FORM 10-QSB--QUARTERLY REPORT UNDER SECTION 13 OR 15 (D)
                    OF THE SECURITIES EXCHANGE ACT OF 1934
                       Quarterly or Transitional Report


                   U.S. SECURITIES AND EXCHANGE COMMISSION
                           WASHINGTON, D.C.  20549

                                 FORM 10-QSB

(Mark One)

[X]  Quarterly Report Pursuant to Section 13 or 15(d) of The Securities
     Exchange Act of 1934


                For the quarterly period ended March 31, 1997


[  ]  Transition Report Pursuant to 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
      (Exact name of small business issuer as specified in its charter)


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

                         One Insignia Financial Plaza
                       Greenville, South Carolina 29602
                   (Address of principal executive offices)

                                (864) 239-1000
                          Issuer's telephone number



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

                        PART I - FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS



                        NATIONAL PROPERTY INVESTORS 8
                          CONSOLIDATED BALANCE SHEET
                                 (Unaudited)
                       (in thousands, except unit data)

                                March 31, 1997

Assets
  Cash and cash equivalents:
    Unrestricted                                                   $ 2,218
    Restricted                                                          73
  Accounts receivable                                                   33
  Escrow for taxes                                                     154
  Restricted escrows                                                 1,245
  Other assets                                                         245
  Investment properties:
     Land                                            $  1,970
     Buildings and related
       personal property                               27,645
                                                       29,615
     Less accumulated depreciation                    (14,201)      15,414

     Total Assets                                                  $19,382

Liabilities and Partners' Capital

  Accounts payable and accrued expense                             $   252
  Accrued taxes                                                        501
  Tenant security deposits                                              73
  Mortgage notes payable                                            10,969
Partners' capital (deficit)
  Limited partners (44,882 units outstanding)        $ 7,734
  General partners                                      (147)        7,587

     Total Liabilities and Partners' Capital                       $19,382

         See Accompanying Notes to Consolidated Financial Statements

b)                          NATIONAL PROPERTY INVESTORS 8
                        CONSOLIDATED STATEMENTS OF OPERATIONS
                                     (Unaudited)
                           (in thousands, except unit data) 
<TABLE>
<CAPTION>
                                                             Three Months
                                                             Ended March 31,
                                                         1997              1996
<S>                                               <C>                 <C>
Revenues:
  Rental                                           $    1,040          $    1,053
  Other                                                    97                  74
    Total revenues                                      1,137               1,127

Expenses:
  Operating                                               331                 330
  General and administrative                               40                  74
  Maintenance                                             101                 109
  Interest                                                277                 222
  Depreciation                                            287                 287
  Property taxes                                          125                 151
    Total expenses                                      1,161               1,173

      Net loss                                     $      (24)         $      (46)

Loss allocated to general partners (1%)            $       --          $       --
Loss allocated to limited partners (99%)                  (24)                (46)

      Net loss                                     $      (24)         $      (46)

Net loss per limited partnership unit              $    ( .53)         $    (1.02)
<FN>
          See Accompanying Notes to Consolidated Financial Statements
</TABLE>

c)                         NATIONAL PROPERTY INVESTORS 8
                 CONSOLIDATED STATEMENTS OF PARTNERS' CAPITAL (DEFICIT)
                                      (Unaudited)
                          (in thousands, except for unit data)
<TABLE>
<CAPTION>
                                   Limited
                                 Partnership     General       Limited        Total
                                    Units        Partners      Partners      Capital
<S>                               <C>         <C>           <C>           <C>
Original capital contributions     44,882      $       1     $  22,441     $  22,442

Partners' (deficit) capital at
  December 31, 1996                44,882      $    (147)    $   7,758     $   7,611

Net loss for the three
  months ended March 31, 1997          --             --           (24)          (24)

Partners' (deficit) capital at
  March 31, 1997                   44,882      $    (147)    $   7,734     $   7,587
<FN>
              See Accompanying Notes to Consolidated Financial Statements
</TABLE>

d)                         NATIONAL PROPERTY INVESTORS 8
                       CONSOLIDATED STATEMENTS OF CASH FLOWS
                                    (Unaudited)
                                   (in thousands)
<TABLE>
<CAPTION>
                                                           Three Months Ended
                                                                March 31,
                                                            1997            1996
<S>                                                  <C>             <C>
Cash flows from operating activities:
  Net loss                                            $     (24)      $     (46)
  Adjustments to reconcile net loss to net
  cash provided by operating activities:
   Depreciation                                             287             287
   Amortization of loan costs                                10               2
Change in accounts:
   Other assets                                             230            (144)
   Accounts payable and accrued expenses                    (57)            302
   Tenant security deposits                                  (6)             (6)

     Net cash provided by operating activities              440             395

Cash flows used in investing activities:
   Property improvements and replacements                   (79)            (40)

Cash flows used in financing activities:
   Payments on mortgage notes payable                       (14)            (49)

Net increase in unrestricted cash and
   cash equivalents                                         347             306

Unrestricted cash and cash equivalents
   at beginning of period                                 1,871           2,383

Unrestricted cash and cash equivalents
   at end of period                                   $   2,218       $   2,689

Supplemental information:
  Cash paid for interest                              $     224       $   2,559
<FN>
            See Accompanying Notes to Consolidated Financial Statements
</TABLE>

e)                          NATIONAL PROPERTY INVESTORS 8

                      NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


NOTE A - BASIS OF PRESENTATION

The accompanying unaudited financial statements have been prepared in accordance
with generally accepted accounting principles for interim financial information
and with the instructions to Form 10-QSB and Item 310(b) of Regulation S-B.
Accordingly, they do not include all of the information and footnotes required
by generally accepted accounting principles for complete financial statements.
In the opinion of NPI Equity Investments, Inc. ("NPI Equity" or the "Managing
General Partner"), a Florida corporation, all adjustments (consisting of normal
recurring accruals) considered necessary for a fair presentation have been
included.  Operating results for the three month period ended March 31, 1997,
are not necessarily indicative of the results that may be expected for the
fiscal year ending December 31, 1997.  For further information, refer to the
financial statements and footnotes thereto included in National Property
Investors 8's (the "Partnership") annual report on Form 10-KSB for the year
ended December 31, 1996.

Certain reclassifications have been made to the 1996 information to conform to
the 1997 presentation.

NOTE B - 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 payments to
affiliates for services and as reimbursement of certain expenses incurred by
affiliates on behalf of the Partnership.

Pursuant to a series of transactions which closed during the first half of 1996,
affiliates of Insignia Financial Group, Inc. ("Insignia") acquired all of the
issued and outstanding shares of stock of NPI Equity and National Property
Investors, Inc. ("NPI").  NPI Equity is a wholly-owned subsidiary of NPI.  In
connection with these transactions, affiliates of Insignia appointed new
officers and directors of NPI Equity.

The following transactions with Insignia, NPI and affiliates were charged to
expense in 1997 and 1996:


                                                   For the Three Months Ended
                                                           March 31,
                                                        (in thousands)
                                                      1997           1996
Property management fees (included in operating
  expenses)                                          $  49           $  53
Reimbursement for services of affiliates (included
  in general and administrative expenses)               29              60


The Partnership insures its properties under a master policy through an agency
and insurer unaffiliated with the Managing General Partner.  An affiliate of the
Managing General Partner acquired, in the acquisition of a business, certain
financial obligations from an insurance agency which was later acquired by the
agent who placed the current year's master policy.  The current agent assumed
the financial obligations to the affiliate of the Managing General Partner, who
received payments on these obligations from the agent.  The amount of the
Partnership's insurance premiums accruing to the benefit of the affiliate of the
Managing General Partner, by virtue of the agent's obligations, is not
significant.


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


The Partnership's investment properties consist of two apartment complexes.  The
following table sets forth the average occupancy of the properties for the three
months ended March 31, 1997 and 1996:


                                                 Average
                                                Occupancy
Property                                     1997           1996
Williamsburg on the Lake Apartments
  Indianapolis, Indiana (1)                  85%             92%
Huntington Athletic Club Apartments
  Morrisville, North Carolina                91%             92%

1)The Managing General Partner attributes the decrease in occupancy at the 
  Williamsburg on the Lake Apartments property to increasing qualifying
  standards for residents and an overall decrease in occupancy in the
  Indianapolis market.

The Partnership's net loss for the three months ended March 31, 1997, was
$24,000 versus $46,000 for the comparable period of 1996.  The decrease in net
loss is primarily due to an increase in other income and decreases in general
and administrative expenses.  Other income increased due to increases in
interest income and lease cancellation fees.  General and administrative
expenses decreased due primarily to non-recurring expenses, which were incurred
in the first quarter of 1996, relating to the relocation of the partnership
administration offices.

Included in maintenance expense for the three months ended March 31, 1997, is
$17,000 of major repairs and maintenance comprised of major landscaping and
small equipment purchases.  Included in maintenance expense for the three months
ended March 31, 1996, is $10,000 of major repairs and maintenance comprised of
exterior and interior building improvements.

As part of the ongoing business plan of the Partnership, the Managing General
Partner monitors the rental market environment 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, due to changing market
conditions, which can result in the use of rental concessions and rental
reductions to offset softening market conditions, there is no guarantee that the
Managing General Partner will be able to sustain such a plan.

At March 31, 1997, the Partnership had unrestricted cash of $2,218,000, as
compared to $2,689,000 at March 31, 1996.  Net cash provided by operating
activities increased primarily as a result of a decrease in other assets.  This
was partially offset by a decrease in accounts payable and accrued expenses.
Other assets decreased due to a decrease in escrow accounts, as reserves
required by HUD are no longer necessary after the refinancing of the mortgage
secured by the Williamsburg on the Lake Apartments property (see discussion
below).  Accounts payable and accrued expenses decreased due to the timing of
payments of accrued expenses. Net cash used in investing activities increased
due primarily to the construction of a new recreation center at the Williamsburg
on the Lake Apartments property.  Net cash used in financing activities
decreased due to the refinancing of the mortgage debt secured by the
Williamsburg on the Lake Apartments property (see discussion below).
In November 1996, the Partnership refinanced the mortgage debt secured by the
Williamsburg on the Lake Apartments property from a HUD insured loan, which
required principal and interest payments, to a conventional loan, which requires
interest only payments.

The Managing General Partner has extended to the Partnership a $500,000 line of
credit.  At the present time, the Partnership has no outstanding amounts due
under this line of credit.  Based on present plans, the Managing General Partner
does not anticipate the need to borrow against the line of credit in the near
future.  Other than cash and cash equivalents, the line of credit is the
Partnership's only unused source of liquidity.

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 properties to adequately maintain the physical
assets and other operating needs of the Partnership.  Such assets are currently
thought to be sufficient for any near-term needs of the Partnership.  The
mortgage indebtedness of $10,969,000 is amortized over varying periods.  The
mortgage encumbering the Huntington Athletic Club Apartments property requires a
balloon payment of $3,211,000 in February 2002.  The mortgage encumbering the
Williamsburg on the Lake Apartments property is interest only with the principal
balance of $7,400,000 due November 2003. Future cash distributions will depend
on the levels of cash generated from operations, property sales, and the
availability of cash reserves.  The Managing General Partner is evaluating the
economic position of the Partnership and the Partnership's ability to make a
distribution.  No cash distributions were paid during the three months ended
March 31, 1997 or March 31, 1996.


                             PART II - OTHER INFORMATION


ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

     a)  Exhibits:

         Exhibit 27, Financial Data Schedule, is filed as an exhibit to this
         report.

     b)  Reports on Form 8-K:

         No reports on form 8-K were filed during the three months ended March
         31, 1997.


                                      SIGNATURES

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





                           NATIONAL PROPERTY INVESTORS 8


                           By:   NPI EQUITY INVESTMENTS, INC.
                                 MANAGING GENERAL PARTNER


                           By:   /s/William H. Jarrard, Jr.
                                 William H. Jarrard, Jr.
                                 President and Director


                           By:   /s/Ronald Uretta
                                 Ronald Uretta
                                 Vice President and Treasurer




                           Date: May 13, 1997