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, 1999
                                     OR
        |_|   TRANSITION  REPORT  UNDER  SECTION  13 OR 15(d) OF THE  SECURITIES
              EXCHANGE ACT OF 1934 For the  transition  period from _________ to
              _________.

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

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

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

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

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

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


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

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

                    Units of Limited Partnership Interest
                    -------------------------------------
                              (Title of Class)

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days. Yes X No

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

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

Documents Incorporated by Reference

Prospectus of  Registrant,  dated June 10, 1985, as  supplemented  by Supplement
dated  November 7, 1985,  filed pursuant to Rule 424 under the Securities Act of
1933.  Annual  Report on Form 10-K of  Registrant  for the  fiscal  years  ended
December 31, 1986 through  December  31, 1998,  filed  pursuant to section 13 or
15(d) of the  Securities  Exchange  Act of 1934,  but  each  only to the  extent
expressly  incorporated by reference in Parts I, II and III. Forms 8-K and 8-K/A
filed pursuant to Section 13 or 15(d) of the Securities  Exchange Act of 1934 on
December 13, 1999, and December 23, 1999, respectively.



<PAGE>



                                 PART I

Item 1. Business

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

        Reference is made to the  Prospectus  (the  "Prospectus")  of Registrant
dated June 10, 1985, as supplemented by a Supplement (the  "Supplement"),  dated
November  7,  1985,  which  have  been  filed  pursuant  to rule 424  under  the
Securities  Act of 1933,  as amended,  each of which is  incorporated  herein by
reference.  The Prospectus was filed as part of Registrant's  Registration State
ment 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,  1999,  1998 and 1997,  revenues  from
Pavilion  accounted for approximately  99.4%,  98.4%, and 98.7%  respectively of
Registrant's gross revenues.

Competition

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

Employees

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


                                Page 1


<PAGE>



Tax Legislation

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

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


        The Revenue Act of 1987 adopted  provisions which have an adverse impact
on  in  vestors  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  8 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         $549/$569
                            2 BR/1B         $649/$669
                            2 BR/2B         $669/$689
                            3 BR/2B         $769/$789


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

        First  Mortgage:  The existing first  mortgage  affecting the Project is
held of record by Greenwich  Capital Financial  Products,  Inc., and serviced by
Bank United of Texas FSB, Houston,  Texas. As of December 31, 1999, the mortgage
had an unpaid principal balance of approximately  $4,644,938.  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

--------
1BR = Bedroom; B = Bathroom
2Range of rents/unit's rent varies depending on location of unit in the Project.

                                Page 3


<PAGE>



loan  provides  for a term of ten (10) years with an interest  rate of 9.75% per
annum.  The loan is repayable in equal monthly  installments  of $44,556.87  for
principal and interest,  with a balloon payment due in March 2004. At maturity 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             $224,322      3.6%          MACRS         27.5 yrs
Improvements             $124,430  1.6% - 2.8%       MACRS         27.5 yrs
Improvements             $157,938  0.2% - 1.3%       MACRS         27.5 yrs
Furniture/Fixtures     $1,048,378     Fully          ACRS             5 yrs
                                   Depreciated
Furniture/Fixtures         $6,635     Fully          MACRS            7 yrs
                                   Depreciated
Furniture/Fixtures        $10,905      8.9%          MACRS            7 yrs
Furniture/Fixtures        $10,336     12.5%          MACRS            7 yrs
Furniture/Fixtures        $65,649     19.2%          MACRS            5 yrs
Furniture/Fixtures       $117,749     32.0%          MACRS            5 yrs
Furniture/Fixtures       $140,787     20.0%          MACRS            5 yrs



                                Page 4


<PAGE>



        Ad Valorem  Real  Estate  taxes for the 1999  calendar  year were in the
amount of $162,571.50  which was based upon an assessed  valuation of $6,500,000
and the following millage rates:


      Taxing Authority:               Millage
                                       rate:
County                                4.6000
School State                          5.9620
School Local                          2.6250
City of West Palm Beach               8.3129
So Fl Water Management Dist.          0.5970
Children's Services Council           0.4696
F.I.N.D.                              0.0440
PBC Health Care District              0.9750
Everglades Construction Project       0.1000
County - Debt                         0.3456
School - Debt                         0.4560
City of West Palm Beach - Debt        0.5239
                        Total:       25.0110


        In addition a  non-advalorem  assessment of $17,723.30 was levied by the
Solid Waste Authority against the Pavilion. The aggregate tax of $180,294.80 was
paid in the discounted amount of $173,083.01 in December 1999.

Item 3.  Legal Proceedings
         -----------------

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

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

        No matters were submitted to a vote of security  holders during the 1999
calendar year.



                                Page 5


<PAGE>



                                PART II

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

        Units of the  Registrant  are not publicly  traded nor is it anticipated
that a public trading  market will develop for the Units.  On and as of December
31, 1997, beneficial interests in an aggregate of 1,843 Units were acquired from
the unaffiliated  holders thereof,  by three third parties at a price of $75 per
Unit,  pursuant  to a tender  offer  filed  with  the  Securities  and  Exchange
Commission. As of March 15, 2000, there were approximately 674 holders owning an
aggregate  of 16,788  Units.  The General  Partner has  established  a policy of
limiting   transfers  of  Units  in  secondary   market   transactions   unless,
notwithstanding  such  transfers,  the  Partnership  will  satisfy  one or  more
applicable  safe harbors  prescribed  by the Internal  Revenue  Service to avoid
having the Partnership  classified as a publicly traded  partnership which could
have adverse tax effects on limited  partners.  In order to comply with the safe
harbor provisions, the transfer of Units may be restricted.

        There  were no  distributions  per Unit of  Registrant  during  the 1985
fiscal year. The Registrant distributed $3.01 per Unit for the 1986 fiscal year,
$4.63 per Unit for 1987,  $6.59  per Unit for  1988,  $14.72  per Unit for 1989,
$7.75 per Unit for 1990, and $1.97 per Unit for the first quarter of 1991. There
were no distributions made for the second, third or fourth quarters of 1991, for
1992,  or for  1993.  Distributions  aggregating  $5.19  and $5.64 per Unit were
distributed 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,  during which period all available  cash flow was utilized for
work being done on the Pavilion  Apartments.  Distributions of $1.30,  $2.40 and
$1.83  were  made  for  the  first  three  quarters  of  1997  respectively.  No
distribution  was made for the fourth quarter of 1997 as all available cash flow
was utilized for capital improvements at the Pavilion Apartments.  Distributions
of $2.70,  $2.62, $0.91 and $2.19 (disbursed in February 1999) were made for the
respective  quarters of 1998. A  distribution  of $2.29 per Unit was made in May
1999, for the first quarter of 1999. No distributions  were made for the second,
third or fourth  quarters of 1999,  during which period all available  cash flow
was utilized for 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 Reg istrant's present or future ability to make
distributions.

                                Page 6


<PAGE>




Item 6.   Selected Financial Information
          ------------------------------

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

                              Years Ended
                              December 31,

                           1999      1998         1997       1996        1995
                           ----      ----         ----       ----        ----
  Total Assets         $6,910,861 $7,076,729  $7,258,818 $7,448,953  $7,756,871
  Mortgage Note Payable$4,644,938 $4,722,579  $4,793,033 $4,856,968  $4,914,986
  Rental Revenue       $2,189,322 $2,081,901  $2,040,543 $1,852,877  $1,841,892
  Interest Expense -     $456,410   $463,687    $470,769   $476,199    $481,611
  Mortgages
  Net Profit [Loss]     ($50,566)    $34,952   ($50,582) ($270,996)  ($121,682)
  Net Cash Provided by   $335,890   $233,979    $280,140    $51,495    $116,822
  Operating Activities
  Net Cash [Used] in   ($423,155) ($134,645)   ($80,481)  ($10,336)    ($2,687)
  Investing Activities -
  Capital Expenditures
  Net Cash [Used] in   ($153,611) ($176,098)  ($157,710)  ($89,899)  ($146,425)
  Financing Activities
  Profit (Loss) Per       ($2.98)      $2.06     ($2.98)   ($15.98)     ($7.18)
  Limited Partnership
  Unit

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

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



                                Page 7


<PAGE>



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

Liquidity and Capital Resources

            As of the present date,  Registrant owns one Property,  the Pavilion
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.

            Registrant  distributed  $3.01  per Unit for the 1986  fiscal  year,
$4.63 per Unit for 1987,  $6.59  per Unit for  1988,  $14.72  per Unit for 1989,
$7.75 per Unit for 1990, and $1.97 per Unit for the first quarter of 1991. There
were no distributions made for the second, third or fourth quarters of 1991, for
1992, or for 1993. Distributions  aggregating $5.19 and $5.64 per Unit were made
for 1994 and 1995  respectively,  and a  distribution  of $1.54 was made for the
first quarter of 1996. No distributions  were made for the remaining quarters of
1996.  The  reduction  in  distributions  in the years from 1989  through  1991,
resulted from decreasing  interest rates and the reduced  occupancy levels which
the Pavilion  Apartments  experienced.  When there was cash flow  available  for
distribution  during  1992  and  1993,  no  distributions  were  made to  retain
available  cash  which  might  be  required  for  use  in  connection  with  the
refinancing  of the existing first  mortgage.  During the last three quarters of
1996 all  available  cash flow was  utilized for work being done on the Pavilion
Apartments.  Distributions  of $1.30,  $2.40  and $1.83  were made for the first
three quarters of 1997  respectively.  No  distribution  was made for the fourth
quarter of 1997 as all available cash flow was utilized for capital improvements
at the  Pavilion  Apartments.  Distributions  of $2.70,  $2.62,  $0.91 and $2.19
(disbursed in February 1999) were made for the respective  quarters of 1998.(See
"Operations - 1998 Fiscal Year" below). A distribution of $2.29 was disbursed in
May 1999, for the first quarter of the year. No distributions  were made for the
subsequent  quarters as all cash flow was utilized for capital  improvements  at
the Pavilion Apartments. (See "Operations - 1999 Fiscal Year" below).


                                Page 8


<PAGE>



OPERATIONS

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

Management Agreement

            The  Pavilion  Apartments  are  currently  managed by M.L.  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.

1999 Fiscal Year

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

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

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

Capital Improvements and Replacements


                                Page 9


<PAGE>




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


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

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

                   Aggregate 1999 Capital Expenditures       $423,155
                                                             ========

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

Future Capital Improvement and Replacements

            It is anticipated that substantial additional funds will be expended
for capital  improvements  during 2000 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.

                                Page 10


<PAGE>




            In  addition  to  regular  ongoing  replacements  of  items  such as
carpeting and appliances,  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


1998 Fiscal Year

            Rental  Revenue for the year ended December 31, 1998, was $2,081,901
as compared with  $2,040,543  for the 1997 calendar year. The increase in income
in 1998  reflected  increased  rental  rates for  apartments  at the  project as
reduced by slightly increased vacancies at the property. Rental allowances, were
still  being  utilized  to  attracted  tenants  to the  Pavilion,  and  were  in
substantially the same amounts as experienced in the prior year. Occupancy rates
at the project  held in the low to mid 90% range for the 1998 year.  As of March
15, 1999, the Pavilion  Apartments  had sixteen  apartments out of 312 available
for rent.  These sixteen  apartments  represent  seven of nine presently  vacant
apartments and nine additional apartments where the tenants have given notice of
their intent to vacate.  Two of the vacant  apartments have already been rented.
The nine apartments presently vacant equates to a physical occupancy of 97.1%.

            Operating Expenses,  consisting mainly of real estate taxes, repairs
and maintenance and utilities,  decreased in 1998 to $625,402 as compared to the
1997 cost of $665,541.  This decrease  principally  reflected reductions in Real
Estate Taxes as a result of a reduced assessed valuation of the project, as well
as a reduction in replacements at the Pavilion.

            General and  Administrative  Expenses for 1998 decreased to $689,444
from $711,626 in 1997. This decrease  resulted  principally from insurance costs
which  showed a  reduction  as a result  of  better  rates  from a change in the
company providing such coverage to the Project.

            In  connection  with the  Tender  Offer made by  unaffiliated  third
parties  in  December  1997  for  Units  of  Limited  Partnership  Interests  of
Registrant, other income of $10,300 for transfer fees was received, and expenses
of $13,200 for  administrative  fees and  disbursements  in connection  with the
preparation  of  required   Securities  and  Exchange   Commission  filings  and
subsequent mailings to Limited Partners were incurred.  This resulted in the net
Other Expenses of $2,900 which appears in 1998.


                                Page 11


<PAGE>



INFLATION

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

YEAR 2000 ISSUES

            Registrant experienced no negative operational  consequences of Year
2000 issues.


                                Page 12


<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....................14

Financial statements

     Balance Sheets as of December 31, 1999 and 1998..................15

     Statements of Operations for the years ended
               December 31, 1999, 1998 and 1997.......................16

     Statements of Partners' Capital [Deficit] for the years ended
               December 31, 1999, 1998 and 1997.......................17

     Statements of Cash Flows for the years ended
               December 31, 1999, 1998 and  1997 .....................18

     Notes To Financial Statements ................................19-23

Report of Independent Certified Public Accountants
               on Supplementary Financial Information.................24

Real Estate and Accumulated Depreciation..............................25

                                Page 13


<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,  1999 and 1998,  and the  related  statements  of  operations,
partners' capital  (deficit),  and cash flows for each of the three years in the
period  ended   December  31,  1999.   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  generally   accepted  auditing
standards.  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, 1999 and 1998, and the results of its operations and its cash flows
for each of the three years in the period ended December 31, 1999, in conformity
with generally accepted accounting principles.




                         BUCHBINDER TUNICK & COMPANY LLP

Boca Raton, Florida
February 24, 2000


                                Page 14


<PAGE>



                      FJS PROPERTIES FUND I, L.P.
                             Balance Sheets
                       December 31, 1999 and 1998


                                                          1999          1998
                                                          ----
                                 ASSETS
Current assets:
    Cash and cash equivalents                        $  217,906   $  458,782
    Cash - escrow                                       119,379      148,617
    Cash - security deposits                            132,748      125,397
    Other current assets                                 22,268       25,752
                                                     ----------     --------

         Total current assets                           492,301      758,548
                                                     ----------     --------

Property investment:
    Land                                              2,296,804    2,296,804
    Buildings                                         6,569,125    6,569,125
    Furniture, fixtures and improvements              2,376,165    1,953,010
                                                     ----------    ---------

         Totals - at cost                            11,242,094   10,818,939

    Less: accumulated depreciation                   (5,073,750)  (4,772,099)
                                                   ------------- ------------

    Property investment - net                         6,168,344    6,046,840
                                                   ------------  -----------

Other assets                                            250,216      271,341
                                                   ------------ ------------

         Total assets                              $  6,910,861 $  7,076,729
                                                   ============ ============

LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)

Current liabilities:
    Accounts payable                                $   108,403 $     66,582
    Accrued interest                                     37,740       38,371
    Other accrued expenses                                6,755        6,826
    Due to related party                                 16,689       19,707
    Tenant security deposits payable                    132,748      125,397
    Mortgage payable - current portion                   85,557       77,641
    Deferred income - current portion                     7,143        7,143
                                                       --------     --------

         Total current liabilities                      395,035      341,667
                                                       --------     --------

Long-term liabilities:
    Mortgage payable - non-current portion            4,559,381    4,644,938
    Deferred income - non-current portion                17,857       25,000
                                                      ---------    ---------

         Total long-term liabilities                  4,577,238    4,669,938
                                                    -----------  -----------

Partners' capital (deficit):
    General partner                                  (1,216,473)  (1,215,207)
    Limited partners                                  3,155,061    3,280,331
                                                   ------------ ------------

         Total partners' capital (deficit)            1,938,588    2,065,124
                                                   ------------ ------------

Total liabilities and partners' capital (deficit)  $  6,910,861 $  7,076,729
                                                   ============ ============

                   See notes to financial statements.

                                Page 15


<PAGE>



                      FJS PROPERTIES FUND I, L.P.
                        Statement of Operations
          For the years ended December 31, 1999, 1998 and 1997



                                                 1999        1998        1997
                                                 ----        ----        ----

Revenue:
   Rental                                 $ 2,189,322   $ 2,081,901 $ 2,040,543
   Interest                                    12,324        23,664      25,836
                                          -----------   ----------- -----------

     Total Revenue                          2,201,646     2,105,565   2,066,379
                                          -----------   ----------- -----------

Expenses:
   Operating                                  716,919       625,402     665,541
   General and administrative                 752,824       689,444     711,626
   Interest                                   456,410       463,687     470,769
   Depreciation and amortization              326,059       289,180     269,025
   Other                                         ---          2,900        ---
                                          ----------     ----------  -- -------

     Total expenses                         2,252,212     2,070,613   2,116,961
                                          -----------     ---------  ---------

Net income (loss)                         $  (50,566)   $    34,952  $  (50,582)
                                          ===========   ===========  ==========


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

Distributions per limited partnership unit$     4.48    $      6.23  $     5.53
                                          ==========    ===========  ==========


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


                   See notes to financial statements.

                                Page 16


<PAGE>



                      FJS PROPERTIES FUND I, L.P.
               Statements of Partners' Capital (Deficit)
          For the years ended December 31, 1999, 1998 and 1997

                                       General      Limited
                                       Partner     Partners       Total

Partners' capital (deficit)
   - December 31, 1996              $ (1,213,057) $3,493,233   $2,280,176

Net (loss) for the year ended
   December 31, 1997                        (506)    (50,076)     (50,582)

Distributions to Partners                   (938)    (92,837)     (93,775)
                                       ----------   ---------     --------

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

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

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

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

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

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

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



                   See notes to financial statements.

                                Page 17


<PAGE>



                      FJS PROPERTIES FUND I, L.P.
                        Statements of Cash Flows
          For the years ended December 31, 1999, 1998 and 1997


                                                      1999      1998      1997
                                                      ----      ----      ----
Operating activities:
   Net income (loss)                            $(50,566)  $ 34,952 $ (50,582)
   Adjustments to reconcile net income (loss)
    to net cash provided by operating activities:
      Depreciation                               301,651   264,772    244,617
      Amortization                                24,408    24,408     24,408
      Deferred income                             (7,143)   (7,143)    (7,143)
   Changes in assets and liabilities:
    Decrease (increase) in escrow                 29,238   (50,956)    85,214
    (Increase) in security deposits               (7,351)   (3,519)      (711)
    Decrease (increase) in other current assets    3,484    10,219    (34,541)
    (Increase) in other assets                    (3,283)   (4,954)    (6,420)
    Increase (decrease) in accounts payable
       and accrued expenses                       41,119   (30,888)    16,673
    (Decrease) increase in due to related party   (3,018)   (6,431)     7,914
    Increase in tenant security deposits payable   7,351      3,519       711
                                                  ------   -------- ---------

      Net cash provided
      by operating activities                    335,890   233,979    280,140
                                                --------   -------  ---------

Investing activities:
   Capital expenditures                        (423,155)  (134,645)   (80,481)
                                               ------------------------------

      Net cash (used in) investing activities  (423,155)  (134,645)   (80,481)
                                               ---------  -------------------

Financing activities:
   Principal payments on mortgages              (77,641)   (70,451)   (63,935)
   Cash distributions to Partners               (75,970)  (105,647)   (93,775)
                                               ---------  -------------------

      Net cash (used in) financing activities  (153,611)  (176,098)  (157,710)
                                               --------- ---------- ----------

Net (decrease) increase in cash
    and cash equivalents                       (240,876)   (76,764)    41,949

Cash and cash equivalents - beginning of year    458,782   535,546    493,597
                                               ---------   -------  ---------

Cash and cash equivalents - end of year         $217,906  $458,782  $ 535,546
                                                ========  ========  =========

Supplemental disclosure of cash flow information:
   Interest paid                                $457,043  $464,260  $ 470,790
                                                ========  ========  =========



                   See notes to financial statements.


                                Page 18


<PAGE>




                      FJS PROPERTIES FUND I, L.P.
                     Notes to Financial Statements
                    December 31, 1999, 1998 and 1997


Note 1 - Organization

      FJS  Properties  Fund I, 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, 1999, 1998, and 1997
      was $301,651, $264,772, and $244,617, respectively.

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

      Revenue Recognition

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

      Cash Equivalents

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




                               Page 19


<PAGE>


                      FJS PROPERTIES FUND I, L.P.
               Notes to Financial Statements (Continued)
                    December 31, 1999, 1998 and 1997



      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  $270,000,  $454,000 and
      $471,000 in excess of the amounts  insured for December 31, 1999, 1998 and
      1997,  respectively.  The  Partnership  does not  require  collateral  for
      financial instruments.

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

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

      Advertising

      The Partnership expenses advertising cost as incurred. Advertising expense
      for the  years  ended  December  31,  1999,  1998,  and 1997 was  $36,321,
      $36,773, and $36,063, respectively.

      Impairment

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

                                Page 20


<PAGE>


                      FJS PROPERTIES FUND I, L.P.
               Notes to Financial Statements (Continued)
                    December 31, 1999, 1998 and 1997



Note 3 - Partnership Agreement

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

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

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

Note 4 - Other Assets
      A summary of other assets is as follows:

                                                      1999         1998
      Cash in escrow - replacement reserves          $  124,183  $  120,900
      Loan acquisition fees - net of amortization
       of $139,847, and $115,439 at December
       31, 1999 and 1998, respectively                  104,248     128,656
      Deposits                                           21,785      21,785
                                                     ----------  ----------
                                                     $  250,216  $  217,341

Note 5 - Mortgage Payable

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


                                Page 21


<PAGE>


                      FJS PROPERTIES FUND I, L.P.
               Notes to Financial Statements (Continued)
                    December 31, 1999, 1998 and 1997



      At December 31, 1999 maturities of the mortgage payable are as follows:

      2000                                  $    85,557
      2001                                       94,282
      2002                                      103,897
      2003                                      114,492
      2004                                    4,246,710
                                             ----------

      Total mortgage payable                 $4,644,938
                                             ==========

      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 $107,540,  $103,806,  and $101,144 for
      the years ended December 31, 1999, 1998, and 1997, respectively, of which,
      $86,103, $83,045, and $80,915,  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 $3,172, $6,673, and $3,912, for
      the years ended  December 31, 1999,  1998, and 1997,  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 $27,000 for the year
      ended  December 31, 1999,  and $24,000 in each of the years ended December
      31, 1998 and 1997.

      The Managing  General Partner  received  distributions  from cash flows of
      $760,  $1,056,  and $938,  during the years ended December 31, 1999, 1998,
      and 1997, respectively.

      In addition,  the Managing  General  Partner  received  $9,000 in 1998 for
      additional administrative services.


                                Page 22


<PAGE>


                      FJS PROPERTIES FUND I, L.P.
               Notes to Financial Statements (Continued)
                    December 31, 1999, 1998 and 1997



Note 7 - Income Taxes

      The  reconciliation  of net income (loss) as reported in the statements of
      operations  and as would be reported  for tax purposes for the years ended
      December 31, 1999, 1998, and 1997, are as follows:

                                                December 31,
                                               ------------
                                        1999         1998         1997
                                       ------       ------       -----
Net income (loss) -
   statement of operations         $ (50,566)   $  34,952   $  (50,582)

Tax depreciation in excess
   of book depreciation              (67,099)     (71,010)     (60,049)
                                 ------------   ----------   ----------

Net (loss) for tax purposes       $ (117,665)   $ (36,058)  $ (110,631)
                                  ===========   ==========  ==========



                                Page 23


<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, 1999 and 1998,  and for each of the three years in the period ended
December 31, 1999,  and have issued our report  thereon dated February 24, 2000.
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 24, 2000



                               Page 24


<PAGE>


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


                                         Initial Cost to Partnership

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

Pavilion Apartments
 West Palm Beach,
      Florida        $ 4,644,938   $ 2,296,804   $ 7,196,789   $ 1,748,501
                     ===========   ===========   ===========   ===========



                        Gross Amount at Which
                     Carried at Close of Period

                   ----------

<TABLE>
                                                                                       Life on
                                                                                        Which
                                                                                     Depreciation
                               Buildings,                           Year              in Latest
                               Furniture,                            of                Income
                              Fixtures, and (1) (2)   Accumulated Construc-  Date    Statement is
   Description        Land    Improvements   Total    Depreciation  tion   Acquired   Computed
------------------ ---------- ----------------------- ----------- ------------------ -----------
Pavilion Apartments
West Palm Beach,
<S>                <C>          <C>                    <C>          <C>      <C>      <C>
Florida            $2,296,804   $8,945,290$11,242,094  $5,073,750   1972     1/85     3-30 yrs
                   ==========   ==========

(1) The aggregate cost for federal income tax purposes is $9,333,351.
(2) A reconciliation of the carrying amount of land, buildings and improvements
    as of December 31, 1999, 1998, and 1997 is as follows:
</TABLE>



                             Cost as of December 31,

                                 1999          1998          1997
                            ---------------------------- -------------
Balance at beginning of year  $ 10,818,939  $ 10,684,294  $ 10,603,813
Improvements                       423,155       134,645        80,481
                              ------------  ------------  ------------


Balance at end of year        $ 11,242,094  $ 10,818,939  $ 10,684,294
                              ============  ============  ============

 (3) A reconciliation  of accumulated  depreciation for the years ended December
   31, 1999, 1998, and 1997 is as follows:

                                     Cost as of December 31,

                                 1999          1998          1997
                            ---------------------------- -------------
Balance at beginning of year   $ 4,772,099   $ 4,507,327   $ 4,262,710
Expense                            301,651       264,772       244,617
                               -----------   -----------   -----------

Balance at end of year         $ 5,073,750   $ 4,772,099   $ 4,507,327
                               ===========   ===========   ===========
See independent accountants' report on supplementary financial information.

                               Page 25


<PAGE>






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

On December 13, 1999, by mutual  agreement,  Registrant  and Moore Stephens P.C.
("Moore  Stephens")  agreed to the replacement of Moore Stephens as Registrant's
independent  accountants  for the audit of  Registrant's  financial  statements.
Registrant  was  previously  advised by the staff of the Securities and Exchange
Commission (the  "Commission")  that in the staff's opinion,  Moore Stephens may
not be independent of the  Partnership,  as required by law, in that a member of
the  audit  firm  had a  relationship  with  an  entity  which  is a  holder  of
Registrant's  Limited Partnership  Interests.  Neither the Staff letter, nor any
other  information   available  to  Registrant  indicated  that  there  was  any
inaccuracy in the "audited" financial statements. The staff further advised that
for this reason,  Registrant's  financial  statements  for the three years ended
December 31, 1998, are  considered by the staff to be unaudited.  Moore Stephens
had advised  Registrant that it disagrees with the staff's position and believes
that it was at all  times  independent  with  respect  to  Registrant's  audits.
Excluding this issue, the staff has not alleged any inaccuracies in Registrant's
financial statements.

            Registrant  filed a Form 8-K on December 13, 1999,  and a Form 8-K/A
on  December  23,  1999 - both  with  reference  to the  Registrant's  change of
independent  accountants/independent auditors. Reference is hereby made to these
Forms 8-K and 8-K/A for further information regarding this change.

                                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           54     President and Director             1/85
Lawrence E. Bathgate II     60     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.

                               Page 26


<PAGE>





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.

            Mr. Conway, age 59, 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, 2000.

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."


                               Page 27


<PAGE>





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

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

                Ownership of more than 5% of Registrant:

(1) Title of Class     (2) Name and      (3) Amount and   (4) Percent of Class
                        Address of     nature of Beneficial
                     Beneficial Owner      Ownership
                     ----------------      ---------          ------------
 Units of Limited    The Family Trust  1,558 Units - legal      9.28%
   Partnership       340 North Avenue    and beneficial
                    Cranford, NJ 07016       owner

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


                               Page 28


<PAGE>





Item 13.  Certain Relationships and Related Transactions

            During  Registrant's fiscal years ended December 31, 1999, 1998 and,
1997,  the  General  Partner  and  certain  affiliated  entities  have earned or
received  compensation  or payments for services from  Registrant or its General
Partner as follows:

                                           Reimbursement/Compensation


Name of Recipient   Capacity in Which served or     1999      1998      1997
-----------------   Payment Received
                    ----------------                ----     ----      ----

FJS Properties, Inc.General Partner3                $760    $1,056      $938
                    Partnership Management Fee    $3,172    $6,673    $3,912
                    Property Management Fee4



                                                 $21,508   $20,760   $20,229
                    Administrative Expenses5     $27,000   $24,000   $24,000
                    Tender Offer Administrative
                     Fees6                            $0    $9,000        $0
                                                -------- --------- ---------
                     Table Continued on next Page.
--------

3 Represents the General  Partner's  interest in Adjusted Cash From  Operations.
Under Registrant's  Partnership  Agreement 99% of the Net Income and Net Loss of
Registrant  was  allocated to the Limited  Partners and 1% was  allocated to the
General Partner.  Pursuant thereto, for the years ended December 31, 1999, 1998,
and 1997, ($1,177), $360, and ($1,106) 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 1999, 1998
and 1997:


  YEAR    Aggregate ManagementRetained by General Paid to local
                  Fee              Partner         unaffiliated
                                                management company
  1999         $107,540            $21,508           $86,032
  1998         $103,805            $20,760           $83,045
  1997         $101,144            $20,229           $80,915
--------- ------------------- ----------------- ------------------
In addition,  the local unaffiliated  management  company received  construction
supervision  fees of $8,068 during 1999, and $2,748 during 1998, for supervision
of outside construction work at the Pavilion Apartments.

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

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


                               Page 29


<PAGE>






Name of Recipient        Capacity in Which served or   1999    1998     1997
-----------------        ---------------------------   ----    ----     ----
                         Payment Received
                         ----------------

Lawrence E. Bathgate II  Initial Limited Partner7       $22     $31      $28
Other Officers/Directors Officer/Director of General     $0      $0       $0
of General Partner       Partner

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

7 Represents  distribution of Adjusted Cash From Operations  attributable to the
five Units Owned by Mr.  Bathgate.  For the years ended December 31, 1999, 1998,
and 1997,  ($34.69),  $10.63,  and ($32.62) of the  Registrant's  taxable income
(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., incorpo
                 rated 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

                        Page 31


<PAGE>





                 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, incorpo
                 rated 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 ref
                 erence to Exhibit 10E to Registrant's Registration Statement on
                 Form S-11 (Reg. No. 2-93980.)

                 (e) Mortgage and Security  Agreement  dated September 9,
                 1987, by FJS Properties Fund I, L.P., as mortgagor,  and
                 The Bank of Tokyo,  Ltd.,  Miami  Agency,  as mortgagee,
                 incorporated   by  ref  erence  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,  incor porated by reference to Exhibit 10(h)
                 to  Registrant's  Annual  Re port 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)

                        Page 32


<PAGE>





                 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.,
                 incor   porated  by  reference   to  Exhibit   10(l)  to
                 Registrant's  Annual Re port on Form 10-K for the fiscal
                 year ended December 31, 1993 (File No 0-15755).

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

                 (n)  Multifamily  Mortgage,   Assignment  of  Rents  and
                 Security  Agreement and Fixture Filing,  dated March 29,
                 1994,  made by FJS Properties Fund I, L.P. to Long Beach
                 Bank,  FSB,  incor porated by reference to Exhibit 10(n)
                 to  Registrant's  Annual  Re port 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

                        Page 33


<PAGE>





                 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:

                 Form 8-K filed  December 13, 1999,  and Form 8-K/A filed
           December 23, 1999 - both with  reference  to the  Registrant's
           change  of  independent  accountants/independent  auditors  on
           December 13, 1999.

          Financial Statement Schedules Filed Pursuant to Item 13(B)

                  See Index to Financial Statements in Item 8.


                               Page 34


<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, 2000                          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, 2000                    By:  Lawrence E. Bathgate, II
                                             -------------------------------
                                                Lawrence E. Bathgate, II
                                                Director of the  General
                                                Partner


Dated:  March 15, 2000                    By:  Andrew C. Alson
                                             -------------------------------
                                                Andrew C. Alson, President
                                                and Director of the General
                                                Partner (Principal Executive
                                                Officer and Principal
                                                Financial Officer)


                               Page 35