SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   Form 10-KSB
(Mark One)
[X]   ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
        1934


                    For the fiscal year ended December 31, 2003

[ ]   TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
        OF 1934


                  For the transition period _________to _________

                         Commission file number 0-14554

                          NATIONAL PROPERTY INVESTORS 8
                 (Name of small business issuer in its charter)

         California                                             13-3254885
(State or other jurisdiction of                              (I.R.S. Employer
 incorporation or organization)                             Identification No.)

                         55 Beattie Place, P.O. Box 1089
                        Greenville, South Carolina 29602
                    (Address of principal executive offices)

                                 (864) 239-1000
                            Issuer's telephone number

           Securities registered under Section 12(b) of the Exchange Act:

                                      None

           Securities registered under Section 12(g) of the Exchange Act:

                      Units of Limited Partnership Interest
                                (Title of class)

Check  whether the issuer (1) filed all reports  required to be filed by Section
13 or 15(d) of the  Exchange  Act of 1934 during the past 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___

Check if there is no disclosure of delinquent  filers in response to Item 405 of
Regulation S-B contained in this form, and no disclosure  will be contained,  to
the best of Registrant's knowledge in definitive proxy or information statements
incorporated  by reference  in Part III of this Form 10-KSB or any  amendment to
this Form 10-KSB. [X]

State issuer's revenues for its most recent fiscal year.  $4,003,000

State the aggregate  market value of the voting  partnership  interests  held by
non-affiliates  computed  by  reference  to the price at which  the  partnership
interests  were sold,  or the average bid and asked  prices of such  partnership
interests as of December 31, 2003. No market exists for the limited  partnership
interests of the Registrant,  and,  therefore,  no aggregate market value can be
determined.

                       DOCUMENTS INCORPORATED BY REFERENCE
                                      NONE

The matters discussed in this report contain certain forward-looking statements,
including, without limitation, statements regarding future financial performance
and the effect of government  regulations.  Actual results may differ materially
from those described in the forward-looking statements and will be affected by a
variety of risks and factors including,  without limitation:  national and local
economic  conditions;  the terms of  governmental  regulations  that  affect the
Registrant and interpretations of those regulations; the competitive environment
in which the Registrant operates;  financing risks, including the risk that cash
flows from operations may be insufficient to meet required payments of principal
and interest;  real estate risks, including variations of real estate values and
the general  economic  climate in local markets and  competition  for tenants in
such markets;  litigation,  including  costs  associated  with  prosecuting  and
defending  claims  and  any  adverse   outcomes,   and  possible   environmental
liabilities.   Readers  should  carefully  review  the  Registrant's   financial
statements and the notes thereto,  as well as the risk factors  described in the
documents  the  Registrant  files  from  time to time  with the  Securities  and
Exchange Commission.

                                     PART I

Item 1.     Description of Business

National  Property   Investors  8  (the  "Partnership"  or  "Registrant")  is  a
California  limited  partnership  formed in October  1983.  The  Partnership  is
engaged in the business of  operating  and holding  real estate  properties  for
investment.  NPI Equity  Investments,  Inc., a Florida  corporation,  became the
Partnership's  managing general partner (the "Managing  General Partner" or "NPI
Equity") on December 20, 1991. The Managing  General Partner was a subsidiary of
National Property Investors, Inc. ("NPI") until December 31, 1996, at which time
Insignia  Properties Trust ("IPT") acquired the stock of NPI Equity. On February
26, 1999, IPT merged into Apartment Investment and Management Company ("AIMCO"),
a publicly  traded real  estate  investment  trust.  The  Partnership  Agreement
provides  that the  Partnership  is to terminate  on December  31, 2008,  unless
terminated prior to such date.

Commencing May 13, 1985, the Partnership  offered up to 150,000 Units of Limited
Partnership  Interest (the "Units") at a purchase  price of $500 per Unit with a
minimum purchase of 5 Units pursuant to a Registration  Statement filed with the
Securities  and Exchange  Commission.  Upon  termination  of the  offering,  the
Partnership  had  accepted  subscriptions  for 44,882  Units for an aggregate of
$22,441,000.  In addition,  the Managing General Partner  contributed a total of
$1,000 to the Partnership.  Since its initial offering,  the Partnership has not
received,  nor  are  limited  partners  required  to  make,  additional  capital
contributions.  All of the net proceeds of the offering  were  invested in three
properties,  two of which continue to be held by the  Partnership.  See "Item 2.
Description  of  Properties"  below  for  a  description  of  the  Partnership's
remaining properties.

The  Partnership  has no full time  employees.  The Managing  General Partner is
vested with full authority as to the general  management and  supervision of the
business  and  affairs of the  Partnership.  Limited  Partners  have no right to
participate  in the  management  or conduct of such  business  and  affairs.  An
affiliate  of  the  Managing  General  Partner  provided  day-to-day  management
services  for  the  Partnership's  investment  properties  for the  years  ended
December 31, 2003 and 2002.

Risk Factors

The  real  estate  business  in which  the  Partnership  is  engaged  is  highly
competitive.  There are other  residential  properties within the market area of
the Partnership's properties.  The number and quality of competitive properties,
including  those which may be managed by an affiliate  of the  Managing  General
Partner,  in such market area could have a material  effect on the rental market
for the  apartments at the  Partnership's  properties  and the rents that may be
charged  for  such  apartments.  While  the  Managing  General  Partner  and its
affiliates  own and/or  control a significant  number of apartment  units in the
United  States,  such  units  represent  an  insignificant  percentage  of total
apartment  units in the United  States and  competition  for the  apartments  is
local.

Laws benefiting  disabled persons may result in the Partnership's  incurrence of
unanticipated  expenses.  Under the Americans with  Disabilities Act of 1990, or
ADA,  all places  intended to be used by the public are required to meet certain
Federal  requirements  related to access and use by disabled persons.  Likewise,
the Fair Housing Amendments Act of 1988, or FHAA, requires apartment  properties
first occupied after March 13, 1990 to be accessible to the  handicapped.  These
and other  Federal,  state  and  local  laws may  require  modifications  to the
Partnership's   properties,   or  restrict   renovations   of  the   properties.
Noncompliance  with  these laws could  result in the  imposition  of fines or an
award of  damages  to private  litigants  and also  could  result in an order to
correct any  non-complying  feature,  which could result in substantial  capital
expenditures.   Although  the  Managing   General  Partner   believes  that  the
Partnership's   properties  are   substantially   in  compliance   with  present
requirements,  the Partnership may incur  unanticipated  expenses to comply with
the ADA and the FHAA.

There have been, and it is possible there may be other, Federal, state and local
legislation  and  regulations   enacted   relating  to  the  protection  of  the
environment.  The Partnership is unable to predict the extent,  if any, to which
such new  legislation  or  regulations  might occur and the degree to which such
existing or new legislation or regulations might adversely affect the properties
owned by the Partnership.

The Partnership  monitors its properties for evidence of pollutants,  toxins and
other dangerous substances, including the presence of asbestos. In certain cases
environmental  testing has been performed which resulted in no material  adverse
conditions or liabilities.  In no case has the Partnership  received notice that
it is a potentially  responsible party with respect to an environmental clean up
site.

A further description of the Partnership's business is included in "Management's
Discussion and Analysis or Plan of Operation"  included in "Item 6" of this Form
10-KSB.


<PAGE>




Item 2.     Description of Properties

The following table sets forth the Partnership's investments in properties:

<TABLE>
<CAPTION>

                                   Date of
Property                           Purchase       Type of Ownership           Use

<S>                                <C>   <C>
Williamsburg on the Lake           03/12/86  Fee ownership subject to    Apartment
  Apartments                                 first mortgage              460 units
  Indianapolis, Indiana

Huntington Athletic Club
  Apartments                       02/11/88  Fee ownership subject to    Apartment
  Morrisville, North Carolina                first mortgage              212 units
</TABLE>


Schedule of Properties

Set forth below for each of the  Partnership's  properties is the gross carrying
value, accumulated depreciation,  depreciable life, method of depreciation,  and
Federal tax basis.

<TABLE>
<CAPTION>

                        Carrying     Accumulated   Depreciable             Federal
Property                  Value     Depreciation      Life      Method    Tax Basis
                            (in thousands)                              (in thousands)

<S>                      <C>           <C>          <C>                    <C>
Williamsburg on the      $20,630       $16,588      5-30 yrs.     S/L      $ 2,961
  Lake Apartments
Huntington Athletic
  Club Apartments         12,855         6,616      5-30 yrs.     S/L        5,764
                         $33,485       $23,204                             $ 8,725
</TABLE>

See "Note A, Organization and Significant  Accounting Policies" of the financial
statements  included in "Item 7. Financial  Statements" for a description of the
Partnership's capitalization and depreciation policies.



<PAGE>



Schedule of Property Indebtedness

The  following  table  sets  forth  certain  information  relating  to the loans
encumbering the Partnership's properties.

<TABLE>
<CAPTION>

                            Principal                                       Principal
                           Balance At      Stated                            Balance
                          December 31,    Interest    Period   Maturity       Due At
Property                      2003          Rate    Amortized    Date      Maturity (1)
                         (in thousands)                                   (in thousands)

<S>                          <C>           <C>       <C>         <C>           <C>
Williamsburg on the          $ 8,558       6.63%     20 yrs.     01/22         $ --
  Lake Apartments
Huntington Athletic
  Club Apartments              6,778       8.15%     20 yrs.     06/20            --
                             $15,336                                           $ --
</TABLE>

(1)   See "Item 7. Financial  Statements - Note B" for information  with respect
      to the Registrant's ability to prepay the loans and other specific details
      about the loans.

Rental Rates and Occupancy

Average annual rental rates and occupancy for 2003 and 2002 for each property:

                                     Average Annual              Average Annual
                                      Rental Rates                 Occupancy
                                   (per unit)
 Property                         2003           2002           2003        2002

 Williamsburg on the Lake
   Apartments                    $6,639         $6,775          82%          87%
 Huntington Athletic Club
   Apartments                     7,607          8,167          95%          91%

The  Managing   General   Partner   attributes  the  decrease  in  occupancy  at
Williamsburg  on the Lake  Apartments to a slower  economy in the  Indianapolis,
Indiana area. Management has reduced rents and increased marketing efforts in an
effort to increase  occupancy  at the  property.  The  increase in  occupancy at
Huntington  Athletic Club Apartments is due to an aggressive  marketing campaign
and improved curb appeal.

As noted under "Item 1.  Description of Business",  the real estate  industry is
highly  competitive.  Both of the properties of the  Partnership  are subject to
competition  from other  apartment  complexes in the area. The Managing  General
Partner  believes  that both of the  properties  are  adequately  insured.  Each
property is an apartment  complex  which  leases units for one year or less.  No
tenant leases 10% or more of the available rental space.  Both of the properties
are in good physical condition, subject to normal depreciation and deterioration
as is typical for assets of this type and age.


<PAGE>



Real Estate Taxes and Rates

Real estate taxes and rates in 2003 for each property were:

                                                  2003            2003
                                                  Taxes           Rates
                                             (in thousands)

Williamsburg on the Lake Apartments               $367            2.48%
Huntington Athletic Club Apartments                135            1.11%

During 2003,  the state of Indiana  implemented a  reassessment  of property tax
values. The Partnership is currently appealing the reassessed property tax value
of Williamsburg  on the Lake  Apartments.  In the state of Indiana  property tax
bills  are paid one year in  arrears.  Thus,  the 2002  property  tax  bills are
received and paid in 2003.  Due to the  Partnership's  appeal of the  reassessed
property  value,  the property tax accrual for 2003 and, in certain  situations,
the remaining liability for the 2002 property tax bills is based on the property
tax value as  estimated  by a third  party  property  tax  specialist.  The 2003
property  tax expense  based on this  estimate  and  recorded  in the  financial
statements is approximately  $367,000. If the Partnership is unsuccessful in its
appeal, it could potentially be liable for up to $169,000 of additional property
taxes. The Partnership believes that the recorded liability is the best estimate
of the amounts to be paid for Indiana property taxes.

During the fourth  quarter of 2003,  the  Partnership  recorded an adjustment to
reflect the property value  estimated by the specialist and adjusted the accrued
property taxes and tax expense by approximately $70,000.


Capital Improvements

Williamsburg on the Lake Apartments

During the year ended December 31, 2003, the Partnership completed approximately
$483,000  in  capital  expenditures  at  Williamsburg  on  the  Lake  Apartments
consisting  primarily of painting,  structural  improvements and floor covering,
air conditioning unit and appliance replacements. These improvements were funded
from operating cash flow.  The  Partnership is currently  evaluating the capital
improvement needs of the property for the upcoming year and currently expects to
budget approximately $253,000.  Additional improvements may be considered during
2004 and will  depend  on the  physical  condition  of the  property  as well as
replacement reserves and anticipated cash flow generated by the property.

Huntington Athletic Club Apartments

During the year ended December 31, 2003, the Partnership completed approximately
$107,000  in  capital   expenditures  at  Huntington  Athletic  Club  Apartments
consisting  primarily of floor  covering,  appliance and air  conditioning  unit
replacements,   structural  improvements,  and  swimming  pool  upgrades.  These
improvements  were funded from operating cash flow. The Partnership is currently
evaluating the capital  improvement  needs of the property for the upcoming year
and currently expects to budget approximately $117,000.  Additional improvements
may be considered  during 2004 and will depend on the physical  condition of the
property as well as replacement  reserves and anticipated cash flow generated by
the property.


Item 3.     Legal Proceedings

In March 1998, several putative unit holders of limited partnership units of the
Partnership  commenced an action  entitled  Rosalie  Nuanes,  et al. v. Insignia
Financial Group, Inc., et al. (the "Nuanes action") in the Superior Court of the
State of  California  for the  County  of San  Mateo.  The  plaintiffs  named as
defendants,  among others,  the  Partnership,  its Managing  General Partner and
several of their  affiliated  partnerships  and corporate  entities.  The action
purported  to  assert  claims  on  behalf  of a class of  limited  partners  and
derivatively  on behalf  of a number  of  limited  partnerships  (including  the
Partnership)  that are named as nominal  defendants,  challenging,  among  other
things,  the  acquisition  of  interests  in certain  Managing  General  Partner
entities by Insignia Financial Group, Inc.  ("Insignia") and entities that were,
at one  time,  affiliates  of  Insignia;  past  tender  offers  by the  Insignia
affiliates to acquire limited partnership units;  management of the partnerships
by the  Insignia  affiliates;  and the series of  transactions  which  closed on
October 1, 1998 and February 26, 1999 whereby  Insignia and Insignia  Properties
Trust,  respectively,  were merged into AIMCO.  The plaintiffs  sought  monetary
damages and equitable relief, including judicial dissolution of the Partnership.
In addition, during the third quarter of 2001, a complaint (the "Heller action")
was filed  against  the same  defendants  that are named in the  Nuanes  action,
captioned  Heller v.  Insignia  Financial  Group.  On or about  August 6,  2001,
plaintiffs filed a first amended  complaint.  The Heller action was brought as a
purported derivative action, and asserted claims for, among other things, breach
of fiduciary  duty,  unfair  competition,  conversion,  unjust  enrichment,  and
judicial dissolution.

On January 8, 2003,  the parties filed a  Stipulation  of Settlement in proposed
settlement of the Nuanes action and the Heller action.

In general  terms,  the  proposed  settlement  provides  for  certification  for
settlement  purposes of a settlement class consisting of all limited partners in
this  Partnership and others (the  "Partnerships")  as of December 20, 2002, the
dismissal  with  prejudice  and  release  of claims  in the  Nuanes  and  Heller
litigation,  payment by AIMCO of $9.9  million  (which shall be  distributed  to
settlement  class  members  after  deduction of attorney fees and costs of class
counsel and certain costs of settlement) and up to $1 million toward the cost of
independent  appraisals of the  Partnerships'  properties  by a Court  appointed
appraiser.  An affiliate of the Managing General Partner has also agreed to make
at least one round of tender offers to purchase all of the partnership interests
in the Partnerships within one year of final approval,  if it is granted, and to
provide  partners with the independent  appraisals at the time of these tenders.
The proposed  settlement also provided for the limitation of the allowable costs
which  the  Managing   General   Partner  or  its  affiliates  will  charge  the
Partnerships  in connection with this litigation and imposes limits on the class
counsel  fees and  costs in this  litigation.  On April  11,  2003,  notice  was
distributed  to  limited   partners   providing  the  details  of  the  proposed
settlement.

On June 13, 2003, the Court granted final approval of the settlement and entered
judgment in both the Nuanes and Heller actions.  On August 12, 2003, an objector
("Objector")  filed an  appeal  seeking  to  vacate  and/or  reverse  the  order
approving the settlement and entering  judgment  thereto.  On November 24, 2003,
the Objector filed an  application  requesting the Court order AIMCO to withdraw
settlement  tender offers it had  commenced,  refrain from making further offers
pending the appeal and auction any units tendered to third  parties,  contending
that the offers did not conform  with the terms of the  Settlement.  Counsel for
the Objector (on behalf of another  investor)  had  alternatively  requested the
Court take certain  action  purportedly  to enforce the terms of the  settlement
agreement.  On December 18, 2003,  the Court heard oral  argument on the motions
and denied them both in their entirety.  On January 28, 2004, Objector filed his
opening brief in his pending appeal.  The Managing  General Partner is currently
scheduled  to file a brief in  support  of the order  approving  settlement  and
entering judgment thereto by April 23, 2004.

On August 8, 2003 AIMCO  Properties  L.P., an affiliate of the Managing  General
Partner,  was served  with a  Complaint  in the United  States  District  Court,
District of Columbia alleging that AIMCO Properties L.P.  willfully violated the
Fair Labor Standards Act (FLSA) by failing to pay maintenance  workers  overtime
for all hours worked in excess of forty per week.  The  Complaint is styled as a
Collective  Action  under  the FLSA and seeks to  certify  state  subclasses  in
California, Maryland, and the District of Columbia. Specifically, the plaintiffs
contend that AIMCO Properties L.P. failed to compensate  maintenance workers for
time  that they were  required  to be  "on-call".  Additionally,  the  Complaint
alleges AIMCO  Properties  L.P.  failed to comply with the FLSA in  compensating
maintenance  workers  for time that they  worked in  responding  to a call while
"on-call".  The  Complaint  also  attempts  to certify a subclass  for  salaried
service  directors who are challenging  their  classification as exempt from the
overtime  provisions of the FLSA.  AIMCO  Properties L.P. has filed an answer to
the  Complaint  denying the  substantive  allegations.  Discovery  is  currently
underway.

The  Managing  General  Partner  does  not  anticipate  that  any  costs  to the
Partnership, whether legal or settlement costs, associated with these cases will
be material to the Partnership's overall operations.

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

During the quarter ended  December 31, 2003, no matter was submitted to the vote
of unit holders through the solicitation of proxies or otherwise.


<PAGE>




                                     PART II

Item 5.  Market for the Partnership's Equity and Related Security Holder Matters

The Partnership sold 44,882 Limited  Partnership Units aggregating  $22,441,000.
In addition,  the Managing General Partner  contributed a total of $1,000 to the
Partnership.  The  Partnership  currently  has 888  holders of record  owning an
aggregate of 44,882  Units.  Affiliates  of the Managing  General  Partner owned
27,737  units or 61.80% at  December  31,  2003.  No public  trading  market has
developed  for the  units,  and it is not  anticipated  that such a market  will
develop in the future.

The  Partnership  distributed  the  following  amounts  during  the years  ended
December 31, 2003 and 2002 (in thousands, except per unit data):

<TABLE>
<CAPTION>

                       Year Ended       Per Limited      Year Ended        Per Limited
                      December 31,      Partnership     December 31,       Partnership
                          2003             Unit             2002              Unit

<S>                       <C>              <C>              <C>              <C>
Operations                $ --             $ --             $ 410            $ 9.04
Refinancing (1)              --               --               33              0.74
                          $ --             $ --             $ 443            $ 9.78
</TABLE>

(1) From the refinancing of Williamsburg on the Lake Apartments during 2001.

The  Partnership's  cash  available  for  distribution  is reviewed on a monthly
basis. Future cash distributions will depend on the levels of net cash generated
from  operations,  the  availability  of cash  reserves,  and the timing of debt
maturities,  refinancings,  and/or  property  sales.  There can be no assurance,
however,  that the Partnership  will generate  sufficient  funds from operations
after required capital improvements, to permit any distributions to its partners
in 2004 or subsequent periods.  See "Item 2. Description of Properties - Capital
Improvements" for information  relating to anticipated  capital  expenditures at
the properties.

In addition to its  indirect  ownership of the general  partner  interest in the
Partnership,  AIMCO and its affiliates  owned 27,737 limited  partnership  units
(the "Units") in the Partnership representing 61.80% of the outstanding units at
December  31,  2003.  A number of these Units were  acquired  pursuant to tender
offers  made by  AIMCO  or its  affiliates.  It is  possible  that  AIMCO or its
affiliates will acquire  additional  Units in exchange for cash or a combination
of cash and units in AIMCO Properties,  L.P., the operating partnership of AIMCO
either through private  purchases or tender offers.  Pursuant to the Partnership
Agreement,  unitholders  holding a majority  of the Units are  entitled  to take
action with  respect to a variety of matters that  include,  but are not limited
to,  voting on certain  amendments  to the  Partnership  Agreement and voting to
remove the Managing General  Partner.  As a result of its ownership of 61.80% of
the outstanding  Units,  AIMCO and its affiliates are in a position to influence
all voting  decisions  with  respect to the  Partnership.  Although the Managing
General  Partner  owes  fiduciary   duties  to  the  limited   partners  of  the
Partnership, the Managing General Partner also owes fiduciary duties to AIMCO as
its sole stockholder.  As a result,  the duties of the Managing General Partner,
as managing  general  partner,  to the Partnership and its limited  partners may
come into conflict with the duties of the Managing  General Partner to AIMCO, as
its sole stockholder. However, DeForest Ventures II L.P., from whom an affiliate
of AIMCO and the Managing  General  Partner,  through its merger with  Insignia,
acquired  16,447 units,  had agreed for the benefit of third party  unitholders,
that it would vote these units: (i) against any increase in compensation payable
to the  Managing  General  Partner or to its  affiliates;  and (ii) on all other
matters  submitted by it or its  affiliates,  in proportion to the votes cast by
third party unit holders.  Except for the foregoing,  no other  limitations  are
imposed on AIMCO or its affiliates' right to vote each unit held.

Item 6.     Management's Discussion and Analysis or Plan of Operation

This item should be read in conjunction with the financial  statements and other
items contained elsewhere in this report.

Results of Operations

The   Partnership's   net  loss  for  the  year  ended  December  31,  2003  was
approximately  $1,415,000  compared to a net loss of approximately  $830,000 for
the year ended  December 31,  2002.  The increase in net loss for the year ended
December 31, 2003 is a result of an increase in total expenses and a decrease in
total revenues.

Total  expenses  increased for the year ended December 31, 2003 due to increases
in  operating,  depreciation  and  property  tax  expenses  partially  offset by
decreases  in  interest  and  general  and  administrative  expenses.  Operating
expenses  increased  primarily  due to  increases  in  maintenance  and property
expenses partially offset by a decrease in management fees. Maintenance expenses
increased  primarily due to an increase in contract  services at both properties
and  building  repairs  and  snow  removal  costs  at  Williamsburg  on the Lake
Apartments.  Property expenses  increased  primarily due to increases in payroll
and related  benefits  expenses at both  properties  and  utilities  expenses at
Williamsburg on the Lake Apartments.  Management fees decreased due to decreased
rental  revenues at Williamsburg on the Lake  Apartments.  Depreciation  expense
increased due to property  improvements  and  replacements  completed during the
twelve  month period  ended  December  31, 2003 that are now being  depreciated.
Interest expense decreased due to the declining  mortgage  principal as a result
of the payment of scheduled mortgage payments.

Property tax expense  increased  primarily due to an increase in the  property's
assessed value at Williamsburg on the Lake Apartments. During 2003, the state of
Indiana  implemented a reassessment  of property tax values.  The Partnership is
currently  appealing the reassessed  property tax value of  Williamsburg  on the
Lake Apartments. In the state of Indiana property tax bills are paid one year in
arrears. Thus, the 2002 property tax bills are received and paid in 2003. Due to
the  Partnership's  appeal of the reassessed  property  value,  the property tax
accrual for 2003 and, in certain  situations,  the  remaining  liability for the
2002  property  tax bills is based on the  property  tax value as estimated by a
third party property tax specialist. The 2003 property tax expense based on this
estimate and recorded in the financial statements is approximately  $367,000. If
the Partnership is unsuccessful  in its appeal,  it could  potentially be liable
for up to $169,000 of additional  property taxes. The Partnership  believes that
the  recorded  liability  is the best  estimate  of the  amounts  to be paid for
Indiana property taxes.

During the fourth  quarter of 2003,  the  Partnership  recorded an adjustment to
reflect the property value  estimated by the specialist and adjusted the accrued
property taxes and tax expense by approximately $70,000.

General and administrative  expenses  decreased  primarily due to decreased fees
paid to the Managing General Partner in connection with  distributions made from
operations,  reduced costs of services included in the management reimbursements
paid to the Managing General Partner as allowed under the Partnership  Agreement
and  costs  associated  with  the  annual  audit  required  by  the  Partnership
Agreement. Also included in general and administrative expenses at both December
31,  2003  and  2002  are  costs   associated  with  the  quarterly  and  annual
communications with investors and regulatory agencies.

Total  revenues  decreased for the year ended December 31, 2003 due to decreased
rental income  partially  offset by a casualty gain as discussed  below.  Rental
income  decreased  due to reduced  average  rental rates at both  properties,  a
decrease in occupancy at Williamsburg on the Lake Apartments, and an increase in
concessions  at  Williamsburg  on the Lake  Apartments  partially  offset  by an
increase in occupancy at Huntington Athletic Club Apartments.

In July 2002 a fire  occurred  at  Williamsburg  on the Lake  Apartments,  which
caused  damage to one unit in the  complex.  During the year ended  December 31,
2003 insurance proceeds of approximately $25,000 were received and assets with a
net book value of  approximately  $6,000 were  written-off.  This  resulted in a
casualty gain of approximately  $19,000 being  recognized  during the year ended
December 31, 2003.

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
expenses. 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,  the
Managing  General Partner may use rental  concessions and rental rate reductions
to offset softening market conditions,  accordingly,  there is no guarantee that
the Managing General Partner will be able to sustain such a plan.

Liquidity and Capital Resources

At  December  31,  2003,  the  Partnership  held  cash and cash  equivalents  of
approximately  $146,000 compared to approximately $107,000 at December 31, 2002.
The  increase  of  approximately  $39,000  in cash  and cash  equivalents  since
December 31, 2002 is due to approximately $396,000 of cash provided by operating
activities and  approximately  $8,000 of cash provided by financing  activities,
which was partially offset by  approximately  $365,000 of cash used in investing
activities.  Cash provided by financing activities consisted of advances from an
affiliate  largely  offset  by  payments  of  principal  made  on the  mortgages
encumbering the  Partnership's  investment  properties and repayment of advances
from an  affiliate.  Cash used in  investing  activities  consisted  of property
improvements and replacements  partially offset by insurance  proceeds received.
The  Partnership  invests its  working  capital  reserves  in  interest  bearing
accounts.

NPI Equity,  on behalf of the Partnership and certain  affiliated  partnerships,
has established a revolving credit facility (the  "Partnership  Revolver") to be
used to fund deferred  maintenance  and working capital needs of the Partnership
and certain other  affiliated  partnerships in the National  Property  Investors
Partnership  Series.  The maximum draw  available to the  Partnership  under the
Partnership Revolver is $500,000. Loans under the Partnership Revolver will have
a term of 365 days, be unsecured and bear interest at the prime rate plus 2% per
annum. The maturity date of any such borrowing  accelerates in the event of: (i)
the removal of NPI Equity as the managing  general  partner  (whether or not for
cause);  (ii) the sale or refinancing of a property by the Partnership  (whether
or not a borrowing under the Partnership  Revolver was made with respect to such
property);  or (iii) the liquidation of the  Partnership.  During the year ended
December 31, 2003 the Managing  General  Partner  exceeded this credit limit and
advanced the Partnership  approximately $505,000. During the year ended December
31, 2002 the Managing  General Partner  advanced the  Partnership  approximately
$294,000 under the Partnership Revolver.  Interest expense during the year ended
December 31, 2003 and 2002 was approximately  $19,000 and $3,000,  respectively.
During the years ended December 31, 2003 and 2002, the Partnership made payments
on the  outstanding  loans and  accrued  interest of  approximately  $92,000 and
$205,000,  respectively.  At December  31, 2003,  the amount of the  outstanding
loans and accrued interest was  approximately  $524,000.  Subsequent to December
31, 2003 the Managing  General  Partner  issued the  Partnership  an  additional
$280,000 advance for operating expenses and capital improvements at Williamsburg
on  the  Lake  Apartments  and  property  taxes  at  Huntington   Athletic  Club
Apartments.

The sufficiency of existing  liquid assets to meet future  liquidity and capital
expenditure   requirements   is  directly   related  to  the  level  of  capital
expenditures  required at the various  properties  to  adequately  maintain  the
physical  assets and other operating needs of the Partnership and to comply with
Federal, state and local legal and regulatory requirements. The Managing General
Partner monitors developments in the area of legal and regulatory compliance and
is studying new federal laws,  including  the  Sarbanes-Oxley  Act of 2002.  The
Sarbanes-Oxley Act of 2002 mandates or suggests  additional  compliance measures
with regard to governance,  disclosure, audit and other areas. In light of these
changes,  the Partnership  expects that it will incur higher expenses related to
compliance,  including  increased  legal  and audit  fees.  The  Partnership  is
currently  evaluating  the capital  improvement  needs of the properties for the
upcoming year and currently expects to budget approximately $370,000 for both of
the  Partnership's   investment  properties.   Additional  improvements  may  be
considered during 2004 and will depend on the physical condition of the property
as well as  replacement  reserves  and  anticipated  cash flow  generated by the
properties. The additional capital expenditures will be incurred only if cash is
available from operations or from Partnership  reserves. To the extent that such
budgeted capital  improvements are completed,  the  Partnership's  distributable
cash flow, if any, may be adversely affected at least in the short term.

The  Partnership's  assets are thought to be sufficient for any near-term  needs
(exclusive  of  capital   improvements)   of  the   Partnership.   The  mortgage
indebtedness   encumbering  the   Partnership's   properties  of   approximately
$15,336,000  is amortized  over 20 years and matures on June 1, 2020 and January
1, 2022 at which time the loans are scheduled to be fully amortized.

Pursuant to the Partnership Agreement,  the term of the Partnership is scheduled
to expire on December 31, 2008. Accordingly,  prior to such date the Partnership
will need to either  sell its  investment  properties  or extend the term of the
Partnership.

The  Partnership  distributed  the  following  amounts  during  the years  ended
December 31, 2003 and 2002 (in thousands, except per unit data):

<TABLE>
<CAPTION>

                       Year Ended       Per Limited      Year Ended        Per Limited
                      December 31,      Partnership     December 31,       Partnership
                          2003             Unit             2002              Unit

<S>                       <C>              <C>              <C>              <C>
Operations                $ --             $ --             $ 410            $ 9.04
Refinancing (1)              --               --               33              0.74
                          $ --             $ --             $ 443            $ 9.78
</TABLE>

(1) From the refinancing of Williamsburg on the Lake Apartments during 2001.

The  Partnership's  cash  available  for  distribution  is reviewed on a monthly
basis. Future cash distributions will depend on the levels of net cash generated
from  operations,  the  availability  of cash  reserves  and the  timing of debt
maturities,  refinancings,  and/or  property  sales.  There can be no assurance,
however,  that the Partnership  will generate  sufficient funds from operations,
after required capital improvements, to permit any distributions to its partners
in 2004 or subsequent periods.

Other

In addition to its  indirect  ownership of the general  partner  interest in the
Partnership,  AIMCO and its affiliates  owned 27,737 limited  partnership  units
(the "Units") in the Partnership representing 61.80% of the outstanding units at
December  31,  2003.  A number of these Units were  acquired  pursuant to tender
offers  made by  AIMCO  or its  affiliates.  It is  possible  that  AIMCO or its
affiliates will acquire  additional  Units in exchange for cash or a combination
of cash and units in AIMCO Properties,  L.P., the operating partnership of AIMCO
either through private  purchases or tender offers.  Pursuant to the Partnership
Agreement,  unitholders  holding a majority  of the Units are  entitled  to take
action with  respect to a variety of matters that  include,  but are not limited
to,  voting on certain  amendments  to the  Partnership  Agreement and voting to
remove the Managing General  Partner.  As a result of its ownership of 61.80% of
the outstanding  Units,  AIMCO and its affiliates are in a position to influence
all voting  decisions  with  respect to the  Partnership.  Although the Managing
General  Partner  owes  fiduciary   duties  to  the  limited   partners  of  the
Partnership, the Managing General Partner also owes fiduciary duties to AIMCO as
its sole stockholder.  As a result,  the duties of the Managing General Partner,
as managing  general  partner,  to the Partnership and its limited  partners may
come into conflict with the duties of the Managing  General Partner to AIMCO, as
its sole stockholder. However, DeForest Ventures II L.P., from whom an affiliate
of AIMCO and the Managing  General  Partner,  through its merger with  Insignia,
acquired  16,447 units,  had agreed for the benefit of third party  unitholders,
that it would vote these units: (i) against any increase in compensation payable
to the  Managing  General  Partner or to its  affiliates;  and (ii) on all other
matters  submitted by it or its  affiliates,  in proportion to the votes cast by
third party unit holders.  Except for the foregoing,  no other  limitations  are
imposed on AIMCO or its affiliates' right to vote each unit held.

Critical Accounting Policies and Estimates

A summary of the Partnership's  significant  accounting  policies is included in
"Note A - Organization and Significant Accounting Policies" which is included in
the financial statements in "Item 7. Financial Statements". The Managing General
Partner  believes that the consistent  application of these policies enables the
Partnership  to provide  readers of the  financial  statements  with  useful and
reliable  information  about the  Partnership's  operating results and financial
condition. The preparation of financial statements in conformity with accounting
principles  generally  accepted in the United States requires the Partnership to
make  estimates and  assumptions.  These  estimates and  assumptions  affect the
reported  amounts  of  assets  and  liabilities  at the  date  of the  financial
statements  as well as reported  amounts of  revenues  and  expenses  during the
reporting  period.  Actual results could differ from these estimates.  Judgments
and  assessments  of  uncertainties  are required in applying the  Partnership's
accounting  policies  in  many  areas.  The  Partnership  believes  that  of its
significant  accounting  policies,  the following may involve a higher degree of
judgment and complexity.

Impairment of Long-Lived Assets

Investment  properties  are  recorded at cost,  less  accumulated  depreciation,
unless  considered  impaired.  If  events  or  circumstances  indicate  that the
carrying  amount of a property may be  impaired,  the  Partnership  will make an
assessment of its  recoverability  by estimating  the  undiscounted  future cash
flows,  excluding  interest  charges,  of the property.  If the carrying  amount
exceeds the aggregate  future cash flows,  the  Partnership  would  recognize an
impairment  loss to the extent the carrying amount exceeds the fair value of the
property.

Real  property  investments  are  subject  to varying  degrees of risk.  Several
factors  may  adversely  affect  the  economic  performance  and  value  of  the
Partnership's investment properties.  These factors include, but are not limited
to,  changes  in the  national,  regional  and  local  economic  climate;  local
conditions,  such as an oversupply of multifamily  properties;  competition from
other available  multifamily property owners and changes in market rental rates.
Any adverse changes in these factors could cause impairment of the Partnership's
assets.

Revenue Recognition

The Partnership generally leases apartment units for twelve-month terms or less.
Rental income  attributable to leases is recognized monthly as it is earned. The
Partnership  evaluates all accounts receivable from residents and establishes an
allowance, after the application of security deposits, for accounts greater than
30 days past due on current tenants and all receivables due from former tenants.
The Partnership will offer rental concessions during particularly slow months or
in response to heavy  competition from other similar  complexes in the area. Any
concessions  given at the inception of the lease are amortized  over the life of
the lease.


<PAGE>


Item 7.     FINANCIAL STATEMENTS

NATIONAL PROPERTY INVESTORS 8

LIST OF FINANCIAL STATEMENTS

      Report of Ernst & Young LLP, Independent Auditors

      Balance Sheet - December 31, 2003

      Statements of Operations - Years ended December 31, 2003 and 2002

      Statements  of Changes in  Partners'  Deficit - Years ended  December 31,
       2003 and 2002

      Statements of Cash Flows - Years ended December 31, 2003 and 2002

      Notes to Financial Statements


<PAGE>


                 Report of Ernst & Young LLP, Independent Auditors



The Partners
National Property Investors 8


We have audited the accompanying  balance sheet of National Property Investors 8
as of December 31, 2003, and the related  statements of  operations,  changes in
partners'  deficit and cash flows for each of the two years in the period  ended
December 31, 2003.  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 auditing standards generally accepted
in the United States. 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 the  Partnership's  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 National Property Investors 8
at December 31, 2003,  and the results of its  operations and its cash flows for
each of the two years in the period ended December 31, 2003, in conformity  with
accounting principles generally accepted in the United States.


                                                            /s/ERNST & YOUNG LLP


Greenville, South Carolina
March 16, 2004


<PAGE>





                          NATIONAL PROPERTY INVESTORS 8

                                  BALANCE SHEET
                        (in thousands, except unit data)

                                December 31, 2003

<TABLE>
<CAPTION>


Assets
<S>                                                                           <C>
   Cash and cash equivalents                                                  $ 146
   Receivables and deposits                                                        82
   Restricted escrows                                                              18
   Other assets                                                                   598
   Investment properties (Notes B and E):
      Land                                                    $ 1,970
      Buildings and related personal property                   31,515
                                                                33,485
      Less accumulated depreciation                            (23,204)        10,281
                                                                             $ 11,125
Liabilities and Partners' Deficit
Liabilities
      Accounts payable                                                        $ 277
      Tenant security deposit liabilities                                         112
      Accrued property taxes                                                      509
      Due to Affiliates (Note D)                                                  622
      Other liabilities                                                           248
      Mortgage notes payable (Note B)                                          15,336

Partners' Deficit
   General partner                                             $ (282)
   Limited partners (44,882 units issued and
      outstanding)                                              (5,697)        (5,979)
                                                                             $ 11,125

                 See Accompanying Notes to Financial Statements
</TABLE>



<PAGE>


                          NATIONAL PROPERTY INVESTORS 8

                            STATEMENTS OF OPERATIONS
                      (in thousands, except per unit data)


<TABLE>
<CAPTION>


                                                          Years Ended December 31,
                                                             2003          2002
Revenues:
<S>                                                         <C>           <C>
  Rental income                                             $ 3,589       $ 3,982
  Other income                                                  395           387
  Casualty gain (Note F)                                         19            --
      Total revenues                                          4,003         4,369

Expenses:
  Operating                                                   2,021         1,787
  General and administrative                                    187           239
  Depreciation                                                1,477         1,456
  Interest                                                    1,190         1,204
  Property taxes                                                543           513
      Total expenses                                          5,418         5,199

Net loss (Note C)                                           $(1,415)      $ (830)

Net loss allocated to general partner (1%)                   $ (14)        $ (8)
Net loss allocated to limited partners (99%)                 (1,401)         (822)

                                                            $(1,415)      $ (830)

Net loss per limited partnership unit                       $(31.22)      $(18.31)

Distributions per limited partnership unit                   $ --         $ 9.78


                 See Accompanying Notes to Financial Statements
</TABLE>



<PAGE>


                          NATIONAL PROPERTY INVESTORS 8

                   STATEMENTS OF CHANGES IN PARTNERS' DEFICIT
                        (in thousands, except unit data)

<TABLE>
<CAPTION>


                                        Limited
                                       Partnership    General     Limited
                                          Units       Partner    Partners     Total

<S>                                       <C>           <C>       <C>        <C>
Original capital contributions            44,882        $ 1       $22,441    $22,442

Partners' deficit at
  December 31, 2001                       44,882         (256)     (3,035)    (3,291)

Distributions to partners                     --           (4)       (439)      (443)

Net loss for the year ended
  December 31, 2002                           --           (8)       (822)      (830)

Partners' deficit at
  December 31, 2002                       44,882       $ (268)    $(4,296)   $(4,564)

Net loss for the year ended
  December 31, 2003                           --          (14)     (1,401)    (1,415)

Partners' deficit at
  December 31, 2003                       44,882       $ (282)    $(5,697)   $(5,979)

                 See Accompanying Notes to Financial Statements
</TABLE>



<PAGE>




                          NATIONAL PROPERTY INVESTORS 8

                            STATEMENTS OF CASH FLOWS
                                 (in thousands)

<TABLE>
<CAPTION>

                                                             Years Ended December 31,
                                                                 2003         2002
Cash flows from operating activities:
<S>                                                             <C>          <C>
  Net loss                                                      $(1,415)     $ (830)
  Adjustments to reconcile net loss to net cash provided
   by operating activities:
     Amortization of loan costs                                      34           36
     Depreciation                                                 1,477        1,456
     Casualty gain                                                  (19)          --
     Change in accounts:
      Receivables and deposits                                       38          355
      Other assets                                                  (54)          --
      Accounts payable                                               46            4
      Tenant security deposit liabilities                            32            9
      Accrued property taxes                                         37           41
      Due to affiliates                                             117           --
      Other liabilities                                             103           11
          Net cash provided by operating activities                 396        1,082

Cash flows from investing activities:
  Property improvements and replacements                           (390)        (335)
  Insurance proceeds received                                        25           24
          Net cash used in investing activities                    (365)        (311)

Cash flows from financing activities:
  Payments on mortgage notes payable                               (405)        (397)
  Advances from affiliate                                           505          294
  Repayment of advances from affiliate                              (92)        (202)
  Distributions to partners                                          --         (443)
          Net cash provided by (used in) financing
              activities                                              8         (748)

Net increase in cash and cash equivalents                            39           23

Cash and cash equivalents at beginning of year                      107           84

Cash and cash equivalents at end of year                         $ 146        $ 107

Supplemental disclosure of cash flow information:
  Cash paid for interest                                        $ 1,089      $ 1,169
Supplemental disclosure of non-cash flow activity:
  Property improvements and replacements in accounts
   payable                                                       $ 200        $ --


                 See Accompanying Notes to Financial Statements
</TABLE>

                          NATIONAL PROPERTY INVESTORS 8

                          NOTES TO FINANCIAL STATEMENTS

                                December 31, 2003


Note A - Organization and Significant Accounting Policies

Organization:  National Property Investors 8, a California  Limited  Partnership
(the  "Partnership"  or  "Registrant"),  was organized under the Uniform Limited
Partnership Laws of California on June 26, 1984. NPI Equity Investments, Inc. is
the  managing   general  partner  (the  "Managing   General   Partner")  of  the
Partnership.   The  Managing  General  Partner  is  a  subsidiary  of  Apartment
Investment  and  Management  Company  ("AIMCO"),  a publicly  traded real estate
investment trust. The Partnership  Agreement provides that the Partnership is to
terminate  on December  31,  2008,  unless  terminated  prior to such date.  The
Partnership operates two properties,  one located in Indianapolis,  Indiana, and
one located in Morrisville, North Carolina.

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

Allocation of Profits,  Gains,  and Losses:  Profits,  gains,  and losses of the
Partnership are allocated between the general and limited partners in accordance
with the provisions of the Partnership Agreement.

Profits,  not including  gains from property  dispositions,  are allocated as if
they were distributions of net cash from operations.

Any gain from property  dispositions  attributable to the excess, if any, of the
indebtedness relating to a property immediately prior to the disposition of such
property  over  the  Partnership's  adjusted  basis  in the  property  shall  be
allocated to each partner  having a negative  capital  account  balance,  to the
extent of such negative  balance.  The balance of any gain shall be treated on a
cumulative basis as if it constituted an equivalent  amount of distributable net
proceeds and shall be  allocated  to the general  partner to the extent that the
general  partner  would have received  distributable  net proceeds in connection
therewith. The balance shall be allocated to the limited partners.  However, the
interest of the general partner will be equal to at least 1% of each gain at all
times during the existence of the Partnership.

Net  income,  other  than  that  arising  from  the  occurrence  of  a  sale  or
disposition,   and  all  losses,   including  losses  attributable  to  property
dispositions,  are allocated  99% to the limited  partners and 1% to the general
partner.  Accordingly,  net loss as shown in the  statements of  operations  and
changes in partner's deficit for 2003 and 2002 were allocated 99% to the limited
partners and 1% to the general  partner.  Net loss per limited  partnership unit
for each such  year was  computed  as 99% of net loss  divided  by 44,882  units
outstanding.

Upon the sale of all properties and termination of the Partnership,  the general
partner  may be required  to  contribute  certain  funds to the  Partnership  in
accordance with the partnership agreement.

Fair Value of Financial Statements:  Statement of Financial Accounting Standards
("SFAS") No. 107,  "Disclosures about Fair Value of Financial  Instruments",  as
amended by SFAS No. 119, "Disclosures about Derivative Financial Instruments and
Fair  Value  of  Financial  Instruments",  requires  disclosure  of  fair  value
information  about  financial  instruments,  whether  or not  recognized  in the
balance sheet, for which it is practicable to estimate fair value. Fair value is
defined in the SFAS as the amount at which the instruments could be exchanged in
a  current  transaction  between  willing  parties,  other  than in a forced  or
liquidation  sale.  The  Partnership  believes that the carrying  amounts of its
financial  instruments (except for long term debt) approximate their fair values
due to the short  term  maturity  of these  instruments.  The fair  value of the
Partnership's  long term debt, after  discounting the scheduled loan payments to
maturity,  at the  Partnership's  incremental  borrowing  rate is  approximately
$16,330,000.

Cash and Cash Equivalents: Includes cash on hand and in banks. At certain times,
the amount of cash deposited at a bank may exceed the limit on insured deposits.
Cash  balances  included  approximately  $21,000 at  December  31,  2003 that is
maintained by an affiliated  management company on behalf of affiliated entities
in cash concentration accounts.

Depreciation:  Depreciation  is  provided by the  straight-line  method over the
estimated lives of the apartment  properties and related personal property.  For
Federal income tax purposes,  the  accelerated  cost recovery method is used for
real property over 18 years for additions after March 15, 1984 and before May 9,
1985, and 19 years for additions  after May 8, 1985, and before January 1, 1987.
As a result of the Tax Reform Act of 1986,  for  additions  after  December  31,
1986, the modified  accelerated cost recovery method is used for depreciation of
(1) real property over 27 1/2 years and (2) personal  property  additions over 5
years.

Loan Costs: Loan costs of approximately $599,000, less accumulated  amortization
of approximately  $91,000,  are included in other assets and are being amortized
over the life of the loans.  The  related  amortization  expense is  included in
interest expense and was  approximately  $34,000 and $36,000 for the years ended
December 31, 2003 and 2002, respectively. Amortization expense is expected to be
approximately  $34,000 for 2004,  $33,000 for 2005 and 2006 and $32,000 for 2007
and 2008.

Tenant Security  Deposits:  The Partnership  requires security deposits from all
apartment  lessees for the duration of the lease and such  deposits are included
in  receivables  and deposits.  Deposits are refunded  when the tenant  vacates,
provided the tenant has not damaged its space and is current on rental payments.

Leases: The Partnership  generally leases apartment units for twelve-month terms
or less. The Partnership  recognizes income as earned on leases. The Partnership
evaluates all accounts  receivable  from residents and establishes an allowance,
after the application of security  deposits,  for accounts  greater than 30 days
past due on current  tenants and all  receivables  due from former  tenants.  In
addition,  the Managing General Partner's policy is to offer rental  concessions
during periods of declining  occupancy or in response to heavy  competition from
other similar  complexes in the area. Any  concession  given at the inception of
the lease are amortized over the life of the lease.

Investment Properties:  Investment properties consist of two apartment complexes
and are  stated  at cost.  Acquisition  fees are  capitalized  as a cost of real
estate. Expenditures in excess of $250 that maintain an existing asset which has
a useful  life of more  than one year are  capitalized  as  capital  replacement
expenditures  and  depreciated  over the  estimated  useful  life of the  asset.
Expenditures for ordinary repairs,  maintenance and apartment turnover costs are
expensed as  incurred.  In  accordance  with SFAS No. 144,  "Accounting  for the
Impairment or Disposal of Long-Lived Assets", the Partnership records impairment
losses on  long-lived  assets used in operations  when events and  circumstances
indicate  that the assets  might be  impaired  and the  undiscounted  cash flows
estimated to be generated by those assets are less than the carrying  amounts of
those assets.  Costs of apartment properties that have been permanently impaired
have been written down to appraised  value.  No  adjustments  for  impairment of
value were recorded in the years ended December 31, 2003 or 2002.

Segment Reporting: SFAS No. 131, "Disclosure about Segments of an Enterprise and
Related  Information"  established  standards  for the way that public  business
enterprises  report  information  about operating  segments in annual  financial
statements and requires that those enterprises report selected information about
operating segments in interim financial reports.  It also established  standards
for related disclosures about products and services, geographic areas, and major
customers.  As defined in SFAS No. 131, the  Partnership has only one reportable
segment.

Advertising:  The  Partnership  expenses the costs of  advertising  as incurred.
Advertising  costs of  approximately  $84,000  and  $76,000  for the years ended
December 31, 2003 and 2002,  respectively,  were charged to operating expense as
incurred.

Note B - Mortgage Notes Payable

<TABLE>
<CAPTION>

                              Principal    Monthly                           Principal
                             Balance At    Payment     Stated                 Balance
                            December 31,  Including   Interest  Maturity       Due At
Property                        2003       Interest     Rate      Date        Maturity
                                 (in thousands)                            (in thousands)
Williamsburg on the Lake
<S>                            <C>           <C>       <C>        <C>           <C>
  Apartments                   $ 8,558       $ 68      6.63%      01/22         $ --
Huntington Athletic
  Club Apartments                6,778         62      8.15%      06/20            --

          Totals               $15,336      $ 130                               $ --
</TABLE>

The mortgage notes payable are  non-recourse  and are secured by a pledge of the
respective  apartment properties and by a pledge of revenues from the respective
apartment properties.  The notes require prepayment penalties if repaid prior to
maturity.   Further,  the  properties  may  not  be  sold  subject  to  existing
indebtedness.

Scheduled  principal  payments on mortgage notes payable  subsequent to December
31, 2003 are as follows (in thousands):

                               2004              $ 457
                               2005                 492
                               2006                 529
                               2007                 569
                               2008                 612
                            Thereafter           12,677
                                                $15,336

Note C - Income Taxes

The Partnership has received a ruling from the Internal  Revenue Service that it
will  be  classified  as  a  partnership   for  Federal   income  tax  purposes.
Accordingly,  no provision for income taxes is made in the financial  statements
of the Partnership. Taxable income or loss of the Partnership is reported in the
income tax returns of its partners.

The following is a reconciliation  of reported net loss and Federal taxable loss
(in thousands, except per unit data):

                                              2003         2002

Net loss as reported                         $(1,415)     $ (830)
Add (deduct):
   Depreciation differences                      160          148
   Miscellaneous                                 (44)          (2)

Federal taxable loss                         $(1,299)     $ (684)

Federal taxable loss per limited
   partnership unit                          $(28.64)     $(15.08)

The following is a reconciliation between the Partnership's reported amounts and
Federal tax basis of net assets and liabilities (in thousands):

                                                     2003
Net liabilities as reported                        $(5,979)
Land and buildings                                  (1,468)
Accumulated depreciation                               (87)
Syndication and distribution costs                   2,637
Other                                                  284
Net liabilities - Federal tax basis                $(4,613)


<PAGE>


Note D - 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.  The Partnership Agreement provides for (i) payments to
affiliates for services and (ii)  reimbursement of certain expenses  incurred by
affiliates on behalf of the Partnership.

Affiliates of the Managing  General  Partner are entitled to receive 5% of gross
receipts from both of the Partnership's properties as compensation for providing
property   management   services.   The  Partnership  paid  to  such  affiliates
approximately  $198,000 and  $220,000 for the years ended  December 31, 2003 and
2002, respectively, which is included in operating expense.

An  affiliate  of  the  Managing  General  Partner  received   reimbursement  of
accountable  administrative  expenses  amounting to  approximately  $147,000 and
$150,000 for the years ended December 31, 2003 and 2002, respectively, which are
included in general and administrative expenses.  Approximately $98,000 of these
expenses  were  accrued  at  December  31,  2003  and  are  included  in  due to
affiliates.

For services relating to the  administration of the Partnership and operation of
its properties,  the Managing General Partner is entitled to receive payment for
non-accountable  expenses up to a maximum of $150,000 per year of  distributions
from  operations  based upon the number of  Partnership  units sold,  subject to
certain limitations.  The Managing General Partner was not entitled to receive a
reimbursement  during the year ended  December  31, 2003  because  there were no
distributions  from operations during this period.  The Managing General Partner
received  approximately  $36,000  for the year  ended  December  31,  2002,  for
non-accountable  expense  reimbursements,  which  is  included  in  general  and
administrative expenses.

For managing the affairs of the Partnership, the Managing General Partner of the
Partnership  is entitled to receive a  partnership  management  fee.  The fee is
equal to 4% of the  Partnership's  adjusted cash from operations,  as defined in
the Partnership  Agreement,  in any year, provided that 50% of the fee shall not
be paid until the Partnership has distributed to the limited  partners  adjusted
cash from operations in such year which is equal to 5% of the limited  partners'
adjusted invested capital, as defined,  on a non-cumulative  basis. In addition,
50% of the fee shall not be paid until the  Partnership  has  distributed to the
limited partners adjusted cash from operations in such year which is equal to 8%
of the limited partners'  adjusted  invested capital on a non-cumulative  basis.
The fee shall be paid when adjusted cash from  operations is  distributed to the
limited partners.  The Managing General Partner was not entitled to receive this
fee during the years ended December 31, 2003 and 2002.

NPI Equity,  on behalf of the Partnership and certain  affiliated  partnerships,
has established a revolving credit facility (the  "Partnership  Revolver") to be
used to fund deferred  maintenance  and working capital needs of the Partnership
and certain other  affiliated  partnerships in the National  Property  Investors
Partnership  Series.  The maximum draw  available to the  Partnership  under the
Partnership Revolver is $500,000. Loans under the Partnership Revolver will have
a term of 365 days, be unsecured and bear interest at the prime rate plus 2% per
annum. The maturity date of any such borrowing  accelerates in the event of: (i)
the removal of NPI Equity as the managing  general  partner  (whether or not for
cause);  (ii) the sale or refinancing of a property by the Partnership  (whether
or not a borrowing under the Partnership  Revolver was made with respect to such
property);  or (iii) the liquidation of the  Partnership.  During the year ended
December 31, 2003 the Managing  General  Partner  exceeded this credit limit and
advanced the Partnership  approximately $505,000. During the year ended December
31, 2002 the Managing  General Partner  advanced the  Partnership  approximately
$294,000 under the Partnership Revolver.  Interest expense during the year ended
December 31, 2003 and 2002 was approximately  $19,000 and $3,000,  respectively.
During the years ended December 31, 2003 and 2002, the Partnership made payments
on the  outstanding  loans and  accrued  interest of  approximately  $92,000 and
$205,000,  respectively.  At December  31, 2003,  the amount of the  outstanding
loans and accrued interest was  approximately  $524,000.  Subsequent to December
31, 2003 the Managing  General  Partner  issued the  Partnership  an  additional
$280,000 advance for operating expenses and capital improvements at Williamsburg
on  the  Lake  Apartments  and  property  taxes  at  Huntington   Athletic  Club
Apartments.

Upon sale of  Partnership  properties,  the  Managing  General  Partner  will be
entitled to an incentive compensation fee equal to a declining percentage of the
difference  between the total  amount  distributed  to limited  partners and the
appraised value of their  investment at February 1, 1992. The percentage  amount
to be realized by the Managing General  Partner,  if any, will be dependent upon
the year in which the property is sold.  Payment of the  incentive  compensation
fee  is  subordinated  to  the  receipt  by  the  limited   partners,   of:  (a)
distributions  from  capital  transaction  proceeds of an amount  equal to their
present  appraised  investment in the  Partnership  at February 1, 1992; and (b)
distributions from all sources (capital transactions as well as cash flow) of an
amount equal to six percent (6%) per annum cumulative,  noncompounded,  on their
present appraised investment in the Partnership at February 1, 1992.

The  Partnership  insures its properties up to certain  limits through  coverage
provided by AIMCO which is  generally  self-insured  for a portion of losses and
liabilities  related to workers  compensation,  property  casualty  and  vehicle
liability. The Partnership insures its properties above the AIMCO limits through
insurance  policies  obtained  by  AIMCO  from  insurers  unaffiliated  with the
Managing General Partner. During the years ended December 31, 2003 and 2002, the
Partnership  was charged by AIMCO and its affiliates  approximately  $67,000 and
$81,000,  respectively,  for insurance  coverage and fees associated with policy
claims administration.

In addition to its  indirect  ownership of the general  partner  interest in the
Partnership,  AIMCO and its affiliates  owned 27,737 limited  partnership  units
(the "Units") in the Partnership representing 61.80% of the outstanding units at
December  31,  2003.  A number of these Units were  acquired  pursuant to tender
offers  made by  AIMCO  or its  affiliates.  It is  possible  that  AIMCO or its
affiliates will acquire  additional  Units in exchange for cash or a combination
of cash and units in AIMCO Properties,  L.P., the operating partnership of AIMCO
either through private  purchases or tender offers.  Pursuant to the Partnership
Agreement,  unitholders  holding a majority  of the Units are  entitled  to take
action with  respect to a variety of matters that  include,  but are not limited
to,  voting on certain  amendments  to the  Partnership  Agreement and voting to
remove the Managing General  Partner.  As a result of its ownership of 61.80% of
the outstanding  Units,  AIMCO and its affiliates are in a position to influence
all voting  decisions  with  respect to the  Partnership.  Although the Managing
General  Partner  owes  fiduciary   duties  to  the  limited   partners  of  the
Partnership, the Managing General Partner also owes fiduciary duties to AIMCO as
its sole stockholder.  As a result,  the duties of the Managing General Partner,
as managing  general  partner,  to the Partnership and its limited  partners may
come into conflict with the duties of the Managing  General Partner to AIMCO, as
its sole stockholder. However, DeForest Ventures II L.P., from whom an affiliate
of AIMCO and the Managing  General  Partner,  through its merger with  Insignia,
acquired  16,447 units,  had agreed for the benefit of third party  unitholders,
that it would vote these units: (i) against any increase in compensation payable
to the  Managing  General  Partner or to its  affiliates;  and (ii) on all other
matters  submitted by it or its  affiliates,  in proportion to the votes cast by
third party unit holders.  Except for the foregoing,  no other  limitations  are
imposed on AIMCO or its affiliates' right to vote each unit held.

Note E - Investment Properties and Accumulated Depreciation

<TABLE>
<CAPTION>

                                                   Initial Cost
                                                  To Partnership
                                                  (in thousands)

                                                          Buildings         Cost
                                                         and Related     Capitalized
                                                           Personal     Subsequent to
Description                  Encumbrances      Land        Property      Acquisition
                            (in thousands)                             (in thousands)
Williamsburg on the Lake
<S>                             <C>            <C>         <C>             <C>
  Apartments                    $ 8,558        $ 590       $14,822         $ 5,218
Huntington Athletic Club
  Apartments                      6,778         1,368        9,233           2,254
Total                           $15,336       $ 1,958      $24,055         $ 7,472
</TABLE>

<TABLE>
<CAPTION>

                   Gross Amount At Which
                          Carried
                   At December 31, 2003
                      (in thousands)

                         Buildings
                             And
                          Related
                          Personal           Accumulated     Year of      Date    Depreciable
Description       Land    Property   Total   Depreciation  Construction Acquired  Life-Years
                                            (in thousands)
Williamsburg
  on the Lake
<S>              <C>      <C>       <C>        <C>          <C>  <C>      <C>      <C>
  Apartments     $ 594    $20,036   $20,630    $16,588      1974-1976     03/86    5-30 yrs
Huntington
 Athletic Club
  Apartments      1,376    11,479    12,855      6,616         1986       02/88    5-30 yrs

Total           $ 1,970   $31,515   $33,485    $23,204
</TABLE>

Reconciliation of "Investment Properties and Accumulated Depreciation":

                                               Years Ended December 31,
                                                  2003          2002
                                                    (in thousands)
         Investment Properties
         Balance at beginning of year            $32,909       $32,574
             Property improvements                   591           335
             Property dispositions                   (15)           --
         Balance at end of year                  $33,485       $32,909

         Accumulated Depreciation
         Balance at beginning of year            $21,736       $20,280
             Additions charged to expense          1,477         1,456
             Property dispositions                    (9)           --
         Balance at end of year                  $23,204       $21,736

The  aggregate  cost of the real  estate  for  Federal  income tax  purposes  at
December  31,  2003 and 2002,  is  approximately  $32,017,000  and  $31,642,000,
respectively. The accumulated depreciation taken for Federal income tax purposes
at December 31, 2003 and 2002, is  approximately  $23,292,000  and  $21,975,000,
respectively.


<PAGE>



Note F - Casualty Gain

In July 2002 a fire  occurred  at  Williamsburg  on the Lake  Apartments,  which
caused  damage to one unit in the  complex.  During the year ended  December 31,
2003 insurance proceeds of approximately $25,000 were received and assets with a
net book value of  approximately  $6,000 were  written-off.  This  resulted in a
casualty gain of approximately  $19,000 being  recognized  during the year ended
December 31, 2003.

Note G - Fourth Quarter Adjustment

During 2003,  the state of Indiana  implemented a  reassessment  of property tax
values. The Partnership is currently appealing the reassessed property tax value
of Williamsburg  on the Lake  Apartments.  In the state of Indiana  property tax
bills  are paid one year in  arrears.  Thus,  the 2002  property  tax  bills are
received and paid in 2003.  Due to the  Partnership's  appeal of the  reassessed
property  value,  the property tax accrual for 2003 and, in certain  situations,
the remaining liability for the 2002 property tax bills is based on the property
tax value as  estimated  by a third  party  property  tax  specialist.  The 2003
property  tax expense  based on this  estimate  and  recorded  in the  financial
statements is approximately  $367,000. If the Partnership is unsuccessful in its
appeal, it could potentially be liable for up to $169,000 of additional property
taxes. The Partnership believes that the recorded liability is the best estimate
of the amounts to be paid for Indiana property taxes.

During the fourth  quarter of 2003,  the  Partnership  recorded an adjustment to
reflect the property value  estimated by the specialist and adjusted the accrued
property taxes and tax expense by approximately $70,000.

Note H - Legal Proceedings

In March 1998, several putative unit holders of limited partnership units of the
Partnership  commenced an action  entitled  Rosalie  Nuanes,  et al. v. Insignia
Financial Group, Inc., et al. (the "Nuanes action") in the Superior Court of the
State of  California  for the  County  of San  Mateo.  The  plaintiffs  named as
defendants,  among others,  the  Partnership,  its Managing  General Partner and
several of their  affiliated  partnerships  and corporate  entities.  The action
purported  to  assert  claims  on  behalf  of a class of  limited  partners  and
derivatively  on behalf  of a number  of  limited  partnerships  (including  the
Partnership)  that are named as nominal  defendants,  challenging,  among  other
things,  the  acquisition  of  interests  in certain  Managing  General  Partner
entities by Insignia Financial Group, Inc.  ("Insignia") and entities that were,
at one  time,  affiliates  of  Insignia;  past  tender  offers  by the  Insignia
affiliates to acquire limited partnership units;  management of the partnerships
by the  Insignia  affiliates;  and the series of  transactions  which  closed on
October 1, 1998 and February 26, 1999 whereby  Insignia and Insignia  Properties
Trust,  respectively,  were merged into AIMCO.  The plaintiffs  sought  monetary
damages and equitable relief, including judicial dissolution of the Partnership.
In addition, during the third quarter of 2001, a complaint (the "Heller action")
was filed  against  the same  defendants  that are named in the  Nuanes  action,
captioned  Heller v.  Insignia  Financial  Group.  On or about  August 6,  2001,
plaintiffs filed a first amended  complaint.  The Heller action was brought as a
purported derivative action, and asserted claims for, among other things, breach
of fiduciary  duty,  unfair  competition,  conversion,  unjust  enrichment,  and
judicial dissolution.

On January 8, 2003,  the parties filed a  Stipulation  of Settlement in proposed
settlement of the Nuanes action and the Heller action.

In general  terms,  the  proposed  settlement  provides  for  certification  for
settlement  purposes of a settlement class consisting of all limited partners in
this  Partnership and others (the  "Partnerships")  as of December 20, 2002, the
dismissal  with  prejudice  and  release  of claims  in the  Nuanes  and  Heller
litigation,  payment by AIMCO of $9.9  million  (which shall be  distributed  to
settlement  class  members  after  deduction of attorney fees and costs of class
counsel and certain costs of settlement) and up to $1 million toward the cost of
independent  appraisals of the  Partnerships'  properties  by a Court  appointed
appraiser.  An affiliate of the Managing General Partner has also agreed to make
at least one round of tender offers to purchase all of the partnership interests
in the Partnerships within one year of final approval,  if it is granted, and to
provide  partners with the independent  appraisals at the time of these tenders.
The proposed  settlement also provided for the limitation of the allowable costs
which  the  Managing   General   Partner  or  its  affiliates  will  charge  the
Partnerships  in connection with this litigation and imposes limits on the class
counsel  fees and  costs in this  litigation.  On April  11,  2003,  notice  was
distributed  to  limited   partners   providing  the  details  of  the  proposed
settlement.

On June 13, 2003, the Court granted final approval of the settlement and entered
judgment in both the Nuanes and Heller actions.  On August 12, 2003, an objector
("Objector")  filed an  appeal  seeking  to  vacate  and/or  reverse  the  order
approving the settlement and entering  judgment  thereto.  On November 24, 2003,
the Objector filed an  application  requesting the Court order AIMCO to withdraw
settlement  tender offers it had  commenced,  refrain from making further offers
pending the appeal and auction any units tendered to third  parties,  contending
that the offers did not conform  with the terms of the  Settlement.  Counsel for
the Objector (on behalf of another  investor)  had  alternatively  requested the
Court take certain  action  purportedly  to enforce the terms of the  settlement
agreement.  On December 18, 2003,  the Court heard oral  argument on the motions
and denied them both in their entirety.  On January 28, 2004, Objector filed his
opening brief in his pending appeal.  The Managing  General Partner is currently
scheduled  to file a brief in  support  of the order  approving  settlement  and
entering judgment thereto by April 23, 2004.

On August 8, 2003 AIMCO  Properties  L.P., an affiliate of the Managing  General
Partner,  was served  with a  Complaint  in the United  States  District  Court,
District of Columbia alleging that AIMCO Properties L.P.  willfully violated the
Fair Labor Standards Act (FLSA) by failing to pay maintenance  workers  overtime
for all hours worked in excess of forty per week.  The  Complaint is styled as a
Collective  Action  under  the FLSA and seeks to  certify  state  subclasses  in
California, Maryland, and the District of Columbia. Specifically, the plaintiffs
contend that AIMCO Properties L.P. failed to compensate  maintenance workers for
time  that they were  required  to be  "on-call".  Additionally,  the  Complaint
alleges AIMCO  Properties  L.P.  failed to comply with the FLSA in  compensating
maintenance  workers  for time that they  worked in  responding  to a call while
"on-call".  The  Complaint  also  attempts  to certify a subclass  for  salaried
service  directors who are challenging  their  classification as exempt from the
overtime  provisions of the FLSA.  AIMCO  Properties L.P. has filed an answer to
the  Complaint  denying the  substantive  allegations.  Discovery  is  currently
underway.

The  Managing  General  Partner  does  not  anticipate  that  any  costs  to the
Partnership, whether legal or settlement costs, associated with these cases will
be material to the Partnership's overall operations.

The  Partnership  is unaware  of any other  pending  or  outstanding  litigation
matters  involving  it or its  investment  properties  that are not of a routine
nature arising in the ordinary course of business.


<PAGE>



Item 8.     Changes  in  and  Disagreements   with  Accountants  on  Accounting
            and Financial Disclosures

            None.

Item 8a.    Controls and Procedures

(a) Disclosure Controls and Procedures.  The Partnership's management,  with the
participation of the principal executive officer and principal financial officer
of the Managing  General  Partner,  who are the equivalent of the  Partnership's
principal executive officer and principal financial officer,  respectively,  has
evaluated  the  effectiveness  of  the  Partnership's  disclosure  controls  and
procedures (as such term is defined in Rules  13a-15(e) and 15d-15(e)  under the
Securities  Exchange Act of 1934, as amended (the "Exchange Act")) as of the end
of the period covered by this report.  Based on such  evaluation,  the principal
executive  officer  and  principal  financial  officer of the  Managing  General
Partner, who are the equivalent of the Partnership's principal executive officer
and principal  financial officer,  respectively,  have concluded that, as of the
end of such period,  the  Partnership's  disclosure  controls and procedures are
effective.

(b) Internal Control Over Financial  Reporting.  There have not been any changes
in the Partnership's  internal control over financial reporting (as such term is
defined in Rules  13a-15(f)  and  15d-15(f)  under the Exchange  Act) during the
fourth quarter of 2003 that have materially  affected,  or are reasonably likely
to  materially  affect,  the  Partnership's   internal  control  over  financial
reporting.


<PAGE>


                                    PART III

Item 9.     Directors, Officers, Promoters and Control Persons; Compliance  with
            Section 16(a) of the Exchange Act

National  Property  Investors 8 (the  "Partnership" or the  "Registrant") has no
officers or directors.  The managing  general  partner of the Partnership is NPI
Equity Investments, Inc. ("NPI Equity" or the "Managing General Partner").

The  names  and ages of,  as well as the  positions  and  offices  held by,  the
directors  and  officers of the  Managing  General  Partner are set forth below.
There are no family relationships between or among any directors or officers.

Peter K. Kompaniez               59   Director
Martha L. Long                   44   Director and Senior Vice President
Harry G. Alcock                  41   Executive Vice President
Miles Cortez                     60   Executive Vice President, General Counsel
                                       and Secretary
Patti K. Fielding                40   Executive Vice President
Paul J. McAuliffe                47   Executive Vice President and Chief
                                      Financial Officer
Thomas M. Herzog                 41   Senior Vice President and Chief Accounting
                                       Officer

Peter K.  Kompaniez  has been  Director of the Managing  General  Partner  since
February 2004. Mr. Kompaniez has been Vice Chairman of the Board of Directors of
AIMCO since July 1994 and was appointed  President in July 1997.  Mr.  Kompaniez
has also  served as Chief  Operating  Officer of NHP  Incorporated  after it was
acquired by AIMCO in  December  1997.  Effective  April 1, 2004,  Mr.  Kompaniez
resigned as  President  of AIMCO.  Mr.  Kompaniez  will  continue in his role as
Director of the Managing  General Partner and Vice Chairman of AIMCO's Board and
will serve AIMCO on a variety of special and  ongoing  projects in an  operating
role.

Martha L. Long has been a Director  and Senior Vice  President  of the  Managing
General  Partner since February 2004. Ms. Long has been with AIMCO since October
1998 and has served in various capacities. From 1998 to 2001, Ms. Long served as
Senior Vice President and Controller of AIMCO and the Managing  General Partner.
During 2002 and 2003,  Ms. Long served as Senior Vice  President  of  Continuous
Improvement for AIMCO.

Harry G. Alcock was appointed  Executive Vice President of the Managing  General
Partner  in  February  2004 and has been  Executive  Vice  President  and  Chief
Investment Officer of AIMCO since October 1999. Prior to October 1999 Mr. Alcock
served as a Vice President of AIMCO from July 1996 to October 1997,  when he was
promoted to Senior Vice  President-Acquisitions  where he served  until  October
1999. Mr. Alcock has had responsibility for acquisition and financing activities
of AIMCO since July 1994.

Miles  Cortez was  appointed  Executive  Vice  President,  General  Counsel  and
Secretary  of the  Managing  General  Partner in  February  2004 and of AIMCO in
August 2001. Prior to joining AIMCO, Mr. Cortez was the senior partner of Cortez
Macaulay Bernhardt & Schuetze LLC, a Denver law firm, from December 1997 through
September 2001.

Patti K. Fielding was appointed  Executive  Vice President - Securities and Debt
of the Managing  General Partner in February 2004 and of AIMCO in February 2003.
Ms. Fielding previously served as Senior Vice President - Securities and Debt of
AIMCO from  January  2000 to February  2003.  Ms.  Fielding is  responsible  for
securities and debt financing and the treasury  department.  Ms. Fielding joined
AIMCO in February 1997 and served as Vice  President - Tenders,  Securities  and
Debt until January 2000.

Paul J. McAuliffe has been Executive Vice President and Chief Financial  Officer
of the Managing  General  Partner since April 2002. Mr.  McAuliffe has served as
Executive Vice  President of AIMCO since  February 1999 and was appointed  Chief
Financial Officer of AIMCO in October 1999. From May 1996 until he joined AIMCO,
Mr. McAuliffe was Senior Managing Director of Secured Capital Corp.

Thomas M.  Herzog was  appointed  Senior  Vice  President  and Chief  Accounting
Officer of the Managing General Partner in February 2004 and of AIMCO in January
2004.  Prior to joining AIMCO in January 2004, Mr. Herzog was at GE Real Estate,
serving  as Chief  Accounting  Officer & Global  Controller  from  April 2002 to
January 2004 and as Chief Technical Advisor from March 2000 to April 2002. Prior
to joining GE Real  Estate,  Mr.  Herzog was at  Deloitte & Touche LLP from 1990
until 2000, including a two-year assignment in the real estate national office.

One or more of the above persons are also directors and/or officers of a general
partner (or general partner of a general partner) of limited  partnerships which
either have a class of  securities  registered  pursuant to Section 12(g) of the
Securities Exchange Act of 1934, or are subject to the reporting requirements of
Section  15(d) of such Act.  Further,  one or more of the above persons are also
directors and/or officers of Apartment Investment and Management Company and the
general  partner  of  AIMCO  Properties,  L.P.,  entities  that  have a class of
securities  registered  pursuant to Section 12(g) of the Securities Exchange Act
of 1934, or are subject to the reporting  requirements of Section 15 (d) of such
Act.

The board of directors of the Managing  General Partner does not have a separate
audit committee. As such, the board of directors of the Managing General Partner
fulfills  the  functions  of an audit  committee.  The  board of  directors  has
determined  that  Martha L. Long meets the  requirement  of an "audit  committee
financial expert".

The directors and officers of the Managing  General  Partner with authority over
the Partnership are all employees of subsidiaries of AIMCO.  AIMCO has adopted a
code of ethics that applies to such  directors  and  officers  that is posted on
AIMCO's  website  (www.AIMCO.com).   AIMCO's  website  is  not  incorporated  by
reference to this filing.

Item 10.    Executive Compensation

Neither the directors nor officers  received any remuneration  from the Managing
General Partner during the year ended December 31, 2003.



<PAGE>


Item 11.    Security Ownership of Certain Beneficial Owners and Management

The following table sets forth certain information regarding limited partnership
units of the Partnership owned by each person who is known by the Partnership to
own beneficially or exercise voting or dispositive  control over more than 5% of
the Partnership's limited partnership units, by each of the directors and by all
directors and officers of the Managing General Partner as a group as of December
31, 2003.

                                           Amount and Nature
           Name of Beneficial Owner       of Beneficial Owner    % of Class

           AIMCO IPLP, L.P.                      17,072            38.04%
             (an affiliate of AIMCO)
           AIMCO Properties, L.P.                10,665            23.76%
             (an affiliate of AIMCO)

AIMCO IPLP,  L.P.  (formerly known as Insignia  Properties,  L.P.) is indirectly
ultimately owned by AIMCO. Its business address is 55 Beattie Place, Greenville,
South Carolina 29602.

AIMCO  Properties,  L.P.  is  indirectly  ultimately  controlled  by AIMCO.  Its
business  address is 4582 S. Ulster St. Parkway,  Suite 1100,  Denver,  Colorado
80237.

Item 12.    Certain Relationships and Related Transactions

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.  The Partnership Agreement provides for (i) payments to
affiliates for services and (ii)  reimbursement of certain expenses  incurred by
affiliates on behalf of the Partnership.

Affiliates of the Managing  General  Partner are entitled to receive 5% of gross
receipts from both of the Partnership's properties as compensation for providing
property   management   services.   The  Partnership  paid  to  such  affiliates
approximately  $198,000 and  $220,000 for the years ended  December 31, 2003 and
2002, respectively, which is included in operating expense.

An  affiliate  of  the  Managing  General  Partner  received   reimbursement  of
accountable  administrative  expenses  amounting to  approximately  $147,000 and
$150,000 for the years ended December 31, 2003 and 2002, respectively, which are
included in general and administrative expenses.  Approximately $98,000 of these
expenses  were  accrued  at  December  31,  2003  and  are  included  in  due to
affiliates.

For services relating to the  administration of the Partnership and operation of
its properties,  the Managing General Partner is entitled to receive payment for
non-accountable  expenses up to a maximum of $150,000 per year of  distributions
from  operations  based upon the number of  Partnership  units sold,  subject to
certain limitations.  The Managing General Partner was not entitled to receive a
reimbursement  during the year ended  December  31, 2003  because  there were no
distributions  from operations during this period.  The Managing General Partner
received  approximately  $36,000  for the year  ended  December  31,  2002,  for
non-accountable  expense  reimbursements,  which  is  included  in  general  and
administrative expenses.


For managing the affairs of the Partnership, the Managing General Partner of the
Partnership  is entitled to receive a  partnership  management  fee.  The fee is
equal to 4% of the  Partnership's  adjusted cash from operations,  as defined in
the Partnership  Agreement,  in any year, provided that 50% of the fee shall not
be paid until the Partnership has distributed to the limited  partners  adjusted
cash from operations in such year which is equal to 5% of the limited  partners'
adjusted invested capital, as defined,  on a non-cumulative  basis. In addition,
50% of the fee shall not be paid until the  Partnership  has  distributed to the
limited partners adjusted cash from operations in such year which is equal to 8%
of the limited partners'  adjusted  invested capital on a non-cumulative  basis.
The fee shall be paid when adjusted cash from  operations is  distributed to the
limited partners.  The Managing General Partner was not entitled to receive this
fee during the years ended December 31, 2003 and 2002.

NPI Equity,  on behalf of the Partnership and certain  affiliated  partnerships,
has established a revolving credit facility (the  "Partnership  Revolver") to be
used to fund deferred  maintenance  and working capital needs of the Partnership
and certain other  affiliated  partnerships in the National  Property  Investors
Partnership  Series.  The maximum draw  available to the  Partnership  under the
Partnership Revolver is $500,000. Loans under the Partnership Revolver will have
a term of 365 days, be unsecured and bear interest at the prime rate plus 2% per
annum. The maturity date of any such borrowing  accelerates in the event of: (i)
the removal of NPI Equity as the managing  general  partner  (whether or not for
cause);  (ii) the sale or refinancing of a property by the Partnership  (whether
or not a borrowing under the Partnership  Revolver was made with respect to such
property);  or (iii) the liquidation of the  Partnership.  During the year ended
December 31, 2003 the Managing  General  Partner  exceeded this credit limit and
advanced the Partnership  approximately $505,000. During the year ended December
31, 2002 the Managing  General Partner  advanced the  Partnership  approximately
$294,000 under the Partnership Revolver.  Interest expense during the year ended
December 31, 2003 and 2002 was approximately  $19,000 and $3,000,  respectively.
During the years ended December 31, 2003 and 2002, the Partnership made payments
on the  outstanding  loans and  accrued  interest of  approximately  $92,000 and
$205,000,  respectively.  At December  31, 2003,  the amount of the  outstanding
loans and accrued interest was  approximately  $524,000.  Subsequent to December
31, 2003 the Managing  General  Partner  issued the  Partnership  an  additional
$280,000 advance for operating expenses and capital improvements at Williamsburg
on  the  Lake  Apartments  and  property  taxes  at  Huntington   Athletic  Club
Apartments.

Upon sale of  Partnership  properties,  the  Managing  General  Partner  will be
entitled to an incentive compensation fee equal to a declining percentage of the
difference  between the total  amount  distributed  to limited  partners and the
appraised value of their  investment at February 1, 1992. The percentage  amount
to be realized by the Managing General  Partner,  if any, will be dependent upon
the year in which the property is sold.  Payment of the  incentive  compensation
fee  is  subordinated  to  the  receipt  by  the  limited   partners,   of:  (a)
distributions  from  capital  transaction  proceeds of an amount  equal to their
present  appraised  investment in the  Partnership  at February 1, 1992; and (b)
distributions from all sources (capital transactions as well as cash flow) of an
amount equal to six percent (6%) per annum cumulative,  noncompounded,  on their
present appraised investment in the Partnership at February 1, 1992.

The  Partnership  insures its properties up to certain  limits through  coverage
provided by AIMCO which is  generally  self-insured  for a portion of losses and
liabilities  related to workers  compensation,  property  casualty  and  vehicle
liability. The Partnership insures its properties above the AIMCO limits through
insurance  policies  obtained  by  AIMCO  from  insurers  unaffiliated  with the
Managing General Partner. During the years ended December 31, 2003 and 2002, the
Partnership  was charged by AIMCO and its affiliates  approximately  $67,000 and
$81,000,  respectively,  for insurance  coverage and fees associated with policy
claims administration.

In addition to its  indirect  ownership of the general  partner  interest in the
Partnership,  AIMCO and its affiliates  owned 27,737 limited  partnership  units
(the "Units") in the Partnership representing 61.80% of the outstanding units at
December  31,  2003.  A number of these Units were  acquired  pursuant to tender
offers  made by  AIMCO  or its  affiliates.  It is  possible  that  AIMCO or its
affiliates will acquire  additional  Units in exchange for cash or a combination
of cash and units in AIMCO Properties,  L.P., the operating partnership of AIMCO
either through private  purchases or tender offers.  Pursuant to the Partnership
Agreement,  unitholders  holding a majority  of the Units are  entitled  to take
action with  respect to a variety of matters that  include,  but are not limited
to,  voting on certain  amendments  to the  Partnership  Agreement and voting to
remove the Managing General  Partner.  As a result of its ownership of 61.80% of
the outstanding  Units,  AIMCO and its affiliates are in a position to influence
all voting  decisions  with  respect to the  Partnership.  Although the Managing
General  Partner  owes  fiduciary   duties  to  the  limited   partners  of  the
Partnership, the Managing General Partner also owes fiduciary duties to AIMCO as
its sole stockholder.  As a result,  the duties of the Managing General Partner,
as managing  general  partner,  to the Partnership and its limited  partners may
come into conflict with the duties of the Managing  General Partner to AIMCO, as
its sole stockholder. However, DeForest Ventures II L.P., from whom an affiliate
of AIMCO and the Managing  General  Partner,  through its merger with  Insignia,
acquired  16,447 units,  had agreed for the benefit of third party  unitholders,
that it would vote these units: (i) against any increase in compensation payable
to the  Managing  General  Partner or to its  affiliates;  and (ii) on all other
matters  submitted by it or its  affiliates,  in proportion to the votes cast by
third party unit holders.  Except for the foregoing,  no other  limitations  are
imposed on AIMCO or its affiliates' right to vote each unit held.

Item 13.    Exhibits and Reports on Form 8-K

      (a)   Exhibits:

            See attached Exhibit Index.

      (b) Reports on Form 8-K filed in the fourth quarter of calendar year 2003:

            None.

Item 14.    Principal Accounting Fees and Services

The Managing  General Partner has  reappointed  Ernst & Young LLP as independent
auditors to audit the financial statements of the Partnership for 2004.

Audit  Fees.  The  Partnership   paid  to  Ernst  &  Young  LLP  audit  fees  of
approximately $37,000 and $36,000 for 2003 and 2002, respectively.

Tax Fees.  The  Partnership  paid to Ernst & Young LLP fees for tax services for
2003 and 2002 of approximately $10,000 and $18,000, respectively.


<PAGE>


                                   SIGNATURES


In accordance  with Section 13 or 15(d) of the Exchange Act, the  Registrant has
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.


                                    NATIONAL PROPERTY INVESTORS 8


                                    By:   NPI EQUITY INVESTMENTS, INC.
                                          Managing General Partner


                                    By:   /s/Martha L. Long
                                          Martha L. Long
                                          Senior Vice President


                                    By:   /s/Thomas M. Herzog
                                          Thomas M. Herzog
                                          Senior Vice President
                                          and Chief Accounting Officer


                                    Date: March 29, 2004


In  accordance  with the Exchange  Act, this report has been signed below by the
following  persons on behalf of the  Registrant and in the capacities and on the
date indicated.

/s/Peter K. Kompaniez         Director                      Date: March 29, 2004
Peter K. Kompaniez

/s/Martha L. Long             Director and Senior Vice      Date: March 29, 2004
Martha L. Long                President

/s/Thomas M. Herzog           Senior Vice President         Date: March 29, 2004
Thomas M. Herzog              and Chief Accounting Officer

<PAGE>



                          NATIONAL PROPERTY INVESTORS 8

                                  Exhibit Index



Exhibit Number    Description of Exhibit


      2.5         Master Indemnity Agreement (1)

      3.4         Agreement of Limited Partnership (2)

                  Amendments to Agreement of Limited Partnership (3)

                  Amendments to Agreement of Limited Partnership (4)

                  Amendments to Agreement of Limited Partnership (5)

     10.26        Multifamily  Note dated May 8, 2000,  by and between  National
                  Property  Investors 8, a California limited  partnership,  and
                  GMAC   Commercial   Mortgage    Corporation,    a   California
                  Corporation,    relating   to    Huntington    Athletic   Club
                  (incorporated  by  reference  to Exhibit  10.26 filed with the
                  Registrant's  Quarterly  Report on Form 10-QSB for the quarter
                  ended June 30, 2000).

     10.27        Multifamily  note  dated  December  6,  2001  by  and  between
                  National   Property   Investors   8,  a   California   limited
                  partnership,  and  GMAC  Commercial  Mortgage  Corporation,  a
                  California  Corporation,  relating to Williamsburg  Apartments
                  (incorporated  by  reference  to Exhibit  10.27 filed with the
                  Registrant's  Annual  Report on Form 10-KSB for the year ended
                  December 31, 2001).

     31.1         Certification   of  equivalent  of  Chief  Executive   Officer
                  pursuant to Securities Exchange Act Rules 13a-14(a)/15d-14(a),
                  as Adopted Pursuant to Section 302 of the  Sarbanes-Oxley  Act
                  of 2002.

     31.2         Certification   of  equivalent  of  Chief  Financial   Officer
                  pursuant to Securities Exchange Act Rules 13a-14(a)/15d-14(a),
                  as Adopted Pursuant to Section 302 of the  Sarbanes-Oxley  Act
                  of 2002.

     32.1         Certification  Pursuant to 18 U.S.C.  Section 1350, as Adopted
                  Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

     (1)  Incorporated by reference to Exhibit 2.5 to Form 8-K filed by Insignia
          Financial Group,  Inc. with the Securities and Exchange  Commission on
          September 1, 1995.

     (2)          Incorporated  by reference to Exhibit A to the  Prospectus  of
                  the   Registrant   dated  May  13,  1985   contained   in  the
                  Registrant's  Registration  Statement  on Form S-11 (Reg.  No.
                  2-95864).

     (3)          Incorporated   by   reference  to  Exhibits  3,  4(b)  to  the
                  Registrant's  Form 10-K for the fiscal year ended December 31,
                  1985.

     (4)  Incorporated  by reference to the  definitive  Proxy  Statement of the
          Registrant dated April 3, 1991.

     (5)  Incorporated  by reference to the  Statement  Furnished in  Connection
          with the  Solicitation Of Consents of the Registrant  dated August 28,
          1992.

<PAGE>

Exhibit 31.1


                                  CERTIFICATION


I, Martha L. Long, certify that:


1.    I have  reviewed  this annual  report on Form 10-KSB of National  Property
      Investors 8;

2.    Based on my knowledge,  this report does not contain any untrue  statement
      of a material fact or omit to state a material fact  necessary to make the
      statements made, in light of the circumstances under which such statements
      were made,  not  misleading  with  respect  to the period  covered by this
      report;

3.    Based on my  knowledge,  the  financial  statements,  and other  financial
      information  included  in this  report,  fairly  present  in all  material
      respects the financial condition,  results of operations and cash flows of
      the registrant as of, and for, the periods presented in this report;

4.    The  registrant's  other  certifying  officer(s) and I are responsible for
      establishing  and  maintaining  disclosure  controls  and  procedures  (as
      defined in Exchange Act Rules  13a-15(e) and 15d-15(e)) for the registrant
      and have:

      (a)   Designed such  disclosure  controls and  procedures,  or caused such
            disclosure   controls  and  procedures  to  be  designed  under  our
            supervision,  to ensure that  material  information  relating to the
            registrant,  including its consolidated subsidiaries,  is made known
            to us by others  within  those  entities,  particularly  during  the
            period in which this report is being prepared;

      (b)   Evaluated the effectiveness of the registrant's  disclosure controls
            and  procedures and presented in this report our  conclusions  about
            the effectiveness of the disclosure  controls and procedures,  as of
            the  end  of the  period  covered  by  this  report  based  on  such
            evaluation; and

      (c)   Disclosed  in this  report any change in the  registrant's  internal
            control  over   financial   reporting   that  occurred   during  the
            registrant's  most recent fiscal  quarter (the  registrant's  fourth
            fiscal  quarter in the case of an annual report) that has materially
            affected,   or  is  reasonably  likely  to  materially  affect,  the
            registrant's internal control over financial reporting; and

5.    The registrant's other certifying  officer(s) and I have disclosed,  based
      on  our  most  recent   evaluation  of  internal  control  over  financial
      reporting,  to the  registrant's  auditors and the audit  committee of the
      registrant's  board of directors  (or persons  performing  the  equivalent
      functions):

      (a)   All significant  deficiencies and material  weaknesses in the design
            or operation of internal control over financial  reporting which are
            reasonably  likely to adversely affect the  registrant's  ability to
            record, process, summarize and report financial information; and

      (b)   Any fraud,  whether or not  material,  that  involves  management or
            other  employees  who have a  significant  role in the  registrant's
            internal control over financial reporting.

Date:  March 29, 2004
                                    /s/Martha L. Long
                                    Martha L. Long
                                    Senior Vice President of NPI Equity
                                    Investments, Inc., equivalent of the chief
                                    executive officer of the Partnership


<PAGE>



Exhibit 31.2


                                  CERTIFICATION


I, Thomas M. Herzog, certify that:


1.    I have  reviewed  this annual  report on Form 10-KSB of National  Property
      Investors 8;

2.    Based on my knowledge,  this report does not contain any untrue  statement
      of a material fact or omit to state a material fact  necessary to make the
      statements made, in light of the circumstances under which such statements
      were made,  not  misleading  with  respect  to the period  covered by this
      report;

3.    Based on my  knowledge,  the  financial  statements,  and other  financial
      information  included  in this  report,  fairly  present  in all  material
      respects the financial condition,  results of operations and cash flows of
      the registrant as of, and for, the periods presented in this report;

4.    The  registrant's  other  certifying  officer(s) and I are responsible for
      establishing  and  maintaining  disclosure  controls  and  procedures  (as
      defined in Exchange Act Rules  13a-15(e) and 15d-15(e)) for the registrant
      and have:

      (a)   Designed such  disclosure  controls and  procedures,  or caused such
            disclosure   controls  and  procedures  to  be  designed  under  our
            supervision,  to ensure that  material  information  relating to the
            registrant,  including its consolidated subsidiaries,  is made known
            to us by others  within  those  entities,  particularly  during  the
            period in which this report is being prepared;

      (b)   Evaluated the effectiveness of the registrant's  disclosure controls
            and  procedures and presented in this report our  conclusions  about
            the effectiveness of the disclosure  controls and procedures,  as of
            the  end  of the  period  covered  by  this  report  based  on  such
            evaluation; and

      (c)   Disclosed  in this  report any change in the  registrant's  internal
            control  over   financial   reporting   that  occurred   during  the
            registrant's  most recent fiscal  quarter (the  registrant's  fourth
            fiscal  quarter in the case of an annual report) that has materially
            affected,   or  is  reasonably  likely  to  materially  affect,  the
            registrant's internal control over financial reporting; and

5.    The registrant's other certifying  officer(s) and I have disclosed,  based
      on  our  most  recent   evaluation  of  internal  control  over  financial
      reporting,  to the  registrant's  auditors and the audit  committee of the
      registrant's  board of directors  (or persons  performing  the  equivalent
      functions):

      (a)   All significant  deficiencies and material  weaknesses in the design
            or operation of internal control over financial  reporting which are
            reasonably  likely to adversely affect the  registrant's  ability to
            record, process, summarize and report financial information; and

      (b)   Any fraud,  whether or not  material,  that  involves  management or
            other  employees  who have a  significant  role in the  registrant's
            internal control over financial reporting.

Date:  March 29, 2004

                                    /s/Thomas M. Herzog
                                    Thomas M. Herzog
                                    Senior  Vice  President  and  Chief
                                    Accounting Officer of NPI Equity
                                    Investments, Inc., equivalent  of the chief
                                    financial officer of the Partnership


<PAGE>




Exhibit 32.1


                          Certification of CEO and CFO
                       Pursuant to 18 U.S.C. Section 1350,
                             As Adopted Pursuant to
                   Section 906 of the Sarbanes-Oxley Act of 2002



In  connection  with the  Annual  Report  on Form  10-KSB of  National  Property
Investors 8 (the  "Partnership"),  for the year ended December 31, 2003 as filed
with the Securities and Exchange  Commission on the date hereof (the  "Report"),
Martha  L.  Long,  as the  equivalent  of the  chief  executive  officer  of the
Partnership,  and Thomas M. Herzog,  as the  equivalent  of the chief  financial
officer of the Partnership, each hereby certifies, pursuant to 18 U.S.C. Section
1350,  as adopted  pursuant  to Section 906 of the  Sarbanes-Oxley  Act of 2002,
that, to the best of his knowledge:

      (1)   The Report fully complies with the  requirements of Section 13(a) or
            15(d) of the Securities Exchange Act of 1934; and

      (2)   The  information  contained in the Report  fairly  presents,  in all
            material respects, the financial condition and results of operations
            of the Partnership.


                                           /s/Martha L. Long
                                    Name:  Martha L. Long
                                    Date:  March 29, 2004


                                           /s/Thomas M. Herzog
                                    Name:  Thomas M. Herzog
                                    Date:  March 29, 2004

This  certification is furnished with this Report pursuant to Section 906 of the
Sarbanes-Oxley  Act of 2002 and shall not be deemed filed by the Partnership for
purposes of Section 18 of the Securities Exchange Act of 1934, as amended.