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                                 UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION
                          WASHINGTON, D.C. 20549-1004

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

                                   FORM 10-Q

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

  FOR THE PERIOD ENDED MARCH 31, 2001

                                      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 0-14121

                FIRST CAPITAL INCOME PROPERTIES, LTD.--SERIES X
            (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

               FLORIDA                                 59-2417973
   (STATE OR OTHER JURISDICTION OF                  (I.R.S. EMPLOYER
   INCORPORATION OR ORGANIZATION)                  IDENTIFICATION NO.)

     TWO NORTH RIVERSIDE PLAZA,                        60606-2607
             SUITE 600,                                (ZIP CODE)
          CHICAGO, ILLINOIS
   (ADDRESS OF PRINCIPAL EXECUTIVE
              OFFICES)

                                (312) 207-0020
             (REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE)

                                NOT APPLICABLE
  (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 reports), and (2) has been subject to
such filing requirements for the past 90 days. Yes [X] No [_]

DOCUMENTS INCORPORATED BY REFERENCE:

The First Amended and Restated Certificate and Agreement of Limited
Partnership filed as Exhibit A to the Partnership's Prospectus dated September
25, 1984, included in the Partnership's Registration Statement on Form S-11,
is incorporated herein by reference in Part I of this report.

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BALANCE SHEETS
(All dollars rounded to nearest 00s)

<TABLE>
<CAPTION>
                                            March 31,
                                              2001      December 31,
                                           (Unaudited)      2000
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<S>                                        <C>          <C>
ASSETS
 Cash and cash equivalents                 $2,920,100    $2,885,700
 Other assets                                     400            --
--------------------------------------------------------------------
                                           $2,920,500    $2,885,700
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LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
Liabilities:
 Accounts payable and accrued expenses     $   45,900    $   37,800
 Due to Affiliates                              1,900         1,200
 Other liabilities                            320,900       316,300
--------------------------------------------------------------------
                                              368,700       355,300
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Partners' capital:
 General Partner (deficit)                    (83,100)      (83,300)
 Limited Partners (43,861 units issued and
  outstanding)                              2,634,900     2,613,700
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                                            2,551,800     2,530,400
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                                           $2,920,500    $2,885,700
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</TABLE>
STATEMENTS OF PARTNERS' CAPITAL (DEFICIT)
For the quarter ended March 31, 2001 (Unaudited)
and the year ended December 31, 2000
(All dollars rounded to nearest 00s)

<TABLE>
<CAPTION>
                                                General    Limited
                                                Partner    Partners    Total
-------------------------------------------------------------------------------
<S>                                             <C>       <C>        <C>
Partners' (deficit) capital, January 1, 2000    $(84,300) $2,513,400 $2,429,100
Net income for the year ended December 31,
 2000                                              1,000     100,300    101,300
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Partners' (deficit) capital, December 31, 2000   (83,300)  2,613,700  2,530,400
Net income for the quarter ended March 31,
 2001                                                200      21,200     21,400
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Partners' (deficit) capital, March 31, 2001     $(83,100) $2,634,900 $2,551,800
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</TABLE>
    The accompanying notes are an integral part of the financial statements
2
<PAGE>

STATEMENTS OF INCOME AND EXPENSES
For the quarters ended March 31, 2001 and 2000
(Unaudited)
(All dollars rounded to nearest 00s
except per Unit amounts)

<TABLE>
<CAPTION>
                                                            2001    2000
--------------------------------------------------------------------------
<S>                                                        <C>     <C>
Income:
 Rental                                                    $    -- $ 1,700
 Interest                                                   38,200  39,200
--------------------------------------------------------------------------
                                                            38,200  40,900
--------------------------------------------------------------------------
Expenses:
 General and administrative:
  Affiliates                                                 2,100   3,000
  Nonaffiliates                                             14,700  14,900
--------------------------------------------------------------------------
                                                            16,800  17,900
--------------------------------------------------------------------------
Net income                                                 $21,400 $23,000
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Net income allocated to General Partner                    $   200 $   200
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Net income allocated to Limited Partners                   $21,200 $22,800
--------------------------------------------------------------------------
Net income allocated to Limited Partners per Unit (43,861
 Units outstanding)                                        $  0.48 $  0.52
--------------------------------------------------------------------------
</TABLE>
STATEMENTS OF CASH FLOWS
For the quarters ended March 31, 2001 and 2000
(Unaudited)
(All dollars rounded to nearest 00s)

<TABLE>
<CAPTION>
                                                             2001        2000
---------------------------------------------------------------------------------
<S>                                                       <C>         <C>
Cash flows from operating activities:
 Net income                                               $   21,400  $   23,000
 Adjustments to reconcile net income to net cash
  provided by (used for) operating activities:
  Changes in assets and liabilities:
   (Increase) in other assets                                   (400)         --
   Increase (decrease) in accounts payable and accrued
    expenses                                                   8,100     (29,800)
   Increase (decrease) in due to Affiliates                      700      (3,100)
   Increase in other liabilities                               4,600          --
---------------------------------------------------------------------------------
    Net cash provided by (used for) operating activities      34,400      (9,900)
---------------------------------------------------------------------------------
Cash flows from investing activities:
 Decrease in investments in debt securities                       --   1,240,600
---------------------------------------------------------------------------------
    Net cash provided by investing activities                     --   1,240,600
---------------------------------------------------------------------------------
    Net cash from financing activities                            --          --
---------------------------------------------------------------------------------
Net increase in cash and cash equivalents                     34,400   1,230,700
Cash and cash equivalents at the beginning of the period   2,885,700   1,635,700
---------------------------------------------------------------------------------
Cash and cash equivalents at the end of the period        $2,920,100  $2,866,400
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</TABLE>
    The accompanying notes are an integral part of the financial statements
                                                                               3
<PAGE>

NOTES TO FINANCIAL STATEMENTS
(Unaudited)
March 31, 2001
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:

DEFINITION OF SPECIAL TERMS:
Capitalized terms used in this report have the same meaning as those terms have
in the Partnership's Registration Statement filed with the Securities and
Exchange Commission on Form S-11. Definitions of these terms are contained in
Article III of the First Amended and Restated Certificate and Agreement of
Limited Partnership, which is included in the Registration Statement and
incorporated herein by reference.

ACCOUNTING POLICIES:
The Partnership has disposed of its real estate properties. Upon resolution of
the various post-closing matters related to the sale of the Partnership's
properties, the Partnership will make a liquidating distribution to Partners
and dissolve.

The financial statements have been prepared in accordance with accounting
principles generally accepted in the United States ("GAAP"). The Partnership
utilizes the accrual method of accounting. Under this method, revenues are
recorded when earned and expenses are recorded when incurred. The Partnership
recognizes rental income that is contingent upon tenants achieving specified
targets, only to the extent that such targets are achieved.

Preparation of the Partnership's financial statements in conformity with GAAP
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.

The financial information included in these financial statements is unaudited;
however, in management's opinion, all adjustments (consisting of only normal,
recurring accruals) necessary for a fair presentation of the results of
operations for the periods included have been made. Results of operations for
the three months ended March 31, 2001 are not necessarily indicative of the
operating results for the year ending December 31, 2001.

The Partnership has one reportable segment as the Partnership is in the
disposition phase of its life cycle, wherein it is seeking to resolve post-
closing property sale matters.

Cash equivalents are considered all highly liquid investments with a maturity
of three months or less when purchased.

Reference is made to the Partnership's Annual Report for the year ended
December 31, 2000 for a description of other accounting policies and additional
details of the Partnership's financial condition, results of operations,
changes in Partners' capital and changes in cash balances for the year then
ended. The details provided in the notes thereto have not changed except as a
result of normal transactions in the interim or as otherwise disclosed herein.

2. RELATED PARTY TRANSACTIONS:

In accordance with the Partnership Agreement, subsequent to September 24, 1985,
the Termination of the Offering, the General Partner is entitled to 10% of Cash
Flow (as defined in the Partnership Agreement), as a Partnership Management
Fee. For the three months ended March 31, 2001 and 2000, in conjunction with
the suspension of distributions of Cash Flow (as defined in the Partnership
Agreement) to Limited Partners, the General Partner was not paid a Partnership
Management Fee.

In accordance with the Partnership Agreement, Net Profits (exclusive of Net
Profits from the sale or disposition of Partnership properties) are allocated
to the General Partner in an amount equal to the greater of 1% of such Net
Profits or the Partnership Management Fee paid by the Partnership to the
General Partner during such year, and the balance, if any, to the Limited
Partners. Net Losses (exclusive of Net Losses from the sale, disposition and
provision for value impairment of Partnership properties) are allocated 1% to
the General Partner and 99% to the Limited Partners. Net Profits from the sale
or disposition of a Partnership property are allocated: first, prior to giving
effect to any distribution of Sale or Refinancing Proceeds from the
transaction, to all Partners with negative balances in their Capital Accounts,
pro rata in proportion to such respective negative balances, to the extent of
the total of such negative balances; second, to the General Partner in an
amount necessary to make the positive balance in its Capital Account equal to
the amount of Sale or Refinancing Proceeds to be distributed to the General
Partner with respect to the sale or disposition of such property; and third,
the balance, if any, to the Limited Partners. Net Losses from the sale,
disposition or provision for value impairment of Partnership properties are
allocated: first, after giving effect to any distribution of Sale or
Refinancing Proceeds from the transaction, to all Partners with positive
balances in their Capital Accounts, pro rata proportion to such respective
positive balances, to the extent of the total amount of such positive balances;
and second, the balance, if any, 1% to the General Partner and 99% to the
Limited Partners. Notwithstanding anything to the contrary, there shall be
allocated to the General Partner not less than 1% of all items of Partnership
income, gain, loss, deduction and credit during the existence of the
Partnership. For both of the quarters ended March 31, 2001 and 2000, the
General Partner was allocated Net Profits of $200.

Fees and reimbursements paid and payable by the Partnership to Affiliates
during the quarter ended March 31, 2001 were as follows:

<TABLE>
<CAPTION>
                                      Paid  Payable
---------------------------------------------------
<S>                                  <C>    <C>
Asset management fees                $  400   None
Reimbursement of expenses, at cost:
 --Investor communication             1,000  1,900
---------------------------------------------------
                                     $1,400 $1,900
---------------------------------------------------
</TABLE>

3. REAL ESTATE TAX APPEALS:

The Partnership is a party to appeals of real estate taxes of 1270 Wilson
Building for fiscal years 1991 and 1992 and for the Fashion Atrium Building for
fiscal years 1992 and 1993. During these periods, the Partnership owned a 50%
interest in the joint venture that owned the Fashion Atrium Building. There can
be no assurance as to the amounts that will be realized or the timing of such
realization from these appeals.
4
<PAGE>

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

Reference is made to the Partnership's annual report for the year ended
December 31, 2000 for a discussion of the Partnership's business.

Statements contained in this Management's Discussion and Analysis of Financial
Condition and Results of Operations, which are not historical facts, may be
forward-looking statements. Such statements are subject to certain risks and
uncertainties, which could cause actual results to differ materially from those
projected. Readers are cautioned not to place undue reliance on these forward-
looking statements, which speak only as of the date hereof.

The Partnership has substantially completed the disposition phase of its life
cycle. The Partnership sold its remaining real property investments and is
working toward resolution of post closing property sale matters.

OPERATIONS
Net income decreased by $1,600 for the three months ended March 31, 2001 when
compared to the three months ended March 31, 2000. The decrease was primarily
due to a decrease in interest earned on the Partnership's short-term
investments, which was due to a decrease in the rates earned on those
investments.

LIQUIDITY AND CAPITAL RESOURCES
The increase in the Partnership's cash position of $34,400 during the three
months ended March 31, 2001 was the result of net cash provided by operating
activities. Liquid assets (including cash and cash equivalents) of the
Partnership as of March 31, 2001 were comprised of amounts held for post
property-sale matters and Partnership liquidation expenses.

Net cash (used for) provided by operating activities changed from $(9,900) for
the three months ended March 31, 2000 to $34,400 for the three months ended
March 31, 2001. The change was due to the timing of the payment of certain of
the Partnership's expenses.

Net cash provided by investing activities decreased by $1,240,600 for the three
months ended March 31, 2001 when compared to the three months ended March 31,
2000. The decrease was due to the maturity of the Partnership's investments in
debt securities during the three months ended March 31, 2000. The Partnership
did not have any investments in debt securities as of March 31, 2001.

The Partnership has no financial instruments for which there are significant
risks.

The Partnership is a party to appeals of real estate taxes of the 1270 Wilson
Building for fiscal years 1991 and 1992 and for the Fashion Atrium Building for
fiscal years 1992 and 1993. During these periods, the Partnership owned a 50%
interest in the joint venture that owned the Fashion Atrium Building. There can
be no assurance as to the amount that will be realized or the timing of such
realization from these appeals.

The General Partner is in the process of wrapping-up the Partnership's affairs.
This process includes a resolution of all post-closing property and Partnership
matters, including real estate tax appeals referred to above. Following the
resolution of post-closing property matters and the establishment of a reserve
for contingencies and wrap-up expenses, the Partnership will make a liquidating
distribution to Partners and dissolve.

Based upon the current value of its assets, net of its outstanding liabilities,
the Partnership's cumulative distributions to its Limited Partners from
inception through the termination of the Partnership will be significantly less
than such Limited Partners' Original Capital Contribution.

                                                                               5
<PAGE>

PART II. OTHER INFORMATION

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K:

(a) Exhibits: None

(b) Reports on Form 8-K:

There were no reports filed on Form 8-K during the quarter ended March 31,
2001.

6
<PAGE>

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.

                                     FIRST CAPITAL INCOME PROPERTIES, LTD.--
                                     SERIES X

                                     By: FIRST CAPITAL FINANCIAL LLC
                                         GENERAL PARTNER

                                                /s/ DOUGLAS CROCKER II
Date: May 11, 2001                   By: ______________________________________
                                                   DOUGLAS CROCKER II
                                         PRESIDENT AND CHIEF EXECUTIVE OFFICER

                                                /s/ PHILIP G. TINKLER
Date: May 11, 2001                   By: ______________________________________
                                                   PHILIP G. TINKLER
                                         VICE PRESIDENT--FINANCE AND TREASURER

                                                                               7