<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 September 30, 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 NO.
                                     0-14105

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

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


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

13615 NEUTRON ROAD, DALLAS, TEXAS                                75244-4411
(Address of principal executive offices)                         (Zip Code)
</TABLE>

                                 (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>
                                                        September 30,         December 31,
                                                             2001                 2000
                                                         ------------         ------------
                                                         (unaudited)
<S>                                                      <C>                  <C>
ASSETS

Properties held for sale:
   Land                                                  $  2,187,512         $  3,427,563
   Buildings and improvements                              11,106,888           14,399,997
                                                         ------------         ------------
                                                           13,294,400           17,827,560
   Less accumulated depreciation                            5,165,305            7,334,946
                                                         ------------         ------------
     Net properties held for sale                           8,129,095           10,492,614
Cash and cash equivalents                                   1,585,116            2,174,211
Accounts receivable                                           210,526              250,095
Other assets, at cost, net of accumulated
   amortization of $446,456 and $504,409
   in 2001 and 2000, respectively                             388,501              347,435
                                                         ------------         ------------
                                                         $ 10,313,238         $ 13,264,355
                                                         ============         ============


LIABILITIES AND PARTNERS' EQUITY

Accounts payable                                         $     44,367         $     77,186
Accrued property taxes                                         77,538              160,033
Security deposits and other liabilities                       303,951              335,608
                                                         ------------         ------------
          Total liabilities                                   425,856              572,827
                                                         ------------         ------------

Minority interest in joint venture                          1,354,800            1,362,094
                                                         ------------         ------------

Partners' equity:
   General Partners:
     Capital contributions                                      1,000                1,000
     Cumulative net earnings                                  941,482              826,046
     Cumulative cash distributions                           (969,538)            (862,074)
                                                         ------------         ------------
                                                              (27,056)             (35,028)
                                                         ------------         ------------

   Limited Partners (28,227 Interests):
     Capital contributions, net of offering costs          24,570,092           24,570,092
     Cumulative net earnings                               17,330,119           16,482,217
     Cumulative cash distributions                        (33,340,573)         (29,687,847)
                                                         ------------         ------------
                                                            8,559,638           11,364,462
                                                         ------------         ------------
          Total partners' equity                            8,532,582           11,329,434
                                                         ------------         ------------
                                                         $ 10,313,238         $ 13,264,355
                                                         ============         ============
</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                 Nine Months Ended
                                                               September 30,                      September 30,
                                                       ----------------------------        ----------------------------
                                                          2001              2000              2001              2000
                                                       ----------        ----------        ----------        ----------
<S>                                                    <C>               <C>               <C>               <C>
INCOME:
   Rental                                              $  439,322        $  694,005        $1,320,786        $2,060,579
   Interest                                                15,426            59,266            83,909           152,758
   Gain on sale of property                                   -0-         1,807,693           327,383         1,807,693
   Gain on termination of lease                               -0-               -0-               -0-           898,562
                                                       ----------        ----------        ----------        ----------
                                                          454,748         2,560,964         1,732,078         4,919,592
                                                       ----------        ----------        ----------        ----------

EXPENSES:
   Depreciation                                               -0-             1,066               -0-           133,036
   Property operating                                      95,154           197,090           331,983           663,202
   General and administrative                              99,187            84,136           300,801           266,918
   Bad debts, net                                             -0-                26               -0-            12,540
                                                       ----------        ----------        ----------        ----------
                                                          194,341           282,318           632,784         1,075,696
                                                       ----------        ----------        ----------        ----------
          Earnings before minority interest               260,407         2,278,646         1,099,294         3,843,896

Minority interest in joint venture's earnings              51,954            33,928           135,956           229,554
                                                       ----------        ----------        ----------        ----------
          Net earnings                                 $  208,453        $2,244,718        $  963,338        $3,614,342
                                                       ==========        ==========        ==========        ==========

Net earnings allocated to Limited Partners             $  182,628        $1,791,126        $  847,902        $3,133,358
                                                       ==========        ==========        ==========        ==========

Basic earnings per limited partnership interest        $     6.47        $    63.46        $    30.04        $   111.01
                                                       ==========        ==========        ==========        ==========
</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>
NINE MONTHS ENDED SEPTEMBER 30, 2000:

   Balance at December 31, 1999                   $   (171,789)        $ 16,560,138         $ 16,388,349
   Net earnings                                        480,984            3,133,358            3,614,342
   Cash distributions ($52.50 per limited
     partnership interest)                             (30,243)          (1,481,918)          (1,512,161)
                                                  ------------         ------------         ------------
   Balance at September 30, 2000                  $    278,952         $ 18,211,578         $ 18,490,530
                                                  ============         ============         ============

NINE MONTHS ENDED SEPTEMBER 30, 2001:

   Balance at December 31, 2000                   $    (35,028)        $ 11,364,462         $ 11,329,434
   Net earnings                                        115,436              847,902              963,338
   Cash distributions ($129.41 per limited
     partnership interest, including
     $104.66 in distributions of net
     sales proceeds)                                  (107,464)          (3,652,726)          (3,760,190)
                                                  ------------         ------------         ------------
   Balance at September 30, 2001                  $    (27,056)        $  8,559,638         $  8,532,582
                                                  ============         ============         ============
</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>
                                                                       Nine Months Ended
                                                                         September 30,
                                                              ---------------------------------
                                                                  2001                  2000
                                                              ------------         ------------
<S>                                                           <C>                  <C>
Cash flows from operating activities:
   Net earnings                                               $    963,338         $  3,614,342
   Adjustments to reconcile net earnings to net
     cash provided by operating activities:
       Bad debts, net                                                  -0-               12,540
       Depreciation                                                    -0-              133,036
       Amortization of other assets                                 31,679               48,621
       Gain on sale of property                                   (327,383)          (1,807,693)
       Gain on termination of lease                                    -0-             (898,562)
       Proceeds from termination of lease                              -0-            2,206,834
       Minority interest in joint venture's earnings               135,956              229,554
       Change in assets and liabilities:
       Accounts receivable                                          39,569              168,376
       Other assets                                                (98,932)            (156,864)
       Accounts payable                                            (32,819)              31,639
       Accrued property taxes, security deposits and
          other liabilities                                       (114,152)            (147,547)
                                                              ------------         ------------
           Net cash provided by operating activities               597,256            3,434,276
                                                              ------------         ------------

Cash flows from investing activities:

   Additions to properties held for sale                          (291,343)            (360,528)
   Net proceeds from sale of property                            3,008,432            6,965,534
                                                              ------------         ------------
        Net cash provided by investment activities               2,717,089            6,605,006
                                                              ------------         ------------

Cash flows from financing activities:

   Distributions to minority interest in joint venture            (143,250)            (106,500)
   Cash distributions                                           (3,760,190)          (1,512,161)
                                                              ------------         ------------
       Net cash used in financing activities                    (3,903,440)          (1,618,661)
                                                              ------------         ------------

Net (decrease) increase in cash and cash equivalents              (589,095)           8,420,621
Cash and cash equivalents at beginning of period                 2,174,211            1,835,163
                                                              ------------         ------------
Cash and cash equivalents at end of period                    $  1,585,116         $ 10,255,784
                                                              ============         ============
</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
SEPTEMBER 30, 2001

1.   BASIS OF ACCOUNTING

     The 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 one remaining property until such time as this property
is sold and 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 expects 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.

     Rental income is recognized as earned under the leases. Accordingly, the
Partnership accrues rental income for the full period of occupancy using the
straight line method over the related terms. At September 30, 2001 and December
31, 2000, $95,016 and $107,083, respectively, of accounts receivable related to
such accruals.

     Other assets consist primarily of deferred leasing costs, which are
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 is 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.

     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 weighted average Limited Partnership Interests outstanding during
the period and the net earnings and cash distributions allocated to the Limited
Partners in accordance with the Partnership Agreement, as amended.


                                       6
<PAGE>
     The following information relates to estimated fair values of the
Partnership's financial instruments as of September 30, 2001 and December 31,
2000. 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.

3.   PROPERTIES HELD FOR SALE

     On May 4, 2001, the Partnership sold Castle Oaks Village, a shopping center
located in Castle Hills (San Antonio), Texas, for a sales price of $3,150,000.
After reductions for the collection of straight line rent receivable of $21,197
and sales costs of $120,371, the sale resulted in net sales proceeds to the
Partnership of $3,008,432 and a net gain of $327,383.


                                       7
<PAGE>
     The Partnership continues to own an 85% interest in Tower Place Joint
Venture, a joint venture which owns Tower Place Festival Shopping Center located
in Pineville (Charlotte), North Carolina. The remaining 15% interest in the
joint venture is owned by Murray Income Properties II, Ltd., an affiliated real
estate limited partnership. 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.

4.   GAIN ON TERMINATION OF LEASE

     On February 14, 2000, the Partnership executed a lease termination
agreement with General Cinema at Tower Place Festival Shopping Center. Pursuant
to this agreement, General Cinema paid Tower Place Joint Venture a termination
fee of $2,206,834 as consideration for the Joint Venture releasing the tenant
from its future lease obligations, including $197,957 of straight line rent
receivable. In conjunction with the termination, Tower Place Joint Venture
retired the net book value of the theater and related assets of $1,110,315,
which was demolished. The Partnership recorded a gain on termination of the
lease of $898,562 during the nine months ended September 30, 2000. Pursuant to a
lease with Bally Total Fitness Corporation dated February 14, 2000, a new Bally
facility has been constructed on the site previously occupied by the theater.
The addition of the Bally Total Fitness facility and approximately 6,500 square
feet of additional retail space are anticipated to enhance the value of the
shopping center, which is currently being marketed for sale.

5.   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 September
30, 2001 and for the three and nine months ended September 30, 2001 and 2000 has
been prepared by management without audit by independent public accountants. The
Partnership's 2000 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.

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 one remaining property until such time as this property
is sold and the Partnership is dissolved and liquidated.

     On May 4, 2001, the Partnership sold Castle Oaks for a sales price of
$3,150,000. After reductions for the collection of estimated straight line rent
receivable of $21,197 and sales costs of $120,371, the sale resulted in net
sales proceeds to the Partnership of $3,008,432 and a gain of $327,383.


                                       8
<PAGE>
     During the second quarter of 2001, two potential buyers entered into
non-binding letters of intent to purchase Tower Place and one of these resulted
in a signed contract. While the General Partners believed that these offers
represented acceptable sales prices, the prospective purchasers decided to
pursue other opportunities, and neither of the transactions closed. Management
implemented a new marketing plan which included new marketing materials and
targeting new prospective purchasers. Management did not receive any new offers
until after the September 11th terrorist attacks on the United States. Between
September 14 and September 25, 2001, the General Partners received five offers
to purchase the shopping center. All of these offers were for significantly
lower prices than the previous offers, and were for prices substantially lower
than any prior year appraisals obtained from independent appraisal firms.
Although it is impossible to predict future events, management believes that the
terrorist attacks, coupled with an already softening economy, have created
uncertainty in the marketplace that has adversely impacted the current real
estate investment market. Management believes that these five offers, all
received after September 11, reflect the desire of certain speculators to
capitalize on the uncertainty in the market and to purchase real estate at below
market prices. Therefore, management rejected the five offers and continues to
aggressively market the property with the goal of achieving a fair price
reflecting the property's tenant base and the location of the shopping center
within the Charlotte metropolitan area.

     Subsequent to the end of the third quarter of 2001, a new offer to purchase
Tower Place was received at a price the General Partners deemed acceptable, and
on October 31, 2001, the Tower Place Joint Venture entered into a non-binding
letter of intent to sell Tower Place. A formal definitive purchase agreement
must still be negotiated and executed, and a number of contingencies must be
satisfied before the property is sold. There can be no assurance that the Tower
Place Joint Venture will be able to successfully negotiate and enter into a
definitive agreement, or that Tower Place will be sold at all or under the
proposed terms in the non-binding letter of intent.

     If the Partnership is successful in selling the remaining properties, the
Partnership will be liquidated and dissolved. 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 expects 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 September 30, 2001, the Partnership had cash and cash equivalents of
$1,585,116. 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 is accrued using the
straight line method over the related lease terms. At September 30, 2001 and
December 31, 2000, there were $95,016 and $107,083, respectively, of accounts
receivable related to such accruals. Accounts receivable also consist of tenant
receivables and receivables for rent collected (but not yet remitted to the
Partnership by the property management companies). The decrease in accounts
receivable of $39,569 from December 31, 2000 to September 30, 2001 is primarily
due a decrease in tenant receivables and receivables for straight line rent
partially offset by an increase in receivables for rent collected (but not yet
remitted to the Partnership by the property management companies). As of
September 30, 2001 and December 31, 2000, the Partnership had no allowances for
uncollectible accounts receivable.


                                       9
<PAGE>
     The decrease of $82,495 in accrued property taxes from December 31, 2000 to
September 30, 2001 is primarily due to the payment of 2000 property taxes for
the Partnership's properties and the payment of 2001 property taxes on the
Castle Oaks property at closing. The decrease in security deposits and other
liabilities of $31,657 was due primarily to severance benefits paid to one
Partnership employee whose employment was terminated on February 28, 2001. The
remaining liabilities at September 30, 2001 are primarily remaining severance
benefits accrued but not yet paid.

     During the three months ended September 30, 2001, the Partnership made Cash
Distributions from Operations totaling $258,748 related to the three month
period ended June 30, 2001. Subsequent to September 30, 2001, the Partnership
made a Cash Distribution from Operations of $158,817 relating to the three
months ended September 30, 2001. The distributed funds were derived from the net
cash flow generated from operations of the Partnership's properties and from
interest earned, net of administrative expenses, on funds invested in short-term
money market instruments.

     Future liquidity is currently expected to result from cash generated from
the operations of the Partnership's remaining property (which could be affected
negatively in the event of weakened occupancies and/or rental rates), interest
earned on funds invested in short-term money market instruments and ultimately
through the sale of the Partnership's remaining property.

Results of Operations

     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 owned during the third quarter of 2001.

<TABLE>
<CAPTION>
                                                  Three Months Ended                   Nine Months Ended
                                                     September 30,                        September 30,
                                            -----------------------------         -----------------------------
                                               2001               2000               2001               2000
                                            ----------         ----------         ----------         ----------
<S>                                         <C>                <C>                <C>                <C>
Mountain View Plaza Shopping Center
   Rental income                            $      -0-         $  313,764         $    3,924         $  856,323
   Bad debt expense                                -0-                -0-                -0-                -0-
   Average occupancy                                                  100%                                  100%

Castle Oaks Village Shopping Center
   Rental income                            $      -0-         $  105,277         $  144,403         $  315,254
   Bad debt expense                                -0-                -0-                -0-              2,276
   Average occupancy                                                   84%                                   83%

Tower Place Festival Shopping Center
   Rental income                            $  439,322         $  274,964         $1,172,459         $  889,002
   Gain on termination of lease                    -0-                -0-                -0-            898,562
   Bad debt expense                                -0-                 26                -0-             10,238
   Average occupancy                                91%                77%                92%                77%
</TABLE>

     Rental income at Castle Oaks Village in Castle Hills (San Antonio), Texas
decreased $170,851 for the nine months ended September 30, 2001 as compared to
the same period in 2000 due to the fact that the property was sold on May 4,
2001. Thus, during 2001, this property reflects only four months of revenue.

     Rental income at Tower Place Festival in Pineville (Charlotte), North
Carolina increased $283,457 for the nine months ended September 30, 2001 as
compared to the same period in 2000 primarily due to higher occupancy. General
Cinema, which occupied approximately 28% of the


                                       10
<PAGE>
total leaseable space at Tower Place, terminated its lease on February 14, 2000,
after payment of approximately $2,200,000 as consideration for the termination
of its lease. The Partnership recorded a gain on termination of the lease of
$898,562. Pursuant to a lease with Bally Total Fitness Corporation signed on
February 14, 2000, a new Bally Total Fitness facility was constructed on the
site previously occupied by the theater. Bally began paying rent in April 2001
and opened for business on April 27, 2001. In addition to the Bally Total
Fitness facility, approximately 6,500 square feet of new retail space was
constructed on the site previously occupied by the theater.

     Tower Place averaged 91% occupancy during the third quarter of 2001,
unchanged from the previous quarter. A new tenant who signed a lease for 2,100
square feet during the second quarter of 2001 took occupancy of its space in
August. During the quarter, asphalt repairs were completed and the parking lot
was striped in August. Also, the pylon sign at the entrance of the shopping
center was refurbished. As of September 30, 2001, Tower Place was 97% leased.

     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.

     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, excluding the expenses incurred during the nine
months ended September 30, 2001 and September 30, 2000 from Mountain View Plaza,
which was sold on September 26, 2000, decreased $44,893 (12%) for the period
ended September 30, 2001 as compared to the same period in 2000 due to lower
operating costs at Castle Oaks. Castle Oaks' total operating expenses decreased
$64,531 (52%) primarily due to the fact that Castle Oaks was sold on May 4,
2001. Tower Place's total operating expenses increased $19,638 (8%) primarily
because of higher repair and maintenance costs, property management fees and
amortization of deferred leasing costs.

     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 Murray Income
Properties II, Ltd. ("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 on-site 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
appropriate. Furthermore, because both partnerships were active in 2000 and 2001
with sales activity ongoing, no change was made in the sharing ratio through
June of 2001. At July 1, 2001, the only remaining property owned was Tower Place
Festival, which is owned in a joint venture (Tower Place Joint Venture) owned
85% by the Partnership and 15% by MIP II. Because of the uncertainty in the real
estate market since the September 11th terrorist attack on the United States,
management believes it is likely to take longer to sell the remaining property
than was originally anticipated. Therefore, the General Partners of the
Partnership and MIP II decided to re-evaluate 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 have changed the sharing arrangement for common expenses as follows. The cost
of the asset manager will be 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 is Tower Place


                                       11
<PAGE>
Festival. All other shared costs will be shared in the ratio of 67% by the
Partnership and 33% by MIP II, effective July 1, 2001. There will be no change
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 entire holding period.

     General and administrative expenses increased $33,883 (13%) for the nine
months ended September 30, 2001 as compared to the same period in 2000 primarily
due to the increase in the Partnership's portion of shared costs 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 are effective for fiscal years beginning after
December 15, 2001. The Partnership is currently assessing the impact of such
adoption and currently believes the effect, if any, will not be material to the
Partnership's financial position or operating results.

     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 amount 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.

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

     No matters were submitted to a vote of security holders during the third
quarter of the year covered by this report through the solicitation of proxies
or otherwise.


                                       12
<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)


                                       13
<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 February
                      16, 2001 by and between the Partnership and James F.
                      Cotter. Reference is made to Exhibit 10.1 to the May 4,
                      2001, Form 8-K filed with the Securities and Exchange
                      Commission on May 17, 2001. (File No. 0-14105)

              10b     First Amendment to Purchase and Sale Agreement dated April
                      20, 2001 by and between the Partnership and James F.
                      Cotter. Reference is made to Exhibit 10.2 to the May 4,
                      2001, Form 8-K filed with the Securities and Exchange
                      Commission on May 17, 2001. (File No. 0-14105)

              10c     Assignment Agreement for Acquisition Property dated May 2,
                      2001 by and between the Partnership, James F. Cotter and
                      National Exchange Services, Inc. Reference is made to
                      Exhibit 10.3 to the May 4, 2001, Form 8-K filed with the
                      Securities and Exchange Commission on May 17, 2001. (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 September 30,
              2001:

              None


                                       14
<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:  November 12, 2001                By:    /s/ Mitchell Armstrong
                                           --------------------------------
                                             Mitchell Armstrong
                                             President and
                                             Chief Financial Officer



                                       15
<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>


                                       16
<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 February 16,
              2001 by and between the Partnership and James F. Cotter. Reference
              is made to Exhibit 10.1 to the May 4, 2001, Form 8-K filed with
              the Securities and Exchange Commission on May 17, 2001. (File No.
              0-14105)

  10b         First Amendment to Purchase and Sale Agreement dated April 20,
              2001 by and between the Partnership and James F. Cotter. Reference
              is made to Exhibit 10.2 to the May 4, 2001, Form 8-K filed with
              the Securities and Exchange Commission on May 17, 2001. (File No.
              0-14105)

  10c         Assignment Agreement for Acquisition Property dated May 2, 2001 by
              and between the Partnership, James F. Cotter and National Exchange
              Services, Inc. Reference is made to Exhibit 10.3 to the May 4,
              2001, Form 8-K filed with the Securities and Exchange Commission
              on May 17, 2001. (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>


                                       17