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, 2001

                                     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.)

        One Airport Road, Lakewood, NJ                       08701
     ---------------------------------------           -----------------
    (Address of principal executive offices)                  (Zip Code)

       Registrant's telephone number, including area code 732-363-0666
                                                          ------------

    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. [ ]


<PAGE>



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, 2000,  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.



<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, 2001, 2000 and 1999,  revenues from
Pavilion  accounted for  approximately  99.8%,  99.6% and 99.4%  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 nine
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 secondary 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
taxation  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  circumstances  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
Washington Mutual FSB, Houston, Texas. As of December 31, 2001, the mortgage had
an unpaid  principal  balance of  approximately  $4,465,788.  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
--------
1BR = Bedroom; B = Bathroom
2Range of rents/unit's rent varies depending on location of unit in the Project.

                                 Page 3

<PAGE>



repayable  in  equal  monthly  installments  of  $44,556.87  for  principal  and
interest,  with a balloon  payment due in March  2004.  At maturity 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             $717,772      3.6%          MACRS         27.5 yrs
Improvements              $86,492  1.6% - 2.8%       MACRS         27.5 yrs
Improvements              $60,815  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       $183,398     11.52%         MACRS            5 yrs
Furniture/Fixtures       $140,786     19.2%          MACRS            5 yrs
Furniture/Fixtures       $171,376     32.0%          MACRS            5 yrs
Furniture/Fixtures       $151,818     20.0%          MACRS            5 yrs
------------------- ------------- -------------- ------------- ------------



                                 Page 4

<PAGE>



            Ad Valorem Real Estate taxes for the 2001  calendar year were in the
amount of $175,303.10  which was based upon an assessed  valuation of $7,000,000
and the following millage rates:


      Taxing Authority:              Millage
                                       rate:
County                                4.5500
School State                          5.9350
School Local                          2.6120
City of West Palm Beach               7.9500
So Fl Water Management Dist.          0.2840
So Fl Water Mgmt - Okee Basin         0.3130
Children's Services Council           0.5703
F.I.N.D.                              0.0385
PBC Health Care District              1.1500
Everglades Construction Project       0.1000
County - Debt                         0.3851
School - Debt                         0.4010
City of West Palm Beach - Debt        0.7544
                        Total:       25.0433
------------------------------ -------------

            In addition a  non-advalorem  assessment of $16,765.46 was levied by
the Solid Waste Authority against the Pavilion. The aggregate tax of $192,068.56
was paid in the discounted amount of $184,385.82 in November 2001.

Item 3.  Legal Proceedings

            In July 2001,  Mario  Raymond,  as  plaintiff,  filed a lawsuit (the
"Raymond  Lawsuit") in the Circuit Court of the  Seventeenth  Judicial  Circuit,
Broward County  Florida,  Case  No:01011644  12. Named  defendants in the action
were:  (a)  Registrant,  (b)  FJS  Properties,  Inc.,  the  general  partner  of
Registrant, and (c) MSL Property Management,  Inc., the onsite managing agent of
the Pavilion Apartments.  Plaintiff alleged that he was a tenant at the Pavilion
Apartments in September  1997,  and that "a burner of the kitchen stove supplied
by  defendants  turned on by itself,  overheating  and  boiling  hot oil on said
burner creating a fire." Plaintiff alleged that "as a result, he became severely
burned over 23% of his body." Plaintiff further alleged that "the defendants had
previously  been  notified that the kitchen stove had a propensity to turn on by
itself and asked that it be  replaced."  Plaintiff  claims  defendants  breached
their duty to maintain the apartment in a safe and careful manner causing injury
to  Plaintiff.   Plaintiff   seeks  damages  "in  excess  of  Fifteen   Thousand
($15,000.00)  Dollars" for injuries,  pain and  suffering,  lost wages,  medical
expenses, and other items both presently and in the future. There is no limit on
the damages claimed or which could be awarded.


                                 Page 5

<PAGE>



            At the time of this alleged  incident the  Pavilion  Apartments  was
insured under a $1,000,000 primary,  general liability policy issued by Reliance
Insurance Company of Illinois,  and under an umbrella liability policy issued by
Twin City Fire Insurance Company  providing excess liability  coverage of Twenty
Million Dollars. The excess coverage policy only covers liability over and above
the  underlying  One  Million  Dollars of  coverage,  and does not  provide  any
coverage for the first One Million Dollars of any potential judgement.

            In June 2001, Reliance Group Holdings Inc. ("Reliance"),  the former
parent of Reliance  Insurance  Company of Illinois,  filed for  bankruptcy-court
protection,  and in October 2001, the Commonwealth Court of Pennsylvania ordered
the  liquidation of the Reliance which included  Reliance  Insurance  Company of
Illinois which had been consolidated into the Reliance Group Holdings Inc.

            Upon the  insolvency  of  Reliance  the Florida  Insurance  Guaranty
Association,  Inc.  ("FIGA") was notified of the Raymond  Lawsuit and it assumed
the  obligations of Reliance up to the Florida  statutory  limit of $300,000 per
claim.  On February 19, 2002,  FIGA advised that the Raymond Lawsuit "claim does
not fall within the scope of the 'Florida Insurance Guaranty  Association Act'",
in that the "policy was written  with  Reliance  Insurance  Company of Illinois.
This  company was not  admitted  and was not a member  insurer as defined by the
Florida Insurance Guaranty Association  Statute." As an "out-of-state"  insurer,
its  obligations  would not be covered by the FIGA,  and sole  recourse  is in a
claim  against  the  Receiver  for  Reliance  in  the  Pennsylvania  Liquidation
proceeding.

            Registrant  and  MSL  Property  Management,  Inc.  have  engaged  an
attorney to represent  the  defendants  in the Raymond  Lawsuit.  Registrant  is
unable at this time to predict the  outcome of the  lawsuit or to  quantify  the
potential  liability of  Registrant in this action.  In addition,  Registrant is
unable to evaluate how the existence of this lawsuit  could affect  Registrant's
ability to sell or refinance the Pavilion Apartments or to make distributions of
cash to limited partners.

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

            No matters were  submitted to a vote of security  holders during the
2001 calendar year.

                                 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, 2001,  beneficial  interests in an aggregate of 2,437 Units were
acquired from the unaffiliated  holders thereof,  by three third parties (one of
which was a prior limited  partner of  Registrant)  at a price of $105 per Unit,
pursuant to a tender offer filed with the Securities and Exchange Commission. As
of March 15, 2002, there were  approximately  542 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,

                                 Page 6

<PAGE>



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 that
the Pavilion  Apartments  experienced.  When there was cash flow  available  for
distribution  during  1992  and  1993,  no  distributions  were  made to  retain
available cash that 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 or 2001, 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 7

<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,
                            2001       2000       1999       1998      1997
                            ----       ----       ----       ----      ----

Total Assets             $6,573,581 $6,799,123 $6,910,861$7,076,729  $7,258,818
Mortgage Note Payable    $4,465,788 $4,560,070 $4,644,938$4,722,579  $4,793,033
Rental Revenue           $2,369,558 $2,382,348 $2,189,322$2,081,901  $2,040,543
Interest Expense -
Mortgages                $  439,634 $ 449,120  $ 456,410 $  463,687  $ 470,769

Net Profit [Loss]        $ (104,522)$ (48,593) $ (50,566)$   34,952  $ (50,582)

Net Cash Provided by
Operating Activities     $  282,332 $ 437,538  $ 335,890 $  233,979  $ 280,140

Net Cash [Used] in
Investing Activities -
Capital Expenditures     $ (299,125)$(382,454) $(423,155)$ (134,645) $ (80,481)

Net Cash [Used] in
Financing Activities     $  (94,282)$ (84,868) $(153,611)$ (176,098) $(157,710)

Profit (Loss) Per
Limited Partnership
Unit                     $    (6.16)$   (2.87) $   (2.98)$     2.06  $   (2.98)

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

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



                                     Page 8

<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
Apartments, 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.

      During 2001, the holder of the first  mortgage on the Pavilion  Apartments
agreed to the  withdrawal  of $60,000  from an escrow  account held by the first
mortgagee.  These funds were intended to be utilized for capital improvements at
the Pavilion  Apartments,  in  particular,  among other items,  for roof repairs
needed at the  property.  $60,000 was disbursed  from the escrow  account to the
Partnership on June 13, 2001. The Partnership  will replenish the escrow account
with payments of $5,000 per month which commenced in June 2001 and will continue
monthly for twelve months.  It is  anticipated  that cash flow from the Pavilion
Apartments  will be sufficient to make such  payments.  A similar  withdrawal of
$59,675 was made by the Partnership on May 22, 2000. The Partnership replenished
this account with payments of $5,000 per month from June 2000, through May 2001.

      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

                                  Page 9

<PAGE>



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 or 2001,  as all
cash flow was utilized for operations and capital  improvements  at the Pavilion
Apartments. (See "Operations" below).


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.

2001 Fiscal Year

      Rental  Revenue for the year ended  December 31, 2001,  was  $2,369,558 as
compared with  $2,382,348  for the 2000 calendar  year.  The slight  decrease in
income in 2001  reflected  increased  vacancies and a slight  increase in rental
allowances  which more than offset  increased rental rates for apartments at the
project. Occupancy rates at the project held in the low to mid 90% range for the
2001 year. As of February 25, 2002,  the Pavilion  Apartments  had no apartments
available  for  rent.  At such time  there  were 15  vacant  apartments,  with 3
apartments  rented for  occupancy in February  2002,  11 rented for occupancy by
March 5, 2001,  while the  remaining  vacant  unit is the model  apartment.  The
fifteen apartments presently vacant equate to a physical occupancy of 95.2%.

      Operating  Expenses,  consisting mainly of real estate taxes,  repairs and
maintenance and utilities, decreased in 2001 to $726,485 as compared to the 2000
cost of  $782,765.  This  decrease  reflected  a reduction  in amounts  spent on
Repairs and Maintenance as increased  amounts were expended on capitalized items
during that year.

      General and  Administrative  Expenses for 2001  increased to $888,503 from
$830,650 in 2000.  This increase  resulted  from a  substantial  increase in the
insurance  premium for coverage of the Pavilion  Apartments as well as increases
in court costs and eviction expenses, and payroll increases

                                  Page 10

<PAGE>



at the  property.  In  addition,  there was an increase in  management  fees for
supervision of capital improvement projects at the property.

Capital Improvements, Repairs and Maintenance, and Replacements

      During 2001, 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                              $100,983
                      Security Lighting                        $2,424
                      Window Treatments                        $8,370
                      Stoves/Refrigerators/Dishwashers        $40,041
                                                Total:       $151,818

Building Improvements
                      Bathroom Tile Replacements              $12,931
                      Counter Tops                            $29,480
                      Dumpster Gates                          $11,698
                      AirConditioner Replacements             $17,758
                      Miscellaneous Interior                  $26,759
                      Improvements
                      Roof Repairs                            $48,681
                                                Total:       $147,307

--------------------- -------------------------------- --------------

                  Aggregate 2001 Capital Expenditures        $299,125
-----------------------------------------------------  ==============

      During  2001,  carpeting  was  replaced  in 136  apartments;  stoves in 36
apartments; refrigerators in 45 apartments; and dishwashers in 35 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

      It is anticipated that  substantial  additional funds will be expended for
capital  improvements  during  2002  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

                                  Page 11

<PAGE>



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, 2002, carpeting in 88 apartments in the Pavilion Apartments
is  over 3  years  old,  171  hot  water  heaters  are  over 6  years  old;  101
dishwashers, 130 refrigerators and 167 stoves are over 8 years old. The managing
agent has projected a cost of  approximately  $261,170 over the next three years
for replacements of dishwashers,  refrigerators,  stoves, air conditioners,  and
hot water heater  replacements.  In addition,  the Pavilion's managing agent has
prepared a schedule of anticipated major capital expenditures which the managing
agent  feels  are  necessary  to be  completed  during  the  next  few  years to
rehabilitate  and upgrade the  Pavilion to enable it to compete in the West Palm
Beach rental market. These items include but may not be limited to the following
items as scheduled by the managing agent:


                                          Estimated
                                          Potential
               Project                       Costs
Roof Replacements - 10 buildings          $528,910
Balcony, flat & mansard repairs            $47,250
Asphalt Overlay for parking Lots          $110,470
Shower Tile & Pan Replacements            $113,850
Cabinet and Counter Top Replacements      $240,000
Sprinkler System Replacement               $53,900
Landscape Upgrades                         $70,790
Replace Iron Fence at Front of Property    $36,300
Exterior Pressure Cleaning and Painting   $102,850
Repair and Replace Gutters                 $12,480
Pool and Amenity Renovations               $63,510
Remodel Club House                         $90,150
Remodel Laundry Room & Pool Baths          $59,590
------------------------------------- ------------

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 attract 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

                                  Page 12

<PAGE>



2000,  while the remaining  vacant unit is the model  apartment.  The twenty-two
apartments presently vacant equate 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.

Capital Improvements, Repairs and Maintenance, and Replacements


                                  Page 13

<PAGE>




            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                   $1,416
                      Improvements
                      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 14

<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.

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.

                                  Page 15

<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........................17

Financial statements

   Balance Sheets as of December 31, 2001 and 2000........................18

   Statements of Operations for the years ended
         December 31, 2001, 2000 and 1999.................................19

   Statements of Partners' Capital [Deficit] for the years ended
         December 31, 2001, 2000 and 1999.................................20

   Statements of Cash Flows for the years ended
         December 31, 2001, 2000 and 1999.................................21

   Notes To Financial Statements .........................................22-26

Supplementary Financial Information

   Report of Independent Certified Public Accountants
         on Supplementary Financial Information...........................27
   Real Estate and Accumulated Depreciation...............................28

                                  Page 16

<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,  2001 and 2000,  and the  related  statements  of  operations,
partners' capital  (deficit),  and cash flows for each of the three years in the
period  ended   December  31,  2001.   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, 2001 and 2000, and the results of its operations and its cash flows
for each of the three years in the period ended December 31, 2001, in conformity
with accounting principles generally accepted in the United States of America.

As more fully  described in Note 9, a lawsuit was filed against the  Partnership
for injuries  sustained by a tenant.  The ultimate  resolution of this matter is
not presently  determinable and, accordingly,  no provision for any outcome that
may result has been made in these financial statements.


                                    BUCHBINDER TUNICK & COMPANY LLP

Boca Raton, Florida February 11, 2002 (except for Note 9 as to which the date is
February 19, 2002)

                                  Page 17

<PAGE>



                        FJS PROPERTIES FUND I, L.P.
                              Balance Sheets
                        December 31, 2001 and 2000

                                                     2001       2000

                                  ASSETS
Current assets:
     Cash and cash equivalents                    $   77,047 $  188,122
     Cash - escrow                                    51,588     64,184
     Cash - security deposits                        146,375    125,015
     Tenant receivables                               10,384     13,215
     Other current assets                             24,682     21,446
                                                  ---------- ----------

          Total current assets                       310,076    411,982
                                                  ---------- ----------

Property investment:
     Land                                          2,296,804  2,296,804
     Buildings                                     6,569,125  6,569,125
     Furniture, fixtures and improvements          3,057,744  2,758,619
                                                  ---------- ----------
          Totals - at cost                        11,923,673 11,624,548
     Less: accumulated depreciation               (5,827,021)(5,427,009)
                                                  ----------------------

     Property investment - net                     6,096,652  6,197,539
                                                  ---------- ----------

Other assets                                         166,853    189,602
                                                  ---------- ----------

          Total assets                            $6,573,581 $6,799,123
                                                  ========== ==========

                LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)

Current liabilities:
     Accounts payable                             $  101,503 $  117,747
     Accrued interest                                 36,279     37,045
     Other accrued expenses                            6,768      7,093
     Due to related party                             16,623     16,704
     Tenant security deposits payable                146,375    125,015
     Prepaid rent                                      4,058     27,597
     Mortgage payable - current portion              104,586     94,971
     Deferred income - current portion                 7,143      7,143
                                                  ---------- ----------

          Total current liabilities                  423,335    433,315
                                                  ---------- ----------

Long-term liabilities:
     Mortgage payable - non-current portion        4,361,202  4,465,099
     Deferred income - non-current portion             3,571     10,714
                                                  ---------- ----------

          Total long-term liabilities              4,364,773  4,475,813
                                                  ---------- ----------

          Total liabilities                        4,788,108  4,909,128
                                                  ---------- ----------

Contingency

Partners' capital (deficit):
     General partner                              (1,218,004)(1,216,959)
     Limited partners                              3,003,477  3,106,954
                                                  ---------- ----------

          Total partners' capital (deficit)        1,785,473  1,889,995
                                                  ---------- ----------

Total liabilities and partners' capital (deficit) $6,573,581 $6,799,123
                                                  ========== ==========

                    See notes to financial statements.

                                  Page 18

<PAGE>



                        FJS PROPERTIES FUND I, L.P.
                         Statements of Operations
           For the years ended December 31, 2001, 2000, and 1999

                                               2001       2000       1999

Revenue:
     Rental                                 $2,369,558 $2,382,348  $2,189,322
     Interest                                    4,961      9,261      12,324
                                            ---------- ----------  ----------

          Total Revenue                      2,374,519  2,391,609   2,201,646
                                            ---------- ----------  ----------

Expenses:
     Operating                                 726,485    782,764     716,919
     General and administrative                888,503    830,650     752,824
     Interest                                  439,634    449,120     456,410
     Depreciation and amortization             424,419    377,668     326,059
                                            ---------- ----------  ----------

          Total expenses                     2,479,041  2,440,202   2,252,212
                                            ---------- ----------  ----------

Net (loss)                                  $ (104,522)$  (48,593) $  (50,566)
                                            ====================== ===========

(Loss) per limited partnership unit         $    (6.16)$    (2.87) $    (2.98)
                                            ====================== ===========

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

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

                    See notes to financial statements.

                                  Page 19

<PAGE>



                        FJS PROPERTIES FUND I, L.P.
                 Statements of Partners' Capital (Deficit)
           For the years ended December 31, 2001, 2000 and 1999

                                        General      Limited
                                        Partner     Partners     Total

Partners' capital (deficit)
   - January 1, 1999                $ (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

Net (loss) for the year ended
   December 31, 2001                      (1,045)   (103,477)   (104,522)
                                    -------------  ----------  ----------

Partners' capital (deficit)
   - December 31, 2001              $ (1,218,004)  $3,003,477  $1,785,473
                                    =============  ==========  ==========


                    See notes to financial statements.

                                  Page 20

<PAGE>



                        FJS PROPERTIES FUND I, L.P.
                         Statements of Cash Flows
           For the years ended December 31, 2001, 2000 and 1999

                                                2001        2000       1999

Operating activities:
   Net (loss)                               $ (104,522)$  (48,593) $  (50,566)
   Adjustments to reconcile net (loss)
     to net cash provided by operating activities:
      Depreciation                             400,012    353,260     301,652
      Amortization                              24,407     24,407      24,407
      Deferred income                           (7,143)    (7,143)     (7,143)
   Changes in assets and liabilities:
     Decrease in escrow                         12,596     55,195      29,238
     Decrease (increase) in security deposits  (21,360)     7,733      (7,351)
     Decrease (increase) in tenant receivables   2,831    (13,215)        -
     (Increase) decrease in other current assets(3,236)       822       3,484
     (Increase) decrease in other assets        (1,658)    36,206      (3,283)
     (Decrease) increase in accounts payable
     and accrued expenses                      (17,335)     8,987      41,119
     (Decrease) increase in due to related party   (81)        15      (3,018)
     Increase (Decrease) in tenant security
     deposits payable                           21,360     (7,733)      7,351
     Increase in prepaid rent                  (23,539)    27,597           -
                                            ---------------------  ----------

      Net cash provided by operating activities282,332    437,538     335,890
                                               ------- ----------  ----------

Investing activities:
   Capital expenditures                       (299,125)  (382,454)   (423,155)
                                            ---------------------- -----------

      Net cash (used in) investing activities (299,125)  (382,454)   (423,155)
                                             --------------------- -----------

Financing activities:
   Principal payments on mortgages             (94,282)   (84,868)    (77,641)
   Cash distributions to Partners                  -           -      (75,970)
                                            ---------- ----------  -----------

      Net cash (used in) financing activities  (94,282)   (84,868)   (153,611)
                                             --------------------- -----------

Net (decrease) in cash
    and cash equivalents                      (111,075)   (29,784)   (240,876)

Cash and cash equivalents - beginning of year  188,122    217,906     458,782
                                             --------- ----------  ----------

Cash and cash equivalents - end of year     $   77,047 $  188,122  $  217,906
                                            ========== ==========  ==========

Supplemental disclosure of cash flow information:
   Interest paid                            $  440,400 $  449,815  $  457,043
                                            ========== ==========  ==========



                    See notes to financial statements.


                                  Page 21

<PAGE>


                      FJS PROPERTIES FUND I, L.P.
               Notes to Financial Statements (Continued)
                    December 31, 2001, 2000 and 1999




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, 2001, 2000 and 1999
      was $400,012, $353,260, and $301,652 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  and  interest  income  are  recorded  on  the  accrual  method  of
accounting.

      Cash Equivalents

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


                                Page 22

<PAGE>


                      FJS PROPERTIES FUND I, L.P.
               Notes to Financial Statements (Continued)
                    December 31, 2001, 2000 and 1999




      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  $33,000,  $95,000,  and
      $270,000 in excess of the amounts  insured for December 31, 2001, 2000 and
      1999,  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  accounting
      principles  generally  accepted in the United  States of America  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, 2001, 2000 and 1999 was $26,438, $37,323,
      and $36,321, 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.

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.


                                Page 23

<PAGE>


                      FJS PROPERTIES FUND I, L.P.
               Notes to Financial Statements (Continued)
                    December 31, 2001, 2000 and 1999



      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:


                                               2001          2000
                                             --------      ------
Cash in escrow - replacement reserves       $  90,931     $  89,273
Loan acquisition fees - net of amortization
  of $188,663 and $164,256 at December
  31, 2001 and 2000, respectively              55,432        79,839
Deposits                                       20,490        20,490
                                          -----------
                                           $  166,853    $  189,602
                                           ==========    ==========
------------------------------------  --------------- -------------

Note 5 - Mortgage Payable

      The  Partnership  has a loan of $5,000,000  that is serviced by Washington
      Mutual FSB 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.

      At December 31, 2001 maturities of the mortgage payable are as follows:

      2002                                      104,586
      2003                                      114,492
      2004                                    4,246,710
                                             ----------

      Total mortgage payable                 $4,465,788
                                             ==========
----------------------------------- -------------------

      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 $117,233,  $118,518,  and $107,540 for
      the years ended December 31, 2001, 2000, and 1999, respectively, of which,
      $94,110, $94,242, and $86,032,  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, $0, and  $3,172,  for the
      years ended December 31, 2001,

                                Page 24

<PAGE>


                      FJS PROPERTIES FUND I, L.P.
               Notes to Financial Statements (Continued)
                    December 31, 2001, 2000 and 1999



      2000, and 1999, 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 $30,000 for the year
      ended December 31, 2001, $24,000 for the year ended December 31, 2000, and
      $27,000 for the year ended December 31, 1999.

      The Managing General Partner received distributions from cash flows of $0,
      $0, and $760,  during the years ended  December 31, 2001,  2000, and 1999,
      respectively.

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, 2001, 2000, and 1999, are as follows:

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

                                        2001         2000          1999
                                       ------       ------        -----
Net (loss) -
   statement of operations        $ (104,522)   $ (48,593)   $ (50,566)

Tax depreciation in excess
   of book depreciation             (40,496)     (57,797)       (67,099)
                                  -----------  -----------    ----------

Net (loss) for tax purposes       $ (145,018)  $ (106,390)   $ (117,665)
                                  ===========  ===========   ===========
-------------------------------- ------------ ------------ -------------

Note 8 - Tender Offer

      On and as of December  31, 2001,  beneficial  interests in an aggregate of
      2,437 units were acquired from unaffiliated  holders by three parties at a
      price  of $105  per  unit,  pursuant  to a  tender  offer  filed  with the
      Securities and Exchange Commission.

Note 9 - Contingency

      In 2001, a lawsuit was filed against the  Partnership  seeking  damages in
      excess of $15,000 for injuries  sustained by a tenant of the property.  At
      the time of this alleged  incident  the  Partnership  was insured  under a
      $1,000,000 primary,  general liability policy issued by Reliance Insurance
      Company of Illinois and under an excess  liability  policy  issued by Twin
      City Fire Insurance  Company  providing excess  liability  coverage of $20
      million.  The excess coverage policy only covers  liability over and above
      the underlying  $1,000,000 of coverage,  and does not provide any coverage
      of the first $1,000,000 of any potential judgment.

      In June  2001,  Reliance  filed for  bankruptcy-court  protection  and was
      liquidated in October 2001.

      The ultimate resolution of this matter is not presently  determinable and,
      accordingly, no provision for any outcome that may result has been made in
      these financial statements.


                                Page 25

<PAGE>



           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, 2001 and 2000,  and for each of the three years in the period ended
December 31, 2001,  and have issued our report  thereon dated February 11, 2002.
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 11, 2002

                                Page 26

<PAGE>



                                       Initial Cost to Partnership

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

Pavilion Apartments
 West Palm Beach,
      Florida        $ 4,465,788   $ 2,296,804   $ 7,196,789    $ 2,430,080
                     ===========   ===========   ===========    ===========
------------------- -------------- ------------ -------------- --------------


<TABLE>

                       Gross Amount at Which
                    Carried at Close of Period
------------------ ----------------------------- ----------- --------- --------- -----------

                                                                                        Life on
                                                                                         Which
                                                                                      Depreciatio
                               Buildings,                           Year              n in Latest
                               Furniture,                            of                 Income
                              Fixtures, and (1) (2)    Accumulated Construc-   Date    Statement is
   Description        Land    Improvements    Total    Depreciation   tion    Acquired   Computed

<S>                <C>          <C>        <C>         <C>          <C>      <C>       <C>
Pavilion Apartments
West Palm Beach,
Florida            $2,296,804   $9,626,869 $11,923,673 $5,827,021   1972      1/85     3-30 yrs
                   ==========   ==========
------------------ ---------- ------------ ----------  ---------- --------- --------- -----------

(1) The aggregate cost for federal income tax purposes is $10,014,932.
(2) A reconciliation of the carrying amount of land, buildings and improvements
   as of December 31, 2001 and 2000 is as follows:
</TABLE>


                       Cost as of December 31,
---------------------- ----------------------

                                 2001            2000
Balance at beginning of year   $ 11,624,548   $ 11,242,094
Improvements                        299,125        382,454
                              -------------  -------------

Balance at end of year          $11,923,673    $11,624,548
                                ===========    ===========
-------------------------  ---------------- --------------

 (3) A reconciliation  of accumulated  depreciation for the years ended December
   31, 2001, and 2000 is as follows:


                              Cost as of December 31,
--------------------------- ---------------------------

                                 2001          2000
Balance at beginning of year   $ 5,427,009   $ 5,073,749
Expense                            400,012       353,260
                              ------------

Balance at end of year         $ 5,827,021   $ 5,427,009
                               ===========   ===========
--------------------------- -------------- -------------

See independent accountant's report on supplementary financial information.


                                Page 27

<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 authority 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:


NAME                       AGE     OFFICES HELD              SERVED AS AN
                                                             OFFICER AND/OR
                                                             DIRECTOR SINCE
A Andrew C. Alson           56         President and Director         1/85
Lawrence E. Bathgate II     62     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.

            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.

                                Page 28

<PAGE>



            Mr. Conway, age 61, 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, 2002.

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%). The following schedule lists all persons
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 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 Address of (3) Amount and  (4) Percent of Class
                       Beneficial Owner        nature of
                                               Beneficial
                                                Ownership
Units of Limited     The Family Trust      1,558 Units -        9.28%
   Partnership       340 North Avenue        legal and
                    Cranford, NJ 07016      beneficial
                                               owner
Units of Limited    MP Value Fund 4, LP    1,179 Units -        7.02%
   Partnership      1640 School Street      legal owner
                     Moraga, CA 94556
Units of Limited   MP Value Fund 7, LLC     966 Units -         5.75%
   Partnership      1640 School Street      legal owner
                     Moraga, CA 94556
Units of Limited    MP Dewaay Fund LLC      966 Units -         5.56%
   Partnership      1640 School Street      legal owner
                     Moraga, CA 94556
----------------- ----------------------- --------------- ------------------

            As of March 1,  2001,  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.

                                Page 29

<PAGE>



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.

Item 13.  Certain Relationships and Related Transactions

            During  Registrant's fiscal years ended December 31, 2001, 2000, and
1999 the General Partner and certain affiliated entities have earned or received
compensation  or payments for services from Registrant or its General Partner as
follows:
<TABLE>
                                                      Reimbursement/Compensation
      Name of Recipient Capacity in Which served or
      -----------------
                        Payment Received                  2001      2000     1999
                        ------------------------
<S>                     <C>                             <C>        <C>      <C>

FJS Properties, Inc.    General Partner3                     $0        $0      $760
                        Partnership Management Fee           $0        $0    $3,172
                        Property Management Fee4
                                                        $23,123   $24,276   $21,508
                        Administrative Expenses5        $24,000   $24,000   $27,000
                        Tender Offer Administrative
                         Fees6                           $6,000        $0        $0
----------------------- ----------------------------- --------- --------- ---------
Lawrence E. Bathgate II Initial Limited Partner7             $0        $0       $22
Other Officers/Directors of
 General Partner        Officer/Director of General
                        Partner                              $0        $0        $0
----------------------- ----------------------------- --------- --------- ---------
</TABLE>
            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.
--------

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, 2001, 2000,
and 1999,  ($1,450),  ($1,064),  and ($1,177) 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 2001,
2000, and 1999:


  YEAR    Aggregate ManagementRetained by General Paid to local
                  Fee              Partner         unaffiliated
                                                management company
  2001         $117,233            $23,123           $94,110
  2000         $118,518            $24,276           $94,242
  1999         $107,540            $21,508           $86,032
--------- ------------------- ----------------- ------------------
In addition,  the local unaffiliated  management  company received  construction
supervision  fees of $8,019 during 2001 and $8,068 during 1999, 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.

7 Represents  distribution of Adjusted Cash From Operations  attributable to the
five Units Owned by Mr.  Bathgate.  For the years ended December 31, 2001, 2000,
and 1999,  ($42.76),  ($31.57),  and ($34.69) of the Registrant's taxable (loss)
was allocated to his Units.

                                   Page 30

<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.)

                (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.)


                        Page 31

<PAGE>



                (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).

                (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

                        Page 32

<PAGE>



                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,  incorporated  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,  incorporated  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,  incorporated  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).

          (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 33

<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, 2002                     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, 2002                    By:  Lawrence E. Bathgate, II
                                             -------------------------------
                                                Lawrence E. Bathgate, II
                                                Director of the  General
                                                Partner


Dated:  March 15, 2002                    By:  Andrew C. Alson
                                             -------------------------------
                                                Andrew C. Alson, President
                                                and Director of the General
                                                Partner (Principal Executive
                                                Officer and Principal
                                                Financial Officer)

                                  Page S-1

<PAGE>