SECURITIES AND EXCHANGE COMMISSION
                           Washington, D.C. 20549

                                  FORM 10-Q
(Mark One)

  X  Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange
     Act of 1934 for the Quarterly period ended September 30,1996 or


     Transition report pursuant to Section 13 or 15(d) of the Securities
     Exchange Act of 1934 for the transition period from          to            

    
Commission file number    0-6146 



                 MULTIVEST REAL ESTATE FUND, LTD. (SERIES I)
           (Exact name of registrant as specified in its charter)



            Michigan                           38-1954699     
(State or other jurisdiction of              (IRS Employer
incorporation or organization)            Identification No.)


6100 Glades Road, Suite 205
Boca Raton, Florida                              33434         
(Address of principal executive offices)      (Zip Code)


                                                                               
                                  (561) 487-6700                   
            (Registrant's telephone number, including area code)


                                                                                
(Former name, former address and former fiscal year, if changed since last
 report)

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 report), and (2) has been subject to such filing
requirements for the past 90 days.


                                          Yes   x    No      




<PAGE>
                   MULTIVEST REAL ESTATE FUND, LTD. (SERIES I)
                          COMMISSION FILE NUMBER 0-6146
                                    FORM 10-Q
                                September 30, 1996              

                                                                     

  
PART I.  FINANCIAL INFORMATION


  Item 1.    Financial Statements

         Statements of Financial Condition, as of September 30, 1996     
             (Unaudited) and December 31, 1995 . . . . . . . . . . . . . 3

         Statements of Operations, for the three month and nine month 
             periods ended September 30, 1996 and 1995 (Unaudited) . . . 4

         Statements of Cash Flows, for the three months ended 
               September 30, 1996 and 1995 (Unaudited) . . . . . . . . . 5
  
         Notes to Financial Statements (Unaudited) . . . . . . . . . . . 6


  Item 2.    Management's Discussion and Analysis of Financial
             Condition and Results of Operations . . . . . . . . . . . . 7


PART II. OTHER INFORMATION:

  Item 6.    Exhibits and Reports on Form 8-K. . . . . . . . . . . . . . 8




<PAGE>
ITEM 1.  FINANCIAL STATEMENTS

                  MULTIVEST REAL ESTATE FUND, LTD. (SERIES I)
                        (a Michigan limited partnership)
                       STATEMENTS OF FINANCIAL CONDITION
                                                  


                                                September 30,    December 31,
                                                   1996              1995    
       ASSETS                                   (Unaudited) 

Investment in real estate
  Land                                         $     -          $   180,051 
  Buildings and improvements                         -            1,412,867 
  Construction-in-progress                           -              245,758 
  Allowance for loss on real estate                  -             (525,000)

                                                     -            1,313,676 
     Less accumulated depreciation                   -              869,909 
  
     Net investment in real estate                   -              443,767 
  

Other assets
  Cash                                               1,529           32,795 
  Investments, at cost which approximate market  1,265,047          342,791 
  Accounts receivable                               29,897              488 
  Prepaid insurance                                     28           18,505 
  Escrow deposits and other assets                   2,500            2,500 

       Total other assets                        1,299,001          397,079 
                                        
          Total assets                         $ 1,299,001      $   840,846 

     LIABILITIES AND PARTNERS' CAPITAL

Accounts payable                               $     5,871      $     7,090 
Accrued liabilities to affiliates                   53,123            5,987 
Accrued liabilities                                    108           40,329 
Security deposits                                    -                9,460 

       Total liabilities                            59,102           62,866 

Partners' capital
  Limited Partners, 1,077 units                  1,228,458          770,788 
  General Partner,     10 units                     11,441            7,192 
            
       Total Partner's capital                   1,239,899          777,980 

            Total liabilities and                        
              Partners' capital                $ 1,299,001      $   840,846 




<PAGE>
                  MULTIVEST REAL ESTATE FUND, LTD. (SERIES I)
                        (a Michigan limited partnership)
                            STATEMENTS OF OPERATIONS
                                  (Unaudited)
                                               




                                    Three Months Ended     Nine Months Ended
                                       September 30           September 30      

                                      1996       1995       1996        1995    
Revenues 
  Rents and other tenant charges $   97,123 $   99,158 $   275,736 $   280,829 
  Other income                        8,973     25,699      24,693      43,229 

                                    106,096    124,857     300,429     324,058 

Expenses
  Maintenance, custodial salaries
     and related expense             23,751     18,542      62,402      54,820 
  Real estate management fees         4,922      4,116      14,011      13,473 
  Investment management fees           -         2,242       2,242       6,726 
  Property taxes                      8,489      7,314      23,717      21,942 
  Depreciation and amortization      28,467     29,354      88,267      87,848 
  Insurance                           4,968      4,854      14,904      14,562 
  Utilities                          17,852     21,216      63,098      68,862 
  Repair and maintenance             35,510     30,149      98,985      99,772 
  Legal and accounting                3,100        204      14,471      10,990 
  Administrative and other            9,385     12,762      35,994      39,031 

                                    136,444    130,753     418,091     418,026 

  
  Loss from operations              (30,348)    (5,896)   (117,662)    (93,968)
  Gain on sale of property          579,582       -        579,582        -     

   Net income (loss)            $   549,234  $  (5,896) $  461,920  $  (93,968)

Allocated to 
  Limited partners, 1,077 units $   544,181  $  (5,842) $  457,670  $  (93,104)
  General partners,    10 units       5,053        (54)      4,250        (864)
 
                                $   549,234  $  (5,896) $  461,920  $  (93,968)
  Net income (loss) per
   partnership unit based
   on 1,087 Partnership
   units outstanding            $    505.28  $   (5.42) $   424.95  $   (86.45)
                                        





<PAGE>
                  MULTIVEST REAL ESTATE FUND, LTD. (SERIES I)
                        (a Michigan limited partnership)
                            STATEMENTS OF CASH FLOWS
                                  (Unaudited)
                                                


                                                    Nine Months Ended        
                                                       September 30,            
                                                   1996           1995    
            

Operating Activities

  Net income                                   $   461,920    $   (93,968)
  Adjustments to reconcile net income
  (loss) to net cash (used in) provided
  by operating activities:
     Depreciation and amortization                  88,267         87,848 
     Gain on sale                                 (579,582)          -   
  
  Increase in accounts receivable                  (29,409)       (21,295)
  Decrease in prepaid insurance                     18,477         14,482 
  (Decrease) increase in accounts payable           (1,219)        46,665 
  Decrease in accrued liabilities                  (40,221)       (12,720)
  Increase (decrease) in accrued
    liabilities to affiliates                       47,136         (2,188)
  Decrease in security deposits                     (9,460)          (745)

     Net cash (used in) provided by
     operating activities                          (44,091)        18,079 

Investing Activities

  Net proceeds from sale of property               950,000           -   
  Capital improvements to real estate              (14,919)       (12,528)
  
     Net cash provided by (used in)
     investing activities                          935,081        (12,528)

Increase in cash and cash equivalents              890,990          5,551 
Cash and cash equivalents - January 1              375,586        475,083 

Cash and cash equivalents - September 30       $ 1,266,576    $   480,634 






<PAGE>
               MULTIVEST REAL ESTATE FUND, LTD. (SERIES I)
                     (a Michigan limited partnership)
                       NOTES TO FINANCIAL STATEMENTS
                                (Unaudited)




The financial statements reflect all adjustments which are normal and recurring
in nature and, in the opinion of management, necessary to a fair statement of
the results of the interim periods presented.  It is suggested that these
financial statements be read in conjunction with the financial statements and
the notes included in the Partnership's latest annual report on Form 10-K.  The
results of operations for interim periods should not be considered as indicative
of the results to be expected for a full year.







<PAGE>
                MULTIVEST REAL ESTATE FUND, LTD. (SERIES I)
                     (a Michigan limited partnership)
                            September 30, 1996


ITEM 2.    MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
           RESULTS OF OPERATIONS



On September 24, 1996, the Partnership sold its remaining property, Warwick
Apartments.  The Partnership is now in the process of completing its liquidation
and dissolution program.  

Warwick Apartments was sold for $1,000,000 less closing costs and proration of
income and expenses, including a real estate commission paid to an affiliate of
the Corporate General Partner in the amount of $50,000. The Partnership
recognized a gain on sale in the amount of $579,582.  Warwick Apartments  and
five additional properties owned by other MultiVest partnerships were sold on
separate sales contracts to a purchaser not affiliated with the Partnership or
its General Partner.  Your General Partner believes that the terms and
conditions of the sale were favorable to the  Partnership.

The Partnership's total revenues decreased $18,761 or 15% and $23,629 or 7% for
the three and month periods ended September 30, 1996 as compared with the same
periods of the prior year.  Rents and other tenant charges remained relatively
constant for the quarter and the nine month periods as compared to the same
periods of 1995.  Other income decreased $16,726 or 65% for the three months and
$18,536 or 43% for the nine months ended September 30, 1996 as compared to the
same periods of 1995.  The decreases are due primarily to refunds during 1995 of
prior year real estate taxes.

Total expenses of Partnership increased $5,691 or 4% for the quarter, and
remained relatively constant for the nine month period ending September 30, 
1996 as compared to the same periods of the prior year.  Repair and maintenance
costs increased $5,361 or 18% for the quarter due primarily to increased
plumbing and sewer repair costs.

There was no distribution of funds during the nine months ended September 30,
1996.








<PAGE>
                MULTIVEST REAL ESTATE FUND, LTD. (SERIES I)
                     (a Michigan limited partnership)
                            September 30, 1996




PART II - OTHER INFORMATION


Item 6.   Exhibits and Report on Form 8-K

          (b) No report on Form 8-K has been filed during the quarter ended
              September 30, 1996.




                                SIGNATURES
   

Pursuant to the requirements 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.


                                 MULTIVEST REAL ESTATE FUND, LTD.
                                 (Series I), a Michigan Limited
                                 Partnership,                    
                                          (Registrant)

                                 By:  MULTIVEST REAL ESTATE, INC.
                                 
                                      a Delaware corporation
                                 Its: Corporate General Partner



Date: NOVEMBER 14, 1996                RICHARD L. DAVIS                        

                                       Richard L. Davis
                                       President -
                                       Chief Executive Officer





Date: NOVEMBER 14, 1996                JOHN J. KAMMERER                        

                                       John J. Kammerer
                                       Principal Accounting Officer