FORM 10-K

                   U.S. SECURITIES AND EXCHANGE COMMISSION
                           Washington, D.C. 20549

            |X|     ANNUAL  REPORT UNDER  SECTION 13 or 15(d) OF THE  SECURITIES
                    EXCHANGE ACT OF 1934 For the fiscal year ended  December 31,
                    2000
                                     OR
            |_|     TRANSITION   REPORT  UNDER   SECTION  13  OR  15(d)  OF  THE
                    SECURITIES  EXCHANGE ACT OF 1934 For the  transition  period
                    from _________ to _________.

                       Commission File number 0-15755
                                              -------

                         FJS PROPERTIES FUND I, L.P.
                       -------------------------------
           (Exact name of registrant as specified in its charter)

                           Delaware     13-3252067
                         ------------ --------------
             (State of other jurisdiction of (I.R.S. Employer
            incorporation or organization) Identification No.)

               264 Route 537 East,  Colts Neck,  NJ 07722  (Address of principal
            executive offices) (Zip Code)

       Registrant's telephone number, including area code 732-542-9209
                                                          ------------

    Securities registered pursuant to Section 12(b) of the Exchange Act:

   Title of each class     Name of each exchange on which registered
           NONE                              N/A
                                           -------

    Securities registered pursuant to Section 12(g) of the Exchange Act:
                    Units of Limited Partnership Interest
                              (Title of Class)

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

Indicate by check mark if disclosure of delinquent  filers  pursuant to Item 405
of Regulation  S-K is not contained  herein,  and will not be contained,  to the
best of registrant's  knowledge,  in definitive proxy or information  statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. [ ]

State the  aggregate  market  value of the voting  stock held by  non-affiliates
computed by reference  to the price at which the stock was sold,  or the average
bid and asked  prices of such stock,  as of a specified  date within the past 60
days. N/A No public market exists.

Documents Incorporated by Reference

Prospectus of  Registrant,  dated June 10, 1985, as  supplemented  by Supplement
dated  November 7, 1985,  filed pursuant to Rule 424 under the Securities Act of
1933.  Annual  Report on Form 10-K of  Registrant  for the  fiscal  years  ended
December 31, 1986 through  December  31, 1999,  filed  pursuant to section 13 or
15(d) of the  Securities  Exchange  Act of 1934,  but  each  only to the  extent
expressly  incorporated by reference in Parts I, II and III. Forms 8-K and 8-K/A
filed pursuant to Section 13 or 15(d) of the Securities  Exchange Act of 1934 on
December 13, 1999, and December 23, 1999, respectively.



<PAGE>



                                 PART I

Item 1. Business

            Registrant is a Delaware limited partnership formed as of October
5, 1984. FJS Properties,  Inc., a Delaware corporation and an affiliate of First
Jersey Securities,  Inc. ("First Jersey" or the  "Underwriter"),  is the general
partner ("General Partner") of the Registrant.

            Reference is made to the Prospectus (the "Prospectus") of Registrant
dated June 10, 1985, as supplemented by a Supplement (the  "Supplement"),  dated
November  7,  1985,  which  have  been  filed  pursuant  to rule 424  under  the
Securities  Act of 1933,  as amended,  each of which is  incorporated  herein by
reference.  The  Prospectus  was  filed  as  part of  Registrant's  Registration
Statement on Form S-11,  pursuant to which 100,000 Units of Limited  Partnership
Interest (the "Units") were registered.  On May 1, 1986, the sole closing of the
Units,  the  Registrant  received  $8,391,500 in Gross Proceeds from the sale of
16,783 Units to investors.  Registrant paid $671,320 in underwriting commissions
to First Jersey and a total of $419,575 in organization and offering expenses to
the General Partner.

            Registrant owns and operates one 312 unit garden apartment  complex,
the Pavilion Apartments  ("Pavilion"),  located in West Palm Beach, Florida. The
description of the  acquisition is set forth in the Prospectus  under  "Property
Acquisitions"  and is  incorporated  herein by  reference.  Registrant  will not
invest in or acquire any other properties.

            For the years ended December 31, 2000, 1999 and 1998,  revenues from
Pavilion  accounted for  approximately  99.6%,  99.4% and 98.9%  respectively of
Registrant's gross revenues.

Competition

            The real estate  business is highly  competitive  and  Pavilion  has
active competition from similar properties in the vicinity. Registrant will also
experience  competition  for  potential  buyers at such time as it seeks to sell
Pavilion.

Employees

            Services are performed by Registrant's  employees at Pavilion by ten
full-time  and one  part-time on site  personnel.  The  personnel  are under the
direct supervision of a local  unaffiliated  management company which in turn is
supervised by the General Partner.  Salaries for such on-site personnel are paid
by Registrant or by the local unaffiliated management company from fees received
from Registrant.  The General Partner also provides certain supervisory property
management services to Registrant under a management agreement.


                                 Page 1

<PAGE>



Tax Legislation

            The Tax Reform Act of 1986 (the "1986  Act"),  which was  enacted on
October 22, 1986, requires that losses from "passive activities" (which includes
any rental  activity) may only offset income from "passive  activities"  Passive
losses in excess of passive  income are suspended and are carried over to future
years  when  they  may be  deducted  against  passive  income  generated  by the
Partnership  in  such  year  (including  gain  recognized  on  the  sale  of the
Partnership's  assets) or against  passive income  derived by  Unitholders  from
other sources.

            The Revenue Act of 1987 (the "1987 Act") was enacted on December 22,
1987  and  provides  certain  adverse  tax  consequences  for  "publicly  traded
partnerships." A "publicly traded partnership" is defined as a partnership whose
interests are traded on an established  securities market or readily tradable on
a secondary market (or the substantial  equivalent thereof).  Such a partnership
will be taxed as a  corporation  (unless  at least  90% of its  gross  income is
derived from certain passive sources, such as real property rents,  dividends or
interest)  and  each  tax-exempt  entity  acquiring  an  interest  in  any  such
partnership  after  December  17,  1987  will  have  all  of  its  share  of the
partnership's  income attributable to interests acquired after such date treated
as unrelated  business income.  In addition,  the income from such a partnership
would  be  treated  as other  than  passive  income,  and  losses  from any such
partnership could only be offset by income from the same partnership.

            The Revenue  Act of 1987  adopted  provisions  which have an adverse
impact on  investors  in a "publicly  traded  partnership."  A "publicly  traded
partnership"  is a  partnership  whose  interests  are traded on an  established
securities market or readily tradable on a secon dary market (or the substantial
equivalent  thereof).  If the Partnership were classified as such, (i) it may be
taxed as a corporation, (ii) qualified plans and other entities exempt from taxa
tion acquiring  interests in the Partnership  after December 17, 1987 would have
to treat income derived from the Partnership as unrelated business income,  with
the result that the limited  partnership  interests  would be less attractive to
tax-exempt  investors (and therefore  could be less  marketable) or (iii) income
derived from an  investment  in the  Partnership  would be treated as other than
passive income,  in which case losses from the Partnership  could only be offset
by income from the same  partnership.  The IRS has established  alternative safe
harbors that allow  interests in a partnership  to be transferred or redeemed in
certain circum stances  without  causing the  partnership to be  characterized a
"publicly  traded  partnership."  Interests in the Partnership are not listed or
quoted  for  trading  on an  established  securities  exchange.  However,  it is
possible  that  transfers  of  interests  could occur in a  secondary  market in
sufficient  amount and  frequency  to cause the  Partnership  to be treated as a
"publicly  traded   partnership."  The  Partnership  has  adopted  a  policy  of
prohibiting  transfers in secondary market transactions unless,  notwithstanding
such transfers,  the Partnership  will satisfy at least one of the safe harbors.
Such a  restriction  could  impair the ability of an investor to  liquidate  its
investment  quickly.  It is  anticipated  that such policy will remain in effect
until such time,  if ever, as further  clarification  of the Revenue Act of 1987
permits the Partnership to lessen the scope of these  restrictions.  The General
Partner,  if so authorized,  will take such steps as are  necessary,  if any, to
prevent  the   reclassification   of  the  Partnership  as  a  "publicly  traded
partnership."


                                 Page 2

<PAGE>



Item 2.  Properties

            The sole  property  owned and operated by Registrant is the Pavilion
Apartments (the "Project"),  a 312 Unit garden apartment  complex located at 401
Executive Center Drive, West Palm Beach, Florida. Registrant will not acquire or
invest  in any other  properties.  Registrant  acquired  a 50%  interest  in the
Pavilion on December 31, 1984, and the remaining 50% on January 1, 1985. It owns
Pavilion in fee ownership, subject to a first mortgage.

            Pavilion,  constructed  in 1972,  is  located on a 15 acre tract and
consists of 312 apartment units containing  286,500 square feet of rentable area
in 11 low-rise  buildings.  Rental  units are  available  in one,  two and three
bedroom plans. There are 108 one-bedroom apartments,  44 two- bedroom apartments
with one bath, 116 two-bedroom  apartments with two baths,  and 44 three-bedroom
apartments.  Ground  amenities  include a heated  swimming pool,  lighted tennis
courts,  basketball and  shuffle-board  courts,  and a clubhouse with game room,
saunas, lounge and outdoor barbecues.  An equipped children's playground is also
provided.

            The  apartments in the Project are available for rent to residential
tenants,  generally  under one year  leases.  No tenant  occupies  more than one
apartment in the Pavilion  except for the West Palm Beach Recovery  Center which
occupies  5 Units.  Each of such  units was  leased at the then  current  market
rents. With  substantially all tenants occupying their apartments under one year
leases,  it is anticipated that leases for all apartments will expire each year.
The current rent schedule for leases is as follows:


   Unit Size1     Monthly Rent2
    1 BR/1B         $589/$609
    2 BR/1B         $689/$709
    2 BR/2B         $709/$729
    3 BR/2B         $809/$829
---------------- ---------------

            In the  opinion of the  management  of  Registrant,  the  Project is
adequately covered by insurance.

      First Mortgage:  The existing first mortgage affecting the Project is held
of record by Greenwich  Capital Financial  Products,  Inc., and serviced by Bank
United of Texas FSB,  Houston,  Texas. As of December 31, 2000, the mortgage had
an unpaid  principal  balance of  approximately  $4,560,070.  This  mortgage was
closed on March 31, 1994,  and  refinanced the former first mortgage held by The
Bank of Tokyo.  At that  time,  a new loan  secured by a first  mortgage  on the
project was obtained from the Long Beach Bank, FSB, Orange,  California,  in the
amount of  $5,000,000.  This loan  provides for a term of ten (10) years with an
interest  rate of 9.75%  per  annum.  The  loan is  repayable  in equal  monthly
installments  of $44,556.87 for principal and interest,  with a balloon  payment
due in March 2004. At maturity
--------
1BR = Bedroom; B = Bathroom
2Range of rents/unit's rent varies depending on location of unit in the Project.

                                 Page 3

<PAGE>



a balance of  approximately  $4,215,000 will be due. The loan requires  deposits
with the  lender for real  estate  taxes,  insurance  premiums,  a debt  service
reserve of one month's payment, as well as deposits for replacement reserves for
the  project.  These  deposits  are held in interest  bearing  accounts  for the
benefit of Registrant.  The loan was not prepayable  during the first five years
of its term, and thereafter is prepayable with payment of a penalty based upon a
"rate  protection"  formula for the  lender.  The loan  requires  consent of the
holder  to the  transfer  or  sale of the  Pavilion  Apartments  and to  certain
transfers  of  ownership  interests in  Registrant.  For the complete  terms and
provisions of this loan see Exhibits 10(m) through 10(s).

            The  following  table  sets  forth the  components  of the  Pavilion
Apartments upon which depreciation, for Federal Tax purposes, is taken:


       Item           Tax Basis        Rate         Method         Life
       ----           ---------        ----         ------         ----
Building               $6,897,424    4% - 5%         ACRS            18 yrs
Improvements             $528,798     Fully           SL             10 yrs
                                   Depreciated
Improvements             $506,692      3.6%          MACRS         27.5 yrs
Improvements             $103,280  1.6% - 2.8%       MACRS         27.5 yrs
Improvements             $107,800  0.2% - 1.3%       MACRS         27.5 yrs
Furniture/Fixtures     $1,048,378     Fully          ACRS             5 yrs
                                   Depreciated
Furniture/Fixtures         $8,644     Fully          MACRS            7 yrs
                                   Depreciated
Furniture/Fixtures         $8,896     4.46%          MACRS            7 yrs
Furniture/Fixtures        $10,336     8.93%          MACRS            7 yrs
Furniture/Fixtures        $65,649     11.52%         MACRS            5 yrs
Furniture/Fixtures       $117,749     19.2%          MACRS            5 yrs
Furniture/Fixtures       $140,787     32.0%          MACRS            5 yrs
Furniture/Fixtures       $171,376     20.0%          MACRS            5 yrs
------------------- ------------- -------------- ------------- ------------


                                 Page 4

<PAGE>




            Ad Valorem Real Estate taxes for the 2000  calendar year were in the
amount of $175,566.30  which was based upon an assessed  valuation of $7,000,000
and the following millage rates:


      Taxing Authority:              Millage
      -----------------              -------
                                      rate:
                                      -----
County                                4.6000
School State                          5.8670
School Local                          2.6200
City of West Palm Beach               8.1468
So Fl Water Management Dist.          0.5970
Children's Services Council           0.5000
F.I.N.D.                              0.0410
PBC Health Care District              1.0250
Everglades Construction Project       0.1000
County - Debt                         0.3362
School - Debt                         0.4310
City of West Palm Beach - Debt        0.8169
                        Total:       25.0809
------------------------------ -------------

            In addition a  non-advalorem  assessment of $17,402.98 was levied by
the Solid Waste Authority against the Pavilion. The aggregate tax of $192,969.28
was paid in the dis counted amount of $185,250.51 in December 2000.

Item 3.  Legal Proceedings

            There are no material legal proceedings pending against or involving
Registrant or Pavilion.

Item 4.  Submission of Matters to a Vote of Security Holders
         ---------------------------------------------------

            No matters were  submitted to a vote of security  holders during the
2000 calendar year.


                                 Page 5

<PAGE>



                                 PART II

Item 5.  Market for Registrant's Securities and Related Security Holder Matters
        -----------------------------------------------------------------------

            Units  of  the  Registrant  are  not  publicly   traded  nor  is  it
anticipated  that a public trading market will develop for the Units.  On and as
of December 31, 1997,  beneficial  interests in an aggregate of 1,843 Units were
acquired  from the  unaffiliated  holders  thereof,  by three third parties at a
price of $75 per Unit,  pursuant to a tender offer filed with the Securities and
Exchange Commission.  As of March 15, 2001, there were approximately 674 holders
owning an aggregate  of 16,788  Units.  The General  Partner has  established  a
policy of limiting transfers of Units in secondary market  transactions  unless,
notwithstanding  such  transfers,  the  Partnership  will  satisfy  one or  more
applicable  safe harbors  prescribed  by the Internal  Revenue  Service to avoid
having the Partnership  classified as a publicly traded  partnership which could
have adverse tax effects on limited  partners.  In order to comply with the safe
harbor provisions, the transfer of Units may be restricted.

            There were no distributions  per Unit of Registrant  during the 1985
fiscal year. The Registrant distributed $3.01 per Unit for the 1986 fiscal year,
$4.63 per Unit for 1987,  $6.59  per Unit for  1988,  $14.72  per Unit for 1989,
$7.75 per Unit for 1990, and $1.97 per Unit for the first quarter of 1991. There
were no distributions made for the second, third or fourth quarters of 1991, for
1992, or for 1993. Distributions  aggregating $5.19 and $5.64 per Unit were made
for 1994 and 1995  respectively,  and a  distribution  of $1.54 was made for the
first quarter of 1996. No distributions  were made for the remaining quarters of
1996.  The  reduction  in  distributions  in the years from 1989  through  1991,
resulted from decreasing  interest rates and the reduced  occupancy levels which
the Pavilion  Apartments  experienced.  When there was cash flow  available  for
distribution  during  1992  and  1993,  no  distributions  were  made to  retain
available  cash  which  might  be  required  for  use  in  connection  with  the
refinancing  of the existing first  mortgage.  During the last three quarters of
1996 all  available  cash flow was  utilized for work being done on the Pavilion
Apartments.  Distributions of aggregating $5.53 per Unit were made for the first
three quarters of 1997, and no  distribution  was made for the fourth quarter of
1997 as all  available  cash flow was utilized for capital  improvements  at the
Pavilion  Apartments.  Aggregate  distributions  of $8.42 per Unit were made for
1998 (including a distribution of $2.19 for the fourth quarter of 1998 which was
made in February  1999). A  distribution  of $2.29 per Unit was disbursed in May
1999,  for the  first  quarter  of  1999.  No  distributions  were  made for the
subsequent  quarters  of 1999 or during  2000,  as all  available  cash flow was
utilized for operations and capital improvements at the Pavilion Apartments.

            There are no material legal  restrictions  set forth in Registrant's
Limited  Partnership  Agreement,  annexed to the Prospectus as Exhibit A thereto
("Partnership  Agreement"),  upon Registrant's present or future ability to make
distributions.



                                 Page 6

<PAGE>



Item 6.   Selected Financial Information

            The information set forth below presents selected  financial data of
Registrant.  Additional  financial  information  is set  forth  in  the  audited
financial statements and footnotes contained herein.

                                      Years Ended
                                      December 31,
                       2000       1999        1998        1997      1996
                       ----       ----        ----        ----      ----

Total Assets        $6,799,123  $6,910,861 $7,076,729 $7,258,818 $7,448,953
Mortgage Note
Payable             $4,560,070  $4,644,938 $4,722,579 $4,793,033 $4,856,968

Rental Revenue      $2,382,348  $2,189,322 $2,081,901 $2,040,543 $1,852,877

Interest Expense -
Mortgages             $449,120   $456,410   $463,687    $470,769   $476,199

Net Profit [Loss]     ($48,593)  ($50,566)   $34,952    ($50,582) ($270,996)

Net Cash Provided by
Operating Activities   $437,538   $335,890   $233,979    $280,140    $51,495

Net Cash [Used] in
Investing Activities -
Capital Expenditures  ($382,454)($423,155) ($134,645)   ($80,481)  ($10,336)

Net Cash [Used] in
Financing Activities   ($84,868) ($153,611) ($176,098)  ($157,710)  ($89,899)

Profit (Loss) Per
Limited Partnership
Unit                    ($2.87)    ($2.98) $    2.06      ($2.98)   ($15.98)

Distributions Per Limited
Partnership Unit         $0.00      $4.48      $6.23       $5.53      $1.88

Weighted Average Number
of Limited Partnership
Units Outstanding       16,788     16,788     16,788      16,788     16,788



                                 Page 7

<PAGE>



Item 7.  Management's Discussion and Analysis of Financial Conditions and
         ----------------------------------------------------------------
         Results of Operations
         ---------------------

Liquidity and Capital Resources
            As of the present date,  Registrant owns one Property,  the Pavilion
Apart ments, and does not intend to acquire any other property.

            As  of  May  1,  1986,   Registrant  admitted  as  Limited  Partners
purchasers of 16,783 Units.  Total capital raised was  $8,391,500.  In addition,
Registrant  received  accrued  interest  on the escrow  account in the amount of
$82,471.  Thus  proceeds  from the  admission  of  Limited  Partners  aggregated
$8,473,971.

            The Pavilion  Apartments are owned by Registrant  subject to a first
mortgage  loan in the original  principal  amount of  $5,000,000.  This loan was
obtained  from Long Beach Bank in March 1994,  to refinance  the previous  first
mortgage  affecting the property.  (See "First Mortgage" above for a description
of the terms of this loan).

            Registrant  anticipates  that  cash  flow  from  Pavilion  should be
sufficient to permit the  Partnership to make the monthly  payments on the first
mortgage  due  prior to  maturity  and to meet  Registrant's  monthly  operating
expenses,  however,  should  there  be  a  significant  decrease  in  Pavilion's
occupancy or rental rates, or should there be a significant  increase in capital
repair/replacement  requirements that can be funded from available cash flow and
current  reserves,  there can be no assurance that  Registrant  would be able to
obtain sufficient funds to make such payments.

            Registrant  distributed  $3.01  per Unit for the 1986  fiscal  year,
$4.63 per Unit for 1987,  $6.59  per Unit for  1988,  $14.72  per Unit for 1989,
$7.75 per Unit for 1990, and $1.97 per Unit for the first quarter of 1991. There
were no distributions made for the second, third or fourth quarters of 1991, for
1992, or for 1993. Distributions  aggregating $5.19 and $5.64 per Unit were made
for 1994 and 1995  respectively,  and a  distribution  of $1.54 was made for the
first quarter of 1996. No distributions  were made for the remaining quarters of
1996.  The  reduction  in  distributions  in the years from 1989  through  1991,
resulted from decreasing  interest rates and the reduced  occupancy levels which
the Pavilion  Apartments  experienced.  When there was cash flow  available  for
distribution  during  1992  and  1993,  no  distributions  were  made to  retain
available  cash  which  might  be  required  for  use  in  connection  with  the
refinancing  of the existing first  mortgage.  During the last three quarters of
1996 all  available  cash flow was  utilized for work being done on the Pavilion
Apartments.  Distributions of aggregating $5.53 per Unit were made for the first
three quarters of 1997, and no  distribution  was made for the fourth quarter of
1997 as all  available  cash flow was utilized for capital  improvements  at the
Pavilion  Apartments.  Aggregate  distributions  of $8.42 per Unit were made for
1998 (including a distribution of $2.19 for the fourth quarter of 1998 which was
made in February  1999). A  distribution  of $2.29 per Unit was disbursed in May
1999,  for the  first  quarter  of  1999.  No  distributions  were  made for the
subsequent  quarters  of 1999 (see  "Operations  - 1999 Fiscal  Year"  below) or
during  2000,  as  all  cash  flow  was  utilized  for  operations  and  capital
improvements at the Pavilion Apartments. (See "Operations" below).

                                 Page 8

<PAGE>



OPERATIONS

            Registrant  has operated the  Pavilion  Apartments,  located in West
Palm Beach, Florida, since January 1985.

Management Agreement

            The  Pavilion  Apartments  are  currently  managed  by MSL  Property
Management Inc., an unaffiliated  property manager,  under a five year agreement
as extended in January 1999.  The agreement  will also  terminate on the earlier
sale or disposition of the Pavilion Apartments.

2000 Fiscal Year

            Rental  Revenue for the year ended December 31, 2000, was $2,382,348
as compared with  $2,189,322  for the 1999 calendar year. The increase in income
in 2000 reflected  increased  rental rates for apartments at the project as well
as reduced  vacancies and rental  allowances,  which while in a reduced  amount,
were still being utilized to attracted tenants to the Pavilion.  Occupancy rates
at the  project  held in the low to mid 90%  range  for  the  2000  year.  As of
February 12, 2000, the Pavilion Apartments had 5 apartments out of 312 available
for rent.  These 5  apartments  are  included  in  twenty-two  presently  vacant
apartments,  with 16 apartments rented for occupancy in February 2000, while the
remaining  vacant  unit  is  the  model  apartment.  The  twenty-two  apartments
presently vacant equates to a physical occupancy of 92.9%.

            Operating Expenses,  consisting mainly of real estate taxes, repairs
and maintenance and utilities,  increased in 2000 to $782,764 as compared to the
1999 cost of $716,919.  This  increase  reflected  increases in amounts spent on
Repairs  and  Maintenance,  as well as  increased  costs for Water and Sewer and
Sanitation.  In addition  there was an increase in Real Estate Taxes as a result
of  increased  tax rates on the  project.  These were offset to some extent by a
decrease in Electric expense at the Pavilion as a result of greater occupancy at
the property, with apartment electric being paid for by tenants, and by reducing
the amount of electricity used in vacant apartments.

            General and  Administrative  Expenses for 2000 increased to $830,650
from $752,824 in 1999. This increase  resulted from increases in court costs and
eviction expenses, and increased costs for security services. In addition, there
was an  increase in  professional  fees  resulting  from  increased  accruals in
anticipation  of increased  costs for the 2000 annual audit,  preparation of tax
returns and tax reporting to limited partners.


                                 Page 9

<PAGE>



Capital Improvements, Repairs and Maintenance, and Replacements

            During 2000, in addition to items which were expensed  under Cost of
Rental Income, substantial sums were spent on capital improvements, upgrades and
replacements at the Pavilion Apartments. Among these items were the following:


                      Capitalized Improvements

                                                            Aggregate
                                    Item                 Expenditures
                                    ----                 ------------
Furniture & Fixtures
                      Carpeting                               $80,488
                      Carpet Machine                           $2,327
                      Fitness Center Equipment                 $2,438
                      Security Lighting                        $1,473
                      Stoves/Refrigerators/Dishwashers        $84,649
                                                Total:       $171,375

Building Improvements
                      Bathroom Tile Replacements              $88,878
                      Counter Tops                             $2,660
                      Dumpster Gates                           $2,245
                      Entrance Gates                           $7,378
                      Fire Alarm Box Replacements              $5,317
                      Miscellaneous Interior Improvements      $1,416
                      Office Remodel                           $2,760
                      Roof Repairs                            $64,203
                      Sewer Replacement                       $10,238
                      Sprinkler System Replacements           $25,984
                                                Total:       $211,079
                                                      ---------------

                   Aggregate 2000 Capital Expenditures       $382,454

                                                      ===============

            During 2000,  carpeting was replaced in 91 apartments;  stoves in 89
apartments; refrigerators in 84 apartments; and dishwashers in 57 apartments.

            Funds for these  expenditures  were provided from Cash Flow from the
Pavilion Apartments and from cash reserves on hand.

Future Capital Improvement and Replacements



                                Page 10

<PAGE>




            It is anticipated that substantial additional funds will be expended
for capital  improvements  during 2001 and subsequent years in order to keep the
Pavilion Apartments  competitive in the rental market.  Funds for such items may
be provided  from sources such as  Partnership  cash reserves and cash flow from
the  Pavilion  Apartments.  To the extent  these  sources  are  insufficient  to
complete work which may be required,  the  Partnership  may be forced to explore
outside  sources  of  financing.  There  can  be no  assurance  that  sufficient
financing  can be obtained to complete such work,  and the Pavilion  Apartments'
ability to compete in the rental market may be adversely affected.

            As of March 1, 2001,  carpeting  in 109  apartments  in the Pavilion
Apartments  is over 3 years old, 171 hot water heaters are over 6 years old; 136
dishwashers,  105 refrigerators and 103 stoves are over 8 years old. In addition
to regular ongoing  replacements of such items,  other major capital items which
may be required to be completed  during the next few years,  include but may not
be limited to the following:


                                        Estimated
                                        Potential
               Project                      Costs
               ----------------------------------
Roof Replacements - all buildings        $500,000
Asphalt Overlay for parking Lots         $105,000
Shower Tile & Pan Replacements           $145,000
Sprinkler System Replacement              $55,000


Replacement  of the roof on  Building F  (containing  24  residential  units) is
expected to commence during March 2001, at an anticipated  cost of approximately
$34,500.

1999 Fiscal Year

            Rental  Revenue for the year ended December 31, 1999, was $2,189,322
as compared with  $2,081,901  for the 1998 calendar year. The increase in income
in 1999 reflected  increased  rental rates for apartments at the project as well
as reduced  vacancies and rental  allowances,  which while in a reduced  amount,
were still being utilized to attracted tenants to the Pavilion.  Occupancy rates
at the  project  held in the low to mid 90%  range  for  the  1999  year.  As of
February  29,  2000,  the  Pavilion  Apartments  had  12  apartments  out of 312
available  for rent.  These 12  apartments  represent  10 of nineteen  presently
vacant  apartments  and 2  additional  apartments  where the tenants  have given
notice of their intent to vacate.  Eight of the vacant  apartments  have already
been  rented,  while  the  remaining  vacant  unit is the model  apartment.  The
nineteen apartments presently vacant equates to a physical occupancy of 93.9%.



                                Page 11

<PAGE>



            Operating Expenses,  consisting mainly of real estate taxes, repairs
and maintenance and utilities,  increased in 1999 to $716,919 as compared to the
1998 cost of $625,402.  This  increase  reflected  increases in amounts spent on
Replacements,  Repairs and Maintenance, as well as increased costs for Water and
Sewer and  Landscaping.  These were offset somewhat by a decrease in Real Estate
Taxes as a result of a reduced assessed valuation of the project.

            General and  Administrative  Expenses for 1999 increased to $752,824
from $689,444 in 1998. This increase  resulted from increases in court costs and
eviction expenses as well as increased costs for security services.

Capital Improvements and Replacements

            During 1999, in addition to items which were expensed  under Cost of
Rental Income, substantial sums were spent on capital improvements, upgrades and
replacements at the Pavilion Apartments. Among these items were the following:


                                                            Aggregate
                                    Item                 Expenditures
                                    ----                 ------------
Furniture & Fixtures
                      Carpeting                               $95,877
                      Copy Machine                             $2,332
                      Security Cameras                         $1,393
                      Stoves/Refrigerators/Dishwashers        $41,185
                                                Total:       $140,787

Building Improvements
                      Aluminum Roof Coating                   $21,935
                      Bathroom Tile Replacements             $140,933
                      Counter Tops                            $16,514
                      Entrance Gates                           $6,480
                      Miscellaneous Interior Improvements     $26,538
                      Parking Lot                              $4,785
                      Roof Repairs                            $38,228
                      Sewer Replacement                       $22,647
                      Sidewalk Replacements                    $4,308
                                                Total:       $282,368
                                                      ---------------

                   Aggregate 1999 Capital Expenditures       $423,155

                                                      ===============

            Funds for these  expenditures  were provided from Cash Flow from the
Pavilion  Apartments  for the last  three  quarters  of the  year and from  cash
reserves on hand.


                                Page 12

<PAGE>




INFLATION

            As of the present date,  inflation has not had a major impact on the
operations  of the  Partnership.  It is  anticipated  that future  increases  in
operating expenses will be offset if not exceeded by corresponding  increases in
operating income.

YEAR 2000 ISSUES

            Registrant experienced no negative operational  consequences of Year
2000 issues.

                                Page 13

<PAGE>



Item 8.  Financial Statements and Supplementary Data

                      FJS Properties Fund I, L.P.

                          Financial Statements



                                 INDEX

                                                                  Page
                                                                Number

Report of Independent Certified Public Accountants.................15
Financial statements
     Balance Sheets as of December 31, 2000 and 1999...............16
     Statements of Operations for the years ended
               December 31, 2000, 1999 and 1998....................17
     Statements of Partners' Capital [Deficit] for the years ended
               December 31, 2000, 1999 and 1998....................18
     Statements of Cash Flows for the years ended
               December 31, 2000, 1999 and 1998 ...................19
     Notes To Financial Statements .............................20-24
Supplementary Financial Information
     Report of Independent Certified Public Accountants
               on Supplementary Financial Information..............25
     Real Estate and Accumulated Depreciation......................26

                                Page 14

<PAGE>




           REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS

To the Partners of FJS Properties Fund I, L.P.

We have audited the accompanying  balance sheets of FJS Properties Fund I, LP as
of  December  31,  2000 and 1999,  and the  related  statements  of  operations,
partners' capital  (deficit),  and cash flows for each of the three years in the
period  ended   December  31,  2000.   These   financial   statements   are  the
responsibility of the Partnership's management. Our responsibility is to express
an opinion on these financial statements based on our audits.

We conducted our audits in accordance with auditing standards generally accepted
in the  United  States of  America.  Those  standards  require  that we plan and
perform the audit to obtain  reasonable  assurance  about  whether the financial
statements are free of material misstatement.  An audit includes examining, on a
test basis,  evidence  supporting  the amounts and  disclosures in the financial
statements.  An audit also includes assessing the accounting principles used and
significant  estimates  made by  management,  as well as evaluating  the overall
financial  statement  presentation.   We  believe  that  our  audits  provide  a
reasonable basis for our opinion.

In our opinion,  the financial  statements  referred to above present fairly, in
all material respects, the financial position of FJS Properties Fund I, LP as of
December 31, 2000 and 1999, and the results of its operations and its cash flows
for each of the three years in the period ended December 31, 2000, in conformity
with accounting principles generally accepted in the United States of America.



                                  BUCHBINDER TUNICK & COMPANY LLP

Boca Raton, Florida
February 2, 2001


                                Page 15

<PAGE>



                      FJS PROPERTIES FUND I, L.P.
                             Balance Sheets
                       December 31, 2000 and 1999

                                                     2000       1999

                                 ASSETS
Current assets:
     Cash and cash equivalents                    $  188,122 $  217,906
     Cash - escrow                                    64,184    119,379
     Cash - security deposits                        125,015    132,748
     Tenant receivables                               13,215        -
     Other current assets                             21,446     22,268
                                                  ---------- ----------

          Total current assets                       411,982    492,301
                                                  ---------- ----------

Property investment:
     Land                                          2,296,804  2,296,804
     Buildings                                     6,569,125  6,569,125
     Furniture, fixtures and improvements          2,758,619  2,376,165
                                                  ---------- ----------

          Totals - at cost                        11,624,548 11,242,094
     Less: accumulated depreciation               (5,427,009)(5,073,750)
                                                  ----------------------

     Property investment - net                     6,197,539  6,168,344
                                                  ---------- ----------

Other assets                                         189,602    250,216
                                                  ---------- ----------

          Total assets                            $6,799,123 $6,910,861
                                                  ========== ==========

              LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)

Current liabilities:
     Accounts payable                             $  117,747 $  108,403
     Accrued interest                                 37,045     37,740
     Other accrued expenses                            7,093      6,755
     Due to related party                             16,704     16,689
     Tenant security deposits payable                125,015    132,748
     Prepaid rent                                     27,597        -
     Mortgage payable - current portion               94,971     85,557
     Deferred income - current portion                 7,143      7,143
                                                  ---------- ----------

          Total current liabilities                  433,315    395,035
                                                  ---------- ----------

Long-term liabilities:
     Mortgage payable - non-current portion        4,465,099  4,559,381
     Deferred income - non-current portion            10,714     17,857
                                                  ---------- ----------

          Total long-term liabilities              4,475,813  4,577,238
                                                  ---------- ----------

Partners' capital (deficit):
     General partner                              (1,216,959)(1,216,473)
     Limited partners                              3,106,954  3,155,061
                                                  ---------- ----------

          Total partners' capital (deficit)        1,889,995  1,938,588
                                                  ---------- ----------

          Total liabilities  and  partners'
           capital   (deficit)                    $6,799,123 $6,910,861
                                                  ========== ==========
 See notes to financial statements.

                                Page 16

<PAGE>



                      FJS PROPERTIES FUND I, L.P.
                        Statement of Operations
         For the years ended December 31, 2000, 1999, and 1998

                                        2000        1999        1998
                                        ----        ----        ----

Revenue:
     Rental                            $2,382,348 $2,189,322 $2,081,901
     Interest                               9,261     12,324     23,664
                                       ----------  ---------  ---------

          Total Revenue                 2,391,609  2,201,646  2,105,565
                                       ----------  ---------  ---------

Expenses:
     Operating                            782,764    716,919    625,402
     General and administrative           830,650    752,824    689,444
     Interest                             449,120    456,410    463,687
     Depreciation and amortization        377,668    326,059    289,180
     Other                                    ---        ---      2,900
                                       ----------  ---------  ---------

          Total expenses                2,440,202  2,252,212  2,070,613
                                       ----------  ---------  ---------

Net income (loss)                      $  (48,593) $ (50,566) $  34,952
                                       =========== ========== =========


Income (loss) per limited partnership
unit                                     $  (2.87) $   (2.98) $    2.06
                                       =========== ========== =========

Distributions per limited partnership
unit                                    $    0.00 $     4.48  $    6.23
                                       ========== ==========  =========


Weighted average number of limited
     partnership units outstanding         16,788     16,788     16,788
                                       ----------  ---------  ---------


                   See notes to financial statements.

                                Page 17

<PAGE>



                      FJS PROPERTIES FUND I, L.P.
               Statements of Partners' Capital (Deficit)
          For the years ended December 31, 2000, 1999 and 1998

                                      General      Limited
                                       Partner     Partners       Total

Partners' capital (deficit)
   - December 31, 1997                (1,214,501)  3,350,320   2,135,819

Net income for the year ended
   December 31, 1998                         350      34,602      34,952

Distributions to Partners                 (1,056)   (104,591)   (105,647)
                                    -------------  ----------  ----------

Partners' capital (deficit)
   - December 31, 1998                (1,215,207)  3,280,331   2,065,124

Net (loss) for the year ended
   December 31, 1999                        (506)    (50,060)    (50,566)

Distributions to Partners                   (760)    (75,210)    (75,970)
                                    -------------  ----------  ----------

Partners' capital (deficit)
   - December 31, 1999              $ (1,216,473)  $3,155,061  $1,938,588

Net (loss) for the year ended
   December 31, 2000                        (486)    (48,107)    (48,593)
                                    -------------  ----------  ----------

Partners' capital (deficit)
   - December 31, 2000              $ (1,216,959)  $3,106,954  $1,889,995
                                    =============  ==========  ==========



                   See notes to financial statements.

                                Page 18

<PAGE>



                      FJS PROPERTIES FUND I, L.P.
                        Statements of Cash Flows
          For the years ended December 31, 2000, 1999 and 1998

                                                  2000     1999      1998
                                                  ----     ----      ----

Operating activities:
  Net income (loss)                             $(48,593)$ (50,566)$ 34,952
  Adjustments to reconcile net income
   (loss)to net cash provided by operating
    activities:
     Depreciation                                353,259   301,651  264,772
     Amortization                                 24,408    24,408   24,408
     Deferred income                              (7,143)   (7,143)  (7,143)
  Changes in assets and liabilities:
   Decrease (increase) in escrow                  55,195    29,238  (50,956)
   Decrease (increase) in security deposits        7,733    (7,351)  (3,519)
   Increase in tenant receivables                (13,215)       -       -
   Decrease in other current assets                  822     3,484   10,219
   Decrease (increase) in other assets            36,206    (3,283)  (4,954)
   Increase (decrease) in accounts payable and
     accrued expenses                              8,987    41,119  (30,888)
   Increase (decrease) in due to related party        15    (3,018)  (6,431)
   (Decrease) increase in tenant security
     deposits payable                             (7,733)    7,351    3,519
   Increase in prepaid rent                       27,597      -         -
                                                -------- --------- --------

     Net cash provided by operating activities   437,538   335,890  233,979
                                               ---------   ------- --------

Investing activities:
  Capital expenditures                         (382,454)  (423,155)(134,645)
                                               --------- -------- ----------

     Net cash (used in) investing activities   (382,454)  (423,155)(134,645)
                                               --------- -------------------

Financing activities:
  Principal payments on mortgages               (84,868)   (77,641) (70,451)
  Cash distributions to Partners                      -    (75,970)(105,647)
                                              ---------  -------------------

     Net cash (used in) financing activities    (84,868)  (153,611)(176,098)
                                               -------- -------------------

Net (decrease) increase in cash
   and cash equivalents                         (29,784)  (240,876) (76,764)

Cash and cash equivalents - beginning of year   217,906    458,782  535,546
                                                ------- ---------- --------

Cash and cash equivalents - end of year        $188,122 $  217,906 $458,782
                                               ======== ========== ========

Supplemental disclosure of cash flow information:
  Interest paid                                $449,815 $  457,043 $464,260
                                               ======== ========== ========



                   See notes to financial statements.


                                Page 19

<PAGE>


                      FJS PROPERTIES FUND I, L.P.
               Notes to Financial Statements (Continued)
                    December 31, 2000, 1999 and 1998



Note 1 - Organization

     FJS Properties Fund 1, LP (the "Partnership") was formed under the Delaware
     Revised Uniform Limited  Partnership Act on October 5,1984. The Partnership
     owns and operates the Pavilion, a 312 unit garden apartment complex in West
     Palm Beach, Florida. The Partnership operates under one reportable segment.

Note 2 - Significant Accounting Policies

   Loan Acquisition Fees

   The   Partnership   amortizes  fees  incurred  in  connection  with  mortgage
   refinancings  utilizing the straight-line method over the term of the related
   mortgage, which is currently ten years.

   Income Taxes

   The  Partnership is treated as a partnership for federal income tax purposes.
   The  Partnership  will make no provision  for income taxes because all income
   and  losses  will  be  allocated  to the  Partners  for  inclusion  in  their
   respective tax returns.

   Property Investment and Depreciation

   Property,  improvements,  furniture,  and  equipment  are carried at cost and
   depreciated  over their estimated  useful lives.  The cost of maintenance and
   repairs  are  expensed  as  incurred,  whereas  significant  betterments  and
   renewals are  capitalized.  The Partnership  depreciates  buildings using the
   straight-line  method over 30 years.  Furniture and fixtures and improvements
   are  depreciated  using the  straight-line  method over  periods from 3 to 10
   years.

   Depreciation  expense for the years ended  December 31, 2000,  1999, and 1998
   was $353,259, $301,651, and $264,772, respectively.

   For tax purposes, the Partnership depreciates residential real property using
   the 18 year  accelerated  depreciation  method for property placed in service
   prior to May 8, 1985.  In  accordance  with  ongoing  changes in the Internal
   Revenue Code, the Partnership will utilize the depreciation method, which, in
   the opinion of the Managing General  Partner,  will be the most beneficial to
   the Partnership.

   Revenue Recognition

   Rental,  interest,  and other income are recorded on the accrual  method of
   accounting.


                                Page 20

<PAGE>


                      FJS PROPERTIES FUND I, L.P.
               Notes to Financial Statements (Continued)
                    December 31, 2000, 1999 and 1998


   Cash Equivalents

   The  Partnership  considers  all  highly  liquid  investments  with  original
   maturities of three months or less to be cash equivalents.

   Concentration of Credit Risk

   Financial  instruments  that subject the  Partnership  to  concentrations  of
   credit  risk  include  cash.  The  Partnership  had  amounts on deposit  with
   financial  institutions  which  are  approximately  $95,000,   $270,000,  and
   $454,000 in excess of the amounts  insured for December 31, 2000,  1999,  and
   1998, respectively. The Partnership does not require collateral for financial
   instruments.

   Use of Estimates in the Preparation of Financial Statements
   -----------------------------------------------------------

   The preparation of financial statements in conformity with generally accepted
   accounting  principles  requires management to make estimates and assumptions
   that affect the reported  amounts of assets and liabilities and disclosure of
   contingent assets and liabilities at the date of the financial statements and
   the reported  amounts of revenues and expenses  during the reporting  period.
   Actual results could differ from those estimates.

   Advertising

   The Partnership  expenses  advertising cost as incurred.  Advertising expense
   for the years ended December 31, 2000,  1999, and 1998 was $37,323,  $36,321,
   and $36,773, respectively.

   Impairment

   Certain long-term assets of the Partnership, including property and furniture
   and fixtures,  are reviewed at least  annually as to whether  their  carrying
   value has become impaired,  pursuant to guidance  established in Statement of
   Financial Accounting Standards (SFAS) No. 121, "Accounting for the Impairment
   of Long-Lived Assets and for Long-Lived Assets to Be Disposed Of." Management
   considers  assets to be impaired  if the  carrying  value  exceeds the future
   projected cash flows from the related  operations  (undiscounted  and without
   interest  charges).  If  impairment  is deemed to exist,  the assets  will be
   written  down to fair value or projected  discounted  cash flows from related
   operations.  Management  also  reevaluates  the  periods of  amortization  to
   determine  whether  subsequent  events  and  circumstances   warrant  revised
   estimates of useful lives.

                                Page 21

<PAGE>


                      FJS PROPERTIES FUND I, L.P.
               Notes to Financial Statements (Continued)
                    December 31, 2000, 1999 and 1998


Note 3 - Partnership Agreement

   Pursuant to the terms of the Partnership  Agreement,  which expires  December
   31, 2009,  the General  Partner is liable for all general  obligations of the
   Partnership to the extent not paid by the  Partnership.  The Limited Partners
   are not liable for expenses,  liabilities,  or obligations of the Partnership
   beyond the amount of their contributed  capital.  In addition,  adjusted cash
   from operations is allocated, after payment of the Partnership Management Fee
   to the Managing General Partner,  99% to the Limited Partners,  and 1% to the
   General Partner.

   Taxable  income and loss are allocated 99% to the Limited  Partners and 1% to
   the General Partner  subsequent to the release of the Limited Partners' funds
   to the  Partnership,  which occurred on May 1, 1986.  Prior to the release of
   funds,  taxable income and loss were allocated 99% to the General Partner and
   1% to the Original Limited Partner.

   Allocations  of net income or loss among the  Partners in the  accrual  basis
   financial  statements  will be in conformity  with the allocations of taxable
   income or loss from operations.

Note 4 - Other Assets

   A summary of other assets is as follows:


                                              2000            1999
                                             --------        ------
Cash in escrow - replacement reserves        $  89,272     $  124,183
Loan acquisition fees - net of amortization
of $164,255, and $139,847 at
December 31, 2000 and 1999, respectively        79,840        104,248
Deposits                                        20,490         21,785
                                            ----------     ----------
                                            $  189,602     $  250,216
                                            ==========     ==========

Note 5 - Mortgage Payable

   The  Partnership  has a loan of $5,000,000 that is serviced by Bank United of
   Texas that is collateralized by a first mortgage lien on the property and all
   personal property and income from the project. This loan is for a term of ten
   years with an  interest  rate of 9.75% per annum.  The loan is  repayable  in
   equal  monthly  installments  of $44,557 for  principal  and interest  with a
   balloon payment due in ten years. The loan requires  deposits with the lender
   for real estate  taxes,  insurance  premiums,  a debt service  reserve of one
   month's  payment,  as well  as  deposits  for  replacement  reserves  for the
   project.  These  amounts are  included in cash escrow and other assets on the
   balance sheet.


                                Page 22

<PAGE>


                      FJS PROPERTIES FUND I, L.P.
               Notes to Financial Statements (Continued)
                    December 31, 2000, 1999 and 1998



   At December 31, 2000 maturities of the mortgage payable are as follows:


   2001                                          94,971
   2002                                         103,897
   2003                                         114,492
   2004                                       4,246,710
                                             ----------

   Total mortgage payable                    $4,560,070
                                             ==========

   The fair value of the Partnership's  mortgage payable, which is determined by
   discounting expected cash flows based on the Partnership's  projected current
   incremental borrowing rate, is approximately equal to the current obligation.

Note 6 - Related Party Transactions

   The Managing  General  Partner,  pursuant to the Partnership  Agreement,  has
   earned Property Management Fees of $118,518,  $107,540,  and $103,806 for the
   years ended  December  31,  2000,  1999,  and 1998,  respectively,  of which,
   $94,242,  $86,032,  and $83,045,  respectively,  was paid to an  unaffiliated
   Florida  based  management  company.  These fees are based on a percentage of
   gross rental income as defined in the agreement.

   Also pursuant to the Partnership  Agreement the Managing  General Partner has
   earned  Partnership  Management Fees of $0, $3,172, and $6,673, for the years
   ended December 31, 2000, 1999, and 1998, respectively, which represents 4% of
   adjusted cash flow as defined in the agreement.

   Additionally, in accordance with provisions of the Partnership Agreement, the
   Partnership has agreed to pay to the Managing General Partner, administrative
   service fees.  These fees amounted to $24,000 for the year ended December 31,
   2000,  $27,000 for the year ended December 31, 1999, and $24,000 for the year
   ended December 31, 1998.

   The Managing  General Partner received  distributions  from cash flows of $0,
   $760, and $1,056,  during the years ended December 31, 2000,  1999, and 1998,
   respectively.


                                Page 23

<PAGE>


                      FJS PROPERTIES FUND I, L.P.
               Notes to Financial Statements (Continued)
                    December 31, 2000, 1999 and 1998



Note 7 - Income Taxes

   The  reconciliation of net (loss) as reported in the statements of operations
   and as would be reported for tax  purposes  for the years ended  December 31,
   2000, 1999, and 1998, are as follows:


                                             December 31,
                                             ------------

                                        2000         1999         1998
                                       ------       ------       -----
Net income (loss) -
   statement of operations         $ (48,593)  $ (50,566)     $  34,952

Tax depreciation in excess
   of book depreciation             (57,797)      (67,099)     (71,010)
                                  -----------   ----------   ----------

Net (loss) for tax purposes       $ (106,390)  $ (117,665)   $ (36,058)
                                  ===========  ===========   =========



                                Page 24

<PAGE>


                       FJS PROPERTIES FUND I, LP
        Schedule III - Real Estate and Accumulated Depreciation




           REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
                 ON SUPPLEMENTARY FINANCIAL INFORMATION


To the Partners of
FJS Properties Fund I, LP

We have audited the  financial  statements  of FJS  Properties  Fund I, LP as of
December 31, 2000 and 1999,  and for each of the three years in the period ended
December 31, 2000,  and have issued our report  thereon dated  February 2, 2001.
Our audits also included the financial  statement Schedule III of FJS Properties
Fund I. LP.  This  financial  statement  schedule is the  responsibility  of the
Partnership's  management.  Our responsibility is to express an opinion based on
our audits. In our opinion,  such financial statement schedule,  when considered
in relation to the basic financial statements taken as a whole,  presents fairly
in all material respects the information set forth therein.


                                         BUCHBINDER TUNICK & COMPANY LLP

Boca Raton, Florida
February 2, 2000

                                Page 25

<PAGE>


                       FJS PROPERTIES FUND I, LP
        Schedule III - Real Estate and Accumulated Depreciation




                                                   Initial Cost to Partnership

                                                                  Costs
                                                  Buildings,   Capitalized
                                                  Furniture,    Subsequent
                                                  Fixtures,   to Acquisition
                                                     and
    Description      Encumbrances      Land      Improvements  Improvements
------------------- -------------- ------------ ----------------------------

Pavilion Apartments
 West Palm Beach,
      Florida        $ 4,560,070   $ 2,296,804   $ 7,196,789   $ 2,130,955
                     ===========   ===========   ===========   ===========


<TABLE>

                        Gross Amount at Which
                     Carried at Close of Period

                   ----------

                                                                                       Life on
                                                                                        Which
                                                                                     Depreciation
                             Buildings,                            Year               in Latest
                             Furniture,                        of Construc-            Income
                             Fixtures,   (1) (2)   Accumulated     tion       Date   Statement is
   Description       Land       and       Total    Depreciation             Acquired  Computed
                             Improveme
                                nts
------------------ --------- ---------- ---------- ------------------------ -------- -----------
Pavilion Apartments
West Palm Beach,
<S>                <C>        <C>        <C>          <C>           <C>        <C>     <C>
Florida            $2,296,804 $9,327,744 $11,624,548  $5,427,009    1972       1/85    3-30 yrs
                   ========== ==========
</TABLE>

(1)The aggregate cost for federal income tax purposes is $9,715,898.
(2)A reconciliation  of the carrying amount of land,  buildings and improvements
   as of December 31, 2000 and 1999 is as follows:


                      Cost as of December 31,


                                    2000          1999
                              -------------- ------------
Balance at beginning of year    $11,242,094   $10,818,939
Improvements                        382,454       423,155
                                -----------   -----------

Balance at end of year          $11,624,548   $11,242,094
                                ===========   ===========

(3)A reconciliation of accumulated depreciation for the years ended December 31,
   2000, and 1999 is as follows:


                               Cost as of December 31,


                                 2000          1999
                            ----------------------------
Balance at beginning of year   $ 5,073,750   $ 4,772,099
Expense                            353,259       301,651
                              ------------   -----------

Balance at end of year         $ 5,427,009   $ 5,073,750
                               ===========   ===========

See independent accountants' report on supplementary financial information.

                                 Page 26

<PAGE>






Item 9.  Changes In and Disagreements With Accountants on Accounting and
         ---------------------------------------------------------------
         Financial Disclosure
         --------------------

None

                                PART III

Item 10.  Directors and Executive Officers of the Registrant

      Registrant has no officers or directors. FJS Properties, Inc., the General
Partner,   manages  and  controls  the  Registrant's  affairs  and  has  general
responsibility  and ultimate  auth ority in all matters  affecting its business.
The  names and ages of,  as well as the  positions  held by,  the  officers  and
directors of the General Partner are as follows:


                                                              SERVED AS AN
                                                             OFFICER AND/OR
NAME                       AGE     OFFICES HELD               DIRECTOR SINCE
----                       ---     ------------               --------------

A Andrew C. Alson           55     President and Director         1/85
Lawrence E. Bathgate II     61     Director                       10/84

      There  are no  family  relationships  between  any  executive  officer  or
director and any other executive officer or director of the General Partner.

      Andrew C. Alson is a director and President of the General Partner.  Until
May,  1995, Mr. Alson was a Director of and until January 1, 1993, was President
and Chief Executive Officer of PriMedex Health Systems,  Inc. ("PMDX"), a public
company which is principally engaged through its wholly-owned subsidiary, RadNet
Management,  Inc. in the healthcare services industry.  Until June 16, 1994, Mr.
Alson, as a designee of PMDX,  also served as a director of  ImmunoTherapeutics,
Inc.  ("IMNO").  IMNO is a publicly  owned  development  stage  Minnesota  based
company which is engaged in the research and  development  of  immunotherapeutic
drugs,  primarily for the treatment of cancer. Mr. Alson is an attorney admitted
to the bar of the State of New York,  and is a  graduate  of the  University  of
Pennsylvania and the Fordham University School of Law.

      Lawrence  E.  Bathgate,  II is a  director  of the  General  Partner.  Mr.
Bathgate is the senior partner of Bathgate,  Wegener & Wolf, P.A., a law firm in
Lakewood,  New  Jersey.  Mr.  Bathgate is a graduate  of  Villanova  University,
Villanova, Pennsylvania and Rutgers Law School, Newark, New Jersey. Mr. Bathgate
also  engages in  extensive  real estate and other  investment  activities.  Mr.
Bathgate owns 20% of the common stock of the General Partner.  Mr. Bathgate is a
director of Carson,  Inc., a publicly held company  listed on the New York Stock
Exchange.

      All of the directors will hold office until the next annual meeting of the
stockholders of the General  Partner and until their  successors are elected and
qualified.


                                 Page 27

<PAGE>





      Other controlling individuals:

      On August 7, 1995, Robert E. Brennan, the owner of 80% of the common stock
of the  General  Partner  filed a  voluntary  petition  for relief in the United
States  Bankruptcy  Court for the District of New Jersey under Chapter 11 of the
Bankruptcy Code.

      On June 10, 1997,  United  States  Bankruptcy  Judge  Kathryn C.  Ferguson
appointed  Donald F. Conway,  C.P.A. as the Trustee in the Chapter 11 Bankruptcy
Proceeding  involving Robert E. Brennan as Debtor,  pending in the United States
Bankruptcy Court for the District of New Jersey (Case No 95-35502).

      By virtue of his  appointment as Trustee,  Mr. Conway is empowered to vote
(and with the approval of the Court),  to sell Mr. Brennan's Common Stock and to
direct the  disposition  of the sale proceeds.  As a result Mr.  Conway,  in his
capacity as  Trustee,  may be deemed the  beneficial  owner of such shares and a
controlling person of FJS Properties, Inc. and Registrant.

      Mr.  Conway,  age 60, is currently  and since 1995 has been a principal of
Druker, Rahl & Fein, Business Consultants and Certified Public Accountants, with
offices in  Princeton,  New  Jersey.  From 1988 until 1995,  Mr.  Conway was the
Senior Manager of the Insolvency and Reorganization and Sports and Entertainment
practice of Withum,  Smith & Brown,  a Princeton,  New Jersey  certified  public
accounting firm.

Compliance with Section 16(a) of the Exchange Act
      Based  solely upon a review of Forms 3 and 4 (17 CFR 249.103 and  249.104)
and any amendments  thereto  furnished to Registrant under Rule 16a-3(d) (17 CFR
240.16a-3(e) or written  representations  received by Registrant that no Forms 5
were required,  Registrant  believes that other than as hereinafter  noted there
were no officers,  directors or beneficial  owners of more than 10% of any class
of equity  securities  of  Registrant  registered  pursuant  to Section 12, that
failed to file on a timely  basis any reports  required by Section  16(a) during
the most recent fiscal  years.  As noted above,  as of June 10, 1997,  Donald F.
Conway  may be  deemed a  beneficial  owner  of 80% of the  general  partner  of
Registrant and a controlling person of FJS Properties,  Inc. and Registrant. Mr.
Conway has advised  that no filings  were  required  for a one year period after
such  appointment,  and it would  appear that a filing was required to have been
made in June 1998.  Registrant has not been advised of any filings by Mr. Conway
as of March 15, 2001.

Item 11.  Executive Compensation

      The Registrant is not required to pay and did not pay any  remuneration to
the  officers  and  directors  of the  General  Partner.  See Item 12,  "Certain
Relationships and Related Transactions."

Item 12.  Security Ownership of Certain Beneficial Owners and Management
          --------------------------------------------------------------

      The Family Trust,  a New Jersey  trust,  which was  established  by Robert
Brennan,  but as to which Mr.  Brennan is neither a Trustee  nor a  Beneficiary,
owns  1,558  Units  (9.28%).  No other  person  was known by  Registrant  to own
beneficially more than 5% of the outstanding Units of Registrant.  No directors,
officers or partners of the General Partner own

                                 Page 28

<PAGE>





Units of  Registrant  except for the five Units  owned by Mr.  Bathgate,  as the
initial limited partner.

                Ownership of more than 5% of Registrant:

(1) Title of Class     (2) Name and      (3) Amount and   (4) Percent of Class
------------------     ------------      --------------   --------------------
                        Address of     nature of Beneficial
                        ----------     --------------------
                     Beneficial Owner      Ownership
                     ----------------      ---------

 Units of Limited    The Family Trust  1,558 Units - legal      9.28%
   Partnership       340 North Avenue    and beneficial
                    Cranford, NJ 07016       owner
------------------  ------------------ ------------------ ------------------

      As of March 1, 2000, Robert E. Brennan,  Chapter 11 Debtor and Lawrence E.
Bathgate,  II were the sole  shareholders  of the  common  stock of the  General
Partner,  owning 80% and 20%  respectively.  As  described  above under Item 10,
Donald  F.  Conway,  CPA,  has been  appointed  as  Trustee  in the  Chapter  11
Bankruptcy  Proceeding  involving  Robert E.  Brennan as Debtor.  Mr.  Conway is
empowered  to vote (and with the approval of the Court),  to sell Mr.  Brennan's
Common Stock and to direct the disposition of the sale proceeds. As a result Mr.
Conway,  in his capacity as Trustee,  may be deemed a  beneficial  owner of such
shares and a controlling person of FJS Properties, Inc. and Registrant.


                                 Page 29

<PAGE>





Item 13.  Certain Relationships and Related Transactions

      During  Registrant's  fiscal years ended December 31, 2000, 1999, and 1998
the  General  Partner and certain  affiliated  entities  have earned or received
compensation  or payments for services from Registrant or its General Partner as
follows:
                                                      Reimbursement/Compensation
                                                      --------------------------

Name of Recipient     Capacity in Which served or         2000   1999      1998
                      Payment Received
-----------------     ----------------

FJS Properties, Inc.  General Partner3                     $0     $760    $1,056
                      Partnership Management Fee           $0   $3,172    $6,673
                      Property Management Fee4        $24,276  $21,508   $20,760
                      Administrative Expenses5        $24,000  $27,000   $24,000
                      Tender Offer Administrative Fees6    $0       $0    $9,000
                                                     -------- -------- ---------
                      Table Continued on next Page.
--------

3  Represents the General  Partner's  interest in Adjusted Cash From Operations.
   Under Registrant's  Partnership  Agreement 99% of the Net Income and Net Loss
   of Registrant  was allocated to the Limited  Partners and 1% was allocated to
   the General Partner. Pursuant thereto, for the years ended December 31, 2000,
   1999, and 1998,  ($1,064),  ($1,177),  and $360 of the  Registrant's  taxable
   income (loss) was allocated to FJS Properties,  Inc. For further information,
   reference  is made to the  material  contained  in the  Prospectus  under the
   heading "MANAGEMENT COMPENSATION."

4  The following  property  management  fees were  applicable to the years 2000,
   1999, and 1998:


  YEAR         Aggregate         Retained by      Paid to local
            Management Fee     General Partner     unaffiliated
                                                    management
                                                     company
  2000         $118,518            $24,276           $94,242
  1999         $107,540            $21,508           $86,032
  1998         $103,805            $20,760           $83,045
--------- ------------------- ----------------- ------------------
In addition,  the local unaffiliated  management  company received  construction
supervision  fees of $8,068 during 1999, and $2,748 during 1998, for supervision
of outside construction work at the Pavilion Apartments.

5  Represents  administrative  fees for the respective  years for preparation of
   the annual  Forms 10K,  quarterly  Forms 10Q,  and the Form 8-K of  December,
   1999, for Registrant for filing with the Securities and Exchange  Commission.
   Such  charges are in  accordance  with and  pursuant to  ss.10.1.3(b)  of the
   Partnership  Agreement  of  Registrant  and do not  exceed  90% of the amount
   Registrant  would be required to pay to  independent  parties for  comparable
   administrative services in the same geographic location.

6  Represents   administrative   fees  for  review  of  tender  offer   filings,
   preparation,  filing and  mailings  of  required  responsive  Securities  and
   Exchange  Commission  Filings and materials for mailings to Limited Partners.
   As provided  in the  Partnership  Agreement  of  Registrant  such fees do not
   exceed 90% of the amount  Registrant  would be required to pay to independent
   parties  for  comparable  administrative  services  in  the  same  geographic
   location.


                                 Page 30

<PAGE>






Name of Recipient        Capacity in Which served or   2000      1999      1998
                         Payment Received
-----------------        ----------------

Lawrence E. Bathgate II  Initial Limited Partner7        $0       $22       $31
Other Officers/Director  Officer/Director of General     $0        $0        $0
of General Partner       Partner
                                                   -------- --------- ---------

      In addition, certain officers and directors of the General Partner receive
compensation  from the  General  Partner  and/or  its  affiliates  (but not from
Registrant) for services  performed for various affiliated  entities,  which may
include services performed for Registrant.
--------

7  Represents  distribution of Adjusted Cash From Operations attributable to the
   five Units Owned by Mr.  Bathgate.  For the years ended  December  31,  2000,
   1999, and 1998,  ($31.57),  ($34.69),  and $10.63 of the Registrant's taxable
   income (loss) was allocated to his Units.

                                 Page 31

<PAGE>





                                 PART IV

Item 14.  Exhibits Financial Statement Schedules, and Reports On Form 8-K
          ---------------------------------------------------------------

         (a)1&2 Financial Statements:  See Index to Financial Statements in Item
            8.

         (a) 3 Exhibits:

                  3.4 (a)  Agreement of Limited  Partnership,  dated as of April
                  30,  1985,  incorporated  by  reference  to  Exhibit  A to the
                  Prospectus  of  Registrant  dated June 10,  1985  included  in
                  Registrant's  Registration  Statement  on Form S-11 (Reg.  No.
                  2-93980).

                  (b) Amendment to Agreement of Limited  Partnership dated as of
                  October 22, 1985  incorporated by reference to Exhibit 3A.1 to
                  Registrant's  Registration  Statement  on Form S-11 (Reg.  No.
                  2-93980).

                  (c) Amendment to Agreement of Limited  Partnership dated as of
                  October 22, 1985,  incorporated by reference to Exhibit 3.4(c)
                  to Registrant's Annual Report on Form 10-K for the fiscal year
                  ended December 31, 1986 (File No 2-93980).

                  (d) Amendment to Agreement of Limited Partnership, dated as of
                  March 24, 1987, incorporated by reference to Exhibit 3.4(d) to
                  Registrant's  Annual  Report on Form 10-K for the fiscal  year
                  ended December 31, 1987 (File No 2-93980).

                  (e)  Amendment  No. 1 to Amended and Restated  Certificate  of
                  Limited Partnership, dated as of August 17, 1987, incorporated
                  by reference to Exhibit 3.4(e) to  Registrant's  Annual Report
                  on Form 10-K for the fiscal year ended December 31, 1987 (File
                  No 2-93980).

                  10. (a) Acquisition and Disposition  Agreement dated as of May
                  2,  1986  between   Registrant  and  FJS   Properties,   Inc.,
                  incorporated  by  reference  to  Exhibit  10A to  Registrant's
                  Annual Report on Form 10-K for the fiscal year ended  December
                  31, 1986 (File No. 2- 93980).

                  (b)  Management  Services  Agreement  dated as of May 2,  1986
                  between Registrant and FJS Properties,  Inc.,  incorporated by
                  reference to Exhibit 10B to Registrant's Annual Report on Form
                  10-K for the fiscal  year ended  December  31,  1986 (File No.
                  2-93980).

                  (c) Contract for Sale and  Purchase  dated  December 17, 1984,
                  between   Rockwell    Investments,    Ltd.   and   Registrant,
                  incorporated  by  reference  to  Exhibit  10D to  Registrant's
                  Registration Statement on Form S-11 (Reg. No. 2-93980.)


                                Page 32

<PAGE>






                  (d) Contract for Sale and  Purchase  dated  December 17, 1984,
                  between Vinsteve Investments Inc., Jimstein Investments, Ltd.,
                  Barwell  Corporation,  N.W. and  Registrant,  incorporated  by
                  reference   to  Exhibit  10E  to   Registrant's   Registration
                  Statement on Form S-11 (Reg. No. 2-93980.)

                  (e) Mortgage and Security  Agreement  dated September 9, 1987,
                  by FJS Properties Fund I, L.P., as mortgagor,  and The Bank of
                  Tokyo,  Ltd.,  Miami  Agency,  as mortgagee,  incorporated  by
                  reference to Exhibit  10(g) to  Registrant's  Annual Report on
                  Form 10-K for the fiscal year ended December 31, 1987 (File No
                  2-93980).

                  (f) Mortgage Note,  dated September 9, 1987, by FJS Properties
                  Fund I,  L.P.  as  maker  to The Bank of  Tokyo,  Ltd.,  Miami
                  Agency,  as  payee  in the  principal  amount  of  $5,000,000,
                  incorporated  by  reference to Exhibit  10(h) to  Registrant's
                  Annual Report on Form 10-K for the fiscal year ended  December
                  31, 1987 (File No 2-93980).

                  (g) Modification of Note,  Mortgage and Assignment  Agreement,
                  dated as of September 9, 1992,  between FJS Properties Fund I,
                  L.P. as Mortgagor,  and The Bank Of Tokyo, Ltd., Miami Agency,
                  as Mortgagee  incorporated  by  reference to Exhibit  10(g) to
                  Registrant's  Annual  Report on Form 10-K for the fiscal  year
                  ended December 31, 1987 (File No 0-15755).

                  (h) Modification of Note,  Mortgage and Assignment  Agreement,
                  dated as of November 10, 1992,  between FJS Properties Fund I,
                  L.P. as Mortgagor,  and The Bank Of Tokyo, Ltd., Miami Agency,
                  as Mortgagee  incorporated  by  reference to Exhibit  10(h) to
                  Registrant's  Annual  Report on Form 10-K for the fiscal  year
                  ended December 31, 1987 (File No 0-15755).

                  (i) Modification of Note,  Mortgage and Assignment  Agreement,
                  dated as of March 31,  1993,  between FJS  Properties  Fund I,
                  L.P. as Mortgagor,  and The Bank of Tokyo, Ltd., Miami Agency,
                  as Mortgagee  incorporated  by  reference to Exhibit  10(i) to
                  Registrant's  Annual  Report on Form 10-K for the fiscal  year
                  ended December 31, 1987 (File No 0-15755).

                  (j) Renewal Note, dated March 31, 1993, made by FJS Properties
                  Fund  I,  L.P.  to the  Bank of  Tokyo,  Ltd  incorporated  by
                  reference to Exhibit  10(j) to  Registrant's  Annual Report on
                  Form 10-K for the fiscal year ended December 31, 1987 (File No
                  0-15755).

                  (k) Property  Management  Agreement  made as of December 1993,
                  between FJS Properties Fund I, L.P.,  Owner, and M.L. Property
                  Management, Inc., Managing Agent, incorporated by reference to
                  Exhibit 10(k) to  Registrant's  Annual Report on Form 10-K for
                  the fiscal year ended December 31, 1993 (File No 0-15755).


                                Page 33

<PAGE>






                  (l)  Third  Modification  of  Note,  Mortgage  and  Assignment
                  Agreement   dated  as  of  February  28,  1994,   between  FJS
                  Properties  Fund  I,  L.P.  and  The  Bank  of  Tokyo,   Ltd.,
                  incorporated  by  reference to Exhibit  10(l) to  Registrant's
                  Annual Report on Form 10-K for the fiscal year ended  December
                  31, 1993 (File No 0-15755).

                  (m)  Multifamily  Note,  dated  March  29,  1994,  made by FJS
                  Properties  Fund I,  L.P.  to Long  Beach  Bank,  FSB,  in the
                  principal  amount of $5,000,000,  incorporated by reference to
                  Exhibit 10(m) to  Registrant's  Annual Report on Form 10-K for
                  the fiscal year ended December 31, 1993 (File No 0- 15755).

                  (n)  Multifamily  Mortgage,  Assignment  of Rents and Security
                  Agreement and Fixture  Filing,  dated March 29, 1994,  made by
                  FJS  Properties   Fund  I,  L.P.  to  Long  Beach  Bank,  FSB,
                  incorporated  by  reference to Exhibit  10(n) to  Registrant's
                  Annual Report on Form 10-K for the fiscal year ended  December
                  31, 1993 (File No 0-15755).

                  (o)  Assignment of Leases,  dated March 29, 1994,  made by FJS
                  Properties Fund I, L.P. to Long Beach Bank, FSB,  incorporated
                  by reference to Exhibit 10(o) to Registrant's Annual Report on
                  Form 10-K for the fiscal year ended December 31, 1993 (File No
                  0-15755).

                  (p) Operations and Maintenance Agreement dated March 29, 1994,
                  between FJS Properties  Fund I, L.P. and Long Beach Bank, FSB,
                  incorporated  by  reference to Exhibit  10(p) to  Registrant's
                  Annual Report on Form 10-K for the fiscal year ended  December
                  31, 1993 (File No 0-15755).

                  (q) Debt Service Reserve Fund Security Agreement,  dated March
                  29, 1994,  between FJS Properties  Fund I, L.P. and Long Beach
                  Bank,  FSB,  incor  porated by reference  to Exhibit  10(q) to
                  Registrant's  Annual  Report on Form 10-K for the fiscal  year
                  ended December 31, 1993 (File No 0-15755).

                  (r) Replacement  Reserve and Security  Agreement,  dated March
                  29, 1994,  between FJS Properties  Fund I, L.P. and Long Beach
                  Bank,  FSB,  incor  porated by reference  to Exhibit  10(r) to
                  Registrant's  Annual  Report on Form 10-K for the fiscal  year
                  ended December 31, 1993 (File No 0-15755).

                  (s) Completion/Repair and Security Agreement,  dated March 29,
                  1994, between FJS Properties Fund I, L.P. and Long Beach Bank,
                  FSB,   incor   porated  by  reference  to  Exhibit   10(s)  to
                  Registrant's  Annual  Report on Form 10-K for the fiscal  year
                  ended December 31, 1993 (File No 0-15755).

                  (t)  Extension of Property  Management  Agreement  dated as of
                  January 1, 1999,  by and between FJS  Properties  Fund I, L.P.
                  and ML Property Management Inc.,  incorporated by reference to
                  Exhibit 10(t) to  Registrant's  Annual Report on Form 10-K for
                  the fiscal year ended December 31, 1998 (File No 0-15755).


                                Page 34

<PAGE>





      (b)   Reports  on Form 8-K filed  during  the last  quarter  of the fiscal
            year:

                  None

          Financial Statement Schedules Filed Pursuant to Item 13(B)

See Index to Financial Statements in Item 8.


                                Page 35

<PAGE>




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.

                                          FJS PROPERTIES FUND I, L.P.
                                          FJS PROPERTIES, INC.

                                          General Partner

Dated:  March 15, 2001                        By:  Andrew C. Alson
                                                 -------------------------------
                                                Andrew C. Alson,
                                                President

     Pursuant to the  requirements  of the  Securities and Exchange Act of 1934,
this  report has been  signed  below by the  following  persons on behalf of the
Registrant  and in the capacities  (with respect to the General  Partner) and on
the dates indicated.



Dated:  March 14, 2001                        By:  Lawrence E. Bathgate, II
                                                 -------------------------------
                                                Lawrence E. Bathgate,
                                                II  Director of the
                                                General Partner


Dated:  March 15, 2001                        By:  Andrew C. Alson
                                                 -------------------------------
                                                Andrew C. Alson,
                                                President and Director
                                                of the General Partner
                                                (Principal Executive
                                                Officer and Principal
                                                Financial Officer)



                                 Page S-1