<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, 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)


                 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 [ ]



                                       1
<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,
                                                          2001               2000
                                                       ------------      ------------
                                                       (unaudited)
<S>                                                    <C>               <C>
ASSETS

Properties held for sale:
   Land                                                $  3,427,563      $  3,427,563
   Buildings and improvements                            14,432,898        14,399,997
                                                       ------------      ------------
                                                         17,860,461        17,827,560
   Less accumulated depreciation                          7,334,946         7,334,946
                                                       ------------      ------------
      Net properties held for sale                       10,525,515        10,492,614
Cash and cash equivalents                                 1,922,487         2,174,211
Accounts receivable                                         258,305           250,095
Other assets, at cost, net of accumulated
   amortization of $515,385 and $504,409
   in 2001 and 2000, respectively                           332,049           347,435
                                                       ------------      ------------
                                                       $ 13,038,356      $ 13,264,355
                                                       ============      ============


LIABILITIES AND PARTNERS' EQUITY

Accounts payable                                       $     72,046      $     77,186
Accrued property taxes                                       40,008           160,033
Security deposits and other liabilities                     315,130           335,608
                                                       ------------      ------------
           Total liabilities                                427,184           572,827
                                                       ------------      ------------

Minority interest in joint venture                        1,346,754         1,362,094
                                                       ------------      ------------

Partners' equity:
   General Partners:
      Capital contributions                                   1,000             1,000
      Cumulative net earnings                               845,419           826,046
      Cumulative cash distributions                        (887,949)         (862,074)
                                                       ------------      ------------
                                                            (41,530)          (35,028)
                                                       ------------      ------------

   Limited Partners (28,227 Interests):
      Capital contributions, net of offering costs       24,570,092        24,570,092
      Cumulative net earnings                            16,656,576        16,482,217
      Cumulative cash distributions                     (29,920,720)      (29,687,847)
                                                       ------------      ------------
                                                         11,305,948        11,364,462
                                                       ------------      ------------
           Total partners' equity                        11,264,418        11,329,434
                                                       ------------      ------------
                                                       $ 13,038,356      $ 13,264,355
                                                       ============      ============
</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
(UNAUDITED)

<TABLE>
<CAPTION>
                                                        Three Months Ended
                                                             March 31,
                                                    -------------------------
                                                       2001           2000
                                                    ----------     ----------
<S>                                                 <C>            <C>
INCOME:
   Rental                                           $  434,342     $  730,331
   Interest                                             28,263         38,525
   Gain on termination of lease                            -0-        898,562
                                                    ----------     ----------
                                                       462,605      1,667,418
                                                    ----------     ----------
EXPENSES:
   Depreciation                                            -0-        130,903
   Property operating                                  122,868        217,731
   General and administrative                          110,345        110,902
   Bad debts, net                                          -0-         10,238
                                                    ----------     ----------
                                                       233,213        469,774
                                                    ----------     ----------
           Earnings before minority interest           229,392      1,197,644

Minority interest in joint venture's earnings           35,660        161,373
                                                    ----------     ----------
           Net earnings                             $  193,732     $1,036,271
                                                    ==========     ==========

Basic earnings per limited partnership interest     $     6.18     $    35.98
                                                    ==========     ==========
</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
(UNAUDITED)

<TABLE>
<CAPTION>
                                        General            Limited
                                        Partners           Partners           Total
                                       ------------      ------------      ------------
<S>                                    <C>               <C>               <C>
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
                                       ============      ============      ============


THREE MONTHS ENDED MARCH 31, 2001:

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

<TABLE>
<CAPTION>
                                                                 Three Months Ended
                                                                      March 31,
                                                            ----------------------------
                                                                2001             2000
                                                            -----------      -----------
<S>                                                         <C>              <C>
Cash flows from operating activities:
   Net earnings                                             $   193,732      $ 1,036,271
   Adjustments to reconcile net earnings to net
      cash provided by operating activities:
        Bad debts, net                                              -0-           10,238
        Depreciation                                                -0-          130,903
        Amortization of other assets                             10,976           18,684
        Gain on termination of lease                                -0-         (898,562)
        Proceeds from termination of lease                          -0-        2,206,834
        Minority interest in joint venture's earnings            35,660          161,373
        Change in assets and liabilities:
          Accounts receivable                                    (8,210)          17,287
          Other assets                                            4,410          (75,694)
          Accounts payable                                       (5,140)           3,822
          Accrued property taxes, security deposits and
            other liabilities                                  (140,503)         (93,402)
                                                            -----------      -----------
            Net cash provided by operating activities            90,925        2,517,754
                                                            -----------      -----------

Cash flows from investing activities -
   Additions to properties held for sale                        (32,901)         (44,908)
                                                            -----------      -----------


Cash flows from financing activities:
   Distributions to minority interest in joint venture          (51,000)         (49,500)
   Cash distributions                                          (258,748)        (432,046)
                                                            -----------      -----------
      Net cash used in financing activities                    (309,748)         481,546)
                                                            -----------      -----------

Net (decrease) increase in cash and cash equivalents           (251,724)       1,991,300
Cash and cash equivalents at beginning of period              2,174,211        1,835,163
                                                            -----------      -----------
Cash and cash equivalents at end of period                  $ 1,922,487      $ 3,826,463
                                                            ===========      ===========
</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, 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 requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the date of
the financial statements and the reported amounts of income and expenses during
the reporting period. Actual results could differ from those estimates.

      On March 10, 2000, in a special meeting of the Limited Partners, the
Limited Partners approved the proposed sale of the Partnership's properties, the
subsequent dissolution and liquidation of the Partnership upon the sale of the
Partnership's last property, and an amendment to the Partnership Agreement to
permit the proposed asset sale, dissolution and liquidation on the terms set
forth in a proxy statement mailed to the Limited Partners on or about January
14, 2000. As a result, the Partnership began marketing the properties for sale
and continues to operate until such time as the properties are sold and the
Partnership is dissolved and 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 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 March 31, 2001 and December 31,
2000, $108,166 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 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, 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.


                                       7
<PAGE>   8

3. PROPERTIES HELD FOR SALE

      During the three month period ended March 31, 2001, the Partnership owned
and operated Castle Oaks Village, a shopping center located in Castle Hills (San
Antonio), Texas. Subsequent to the quarter ended March 31, 2001, 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 and
sales costs totaling approximately $170,000, the sale resulted in net sales
proceeds of approximately $2,980,000, and a net gain of approximately $300,000.

      The Partnership also 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 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. On April 6, 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 letter of intent.

      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. 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, the 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 year ended December 31, 2000. Pursuant to a lease with Bally
Total Fitness Corporation dated February 14, 2000, a new Bally facility is being
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 March 31,
2001 and for the three months ended March 31, 2001 and 2000 has been prepared by
management without audit


                                       8
<PAGE>   9

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 until such time as the properties are sold and the
Partnership is dissolved and liquidated.

      Subsequent to the quarter ended March 31, 2001, 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 and sales costs
totaling approximately $170,000, the sale resulted in net sales proceeds to the
Partnership of approximately $2,980,000. On April 6, 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 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 are 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 March 31, 2001, the Partnership had cash and cash equivalents of
$1,922,487. 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 March 31, 2001 and
December 31, 2000, there were $108,166 and $107,083, 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 increase in accounts receivable of $8,210 from
December 31, 2000 to March 31, 2001 is primarily due to an increase in
receivables for rent collected (but not yet remitted to the Partnership by the
property management companies) partially offset by a reduction in tenant
receivables. As of March 31, 2001 and December 31, 2000, the Partnership had no
allowances for uncollectible accounts receivable.

      The decrease of $120,025 in accrued property taxes from December 31, 2000
to March 31, 2001 is primarily due to the payment of 2000 property taxes for the
Partnership's properties. The decrease in security deposits and other
liabilities of $20,478 was due primarily to severance benefits paid to one
Partnership employee whose employment was terminated on February 28, 2001.


                                       9
<PAGE>   10

      During the three months ended March 31, 2001, the Partnership made Cash
Distributions from Operations totaling $258,748 related to the three month
period ended December 31, 2000. Subsequent to March 31, 2001, the Partnership
made a Cash Distribution from Operations of $258,748 (which was reduced by
$73,105 related to 2000 North Carolina state income taxes paid on behalf of the
partners in connection with the operation of Tower Place Joint Venture) related
to the three months ended March 31, 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 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 remaining properties.

Results of Operations

      Excluding the rental income recognized during the three months ended March
31, 2001 and March 31, 2000 from Mountain View Plaza, which was sold on
September 26, 2000, rental income decreased $16,463 (4%) for the three months
ended March 31, 2001 as compared to the same period in 2000. 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 remaining
properties.

<TABLE>
<CAPTION>
                                           Three Months Ended
                                                March 31,
                                         ----------------------
                                           2001          2000
                                         --------      --------
<S>                                      <C>           <C>
Castle Oaks Village Shopping Center
   Rental income                         $104,144      $104,317
   Bad debt expense (recovery)                -0-           -0-
   Average occupancy                           82%           82%

Tower Place Festival Shopping Center
   Rental income                         $326,697      $342,987
   Gain on termination of lease               -0-       898,562
   Bad debt expense (recovery)                -0-        10,238
   Average occupancy                           94%           78%
</TABLE>

      Rental income at Castle Oaks Village in Castle Hills (San Antonio), Texas
decreased $173 for the three months ended March 31, 2001 as compared to the same
period in 2000, with lower rents being partially offset by higher 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,
2001, a 2 percent decrease over the previous quarter. In January 2001, a tenant
who occupied 932 square feet vacated its space prior to the expiration of its
lease. During the quarter plumbing repairs were completed at the property.

      Rental income at Tower Place Festival in Pineville (Charlotte), North
Carolina decreased $16,290 for the three months ended March 31, 2001 as compared
to the same period in 2000 primarily due to lower tenant reimbursements for real
estate taxes. 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. The Partnership recorded a gain on termination of the lease of $898,562.
Pursuant to a


                                       10
<PAGE>   11

lease with Bally Total Fitness Corporation signed on February 14, 2000, a new
Bally Total Fitness facility is being 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 is being constructed on the
site previously occupied by the theater.

      Occupancy at Tower Place averaged 94% during the quarter ended March 31,
2001, a 14 percent increase from the previous quarter. One new tenant who signed
a lease for 9,600 square feet took occupancy of its space during the fourth
quarter of 2000. A tenant who signed a lease for 1,050 square feet took
occupancy in January 2001 and a tenant who signed a lease for 1,120 square feet
took occupancy in February 2001. Bally Total Fitness, who occupies 25,767 square
feet, opened for business on April 27, 2001. The addition of a new anchor tenant
should generate greater customer traffic at the shopping center.

      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 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, excluding the expenses incurred during the three
months ended March 31, 2001 and March 31, 2000 from Mountain View Plaza, which
was sold on September 26, 2000, decreased $7,980 (6%) for the period ended March
31, 2001 as compared to the same period in 2000 due to lower operating costs at
Castle Oaks and Tower Place. Castle Oaks' total operating expenses decreased
$7,019 (17%) primarily due to lower repair and maintenance costs, pest control,
landscaping costs and legal fees. Tower Place's total operating expenses
decreased $961 (1%), with decreases in property management fees, legal fees and
utility costs partially offset by higher repair and maintenance costs.

      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 were flat for the
quarter ended March 31, 2001 as compared to the same period in 2000, with
increases in accounting and legal fees and investor services costs being offset
by lower travel costs and other administrative costs.

      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.

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

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


                                       11
<PAGE>   12

PART II. OTHER INFORMATION

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

      (a)         Exhibits:

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

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

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

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

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

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

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

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

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


                                       12
<PAGE>   13

                  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)

                  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,
                  2001:

                  None


                                       13
<PAGE>   14

                                   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 10, 2001                By:  /s/ Mitchell Armstrong
                                        ----------------------------------------
                                        Mitchell Armstrong
                                        President and
                                        Chief Financial Officer


                                       14
<PAGE>   15

                                INDEX TO EXHIBITS

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

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

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

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

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

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

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

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

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

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


                                       15
<PAGE>   16
<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)

         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>


                                       16