FORM 10-QSB.--QUARTERLY REPORT UNDER SECTION 13 OR 15(D) OF
                     THE SECURITIES EXCHANGE ACT OF 1934
                       QUARTERLY OR TRANSITIONAL REPORT


                   U.S. Securities and Exchange Commission
                           Washington, D.C.  20549


                                 FORM 10-QSB

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


                For the quarterly period ended March 31, 1997

                                      or

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

                For the transition period.........to.........

                        Commission file number 0-11970


                PRUDENTIAL-BACHE/VMS REALTY ASSOCIATES L.P. I
      (Exact name of small business issuer as specified in its charter)


       Delaware                                              36-3240083
(State or other jurisdiction of                             (IRS Employer
incorporation or organization)                              Identification No.)

   630 Dundee Road, Suite 220
     Northbrook, Illinois                                       60062
(Address of principal executive offices)                      (Zip Code)


                   Issuer's telephone number (847) 714-9600



Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 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


                        PART I - FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS

a)              PRUDENTIAL-BACHE/VMS REALTY ASSOCIATES L.P. I


                    STATEMENT OF NET ASSETS IN LIQUIDATION
                                (in thousands)
                                 (Unaudited)
                                March 31, 1997



   Assets
     Cash:                                                    $   0

   Liabilities
     Estimated costs during the period
        of liquidation                                            0
     Net assets in liquidation                                $   0

               See Accompanying Notes to Financial Statements

b)             PRUDENTIAL-BACHE/VMS REALTY ASSOCIATES L.P. I

              STATEMENT OF CHANGES IN NET ASSETS IN LIQUIDATION
                               (in thousands)
                                (Unaudited)
                               March 31, 1997



Net assets in liquidation
  at December 31, 1996                                           $     0

Changes in net assets in liquidation     
  attributable to:
Decrease in unrestricted cash                                        (95)
Decrease in advances due to affiliates of the Managing
  General Partner                                                     75
  Decrease in estimated costs during the
    period of liquidation                                             20

Net assets in liquidation at                                     $     0
   March 31, 1997

               See Accompanying Notes to Financial Statements

c)             PRUDENTIAL-BACHE/VMS REALTY ASSOCIATES L.P. I

             STATEMENT OF CHANGES IN NET ASSETS IN LIQUIDATION
                               (in thousands)
                                (Unaudited)
                               March 31, 1996


Net assets in liquidation
  at December 31, 1995                                              $     0

Changes in net assets in liquidation
attributable to:
  Decrease in unrestricted cash                                         (10)
  Decrease in restricted-tenant security deposits                       (17)
  Decrease in accounts receivable                                        (5)
  Decrease in tax escrows                                               (80)
  Decrease in restricted escrows                                        (53)
  Decrease in investment properties                                  (3,150)
  Decrease in accounts payable                                            8
  Decrease in advances due to affiliates of the
   Managing General Partner                                             369
  Decrease in other liabilities                                         343
  Decrease in mortgage notes payable                                  2,464
  Decrease in estimated costs during the
    period of liquidation                                               131

Net assets in liquidation at
  March 31, 1996                                                    $     0


                 See Accompanying Notes to Financial Statements


  e)               PRUDENTIAL-BACHE/VMS REALTY ASSOCIATES L.P. I

                           Notes to Financial Statements
                                    (Unaudited)

                                   March 31, 1997

NOTE A - BASIS OF PRESENTATION

Effective December 31, 1995, the Registrant determined it was in the
partners' best interest to liquidate the Partnership upon the disposal of the
investment properties and settlement of remaining liabilities which occurred
during the first quarter of 1997.  Of the Partnership's two remaining
properties at December 31, 1995, Woodlawn House was sold February 1, 1996,
and Meadows at Kendale Lakes was sold April 15, 1996.

The decision to liquidate the Partnership resulted in the change in the basis
of accounting for its financial statements at December 31, 1995, from the
going concern basis of accounting to the liquidation basis of accounting.
Consequently, assets were valued at estimated net realizable value and
liabilities were presented at their estimated settlement amounts, including
estimated costs associated with carrying out the liquidation.

The Partnership's liquidation process was completed during the first quarter
of 1997.  Final costs to terminate the partnership were paid and remaining
cash of approximately $75,000 was paid to settle the liability for advances
due to the affiliates of the Managing General Partner.

The accompanying unaudited financial statements at March 31, 1997, have been
prepared in accordance with generally accepted accounting principles for
interim financial information and with the instructions to Form 10-QSB and
Item 310(b) of Regulation S-B.  Accordingly, they do not include all of the
information and footnotes required by generally accepted accounting
principles for complete financial statements.  In the opinion of the Managing
General Partner, all adjustments (consisting of normal recurring accruals)
considered necessary for a fair presentation on the liquidation basis have
been included.  For further information, refer to the financial statements
and footnotes thereto included in the Partnership's annual report on Form 10-
KSB for the fiscal year ended December 31, 1996.

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

At December 31, 1995, the Partnership adopted the liquidation basis of
accounting. Of the Partnership's remaining properties at December 31, 1995,
Woodlawn House was sold February 1, 1996, and Meadows at Kendale Lakes was sold
April 15, 1996.  Accordingly, the Partnership was liquidated upon settlement of
the remaining liabilities during 1997.

Liquidity and Capital Resources

The Partnership's liquidation process was completed during the first quarter of
1997. Final costs to terminate the partnership were paid and remaining cash of
approximately $75,000 was paid to settle the liability for advances due to the
affiliates of the Managing General Partner.


                         PART II - OTHER INFORMATION


ITEM 1.     LEGAL PROCEEDINGS

None.


ITEM 4.     SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

The Partnership did not submit any matter to a vote of its holders of Limited
Partnership Interests during the first quarter of 1997.


ITEM 6.     EXHIBITS AND REPORTS ON FORM 8-K

     a)     Exhibits:

            Exhibit 27, Financial Data Schedule, is filed as an exhibit to this 
            report.

     b)     Reports on Form 8-K:

            None filed during the quarter ended March 31, 1997.



                                  SIGNATURES



     In accordance with the requirements of the Exchange Act, the Registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.



                         PRUDENTIAL-BACHE/VMS REALTY ASSOCIATES L.P. I
                                        (Registrant)



                         By:  VMS Realty Associates
                              Managing General Partner



                         By:  JAS Realty Corporation



Date: May 8, 1997       By:   /s/ Joel A. Stone
                              Joel A. Stone
                              President

Date: May 8, 1997       By:   /s/ Thomas A. Gatti
                              Thomas A. Gatti
                              Senior Vice President and
                              Principal Accounting Officer