<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, 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
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                 MARCH 31, 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 -   Subsequent Events

      On April 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 March 31, 2003.





<PAGE>
                              FIRST WILKOW VENTURE
                                    FORM 10-Q
                       MANAGEMENT DISCUSSION AND ANALYSIS
                           OF FINANCIAL CONDITION AND
                              RESULTS OF OPERATIONS
                                 MARCH 31, 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 $188,007.60, or $1.10 per unit.

         In March of 2003, the Registrant received a payment of $123,637.88 on
the indebtedness from M&J/Dover Limited Partnership.




<PAGE>

                              FIRST WILKOW VENTURE
                             (A LIMITED PARTNERSHIP)
                           CONSOLIDATED BALANCE SHEET

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

REAL ESTATE AND INVESTMENTS IN REAL ESTATE PARTNERSHIPS

Real Estate:
           Land                                                         $ 4,100,376        $ 4,100,376
           Buildings and Improvements                                    31,648,209         31,458,038
           Fixtures and Equipment                                            41,670             41,670
                                                                        -----------        -----------
                        Total                                            35,790,255         35,600,084
           Less-Accumulated Depreciation                                 13,335,199         13,070,307
                                                                        -----------        -----------
                        Net Real Estate                                  22,455,056         22,529,777
Investments in Real Estate Partnerships                                   7,098,776          7,181,237
                                                                        -----------        -----------
                        Total                                            29,553,832         29,711,014
                                                                        -----------        -----------

LOANS RECEIVABLE                                                            818,087            941,725
                                                                        -----------        -----------

OTHER ASSETS
           Cash and Cash Equivalents                                      4,680,074          4,562,781
           Certificates of Deposit - Restricted                             250,000            250,000
           Receivable                                                     1,213,395          1,238,092
           Deposits                                                         702,070            832,105
           Deferred Charges                                               1,197,722          1,155,828
                                                                        -----------        -----------
                        Total                                             8,043,261          8,038,806
                                                                        -----------        -----------

                        TOTAL ASSETS                                    $38,415,180        $38,691,545
                                                                        ===========        ===========

                     LIABILITIES AND PARTNERS' CAPITAL

MORTGAGES PAYABLE                                                       $20,901,242        $20,870,507
                                                                        -----------        -----------
OTHER LIABILITIES
           Accounts Payable and Accrued Expenses                            315,894            191,688
           Accrued Property Taxes                                         1,050,187          1,329,662
           Deferred State Income Taxes                                      170,000            170,000
           Security Deposits and Prepaid Rent                               547,169            584,447
                                                                        -----------        -----------
                        Total                                             2,083,250          2,275,797
                                                                        -----------        -----------

MINORITY INTEREST                                                         2,578,397          2,578,193
                                                                        -----------        -----------

PARTNERS' CAPITAL (170,916 units authorized and issued)                  12,852,291         12,967,048
                                                                        -----------        -----------

           TOTAL LIABILITIES AND PARTNERS' CAPITAL                      $38,415,180        $38,691,545
                                                                        ===========        ===========

Note: Balance Sheet at 12/31/02 taken from the audited financial
statements at that date

</TABLE>

See accompanying notes to consolidated financial statements


<PAGE>

                              FIRST WILKOW VENTURE
                      CONSOLIDATED STATEMENT OF OPERATIONS
                   THREE MONTHS ENDED MARCH 31, 2003 AND 2002
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                                            Three Months
                                                                           Ended March 31,
                                                                  -------------------------------
                                                                      2003               2002
                                                                  -----------         -----------
<S>                                                               <C>                 <C>
REVENUES
         Rental Income                                            $ 2,005,892         $ 2,166,037
         Interest Income                                               30,392              46,799
         Gain on Disposal of Real Estate and Other Revenue              9,406               6,605
                                                                  -----------         -----------
                                                                    2,045,690           2,219,441
                                                                  -----------         -----------

PARTNERSHIP INVESTMENTS' INCOME
         Share of Net Income                                          103,190             127,843
                                                                  -----------         -----------

EXPENSES
         Operating Expenses                                         1,019,922             947,680
         Real Estate Taxes                                            241,177             298,120
         Depreciation and Amortization                                327,675             314,039
         Interest Expense                                             411,696             409,684
         General and Administrative                                    31,564              27,465
                                                                  -----------         -----------
                                                                    2,032,034           1,996,988
                                                                  -----------         -----------
INCOME  BEFORE MINORITY
         INTEREST                                                     116,846             350,296

MINORITY INTEREST IN
         SUBSIDIARIES' NET  INCOME                                    (43,595)            (42,663)


                                                                  -----------         -----------
NET INCOME                                                        $    73,251         $   307,633
                                                                  ===========         ===========

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

NET INCOME PER UNIT                                               $      0.43         $      1.80
                                                                  ===========         ===========

DISTRIBUTION PER UNIT                                             $      1.10         $      1.00
                                                                  ===========         ===========
</TABLE>



See accompanying notes to consolidated financial statements


<PAGE>

                              FIRST WILKOW VENTURE
                      CONSOLIDATED STATEMENT OF CASH FLOWS
                   THREE MONTHS ENDED MARCH 31, 2003 AND 2002
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                                         Three Months Ended March 31,
                                                                       -------------------------------
                                                                           2003               2002
                                                                       -----------         -----------
<S>                                                                    <C>                 <C>
CASH FLOWS FROM OPERATING ACTIVITIES

Net Income                                                             $    73,251         $   307,633

Noncash Items Included in Net Income:

              Depreciation and Amortization                                327,675             314,039
              Decrease In Accounts Payable and Accrued Expenses            (37,817)           (111,245)
              Share of Partnership's Net Income                           (103,190)           (127,843)
                                                                       -----------         -----------

Net Cash Provided by Operating Activities                                  259,919             382,584
                                                                       -----------         -----------

CASH FLOWS FROM INVESTING ACTIVITIES

              Partnership Investment Draws                                 185,652             187,454
              Collection of Loan Receivable                                123,638                   0
              Investment in Land and Buildings                            (190,171)            (76,962)
              Increase (Decrease) in Minority Interest                         204             (19,324)
              Investment in Deferred Charges                              (104,677)            (18,170)
                                                                       -----------         -----------

Net Cash Provided by Investing Activities                                   14,646              72,998
                                                                       -----------         -----------

CASH FLOWS FROM FINANCING ACTIVITIES

              Cash Distribution to Partners                               (188,008)           (170,916)
              Proceeds from Mortgage Financing                              74,034                   0
              Mortgage Principal Payments                                  (43,298)            (60,494)
                                                                       -----------         -----------

Net Cash Used by Financing Activities                                     (157,272)           (231,410)
                                                                       -----------         -----------

NET INCREASE IN CASH AND CASH EQUIVALENTS                                  117,293             224,172

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

CASH AND CASH EQUIVALENTS - END OF PERIOD                              $ 4,680,074         $ 6,214,564
                                                                       ===========         ===========
</TABLE>


See accompanying notes to consolidated financial statements



<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, 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: Mark R. Wilkow
                                          --------------------------------------
                                      Marc R. Wilkow, General Partner and
                                      President of M&J Wilkow, Ltd., its
                                      Managing Agent

DATED: May 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 May 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.


<PAGE>
                    CERTIFICATION OF CHIEF EXECUTIVE OFFICER

I, Marc R. Wilkow, certify that:

     1.   I have reviewed this quarterly report on Form 10-Q of First Wilkow
          Venture;

     2.   Based on my knowledge, this quarterly report does not contain any
          untrue statement of a material fact or omit to state a material fact
          necessary to make the statements made, in light of the circumstances
          under which such statements were made, not misleading with respect to
          the period covered by this quarterly report;

     3.   Based on my knowledge, the financial statements, and other financial
          information included in this quarterly report, fairly present in all
          material respects the financial condition, results of operations and
          cash flows of the Registrant as of, and for, the periods presented in
          this quarterly report;

     4.   The Registrant's other certifying officers and I are responsible for
          establishing and maintaining disclosure controls and procedures (as
          defined in Exchange Act Rules 13a-14 and 15d-14) for the Registrant
          and we have:

          a.   designed such disclosure controls and procedures to ensure that
               material information relating to the Registrant, including its
               consolidated subsidiaries, is made known to us by others within
               those entities, particularly during the period in which this
               quarterly report is being prepared;

          b.   evaluated the effectiveness of the Registrant's disclosure
               controls and procedures as of a date within 90 days prior to the
               filing date of this quarterly report (the "Evaluation Date"); and

          c.   presented in this quarterly report our conclusions about the
               effectiveness of the disclosure controls and procedures based
               on our evaluation as of the Evaluation Date;

     5.   The Registrant's other certifying officers and I have disclosed, based
          on our most recent evaluation, to the Registrant's auditors and the
          audit committee of Registrant's board of directors (or persons
          performing the equivalent function):

          a.   all significant deficiencies in the design or operation of
               internal controls which could adversely affect the Registrant's
               ability to record, process, summarize and report financial data
               and have identified for the Registrant's auditors any material
               weaknesses in internal controls; and

          b.   any fraud, whether or not material, that involves management or
               other employees who have a significant role in the Registrant's
               internal controls; and

     6.   The Registrant's other certifying officers and I have indicated in
          this quarterly report whether or not there were significant changes in
          internal controls or in other factors that could significantly affect
          internal controls subsequent to the date of our most recent
          evaluation, including any corrective actions with regard to
          significant deficiencies and material weaknesses.


     Marc R. Wilkow
     --------------

     Marc R. Wilkow
     Chief Executive Officer

     DATED: May 9, 2003



<PAGE>


                    CERTIFICATION OF CHIEF FINANCIAL OFFICER

I, Thomas Harrigan, certify that:

     1.   I have reviewed this quarterly report on Form 10-Q of First Wilkow
          Venture;

     2.   Based on my knowledge, this quarterly report does not contain any
          untrue statement of a material fact or omit to state a material fact
          necessary to make the statements made, in light of the circumstances
          under which such statements were made, not misleading with respect to
          the period covered by this quarterly report;

     3.   Based on my knowledge, the financial statements, and other financial
          information included in this quarterly report, fairly present in all
          material respects the financial condition, results of operations and
          cash flows of the Registrant as of, and for, the periods presented in
          this quarterly report;

     4.   The Registrant's other certifying officers and I are responsible for
          establishing and maintaining disclosure controls and procedures (as
          defined in Exchange Act Rules 13a-14 and 15d-14) for the Registrant
          and we have:

          a.   designed such disclosure controls and procedures to ensure that
               material information relating to the Registrant, including its
               consolidated subsidiaries, is made known to us by others within
               those entities, particularly during the period in which this
               quarterly report is being prepared;

          b.   evaluated the effectiveness of the Registrant's disclosure
               controls and procedures as of a date within 90 days prior to the
               filing date of this quarterly report (the "Evaluation Date"); and

          c.   presented in this quarterly report our conclusions about the
               effectiveness of the disclosure controls and procedures based on
               our evaluation as of the Evaluation Date;

     5.   The Registrant's other certifying officers and I have disclosed, based
          on our most recent evaluation, to the Registrant's auditors and the
          audit committee of Registrant's board of directors (or persons
          performing the equivalent function):

          a.   all significant deficiencies in the design or operation of
               internal controls which could adversely affect the Registrant's
               ability to record, process, summarize and report financial data
               and have identified for the Registrant's auditors any material
               weaknesses in internal controls; and

          b.   any fraud, whether or not material, that involves management or
               other employees who have a significant role in the Registrant's
               internal controls; and

     6.   The Registrant's other certifying officers and I have indicated in
          this quarterly report whether or not there were significant changes in
          internal controls or in other factors that could significantly affect
          internal controls subsequent to the date of our most recent
          evaluation, including any corrective actions with regard to
          significant deficiencies and material weaknesses.


     Thomas Harrigan
     ---------------

     Thomas Harrigan
     Chief Financial Officer

     DATED: May 9, 2003