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, 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
                                 March 31, 1997


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


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

              Balance Sheets-March 31, 1997 and December 31, 1996            3

              Statements of Income-Three months ended
              March 31, 1997 and 1996                                        4

              Statements of Cash Flows-Three months ended
              March 31, 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)


                                                      March 31,     December 31,
                                                         1997          1996
                                                     -----------    ------------

                                     ASSETS

Cash and cash equivalents                            $   971,635    $ 2,456,349
Accounts receivable                                      270,088        278,149
Equipment held for sale or re-lease                      271,364        324,180
Net investment in direct finance leases                   98,783        131,963
Leased equipment, net                                    910,695      1,054,064
                                                     -----------    -----------

     Total assets                                    $ 2,522,565    $ 4,244,705
                                                     ===========    ===========



                       LIABILITIES AND PARTNERS' CAPITAL

Liabilities:
  Accounts payable and accrued liabilities           $   216,382    $   672,315
  Payable to affiliates                                   12,594         22,881
  Rents received in advance                                9,191         18,188
  Distributions payable to partners                      172,406      1,317,168
                                                     -----------    -----------

     Total liabilities                                   410,573      2,030,552
                                                     -----------    -----------

Partners' Capital (Deficit):
  General partners                                      (578,739)      (578,739)
  Limited partners:
    Class A                                              694,335        790,910
    Class B                                            1,996,396      2,001,982
                                                     -----------    -----------

     Total partners' capital                           2,111,992      2,214,153
                                                     -----------    -----------

     Total liabilities and partners' capital         $ 2,522,565    $ 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)


                                                             Three months ended
                                                                  March 31,
                                                            --------------------
                                                              1997        1996
                                                            --------    --------

Revenue:
   Operating lease rentals                                  $238,927    $529,187
   Direct financing lease income                              11,590      38,421
   Equipment sales margin                                     42,546     171,501
   Interest income                                            15,609      25,526
                                                            --------    --------
         Total revenue                                       308,672     764,635
                                                            --------    --------

Expenses:
   Depreciation and amortization                             154,060     346,227
   Provision for losses                                            -           -
   Management fees paid to general partners                   13,283      23,346
   Direct services from general partners                      15,446      16,426
   General and administrative                                 55,638      49,450
                                                            --------    --------
         Total expenses                                      238,427     435,449
                                                            --------    --------

Net income                                                  $ 70,245    $329,186
                                                            ========    ========

Net income allocated:
   To the general partners                                  $  6,034    $ 38,190
   To the Class A limited partners                            59,819     271,094
   To the Class B limited partner                              4,392      19,902
                                                            --------    --------
                                                            $ 70,245    $329,186
                                                            ========    ========

   Net income per weighted average Class A
        limited partner unit outstanding                    $   0.57    $   2.59
                                                            ========    ========

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




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

                                        4

<PAGE>



                          NORTHSTAR INCOME FUND-I, L.P.

                            STATEMENTS OF CASH FLOWS
                                   (Unaudited)

                                                        Three months ended
                                                             March 31,
                                                     -------------------------
                                                         1997          1996
                                                     ------------   ----------


Net cash (used in) provided by operating activities  $  (167,546)   $ 1,067,065
                                                     -----------    -----------

Cash flows from financing activities:
   Distributions to partners                          (1,317,168)      (853,980)
                                                     -----------    -----------
Net cash used in financing activities                 (1,317,168)      (853,980)
                                                     -----------    -----------

Net increase (decrease) in cash and cash equivalents  (1,484,714)       213,085

Cash and cash equivalents at beginning of period       2,456,349      1,729,305
                                                     -----------    -----------

Cash and cash equivalents at end of period           $   971,635    $ 1,942,390
                                                     ===========    ===========





















   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:

                                              Condensed
                                        Statements of Income       
                                        for the three months      The effect on
                                           ended March 31,        net income of
                                       ----------------------    changes between
                                          1997        1996           periods
                                       ---------    ---------    ---------------

Leasing margin                         $  96,457    $ 221,381       $(124,924)
Equipment sales margin                    42,546      171,501        (128,955)
Interest income                           15,609       25,526          (9,917)
Management fees paid to general
  partners                               (13,283)     (23,346)         10,063
Direct services from general
  partners                               (15,446)     (16,426)            980
General and administrative expenses      (55,638)     (49,450)         (6,188)
Provision for losses                           -            -               -
                                       ---------    ---------       ---------
  Net income                           $  70,245    $ 329,186       $(258,941)
                                       =========    =========       =========

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
                                                              March 31,
                                                      --------------------------
                                                         1997           1996
                                                      ---------      -----------

Operating lease rentals                               $ 238,927      $ 529,187
Direct finance lease income                              11,590         38,421
Depreciation and amortization                          (154,060)      (346,227)
                                                      ---------      ---------
     Leasing margin                                   $  96,457      $ 221,381
                                                      =========      =========

     Leasing margin ratio                                    39%            39%
                                                             ==             ==

                                        7

<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 decreased,  and is expected to decrease  further,  primarily as a
result of portfolio run-off.

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  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
                                                               March 31,
                                                       -------------------------
                                                         1997           1996
                                                       ---------      ----------

Equipment sale revenue                                 $ 103,400      $ 402,792
Cost of equipment sales                                  (60,854)      (231,291)
                                                       ---------      ---------
     Equipment sales margin                            $  42,546      $ 171,501
                                                       =========      =========

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.

                                        8

<PAGE>


                          NORTHSTAR INCOME FUND-I, L.P.

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


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 three months ended March 31,
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

General and administrative expenses increased primarily due to legal fees.

Management  fees paid to general  partners  and  direct  services  from  general
partners decreased primarily as a result of portfolio run-off.


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.

Cash  from  operations  will  fluctuate  during  the  liquidation  period as the
Partnership's  equipment is sold.  Cash from  operations was negative during the
three  months  ended March 31,  1997  primarily  due to a reduction  in accounts
payable of approximately $450,000.

                                        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, continued
-------------------------------

During  the  three  months  ended  March  31,  1997,  the  Partnership  declared
distributions  to the  Partners  of  $172,406  (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 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 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. The general partners' current intent is to sell the Partnership's
equipment and liquidate the  Partnership no later than December 31, 1997. As the
Partnership's  equipment is sold,  proceeds from such sales will be  distributed
also.

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 March 31, 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:  May 6, 1997         By:      /s/Anthony M. DiPaolo
                                     ---------------------
                                     Anthony M. DiPaolo
                                     Senior Vice President


                                       12