================================================================================


                       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, 1996

                                       OR

                  | |   TRANSITION REPORT PURSUANT TO SECTION 13 OR
                           15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

                         Commission File Number 0-14047

                      ------------------------------------


           CARDINAL INDUSTRIES INCOME  PROPERTIES I LIMITED  PARTNERSHIP 
             (Exact name of registrant as specified in its charter)

            OHIO                                               31-1218075
(State or other jurisdiction of                              (I.R.S. Employer
 incorporation or organization)                             Identification No.)

                             6954 AMERICANA PARKWAY
                            REYNOLDSBURG, OHIO 43068
           (Address of principal executive offices including zip code)

                                 (614) 759-1566

              (Registrant's telephone number, including area code)

                      ------------------------------------


Indicate by check X whether the Registrant (1) has filed all reports required to
be filed by Section 13 or 15(d) of the  Securities  Exchange  Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  Registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days. Yes  X   No
                                       ---     ---
Indicate by check X whether the  registrant  has filed all documents and reports
required to be filed by Sections 12, 13 or 15(d) of the Securities  Exchange Act
of 1934 subsequent to the distribution of securities under a plan confirmed by a
court. Yes  X  No
           ---   ---


                    Page 1 of 13 sequentially numbered pages

                            Exhibit Index on page 11.



================================================================================
<PAGE>
2


                     CARDINAL INDUSTRIES INCOME PROPERTIES I
                               LIMITED PARTNERSHIP

                                      INDEX


PART I - FINANCIAL INFORMATION
<TABLE>
<CAPTION>

<S>                                                                                                  <C>  
       Item 1.      FINANCIAL STATEMENTS                                                             Page No.

                    Balance Sheets as of September 30, 1996 (Unaudited) and
                          December 31, 1995 (Audited)......................................................3
                    Statements of Operations for the Three and Nine Months
                          Ended September 30, 1996 and 1995 (Unaudited)....................................4
                    Statement of Partners' Equity for the Nine Months
                          Ended September 30, 1996 (Unaudited)............................................ 5
                    Statements of Cash Flows for the Nine Months
                           Ended September 30, 1996 and 1995 (Unaudited)...................................6
                    Notes to the Financial Statements......................................................7

       Item 2.      MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
                          RESULTS OF OPERATIONS............................................................9

PART II - OTHER INFORMATION

       Item 1.      LEGAL PROCEEDINGS.................................................................... 11

       Item 2.      CHANGES IN SECURITIES...............................................................  11

       Item 3.      DEFAULTS UPON SENIOR SECURITIES.......................................................11

       Item 4.      SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.................................. 11

       Item 5.      OTHER INFORMATION.................................................................... 11

       Item 6.      EXHIBITS AND REPORTS ON FORM 8-K......................................................11

SIGNATURES................................................................................................12
</TABLE>


                                                     2

<PAGE>
3


                         PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

                     CARDINAL INDUSTRIES INCOME PROPERTIES I
                               LIMITED PARTNERSHIP

                                 BALANCE SHEETS
         SEPTEMBER 30, 1996 (UNAUDITED) AND DECEMBER 31, 1995 (AUDITED)


<TABLE>
<CAPTION>

                                                                           September            December 31,
                                                                              30,                   1995
                                                                              1996
                                                                       ------------------    -------------------
 <S>                                                                    <C>                   <C>                
                               ASSETS

Rental Properties:
   Buildings and Improvements                                          $        9,357,508    $         9,355,013
   Personal Property                                                              551,589                548,916
                                                                       ------------------    -------------------
                                                                                9,909,097              9,903,929
     Less Accumulated Depreciation                                             (2,985,492)            (2,744,869)
                                                                       ------------------    -------------------
                                                                                6,923,605              7,159,060
   Land                                                                           652,000                652,000
                                                                       ------------------    -------------------
                                                                                7,575,605              7,811,060

Cash                                                                               83,708                 74,082
Security Deposit Escrows                                                           76,080                 73,248
Tax and Insurance Escrows                                                          66,973                105,826
Replacement Reserve                                                               115,000                115,000
Marketable Securities (Note 2)                                                    171,035                151,550
Accounts Receivable, Residents and Other                                              759                  9,180
Prepaid Expenses and Other Assets                                                  46,312                 43,535
                                                                       ------------------    -------------------
                                                                       $        8,135,472    $         8,383,481
                                                                       ==================    ===================
                   LIABILITIES AND PARTNERS' EQUITY

Accounts Payable                                                       $           22,330    $            27,400
Accrued Liabilities                                                                52,363                 66,599
Accrued First Mortgage Interest                                                    51,942                 51,348
Residents' Security Deposits                                                       73,714                 68,399
Mortgage Notes Payable                                                          7,476,995              7,638,332
                                                                       ------------------    -------------------
                                                                                7,677,344              7,852,078
                                                                       ------------------    -------------------

Partners' Equity:
   General                                                                         97,748                 97,550
   Limited                                                                        215,325                308,283
   Net unrealized holding gain on
   marketable securities                                                          145,055                125,570
                                                                       ------------------    -------------------
                                                                                  458,128                531,403
                                                                       ------------------    -------------------
                                                                       $        8,135,472    $         8,383,481
                                                                       ==================    ===================
</TABLE>


                        SEE NOTES TO FINANCIAL STATEMENTS

                                        3
<PAGE>
4


                     CARDINAL INDUSTRIES INCOME PROPERTIES I
                               LIMITED PARTNERSHIP

                            STATEMENTS OF OPERATIONS
                          FOR THE THREE AND NINE MONTHS
                        ENDED SEPTEMBER 30, 1996 AND 1995
                                   (UNAUDITED)
<TABLE>
<CAPTION>

                                                               Three Months Ended                       Nine Months Ended
                                                       -----------------------------------    -------------------------------------
                                                          September 30,     September 30,      September 30,       September 30,
                                                             1996               1995                1996                1995
                                                       -----------------   ---------------    ----------------    -----------------
<S>                                                    <C>                 <C>                <C>                 <C>       
Revenues:

   Rents                                               $         611,692   $       584,111    $      1,836,164    $       1,728,119
   Interest Income                                                 2,551             2,001               7,723                9,440
   Other                                                           5,246               318              17,206               18,079
                                                       -----------------   ---------------    ----------------    -----------------
     Total Revenues                                              619,489           586,430           1,861,093            1,755,638
                                                       -----------------   ---------------    ----------------    -----------------

Expenses:

   Operating Expenses                                            226,958           207,158             752,365              627,349
   Interest Expense                                              153,185           156,628             460,104              460,657
   Depreciation and Amortization                                  80,207            86,766             240,623              260,299
   Real Estate Taxes                                              30,207            30,121              88,374               90,548
   Maintenance                                                   104,460            79,500             207,161              163,937
   Insurance                                                       7,338             7,956              22,162               23,585
   Property Management Fees                                       16,613            31,793              58,308               96,219
   Administrative Expenses                                         2,242               932              12,147               31,985
                                                       -----------------   ---------------    ----------------    -----------------
     Total Expenses                                              621,210           600,854           1,841,244            1,754,579
                                                       -----------------   ---------------    ----------------    -----------------

Income/(Loss) before Reorganization Expenses                      (1,721)          (14,424)             19,849                1,059

Reorganization Expenses                                                0                 0                   0               22,774
                                                       -----------------   ---------------    ----------------    -----------------
Net Income/(Loss)                                      $          (1,721)  $       (14,424)   $         19,849    $         (21,715)
                                                       =================   ===============    ================    =================

Net Income/(Loss) allocated to General Partner (1%)    $             (17)  $          (144)   $            198    $            (217)
                                                       =================   ===============    ================    =================
Net Income/(Loss) allocated to Limited Partners (99%)  $          (1,704)  $       (14,280)   $         19,651    $         (21,498)
                                                       =================   ===============    ================    =================



Net Income per Limited Partnership Unit:
Income/(Loss) before Reorganization Expenses           $           (0.20)  $         (1.68)   $           2.32    $            0.12
Reorganization Expenses                                             0.00              0.00                0.00                (2.66)
                                                       -----------------   ---------------    ----------------    -----------------
Net Income/(Loss)                                      $           (0.20)   $        (1.68)   $           2.32    $           (2.54)
                                                       =================   ===============    ================    =================


</TABLE>


                        SEE NOTES TO FINANCIAL STATEMENTS

                                        4

<PAGE>
5


                     CARDINAL INDUSTRIES INCOME PROPERTIES I
                               LIMITED PARTNERSHIP

                          STATEMENT OF PARTNERS' EQUITY
                  FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996
                                   (UNAUDITED)

<TABLE>
<CAPTION>

                                                                                                 Net
                                                                                              Unrealized
                                      Limited Partnership                                      Holding
                                            Units                                              Gain on
                                  ---------------------------     General        Limited      Marketable
                                    Class A        Class B        Partner        Partners     Securities       Total
                                  ------------   ------------   ------------   ------------  ------------  -------------
                               
<S>                                      <C>            <C>     <C>            <C>           <C>           <C>          
Balance, January 1, 1996                 6,525          1,953   $     97,550   $    308,283  $    125,570  $     531,403
                                                                                                            

Net Income                                                               198         19,651                       19,849

Distributions to Partners                                                          (112,609)                    (112,609)

Unrealized Holding Gain on
Marketable Securities                                                                              19,485         19,485
                                  ------------   ------------   ------------   ------------  ------------  -------------

Balance, September 30, 1996              6,525          1,953   $     97,748   $    215,325  $    145,055  $     458,128
                                  ============   ============   ============   ============  ============  =============
</TABLE>




















                        SEE NOTES TO FINANCIAL STATEMENTS

                                        5

<PAGE>
6


                     CARDINAL INDUSTRIES INCOME PROPERTIES I
                               LIMITED PARTNERSHIP

                            STATEMENTS OF CASH FLOWS
              FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
                                   (UNAUDITED)

<TABLE>
<CAPTION>

                                                                September 30,          September 30,
                                                                     1996                 1995
                                                              ------------------    -----------------
<S>                                                           <C>                   <C>              
Cash Flows from Operating Activities:
   Net Income/(Loss)                                          $           19,849    $         (21,715)
   Adjustments to reconcile Net Income/(Loss) to Cash
     provided by Operating Activities:
     Depreciation and Amortization                                       240,623              260,299
     Changes in Assets and Liabilities:
       Accounts Receivable, Residents and Other                            8,421                3,041
       Prepaid Expenses                                                   (2,777)             (24,550)
       Accounts Payable                                                   (5,070)               5,746
       Accrued Liabilities                                               (14,236)              (1,730)
       Accrued First Mortgage Interest                                       594                6,943
                                                              ------------------    -----------------
Cash provided by Operating Activities                                    247,404              228,034
                                                              ------------------    -----------------

Cash Flows from Investing Activities:
   Purchase of Property and Equipment                                     (5,168)            (144,868)
   Increase in Security Deposit Escrow                                    (2,832)              (1,592)
   Increase in Residents' Security Deposits                                5,315                  (40)
                                                              ------------------    -----------------
Cash used in Investing Activities                                         (2,685)            (146,500)
                                                              ------------------    -----------------

Cash Flows from Financing Activities:
   Mortgage Principal Payments                                          (161,337)            (152,720)
   Distribution to Limited Partners                                     (112,609)            (262,652)
                                                              ------------------    -----------------
Cash used in Financing Activities                             $         (273,946)   $        (415,372)
                                                              ------------------    -----------------

Net (Decrease) in Cash, Tax and Insurance Escrows             $          (29,227)   $        (333,838)
Cash, Tax and Insurance Escrows, Beginning of Period          $          179,908    $         432,999
                                                              ------------------    -----------------
Cash, Tax and Insurance Escrows, End of Period                $          150,681    $          99,161
                                                              ==================    =================

Supplemental Disclosure of Cash Flow Information:
   Cash Paid for Interest                                     $          460,698    $         467,600
                                                              ==================    =================

</TABLE>






                        SEE NOTES TO FINANCIAL STATEMENTS

                                        6

<PAGE>
7




                     CARDINAL INDUSTRIES INCOME PROPERTIES I
                               LIMITED PARTNERSHIP

                        NOTES TO THE FINANCIAL STATEMENTS

       The accompanying  financial  statements,  except for the Balance Sheet at
December 31, 1995,  are  unaudited  and have been  prepared in  accordance  with
generally accepted accounting  principles for interim financial  information and
in accordance  with the rules and  regulations  of the  Securities  and Exchange
Commission ("SEC").  Accordingly, they do not include all of the information and
footnotes  required by generally  accepted  accounting  principles  for complete
financial  statements.  However, in the opinion of management,  they contain all
adjustments  necessary to present  fairly the financial  position and results of
operations  of the  Registrant.  The  financial  statements  should  be  read in
conjunction with the Registrant's Form 10-K.

NOTE 1 - SUMMARY OF ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

       Organization
       ------------

       Cardinal   Industries  Income  Properties  I  Limited   Partnership  (the
"Partnership"),  an Ohio limited  partnership,  was formed July 28, 1987 for the
purpose of acquiring from the  predecessor  of Cardinal  Realty  Services,  Inc.
("Cardinal" or the "General Partner") and certain of its wholly-owned affiliates
a 153-room Knights Inn Motel in Madison Heights,  Michigan ("Motel"), a 119-unit
Cardinal  Retirement  Village in Cuyahoga  Falls,  Ohio  ("CRV")  and  Olivewood
Apartments,  a  150-unit  residential  apartment  complex in  Sterling  Heights,
Michigan ("Olivewood").  In 1987, the Partnership completed an offering of 6,525
units of limited  partnership  interest at a public offering price of $1,000 per
unit for a total of $6,525,000.  The net proceeds from the offering were used by
the  Partnership  to purchase the  above-mentioned  properties  from the General
Partner and its affiliates. All material inter-project transactions and balances
have been eliminated.

       On July 12,  1990,  the  Partnership  filed a petition  for relief  under
Chapter  11 of the U.S.  Code  (the  "Bankruptcy  Code")  in the  United  States
Bankruptcy  Court for the  Southern  District  of Ohio,  Eastern  Division  (the
"Bankruptcy  Court").  On February 13, 1992,  the Motel was  transferred  to its
mortgagee in a consensual foreclosure  proceeding.  During 1993, the Partnership
filed its First Amended Plan of  Reorganization  with the Bankruptcy  Court (the
"Plan of  Reorganization"  or "Plan").  The Plan was confirmed by the Bankruptcy
Court on February  16,  1994 with an  effective  date of March 1, 1994.  A final
decree  closing the bankruptcy  proceeding was entered by the Bankruptcy  Court,
effective  July 13,  1995.  The Plan  provides  for the  following  treatment of
limited partner interests.

       Limited Partner Interests
       -------------------------

       Pursuant to the Plan of  Reorganization,  all 6,525  limited  partnership
units were  redesignated as "Class B Units".  Limited  Partners  holding Class B
Units were then given the opportunity to exchange their Class B Units for "Class
A Units" by  contributing  $30 per unit.  Limited  Partners who exchanged  their
Class B Units for Class A Units  were also  given the  opportunity  to  purchase
additional  Class A Units  (which  Class A Units  were  limited  to 6,525 in the
aggregate) by tendering an additional $30 per unit for each unit not acquired by
other Limited Partners.  As a result of the initial  exchange,  Limited Partners
holding 4,572 Class B Units exchanged their Units for Class A Units, and certain
of these Limited  Partners  subsequently  purchased the remaining  1,953 Class A
Units not purchased by the other Limited  Partners  holding Class B Units.  Each
Class A Unit receives nine times the allocations and distributions of each Class
B Unit.


                                        7

<PAGE>
8


       Partners' Equity
       ----------------

       Profits and losses (as defined in the Partnership  Agreement) from normal
operations  are to be  allocated  between the Limited  Partners  and the General
Partner,  99% and 1%,  respectively.  In the event of a sale or  liquidation  of
Partnership   properties,   the  Partnership   Agreement  provides  for  special
allocations of related gains or losses and cash distributions.

       RECLASSIFICATION
       ----------------

       The  Statements  of  Operations  for the  three  and  nine  months  ended
September 30, 1995 have been  reclassified to conform to the 1996  presentation,
which is due to a  reclassification  of payroll expenses,  between other income,
operating expenses and maintenance expense.

NOTE 2 - MARKETABLE SECURITIES

       The Partnership  received  shares of Cardinal  common stock,  without par
value ("Cardinal Stock"), during 1993 in connection with the settlement of prior
bankruptcy  claims with the General  Partner.  These  marketable  securities are
classified as available for sale and, in accordance  with Statement of Financial
Accounting  Standards  No. 115,  the  unrealized  gain has been  recorded in the
statement  of partners'  equity at September  30,  1996.  This  unrealized  gain
represents  the  increase in the market  value of the  securities  from the date
received by the Partnership to September 30, 1996.



                                        8

<PAGE>
9


ITEM 2.           MANAGEMENT'S DISCUSSION AND ANALYSIS
           OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

INTRODUCTION

       The  Partnership  conducts  the  business  and  operations  of  Olivewood
Apartments of Sterling Heights,  Michigan  ("Olivewood") and Cardinal Retirement
Village of Cuyahoga  Falls,  Ohio  ("CRV").  The following  discussion  explains
material changes in the Partnership's results of operations, comparing the three
and nine months ended September 30, 1996 and 1995 and  significant  developments
affecting the Partnership's financial condition since the end of 1995 and should
be  read  in  conjunction  with  the  historical  financial  statements  of  the
Partnership.

RESULTS OF OPERATIONS

       Total   Revenues  for  the  first  nine  months  of  1996   increased  by
approximately  $105,000,  or 6.0%, as compared to the first nine months of 1995.
Total Revenues for the third quarter of 1996 increased by approximately $33,000,
or 5.6%, over the third quarter of 1995. Increased rents contributed an increase
of  approximately  $108,000 and $27,500 to total revenues for the nine and three
month  periods,  respectively.  The average  rents for Olivewood and CRV for the
three months ended  September  30, 1996 were $487 and $1,212,  respectively,  as
compared to $454 and  $1,146,  respectively,  for the same  period in 1995.  The
average  physical  occupancy  for  Olivewood  and CRV for the three months ended
September 30, 1996 was 96.9% and 93.6%,  respectively,  as compared to 98.4% and
91.0%, respectively, for the same period in 1995.

       Total   Expenses  for  the  first  nine  months  of  1996   increased  by
approximately  $87,000,  or 4.9%, as compared to the same period in 1995.  Total
Expenses for the third quarter of 1996 increased by  approximately  $20,000,  or
3.4%, over the same period in 1995. Operating Expenses for the first nine months
of 1996  increased  approximately  $125,000,  or 19.9%,  as compared to the same
period in 1995.  Operating  Expenses for the third quarter of 1996  increased by
approximately  $19,800,  or 9.6%,  as compared  to the same period in 1995.  The
year-to-date increase resulted from two factors: (1) the higher cost of employee
benefits  at CRV  and  (2) a  non-recurring  expense  of  approximately  $22,000
resulting  from an  audit by the  Ohio  Bureau  of  Workers'  Compensation  (the
"Bureau") on CRV. The audit  determined that the  calculations of amounts due to
the  Bureau  were  understated  for  1993,  1994,  and the  first  half of 1995.
Maintenance  Expenses for the first nine months of 1996 increased  approximately
$43,000, or 26.4%, as compared to the same period in 1995.  Maintenance expenses
for the third quarter of 1996 increased  approximately  $25,000,  or 31.4%, over
the third quarter of 1995.  The  year-to-date  increase  resulted from increased
spending for  replacement of tile,  carpet,  refrigerators,  interior  painting,
replacement of the "Up and About" security system at CRV, and exterior  painting
and siding repair at CRV.  During 1995,  related  expenditures  completed at CRV
focused  primarily  on the  completion  of the  assisted-  living  wing and were
capitalized.  In contrast,  repairs and  maintenance in the first nine months of
1996 focused on interior  replacement of carpet and exterior painting.  Property
Management Fees decreased  approximately  $37,900,  or 39.4%, for the first nine
months of 1996 as compared to the first nine months of 1995. Property Management
Fees for the third quarter of 1996 decreased  approximately  $15,000,  or 47.7%,
over the third quarter of 1995. Previously, CRV's management contract required a
payment of 5.5% of total revenues to its property  manager (the  "Manager").  In
1996,  the General  Partner and the Manager  have  operated on a  month-to-month
contract whereby CRV paid $1,500 per month to the Manager (less than 1% of total
revenues)  and 1% of total  revenues  to Mr.  Richard  Dunston,  who  acted as a
consultant  for property  operations,  capital  improvements  and  evaluation of
potential management companies.  Mr. Dunston's final payment was made in July of
this year.  Administrative  Expenses decreased  approximately $19,800, or 62.0%,
for the first nine months of 1996,  as compared to the same period in 1995, as a
result of a decrease in audit fees for 1996.


                                        9

<PAGE>
10


LIQUIDITY AND CAPITAL RESOURCES

       The following discussion regarding liquidity and capital resources should
be read in  conjunction  with the Balance  Sheets as of  September  30, 1996 and
December  31, 1995 and the  Statements  of Cash Flows for the nine months  ended
September 30, 1996 and 1995.

       The principal  sources of liquidity for the  Partnership are (i) cash and
cash  equivalents;   and  (ii)  cash  flow  from  operations.   The  Partnership
anticipates  that  these  sources  will  be  adequate  to  meet  the  reasonably
foreseeable  capital and  liquidity  needs of the  Partnership  for the next two
years.

       Cash,  exclusive  of  Security  Deposit  Escrows  and Tax  and  Insurance
Escrows, was approximately  $84,000 at September 30, 1996. A Replacement Reserve
in the amount of $115,000  continues to be  maintained  in  accordance  with the
requirements of the Plan of  Reorganization.  The 8,660 shares of Cardinal Stock
held by the  Partnership  had a fair market value of  approximately  $170,000 on
September  30, 1996 based on the closing price of $19.75 as quoted by the Nasdaq
National Market System on the last business day of the third quarter.  Since the
Partnership  is  deemed to be an  affiliate  of  Cardinal  for  securities  laws
purposes,  the  Cardinal  Stock  received  by  the  Partnership  is  not  freely
tradeable,  and may only be sold by the  Partnership  either (a)  pursuant to an
effective  registration  statement  pursuant to the  Securities  Act of 1933, as
amended  (the  "Securities  Act"),  or (b)  pursuant  to an  exemption  from the
registration  requirements of the Securities Act. In addition, since Cardinal is
the General Partner of the Partnership,  any material  nonpublic  information in
its possession is attributable to the Partnership, and therefore the Partnership
will only be able to sell the Cardinal Stock during limited periods when no such
material nonpublic information exists.

       The Partnership's  major maintenance and replacement  expenditures in the
first nine months of 1996 amounted to approximately  $115,000,  which amount was
spent for carpet and tile  replacement,  cleaning  draperies,  hot water  tanks,
furniture  and appliance  replacements,  an upgrade of the nurse call station at
CRV,  vinyl  siding  repairs,  and  exterior  painting.  Management  anticipates
approximately $17,600 of major maintenance and replacement  expenditures will be
incurred for the balance of 1996.  Management  believes  existing  cash and cash
flow from operations are adequate to meet the Partnership's capital needs.


                                       10

<PAGE>
11


                                     PART II


ITEM 1.           Legal Proceedings

                  None


ITEM 2.           Changes in Securities

                  None


ITEM 3.           Defaults upon Senior Securities

                  None


ITEM 4.           Submission of Matters to a Vote of Security Holders

                  None


ITEM 5.           Other Information

                  None


ITEM 6.           Exhibits and Reports on Form 8-K

                    (a)    Exhibits


<TABLE>
<CAPTION>

  EXHIBIT                                                                                SEQUENTIAL
    NO.                              DESCRIPTION                                            PAGE
-----------     -----------------------------------------------------    ------------------------------------------
<S>             <C>                                                                  <C> 
    27          Financial Data Schedule                                  Filed as an Exhibit to this Form 10-Q
                                                                         on page 13.

</TABLE>


                    (b)    Reports on Form 8-K

                           None



                                       11

<PAGE>
12


                                   SIGNATURES

    Pursuant to the  requirements  of the  Securities  Exchange Act of 1934,  as
amended,  the  Registrant has duly caused this Report to be signed on its behalf
by the undersigned hereunto duly authorized.



                     CARDINAL INDUSTRIES INCOME PROPERTIES I
                               LIMITED PARTNERSHIP



                          By:     Cardinal Realty Services, Inc.,
                                  as General Partner



Dated November 14, 1996   By:  /s/ Mark D. Thompson                 
                               ----------------------------------   
                                   Mark D. Thompson
                                   Executive Vice President and
                                   Chief Financial Officer
                                   (Principal Accounting Officer)


Dated November 14, 1996  By:  /s/ Ronald P. Koegler
                               ----------------------------------
                                  Ronald P. Koegler
                                  Vice President and Controller


Dated November 14, 1996  By:  /s/ Tamra L. Byers
                               ----------------------------------
                                  Tamra L. Byers
                                  Vice President of Financial Operations




















                                       12