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                   June 30, 1997
                               -------------------------------------------------

                                       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 number                             0-18558
                       ---------------------------------------------------------


                          Northstar Income Fund-I, L.P.
             ------------------------------------------------------
             (Exact name of registrant as specified in its charter)


                Delaware                               84-1105225
        -----------------------             ------------------------------------
        (State of organization)             (I.R.S. Employer Identification No.)

 7175 West Jefferson Avenue, Suite 4000
           Lakewood, Colorado                            80235
----------------------------------------               ----------
(Address of principal executive offices)               (Zip Code)

        Registrant's telephone number, including area code (303) 980-1000
                                                           --------------

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by  Sections  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      .
                                       -----    -----

                        Exhibit Index Appears on Page 11

                               Page 1 of 12 Pages


<PAGE>



                          NORTHSTAR INCOME FUND-I, L.P.

                          Quarterly Report on Form 10-Q
                              for the Quarter Ended
                                  June 30, 1997


                                Table of Contents
                                -----------------


PART I.  FINANCIAL INFORMATION                                              PAGE
                                                                            ----
     Item 1.  Financial Statements (Unaudited)

              Balance Sheets-June 30, 1997 and December 31, 1996             3

              Statements of Income-Three and Six months ended
              June 30, 1997 and 1996                                         4

              Statements of Cash Flows-Six months ended
              June 30, 1997 and 1996                                         5

              Notes to Financial Statements                                  6

     Item 2.  Management's Discussion and Analysis of
              Financial Condition and Results of Operations                 7-10


PART II. OTHER INFORMATION


     Item 1.  Legal Proceedings                                             11

     Item 6.  Exhibits and Reports on Form 8-K                              11

              Signature                                                     12

                                        2

<PAGE>



                          NORTHSTAR INCOME FUND-I, L.P.

                                 BALANCE SHEETS
                                   (Unaudited)


                                     ASSETS

                                                      June 30,     December 31,
                                                       1997           1996
                                                    -----------    ------------
Cash and cash equivalents                           $ 1,039,567     $ 2,456,349
Accounts receivable                                     248,504         278,149
Equipment held for sale or re-lease                     250,238         324,180
Net investment in direct finance leases                  78,731         131,963
Leased equipment, net                                   774,562       1,054,064
                                                    -----------     -----------

      Total assets                                  $ 2,391,602     $ 4,244,705
                                                    ===========     ===========



                        LIABILITIES AND PARTNERS' CAPITAL

LIABILITIES:
   Accounts payable and accrued liabilities         $   182,995     $   672,315
   Payable to affiliates                                  7,588          22,881
   Rents received in advance                              7,224          18,188
   Distributions payable to partners                    246,499       1,317,168
                                                    -----------     -----------

      Total liabilities                                 444,306       2,030,552
                                                    -----------     -----------

PARTNERS' CAPITAL (DEFICIT):
  General partners                                     (578,739)       (578,739)
  Limited partners:
    Class A                                             531,436         790,910
    Class B                                           1,994,599       2,001,982
                                                    -----------     -----------

       Total partners' capital                        1,947,296       2,214,153
                                                    -----------     -----------

      Total liabilities and partners' capital       $ 2,391,602     $ 4,244,705
                                                    ===========     ===========


   The accompanying notes are an integral part of these financial statements.

                                        3

<PAGE>



                          NORTHSTAR INCOME FUND-I L.P.

                              STATEMENTS OF INCOME
                                   (Unaudited)

<TABLE>
<CAPTION>


                                                                     Three months ended                  Six months ended
                                                                         June 30,                             June 30,
                                                              -----------------------------         -----------------------------
                                                                 1997              1996                1997             1996
                                                              ----------         ----------         ----------         ----------
<S>                                                          <C>                <C>                <C>                <C>       
REVENUE:
   Operating lease rentals                                    $  233,779         $  350,437         $  472,706         $  879,624
   Direct financing lease income                                   9,731             44,951             21,321             83,372
   Equipment sales margin                                         49,360             95,600             91,906            267,101
   Interest income                                                12,238             52,812             27,847             78,338
                                                              ----------         ----------         ----------         ----------
   Total revenue                                                 305,108            543,800            613,780          1,308,435
                                                              ----------         ----------         ----------         ----------

EXPENSES:
   Depreciation and amortization                                 136,747            310,434            290,807            656,661
   Provision for losses                                                -                  -                  -                  -
   Management fees paid to general partners                       12,261             23,937             25,544             47,283
   Direct services from general partners                          14,836             19,726             30,282             36,152
   General and administrative                                     59,461            125,280            115,099            174,730
                                                              ----------         ----------         ----------         ----------
   Total expenses                                                223,305            479,377            461,732            914,826
                                                              ----------         ----------         ----------         ----------

NET INCOME                                                    $   81,803         $   64,423         $  152,048         $  393,609
                                                              ==========         ==========         ==========         ==========

NET INCOME ALLOCATED:
   To the general partners                                    $    8,629         $   25,821         $   14,663         $   64,011
   To the Class A limited partners                                68,170             35,962            127,989            307,056
   To the Class B limited partner                                  5,004              2,640              9,396             22,542
                                                              ----------         ----------         ----------         ----------
                                                              $   81,803         $   64,423         $  152,048         $  393,609
                                                              ==========         ==========         ==========         ==========

   Net income per weighted average Class A
   limited partner unit outstanding                           $     0.65         $     0.34         $     1.22         $     2.93
                                                              ==========         ==========         ==========         ==========

   Weighted average Class A limited partner
   units outstanding                                             104,802            104,802            104,802            104,802
                                                              ==========         ==========         ==========         ==========

</TABLE>




   The accompanying notes are an integral part of these financial statements.

                                        4

<PAGE>



                          NORTHSTAR INCOME FUND-I, L.P.

                            STATEMENTS OF CASH FLOWS
                                   (Unaudited)

                                                           Six months ended
                                                     --------------------------
                                                        June 30,       June 30,
                                                         1997           1996
                                                     -----------    -----------

NET CASH PROVIDED BY OPERATING ACTIVITIES            $    72,792    $ 1,789,846
                                                     -----------    -----------

CASH FLOWS FROM FINANCING ACTIVITIES:
   Distributions to partners                          (1,489,574)    (1,945,138)
                                                     -----------    -----------
Net cash used in financing activities                 (1,489,574)    (1,945,138)
                                                     -----------    -----------

NET DECREASE IN CASH AND CASH EQUIVALENTS             (1,416,782)      (155,292)

CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD       2,456,349      1,729,305
                                                     -----------    -----------

CASH AND CASH EQUIVALENTS AT END OF PERIOD           $ 1,039,567    $ 1,574,013
                                                     ===========    ===========





















   The accompanying notes are an integral part of these financial statements.

                                        5

<PAGE>



                          NORTHSTAR INCOME FUND-I, L.P.

                          NOTES TO FINANCIAL STATEMENTS
                                   (Unaudited)


1.   Basis of Presentation
     ---------------------

     The  accompanying  unaudited  financial  statements  have been  prepared in
     accordance  with  generally  accepted  accounting  principles  for  interim
     financial  information and the  instructions to Form 10-Q and Rule 10-01 of
     Regulation S-X. Accordingly, they do not include all of the information and
     disclosures required by generally accepted accounting principles for annual
     financial  statements.   In  the  opinion  of  the  general  partners,  all
     adjustments  (consisting only of normal recurring  adjustments)  considered
     necessary for a fair presentation have been included.  The balance sheet at
     December 31, 1996 has been derived  from the audited  financial  statements
     included in the  Partnership's  1996 Form 10-K.  For  further  information,
     refer to the financial  statements of Northstar  Income  Fund-I,  L.P. (the
     "Partnership"),  and the related notes,  included within the  Partnership's
     Annual Report on Form 10-K for the year ended December 31, 1996, (the "1996
     Form 10-K") previously filed with the Securities and Exchange Commission.



                                        6

<PAGE>



                          NORTHSTAR INCOME FUND-I, L.P.

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

Results of Operations
---------------------

Presented below are schedules  (prepared  solely to facilitate the discussion of
results of  operations  that  follows)  showing  condensed  statements of income
categories and analyses of changes in those  condensed  categories  derived from
the Statements of Income:

<TABLE>
<CAPTION>

                                              Condensed Statements                         Condensed Statements
                                                 of Income for          The effect on         of Income for         The effect on
                                                the three months          net income          the six months          net income
                                                 ended June 30,           of changes          ended June 30,          of changes
                                           --------------------------      between      --------------------------     between 
                                               1997          1996          periods         1997          1996          periods
                                           ------------  ------------   -------------   ------------  ------------  -------------

<S>                                        <C>           <C>            <C>             <C>           <C>           <C>       
Leasing margin                              $ 106,763     $  84,954      $  21,809       $ 203,220     $ 306,335     $(103,115)
Equipment sales margin                         49,360        95,600        (46,240)         91,906       267,101      (175,195)
Interest income                                12,238        52,812        (40,574)         27,847        78,338       (50,491)
Management fees paid to general partners      (12,261)      (23,937)        11,676         (25,544)      (47,283)       21,739
Direct services from general partners         (14,836)      (19,726)         4,890         (30,282)      (36,152)        5,870
General and administrative                    (59,461)     (125,280)        65,819        (115,099)     (174,730)       59,631
Provision for losses                                -             -              -               -             -             -
                                            ---------     ---------      ---------       ---------     ---------     ---------

Net income                                  $  81,803     $  64,423      $  17,380       $ 152,048     $ 393,609     $(241,561)
                                            =========     =========      =========       =========     =========     =========

</TABLE>

The  Partnership  is in its  liquidation  period as defined  in the  Partnership
Agreement  and,  as  expected,  the  Partnership  is not  purchasing  additional
equipment,  initial  leases are expiring and the  equipment is being  remarketed
(i.e.,  re-leased,  renewed  or  sold).  As a  result,  both  the  size  of  the
Partnership's  leasing portfolio and the amount of leasing revenue are declining
(referred to in this discussion as "portfolio run-off").

LEASING MARGIN

Leasing margin consists of the following:

                                   Three months ended       Six months ended
                                         June 30,                June 30,
                                 ----------------------   ---------------------
                                    1997       1996         1997        1996
                                 ---------   ---------    ---------   ---------

Operating lease rentals          $ 233,779   $ 350,437    $ 472,706   $ 879,624
Direct finance lease income          9,731      44,951       21,321      83,372
Depreciation and amortization     (136,747)   (310,434)    (290,807)   (656,661)
                                 ---------   ---------    ---------   ---------

Leasing margin                   $ 106,763   $  84,954    $ 203,220   $ 306,335
                                 =========   =========    =========   =========

Leasing margin ratio                    44%         21%          41%         32%
                                 =========   =========    =========   =========

                                        7

<PAGE>


                          NORTHSTAR INCOME FUND-I, L.P.

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


Results of Operations, continued
---------------------

LEASING MARGIN, continued

Leasing  margin  decreased for the six months ended June 30, 1997 as compared to
the six  months  ended June 30,  1996,  and is  expected  to  decrease  further,
primarily  as a result of portfolio  run-off.  Leasing  margin  ratio  increased
primarily because of remarketing activities.

The ultimate rate of return on leases depends,  in part, on the general level of
interest  rates  at the  time  the  leases  are  originated,  as well as  future
equipment  values and on-going  lessee  creditworthiness.  Because leasing is an
alternative to financing equipment purchases with debt, lease rates tend to rise
and fall with  interest  rates  (although  lease rate  movements  generally  lag
interest rate changes in the capital markets). Interest rates declined from 1990
until the early part of 1994.  The lease  rates on  equipment  purchased  by the
Partnership during this period reflect this low interest rate environment.  This
will  result in  corresponding  reductions  in the  ultimate  overall  yields to
partners.  Annual average 5-year U.S.  Treasury  yields for the past seven years
were as follows:

Annual average 5-year U.S. Treasury Yield

         Year                               Yield
         ----                               -----

         1990                                8.37
         1991                                7.37
         1992                                6.19
         1993                                5.14
         1994                                6.69
         1995                                6.53
         1996                                6.18

EQUIPMENT SALES MARGIN

Equipment sales margin consists of the following:

                                   Three months ended       Six months ended
                                         June 30,                June 30,
                                 ----------------------   ---------------------
                                    1997       1996         1997        1996
                                 ---------   ---------    ---------   ---------

Equipment sales revenue          $  70,486   $  310,900   $ 173,886  $  713,692
Cost of equipment sales            (21,126)    (215,300)    (81,980)   (446,591)
                                 ---------   ----------   ---------  ----------
   Equipment sales margin        $  49,360   $   95,600   $  91,906  $  267,101
                                 =========   ==========   =========  ==========

                                        8

<PAGE>


                          NORTHSTAR INCOME FUND-I, L.P.

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


Results of Operations, continued
---------------------

EQUIPMENT SALES MARGIN, continued

The Partnership is in its liquidation period.  During the liquidation period, as
initial leases terminate,  the equipment is being remarketed (i.e., re-leased or
sold to either the  original  lessee or a third  party)  and,  accordingly,  the
timing and amount of equipment sales cannot be projected accurately.

INTEREST INCOME

The  decline  in  interest  income is due to  decreases  in cash  available  for
investment.

PROVISION FOR LOSSES

The  remarketing  of  equipment  for an amount  greater  than its book  value is
reported as  equipment  sales  margin (if the  equipment  is sold) or as leasing
margin  (if the  equipment  is  re-leased).  The  realization  of less  than the
carrying  value of  equipment  (which is typically  not known until  remarketing
subsequent  to the  initial  lease  termination  has  occurred)  is  recorded as
provision for losses.

Residual values are established equal to the estimated value to be received from
the equipment following termination of the lease. In estimating such values, the
Partnership considers all relevant facts regarding the equipment and the lessee,
including,  for  example,  the  likelihood  that the lessee  will  re-lease  the
equipment.  The nature of the  Partnership's  leasing  activities is that it has
credit  exposure and residual value exposure and,  accordingly,  in the ordinary
course of business,  it will incur losses from those exposures.  The Partnership
performs   ongoing   quarterly   assessments  of  its  assets  to  identify  any
other-than-temporary losses in value.

No provision for losses were recorded  during the six months ended June 30, 1997
or the corresponding  period in 1996 because no  other-than-temporary  losses in
the value of equipment  were  identified  in the  quarterly  assessments  of the
Partnership's assets.

EXPENSES

Management  fees paid to general  partners  and  direct  services  from  general
partners  decreased  primarily  as a result of  portfolio  run-off.  General and
administrative  expenses  for the  three  and six  months  ended  June 30,  1996
included  $67,194  reimbursed  to the CAI general  partner for  insurance  costs
related to prior years.




                                        9

<PAGE>


                          NORTHSTAR INCOME FUND-I, L.P.

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


Liquidity and Capital Resources
-------------------------------

The Partnership funds its activities  principally with cash from rents, interest
income and sale of off-lease equipment.  Available cash and cash reserves of the
Partnership  are  invested in interest  bearing  accounts  and  short-term  U.S.
government securities pending distributions to the partners.

During  the  six  months  ended  June  30,  1997,   the   Partnership   declared
distributions  to the  Partners  of  $418,905  (a  substantial  portion of which
constituted a return of capital).  Distributions  may be characterized  for tax,
accounting and economic purposes as a return of capital,  a return on capital or
both. The total return on capital over a leasing  partnership's life can only be
determined at the termination of the  Partnership  after all residual cash flows
(which include  proceeds from the re-leasing and sale of equipment after initial
lease terms expire) have been realized.  However,  as the general  partners have
represented   for  the  last  several  years,  a  substantial   portion  of  all
distributions to the partners is expected to be a return of capital.

The general  partners  currently  anticipate that the Partnership  will generate
cash flow from  operations  and  equipment  sales  during the  remainder of 1997
which,  when  added  to cash  and  cash  equivalents  on  hand,  should  provide
sufficient  cash to  enable  the  Partnership  to  meet  its  current  operating
requirements.

The general  partners have also  identified  what they believe to be an error in
the  allocation  of  taxable  income  provision  of the  Partnership  Agreement.
Specifically,  the general  partners  are not  allocated  income for entire cash
distributions  received resulting in a deficit capital account.  The status of a
potential change in the allocation of taxable income remains  unresolved pending
further  discussions  between  the CAI General  Partner  and the Lehman  General
Partner.

The Partnership  anticipates that it will fund the remaining 1997  distributions
to the  limited  partners  (a  substantial  portion  of  which  is  expected  to
constitute  returns of capital) out of cash from  operations and cash from sales
during the remainder of 1997.  Because of portfolio  runoff,  it is  anticipated
that cash from operations in 1997 will decrease relative to cash from operations
in 1996.  Therefore,  the  Partnership is not expected to have  sufficient  cash
available  in 1997 to fully  fund  cash  distributions  to the  Class A  limited
partners at annualized rates of 14% (see discussion  below).  The Partnership is
in its  liquidation  period  (as  defined  in  the  Partnership  Agreement)  and
distributions during the liquidation period will be based upon cash availability
and will vary. As the Partnership's  equipment is sold, proceeds from such sales
will be distributed also. Although it is the general partners' current intent is
to sell the Partnership's  equipment and liquidate the Partnership no later than
December 31, 1997,  certain  on-going  litigation  may cause the  Partnership to
remain active beyond this date.

The Class B distributions  of cash from operations are subordinated to the Class
A limited partners receiving distributions of cash from operations, as scheduled
in the Partnership Agreement (i.e., 14%). Therefore,  because of the decrease in
the  distributions to the Class A limited  partners  effective as of March 1994,
CAII, the sole Class B limited partner,  ceased receiving  distributions of cash
from operations as of March 1994. The general partners currently anticipate that
CAII will receive total future Class B  distributions  equal to less than 10% of
the Class B limited partner's capital shown on the accompanying Balance Sheets.

                                       10

<PAGE>



                          NORTHSTAR INCOME FUND-I, L.P.

                                    PART II.

                                OTHER INFORMATION



Item 1.  Legal Proceedings

         The Partnership is involved in routine legal proceedings  incidental to
         the conduct of its business. The general partners believe none of these
         legal  proceedings will have a material adverse effect on the financial
         condition or operations of the Partnership.

Item 6.  Exhibits and Reports on Form 8-K

         (a)  None

         (b)  The Partnership did not file any  reports  on Form 8-K  during the
              quarter ended June 30, 1997.


                                       11

<PAGE>



                          NORTHSTAR INCOME FUND-I, L.P.

                                    Signature



Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
Partnership  has duly  caused  this  report to be  signed  on its  behalf by the
undersigned thereunto duly authorized.



                                        NORTHSTAR INCOME FUND-I, L.P.

                                        By:  CAI Equipment Leasing I Corp.


Dated:  August 13, 1997                 By:  /s/Anthony M. DiPaolo
                                             ---------------------
                                             Anthony M. DiPaolo
                                             Senior Vice President


                                       12