United States
                       Securities and Exchange Commission
                             Washington, D.C. 20549

                                   Form 10-QSB

(Mark One)
[X]   Quarterly Report Under Section 13 or 15(d) of the Securities Exchange
      Act of 1934

              For the quarterly period ended September 30, 2004


[ ]   Transition Report Under Section 13 or 15(d) of the Exchange Act


             For the transition period from _________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.)

                         55 Beattie Place, P.O. Box 1089
                        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

                                  BALANCE SHEET
                                   (Unaudited)
                        (in thousands, except unit data)

                               September 30, 2004

<TABLE>
<CAPTION>


Assets
<S>                                                                          <C>
   Cash and cash equivalents                                                 $ 106
   Receivables and deposits                                                     251
   Restricted escrows                                                            18
   Other assets                                                                 634
   Investment properties:
       Land                                                  $ 1,970
       Buildings and related personal property                 32,064
                                                               34,034
       Less accumulated depreciation                          (24,349)        9,685
                                                                           $ 10,694
Liabilities and Partners' Deficit
Liabilities
   Accounts payable                                                          $ 164
   Tenant security deposit liabilities                                          108
   Accrued property taxes                                                       389
   Other liabilities                                                            199
   Due to affiliate (Note B)                                                  1,624
   Mortgage notes payable                                                    14,996

Partners' Deficit
   General partner                                            $ (290)
   Limited partners (44,882 units
      issued and outstanding)                                  (6,496)       (6,786)
                                                                           $ 10,694

                See Accompanying Notes to Financial Statements
</TABLE>

                          NATIONAL PROPERTY INVESTORS 8

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

<TABLE>
<CAPTION>



                                        Three Months Ended        Nine Months Ended
                                          September 30,             September 30,
                                        2004         2003          2004        2003
Revenues:
<S>                                    <C>           <C>         <C>          <C>
   Rental income                       $ 966         $ 994       $ 2,767      $ 2,725
   Other income                            85           115          237          282
   Casualty gain (Note C)                  --            --           --           19
     Total revenues                     1,051         1,109        3,004        3,026

Expenses:
   Operating                              530           558        1,459        1,532
   General and administrative              35            41          124          134
   Depreciation                           380           368        1,145        1,106
   Interest                               302           298          904          893
   Property taxes (Note D)                (86)          229          179          547
     Total expenses                     1,161         1,494        3,811        4,212

Net loss                               $ (110)      $ (385)       $ (807)     $(1,186)

Net loss allocated to general
  partner (1%)                          $ (1)        $ (4)         $ (8)       $ (12)

Net loss allocated to limited
  partners (99%)                         (109)         (381)        (799)      (1,174)

                                       $ (110)      $ (385)       $ (807)     $(1,186)

Net loss per limited partnership
  unit                                $ (2.43)      $ (8.49)     $(17.80)     $(26.16)

                See Accompanying Notes to Financial Statements
</TABLE>


                          NATIONAL PROPERTY INVESTORS 8

                    STATEMENT OF CHANGES IN PARTNERS' DEFICIT
                                   (Unaudited)
                        (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, 2003                  44,882      $ (282)     $(5,697)     $(5,979)

Net loss for the nine months
   ended September 30, 2004               --          (8)        (799)        (807)

Partners' deficit at
   September 30, 2004                 44,882      $ (290)     $(6,496)     $(6,786)

                See Accompanying Notes to Financial Statements
</TABLE>

                          NATIONAL PROPERTY INVESTORS 8

                            STATEMENTS OF CASH FLOWS
                                   (Unaudited)
                                 (in thousands)

<TABLE>
<CAPTION>

                                                                    Nine Months Ended
                                                                      September 30,
                                                                     2004         2003
Cash flows from operating activities:
<S>                                                                 <C>         <C>
  Net loss                                                          $ (807)     $(1,186)
  Adjustments to reconcile net loss to net cash provided by
   operating activities:
     Depreciation                                                     1,145       1,106
     Amortization of loan costs                                          22          26
     Casualty gain                                                       --         (19)
     Change in accounts:
        Receivables and deposits                                       (169)        (15)
        Other assets                                                    (58)        (93)
        Accounts payable                                                 24         124
        Tenant security deposit liabilities                              (4)         36
        Accrued property taxes                                         (120)        187
        Due to affiliate                                                141          65
        Other liabilities                                               (49)        119
          Net cash provided by operating activities                     125         350

Cash flows from investing activities:
  Property improvements and replacements                               (686)       (291)
  Insurance proceeds received                                            --          25
          Net cash used in investing activities                        (686)       (266)

Cash flows from financing activities:
  Payments on mortgage note payable                                    (340)       (296)
  Advances from affiliate                                               861         360
  Repayment of advances from affiliate                                   --         (92)
          Net cash provided by (used in) financing activities           521         (28)

Net (decrease) increase in cash and cash equivalents                    (40)         56

Cash and cash equivalents at beginning of period                        146         107

Cash and cash equivalents at end of period                           $ 106       $ 163

Supplemental disclosure of cash flow information:
  Cash paid for interest                                             $ 832       $ 808
Supplemental disclosure of non-cash flow activity:
  Property improvements and replacements in accounts payable         $ 63         $ 59

Included in property  improvements  and  replacements  for the nine months ended
September  30,  2004 are  approximately  $200,000  of  improvements  which  were
included in accounts payable at December 31, 2003.

                See Accompanying Notes to Financial Statements
</TABLE>



<PAGE>





                          NATIONAL PROPERTY INVESTORS 8

                          NOTES TO FINANCIAL STATEMENTS
                                   (Unaudited)


Note A - Basis of Presentation

The accompanying unaudited financial statements of National Property Investors 8
(the  "Partnership"  or  "Registrant")  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"), the general partner of the Partnership, which is wholly-owned
by Apartment Investment and Management Company ("AIMCO"), a publicly traded real
estate  investment  trust,  all  adjustments  (consisting  of  normal  recurring
accruals)  considered  necessary  for a fair  presentation  have been  included.
Operating  results for the three and nine month periods ended September 30, 2004
are not  necessarily  indicative  of the results  that may be  expected  for the
fiscal year ending  December 31,  2004.  For further  information,  refer to the
financial  statements and footnotes thereto included in the Partnership's Annual
Report on Form 10-KSB for the year ended December 31, 2003.

Note B - Transactions with Affiliated Parties

The Partnership has no employees and depends 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 $149,000 and $148,000 for the nine months ended September 30, 2004
and 2003, respectively, which is included in operating expense.

An  affiliate  of the  Managing  General  Partner  charged the  Partnership  for
reimbursement of accountable  administrative expenses amounting to approximately
$150,000 and $101,000  for the nine months  ended  September  30, 2004 and 2003,
respectively,  which is  included  in general and  administrative  expenses  and
investment   properties.   Included  in  these   amounts  are  fees  related  to
construction  management  services  provided  by an  affiliate  of the  Managing
General  Partner of  approximately  $50,000 and $4,000 for the nine months ended
September 30, 2004 and 2003,  respectively.  The construction management service
fees  are  calculated  based  on a  percentage  of  current  year  additions  to
investment properties.  Approximately $193,000 of these expenses were accrued at
September 30, 2004 and are included in due to affiliate.

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 nine months ended  September 30, 2004 and 2003 because
there were no distributions from operations during these periods.

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 nine months ended September 30, 2004 and 2003.

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 (6.75% at September  30, 2004).  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. The Managing General Partner has exceeded this credit limit. It
advanced the  Partnership  approximately  $861,000 and $360,000  during the nine
months ended September 30, 2004 and 2003, respectively.  Interest expense during
the nine months ended September 30, 2004 and 2003 was approximately  $45,000 and
$12,000,  respectively.  During the nine months ended  September  30, 2003,  the
Partnership made payments on outstanding loans of approximately  $92,000.  There
were no  payments  made on  outstanding  loans  during  the  nine  months  ended
September 30, 2004. At September 30, 2004, the amount of the  outstanding  loans
and accrued  interest  was  approximately  $1,431,000  and is included in due to
affiliate.

The Partnership is currently undergoing a substantial  redevelopment  project at
its  Huntington  Athletic  Club  Apartments.  It is  estimated  that  the  costs
associated with this renovation will be approximately $3.8 million.  In order to
fund  these  renovations,  the  Partnership  sought the  consent of its  limited
partners  to a $2.0  million  loan from an  affiliate  of the  Managing  General
Partner.  The consent to the loan was obtained on November 5, 2004.  The balance
of the costs associated with the redevelopment will be funded from operations.

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 nine months ended September 30, 2004 and
2003,  the  Partnership  was charged by AIMCO and its  affiliates  approximately
$76,000 and $67,000,  respectively,  for insurance  coverage and fees associated
with policy claims administration.

Note C - Casualty Event

In July 2002 a fire occurred at Williamsburg on the Lake Apartments which caused
damage to one unit in the complex.  During the nine months ended  September  30,
2003 insurance  proceeds of  approximately  $25,000 were received and assets and
related accumulated  depreciation 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 nine months ended September 30, 2003.

Note D - Indiana Property Taxes

During 2003,  the state of Indiana  implemented a  reassessment  of property tax
values.  The  Partnership   appealed  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.  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  was  based on the
property tax value as estimated by a third party  property tax  specialist.  The
appeal was settled  during the three  months  ended  September  30, 2004 and the
final  property  value was lower than the amount  estimated  by the third party.
Therefore,  property tax expense for 2002 and 2003 was reduced by  approximately
$152,000  and the  estimate  for  property  taxes which will be due for 2004 was
reduced by  approximately  $57,000  during the three months ended  September 30,
2004 based on this revised property value.

Note E - Subsequent Event

Subsequent to September 30, 2004, the Managing  General Partner  advanced to the
Partnership  approximately  $185,000 to cover expenses  related to operations at
Williamsburg on the Lake  Apartments.  Interest will be charged at prime plus 2%
(6.75% at September 30, 2004).

Note F - Contingencies

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  captioned Heller v.
Insignia  Financial  Group (the  "Heller  action")  was filed  against  the same
defendants  that are named in the  Nuanes  action.  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 (the "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.  The  Objector  filed a second
appeal challenging the court's use of a referee and its order requiring Objector
to pay those fees.

On January 28, 2004,  the  Objector  filed his opening  brief in the Appeal.  On
April 23, 2004, the Managing General Partner and its affiliates filed a response
brief in support of the settlement and the judgment thereto. The plaintiffs have
also filed a brief in support of the settlement. On June 4, 2004, Objector filed
a reply to the briefs  submitted by the Managing General Partner and Plaintiffs.
In addition both the Objector and plaintiffs filed briefs in connection with the
second  appeal.  The Court of Appeals  heard oral  argument  on both  appeals on
September 22, 2004 and took the matters under submission.

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.

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.  On  March 5,  2004 the
plaintiffs filed an amended complaint also naming NHP Management Company,  which
is also an affiliate of the Managing General Partner. 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 defendants have filed an answer to the amended complaint denying
the  substantive  allegations.  Some  discovery  has taken place and  settlement
negotiations  continue.  Although the outcome of any  litigation  is  uncertain,
AIMCO  Properties,  L.P. does not believe that the ultimate  outcome will have a
material  adverse  effect on its financial  condition or results of  operations.
Similarly,  the  Managing  General  Partner  does not believe  that the ultimate
outcome  will have a  material  adverse  effect on the  Partnership's  financial
condition or results of 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.

As  previously  disclosed,  the  Central  Regional  Office of the United  States
Securities  and  Exchange   Commission   (the  "SEC")  is  conducting  a  formal
investigation relating to certain matters.  Although the staff of the SEC is not
limited  in the  areas  that it may  investigate,  AIMCO  believes  the areas of
investigation include AIMCO's miscalculated monthly net rental income figures in
third quarter 2003,  forecasted  guidance,  accounts payable,  rent concessions,
vendor  rebates,  capitalization  of payroll and certain  other  costs,  and tax
credit  transactions.  AIMCO is cooperating  fully. AIMCO is not able to predict
when the matter  will be  resolved.  AIMCO does not  believe  that the  ultimate
outcome  will  have a  material  adverse  effect on its  consolidated  financial
condition or results of operations. Similarly, the Managing General Partner does
not believe that the ultimate outcome will have a material adverse effect on the
Partnership's consolidated financial condition or results of operations.

<PAGE>

ITEM 2.     Management's Discussion and Analysis or Plan of Operation

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.

The Partnership's  investment properties consist of two apartment complexes. The
following table sets forth the average  occupancy of the properties for the nine
months ended September 30, 2004 and 2003:

                                                   Average Occupancy
      Property                                      2004       2003

      Williamsburg on the Lake Apartments           85%        81%
         Indianapolis, Indiana
      Huntington Athletic Club Apartments           94%        94%
         Morrisville, North Carolina

The  Managing   General   Partner   attributes  the  increase  in  occupancy  at
Williamsburg on the Lake Apartments to an aggressive marketing campaign.

The  Partnership's  financial  results depend upon a number of factors including
the  ability to attract  and  maintain  tenants  at the  investment  properties,
interest  rates on mortgage  loans,  costs  incurred  to operate the  investment
properties,  general  economic  conditions  and weather.  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,  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.  Further,  a number of  factors  that are
outside the control of the  Partnership,  such as the local economic climate and
weather, can adversely or positively affect the Partnership's financial results.

The Partnership is currently undergoing a substantial  redevelopment  project at
its  Huntington  Athletic  Club  Apartments.  It is  estimated  that  the  costs
associated with this renovation will be approximately $3.8 million.  In order to
fund  these  renovations,  the  Partnership  sought the  consent of its  limited
partners  to a $2.0  million  loan from an  affiliate  of the  Managing  General
Partner.  The consent to the loan was obtained on November 5, 2004.  The balance
of the costs associated with the redevelopment will be funded from operations.

Results of Operations

The  Partnership's  net loss for the three and nine months ended  September  30,
2004  was  approximately  $110,000  and  $807,000  compared  to a  net  loss  of
approximately  $385,000  and  $1,186,000  for the  three and nine  months  ended
September 30, 2003. The decrease in net loss for the three and nine months ended
September 30, 2004 is a result of a decrease in total expenses  partially offset
by a decrease in total revenues.

Total expenses  decreased for the three and nine months ended September 30, 2004
due to decreases in operating and property tax expenses  partially  offset by an
increase in depreciation expense. Operating expenses decreased for the three and
nine months ended  September 30, 2004 primarily due to a decrease in maintenance
expenses  partially  offset by an increase  in  insurance  expense.  Maintenance
expense  decreased  for the three  and nine  months  ended  September  30,  2004
primarily due to a decrease in contract services at Williamsburg on the Lake and
Huntington  Athletic  Club  Apartments  and a decrease in exterior  and interior
building improvements at Williamsburg on the Lake Apartments.  Insurance expense
increased  during the three and nine months ended  September  30, 2004 due to an
increase in the hazard insurance premium at Williamsburg on the Lake Apartments.
Property tax expense  decreased during the three and nine months ended September
30, 2004 primarily due to a reassessment  of the property value at  Williamsburg
on the Lake Apartments as discussed below. Depreciation expense increased during
the three and nine months ended September 30, 2004 due to property  improvements
and   replacements   completed  during  the  past  twelve  months  primarily  at
Williamsburg on the Lake Apartments.

During 2003,  the state of Indiana  implemented a  reassessment  of property tax
values.  The  Partnership   appealed  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.  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  was  based on the
property tax value as estimated by a third party  property tax  specialist.  The
appeal was settled  during the three  months  ended  September  30, 2004 and the
final  property  value was lower than the amount  estimated  by the third party.
Therefore,  property tax expense for 2002 and 2003 was reduced by  approximately
$152,000  and the  estimate  for  property  taxes which will be due for 2004 was
reduced by  approximately  $57,000  during the three months ended  September 30,
2004 based on this revised property value.

Included in general and  administrative  expenses at both September 30, 2004 and
2003 are costs of services included in the management reimbursements paid to the
Managing  General  Partner as allowed  under the  Partnership  Agreement,  costs
associated with the annual audit required by the Partnership Agreement and costs
associated  with the  quarterly  and annual  communications  with  investors and
regulatory agencies.

Total  revenues  decreased for the three months ended  September 30, 2004 due to
decreases in rental and other  income.  Total  revenues  decreased  for the nine
months  ended  September  30, 2004 due to decreases in other income and casualty
gain (as  discussed  below)  partially  offset by an increase in rental  income.
Other income decreased during the three and nine months ended September 30, 2004
primarily  due to a  decrease  in lease  cancellation  fees and late  charges at
Williamsburg on the Lake Apartments  partially  offset by an increase in utility
reimbursements  at Williamsburg on the Lake Apartments.  Rental income decreased
for the three  months  ended  September  30,  2004 due to a decrease  in average
rental rates partially  offset by a decrease in bad debt expense and an increase
in occupancy at Williamsburg on the Lake Apartments. Rental income increased for
the nine months ended  September  30, 2004 due to an increase in occupancy and a
decrease in bad debt expense at Williamsburg  on the Lake  Apartments  partially
offset by a decrease in average  rental  rates at  Williamsburg  on the Lake and
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 nine months ended September
30, 2003 insurance  proceeds of  approximately  $25,000 were received and assets
and  related  accumulated  depreciation  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 nine months ended September 30, 2003.

Liquidity and Capital Resources

At  September  30,  2004,  the  Partnership  had cash and  cash  equivalents  of
approximately $106,000 compared to approximately $163,000 at September 30, 2003.
The  decrease  of  approximately  $40,000  in cash  and cash  equivalents  since
December  31, 2003 is due to  approximately  $686,000 of cash used in  investing
activities  partially  offset by  approximately  $521,000  and  $125,000 of cash
provided by  financing  and  operating  activities,  respectively.  Cash used in
investing activities consisted of property  improvements and replacements.  Cash
provided by financing  activities consisted of advances from an affiliate of the
Managing  General Partner  partially offset by payments of principal made on the
mortgages encumbering the Partnership's  investment properties.  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%
(6.75% at September 30, 2004) 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. The Managing General Partner has exceeded this credit limit. It
advanced the  Partnership  approximately  $861,000 and $360,000  during the nine
months ended September 30, 2004 and 2003, respectively.  Interest expense during
the nine months ended September 30, 2004 and 2003 was approximately  $45,000 and
$12,000,  respectively.  During the nine months ended  September  30, 2003,  the
Partnership made payments on outstanding loans of approximately  $92,000.  There
were no  payments  made on  outstanding  loans  during  the  nine  months  ended
September 30, 2004. At September 30, 2004, the amount of the  outstanding  loans
and accrued interest was approximately $1,431,000.

The Partnership is currently undergoing a substantial  redevelopment  project at
its  Huntington  Athletic  Club  Apartments.  It is  estimated  that  the  costs
associated with this renovation will be approximately $3.8 million.  In order to
fund  these  renovations,  the  Partnership  sought the  consent of its  limited
partners  to a $2.0  million  loan from an  affiliate  of the  Managing  General
Partner.  The consent to the loan was obtained on November 5, 2004.  The balance
of the costs associated with the redevelopment will be funded from operations.

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.
For example,  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.  Capital  improvements  for each of the
Partnership's properties are detailed below.

Williamsburg on the Lake Apartments

During the nine months ended  September  30,  2004,  the  Partnership  completed
approximately  $267,000  of capital  expenditures  at  Williamsburg  on the Lake
Apartments  consisting primarily of parking area improvements and floor covering
and appliance  replacements.  These improvements were funded from operating cash
flow and advances from the Managing General Partner.  The Partnership  evaluates
the capital  improvements  needs of the property  during the year and  currently
expects to complete an additional $45,000 in capital  improvements  during 2004.
Additional  improvements  may be  considered  and will  depend  on the  physical
condition  of the  property as well as  anticipated  cash flow  generated by the
property.

Huntington Athletic Club Apartments

During the nine months ended  September  30,  2004,  the  Partnership  completed
approximately  $282,000 of capital  expenditures  at  Huntington  Athletic  Club
Apartments consisting primarily of costs associated with a redevelopment project
at the property,  floor covering,  air conditioning,  water heater and appliance
replacements and parking lot resurfacing.  These  improvements  were funded from
operating  cash  flow  and  advances  from the  Managing  General  Partner.  The
Partnership  evaluates the capital improvements needs of the property during the
year and  currently  expects to complete  an  additional  $1,012,000  in capital
improvements during 2004, of which  approximately  $947,000 are costs associated
with the redevelopment  project.  The  redevelopment  project is scheduled to be
completed  during the third quarter of 2005 and the total budget is estimated to
be  approximately  $3,838,000.  The costs of the  redevelopment  project will be
funded  from  operations  and  advances  from  the  Managing   General  Partner.
Additional  improvements  may be  considered  and will  depend  on the  physical
condition  of the  property as well as  anticipated  cash flow  generated by the
property.

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
$14,996,000  is amortized  over 20 years and matures 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.

There were no distributions  during the nine months ended September 30, 2004 and
2003. 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.   Given  the  balance  of
outstanding  loans to the Managing General Partner,  it is not expected that the
Partnership  will generate  sufficient  funds from  operations,  after  required
capital  improvements,  to permit  any  distributions  to its  partners  for the
foreseeable future.

Other

In addition to its  indirect  ownership of the general  partner  interest in the
Partnership,  AIMCO and its affiliates  owned 27,772 limited  partnership  units
(the "Units") in the Partnership representing 61.88% of the outstanding units at
September  30,  2004. 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 61.88% of
the outstanding  Units,  AIMCO and its affiliates are in a position to influence
all voting decisions with respect to the Partnership. 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. 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.

Critical Accounting Policies and Estimates

The financial  statements are prepared in accordance with accounting  principles
generally  accepted in the United States,  which require the Partnership to make
estimates and  assumptions.  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 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.

ITEM 3.     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
fiscal quarter to which this report relates that have  materially  affected,  or
are reasonably likely to materially affect,  the Partnership's  internal control
over financial reporting.


<PAGE>


                           PART II - OTHER INFORMATION


ITEM 1.     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  captioned Heller v.
Insignia  Financial  Group (the  "Heller  action")  was filed  against  the same
defendants  that are named in the  Nuanes  action.  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 (the "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.  The  Objector  filed a second
appeal challenging the court's use of a referee and its order requiring Objector
to pay those fees.

On January 28, 2004,  the  Objector  filed his opening  brief in the Appeal.  On
April 23, 2004, the Managing General Partner and its affiliates filed a response
brief in support of the settlement and the judgment thereto. The plaintiffs have
also filed a brief in support of the settlement. On June 4, 2004, Objector filed
a reply to the briefs  submitted by the Managing General Partner and Plaintiffs.
In addition both the Objector and plaintiffs filed briefs in connection with the
second  appeal.  The Court of Appeals  heard oral  argument  on both  appeals on
September 22, 2004 and took the matters under submission.

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.

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.  On  March 5,  2004 the
plaintiffs filed an amended complaint also naming NHP Management Company,  which
is also an affiliate of the Managing General Partner. 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 defendants have filed an answer to the amended complaint denying
the  substantive  allegations.  Some  discovery  has taken place and  settlement
negotiations  continue.  Although the outcome of any  litigation  is  uncertain,
AIMCO  Properties,  L.P. does not believe that the ultimate  outcome will have a
material  adverse  effect on its financial  condition or results of  operations.
Similarly,  the  Managing  General  Partner  does not believe  that the ultimate
outcome  will have a  material  adverse  effect on the  Partnership's  financial
condition or results of operations.

ITEM 4.     SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

On September 7, 2004, the Partnership sought the consent of its limited partners
for a loan to the  Partnership  by AIMCO  Properties,  LP, an  affiliate  of the
Managing  General Partner.  The loan of approximately  $2.0 million would fund a
portion  of the  estimated  $3.8  million  redevelopment  costs  for  Huntington
Athletic  Club  Apartments.  In  addition,  the limited  partners  were asked to
consent  to  the  payment  of  a  redevelopment  planning  fee  of  $25,000  and
redevelopment supervision fees of approximately $152,000 to the Managing General
Partner. At the close of business on November 5, 2004, the requisite  percentage
of limited  partners had consented to the loan and fee  payments.  Approximately
58.15% of the limited  partners  consented to the loan and fee payments,  12.00%
withheld and 29.85% abstained.

ITEM 5.     OTHER INFORMATION

On June 15, 2004, the Partnership  signed a contract with Empire  Corporation of
Tennessee,  Inc.  ("Empire")  for the provision of  construction  services in an
aggregate amount not to exceed $2,807,760 in connection with the  rehabilitation
project at Huntington Athletic Club. Empire agreed to substantially complete the
project  within  twelve  months of  receiving  notice to  proceed.  The  maximum
contract  price  includes  a  contractor's  fee of 5%, a  contingency  amount of
approximately $304,000,  which is to be used for unanticipated costs of work (as
long as those  costs are not caused by  negligence),  the  general  contractor's
conditions of approximately $140,000 and the cost of bonds.

ITEM 6.     EXHIBITS

            See Exhibit Index Attached.



<PAGE>



                                   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/Martha L. Long
                                          Martha L. Long
                                          Senior Vice President


                                    By:   /s/Stephen B. Waters
                                           Stephen B. Waters
                                           Vice President


                                    Date: November 12, 2004


<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 quarterly report on Form 10-QSB 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 small  business  issuer as of, and for, the periods  presented in this
      report;

4.    The  small  business  issuer'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 small business issuer 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
            small business issuer, 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  small  business   issuer'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 small  business  issuer's
            internal  control over financial  reporting that occurred during the
            small  business  issuer's  most  recent  fiscal  quarter  (the small
            business  issuer's  fourth  fiscal  quarter in the case of an annual
            report) that has  materially  affected,  or is reasonably  likely to
            materially affect, the small business issuer's internal control over
            financial reporting; and

5.    The  small  business  issuer's  other  certifying  officer(s)  and I  have
      disclosed,  based on our most recent  evaluation of internal  control over
      financial reporting, to the small business issuer's auditors and the audit
      committee of the small  business  issuer'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 small business  issuer'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 small  business
            issuer's internal control over financial reporting.

Date:  November 12, 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, Stephen B. Waters, certify that:


1.    I have reviewed this quarterly report on Form 10-QSB 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 small  business  issuer as of, and for, the periods  presented in this
      report;

4.    The  small  business  issuer'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 small business issuer 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
            small business issuer, 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  small  business   issuer'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 small  business  issuer's
            internal  control over financial  reporting that occurred during the
            small  business  issuer's  most  recent  fiscal  quarter  (the small
            business  issuer's  fourth  fiscal  quarter in the case of an annual
            report) that has  materially  affected,  or is reasonably  likely to
            materially affect, the small business issuer's internal control over
            financial reporting; and

5.    The  small  business  issuer's  other  certifying  officer(s)  and I  have
      disclosed,  based on our most recent  evaluation of internal  control over
      financial reporting, to the small business issuer's auditors and the audit
      committee of the small  business  issuer'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 small business  issuer'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 small  business
            issuer's internal control over financial reporting.

Date:  November 12, 2004

                                    /s/Stephen B. Waters
                                    Stephen B. Waters
                                    Vice President 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  Quarterly  Report on Form 10-QSB of National  Property
Investors 8 (the  "Partnership"),  for the quarterly  period ended September 30,
2004 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  Stephen B.  Waters,  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:  November 12, 2004


                                           /s/Stephen B. Waters
                                    Name:  Stephen B. Waters
                                    Date:  November 12, 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.