SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 10-Q

(Mark One)

[X]      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
         EXCHANGE ACT OF 1934

For the quarterly period ended                 September 30, 1995
                               -------------------------------------------------

                                       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 3000
         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
                               September 30, 1995


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


PART I.    FINANCIAL INFORMATION                                            PAGE

     Item 1.  Financial Statements (Unaudited)

           Balance Sheets-September 30, 1995 and December 31, 1994           3

           Statements of Income-Three and Nine months ended
           September 30, 1995 and 1994                                       4

           Statements of Cash Flows-Nine months ended
           September 30, 1995 and 1994                                       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 6.  Exhibits and Reports on Form 8-K                               11

              Signature                                                      12

                                       
                                        3

<PAGE>



                          NORTHSTAR INCOME FUND-I, L.P.

                                 BALANCE SHEETS
                                   (Unaudited)


                                                    September 30,   December 31,
                                                        1995           1994
                                                    -------------   ------------

                                     ASSETS

Cash and cash equivalents                           $ 2,726,943    $  2,923,146
Accounts receivable, net                                119,276         255,573
Net investment in direct finance leases                 865,839       1,659,152
Equipment on operating leases, net                    4,564,913       6,339,656
                                                    -----------    ------------

                  Total assets                      $ 8,276,971    $ 11,177,527
                                                    ===========    ============



                        LIABILITIES AND PARTNERS' CAPITAL

Liabilities:
  Accounts payable and accrued liabilities          $   126,032    $    313,083
  Payable to affiliates                                  15,782          12,339
  Rents and sale proceeds received in advance           105,937          73,499
  Distributions payable to partners                   1,821,901       1,901,420
                                                    -----------    ------------

                  Total liabilities                   2,069,652       2,300,341
                                                    -----------    ------------

Partners' Capital (Deficit):
  General partners                                     (578,739)       (578,739)
  Limited partners:
    Class A                                           4,632,688       7,323,704
    Class B                                           2,153,370       2,132,221
                                                    -----------    ------------

Total partners' capital                               6,207,319       8,877,186
                                                    -----------    ------------

Total liabilities and partners' capital             $ 8,276,971    $ 11,177,527
                                                    ===========    ============






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

                                        4

<PAGE>



                          NORTHSTAR INCOME FUND-I L.P.

                              STATEMENTS OF INCOME
                                   (Unaudited)

<TABLE>
<CAPTION>

                                                      Three Months Ended               Nine months ended
                                                 -----------------------------    -------------------------    
                                                         September 30,                   September 30,
                                                    1995              1994            1995         1994
                                                 -----------       -----------    -----------   -----------
<S>                                             <C>               <C>            <C>           <C>

Revenue:
   Operating lease rentals                       $   881,447       $   999,234    $ 2,399,117   $ 3,263,536
   Direct financing lease income                      37,095            47,270        107,495       154,401
   Equipment sales margin                             77,416            57,282        165,077       625,905
   Interest income                                    36,039            25,363        106,094       109,453
   Other income                                      355,889                 -        355,889       146,000
                                                 -----------       -----------    -----------   -----------
         Total revenue                             1,387,886         1,129,149      3,133,672     4,299,295
                                                 -----------       -----------    -----------   -----------



Expenses:
   Depreciation and amortization                     545,539           717,465      1,670,314     2,486,351
   Provision for losses                                    -                 -              -       110,666
   Management fees paid to general partners           43,253            27,014        105,343       111,000
   Direct services from general partners              13,899            13,836         49,198        57,598
   General and administrative                         29,747           114,192        111,404       247,840
                                                 -----------       -----------    -----------   -----------
         Total expenses                              632,438           872,507      1,936,259     3,013,455
                                                 -----------       -----------    -----------   -----------

Net income                                       $   755,448       $   256,642    $ 1,197,413   $ 1,285,840
                                                 ===========       ===========    ===========   ===========

Net income allocated:
   To the general partners                       $    63,767       $    78,252    $   135,355   $   248,365
   To the Class A limited partners                   644,375           166,191        989,421       966,520
   To the Class B limited partner                     47,306            12,199         72,637        70,955
                                                 -----------       -----------    -----------   -----------
                                                 $   755,448       $   256,642    $ 1,197,413   $ 1,285,840
                                                 ===========       ===========    ===========   ===========

Net income per
     weighted average Class A
     limited partner unit outstanding            $      6.15       $      1.59    $      9.44   $      9.22
                                                 ===========       ===========    ===========   ===========

   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.

                                        5

<PAGE>



                          NORTHSTAR INCOME FUND-I, L.P.

                            STATEMENTS OF CASH FLOWS
                                   (Unaudited)

<TABLE>
<CAPTION>

                                                                              Nine months ended
                                                                     ---------------------------------
                                                                     September 30,       September 30,
                                                                         1995                1994
                                                                     -------------       -------------
<S>                                                                 <C>                 <C>

Net cash provided by operating activities                            $  3,750,595        $   6,043,053
                                                                     ------------        -------------

Cash flows from investing activities:
   Purchases from affiliate of equipment on operating leases                    -             (234,693)
                                                                     ------------        ------------- 
   Net cash used in investing activities                                        -             (234,693)
                                                                     ------------        ------------- 

Cash flows from financing activities:

   Distributions to partners                                           (3,946,798)          (6,900,542)
                                                                     ------------        ------------- 

   Net cash used in financing activities                               (3,946,798)          (6,900,542)
                                                                     ------------        ------------- 

Net decrease in cash and cash equivalents                                (196,203)          (1,092,182)

Cash and cash equivalents at beginning of period                        2,923,146            4,429,998
                                                                     ------------        -------------

Cash and cash equivalents at end of period                           $  2,726,943        $   3,337,816
                                                                     ============        =============

</TABLE>



















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

                                        6

<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  of  normal  recurring  adjustments)  considered
      necessary for a fair presentation have been included. The balance sheet at
      December 31, 1994 has been derived from the audited  financial  statements
      included in the  Partnership's  1994 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,  1994,  (the
      "1994 Form  10-K")  previously  filed  with the  Securities  and  Exchange
      Commission.

2.    Equipment Purchases
      -------------------

      The  Partnership  is  in  its  liquidation   period,  as  defined  in  the
      Partnership  Agreement  and as set  forth in the  Prospectus,  and made no
      equipment purchases during the nine months ended September 30, 1995. It is
      not anticipated  that the Partnership  will acquire any material amount of
      equipment in future periods.

3.    Bankrupt Lessee
      ---------------

      During  November  1995, a lessee  filed for  bankruptcy  protection  under
      Chapter  11 of the  Bankruptcy  code.  The  aggregate  net  book  value of
      equipment  under two leases with this lessee was $362,332 at September 30,
      1995.  Potential  outcomes  are (i) the lessee  affirms its leases and the
      Partnership  collects  all rents due under the  leases or (ii) the  lessee
      rejects one or both of the leases and returns the underlying  equipment to
      the Partnership.  If the leases are rejected and the equipment is returned
      to the Partnership,  it is possible that remarketing proceeds will be less
      than the net book value of the equipment.  However,  if the lessee affirms
      the leases, the Partnership would not be subject to a loss. The lessee has
      paid its rental  payment  obligations  through  September  30, 1995 and is
      expected  to affirm  the  leases.  However,  the lessee has not made their
      intentions known in writing at this time and,  accordingly,  the amount of
      loss, if any, cannot be determined as of September 30, 1995. Regardless of
      the lessee's decision to accept or reject the leases,  the general partner
      believes that the ultimate outcome will not have a material adverse impact
      on the Partnership's financial position.

                                        7

<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                                 Condensed
                               Statements of Income                      Statements of Income
                               for the Three Months   The effect on       for the Nine Months       The effect on
                               ended September 30,    net income of       ended September 30,       net income of
                               --------------------  changes between     ---------------------     changes between            
                                 1995        1994        periods           1995         1994           periods
                               --------    --------  ---------------     --------     --------     ---------------
<S>                       <C>           <C>            <C>           <C>          <C>               <C>

Leasing margin             $  373,003    $  329,039     $  43,964     $   836,298  $   931,586       $  (95,288)
Equipment sales margin         77,416        57,282        20,134         165,077      625,905         (460,828)
Interest income                36,039        25,363        10,676         106,094      109,453           (3,359)
Other income                  355,889             -       355,889         355,889      146,000          209,889
Management fees paid
  to general partner          (43,253)      (27,014)      (16,239)       (105,343)    (111,000)           5,657
Direct services from
  general partner and
  general and
  administrative expenses     (43,646)     (128,028)       84,382        (160,602)    (305,438)         144,836
Provision for losses                -             -             -               -     (110,666)         110,666
                           ----------    ----------     ---------     -----------  -----------       ----------
  Net income               $  755,448    $  256,642     $ 498,806     $ 1,197,413  $ 1,285,840       $  (88,427)
                           ==========    ==========     =========     ===========  ===========       ========== 
</TABLE>

Leasing Margin
--------------

The  Partnership is in its liquidation  period,  as set forth in the Prospectus,
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,  the size of the Partnership's  leasing portfolio
and the amount of leasing  revenue is declining  (referred to in this discussion
as "portfolio run-off").

Leasing margin consists of the following:

<TABLE>
<CAPTION>

                                    Three months ended            Nine months ended
                                       September 30,                September 30,
                                -------------------------    ---------------------------
                                   1995           1994          1995             1994
                                ----------     ----------    -----------      ----------
<S>                            <C>            <C>           <C>             <C>

Operating lease rentals         $  881,447     $  999,234    $  2,399,117    $  3,263,536
Direct finance lease income         37,095         47,270         107,495         154,401
Depreciation and amortization     (545,539)      (717,465)     (1,670,314)     (2,486,351)
                                ----------     ----------    ------------    ------------

     Leasing margin             $  373,003     $  329,039    $    836,298    $    931,586
                                ==========     ==========    ============    ============

     Leasing margin ratio               41%            31%             33%             27%
                                ==========     ==========    ============    ============
</TABLE>

                                        8

<PAGE>


                          NORTHSTAR INCOME FUND-I, L.P.

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

Leasing Margin, continued
-------------------------

Leasing margin  increased for the three months ended September 30, 1995 compared
to the three months ended  September 30, 1994 primarily as a result of increased
continuous bill rents from remarketing activities.

Leasing margin  decreased for the nine months ended  September 30, 1995 compared
to the nine months ended September 30, 1994 due to portfolio run-off.

Leasing margin ratio increased primarily as a result of remarketing  activities,
which  include  the rental  proceeds  from  renewing,  extending  or  re-leasing
equipment before and after the end of the initial lease term.

The ultimate rate of return on leases depends,  in part, on the general level of
interest  rates at the time the leases  are  originated.  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 during this
period  reflect  this  low  interest  rate  environment.  This  will  result  in
corresponding reductions in the ultimate overall yields to partners.

Equipment Sales Margin
----------------------

Equipment sales margin consists of the following:

<TABLE>
<CAPTION>

                                                    Three months ended                  Nine months ended
                                                       September 30,                      September 30,
                                                ---------------------------       -------------------------
                                                   1995             1994             1995          1994
                                                ----------       ----------       ----------    -----------
<S>                                            <C>              <C>              <C>           <C>

Equipment sale revenue                          $  377,803       $  405,352       $  533,558    $  2,648,018
Cost of equipment sales                           (300,387)        (348,070)        (368,481)     (2,022,113)
                                                ----------       ----------       ----------    ------------

     Gain on sale of equipment, net             $   77,416       $   57,282       $  165,077    $    625,905
                                                ==========       ==========       ==========    ============
</TABLE>

The Partnership is in its liquidation period.  During the liquidation period, as
initial leases terminate,  the equipment is 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 are difficult to predict.

Other Income
------------

Other income, realized during the third quarter 1995 and the first quarter 1994,
consisted of the collection of previously  charged-off  accounts receivable from
Financial News Network.


                                        9

<PAGE>


                          NORTHSTAR INCOME FUND-I, L.P.

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


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 loss. The Partnership  performs ongoing  quarterly  assessments of
its assets to identify any "other-than-temporary" losses in value.

The provisions for losses  recorded  during the nine months ended  September 30,
1994 related to identified  "other-than-temporary"  losses in value in off-lease
equipment,    principally    telecommunication   equipment   and   semiconductor
manufacturing equipment.


Expenses
--------

The  decrease  in general  and  administrative  expenses  for the three and nine
months  ended  September  30, 1995 is primarily  attributable  to a reduction in
partnership  level  taxes  paid to the State of  Michigan  and  lower  costs for
professional services.


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

The Partnership funded its activities principally with cash from rents, interest
income and sales 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 nine months  ended  September  30,  1995,  the  Partnership  declared
distributions  to the Partners of  $3,867,279  (a  substantial  portion of which
constituted a return of capital) of which  $1,821,901  was paid in October 1995.
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.

The general  partners  currently  anticipate that the Partnership  will generate
cash flow from  operations and equipment  sales during 1995 which should provide
sufficient  cash to  enable  the  Partnership  to  meet  its  current  operating
requirements.





                                       10

<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, continued
------------------------------------------

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 as shown in the
balance  sheet.  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 1995  distributions
to the  limited  partners  (a  substantial  portion  of  which  is  expected  to
constitute  returns of capital)  almost entirely out of cash from operations and
cash from sales during the remainder of 1995. Because of the continuing decrease
in the size of the  Partnership's  lease portfolio,  it is anticipated that cash
from  operations  in 1995  will  continue  to  decrease  relative  to cash  from
operations in 1994.  Therefore,  depending on the results of operations  for the
remainder  of 1995,  the  Partnership  is not expected to have  sufficient  cash
available  in 1995 to fully  fund  cash  distributions  to the  Class A  limited
partners at annualized  rates of 14%.  Also,  the timing and amount of equipment
sales  for  the  remainder  of 1995  cannot  be  predicted  at  this  time.  The
Partnership  will  continue  to  make  distributions  consisting  of  cash  from
operations and cash from sales. The general partners  currently  anticipate that
future total distributions to the Class A limited partners are expected to be in
the range of an annualized rate of 5% to 8% on their capital contributions.






                                       11

<PAGE>



                          NORTHSTAR INCOME FUND-I, L.P.

                                    PART II.

                                OTHER INFORMATION


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 September 30, 1995.








                                       12

<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:  November 14, 1995         By:  /s/John E. Christensen
                                       -----------------------------------------
                                       John E. Christensen
                                       Senior Vice President,
                                       Chief Administrative Officer and Director








                                       13