SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549

                                  FORM 10-K

(Mark One)

x  Annual report pursuant to Section 13 or 15(d) of the Securities Exchange
   Act of 1934 for the fiscal year ended December 31, 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    0-6146 



                 MULTIVEST REAL ESTATE FUND, LTD. (SERIES I)
            (Exact name of registrant as specified in its charter)


            Michigan                            38-1954699     
(State or other jurisdiction of               (IRS Employer
incorporation or organization)             Identification No.)


6100 Glades Road, Suite 205
Boca Raton, Florida                               33434         
(Address of principal executive offices)       (Zip Code)



                                   (407) 487-6700                    
             (Registrant's telephone number, including area code)


                                                                                
(Former name, former address and former fiscal year, if changed since last
 report)

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 report), and (2) has been subject to such filing
requirements for the past 90 days.


                                           Yes   X    No      

<PAGE>
                 MULTIVEST REAL ESTATE FUND, LTD. (SERIES I) 
                                  FORM 10-K

                                    INDEX
PART I                                                                  Page

Item 1     Business. . . . . . . . . . . . . . . . . . . . . . . . . . .  3
Item 2     Properties. . . . . . . . . . . . . . . . . . . . . . . . . .  5
Item 3     Legal Proceedings . . . . . . . . . . . . . . . . . . . . . .  5
Item 4     Submission of Matters To a Vote of Security Holders . . . . .  5

PART II

Item 5     Market for Registrant's Partnership Units
             and Related Security Holder Matters . . . . . . . . . . . .  5
Item 6     Selected Financial Data . . . . . . . . . . . . . . . . . . .  6
Item 7     Management's Discussion and Analysis of Financial
             Condition and Results of Operations . . . . . . . . . . . .  7
Item 8     Financial Statements and Supplementary Data . . . . . . . . .  8
           (a) Independent Auditors' Report. . . . . . . . . . . . . . .  9
           (b) Statements of Financial Condition, as of
                 December 31, 1995 and 1994. . . . . . . . . . . . . . . 10
           (c) Statements of Operations, for each of the years in the
                 three year period ended December 31, 1995 . . . . . . . 11
           (d) Statements of Changes in Partners' Capital, for each
                 of the years in the three year period ended
                 December 31, 1995 . . . . . . . . . . . . . . . . . . . 12
           (e) Statements of Cash Flows, for each of the years in the 
                 three year period ended December 31, 1995 . . . . . . . 13
           (f) Notes to Financial Statements . . . . . . . . . . . . . . 14
Item 9     Changes in and Disagreements with Accountants on Accounting
             and Financial Disclosure. . . . . . . . . . . . . . . . . . 22

PART III

Item 10    Directors and Executive Officers of the Registrant. . . . . . 22
Item 11    Executive Compensation. . . . . . . . . . . . . . . . . . . . 22
Item 12    Security Ownership of Certain
             Beneficial Owners and Management. . . . . . . . . . . . . . 23
Item 13    Certain Relationships and Related Transactions. . . . . . . . 24

PART IV

Item 14    Exhibits, Financial Statement Schedules, and Reports
             on Form 8-K . . . . . . . . . . . . . . . . . . . . . . . . 25

<PAGE>
                MULTIVEST REAL ESTATE FUND, LTD. (SERIES I)  
                                  FORM 10-K


                                    PART I


ITEM 1   BUSINESS

Formation of the Partnership

The registrant, MultiVest Real Estate Fund, Ltd. (Series I) ("Partnership"), is
a Michigan limited partnership which was formed in 1971 primarily to invest in,
operate and dispose of improved real estate.  The Partnership is operated by its
(corporate) general partner, MultiVest Real Estate, Inc., a Delaware corporation
("General Partner").

The Partnership originally invested its funds in apartment complexes and
shopping centers which the General Partner considered had a potential for profit
either through income or gain on resale.  The Partnership also attempted to
provide tax shelter benefits for participants when feasible within its primary
investment objective.

Dissolution of the Partnership

The Partnership is in the process of dissolution pursuant to its Agreement of
Limited Partnership ("Partnership Agreement"), which provides that, upon a
dissolution, the assets of the Partnership are to be liquidated as promptly as
is consistent with obtaining their fair value.

The Partnership owns and operates Warwick Apartments located in Fort Worth,
Texas.  The property is presently on the market for sale.  Any sale will be
subject to a number of conditions, including first and foremost, a satisfactory
offer.

Summary of Business Operations for the Year Ended December 31, 1995

Operations of the Partnership consist of the ownership and operation of Warwick
Apartments in Fort Worth, Texas.  As of December 31, 1995, the Partnership had 4
employees.  Such employees are the on-site personnel at Warwick Apartments.

On May 5, 1995, Warwick Apartments sustained significant damage as a result of a
hailstorm which hit the Fort Worth, Texas area.  Due to the damage, occupancy
at the property declined approximately 16%.  Damage to the property has
subsequently been repaired and management is currently in the process of
re-marketing and leasing the vacant units.  The Partnership is presently in
negotiations with the insurance carrier to reach a settlement with regard to
the damages and rental loss.

The sources of operating income for the Partnership primarily consist of
interest earned on funds held in reserve pursuant to the Partnership Agreement
and income from the operations of Warwick Apartments.

For additional information on 1995 operations, see Item 7 "Management's
Discussion and Analysis of Financial Condition and Results of Operations".

Future Business Operations of the Partnership

The General Partner anticipates continuation of the dissolution and winding up
of the Partnership.  Future cash distributions to the Limited Partners will be
based on the cash flow (if any) from operations of, or sale of, Warwick
Apartments.

<PAGE>
                 MULTIVEST REAL ESTATE FUND, LTD. (SERIES  I) 


Conflicts of Interest

The Partnership is subject to various conflicts of interest arising out of its
relationship with the General Partner and its affiliates.  These conflicts
involve:

1.  Competition by the Partnership with Other Partnerships for Management
    Services:  The General Partner serves as a general partner in three other
    limited partnerships, all of which were formed to engage in similar
    businesses as this Partnership, and two of which are presently being wound
    up and liquidated.  The General Partner may have conflicts of interest in
    allocating management time, services and functions among the various
    partnerships and any future partnerships and other entities which may be
    organized; however, the General Partner believes that it has sufficient
    staff to be fully capable of discharging its responsibilities to each
    partnership and other entities.

2.  Liability of General Partner to Other Partnerships:  The General Partner is
    generally liable for the Partnership's recourse obligations, to the extent
    not paid by the Partnership.  Because the General Partner is a general
    partner in other limited partnerships, creditors of any of the partnerships
    could seek to realize on the assets of the General Partner if that
    partnership's assets were insufficient to satisfy its debts.  Should the
    General Partner at any time have insufficient assets to meet such
    obligations, the General Partner could face conflicts of interest with
    regard to the manner in which its assets are distributed to meet the
    obligations.

3.  Real Estate Commissions and Other Commissions Earned by Affiliates:  To
    the extent the Partnership sells Warwick Apartments or requires a
    construction manager for repairs or construction at Warwick Apartments, the
    Partnership may pay real estate commissions thereon to brokers or
    construction management fees to the construction manager, including an
    affiliate of the General Partner, subject to such restrictions and upon
    such terms as are provided in the Partnership Agreement.

4.  Provision for Property Management and Mortgage Servicing Services for the
    Partnership by an Affiliate:  An affiliate of the General Partner performs
    property management and mortgage servicing for the Partnership.  In the
    opinion of the General Partner, such affiliate is engaged, in accordance
    with the Partnership Agreement, on terms which are fair and reasonable and
    no less favorable than could reasonably be obtained by the Partnership with
    unaffiliated persons.

5.  Provision for Legal Services:  The firm of Honigman Miller Schwartz and
    Cohn is counsel to the Partnership.  It is also counsel to the General
    Partner and its corporate affiliates.  As such, it provides legal services
    to the Partnership in connection with its operations, real property
    investments and related matters at its usual rate for such services.

Competition

Warwick Apartments competes with similar properties in its vicinity (see Item 2,
"Properties").

<PAGE>
                 MULTIVEST REAL ESTATE FUND, LTD. (SERIES I)



ITEM 2  PROPERTIES

The following is a brief description of Warwick Apartments:


                                          Year       Percentage of
                        Number of     Construction   Occupancy at
Location                Apt. Units      Completed   December 29, 1995

Fort Worth, Texas        100 Units        1971             71%

Warwick Apartments competes with properties which are of similar age and
construction, as well as with properties with more modern construction and
amenities.  Occupancy at the property has been severely affected by damages
resulting from a hailstorm on May 5, 1995 (see Item I, "Business" for
additional information).


ITEM 3    LEGAL PROCEEDINGS 
   
The Partnership is a defendant, from time to time, in various actions brought by
tenants, contractors, materialmen and others in connection with the
Partnership's property, many of which are covered by the liability insurance
maintained by the Partnership.  The Partnership believes that the effect, if
any, of these suits on the financial condition of the Partnership will not be
material.


ITEM 4    SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

None.



                                   PART II


ITEM 5    MARKET FOR REGISTRANT'S PARTNERSHIP UNITS AND RELATED SECURITY
   HOLDER MATTERS.

To the best knowledge of the General Partner, there is no public trading market
for the Partnership Units.  Since such a market does not exist for the resale
of the Units, market prices cannot be ascertained.  There are approximately 417
holders of the Units as of December 31, 1995.

Cash Distributions to Partners

There were no cash distributions declared by the General Partner during the past
two years.  Distributions are generally paid to the Partners in the quarter
subsequent to their declaration.


<PAGE>
                  MULTIVEST REAL ESTATE FUND, LTD. (SERIES I) 

ITEM 6 SELECTED FINANCIAL DATA
 
OPERATIONAL SUMMARY                  Years Ended December 31,                   

                            1995      1994        1993       1992       1991
                                             
Total revenues          $ 386,237  $ 400,393   $ 386,918  $ 387,162  $  377,887 
Total expenses            556,553    515,380     511,321    551,322     552,565 
Income from sold properties   -          -           -          -        86,505 

(Loss) before real
  estate transactions    (170,316)  (114,987)   (124,403)  (164,160)    (88,173)

Real estate transactions  103,169        -           -          -       899,469 


  Net income (loss)     $ (67,147) $(114,987)  $(124,403) $(164,160) $  811,296 
  
Allocated to:
  Limited Partners      $ (66,529) $(113,929)  $(123,259) $(162,650) $  803,832 
  General Partner            (618)    (1,058)     (1,144)    (1,510)      7,464 
                        $ (67,147) $(114,987)  $(124,403) $(164,160) $  811,296 

Net income (loss) per     
  Partnership Unit based 
   on 1,087 average units     
   outstanding          $  (61.77) $ (105.78)  $ (114.45) $ (151.02) $   746.36 
   
Cash distributions to 
   Partners             $      -   $ 108,700   $      -   $      -   $1,195,700 

Cash distributions per
   Partnership Unit based 
   on 1,087 average units
   outstanding          $      -   $  100.00   $      -    $      -  $ 1,100.00 

FINANCIAL CONDITION SUMMARY

Net investment in real                       
   estate               $ 443,767  $ 408,275   $ 504,038   $ 606,743 $  748,344 

Other assets              397,079    498,836     625,507     689,154    854,583 

  Total assets          $ 840,846  $ 907,111  $1,129,545  $1,295,897 $1,602,927 

Mortgage notes payable  $     -    $     -    $      -    $   29,028 $  112,342 
Other liabilities          62,866     61,984      60,731      73,652    133,208 
   
   Total liabilities       62,866     61,984      60,731     102,680    245,550 

Partners' capital         777,980    845,127   1,068,814   1,193,217  1,357,377 

  Total liabilities and
   Partners' capital    $ 840,846  $ 907,111  $1,129,545  $1,295,897 $1,602,927 

  Note: The above information and Item 7 - "Management's Discussion and Analysis
        of Financial Condition and Results of Operations" should be read in
        conjunction with the financial information contained in Item 8 and
        elsewhere herein.



<PAGE>
                 MULTIVEST REAL ESTATE FUND, LTD. (SERIES I) 


ITEM 7  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
        OF OPERATIONS

The current operations of the Partnership are centered on Warwick Apartments.

Total revenues decreased $14,156 or 4% from 1994 to 1995.  Rents and other
tenant charges decreased $32,612 or 9% due primarily to lost rents as a result
of damage sustained to various units during the hailstorm on May 5, 1995 (see
below).  Insurance proceeds are anticipated to be sufficient to reimburse the
Partnership for lost rents. Other income increased $18,456 or 60% due primarily
to real estate tax refunds received on Warwick Apartments as a result of
assessment appeals for prior years.

The Partnership's total revenues increased $13,475 or 3% in 1994, as compared
to 1993. There was a $25,463 or 7% increase in rents and other tenant charges
due to an overall increase in occupancy at Warwick Apartments.  Other income
decreased $11,988 or 28% in 1994, compared to 1993, due primarily to a refund
of real estate taxes in 1993 on Warwick Apartments as a result of an assessment
appeal.

The Partnership's total expenses increased $41,173 or 8% in 1995, as compared
to 1994. There was a $20,172 or 19% increase in repair and maintenance as
efforts continue to enhance the appearance and salability of Warwick Apartments.

Total expenses increased $4,059 or 1% in 1994, as compared to 1993.  Utility
costs increased $2,617 or 3% from 1993 to 1994 due primarily to increased water
and sewer costs at Warwick Apartments as a result of increased consumption
during the fourth quarter.  There was a $2,785 or 3% increase in depreciation
due to amortization of costs associated with improvements to the property during
1994.

On May 5, 1995, Warwick Apartments sustained significant damage as a result of a
hailstorm which hit the Fort Worth, Texas area.  Due to the damage, occupancy
at the property declined approximately 16%.  Damage to the property has
subsequently been repaired and management is currently in the process of
re-marketing and leasing the vacant units.  The Partnership is presently in
negotiations with the insurance carrier to reach a settlement with regard to
the property damages and rental loss.  As a result of the damage sustained, the
carrying value of the damaged property has been reduced along with the
corresponding accumulated depreciation, resulting in the recognition of net
gain from insurance proceeds related to storm damage of $103,169.

An allowance for loss on real estate in the amount of $525,000 was established
in 1991 based on an analysis of net realizable value of Warwick Apartments.  The
property is currently on the market for sale.

The liquidity of the Partnership is dependent upon the timely receipt of cash
collections on rental revenue.  There are no credit facilities currently in
place, and Limited Partners have no obligation to provide additional funds in
excess of their initial cash contributions.  In order to protect the Partnership
in the event of a reduction in cash flow, management closely monitors the
Partnership's cash position and, when necessary, reserves adequate funds to
continue the operations of the Partnership in the foreseeable future.  Funds
reserved are generally invested in short-term investments.  The General Partner
believes that the Partnership maintains adequate liquidity on a short-term basis
as a result of its cash flow and reserve policies; however, there can be no
assurance of the continued performance of Warwick Apartments. 
A decline in performance could have a negative effect upon the long-term
liquidity of the Partnership.  Funds generated from operations have primarily
been used to meet Partnership obligations and, when possible, distribute funds
to the Partners.  There was no distribution of funds during the year ended
December 31, 1995.



<PAGE>
                MULTIVEST REAL ESTATE FUND, LTD. (SERIES I) 


                              PART II, continued




                                    ITEM 8

                 FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

                           For each of the years in
                         the three year period ended

                              December 31, 1995











       Schedules omitted are not required, or the required information
        is included in the financial statements or the notes thereto.





<PAGE>
                            Independent Auditors' Report

  
The Partners
MultiVest Real Estate Fund, Ltd. (Series I):


We have audited the accompanying statements of financial condition of MultiVest
Real Estate Fund, Ltd. (Series I) (a Michigan limited partnership) as of 
December 31, 1995 and 1994, and the related statements of operations, changes
in partners' capital, and cash flows for each of the years in the three-year
period ended December 31, 1995.  These financial statements are the 
responsibility of the Partnership's management.  Our responsibility is to
express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with generally accepted auditing
standards.  Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement.  An audit includes examining, on a test basis, 
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation.  We believe that our audits provide a reasonable basis
for our opinion.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of MultiVest Real Estate Fund,
Ltd. (Series I) (a Michigan limited partnership) at December 31, 1995 and 1994,
and the results of its operations and its cash flows for each of the years in
the three-year period ended December 31, 1995, in conformity with generally
accepted accounting principles.



March 21, 1996                                      KPMG Peat Marwick LLP
Fort Lauderdale, Florida












<PAGE>
                 MULTIVEST REAL ESTATE FUND, LTD. (SERIES I)
                      (a Michigan limited partnership) 
                      STATEMENTS OF FINANCIAL CONDITION
                         December 31, 1995 and 1994 
                                                 

        
                                                                   
                                                   1995         1994   
          ASSETS

Investment in real estate
   Land                                       $   180,051  $   180,051 
   Buildings and improvements                   1,412,867    1,638,115 
   Construction-in-progress                       245,758        -     
   Allowance for loss on real estate (Note 11)   (525,000)    (525,000)

                                                                          
                                                1,313,676    1,293,166 
   Less accumulated depreciation                  869,909      884,891 

     Net investment in real estate
        (Notes 2 and 9)                           443,767      408,275 


Other assets
   Cash                                            32,795       78,583 
   Investments, at cost which
     approximate market (Note 3)                  342,791      396,500 
   Interest and other receivables                     488        1,723 
   Prepaid insurance                               18,505       19,530 
   Escrow deposits and other assets                 2,500        2,500 

        Total other assets                        397,079      498,836 

          Total assets                        $   840,846  $   907,111 

   LIABILITIES AND PARTNERS' CAPITAL

Accounts payable                              $     7,090  $     8,787 
Accrued liabilities (Note 4)                       40,329       37,540 
Accrued liabilities to affiliates (Note 5)          5,987        5,747 
Security deposits                                   9,460        9,910 

        Total liabilities                          62,866       61,984 

Contingencies (Note 12)
Partners' capital (Notes 6 and 7)
   Limited Partners, 1,077 units                  770,788      837,317 
   General Partner,     10 units                    7,192        7,810 

        Total Partners' capital                   777,980      845,127 


          Total liabilities and 
             Partners' capital                $   840,846  $   907,111 



                      See Notes to Financial Statements.



<PAGE>
                  MULTIVEST REAL ESTATE FUND, LTD. (SERIES I)
                        (a Michigan limited partnership)
                            STATEMENTS OF OPERATIONS
                         For each of the years in the 
                   three year period ended December 31, 1995
                                                  



                                           1995         1994        1993    
Revenues
  Rents and other tenant charges       $  336,822   $  369,434  $  343,971 
  Other income                             49,415       30,959      42,947 

                                          386,237      400,393     386,918 

Expenses
  Maintenance, custodial salaries
     and related expenses                  73,404       67,893      67,914 
  Investment management fee - affiliate 
     (Note 5)                               9,085        8,965       9,560 
  Real estate management fee - affiliate       
     (Note 5)                              17,427       19,147      17,789 
  Depreciation                            117,163      113,495     110,710 
  Property taxes                           35,740       30,771      33,269 
  Insurance                                19,878       20,790      31,603 
  Utilities                                88,665       85,438      82,821 
  Repairs and maintenance                 126,020      105,848     101,328 
  Legal and accounting                     17,541       16,464      12,423 
  Interest (Note 10)                        -            -             478 
  Administrative and other                 51,630       46,569      43,426 

                                          556,553      515,380     511,321 

     
  Loss from existing assets              (170,316)    (114,987)   (124,403)

Net gain from insurance proceeds
  related to storm damage                 103,169        -           -     

  Net loss                             $  (67,147)  $ (114,987) $ (124,403)

Allocated to
  Limited partners, 1,077 units        $  (66,529)  $ (113,929) $ (123,259)
  General partner,     10 units (Note 6)     (618)      (1,058)     (1,144)
     
                                       $  (67,147)  $ (114,987) $ (124,403)

Net loss per Partnership unit 
  based on 1,087 average units 
  outstanding                          $   (61.77)  $  (105.78) $  (114.45)










                       See Notes to Financial Statements.



<PAGE>
                 MULTIVEST REAL ESTATE FUND, LTD. (SERIES I)
                       (a Michigan limited partnership)
                  STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
                        For each of the years in the 
                  three year period ended December 31, 1995
                                                 




                                             General    Limited
                                             Partner    Partners      Total



Partners' capital January 1, 1993             11,012   1,182,205    1,193,217 

   Net loss for 1993                          (1,144)   (123,259)    (124,403)


Balance, December 31, 1993                     9,868   1,058,946    1,068,814 

   Net loss for 1994                          (1,058)   (113,929)    (114,987)

   Distribution to partners                   (1,000)   (107,700)    (108,700)

Balance, December 31, 1994                     7,810     837,317      845,127 

   Net loss for 1995                            (618)    (66,529)     (67,147)

Partners' capital
   December 31, 1995                       $   7,192  $  770,788   $  777,980 

Partnership units outstanding
   at December 31, 1995, 1994
   and 1993                                       10       1,077        1,087 










                      See Notes to Financial Statements.



<PAGE>
                   MULTIVEST REAL ESTATE FUND, LTD. (SERIES I)
                         (a Michigan limited partnership)
                             STATEMENTS OF CASH FLOWS
                           For each of the years in the
                    three year period ended December 31, 1995
                      Decrease in Cash and Cash Equivalents
                                                   


                                              1995        1994        1993   
Operating Activities

  Net loss                               $  (67,147)  $ (114,987)  $ (124,403)
  Adjustments to reconcile net loss
  to net cash provided by (used in)
  operating activities:
    Depreciation                            117,163      113,495      110,710 
    Net gain from insurance proceeds
      related to storm damage              (103,169)       -            -     
    Changes in assets and liabilities:                                         
       Decrease (increase) in
          interest and other receivables      1,235         (372)         696 
       Decrease in prepaid expenses           1,025          106       11,586 
       Decrease in escrow deposits            -            -           46,158 
       (Decrease) increase accounts payable  (1,697)       3,246       (3,895)
       Increase (decrease) in accrued
          liabilities                         2,789        1,863      (16,110)
       Increase (decrease) in accrued
          liabilities to affiliates             240         (679)       4,914 
       (Decrease) increase in security
          deposits                             (450)      (3,177)       2,170 

         Net cash (used in) provided by  
            operating activities            (50,011)        (505)      31,826 

Investing Activities

    Construction-in-progress, storm damage (245,758)       -            -     
    Capital improvements to real estate     (14,188)     (17,732)      (8,005)
       
         Net cash used in investing 
            activities                     (259,946)     (17,732)      (8,005)

Financing Activities

    Insurance proceeds from storm damage    210,460        -            -     
    Distributions to partners                 -         (108,700)       -     
    Principal payments on mortgage notes
       payable                                -            -          (29,028)
       
         Net cash provided by (used in)
            financing activities            210,460     (108,700)     (29,028)


    Decrease in cash and cash equivalents   (99,497)    (126,937)      (5,207)
    Cash and cash equivalents - beginning
       of year                              475,083      602,020      607,227 
    Cash and cash equivalents - end
       of year                           $  375,586   $  475,083   $  602,020 




                        See Notes to Financial Statements.






<PAGE>
                 MULTIVEST REAL ESTATE FUND, LTD. (SERIES I) 
                        NOTES TO FINANCIAL STATEMENTS
            For the years ended December 31, 1995, 1994 and 1993 
                                                 



1.  Summary of Significant Accounting Policies

    Investment in Real Estate

    The Partnership's investment in real estate is carried at the lower of cost
    or estimated fair value.  All expenditures for improvements are capitalized.
    The costs of repairs and maintenance are charged to expense as incurred.
    Upon sale or retirement, the cost and related accumulated depreciation are
    removed from the accounts and any gain or loss is reflected in income in
    accordance with Statement of Financial Accounting Standards No. 66.

    The Partnership adopted Statement of Financial Accounting Standards No. 121
    - Accounting for the Impairment of Long Lived Assets and for Long Lived
    Assets to be Disposed Of - as of January 1, 1995, and accordingly evaluates
    its real estate investments periodically to assess whether any impairment
    indications are present, including recurring operating losses and
    significant adverse changes in legal factors or business climate that affect
    the recovery of the recorded value.  If any real estate investment is
    considered impaired, a loss is provided to reduce the carrying value of the
    property to its estimated fair value.  The implementation of this standard
    had no financial impact on the financial statements.

    Depreciation

    The Partnership depreciates land improvements, buildings and building
    improvements using the straight-line method over the estimated useful lives
    of the assets. Depreciation is computed using the following useful lives:

                                          Years
   
             Land Improvements          10 to 15
             Buildings                     16
             Building Improvements       2 to 10


    Accounting for Real Estate Sales

    Sales of real estate are accounted for in accordance with Statement of
    Financial Accounting Standards No. 66 - Accounting for Sales of Real Estate.
    For sales of real estate where both cost recovery is reasonably certain
    and the collectibility of the contract price is reasonably assured, but
    the transactions do not meet the remaining requirements to be recorded on
    the accrual basis, profit is recognized under the installment method, which
    recognizes profit as collections of principal are received.  If developments
    subsequent to the adoption of the installment method occur which cause the
    transaction to meet the requirements of the full accrual method, the
    remaining deferred profit is recognized at that time.

    Use of Estimates

    The preparation of financial statements in conformity with generally
    accepted accounting principles requires management to make estimates and
    assumptions that affect certain reported amounts in the financial statements
    and accompanying notes.  Actual results could differ from those estimates.



<PAGE>
                 MULTIVEST REAL ESTATE FUND, LTD. (SERIES I) 
                   NOTES TO FINANCIAL STATEMENTS, continued
            For the years ended December 31, 1995, 1994 and 1993 
                                                 


1.  Summary of Significant Accounting Policies, continued

    Fair Value of Financial Instruments

    The fair values of the Partnership's financial instruments, including
    mortgage notes and accounts receivable, mortgage notes and accounts payable,
    accrued expenses, security deposits, and other financial instruments,
    generally determined using the present value of estimated future cash flows
    using a discount rate commensurate with the risks involved, approximate
    their carrying or contract values.

    Cash Equivalents

    For purposes of the Statements of Cash Flows, all highly liquid investments
    purchased with a maturity of three months or less are considered to be cash
    equivalents.  These investments consist principally of repurchase 
    agreements and Treasury Bills.

    
    Storm Damage

    Property damage resulting from a hail storm has been written off in the
    fourth quarter based upon estimates obtained from general contractors 
    involved in the repair of the property.  Repairs for property damage are
    capitalized and included in construction in progress until completed.  The
    difference between the loss sustained and the insurance proceeds received
    is recorded as a gain or loss related to storm damage.  Management 
    anticipates additional proceeds to be received in 1996. 







<PAGE>
                   MULTIVEST REAL ESTATE FUND, LTD. (SERIES I)
                     NOTES TO FINANCIAL STATEMENTS, continued
                                                                

<TABLE>

2.  Real Estate and Accumulated Depreciation

    Real estate and accumulated depreciation at December 31, 1995 consisted
    of the following:

<CAPTION>
    
                                                  Cost   
                       Partnership             Capitalized   Gross Amount at Which                                Life on Which
                         Cost to              Subsequent to   Carried at Close of                                Depreciation in
                        Re-acquire           Re-acquisition        Period                                       Latest Statement
<S>                           Buildings and                   Building and      Accumulated   Date of     Date  of Operations is
Description Encumbrances Land Improvements Improvements  Land Improvements Total Depreciation Construct'n Re-acquired  Computed

Warwick 
Apartments,
Fort Worth,             <C>      <C>           <C>       <C>      <C>       <C>        <C>       <C>      <C>      <C>         
Texas          -        180,051  1,481,653     176,972   180,051  1,658,625 1,838,676* 869,909   1971     11/3/87  2 - 16 years




The cost basis of the property for federal tax purposes is $1,148,014.  The primary
difference between such basis and the amount reflected in the financial statements
is a gain recognized for tax purposes on repossession of the property.


* Gross investment in real estate                   $ 1,838,676 
  Less:  Allowance for loss on real estate             (525,000)

                                                    $ 1,313,676 

</TABLE>





<PAGE>
                 MULTIVEST REAL ESTATE FUND, LTD. (SERIES I) 
                   NOTES TO FINANCIAL STATEMENTS, continued
                                                 



2.  Real Estate and Accumulated Depreciation, continued


                   SUMMARY OF CHANGES IN GROSS AMOUNT OF REAL ESTATE
                              AND ACCUMULATED DEPRECIATION
                                              




    Gross Amount of Real Estate       1995           1994           1993    
   
    Balance at beginning of 
      period                      $ 1,293,166    $ 1,275,434    $ 1,267,429 

      Construction-in-progress        245,758          -              -     

      Asset write-offs, storm
        damage                       (239,436)         -              -     

      Improvements                     14,188         17,732          8,005 

    
    Balance at close of period    $ 1,313,676    $ 1,293,166    $ 1,275,434 





    Accumulated Depreciation          1995           1994           1993    

    Balance at beginning of
      period                     $   884,891    $   771,396    $   660,686 

      Accumulated depreciation 
        write-offs, storm-damage    (132,145)         -              -     

      Depreciation expense           117,163        113,495        110,710 

    Balance at close of period   $   869,909    $   884,891    $   771,396 


3.  Investments

    Title of Each Class                           Cost of Each Issue     
                                                 1995             1994    

      Treasury Bills                       $    247,791     $   396,500 
      Repurchase Agreements                      95,000           -     
  
                                            $   342,791     $   396,500 


    Investments are recorded at cost, which approximates market value, and have
    maturities of three months or less.  Yield on investments at December 31,
    1995 was approximately 5.02%.






<PAGE>
                 MULTIVEST REAL ESTATE FUND, LTD. (SERIES I)
                   NOTES TO FINANCIAL STATEMENTS, continued
                                                 




4.  Accrued Liabilities

    Accrued liabilities at December 31, 1995 and 1994 consisted of the
    following:


                                          1995           1994   

    Payroll                           $    1,994      $    2,174 
    Utilities                              2,181           3,647 
    Real estate taxes                     36,154          31,719 
    
                                      $   40,329      $   37,540 



5.  Related-Party Transactions

    The following list of expenses incurred and the related liabilities are a
    result of transactions with affiliates:


                           M.V. National              MultiVest Real       
                          Properties, Inc.              Estate, Inc.        

    For the year ended
    December 31,        1995    1994    1993       1995     1994     1993  


    Real estate 
    management fee    $17,427  $19,147  $17,789      -        -        -    

    Investment 
    management fee      -        -        -      $ 9,085   $ 8,965   $ 9,560 

                      $17,427  $19,147  $17,789  $ 9,085   $ 8,965   $ 9,560   
       
    Accrued liabilities
    December 31       $ 1,386  $ 1,534  $ 1,724  $ 4,601   $ 4,213   $ 4,702 






<PAGE>
                 MULTIVEST REAL ESTATE FUND, LTD. (SERIES I)
                   NOTES TO FINANCIAL STATEMENTS, continued
                                                 


5.  Related-Party Transactions, continued

    MultiVest Real Estate, Inc. is the Corporate General Partner of the
    Partnership. The Partnership Agreement permits the Corporate General
    Partner to provide certain services to the Partnership and to employ
    certain affiliates of the Corporate General Partner to provide services
    to the Partnership and obtain reimbursement therefor.  The services
    provided encompass:

         (1)  Investment management services - MultiVest Real Estate, Inc.

         (2)  Mortgage servicing - M.V. National Properties, Inc.

         (3)  Real estate management - M.V. National Properties, Inc.

    Management is of the opinion that these transactions were executed for a
    consideration approximately equivalent to that which would have been paid to
    unaffiliated firms.

    The Partnership Agreement provides that the General Partner is entitled to
    an annual Investment Management Fee equal to 1/2 of 1% of the Partnership
    assets as they appear on the year-end balance sheet of the Partnership
    (prepared in accordance with generally accepted accounting principles),
    except that there shall be no reduction for accumulated depreciation and
    amortization.  For the year ended December 31, 1995, the Corporate General
    Partner earned an Investment Management Fee of $9,085.

    In addition, under the Partnership Agreement, the General Partner is
    entitled to an annual Performance Incentive Fee based upon the following
    formula:  The Performance Incentive Fee is earned only if the sum of (1)
    net realized appreciation on the sale of Partnership property plus (2)
    net income of the Partnership as determined by generally accepted
    accounting principles after the deduction of depreciation and the General
    Partner's fees (except the Performance Incentive Fee) from operations of
    the Partnership plus (3) an amount equal to 50% of the depreciation taken
    in that year, is equal to or in excess of 10% of total capital contributions
    to the Partnership.  The Performance Incentive Fee is payable on an annual
    basis and ranges from 1/8 of 1% to 3/8 of 1% of gross Partnership assets
    depending upon percentages determined by the above formula.  A Performance
    Incentive Fee was not earned by the Corporate General Partner in 1995,
    1994 or 1993.

    The Partnership Agreement also obligates the Partnership to reimburse the
    Corporate General Partner for all expenses, including, but not limited to,
    salaries, wages, legal and accounting fees and overhead expenses, reasonably
    incurred by it in managing the business of the Partnership, and allows the
    Corporate General Partner to employ affiliates or other subsidiaries to
    render services to the Partnership as independent contractors.  Affiliates
    of the General Partner may be engaged to perform normal property management
    services.  For the year ended December 31, 1995, an affiliate earned $17,427
    as its Property Management Fee.

    


<PAGE>
                 MULTIVEST REAL ESTATE FUND, LTD. (SERIES I)
                   NOTES TO FINANCIAL STATEMENTS, continued
                                                 



5.  Related-Party Transactions, continued
 
    In addition, the Partnership Agreement provides that the General Partner has
    the right and power to employ persons in the operation and management of the
    Partnership business, including, but not limited to, supervisory managing
    agents, building management agents, insurance brokers, real estate brokers
    and loan brokers, on such terms and for such compensation as the General
    Partner shall determine.  The General Partner is empowered to employ in such
    capacities an affiliate or subsidiary of the General Partner on terms
    comparable to those offered by unaffiliated firms.


6.  General Partner Participation in Income, Loss, and Distributions

    The General Partner participates in the income, loss, and distributions of
    the Partnership in proportion of Partnership units owned to the total
    Partnership units outstanding.


7.  Income Taxes

    MultiVest Real Estate Fund, Ltd. (Series I) is a Partnership and has no
    liability for federal income taxes.  The Partners include in their
    individual income tax returns their proportionate share of any income or
    loss of the Partnership.
    
    Net loss, total assets and Partners' capital as reported in the accompanying
    financial statements are less than net loss, total assets and Partners'
    capital as reported in the Partnership's 1995 tax return by approximately
    $25,981, $503,131 and $503,131, respectively.  The following are differences
    related to net loss as of and for the years ended December 31:

                               1995        1994         1993   

    Loss per books         $  (67,147) $ (114,987)   $(124,403)     
    Depreciation               77,150      73,876       71,274 
    Other                     (51,169)       -           -     
    
    Tax loss                $ (41,166) $  (41,111)   $ (53,129)


8.  Dissolution of the Partnership

    Pursuant to the Partnership Agreement, the Partnership was required to
    obtain an independent appraisal of the Partnership's properties during 1981
    for the purpose of determining the Net Asset Value (as defined in the
    Partnership Agreement) of each Partnership Unit and to either repurchase
    Limited Partnership Units, if offered by Limited Partners, or proceed with
    the dissolution of the Partnership. The General Partner elected not to
    purchase units offered by Limited Partners and proceeded with the
    liquidation of the Partnership.  The General Partner anticipates
    continuation of its dissolution and winding up of the Partnership.




<PAGE>
                 MULTIVEST REAL ESTATE FUND, LTD. (SERIES I)
                   NOTES TO FINANCIAL STATEMENTS, continued


9.  Description of Partnership Operations and Leasing Arrangements
 
    The Partnership operates exclusively in the real estate industry, investing
    its funds in rental properties consisting primarily of apartment complexes.

    The following is an analysis of the Partnership's investment in property
    held for rent for residential purposes as of December 31, 1995:


    Residential rental apartments       $ 1,313,676 


    Less:  Accumulated depreciation        (869,909)

                                        $   443,767 
 

    Residential leases are for periods not exceeding one year.

10. Interest Expense

    As of May 1, 1993, the final payment on the Warwick Apartments mortgage note
    payable, the Partnership no longer incurs interest expense on the mortgage
    note payable relative to Warwick Apartments.  



                                  1995       1994      1993    

    Existing property         $    -     $    -     $      478 

                              $    -     $    -     $      478 
    


    Cash paid during 1995, 1994 and 1993 for interest was $-0-, $-0-, and $478,
    respectively.

11. Allowance for Loss on Real Estate

    An allowance for loss on real estate was established in 1991 in the amount
    of $525,000 based on an analysis of net realizable value of Warwick
    Apartments.

12. Contingencies

    The Partnership is a defendant, from time to time, in various actions
    brought by tenants, contractors, materialmen and others in connection with
    the Partnership's property, many of which are covered by the liability
    insurance maintained by the Partnership.  The Partnership believes that the
    effect, if any, of these suits on the financial condition of the Partnership
    will not be material.




<PAGE>
                 MULTIVEST REAL ESTATE FUND, LTD. (SERIES I) 


                              PART II, continued


ITEM 9  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
        FINANCIAL DISCLOSURE

None.



                                   PART III


ITEM 10 DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

The Partnership has no directors or officers.  The business policy-making
functions of the Partnership are carried on through the directors and executive
officers of the General Partner, who are listed below:

RICHARD L. DAVIS, age 46, is President, Chief Executive Officer and Director of
the General Partner and has been associated with the General Partner since
August 1981.

JAMES F. COLGAN, age 61, is a Director of the General Partner and has served in
that capacity since December 1987.  Since March 1990,  Mr. Colgan has been
President and Director of MultiVest, Inc.  From November 1987 to March 1990 he
served as ChiefFinancial Officer of that company.

PAUL D. TOOMEY, age 45, is Vice President, Treasurer and Secretary of the
General Partner and has been associated with MultiVest Real Estate, Inc. in
various capacities since 1972.

There is no family relationship among any of the above named executive officers
and directors of the General Partner.

ITEM 11 EXECUTIVE COMPENSATION

The Partnership has no directors or officers.  The General Partner, MultiVest
Real Estate, Inc., operates the Partnership.



<PAGE>
                 MULTIVEST REAL ESTATE FUND, LTD. (SERIES I)


ITEM 12 SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

According to the Partnership's records, at January 1, 1996, a group consisting
of the following entities (through their affiliated general partners) is the
only individual, entity or group which is the beneficial owner or has the rights
to acquire beneficial ownership of more than 5% of the Limited Partnership
units:

                    Name of              Amount & Nature of      Percentage
Title of Class     Beneficial Owner      Beneficial Ownership    of Class   
$2500 Limited      Liquidity Fund  X             3                 .279 
Partnership Units

$2500 Limited      Liquidity Fund  XI            3                 .279 
Partnership Units

$2500 Limited      Liquidity Fund  XIII          9                 .836 
Partnership Units

$2500 Limited      Liquidity Fund  XIV           1                 .093 
Partnership Units

$2500 Limited      Liquidity Fund  XV            3                 .279 
Partnership Units

$2500 Limited      Liquidity Fund  XVI           4                 .371 
Partnership Units

$2500 Limited      Liquidity Fund High Yield     4                 .371 
Partnership Units  Institutional Investors

$2500 Limited      Liquidity Fund Income        77                7.149 
Partnership Units  Growth Fund 87

$2500 Limited      Liquidity Fund 52            45                4.178 
Partnership Units

$2500 Limited      Liquidity Fund 53             5                 .464 
Partnership Units

$2500 Limited      Liquidity Fund Income        11                1.021 
Partnership Units  Growth 88

$2500 Limited      Liquidity Fund Income        65                6.035 
Partnership Units  Growth 89

 TOTAL                                         230               21.355%

The address for the above beneficial owners is P.O. Box 882044, San Francisco, 
California 94188.

There are no parents of the Partnership.  MultiVest Real Estate, Inc,. a
Delaware corporation, serves as General Partner of the Partnership and, as such,
controls its activities.  The General Partner owns 10 General Partnership Units.





<PAGE>
                 MULTIVEST REAL ESTATE FUND, LTD. (SERIES I)
                                               

ITEM 13   CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

Under the Partnership Agreement, the General Partner is entitled to an annual
Investment Management Fee equal to 1/2 of 1% of the Partnership assets as they
appear on the year-end balance sheet of the Partnership (prepared in accordance
with generally accepted accounting principles), without a reduction for
accumulated depreciation and amortization.  For the year ended December 31,
1995, the General Partner earned an Investment Management Fee of $9,085.

The Partnership Agreement entitles the General Partner to an annual Performance
Incentive Fee, based upon the following formula:  The Performance Incentive Fee
is only earned if the sum of the following amounts equals or exceeds 10% of
total capital contributions to the Partnership: (1) net realized appreciation on
the sale of Partnership property; plus (2) net income of the Partnership as
determined by generally accepted accounting principles after the deduction of
depreciation and the General Partner's fees (except the Performance Incentive
Fee) from the operations of the Partnership; plus (3) an amount equal to 50% of
the depreciation taken in that year. The Performance Incentive Fee is payable on
an annual basis and ranges from 1/8 of 1% to 3/8 of 1% of gross Partnership
assets depending upon percentages determined by the above formula.  The General
Partner did not earn a Performance Incentive Fee in 1995.

The Partnership Agreement also requires the Partnership to reimburse the General
Partner for all expenses, including salaries, wages, legal and accounting fees
and overhead expenses, reasonably incurred by it in managing the business of the
Partnership, and allows the General Partner to employ affiliates or other
subsidiaries of its parent to render services to the partnership as independent
contractors.

In addition, the Partnership Agreement provides that the General Partner has the
right and power to employ persons in the operation and management of the
Partnership business, including supervisory managing agents, building management
agents, insurance brokers, real estate brokers and loan brokers, on such terms
and for such compensation as the General Partner shall determine.  The General
Partner may employ in such capacities an affiliate or subsidiary of the General
Partner on terms comparable to those offered by unaffiliated firms. An affiliate
of the General Partner is engaged to perform normal property management
services.  For the year ended December 31, 1995, an affiliate earned $17,427
as its Property Management Fee.






<PAGE>
                 MULTIVEST REAL ESTATE FUND, LTD. (SERIES I)



                                   PART IV


ITEM 14   EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K

        a) 1.     Financial Statements.
                  See Index on Page 2 of this Form 10-K.

           2.     Financial Statement Schedules.
                  None.

           3.     Exhibits.

                (3) Certificate of Limited Partnership - incorporated by 
                    reference from annual report on Form 10-K for the 
                    fiscal year ending 1983, Page 50.

                (4) Agreement of Limited Partnership - incorporated by reference
                    from annual report on Form 10-K for the fiscal year ending
                    1983, Page 33.

        b)  Reports on Form 8-K
                 None.




<PAGE>
                 MULTIVEST REAL ESTATE FUND, LTD. (SERIES I)


                                  SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) 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.

MULTIVEST REAL ESTATE FUND, LTD.
(SERIES I), a Michigan Limited
Partnership
By:    MULTIVEST REAL ESTATE, INC.
        a Delaware corporation
Its:    Corporate General Partner

        RICHARD L. DAVIS
                                           
        Richard L. Davis
        President, Chief Executive Officer 
        and Director
        (Principal Executive Officer)


Date:   March 28, 1996                                  

Pursuant to the requirements of the Securities Exchange Act of 1934, this report
has been signed below by the following persons on behalf of the registrant and
in the capacities and on the dates indicated.

        RICHARD L. DAVIS
                                           
        Richard L. Davis
        President, Chief Executive Officer 
        and Director


Date:   March 28, 1996                                    


        JAMES F. COLGAN
                                             
        James F. Colgan
        Director


Date:   March 28, 1996                                  
       

        JOHN J. KAMMERER
                                             
        John J. Kammerer
        (Principal Accounting Officer)


Date:   March 28, 1996