<PAGE>   1

                                   FORM 10-QSB
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

(Mark One)

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

                  For the quarterly period ended March 31, 2001

                                       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 0-24683

                   Brunner Companies Income Properties L.P. I
       (Exact name of small business issuer as specified in its charter)

         Delaware                                          31-1266850
(State or other jurisdiction of                        (I.R.S. Employer
incorporation or organization)                         Identification No.)

                                3632 Wheeler Road
                                 P.O. Box 204227
                          Augusta, Georgia 30917-204227
                    (Address of principal executive offices)

                                 (706) 863-2222
              (Registrant's telephone number, including area code)

                       (Former address 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 reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes [X] No [ ]

Indicate the number of shares outstanding of each of the registrant's classes of
common stock, as of the latest practicable date.

         Title
         Class A Units 552,000              Outstanding as of
         Class B Units 61,333               April 30, 2001


<PAGE>   2

                          PART I - FINANCIAL STATEMENTS

ITEM 1.  FINANCIAL STATEMENTS

                   BRUNNER COMPANIES INCOME PROPERTIES L.P. I
                                 BALANCE SHEETS
                        (in thousands, except unit data)

<TABLE>
<CAPTION>
                                                               March 31,            December 31,
                                                               ---------            ------------
                                                                 2001                   2000
                                                               ---------            ------------
                                                               Unaudited              Audited
                                                               ---------            ------------

<S>                                                <C>         <C>        <C>       <C>
ASSETS
   Cash and cash equivalents                                   $    570               $    456
   Accounts receivable - net                                         26                     53
   Restricted cash in escrow                                        737                    729
   Assignment of rents held by
   lender-net                                                        70                     --
   Other assets                                                     208                    214
   Investment properties - net                                   16,673                 16,849
                                                               --------               --------

Total Assets                                                   $ 18,284               $ 18,301
                                                               ========               ========

LIABILITIES
   Accounts payable and accrued expenses                            172                    180
   Accrued property taxes                                            31                     27
   Tenant security deposit liabilities                               17                     18
   Mortgage notes payable                                        17,557                 17,603
                                                               --------               --------

Total Liabilities                                                17,777                 17,828

PARTNERS CAPITAL
    General partner's                                          $    (33)              $    (33)
    Class A limited partners' - (552,000 units)                     316                    286
    Class B limited partners' - (61,333 units)                      224                    220
                                                               --------               --------

Total Partners' Capital                                             507                    473
                                                               --------               --------

Total Liabilities and Partners' Capital                        $ 18,284               $ 18,301
                                                               ========               ========
</TABLE>

                 See Accompanying Notes to Financial Statements


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                   BRUNNER COMPANIES INCOME PROPERTIES L.P. I
                            STATEMENTS OF OPERATIONS
                                   (Unaudited)
                        (in thousands, except unit data)

<TABLE>
<CAPTION>
                                                                Three Months Ended
                                                               --------------------
                                                                    March 31,
                                                               --------------------
                                                                2001          2000
                                                               ------        ------

<S>                                                            <C>           <C>
Revenues:
   Rental income                                               $  621        $  530
   Other income                                                    12             3
                                                               ------        ------
      Total revenues                                              633           533
                                                               ------        ------

Expenses:
   Operating                                                       54            58
   General and administrative                                      34            42
   Depreciation                                                   176           176
   Interest                                                       307           311
   Property taxes                                                  28            53
                                                               ------        ------
      Total expenses                                              599           640
                                                               ------        ------

Net income (loss)                                              $   34        $ (107)
                                                               ======        ======

Net income (loss) allocated to general partner (1%)            $   --        $   (1)

Net income (loss) allocated to Class A limited
partners (89.1%)                                                   30           (95)

Net income (loss) allocated to Class B limited
partners (9.9%)                                                     4           (11)
                                                               ------        ------
                                                               $   34        $ (107)
                                                               ======        ======

Net income (loss) per Class A limited
partnership unit                                               $  .05        $ (.17)
                                                               ======        ======
</TABLE>

                 See Accompanying Notes to Financial Statements


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                   BRUNNER COMPANIES INCOME PROPERTIES L.P. I
               STATEMENT OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)
                                   (Unaudited)
                        (in thousands, except unit data)

<TABLE>
<CAPTION>
                                                               Limited Partners'
                                                ------------------------------------------------
                                                General
                                                Partner       Class A       Class B       Total
                                                -------       -------       -------       ------

<S>                                             <C>           <C>           <C>           <C>
Original capital contributions                  $    1        $5,520        $  613        $6,134
                                                ======        ======        ======        ======

Partners' capital (deficit) at
   December 31, 2000                            $  (33)       $  286        $  220        $  473

Net income for the three months ended
   March 31, 2001                                   --            30             4            34
                                                ------        ------        ------        ------

Partners' capital (deficit) at
   March 31, 2001                               $  (33)       $  316        $  224        $  507
                                                ======        ======        ======        ======
</TABLE>

                 See Accompanying Notes to Financial Statements


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<PAGE>   5

                   BRUNNER COMPANIES INCOME PROPERTIES L.P. I
                            STATEMENTS OF CASH FLOWS
                                   (Unaudited)
                                 (in thousands)

<TABLE>
<CAPTION>
                                                                                  Three Months
                                                                              --------------------
                                                                                     Ended
                                                                              --------------------
                                                                                    March 31,
                                                                              --------------------

                                                                               2001          2000
                                                                              ------        ------

<S>                                                                           <C>           <C>
Cash flows from operating activities:
   Net income (loss)                                                          $   34        $ (107)
Adjustments to reconcile net income (loss) to net cash provided by
operating activities:
   Depreciation                                                                  176           176
   Amortization of loan costs and leasing commissions                              8             8
Change in accounts:
   Receivables and deposits                                                       27           105
   Other assets                                                                   (2)         (115)
   Accounts payable and accrued expenses                                          (8)           78
   Tenant security deposit liabilities                                            (1)           (1)
   Accrued property taxes                                                          4            53
                                                                              ------        ------

         Net cash provided by operating activities:                              238           197
                                                                              ------        ------

Cash flows used in investing activities:
   Property improvements and replacements                                         --           (84)
   Net deposits to restricted cash in escrow                                      (8)          (81)
                                                                              ------        ------

         Net cash used in investing activities                                    (8)         (165)
                                                                              ------        ------

Cash flows used in financing activities:
   Payments on mortgage notes payable                                            (46)          (23)
   Assignment of rents held by lender-net                                        (70)           --
                                                                              ------        ------
Net cash flows used in financing activities                                     (116)          (23)
                                                                              ------        ------
Net increase in cash and cash equivalents                                        114             9

Cash and cash equivalents at beginning of period                                 456           426
                                                                              ------        ------

Cash and cash equivalents at end of period                                    $  570        $  435
                                                                              ======        ======

Supplemental disclosure of cash flow information:
Cash paid for interest                                                        $  308        $  310
                                                                              ======        ======
</TABLE>

                 See Accompanying Notes to Financial Statements


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                   BRUNNER COMPANIES INCOME PROPERTIES, L.P. I
                          NOTES TO FINANCIAL STATEMENTS
                                   (Unaudited)

Note A - Basis of Presentation

The accompanying unaudited financial statements of Brunner Companies Income
Properties L.P. I (the "Partnership") have been prepared in accordance with
generally accepted accounting principles for interim financial information and
with the instructions to Form 10-QSB and Item 310(b) of Regulation S-B.
Accordingly, they do not include all of the information and footnotes required
by generally accepted accounting principles for complete financial statements.
In the opinion of 104 Management, Inc. (the "Managing General Partner"), an Ohio
corporation, all adjustments (consisting of normal recurring accruals)
considered necessary for a fair presentation have been included. Operating
results for the three-month period ended March 31, 2001, are not necessarily
indicative of the results that may be expected for the fiscal year ending
December 31, 2001. For further information, refer to the financial statements
and footnotes thereto included in the Partnership's annual report on Form 10-KSB
for the fiscal year ended December 31, 2000.

The Partnership's continued ability to operate is dependent on its relationship
with New York Life Insurance Company (the "Lender") and its ability to either
restructure the terms of the existing debt or raise additional capital. To that
end, the Managing General Partner is continuing to negotiate with the Lender to
extend or modify the terms of the existing notes. However, there can be no
assurance that a debt restructuring or a renegotiation of terms will occur or
that additional capital will be raised in a manner that will allow the
Partnership to continue its operations in its present form. Alternative options
available to the Partnership include the sale of one or more of the properties
to a third party, liquidation of the Partnership, transfer of the properties to
the lender in lieu of foreclosure or a bankruptcy filing.

The Partnership records as an allowance for uncollectable rents 100% of
receivables over ninety days old, 50% of receivables over sixty but less than
ninety one days old and 100% of receivables from former tenants. Increases in
the allowance for uncollectable rents are included in the Statement of
Operations as a charge against rental income. Recoveries of rents previously
reserved are included in rental income as collected. For the quarter ended
March 31, 2001, $104,000 of previously reserved rental income was collected
and included in current rental income.

Certain reclassifications have been made to the 2000 information to conform to
the 2001 presentation.

Note B - Collection of Rents and Control of Restricted Escrow Account by the
Lender

In February 2001, the Lender, pursuant to an assignment of rents provision in
the mortgage note agreements, contacted each tenant of all three properties and
exercised its right to begin collecting rents directly from each tenant. The
Lender has agreed to provide funding from the rents collected on a monthly basis
to the Partnership for all ongoing expenses and obligations based on a budget
approved by the Lender. The Lender has not foreclosed on the properties. The
Lender has also agreed that the net cash flows after payment of expenses and
debt service and escrow will be deposited into the Restricted Cash in Escrow
account, on a quarterly basis. Also, in February, the Lender and the Partnership
agreed to move the Restricted Cash in Escrow account from Regions Bank to a
money market fund account with Eclipse Investment Management, LLC, a subsidiary
of the Lender. At March 31, 2001, the balance of the Restricted Cash in Escrow
account was $737,000. Additionally, at March 31, 2001, Assignment of Rents Held
by the Lender, net of disbursements paid on behalf of the Partnership -- was
$70,000.


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<PAGE>   7
Note C - Transactions with Affiliated Parties

The Partnership has no employees and is dependent on the Managing General
Partner and its affiliates for the management and administration of all
partnership activities. All of the outstanding stock of the Managing General
Partner is owned by BCIP I & III, LLC, an affiliate of Hull/Storey Development,
LLC ("Hull/Storey"). The partnership agreement provides for payments to
affiliates for property management services based on a percentage of revenue and
for reimbursement of certain expenses incurred by affiliates on behalf of the
Partnership. The following payments were made to affiliates of the Managing
General Partner during the three months ended March 31, 2001 and 2000 (in
thousands):

<TABLE>
<CAPTION>
                                                                  2001        2000
                                                                  ----        ----
         <S>                                                      <C>         <C>
         Property management fees (included in
                  operating expenses)                              $ 9         $13
         Reimbursement for services of affiliates
                  (included in general and administrative
                  expenses)                                        $ 6         $ 8
</TABLE>

Additionally, the Partnership paid approximately $2,880 and $1,560 to an
affiliate of the Managing General Partner for lease commissions related to new
leases at the Partnership's properties during the three months ended March 31,
2001 and 2000, respectively. These lease commissions are included in other
assets and amortized over the terms of the respective leases.


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<PAGE>   8

Note D - Mortgage Notes Payable

The Partnership's three mortgage notes payable were past due at March 31, 2001
and as of the date of this filing. On January 25, 2001, the Partnership received
from the Lender a written demand for full payment of each of the mortgage notes
no later than February 15, 2001. Subsequently, the Lender verbally agreed to
enter into a Loan Modification Agreement to extend the maturity dates through
May 10, 2001. Management is currently negotiating with the Lender for an
additional extension. During the extension and negotiating period, management
and the Lender have agreed to continue the existing terms of the most recent
modification agreement. The mortgage notes will continue to bear interest at the
rate of 7% per annum and the Partnership will continue to make monthly payments
of principal, interest and escrow of $131,261. Since the Lender is presently
collecting the rents directly from the tenants, the Lender has agreed to remit
on a quarterly basis, net cash flow, as defined, into the Restricted Cash in
Escrow account, which is controlled jointly by the Lender and the Partnership.

The mortgage notes payable require a balloon payment at maturity for the
remaining principal balance. These notes are nonrecourse and are all
cross-collateralized and cross-defaulted and are secured by the properties and
by a pledge of revenues from the respective properties.


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<PAGE>   9

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS

The Partnership's investment properties consist of three retail centers. The
following table sets forth the average occupancy of the properties for the three
months ended March 31, 2001 and 2000 based on actual physical square footage
occupancy of the properties during the quarter:

<TABLE>
<CAPTION>
                                                     Average
                                                -----------------
                                                    Occupancy
                                                -----------------

                                                2001         2000
                                                ----         ----

         <S>                                    <C>          <C>
         Hitchcock Plaza,                        81%          94%
         Aiken, South Carolina

         Whitehorse Plaza,                       13%          12%
         Greenville, South Carolina

         Georgetown Landing,                    100%         100%
         Georgetown, South Carolina
</TABLE>

The Partnership's net income for the three months ended March 31, 2001, was
$34,000 compared to a net loss of $107,000 for the corresponding period of 2000.
Rental income for 2001 increased by $91,000 from 2000 which was due to the
collection of $104,000 of prior period rents which were over 90 days past due
from Kroger at Hitchcock Plaza. These rents had been fully reserved for in prior
periods in the Partnership's allowance for uncollectable rents. Excluding the
collection of past due rental income, rental income declined by $13,000 due to
increasing vacancies at Hitchcock Plaza and Whitehorse Plaza. The Partnership's
accounting policy is to record as an allowance for uncollectable rents 100% of
receivables over ninety days old, 50% of receivables over sixty but less than
ninety-one days old and 100% of receivables from former tenants.

Total expenses declined by $41,000 primarily due to a decrease in estimates for
current year property taxes. The decrease in estimates is due to lower tax
assessment valuations.

Two major tenants, Wal-Mart Stores and Winn-Dixie Stores, vacated their space at
Whitehorse Plaza during 1999. Wal-Mart Stores continues to pay its lease
obligations for 81,922 square feet, although the space is vacant. The
Partnership is presently in litigation with Winn-Dixie Stores to collect rent on
its 35,922 square feet. Winn-Dixie has not paid since June 1999. Both the
Wal-Mart and Winn-Dixie leases extend into 2006. The balance due from Winn-Dixie
Stores at March 31, 2001 was $492,105, which, under the Partnership's policy as
discussed above, has been reserved for at 100%. The Winn-Dixie Stores account
receivable has been pledged as collateral for the Partnership's mortgage notes
payable.

Average occupancy at Hitchcock Plaza decreased to the departure of Pic N Pay and
Goody's. During the first quarter of 2001, one new tenant, Traditional Korean
Martial Arts Studio was added at Hitchcock Plaza effective April 1, 2001

As part of the ongoing business plan of the Partnership, the Managing General
Partner monitors the rental market environment of each of its investment
properties to assess the feasibility of increasing rents, maintaining or
increasing occupancy levels and protecting the Partnership from increases in


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<PAGE>   10

expense. As part of this plan, the Managing General Partner attempts to protect
the Partnership from the burden of inflation-related increases in expenses by
increasing rents and maintaining a high overall occupancy level. However, due to
changing market conditions, which can result in the use of rental concessions
and rental reductions to offset softening market conditions, there is no
guarantee that the Managing General Partner will be able to sustain such a plan.

At March 31, 2001, the Partnership held unrestricted cash of approximately
$570,000. No distributions were made in 2001 or 2000. Any future cash
distributions will depend on the levels of net cash generated from operations,
refinancing, property sales, and the availability of cash reserves after
restructuring the existing indebtedness or renegotiating its terms. Presently no
cash distributions are planned.

Other

Certain items discussed in this quarterly report may constitute forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of
1995 (the "Reform Act") and as such may involve known and unknown risks,
uncertainties and other factors which may cause the actual results, performance
or achievements of the Partnership to be materially different from any future
results, performance, or achievements expressed or implied by such
forward-looking statements. Such forward-looking statements speak only as of the
date of this quarterly report. The Partnership expressly disclaims any
obligation or undertaking to release publicly any updates of revisions to any
forward-looking statements contained herein to reflect any change in the
Partnership's expectations with regard thereto or any change in events,
conditions or circumstances on which any such statement is based.

                           PART II - OTHER INFORMATION

ITEM 3.  DEFAULTS UPON SENIOR SECURITIES

The Partnership's three mortgage notes payable were past due at March 31, 2001
and as of the date of this filing. On January 25, 2001, the Partnership received
from the Lender a written demand for full payment of each of the mortgage notes
no later than February 15, 2001. Subsequently, the Lender verbally agreed to
enter into a Loan Modification Agreement to extend the maturity dates through
May 10, 2001. Management is currently negotiating with the Lender for an
additional extension. During the extension and negotiating period, management
and the Lender have agreed to continue the existing terms of the most recent
modification agreement. The mortgage notes will continue to bear interest at the
rate of 7% per annum and the Partnership will continue to make monthly payments
of principal, interest and escrow of $131,261. Since the Lender is presently
collecting the rents directly from the tenants, the Lender has agreed to remit
on a quarterly basis, net cash flow, as defined, into the Restricted Cash in
Escrow account, which is controlled jointly by the Lender and the Partnership.

The mortgage notes payable require a balloon payment in maturity for the
remaining principal balance. These notes are nonrecourse and are all
cross-collateralized and cross-defaulted and are secured by the properties and
by a pledge of revenues from the respective properties.

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

         (a)      Exhibits:

         None

         (b)      Reports on Form 8-K:

         No reports on Form 8-K were filed during the quarter ended March 31,
2001.


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<PAGE>   11

SIGNATURES

In accordance with the requirements of the Exchange Act, the registrant caused
this report to be signed on its behalf by the undersigned, thereunto duly
authorized.

                                    BRUNNER COMPANIES INCOME PROPERTIES L.P. I

                                    By: Brunner Management Limited Partnership
                                        Its General Partner

                                    By: 104 Management, Inc.
                                        Its Managing General Partner


                                    By: /s/James M. Hull
                                        ----------------------------------------
                                        James M. Hull
                                        President and Director


                                    By: /s/ Deborah Mosley
                                        ----------------------------------------
                                        Deborah Mosley
                                        Chief Accounting Officer

                                    Date: May 15, 2001


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