<PAGE>


                       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 March 31, 2002

                                                      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 NO.
                                     0-14105

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

                        MURRAY INCOME PROPERTIES I, LTD.
             (Exact Name of Registrant as Specified in its Charter)


                TEXAS                                           75-1946214
   (State or Other Jurisdiction of                           (I.R.S. Employer
   Incorporation or Organization)                           Identification No.)

13615 NEUTRON ROAD, DALLAS, TEXAS                                  75244
(Address of principal executive offices)                        (Zip Code)

                                 (972) 991-9090
               Registrant's Telephone Number, including Area Code

     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
                                   ---                  ---



                                       1
<PAGE>




PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

MURRAY INCOME PROPERTIES I, LTD.
(A LIMITED PARTNERSHIP)
AND CONSOLIDATED JOINT VENTURE
CONSOLIDATED BALANCE SHEETS

<Table>
<Caption>

                                                                                     March 31,       December 31,
                                                                                       2002               2001
                                                                                   -------------     -------------
                                                                                    (unaudited)
<S>                                                                                <C>               <C>
ASSETS

Properties held for sale (note 3):
     Land                                                                          $          -0-    $   2,187,512
     Buildings and improvements                                                               -0-       11,288,786
                                                                                   -------------     -------------
                                                                                              -0-       13,476,298
     Less accumulated depreciation                                                           (-0-)      (5,165,305)
                                                                                   -------------     -------------
       Net properties held for sale                                                           -0-        8,310,993
Cash and cash equivalents                                                             13,934,937         1,488,216
Accounts receivable                                                                       79,602           189,297
Other assets, at cost, net of accumulated
     amortization of $457,845 in
     2001                                                                                     -0-          394,726
                                                                                   -------------     -------------
                                                                                   $  14,014,539     $  10,383,232
                                                                                   =============     =============


LIABILITIES AND PARTNERS' EQUITY

Accounts payable                                                                   $      30,234     $      17,786
Accrued property taxes                                                                        -0-          103,282
Security deposits and other liabilities                                                  158,360           332,992
                                                                                   -------------     -------------
       Total liabilities                                                                 188,594           454,060
                                                                                   -------------     -------------


Minority interest in joint venture (note 3)                                            1,950,807         1,365,351
                                                                                   -------------     -------------

Partners' equity:
     General Partners:
       Capital contributions                                                               1,000             1,000
       Cumulative net earnings                                                         1,046,083           957,194
       Cumulative cash distributions                                                    (988,387)         (985,219)
                                                                                   -------------     -------------
                                                                                          58,696           (27,025)
                                                                                   -------------     -------------

Limited Partners (28,227 Interests):
     Capital contributions, net of offering costs                                     24,570,092        24,570,092
     Cumulative net earnings                                                          20,883,307        17,502,462
     Cumulative cash distributions                                                   (33,636,957)      (33,481,708)
                                                                                   -------------     -------------
                                                                                      11,816,442         8,590,846
                                                                                   -------------     -------------
         Total partners' equity                                                       11,875,138         8,563,821
                                                                                   -------------     -------------
                                                                                   $  14,014,539     $  10,383,232
                                                                                   =============     =============
</Table>

See accompanying notes to consolidated financial statements.



                                       2
<PAGE>




MURRAY INCOME PROPERTIES I, LTD.
(A LIMITED PARTNERSHIP)
AND CONSOLIDATED JOINT VENTURE
CONSOLIDATED STATEMENTS OF EARNINGS
(UNAUDITED)


<Table>
<Caption>

                                                       Three Months Ended
                                                            March 31,
                                                   ----------------------------
                                                      2002             2001
                                                   ------------    ------------
<S>                                                <C>             <C>
INCOME:
   Rental                                          $    448,237    $    434,342
   Interest                                               9,461          28,263
   Gain on sale of property (Note 3)                  3,864,490             -0-
                                                   ------------    ------------
                                                      4,322,188         462,605
                                                   ------------    ------------
EXPENSES:
   Property operating                                   107,159         122,868
   General and administrative                           115,514         110,345
                                                   ------------    ------------
                                                        222,673         233,213
                                                   ------------    ------------
          Earnings before minority interest           4,099,515         229,392

Minority interest in joint venture's earnings           629,781          35,660
                                                   ------------    ------------
          Net earnings                             $  3,469,734    $    193,732
                                                   ============    ============

Net earnings allocated to Limited Partners         $  3,380,845    $    174,359
                                                   ============    ============

Basic earnings per limited partnership interest    $     119.77    $       6.18
                                                   ============    ============
</Table>


See accompanying notes to consolidated financial statements.




                                       3
<PAGE>




MURRAY INCOME PROPERTIES I, LTD.
(A LIMITED PARTNERSHIP)
AND CONSOLIDATED JOINT VENTURE
CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' EQUITY
(UNAUDITED)

<Table>
<Caption>
                                               General          Limited
                                              Partners          Partners            Total
                                            -------------     -------------     -------------
<S>                                         <C>               <C>               <C>
THREE MONTHS ENDED MARCH 31, 2001:

   Balance at December 31, 2000             $     (35,028)    $  11,364,462     $  11,329,434
   Net earnings                                    19,373           174,359           193,732
   Cash distributions ($8.25 per limited
     Partnership interest)                        (25,875)         (232,873)         (258,748)
                                            -------------     -------------     -------------
   Balance at March 31, 2001                $     (41,530)    $  11,305,948     $  11,264,418
                                            =============     =============     =============

THREE MONTHS ENDED MARCH 31, 2002:

   Balance at December 31, 2001             $     (27,025)    $   8,590,846     $   8,563,821
   Net earnings                                    88,889         3,380,845         3,469,734
   Cash distributions ($5.50 per limited
     Partnership interest)                         (3,168)         (155,249)         (158,417)
                                            -------------     -------------     -------------
   Balance at March 31, 2002                $      58,696     $  11,816,442     $  11,875,138
                                            =============     =============     =============
</Table>


See accompanying notes to consolidated financial statements.




                                       4
<PAGE>




MURRAY INCOME PROPERTIES I, LTD.
(A LIMITED PARTNERSHIP)
AND CONSOLIDATED JOINT VENTURE
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)

<Table>
<Caption>

                                                             Three Months Ended
                                                                   March 31,
                                                          -----------------------------
                                                              2002             2001
                                                          ------------     ------------
<S>                                                       <C>              <C>
Cash flows from operating activities:
   Net earnings                                           $  3,469,734     $    193,732
   Adjustments to reconcile net earnings to net
     cash provided by operating activities:
       Amortization of other assets                             11,098           10,976
       Gain on sale of property and other assets            (3,864,490)             -0-
       Minority interest in joint venture's earnings           629,781           35,660
       Change in assets and liabilities:
       Accounts receivable                                     109,695           (8,210)
       Other assets                                            163,058            4,410
       Accounts payable                                         12,448           (5,140)
       Accrued property taxes, security deposits and
          other liabilities                                   (277,914)        (140,503)
                                                          ------------     ------------
           Net cash provided by operating activities           253,410           90,925
                                                          ------------     ------------

Cash flows from investing activities:
   Additions to properties held for sale                       (64,517)         (32,901)
   Net proceeds from sale of property and other assets      12,460,570              -0-
                                                          ------------     ------------
     Net cash provided by (used in) investing
       activities                                           12,396,053          (32,901)
                                                          ------------     ------------

Cash flows from financing activities:
   Distributions to minority interest in joint venture         (44,325)         (51,000)
   Cash distributions                                         (158,417)        (258,748)
                                                          ------------     ------------
     Net cash used in financing activities                    (202,742)        (309,748)
                                                          ------------     ------------

Net increase (decrease) in cash and cash equivalents        12,446,721         (251,724)
Cash and cash equivalents at beginning of period             1,488,216        2,174,211
                                                          ------------     ------------
Cash and cash equivalents at end of period                $ 13,934,937     $  1,922,487
                                                          ============     ============
</Table>



See accompanying notes to consolidated financial statements.



                                       5
<PAGE>




MURRAY INCOME PROPERTIES I, LTD.
(A LIMITED PARTNERSHIP)
AND CONSOLIDATED JOINT VENTURE
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
MARCH 31, 2002

1.   BASIS OF ACCOUNTING

     The unaudited consolidated financial statements include the accounts of the
Partnership and Tower Place Joint Venture (85% owned by the Partnership). All
significant intercompany balances and transactions have been eliminated in
consolidation.

     The preparation of financial statements in conformity with accounting
principles generally accepted in the United States of America 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 income and
expenses during the reporting period. Actual results could differ from those
estimates.

     On March 10, 2000, in a special meeting of the Limited Partners, the
Limited Partners approved the proposed sale of the Partnership's properties, the
subsequent dissolution and liquidation of the Partnership upon the sale of the
Partnership's last property, and an amendment to the Partnership Agreement to
permit the proposed asset sale, dissolution and liquidation on the terms set
forth in a proxy statement mailed to the Limited Partners on or about January
14, 2000. As a result, the Partnership began marketing the properties for sale
and continues to operate until such time as the Partnership is dissolved and
liquidated. Effective March 10, 2000, the Partnership's properties were reported
as properties held for sale at the lower of carrying value or fair value less
estimated cost to sell. Management of the Partnership expected no loss to result
from the sale of its properties, and no adjustment was made to account for the
reclassification to properties held for sale.

     Since the Partnership's final property was sold on March 25, 2002 (see Note
3), the Partnership will now be liquidated and dissolved as soon as practicable.

     Rental income was recognized as earned under the leases. Accordingly, the
Partnership accrued rental income for the full period of occupancy using the
straight line method over the related terms. At December 31, 2001, $99,715 of
accounts receivable related to such accruals.

     Other assets consisted primarily of deferred leasing costs, which were
amortized using the straight line method over the lives of the related leases.

     Prior to March 10, 2000, depreciation was provided over the estimated
useful lives of the respective assets using the straight line method. The
estimated useful lives of the buildings and improvements ranged from three to
twenty-five years. No depreciation was provided on properties held for sale
after March 10, 2000, the date on which the Partnership changed the
classification of its properties to properties held for sale.

     In August 2001, the Financial Accounting Standards Board ("FASB") issued
Statement of Financial Accounting Standards No. 144 "Accounting for the
Impairment or Disposal of Long-Lived Assets" (SFAS 144), establishing financial
accounting and reporting for the impairment or disposal of long-lived assets.
The provisions of SFAS 144 were effective for the Partnership beginning after
January 1, 2002. The implementation of SFAS 144 on January 1, 2002 had no effect
on the Partnership's consolidated financial position or results of operations as
the Partnership's remaining property was held for sale prior to the effective
date of SFAS 144.




                                       6
<PAGE>




     No provision for income taxes has been made as the liabilities for such
taxes are those of the individual Partners rather than the Partnership. The
Partnership files its tax return on the accrual basis used for Federal income
tax purposes.

     Basic earnings and cash distributions per limited partnership interest are
based upon the Limited Partnership Interests outstanding during the year and the
net earnings and cash distributions allocated to the Limited Partners in
accordance with the Partnership Agreement, as amended. Basic earnings per
Limited Partnership Interest is based on year-end partnership interests
outstanding as there has been no change in partnership interests in any period
included in these financial statements. There are no dilutive potential
partnership interests and, therefore, there is no difference in basic earnings
per Limited Partner Interest and diluted earnings per Limited Partner Interests.

     The following information relates to estimated fair values of the
Partnership's financial instruments as of March 31, 2002 and December 31, 2001.
For cash and cash equivalents, accounts receivable, accounts payable, accrued
property taxes payable and security deposits, the carrying amounts approximate
fair value because of the short maturity of these instruments.

2.   PARTNERSHIP AGREEMENT

     Pursuant to the terms of the Partnership Agreement, Cash Distributions from
Operations ("Operating Distributions") are allocated and paid 7% to the
Non-corporate General Partner, 3% to the Corporate General Partner and 90% to
the Limited Partners. An amount equal to 5% of Operating Distributions out of
the 7% allocated to the Non-corporate General Partner and the entire amount of
Operating Distributions allocated to the Corporate General Partner is
subordinated to the prior receipt by the Limited Partners of a non-cumulative 7%
annual return from either Operating Distributions or Cash Distributions from
Sales or Refinancings. Net profits or losses, excluding gain or loss from sales
or refinancing, are allocated to the General Partners and Limited Partners in
the same proportions as the Operating Distributions for the year. Cash
distributions from the sale or refinancing of a property are allocated as
follows:

(a)    First, all Cash Distributions from Sales or Refinancings shall be
       allocated 99% to the Limited Partners and 1% to the Non-corporate General
       Partner until the Limited Partners have been returned their original
       invested Capital from Cash Distributions from Sales or Refinancings, plus
       their Preferred Return from Cash Distributions from Operations or Cash
       Distributions from Sales or Refinancings, or both.

(b)    Next, all Cash Distributions from Sales or Refinancings shall be
       allocated 1% to the Non-corporate General Partner and 99% to the Limited
       Partners and the General Partners. Such 99% will be allocated (i) first
       to the Corporate General Partner in an amount equal to any unpaid Cash
       Distributions from Operations subordinated to the Limited Partners' 7%
       non-cumulative annual return and (ii) thereafter, 80% to the Limited
       Partners and 20% to the General Partners.

       Cash Distributions from Sales or Refinancings (other than the 1% of Cash
       Distributions from Sales or Refinancings payable to the Non-corporate
       General Partner) payable to the General Partners shall be allocated 62
       1/2% to the Non-corporate General Partner and 37 1/2% to the Corporate
       General Partner.

(c)    Upon the sale of the last property owned by the Partnership, Cash
       Distributions from Sales or Refinancings shall be allocated and paid to
       the Partners in an amount equal to, and in proportion with, their
       existing capital account balances. Such distributions shall be made only
       after distribution of all Cash Distributions from Operations and only
       after all allocations of Partnership income, gain, loss, deduction and
       credit (including net gain from the sale or other disposition of the
       properties) have been closed to the Partners' respective capital
       accounts.



                                       7
<PAGE>

3.   PROPERTIES HELD FOR SALE

     On March 25, 2002, Tower Place Joint Venture sold Tower Place Festival, a
shopping center located in Pineville (Charlotte), North Carolina, for a sales
price of $13,050,000. After reductions for the collection of straight line rent
receivable of $108,593 and sale costs and transfer taxes totaling $480,837, the
sale resulted in net sales proceeds to Tower Place Joint Venture of $12,460,570
and a net gain of $3,864,490. The Tower Place Joint Venture Agreement provides
that the Partnership will share profits, losses, and cash distributions
according to the Partnership's 85% ownership interest in the joint venture.
Thus, the Partnership realized $10,591,485 in net sales proceeds and $3,284,816
in net gain. The remaining 15% interest is owned by Murray Income Properties II,
Ltd. ("MIP II"), a partnership whose general partners are affiliates of the
Partnership's General Partners.

4.   OTHER

     Information furnished in this interim report reflects all adjustments
consisting of normal recurring adjustments, which, in the opinion of management,
are necessary to reflect a fair presentation of the results for the periods
presented.

     The financial information included in this interim report as of March 31,
2002 and for the three months ended March 31, 2002 and 2001 has been prepared by
management without audit by independent certified public accountants. The
Partnership's 2001 annual report contains audited consolidated financial
statements including the notes to the consolidated financial statements and
should be read in conjunction with the financial information contained in this
interim report.

5.   GENERAL AND ADMINISTRATIVE EXPENSES

     General and administrative expenses incurred are related to legal and
accounting costs, rent, investor services costs, salaries and benefits and
various other costs required for the administration of the Partnership,
including reimbursements of shared direct operating costs to MIP II. The
Partnership and MIP II entered into the sharing arrangement relating to shared
operating costs in 1990 in conjunction with the changeover to self management.
The cost sharing arrangement was based upon the amount of capital raised by each
partnership, the number of investors, the nature and value of their respective
properties, the time and responsibility involved in supervising the onsite
property managers and other factors. It was agreed at that time that if there
was a significant change in the business, affairs or operations of either
partnership, then the two partnerships would agree to a change in the percentage
allocated to the two partnerships in a manner that the respective General
Partners believe is fair, just and equitable to each partnership. From 1990
through 2000, this original sharing ratio was consistently applied. Furthermore,
because both partnerships were active in 2000 and 2001 with sales activity
ongoing, no change was made in the sharing ratio through June 2001. On July 1,
2001, the only remaining property owned was Tower Place Festival, which was
owned in a joint venture (Tower Place Joint Venture) owned 85% by the
Partnership and 15% by MIP II. Therefore, the General Partners of the
Partnership and MIP II decided to reevaluate the expense sharing relationship
for shared expenses. Based on a review of the remaining outstanding capital (net
of retained net sale proceeds to be distributed prior to liquidation) and the
other factors described above, the General Partners of the Partnership and MIP
II changed the sharing arrangement for common expenses as follows. The costs of
the asset manager were shared 85% by the Partnership and 15% by MIP II,
effective May 1, 2001, since after the sale of Castle Oaks, the only property
owned by either partnership was Tower Place Festival. All other shared costs



                                       8
<PAGE>





were shared in the ratio of 67% by the Partnership and 33% by MIP II, effective
July 1, 2001. There were no changes in the partnerships' sharing of any
severance benefits paid (57% by the Partnership and 53% by MIP II), since these
costs are in recognition of the employees' service to the partnerships during
the life of the respective partnerships. Amounts reimbursed for the three months
ended March 31, 2002 and 2001 totaled $152,739 and $64,668, respectively.


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

Liquidity and Capital Resources

     On March 10, 2000, in a special meeting of the Limited Partners, the
Limited Partners approved the proposed sale of the Partnership's properties, the
subsequent dissolution and liquidation of the Partnership upon the sale of the
Partnership's last property, and an amendment to the Partnership Agreement to
permit the proposed asset sale, dissolution and liquidation on the terms set
forth in a proxy statement mailed to the Limited Partners on or about January
14, 2000. As a result, the Partnership began marketing the properties for sale
and continues to operate until such time as the Partnership is dissolved and
liquidated.

     On March 25, 2002, Tower Place Joint Venture sold Tower Place Festival, a
shopping center located in Pineville (Charlotte), North Carolina, for a sales
price of $13,050,000. After reductions for the collection of straight line rent
receivable of $108,593 and sale costs and transfer taxes totaling $480,837, the
sale resulted in net sales proceeds to Tower Place Joint Venture of $12,460,570
and a net gain of $3,864,490. The Tower Place Joint Venture Agreement provides
that the Partnership will share profits, losses, and cash distributions
according to the Partnership's 85% ownership interest in the joint venture.
Thus, the Partnership realized $10,591,485 in net sales proceeds and $3,284,816
in net gain. The remaining 15% interest is owned by Murray Income Properties II,
Ltd. ("MIP II"), a partnership whose general partners are affiliates of the
Partnership's General Partners.

     Since the Partnership's final property has been sold, the Partnership will
now be liquidated and dissolved as soon as practicable.

     Effective March 10, 2000, the Partnership's properties were reported as
properties held for sale at the lower of carrying value or fair value less
estimated cost to sell. Management of the Partnership expected no loss to result
from the sale of its properties, and no adjustment was made to account for the
reclassification to properties held for sale.

     As of March 31, 2002, the Partnership had cash and cash equivalents of
$13,934,937. Such amounts represent cash generated from operations, sales of
properties held for sale and working capital reserves.

     Rental income from leases with escalating rental rates was accrued using
the straight line method over the related lease terms. At December 31, 2001,
there were $99,715 of accounts receivable related to such accruals. Accounts
receivable also consist of tenant receivables, receivables for rent collected
(but not yet remitted to the Partnership by the property management companies),
and interest receivable on short-term investments. The decrease in accounts
receivable of $109,695 from December 31, 2001 to March 31, 2002 is primarily due
to a decrease in straight line rent receivable from the sale of the property and
a decrease in receivables for rent collected (but not yet remitted to the
Partnership by the property management companies). As of March 31, 2002 and
December 31, 2001, the Partnership had no allowances for uncollectible accounts
receivable.

     The decrease of $103,282 in accrued property taxes from December 31, 2001
to March 31, 2002 is primarily due to the payment of property taxes upon the
sale of Tower Place. The



                                       9
<PAGE>

decrease in security deposits and other liabilities of $174,632 was due
primarily to severance benefits paid to one Partnership employee on March 31,
2002 and to the payment of security deposits to the purchaser of Tower Place.
The remaining other liability amount at March 31, 2002, consists primarily of
severance benefits to be paid to the remaining two employees.

     During the three months ended March 31, 2002, the Partnership made Cash
Distributions from Operations totaling $158,417 related to the three month
period ended December 31, 2001. Subsequent to March 31, 2002, the Partnership
will distribute all remaining cash from operations (after provision for all
Partnership liquidation and dissolution costs) and cash from property sales. Any
North Carolina state income taxes required to be paid on behalf of the partners
in connection with the operation and sale of Tower Place Joint Venture will be
withheld from the final distribution. Also, 2% of the original equity invested
in the Partnership ($564,540) will be withheld from the distribution of net
property sale proceeds to fund a special liquidating trust formed to meet any
contingent liabilities which may arise after the liquidation and dissolution of
the Partnership. This liquidating trust will hold the funds for three years
after the liquidation and dissolution of the Partnership. Any remaining assets
of the liquidating trust will be distributed to the beneficiaries (the former
limited partners of the Partnership) at the end of the three year period.

Results of Operations

     Rental income increased $13,895 for the three months ended March 31, 2002
as compared to the same period in 2001. The following information details the
rental income generated, bad debt expense incurred, and average occupancy for
the periods shown for each of the Partnership's properties that were held at any
time during 2001 and 2002.


<Table>
<Caption>

                                                                 Three Months Ended
                                                                       March 31,
                                                             -----------------------------
                                                                2002              2001
                                                             ------------     ------------
<S>                                                          <C>              <C>
Mountain View Plaza Shopping Center (sold 09/22/2000)
and Castle Oaks Village Shopping Center (sold 05/04/2001)
   Rental income                                             $        -0-     $    107,645

Tower Place Festival Shopping Center
   Rental income (sold 03/25/2002)                           $    448,237     $    326,697
   Average occupancy                                                   97%              94%
</Table>

     Rental income at Tower Place Festival in Pineville (Charlotte), North
Carolina increased $121,540 for the three months ended March 31, 2002 as
compared to the same period in 2001, primarily due to the fact that the 25,637
square foot Bally Total Fitness facility and the 6,470 square feet of shop space
adjacent to the Bally facility were leased or were available for lease during
the three months ended March 31, 2002 and were under construction and thus not
available for lease during the same period in 2001.

     Property operating expenses consist primarily of real estate taxes,
property management fees, insurance costs, utility costs, repair and maintenance
costs, leasing and promotion costs, and amortization of deferred leasing costs.
Property operating expenses decreased $15,709 for the quarter ended March 31,
2002 as compared to the prior quarter due to lower operating costs at Castle
Oaks. Castle Oaks' total operating expenses decreased $35,109 due to the fact
that the property was sold on May 4, 2001. Tower Place's total operating
expenses increased $19,400 (22%) as a result of higher amortization of deferred
leasing costs, property management fees and legal costs partially offset by
lower utilities, real estate taxes and repair and maintenance costs.




                                       10
<PAGE>




     General and administrative expenses incurred are related to legal and
accounting costs, rent, investor services costs, salaries and benefits and
various other costs required for the administration of the Partnership,
including reimbursements of shared direct operating costs to MIP II. The
Partnership and MIP II entered into the sharing arrangement relating to shared
operating costs in 1990 in conjunction with the changeover to self management.
The cost sharing arrangement was based upon the amount of capital raised by each
partnership, the number of investors, the nature and value of their respective
properties, the time and responsibility involved in supervising the onsite
property managers and other factors. It was agreed at that time that if there
was a significant change in the business, affairs or operations of either
partnership, then the two partnerships would agree to a change in the percentage
allocated to the two partnerships in a manner that the respective General
Partners believe is fair, just and equitable to each partnership. From 1990
through 2000, this original sharing ratio was consistently applied. Furthermore,
because both partnerships were active in 2000 and 2001 with sales activity
ongoing, no change was made in the sharing ratio through June 2001. On July 1,
2001, the only remaining property owned was Tower Place Festival, which was
owned in a joint venture (Tower Place Joint Venture) owned 85% by the
Partnership and 15% by MIP II. Therefore, the General Partners of the
Partnership and MIP II decided to reevaluate the expense sharing relationship
for shared expenses. Based on a review of the remaining outstanding capital (net
of retained net sale proceeds to be distributed prior to liquidation) and the
other factors described above, the General Partners of the Partnership and MIP
II changed the sharing arrangement for common expenses as follows. The costs of
the asset manager were shared 85% by the Partnership and 15% by MIP II,
effective May 1, 2001, since after the sale of Castle Oaks, the only property
owned by either partnership was Tower Place Festival. All other shared costs
were shared in the ratio of 67% by the Partnership and 33% by MIP II, effective
July 1, 2001. There were no changes in the partnerships' sharing of any
severance benefits paid (47% by the Partnership and 53% by MIP II), since these
costs are in recognition of the employees' service to the partnerships during
the life of the respective partnerships. Amounts reimbursed for the three months
ended March 31, 2002 and 2001 totaled $152,739 and $64,668, respectively.

     General and administrative expenses increased $5,169 (5%) for the quarter
ended March 31, 2002 as compared to the quarter ended March 31, 2001 due to
increases in shared expenses described above.

     In August 2001, the Financial Accounting Standards Board ("FASB") issued
Statement of Financial Accounting Standards No. 144 "Accounting for the
Impairment or Disposal of Long-Lived Assets" (SFAS 144), establishing financial
accounting and reporting for the impairment or disposal of long-lived assets.
The provisions of SFAS 144 were effective for the Partnership beginning January
1, 2002. The implementation of SFAS 144 on January 1, 2002 had no effect on the
Partnership's financial position or results of operations as the Partnership's
remaining property was held for sale prior to the effective date of SFAS 144.

     Words or phrases when used in the Form 10-Q or other filings with the
Securities and Exchange Commission, such as "does not believe" and "believes" or
similar expressions, are intended to identify "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act of 1995.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKS

     The Partnership's financial instruments consist of cash and cash
equivalents, accounts receivable, accounts payable, accrued property taxes
payable and security deposits. The carrying amounts of these instruments
approximate fair value due to the short term nature of these instruments.
Therefore, the Partnership believes it is relatively unaffected by interest rate
changes or other market risks except for the potential increase or decrease in
interest income from its funds invested in short term money market funds.




                                       11
<PAGE>






PART II.  OTHER INFORMATION

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

     (a)  Exhibits:

          2a   Proxy Statement pursuant to Section 14(a) of the Securities
               Exchange Act of 1934. Reference is made to the Partnership's
               Schedule 14A, filed with the Securities and Exchange Commission
               on January 13, 2000. (File No. 0-14105)

          2b   Definitive Soliciting Additional Materials to Proxy Statement
               pursuant to Section 14(a) of the Securities Exchange Act of 1934.
               Reference is made to the Partnership's Schedule 14A, filed with
               the Securities and Exchange Commission on February 9, 2000. (File
               No. 0-14105)

          2c   Definitive Soliciting Additional Materials to Proxy Statement
               pursuant to Section 14(a) of the Securities Exchange Act of 1934.
               Reference is made to the Partnership's Schedule 14A, filed with
               the Securities and Exchange Commission on February 23, 2000.
               (File No. 0-14105)

          3a   Agreement of Limited Partnership of Murray Income Properties
               Ltd.-84. Reference is made to Exhibit A of the Prospectus dated
               May 31, 1984 contained in Amendment No. 2 to Partnership's Form
               S-11 Registration Statement. (File No. 2-90016)

          3b   Amended and Restated Certificate and Agreement of Limited
               Partnership dated as of May 23, 1984. Reference is made to
               Exhibit 3b to the 1989 Annual Report on Form 10-K filed with the
               Securities and Exchange Commission on March 31, 1990. (File No.
               0-14105)

          3c   Amended and Restated Certificate and Agreement of Limited
               Partnership dated as of June 25, 1984. Reference is made to
               Exhibit 3c to the 1989 Annual Report on Form 10-K filed with the
               Securities and Exchange Commission on March 31, 1990. (File No.
               0-14105)

          3d   Amended and Restated Certificate and Agreement of Limited
               Partnership dated as of November 27, 1984. Reference is made to
               Exhibit 3d to the 1989 Annual Report on Form 10-K filed with the
               Securities and Exchange Commission on March 31, 1990. (File No.
               0-14105)

          3e   Amended and Restated Certificate and Agreement of Limited
               Partnership dated as of April 1, 1985. Reference is made to
               Exhibit 3e to the 1989 Annual Report on Form 10-K filed with the
               Securities and Exchange Commission on March 31, 1990. (File No.
               0-14105)

          3f   Amended and Restated Certificate and Agreement of Limited
               Partnership dated as of November 15, 1989. Reference is made to
               Exhibit 3f to the 1989 Annual Report on Form 10-K filed with the
               Securities and Exchange Commission on March 31, 1990. (File No.
               0-14105)




                                       12
<PAGE>




          3g   Amended and Restated Certificate and Agreement of Limited
               Partnership dated as of January 10, 1990. Reference is made to
               Exhibit 3g to the 1989 Annual Report on Form 10-K filed with the
               Securities and Exchange Commission on March 31, 1990. (File No.
               0-14105)

          3h   Amendment to Amended and Restated Certificate and Agreement of
               Limited Partnership, dated March 22, 2000. Reference is made to
               Exhibit 3h to the 1999 Annual Report on Form 10-K filed with the
               Securities and Exchange Commission on March 27, 2000. (File No.
               0-14105)

          10a  Purchase and Sale Agreement dated effective as of January 2, 2002
               by and between Tower Place Joint Venture and Tisano Realty, Inc.
               Reference is made to Exhibit 10p to the 2001 Annual Report on
               Form 10-K filed with the Securities and Exchange Commission on
               March 22, 2002. (File No. 0-14105)

          10b  First Amendment to Purchase and Sale Agreement effective as of
               February 1, 2002 by and between Tower Place Joint Venture and
               Tisano Realty, Inc. Reference is made to Exhibit 10q to the 2001
               Annual Report on Form 10-K filed with the Securities and Exchange
               Commission on March 22, 2002. (File No. 0-14105)

          10c  Second Amendment to Purchase and Sale Agreement effective as of
               February 14, 2002 by and between Tower Place Joint Venture and
               Tisano Realty, Inc. Reference is made to Exhibit 10r to the 2001
               Annual Report on Form 10-K filed with the Securities and Exchange
               Commission on March 22, 2002. (File No. 0-14105)

          10d  Assignment of Purchase and Sale Contract dated March 20, 2002 by
               and between Tower Place Joint Venture, Tisano Realty, Inc. and
               Investment Property Exchange Services, Inc. Reference is made to
               Exhibit 10.4 to the March 25, 2002 Form 8-K filed with the
               Securities and Exchange Commission on April 9, 2002. (File No.
               0-14105)

          99a  Glossary, as contained in the Prospectus dated May 31, 1984 filed
               as part of Amendment No. 2 to Registrant's Form S-11 Registration
               Statement. (File No. 2-90016) Filed herewith.

          99b  Article XIII of the Agreement of Limited Partnership as contained
               in the Prospectus dated May 31, 1984 filed as part of Amendment
               No. 2 to Registrant's Form S-11 Registration Statement. (File No.
               2-90016) Filed herewith.

          99c  Amendment number nine to the Agreement of Limited Partnership
               contained in the Proxy Statement dated October 11, 1989. Filed
               herewith.

          99d  Management Compensation as contained in the Prospectus (Pages 10
               through 17) dated May 31, 1984 filed as part of Amendment No. 2
               to Registrant's Form S-11 Registration Statement. (File No.
               2-90016) Filed herewith.

     (b)  Reports on Form 8-K filed during the quarter ended March 31, 2002:

               Form 8-K, reporting under Item 2, the sale of Tower Place
               Festival Shopping Center in Pineville (Charlotte), North
               Carolina, on March 25, 2002, filed with the Securities and
               Exchange Commission on April 9, 2002.



                                       13
<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.

                                         MURRAY INCOME PROPERTIES I, LTD.

                                         By: Murray Realty Investors VIII, Inc.
                                             a General Partner



Date:  May 13, 2002                      By:    /s/ Mitchell Armstrong
                                            ------------------------------------
                                              Mitchell Armstrong
                                              President and
                                              Chief Financial Officer



                                       14
<PAGE>




                                INDEX TO EXHIBITS

<Table>
<Caption>

EXHIBIT
NUMBER        DESCRIPTION
-------       -----------
<S>           <C>

     2a   Proxy Statement pursuant to Section 14(a) of the Securities Exchange
          Act of 1934. Reference is made to the Partnership's Schedule 14A,
          filed with the Securities and Exchange Commission on January 13, 2000.
          (File No. 0-14105)

     2b   Definitive Soliciting Additional Materials to Proxy Statement pursuant
          to Section 14(a) of the Securities Exchange Act of 1934. Reference is
          made to the Partnership's Schedule 14A, filed with the Securities and
          Exchange Commission on February 9, 2000. (File No. 0-14105)

     2c   Definitive Soliciting Additional Materials to Proxy Statement pursuant
          to Section 14(a) of the Securities Exchange Act of 1934. Reference is
          made to the Partnership's Schedule 14A, filed with the Securities and
          Exchange Commission on February 23, 2000. (File No. 0-14105)

     3a   Agreement of Limited Partnership of Murray Income Properties Ltd.-84.
          Reference is made to Exhibit A of the Prospectus dated May 31, 1984
          contained in Amendment No. 2 to Partnership's Form S-11 Registration
          Statement. (File No. 2-90016)

     3b   Amended and Restated Certificate and Agreement of Limited Partnership
          dated as of May 23, 1984. Reference is made to Exhibit 3b to the 1989
          Annual Report on Form 10-K filed with the Securities and Exchange
          Commission on March 31, 1990. (File No. 0-14105)

     3c   Amended and Restated Certificate and Agreement of Limited Partnership
          dated as of June 25, 1984. Reference is made to Exhibit 3c to the 1989
          Annual Report on Form 10-K filed with the Securities and Exchange
          Commission on March 31, 1990. (File No. 0-14105)

     3d   Amended and Restated Certificate and Agreement of Limited Partnership
          dated as of November 27, 1984. Reference is made to Exhibit 3d to the
          1989 Annual Report on Form 10-K filed with the Securities and Exchange
          Commission on March 31, 1990. (File No. 0-14105)

     3e   Amended and Restated Certificate and Agreement of Limited Partnership
          dated as of April 1, 1985. Reference is made to Exhibit 3e to the 1989
          Annual Report on Form 10-K filed with the Securities and Exchange
          Commission on March 31, 1990. (File No. 0-14105)

     3f   Amended and Restated Certificate and Agreement of Limited Partnership
          dated as of November 15, 1989. Reference is made to Exhibit 3f to the
          1989 Annual Report on Form 10-K filed with the Securities and Exchange
          Commission on March 31, 1990. (File No. 0-14105)

     3g   Amended and Restated Certificate and Agreement of Limited Partnership
          dated as of January 10, 1990. Reference is made to Exhibit 3g to the
          1989 Annual Report on Form 10-K filed with the Securities and Exchange
          Commission on March 31, 1990. (File No. 0-14105)
</Table>



                                       15
<PAGE>


<Table>
<S>       <C>
     3h   Amendment to Amended and Restated Certificate and Agreement of Limited
          Partnership, dated March 22, 2000. Reference is made to Exhibit 3h to
          the 1999 Annual Report on Form 10-K filed with the Securities and
          Exchange Commission on March 27, 2000. (File No. 0-14105)

     10a  Purchase and Sale Agreement dated effective as of January 2, 2002 by
          and between Tower Place Joint Venture and Tisano Realty, Inc.
          Reference is made to Exhibit 10p to the 2001 Annual Report on Form
          10-K filed with the Securities and Exchange Commission on March 22,
          2002. (File No. 0-14105)

     10b  First Amendment to Purchase and Sale Agreement effective as of
          February 1, 2002 by and between Tower Place Joint Venture and Tisano
          Realty, Inc. Reference is made to Exhibit 10q to the 2001 Annual
          Report on Form 10-K filed with the Securities and Exchange Commission
          on March 22, 2002. (File No. 0-14105)

     10c  Second Amendment to Purchase and Sale Agreement effective as of
          February 14, 2002 by and between Tower Place Joint Venture and Tisano
          Realty, Inc. Reference is made to Exhibit 10r to the 2001 Annual
          Report on Form 10-K filed with the Securities and Exchange Commission
          on March 22, 2002. (File No. 0-14105)

     10d  Assignment of Purchase and Sale Contract dated March 20, 2002 by and
          between Tower Place Joint Venture, Tisano Realty, Inc. and Investment
          Property Exchange Services, Inc. Reference is made to Exhibit 10.4 to
          the March 25, 2002 Form 8-K filed with the Securities and Exchange
          Commission on April 9, 2002. (File No. 0-14105)

     99a  Glossary, as contained in the Prospectus dated May 31, 1984 filed as
          part of Amendment No. 2 to Registrant's Form S-11 Registration
          Statement. (File No. 2-90016) Filed herewith.

     99b  Article XIII of the Agreement of Limited Partnership as contained in
          the Prospectus dated May 31, 1984 filed as part of Amendment No. 2 to
          Registrant's Form S-11 Registration Statement. (File No. 2-90016)
          Filed herewith.

     99c  Amendment number nine to the Agreement of Limited Partnership
          contained in the Proxy Statement dated October 11, 1989. Filed
          herewith.

     99d  Management Compensation as contained in the Prospectus (Pages 10
          through 17) dated May 31, 1984 filed as part of Amendment No. 2 to
          Registrant's Form S-11 Registration Statement. (File No. 2-90016)
          Filed herewith.
</Table>