FORM 10-QSB--QUARTERLY OR TRANSITIONAL 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


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


               For the quarterly period ended September 30, 1997

                                       or

[ ]  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, 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



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

                              September 30, 1997




Assets
  Cash and cash equivalents:
    Unrestricted                                                   $ 1,588
    Restricted                                                          69
  Accounts receivable                                                   41
  Escrow for taxes                                                     232
  Restricted escrows                                                   581
  Other assets                                                         243
  Investment properties:
     Land                                            $  1,970
     Buildings and related personal property           28,003
                                                       29,973
     Less accumulated depreciation                    (14,790)      15,183

                                                                   $17,937

Liabilities and Partners' Capital
  Accounts payable                                                 $    33
  Other liabilities                                                    256
  Accrued taxes                                                        544
  Tenant security deposits                                              69
  Mortgage notes payable                                            10,939
Partners' (deficit) capital
  General partner                                    $  (162)
  Limited partners (44,882 units issued and
     outstanding)                                      6,258         6,096
                                                                   $17,937

         See Accompanying Notes to Consolidated Financial Statements

b)                          NATIONAL PROPERTY INVESTORS 8
                        CONSOLIDATED STATEMENTS OF OPERATIONS
                                     (Unaudited)
                           (in thousands, except unit data)     


                                 Three Months Ended      Nine Months Ended
                                   September 30,           September 30,
                                  1997        1996       1997         1996
Revenues:
  Rental income                 $   1,149  $   1,081   $  3,248    $  3,192
  Other income                        100        107        320         266
    Total revenues                  1,249      1,188      3,568       3,458
Expenses:
  Operating                           373        324      1,041         964
  General and administrative           52         52        147         215
  Maintenance                         152        188        423         433
  Interest                            229        239        739         666
  Depreciation                        300        291        876         869
  Property taxes                      131        128        349         364
    Total expenses                  1,237      1,222      3,575       3,511

      Net income (loss)         $      12  $     (34)  $     (7)   $    (53)

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

Net income (loss) allocated
 to limited partners (99%)             12        (34)        (7)        (52)

      Net income (loss)         $      12  $     (34)  $     (7)   $    (53)

Net income (loss) per
 limited partnership unit       $     .27  $    (.76)  $   (.16)   $  (1.16)

          See Accompanying Notes to Consolidated Financial Statements


 c)                          NATIONAL PROPERTY INVESTORS 8
                 CONSOLIDATED STATEMENTS OF PARTNERS' (DEFICIT) CAPITAL
                                      (Unaudited)
                            (in thousands, except unit data)
<TABLE>
<CAPTION>
                                  Limited
                                Partnership  General      Limited        Total
                                   Units     Partner     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

Partners' distributions for
  the nine months ended               --          (15)      (1,493)      (1,508)
  September 30, 1997

Net loss for the nine months
  ended September 30, 1997            --           --           (7)          (7)

Partners' (deficit) capital at
  September 30, 1997              44,882    $    (162)  $    6,258   $    6,096
<FN>
              See Accompanying Notes to Consolidated Financial Statements
</FN>
</TABLE>


d)                         NATIONAL PROPERTY INVESTORS 8
                       CONSOLIDATED STATEMENTS OF CASH FLOWS
                                    (Unaudited)
                                   (in thousands)


                                                         Nine Months Ended
                                                            September 30,
                                                          1997        1996
Cash flows from operating activities:
  Net loss                                             $      (7)  $     (53)
  Adjustments to reconcile net loss to net
  cash provided by operating activities:
   Depreciation                                              876         869
   Amortization of loan costs                                 29           6
Change in accounts:
   Other assets                                              796        (124)
   Accounts payable and accrued expenses                      22         160
   Tenant security deposits                                  (10)        (12)

     Net cash provided by operating activities             1,706         846

Cash flows used in investing activities:
   Property improvements and replacements                   (437)       (301)

Cash flows from financing activities:
   Payments on mortgage notes payable                        (44)       (151)
   Partners' distributions                                (1,508)         --
     Net cash used in financing activities                (1,552)       (151)

Net (decrease) increase in unrestricted cash and
  cash equivalents                                          (283)        394

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

Unrestricted cash and cash equivalents at
  end of period                                        $   1,588   $   2,777

Supplemental information:
  Cash paid for interest                               $     713   $     632

Non-cash investing and financing activities:
  Property improvements and replacements in
    accounts payable                                   $      --   $     119

            See Accompanying Notes to Consolidated Financial Statements


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"), 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, 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" or the "Registrant") 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 Nine Months Ended
                                                            September 30,
                                                           (in thousands)
                                                         1997          1996
Property management fees (included in operating
  expenses)                                              $ 171        $ 164
Reimbursement for services of affiliates (included
  in general and administrative expenses)                   85          149


From January 19, 1996, through August 31, 1997, the Partnership insured 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 master
policy.  The agent assumed the financial obligations to the affiliate of the
Managing General Partner who receives payment on these obligations from the
agent.  The amount of the Partnership's insurance premiums that accrued to the
benefit of the affiliate of the Managing General Partner by virtue of the
agent's obligations was not significant.

NOTE C - REFINANCE OF WILLIAMSBURG ON THE LAKE APARTMENTS

In November 1996, the Partnership refinanced the mortgage debt secured by the
Williamsburg on the Lake Apartments property.  The property was refinanced with
conventional debt no longer subject to certain requirements of the Department of
Housing and Urban Development.  Monthly payments on the new $7,400,000 mortgage
debt are interest only at 7.33%.  The $7,400,000 principal is due in November
2003.

NOTE D - DISTRIBUTIONS TO PARTNERS

In the third quarter of 1997, the Partnership distributed approximately
$1,500,000 from operations to the partners.  Of this amount, approximately
$15,000 was distributed to the General Partner and approximately $1,493,000 was
distributed to the limited partners.


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 nine
months ended September 30, 1997 and 1996:


                                                    Average
                                                   Occupancy
Property                                        1997        1996
Williamsburg on the Lake Apartments
  Indianapolis, Indiana (1)                      89%         91%
Huntington Athletic Club Apartments
  Morrisville, North Carolina                    93%         94%


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 nine months ended September 30, 1997, and for
the nine months ended September 30, 1996, was approximately $7,000 and $53,000
respectively. The Partnership realized net income of approximately $12,000 and a
net loss of approximately $34,000 for the three months ended September 30, 1997
and 1996, respectively.  The decrease in net loss for the nine months ended
September 30, 1997, compared to the corresponding period of 1996, is due to
increased revenues partially offset by a net increase in overall expenses. The
increase in revenues resulted primarily from an increase in rental and other
income.  Other income increased due to increased interest income earned on a
replacement reserve maintained in connection with the November 1996 refinance of
the mortgage encumbering Williamsburg on the Lake Apartments.  Furthermore,
higher investment balances were held through the third quarter of 1997 versus
1996, resulting in increased interest income. Rental income increased as a
result of rental rate increases at the Partnership's investment properties.
Increased operating expenses contributed to the increase in total expenses.
Operating expenses increased at Huntington Athletic Club Apartments due to
increased concessions and advertising costs expended in an effort to maintain
occupancy rates in the competitive North Carolina market.  Partially offsetting
the increase in total expenses was a decrease in general and administrative
expenses, which resulted from non-recurring expenses incurred in the first
quarter of 1996 relating to the relocation of the partnership administration
offices.

Included in maintenance expense for the nine months ended September 30, 1997, is
approximately  $89,000 of major repairs and maintenance comprised primarily of
major landscaping and exterior building improvements.  Included in maintenance
expense for the nine months ended September 30, 1996, is approximately $116,000
of major repairs and maintenance comprised of major landscaping, exterior
building improvements and exterior painting.

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 September 30, 1997, the Partnership had unrestricted cash and cash
equivalents of approximately $1,588,000 compared to approximately $2,777,000 at
September 30, 1996. Net cash provided by operating activities increased
primarily as a result of a decrease in other assets.  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).  Net cash used in investing
activities increased due to the construction of a new recreation center at the
Williamsburg on the Lake Apartments property and due to a major paving project
at the Huntington Athletic Club Apartments.  Net cash used in financing
activities increased as a result of a distribution made in the third quarter of
1997 totaling approximately $1,508,000. Payments on mortgage notes payable
decreased during the nine months ended September 30, 1997, versus the nine
months ended September 30, 1996, due to the refinance of the Williamsburg on the
Lake Apartments property in 1996.  As a result of the refinance, this mortgage
was converted to a mortgage 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 unrestricted 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 approximately $10,939,000 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 requires
interest only payments 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.  During the
quarter ended September 30, 1997, the Partnership declared and paid cash
distributions from operations of approximately $1,508,000. Subsequent to
September 30, 1997, the Partnership paid approximately $97,000 to the general
partner for partnership management fees and administrative fees in connection
with the distribution.  No cash distributions were paid during the nine months
ended September 30, 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
         September 30, 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: October 29, 1997