<PAGE>   1


                       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, 2000
                                                            --------------------
                                       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.)

5550 LBJ FREEWAY, SUITE 675, DALLAS, TEXAS                         75240
 (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
                                     ---    ---


<PAGE>   2


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,
                                                          2000              1999
                                                      ------------      ------------
                                                       (unaudited)
<S>                                                   <C>               <C>
ASSETS

Properties held for sale
   Land                                               $  6,232,801      $  6,232,801
   Buildings and improvements                           18,147,298        20,490,165
                                                      ------------      ------------
                                                        24,380,099        26,722,966
   Less accumulated depreciation                        10,300,267        11,446,824
                                                      ------------      ------------
     Net properties held for sale                       14,079,832        15,276,142
Cash and cash equivalents                                3,826,463         1,835,163
Accounts receivable, net of allowances
   of $16,806 and $6,568, in 2000 and 1999,
   respectively                                            409,990           635,472
Other assets, at cost, net of accumulated
   amortization of $654,828 and $636,144
   in 2000 and 1999, respectively                          350,179           293,169
                                                      ------------      ------------
                                                      $ 18,666,464      $ 18,039,946
                                                      ============      ============


LIABILITIES AND PARTNERS' EQUITY

Accounts payable                                      $     38,702      $     34,880
Accrued property taxes                                     124,059           213,431
Security deposits                                          161,454           165,484
                                                      ------------      ------------
          Total liabilities                                324,215           413,795
                                                      ------------      ------------

Minority interest in joint venture                       1,349,675         1,237,802
                                                      ------------      ------------

Partners' equity:
   General Partners:
     Capital contributions                                   1,000             1,000
     Cumulative net earnings                               283,898           263,173
     Cumulative cash distributions                        (444,603)         (435,962)
                                                      ------------      ------------
                                                          (159,705)         (171,789)
                                                      ------------      ------------

   Limited Partners (28,227 Interests):
     Capital contributions, net of offering costs       24,570,092        24,570,092
     Cumulative net earnings                            14,367,770        13,352,224
     Cumulative cash distributions                     (21,785,583)      (21,362,178)
                                                      ------------      ------------
                                                        17,152,279        16,560,138
                                                      ------------      ------------
          Total partners' equity                        16,992,574        16,388,349
                                                      ------------      ------------
                                                      $ 18,666,464      $ 18,039,946
                                                      ============      ============
</TABLE>


See accompanying notes to consolidated financial statements.


                                       2
<PAGE>   3


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

<TABLE>
<CAPTION>
                                                        Three Months Ended
                                                            March 31,
                                                    -------------------------
                                                       2000           1999
                                                    ----------     ----------
<S>                                                 <C>            <C>
INCOME:
   Rental                                           $  730,331     $  831,605
   Interest                                             38,525         21,342
   Gain on termination of lease                        898,562            -0-
                                                    ----------     ----------
                                                     1,667,418        852,947
                                                    ----------     ----------
EXPENSES:
   Depreciation                                        130,903        206,713
   Property operating                                  217,731        202,951
   General and administrative                          110,902        102,428
   Bad debts (recoveries), net                          10,238            (72)
                                                    ----------     ----------
                                                       469,774        512,020
                                                    ----------     ----------
          Earnings before minority interest          1,197,644        340,927

Minority interest in joint venture's earnings          161,373         36,862
                                                    ----------     ----------
          Net earnings                              $1,036,271     $  304,065
                                                    ==========     ==========

Basic earnings per limited partnership interest     $    35.98     $    10.56
                                                    ==========     ==========
</TABLE>


See accompanying notes to consolidated financial statements.


                                       3
<PAGE>   4


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

<TABLE>
<CAPTION>
                                         General           Limited
                                         Partners          Partners            Total
                                       ------------      ------------      ------------
<S>                                    <C>               <C>               <C>
THREE MONTHS ENDED MARCH 31, 1999:

   Balance at December 31, 1998        $   (160,476)     $ 17,114,473      $ 16,953,997
   Net earnings                               6,081           297,984           304,065
   Cash distributions                        (8,641)         (423,405)         (432,046)
                                       ------------      ------------      ------------
   Balance at March 31, 1999           $   (163,036)     $ 16,989,052      $ 16,826,016
                                       ============      ============      ============


THREE MONTHS ENDED MARCH 31, 2000:

   Balance at December 31, 1999        $   (171,789)     $ 16,560,138      $ 16,388,349
   Net earnings                              20,725         1,015,546         1,036,271
   Cash distributions                        (8,641)         (423,405)         (432,046)
                                       ------------      ------------      ------------
   Balance at March 31, 2000           $   (159,705)     $ 17,152,279      $ 16,992,574
                                       ============      ============      ============
</TABLE>


See accompanying notes to consolidated financial statements.


                                       4
<PAGE>   5


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

<TABLE>
<CAPTION>
                                                               Three Months Ended
                                                                    March 31,
                                                           ----------------------------
                                                              2000             1999
                                                           -----------      -----------
<S>                                                        <C>              <C>
Cash flows from operating activities:
   Net earnings                                            $ 1,036,271      $   304,065
   Adjustments to reconcile net earnings to net
     cash provided by operating activities:
       Bad debts (recoveries), net                              10,238              (72)
       Depreciation                                            130,903          206,713
       Amortization of other assets                             18,684           16,683
       Gain on termination of lease                           (898,562)             -0-
       Proceeds from termination of lease                    2,206,834              -0-
       Minority interest in joint venture's earnings           161,373           36,862
       Change in assets and liabilities:
         Accounts receivable                                    17,287         (112,630)
         Other assets                                          (75,694)           1,354
         Accounts payable                                        3,822           12,163
         Accrued property taxes and security deposits          (93,402)         (82,972)
                                                           -----------      -----------
           Net cash provided by operating activities         2,517,754          382,166
                                                           -----------      -----------

Cash flows from investing activities -
   Additions to investment properties                          (44,908)         (10,506)
                                                           -----------      -----------

Cash flows from financing activities:
   Distributions to minority interest in joint venture         (49,500)         (55,050)
   Cash distributions                                         (432,046)        (432,046)
                                                           -----------      -----------
           Net cash used in financing activities              (481,546)        (487,096)
                                                           -----------      -----------

Net increase (decrease) in cash and cash equivalents         1,991,300         (115,436)
Cash and cash equivalents at beginning of period             1,835,163        1,808,765
                                                           -----------      -----------
Cash and cash equivalents at end of period                 $ 3,826,463      $ 1,693,329
                                                           ===========      ===========
</TABLE>


See accompanying notes to consolidated financial statements.


                                       5
<PAGE>   6
MURRAY INCOME PROPERTIES I, LTD.
(A LIMITED PARTNERSHIP)
AND CONSOLIDATED JOINT VENTURE
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 2000

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 generally
accepted accounting principles 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 Partnership, the Limited
Partners approved the proposed sale of the Partnership's properties, in one or a
series of sale transactions (which may include one or more properties owned by
Murray Income Properties II, Ltd. ("MIP II"), an affiliate of the Partnership
under joint management), 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 has begun
marketing the properties for sale, and after the sale of the last property and
the winding up of all other business affairs, the Partnership will be
liquidated. Effective March 10, 2000, the Partnership's properties are reported
as "Properties held for sale" at the lower of carrying value or fair value less
cost to sell. Management of the Partnership expects no loss to result from the
sale of 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 March 31, 2000 and December 31,
1999, $220,259 and $414,813, 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.

     Depreciation, prior to March 10, 2000, 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 range 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 limited partnership interests outstanding at period-end and the
net earnings and cash distributions allocated to the Limited Partners in
accordance with the Partnership Agreement, as amended.


                                       6
<PAGE>   7


     For purposes of reporting cash flows, the Partnership considers all
certificates of deposit and highly liquid debt instruments with original
maturities of three months or less to be cash equivalents.

     The following information relates to estimated fair values of the
Partnership's financial instruments as of March 31, 2000 and December 31, 1999.
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>   8


3.   PROPERTIES HELD FOR SALE

     The Partnership owns and operates Mountain View Plaza, a shopping center
located in Scottsdale, Arizona, and Castle Oaks Village, a shopping center
located in Castle Hills (San Antonio), Texas. In addition, the Partnership owns
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 MIP II. 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.

     The Partnership has adopted Statement of Financial Accounting Standards No.
131, "Disclosures about Segments of an Enterprise and Related Information",
which established standards for the way that public business enterprises report
information about operating segments in audited financial statements, as well as
related disclosures about products and services, geographic areas, and major
customers. The Partnership defines each of its shopping centers as operating
segments; however, management has determined that all of its properties have
similar economic characteristics and also meet the other criteria which permit
the properties to be aggregated into one reportable segment. Management of the
Partnership makes decisions about resource allocation and performance assessment
based on the same financial information presented throughout these consolidated
financial statements.

4.   TERMINATION FEE INCOME

     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, the Joint Venture retired the
net book value of the theater and related assets of $1,110,315, which will be
demolished to allow for construction of a Bally Total Fitness facility and 6,500
square feet of additional retail space. The Partnership recorded a gain on
termination of the lease of $898,562 as income during the quarter ended March
31, 2000.

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 March 31,
2000 and for the three months ended March 31, 2000 and 1999 has been prepared by
management without audit by independent public accountants. The Partnership's
1999 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.


                                       8
<PAGE>   9
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 Partnership, the Limited
Partners approved the proposed sale of the Partnership's properties, in one or a
series of sale transactions (which may include one or more properties owned by
Murray Income Properties II, Ltd. ("MIP II"), an affiliate of the Partnership
under joint management), 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 has begun
marketing the properties for sale, and after the sale of the last property and
the winding up of all other business affairs, the Partnership will be
liquidated. Effective March 10, 2000, the Partnership's properties are reported
as "Properties held for sale" at the lower of carrying value or fair value less
cost to sell. Management of the Partnership expects no loss to result from the
sale of properties, and no adjustment was made to account for the
reclassification to Properties held for sale.

     As of March 31, 2000, the Partnership had cash and cash equivalents of
$3,826,463. Such amounts represent cash generated from operations and working
capital reserves. Included in cash and cash equivalents is approximately
$2,200,000 received by Tower Place Joint Venture from General Cinema as
consideration for the termination of its lease at Tower Place Festival Shopping
Center. These proceeds will be utilized to demolish the existing theater
building and to construct a new 25,728 square foot facility to be leased by
Bally Total Fitness and approximately 6,500 square feet of new retail space.

     Rental income from leases with escalating rental rates is accrued using the
straight line method over the related lease terms. At March 31, 2000 and
December 31, 1999, there were $220,259 and $414,813, respectively, 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 $215,244 from
December 31, 1999 to March 31, 2000 is primarily due to a decrease in
receivables related to the accruals described above. $197,957 of the receivable
for accrued rent, related to the General Cinema lease at Tower Place Festival
Shopping Center, was collected during the quarter ended March 31, 2000, as part
of the termination fee paid by General Cinema to Tower Place Joint Venture. As
of March 31, 2000 and December 31, 1999, the Partnership had allowances of
$16,806 and $6,568 respectively, for uncollectible accounts receivable.

     The decrease of $89,372 in accrued property taxes from December 31, 1999 to
March 31, 2000 is primarily due to the payment of 1999 property taxes for the
Partnership's properties.

     During the three months ended March 31, 2000, the Partnership made Cash
Distributions from Operations totaling $432,046 related to the three month
period ended December 31, 1999. Subsequent to March 31, 2000, the Partnership
made a Cash Distribution from Operations of $432,046 (which was reduced by
$26,250 related to 1999 North Carolina state income taxes paid on behalf of the
partners in connection with the operation of Tower Place Joint Venture) relating
to the three months ended March 31, 2000. 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 properties (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 properties.


                                       9
<PAGE>   10


Results of Operations

     Rental income decreased $101,274 (12%) for the three months ended March 31,
2000 as compared to the same period in 1999. 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.

<TABLE>
<CAPTION>
                                            Three Months Ended
                                                March 31,
                                         ------------------------
                                           2000            1999
                                         ---------      ---------
<S>                                      <C>            <C>
Mountain View Plaza Shopping Center
   Rental income                         $ 283,027      $ 241,343
   Bad debt expense (recovery)                 -0-            (72)
   Average occupancy                            99%            97%

Castle Oaks Village Shopping Center
   Rental income                         $ 104,317      $ 132,475
   Bad debt expense (recovery)                 -0-            -0-
   Average occupancy                            82%            95%

Tower Place Festival Shopping Center
   Rental income                         $ 342,987      $ 457,787
   Gain on termination of lease            898,562            -0-
   Bad debt expense                         10,238            -0-
   Average occupancy                            78%            97%
</TABLE>

     Rental income at Mountain View Plaza in Scottsdale, Arizona increased
$41,684 for the three months ended March 31, 2000 as compared to the same period
in 1999 due to higher occupancy, higher rental rates and higher tenant
reimbursements for common area maintenance costs, real estate taxes and
insurance costs.

     Occupancy at Mountain View averaged 99% during the quarter ended March 31,
2000, a three percent increase over the previous quarter. In January, two new
tenants totaling 2,403 square feet took occupancy of their spaces. As of March
31, 2000, Mountain View was 100% occupied.

     Rental income at Castle Oaks Village in Castle Hills (San Antonio), Texas
decreased $28,158 for the three months ended March 31, 2000 as compared to the
same period in 1999 primarily due to lower occupancy and lower tenant
reimbursements for common area maintenance costs, real estate taxes and
insurance costs.

     Occupancy at Castle Oaks averaged 82% during the quarter ended March 31,
2000, a one percent increase over the previous quarter. In March, a new tenant
who signed a lease for 932 square feet took occupancy of its space.

     Rental income at Tower Place Festival in Pineville (Charlotte), North
Carolina decreased $114,800 for the three months ended March 31, 2000 as
compared to the same period in 1999 primarily due to lower occupancy. General
Cinema, which occupied approximately 28% of the 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. A new Bally Total
Fitness facility and an additional 6,500 square feet of retail space will be
constructed on the site previously occupied by General Cinema. At this time, it
is anticipated that Bally will open for business in the first quarter of 2001.


                                       10
<PAGE>   11


     Occupancy at Tower Place averaged 78% during the quarter ended March 31,
2000, an eight percent decrease from the previous quarter. In January a tenant
who occupied 1,050 square feet vacated its space, and in February a tenant who
occupied 3,287 square feet vacated its space.

     Depreciation, prior to March 10, 2000, 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 range 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.

     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 increased $14,780 (7%) for the period ended March
31, 2000 as compared to the same period in 1999 because of higher repair and
maintenance costs at Tower Place and Castle Oaks, higher pest control costs at
Mountain View and higher real estate taxes at Tower Place. Mountain View's total
operating expenses increased with increases in leasing and promotion costs,
property management fees and pest control costs being offset by lower legal fees
and utility expenses. Castle Oaks total operating expenses increased primarily
due to higher repair and maintenance costs and landscaping costs. Tower Place's
total operating expenses increased, with increases in repair and maintenance
costs and real estate taxes being offset by lower property management fees.

     General and administrative expenses incurred are related to legal and
accounting expenses, 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. General and administrative expenses increased $8,474 for the
quarter ended March 31, 2000 as compared to the same period in 1999 primarily
due to increases in accounting and legal costs, investor services cost,
telephone expenses, and salaries and benefits.

     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.


                                       11
<PAGE>   12


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.

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

     On March 10, 2000, a special meeting of the Limited Partners was held to
approve the sale of the Partnership's properties, in one or a series of sale
transactions (which may include one or more properties owned by Murray Income
Properties II, Ltd., an affiliate of the Partnership under joint management),
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. At the meeting, holders of 22,627 Interests (80%) out of a total of
28,277 Interests were represented by proxy. The vote was 21,949 Interests (78%)
for the proposal, 244 Interests (1%) against the proposal and 434 Interests (1%)
abstaining. Because more than 50% of the outstanding Interests voted to approve
the proposal, the Partnership has begun marketing the properties for sale, and
after the sale of the last property and the winding up of the Partnership's
other business affairs, the Partnership will be liquidated and dissolved.


                                       12
<PAGE>   13


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)

          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)


                                       13
<PAGE>   14


          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)

          27   Financial Data Schedule. Filed herewith.

          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, 2000:

          None


                                       14
<PAGE>   15


                                   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 12, 2000                       By:  /s/ Mitchell Armstrong
                                              ----------------------------------
                                              Mitchell Armstrong
                                              President
                                              Chief Financial Officer


<PAGE>   16


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>


<PAGE>   17


<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)

27             Financial Data Schedule. Filed herewith.

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>