674)
       Depreciation and Amortization                                             1,304,528            1,283,904
       Amortization of Debt Forgiveness Income                                     (53,996)            (312,827)
       (Decrease) Increase in Net Payable and Accrued Expense                     (169,570)            (562,996)
       Share of Partnership's Net (Income) Loss                                 (1,082,979)            (206,879)
                                                                              ------------         ------------ 

Total Cash Provided (Used) from Operating Activities                               686,353              171,730
                                                                              ------------         ------------ 

CASH FLOWS FROM INVESTING ACTIVITIES

       Partnership Investment Draws                                                293,956              183,330
       Partnership Investment Sale Proceeds                                      2,333,956                -
       Cash Provided from Sale of Real Estate                                        -                8,197,646
       (Increase) in Land and Buildings                                           (710,709)            (316,634)
       Investment in Partnerships                                                  (73,438)            (139,983)
       (Decrease) Increase in Minority Interest                                    (82,650)             (82,650)
       (Decrease) Increase in Mortgage and Notes Payable                          (247,893)            (970,333)
       (Increase) Decrease in Mortgage and Notes Receivable                        303,161              228,365
       Investment in Deferred Charges                                             (197,902)            (240,362)
                                                                              ------------         ------------ 

Total Cash Provided (Used) from Investing Activites                              1,618,481            6,859,379
                                                                              ------------         ------------ 

CASH FLOWS FROM FINANCING ACTIVITIES

       Mortgage Principal Payments Upon Sale of Real Estate                          -               (5,185,580)
       Cash Distribution to Partners                                              (447,430)              -
       Mortgage Principal Payments                                                (358,581)          (1,843,669)
                                                                              ------------         ------------ 

Total Cash Provided (Used) from Financing Activities                              (806,011)          (7,029,249)
                                                                              ------------         ------------ 

INCREASE (DECREASE) IN CASH AND EQUIVALENTS                                      1,498,823                1,860

CASH AND EQUIVALENTS - BEGINNING OF PERIOD                                       1,306,870              491,850
                                                                              ------------         ------------ 

CASH AND EQUIVALENTS - END OF PERIOD                                            $2,805,693             $493,710
                                                                              ============         ============ 
</TABLE>

                                      -4-


<PAGE>   5
                              FIRST WILKOW VENTURE
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                              SEPTEMBER 30, 1997


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.

         Reference is made to the Partnership's annual report for the year
ended December 31, 1996, for a description of other accounting policies and
additional details for the Partnership'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 8, 1997, the Partnership invested $200,000 in M & J/Hotel
Investors L.P., which acquired a 164-room hotel in the greater Orlando area,
three miles from the main entrance at Walt Disney World.

         On October 10, 1997, 8,056 limited partnership units owned by 52
partners (out of a total of 480 partners) were redeemed as of October 1, 1997
at the redemption rate of $40 per unit.  The redemption price paid by the
Partnership was $322,240.  As a result of the redemption, there are now 170,916
units outstanding owned by 428 partners. Also on this date, the Partnership
made a distribution in the amount of $44,743 or $.25 per unit based on 178,972
units outstanding at September 30, 1997.









                                      -5-
<PAGE>   6
                              FIRST WILKOW VENTURE
                                   FORM  10-Q
                       MANAGEMENT DISCUSSION AND ANALYSIS
                           OF FINANCIAL CONDITION AND
                             RESULTS OF OPERATIONS
                               SEPTEMBER 30, 1997


Overview

         Reference is made to partnership's annual report for the year ended
December 31, 1996 for a discussion of the partnership's business.

         On January 10, 1997, the Partnership made a distribution in the amount
of $357,944, or $2 per unit.

         On January 16, 1997, the property known as 2221 Camden Court Office
Building was sold for $11,750,000, resulting in repayment of Partnership loans
and an equity distribution of $690,360 to the Partnership.  A provision for
loss in book value of $154,000, equal to the estimated loss to the Partnership
on the disposition of the investment was recognized in 1996.

         On February 12, 1997, Sun Pointe Place Limited Partnership sold a
140-unit apartment complex it developed and owned in Largo, Florida, for
$2,600,000.  M & J/Largo Limited Partnership, which owns a 91.12% interest,
exercised its option to withdraw as a limited partner of Sun Pointe Place
Limited Partnership simultaneously with the sale of the property, entitling it
to all the available sale proceeds.  The Partnership received an equity
distribution from M & J/Largo Limited Partnership of  $615,384.  A gain of
$40,157 was recognized as a result of  the equity distribution for the
disposition of the investment and included in net income from Partnership
Investments.

         On April 10, 1997, the Partnership made a distribution in the amount
of $44,743 or $.25 per unit.

         The Partnership on April 15, 1997 converted 25,000 units in Duke
Realty Limited Partnership to 25,000 shares of common stock of Duke Realty
Investments, Inc.

         On June 12, 1997, the Partnership sold 12,500 shares of Duke Realty
Investments, Inc. for $500,044.  This transaction resulted in a gain of
$383,419, which was included in net income for Partnership Investments.

         On July 10, 1997, the Partnership made a distribution in the amount of
$44,743 or $.25 per unit.

         On July 21, 1997, the Partnership  sold an additional 12,500 shares of
Duke Realty Investments, Inc. for $528,168.  This transaction resulted in a
gain $411,543, which was included in net income for Partnership Investment.

         On August 26, 1997, the Partnership invested $70,000 in M & J/Mid Oak
L.P., which has a 9% interest in Mid Oak Plaza LLC which acquired a 77,942
square foot shopping center in Midlothian, Illinois.





                                      -6-
<PAGE>   7
                                    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, 1997 and 1996.


                                   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 12, 1997


         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 11, 1997.





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



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





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