<PAGE>1  

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
FORM 10-Q


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

For the quarterly period ended March 31, 1997

Commission File Number 0-14308     


Exact Name of Registrant as Specified in Its Charter: T. ROWE
PRICE REALTY INCOME FUND I, A NO-LOAD LIMITED PARTNERSHIP   

State or Other Jurisdiction of Incorporation or Organization: 
Maryland

I.R.S. Employer Identification No.:  52-1363144           

Address of Principal Executive Offices: 100 East Pratt Street,
Baltimore, Maryland 21202    

Registrant's Telephone Number, Including Area Code: 1-800-638-5660             

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 




















<PAGE>2

PART I - FINANCIAL INFORMATION

Item 1.  Financial Statements

The financial statements of T. Rowe Price Realty Income Fund I, A
No-Load Limited Partnership ("Partnership") are set forth in
Exhibit 19 hereto, which statements are incorporated by reference
herein.  

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

Liquidity and Capital Resources and Results of Operations

The Partnership's liquidity and capital resources and its results
of operations are discussed in the Chairman's letter to partners
on pages 1-3 of Exhibit 19 hereto, the Partnership's Quarterly
Report to Security-Holders, which letter is hereby incorporated
by reference herein.

PART II - OTHER INFORMATION

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

    (a)  Exhibits.

         19 - Quarterly Report Furnished to Security-Holders,including Financial
              Statements of the Partnership.

         27 - Financial Data Schedule

    (b)  Reports on Form 8-K

         (1)  Report on Form 8-K dated March 10, 1997, filed
              with the Commission on March 24, 1997, relating to
              the sale of the Royal Biltmore Property.

         (2)  Report on Form 8-K dated April 11, 1997, filed
              with the Commission on April 14, 1997, relating to
              the execution of a definitive contract with
              Glenborough Realty Trust Incorporated.


All other items are omitted because they are not applicable or
the answers are none.







<PAGE>3



                            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.


                        T. ROWE PRICE REALTY INCOME FUND I,
                        A NO-LOAD LIMITED PARTNERSHIP



                        By:  T. Rowe Price Realty Income Fund I
                             Management, Inc., General Partner




Date: May 14, 1997           By:  /s/Kenneth J. Rutherford 
                                  Kenneth J. Rutherford
                                  Vice President





Date: May 14, 1997           By:  /s/Joseph P. Croteau
                                  Joseph P. Croteau
                                  Controller, Director and
                                  Principal Financial Officer
                                  for the Partnership 
                                  
                             


<PAGE>
The Quarterly Report to Limited Partners for the Quarter ended
March 31, 1997 should be inserted here.