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          SECURITIES AND EXCHANGE COMMISSION

          Washington, D.C.  20549



          FORM 8-K



          Pursuant to Section 13 or 15(d) of the Securities and Exchange
          Act of 1934


          Date of Report (Date of earliest event reported): November 1,
          1996



          Exact name of registrant as specified in its charter: T. ROWE
          PRICE REALTY INCOME FUND I, A NO-LOAD LIMITED PARTNERSHIP


          State or other Jurisdiction of Incorporation or Organization:
          Maryland

          I.R.S. Employer Identification No.:52-1363144

          Commission File Number: 0-14308

          Address of principal executive offices:  100 East Pratt Street,
          Baltimore, Maryland  21202

          Registrant's telephone number, including area code: 1-800-638-
          5660


          Former name of former address, if changes since last report:   
          Not Applicable                               


























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          Item 5.   Other Events

          At the end of the 1996 fiscal year T. Rowe Price Realty Income
          Fund I, A No-Load Limited Partnership (the "Partnership")
          conducted its annual formal unit valuation.  The valuation of the
          Partnership's properties was performed by the General Partner,
          and then reviewed by an independent professional appraiser.  The
          estimated value of limited partnership units resulting from this
          process is $420 per unit.  A $21.55 per unit distribution for the
          September 1996 quarter representing a portion of the sales
          proceeds of Dupont Business Park and operating cash flows will be
          made on or about November 16, 1996 to limited partners of record
          on September 30, 1996.  After this distribution, the estimated
          value is $398 per unit.  There is no assurance that units can be
          sold at a price equal to this estimated value, and this valuation
          is not necessarily representative of the value of the units when
          the Partnership ultimately liquidates its holdings.


                                        T. ROWE PRICE REALTY INCOME FUND I,
                                        A NO-LOAD LIMITED PARTNERSHIP

                                        By:  T. Rowe Price Realty Income
                                             Fund I Management, Inc., as
                                             General Partner



                                             By:  /s/Lucy B. Robins
                                                  Lucy B. Robins
                                                  Vice President