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 March 31, 2005


[ ]   Transition Report Under Section 13 or 15(d) of the Securities Exchange
      Act of 1934


             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 ___


<PAGE>


                         PART I - FINANCIAL INFORMATION



ITEM 1.     Financial Statements




                          NATIONAL PROPERTY INVESTORS 8

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

                                 March 31, 2005

<TABLE>
<CAPTION>


Assets
<S>                                                                          <C>
   Cash and cash equivalents                                                 $ 252
   Receivables and deposits                                                     246
   Restricted escrows                                                            18
   Other assets                                                                 666
   Investment properties:
       Land                                                  $ 1,970
       Buildings and related personal property                 33,054
                                                               35,024
       Less accumulated depreciation                          (25,117)        9,907
                                                                           $ 11,089
Liabilities and Partners' Deficit
Liabilities
   Accounts payable                                                          $ 203
   Tenant security deposit liabilities                                          107
   Accrued property taxes                                                       431
   Other liabilities                                                            206
   Due to affiliates (Note B)                                                 2,721
   Mortgage notes payable                                                    14,759

Partners' Deficit
   General partner                                            $ (295)
   Limited partners (44,882 units
      issued and outstanding)                                  (7,043)       (7,338)
                                                                           $ 11,089


                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
                                                                March 31,
                                                        2005                2004
Revenues:
<S>                                                    <C>                 <C>
   Rental income                                       $ 986               $ 896
   Other income                                            80                  75
     Total revenues                                     1,066                 971

Expenses:
   Operating                                              442                 426
   General and administrative                              46                  42
   Depreciation                                           384                 380
   Interest                                               325                 298
   Property taxes                                         113                 133
     Total expenses                                     1,310               1,279

Net loss                                               $ (244)            $ (308)

Net loss allocated to general partner (1%)              $ (2)              $ (3)

Net loss allocated to limited partners (99%)             (242)               (305)

                                                       $ (244)            $ (308)

Net loss per limited partnership unit                 $ (5.39)            $ (6.80)

                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, 2004                  44,882      $ (293)     $(6,801)     $(7,094)

Net loss for the three months
   ended March 31, 2005                   --          (2)        (242)        (244)

Partners' deficit at
   March 31, 2005                     44,882      $ (295)     $(7,043)     $(7,338)


                See Accompanying Notes to Financial Statements
</TABLE>


                          NATIONAL PROPERTY INVESTORS 8

                            STATEMENTS OF CASH FLOWS
                                   (Unaudited)
                                 (in thousands)
<TABLE>
<CAPTION>

                                                                   Three Months Ended
                                                                        March 31,
                                                                       2005     2004
Cash flows from operating activities:
<S>                                                                 <C>         <C>
  Net loss                                                          $ (244)     $ (308)
  Adjustments to reconcile net loss to net cash provided by
   operating activities:
     Depreciation                                                      384         380
     Amortization of loan costs                                          9           9
     Change in accounts:
        Receivables and deposits                                        (2)         18
        Other assets                                                   (72)       (117)
        Accounts payable                                                76          41
        Tenant security deposit liabilities                             (2)         (5)
        Accrued property taxes                                         (22)         (5)
        Due to affiliate                                                66          42
        Other liabilities                                              (30)        (35)
          Net cash provided by operating activities                    163          20

Cash flows used in investing activities:
  Property improvements and replacements                              (785)       (264)

Cash flows from financing activities:
  Payments on mortgage notes payable                                  (119)       (111)
  Advances from affiliate                                              782         280
  Repayment of advances from affiliate                                 (12)         --
          Net cash provided by financing activities                    651         169

Net increase (decrease) in cash and cash equivalents                    29         (75)

Cash and cash equivalents at beginning of period                       223         146

Cash and cash equivalents at end of period                          $ 252        $ 71

Supplemental disclosure of cash flow information:
  Cash paid for interest                                            $ 289       $ 279
Supplemental disclosure of non-cash flow activity:
  Property improvements and replacements in accounts
    Payable                                                          $ 69        $ --

Included in property  improvements  and  replacements for the three months ended
March 31, 2005 are approximately $281,000 of improvements which were included in
accounts payable at December 31, 2004.

                See Accompanying Notes to Financial Statements
</TABLE>



                          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  month  period  ended  March 31,  2005 are not
necessarily  indicative  of the results that may be expected for the fiscal year
ending  December  31,  2005.  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, 2004.

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  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
$54,000  and  $49,000  for the  three  months  ended  March  31,  2005 and 2004,
respectively, which is included in operating expense.

Affiliates of the Managing General Partner charged the Partnership reimbursement
of accountable  administrative  expenses amounting to approximately $103,000 and
$63,000 for the three months ended March 31, 2005 and 2004, respectively,  which
is included in general and administrative expense and investment properties. The
portion of these reimbursements  included in investment properties for the three
months ended March 31, 2005 and 2004 are fees related to construction management
services   provided  by  an  affiliate  of  the  Managing   General  Partner  of
approximately  $61,000 and $29,000,  respectively.  The construction  management
service fees are  calculated  based on a percentage of current year additions to
the   investment   properties.   Approximately   $267,000  of  the   accountable
administrative  expenses  were accrued at March 31, 2005 and are included in due
to affiliates.

For services relating to the  administration of the Partnership and operation of
its properties,  the Managing General Partner is entitled to receive payment for
non-accountable  expenses up to a maximum of $150,000 per year of  distributions
from  operations  based upon the number of  Partnership  units sold,  subject to
certain limitations.  The Managing General Partner was not entitled to receive a
reimbursement  during the three  months  ended March 31,  2005 and 2004  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 three months ended March 31, 2005 and 2004.

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%
(7.75% at March 31,  2005) 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  $782,000 during the three months ended
March 31, 2005, of which  approximately  $647,000 are for costs  associated with
the  redevelopment  project,  as discussed  below.  It advanced the  Partnership
approximately  $280,000  during the three months ended March 31, 2004.  Interest
expense during the three months ended March 31, 2005 and 2004 was  approximately
$41,000 and $9,000, respectively.  During the three months ended March 31, 2005,
the Partnership  made payments on the outstanding  loans and accrued interest of
$30,000.  There were no  payments  made on  outstanding  loans  during the three
months ended March 31, 2004.  At March 31, 2005,  the amount of the  outstanding
loans and accrued interest was  approximately  $2,454,000 and is included in due
to affiliates.  Subsequent to March 31, 2005 the Managing General Partner issued
the  Partnership an additional  advance of  approximately  $52,000 for operating
expenses at Huntington Athletic Club Apartments.

The Partnership is currently undergoing a substantial  redevelopment  project at
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
obtain 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 funds advanced per
this consent bear interest at 10% per annum. The balance of the costs associated
with the redevelopment is expected to be funded from operations. As of March 31,
2005 the Managing General Partner had advanced a total of approximately $666,000
per this consent.

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 three months  ended March 31, 2005,  the
Partnership  was charged by AIMCO and its affiliates  approximately  $35,000 for
hazard insurance coverage and fees associated with policy claims administration.
Additional  charges  will be  incurred by the  Partnership  during 2005 as other
insurance policies renew later in the year. The Partnership was charged by AIMCO
and its  affiliates  approximately  $73,000  for  insurance  coverage  and  fees
associated with policy claims  administration during the year ended December 31,
2004.

Note C - 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 28, 2002, the trial court granted  defendants
motion to strike the complaint.

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

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 May 4, 2004,
the Objector filed a second appeal  challenging the court's use of a referee and
its order requiring Objector to pay those fees.

On March 21, 2005, the Court of Appeals issued opinions in both pending appeals.
With regard to the settlement and judgment entered thereto, the Court of Appeals
vacated  the trial  court's  order and  remanded  to the trial court for further
findings  on the basis that the "state of the record is  insufficient  to permit
meaningful  appellate  review".  With regard to the second appeal,  the Court of
Appeals  reversed the order requiring the Objector to pay referee fees. On April
26, 2005,  the Court of Appeals  lifted the stay of a pending  appeal related to
the Heller action and the trial court's order striking the  complaint.  On April
28, 2005, the Objector  filed a Petition for Review with the California  Supreme
Court in connection with the opinion vacating the order approving settlement and
remanding for further findings.  The Managing General Partner and its affiliates
are  currently  scheduled  to file an answer to  Objector's  petition on May 18,
2005.

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.

As previously disclosed,  AIMCO Properties L.P. and NHP Management Company, both
affiliates of the Managing General Partner, are defendants in a lawsuit alleging
that they willfully violated the Fair Labor Standards Act ("FLSA") by failing to
pay  maintenance  workers  overtime  for all hours worked in excess of forty per
week.  The  complaint  attempts to bring 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. and
NHP Management  Company failed to compensate  maintenance  workers for time that
they were required to be "on-call."  Additionally,  the complaint  alleges AIMCO
Properties  L.P. and NHP  Management  Company  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.  Oral argument  relating to the
certification of the collective  action is scheduled for May 12, 2005.  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.

Environmental

Various  Federal,  state and local laws subject  property owners or operators to
liability for management,  and the costs of removal or  remediation,  of certain
hazardous  substances  present on a property.  Such laws often impose  liability
without regard to whether the owner or operator knew of, or was responsible for,
the release or presence of the  hazardous  substances.  The  presence of, or the
failure to manage or remedy properly,  hazardous substances may adversely affect
occupancy at affected  apartment  communities and the ability to sell or finance
affected properties.  In addition to the costs associated with investigation and
remediation  actions brought by government  agencies,  the presence of hazardous
substances  on a  property  could  result in claims by  private  plaintiffs  for
personal injury,  disease,  disability or other  infirmities.  Various laws also
impose  liability for the cost of removal,  remediation or disposal of hazardous
substances  through a  licensed  disposal  or  treatment  facility.  Anyone  who
arranges for the disposal or treatment of hazardous  substances  is  potentially
liable  under such laws.  These laws often impose  liability  whether or not the
person arranging for the disposal ever owned or operated the disposal  facility.
In  connection  with  the  ownership  and  operation  of  its  properties,   the
Partnership could  potentially be liable for environmental  liabilities or costs
associated with its properties.

Mold

The Partnership is aware of lawsuits  against owners and managers of multifamily
properties asserting claims of personal injury and property damage caused by the
presence of mold, some of which have resulted in substantial  monetary judgments
or settlements. The Partnership has only limited insurance coverage for property
damage loss claims  arising from the  presence of mold and for  personal  injury
claims related to mold exposure. Affiliates of the Managing General Partner have
implemented a national  policy and  procedures to prevent or eliminate mold from
its properties  and the Managing  General  Partner  believes that these measures
will  eliminate,  or at least  minimize,  the  effects  that mold  could have on
residents.  To date,  the  Partnership  has not incurred  any material  costs or
liabilities  relating to claims of mold  exposure  or to abate mold  conditions.
Because the law  regarding  mold is unsettled and subject to change the Managing
General  Partner  can make no  assurance  that  liabilities  resulting  from the
presence of or exposure to mold will not have a material  adverse  effect on the
Partnership's financial condition or results of operations.

SEC Investigation

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.
At the end of the first quarter of 2005, the SEC added certain tender offers for
limited partnership interests as an area of investigation.  AIMCO is cooperating
fully.  AIMCO is not able to predict  when the  investigation  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  financial
condition or results of operations.

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 three
months ended March 31, 2005 and 2004:

                                                   Average Occupancy
      Property                                      2005       2004

      Williamsburg on the Lake Apartments           97%        81%
         Indianapolis, Indiana
      Huntington Athletic Club Apartments           96%        93%
         Morrisville, North Carolina

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

The Managing General Partner  attributes the increase in occupancy at Huntington
Athletic Club  Apartments  to a stronger  economy in the local area and property
improvements which enhanced the market appeal.

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
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
obtain 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  is  expected  to  be  funded  from
operations.

Results of Operations

The  Partnership's  net loss for the  three  months  ended  March  31,  2005 was
approximately  $244,000  compared to net loss of approximately  $308,000 for the
three months ended March 31, 2004. The decrease in net loss for the three months
ended  March 31, 2005 is a result of an  increase  in total  revenues  partially
offset by an increase in total expenses.

Total revenues increased for the three months ended March 31, 2005 due primarily
to an increase in rental income.  Rental income  increased due to an increase in
occupancy at Williamsburg  on the Lake  Apartments  and, to a lesser extent,  at
Huntington  Athletic Club Apartments.  The increase in rental income is also due
to an increase in average  rental rates at Huntington  Athletic Club  Apartments
partially  offset by a decrease in average  rental  rates and an increase in bad
debt expense at Williamsburg on the Lake Apartments.

Total  expenses  increased  for the three  months  ended  March 31,  2005 due to
increases in operating and interest  expenses  partially offset by a decrease in
property tax expense.  Operating expenses increased primarily due to an increase
in property and  administrative  expenses  partially offset by reduced insurance
and  maintenance  expenses.  Property  expenses  increased  primarily  due to an
increase in salaries and other  related  benefits at  Huntington  Athletic  Club
Apartments. Administrative expenses increased primarily due to resident eviction
costs at Williamsburg on the Lake Apartments. Insurance expense decreased due to
a decrease in the cost of general  liability  insurance at  Williamsburg  on the
Lake  Apartments.  Maintenance  expense  decreased due to a decrease in building
repairs  and  equipment  maintenance  at  Williamsburg  on the Lake  Apartments.
Interest expense increased  primarily due to an increase in interest on advances
from the Managing  General  Partner due to the interest  being  calculated  on a
substantially higher balance.  Property tax expense decreased primarily due to a
reassessment  of the property value at  Williamsburg  on the Lake  Apartments as
discussed below.

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 year  ended  December  31,  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
$147,000  and the  estimate  for  property  taxes which will be due for 2004 was
reduced by  approximately  $70,000  during 2004 based on this  revised  property
value.

Included in general and administrative  expenses at both March 31, 2005 and 2004
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.

Liquidity and Capital Resources

At  March  31,  2005,  the  Partnership   had  cash  and  cash   equivalents  of
approximately  $252,000 compared to approximately $71,000 at March 31, 2004. The
increase of approximately  $29,000 in cash and cash  equivalents  since December
31, 2004 is due to  approximately  $651,000  and  $163,000  of cash  provided by
financing  and  operating   activities,   respectively,   partially   offset  by
approximately  $785,000 of cash used in investing  activities.  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 and repayments of advances
from an  affiliate  of the  Managing  General  Partner.  Cash used in  investing
activities consisted of property improvements and replacements.  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%
(7.75% at March 31,  2005) 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  $782,000 during the three months ended
March 31, 2005, of which  approximately  $647,000 are for costs  associated with
the  redevelopment  project,  as discussed  below.  It advanced the  Partnership
approximately  $280,000  during the three months ended March 31, 2004.  Interest
expense during the three months ended March 31, 2005 and 2004 was  approximately
$41,000 and $9,000, respectively.  During the three months ended March 31, 2005,
the Partnership  made payments on the outstanding  loans and accrued interest of
$30,000.  There were no  payments  made on  outstanding  loans  during the three
months ended March 31, 2004.  At March 31, 2005,  the amount of the  outstanding
loans and accrued interest was approximately $2,454,000. Subsequent to March 31,
2005 the Managing  General Partner issued the Partnership an additional  advance
of  approximately  $52,000 for operating  expenses at  Huntington  Athletic Club
Apartments.

The Partnership is currently undergoing a substantial  redevelopment  project at
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
obtain 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 funds advanced per
this consent bear interest at 10% per annum. The balance of the costs associated
with the redevelopment is expected to be funded from operations. As of March 31,
2005  approximately  $666,000 had been advanced by the Managing  General Partner
per this consent.

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  three  months  ended  March 31,  2005,  the  Partnership  completed
approximately  $45,000  of  capital  expenditures  at  Williamsburg  on the Lake
Apartments  consisting  primarily of floor covering  replacements and electrical
upgrades.   These  improvements  were  funded  from  operating  cash  flow.  The
Partnership  regularly  evaluates the capital improvement needs of the property.
While the Partnership has no material commitments for property  improvements and
replacements,  certain routine capital expenditures are anticipated during 2005.
Such capital  expenditures 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  three  months  ended  March 31,  2005,  the  Partnership  completed
approximately  $528,000 of capital  expenditures  at  Huntington  Athletic  Club
Apartments consisting primarily of costs associated with a redevelopment project
at the property,  as well as floor  covering and appliance  replacements.  These
improvements were funded from operating cash flow and advances from the Managing
General Partner.  The Partnership  regularly  evaluates the capital  improvement
needs of the property.  Certain  routine  capital  expenditures  are anticipated
during 2005.  In  addition,  the  Partnership  has  committed  to a  substantial
redevelopment project at Huntington Athletic Club Apartments which includes site
improvements,  exterior  building  upgrades  and  interior  renovations.  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 November 5, 2004.
The balance of the costs  associated  with the  redevelopment  is expected to be
funded from operating cash flow.  The  redevelopment  project is scheduled to be
completed  during the third  quarter  of 2005.  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.

Capital  expenditures will be incurred only if cash is available from operations
and  advances  from the  Managing  General  Partner.  To the extent that 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
$14,759,000  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 three  months  ended March 31, 2005 and
2004. Future cash distributions will depend on the levels of cash generated from
operations, the timing of debt maturities,  refinancings, and/or property sales.
The  Partnership's  cash  available  for  distribution  is reviewed on a monthly
basis.  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 during 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
March 31, 2005. 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 the  national,  regional  and  local  economic  climate;  local
conditions,  such as an oversupply of multifamily  properties;  competition from
other available  multifamily property owners and changes in market rental rates.
Any adverse changes in these factors could cause impairment of the Partnership's
assets.

Revenue Recognition

The Partnership generally leases apartment units for twelve-month terms or less.
The Partnership will offer rental concessions during particularly slow months or
in response  to heavy  competition  from other  similar  complexes  in the area.
Rental income attributable to leases, net of any concessions, is recognized on a
straight-line  basis over the term of the lease.  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.

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.


                           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 28, 2002, the trial court granted  defendants
motion to strike the complaint.

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

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 May 4, 2004,
the Objector filed a second appeal  challenging the court's use of a referee and
its order requiring Objector to pay those fees.

On March 21, 2005, the Court of Appeals issued opinions in both pending appeals.
With regard to the settlement and judgment entered thereto, the Court of Appeals
vacated  the trial  court's  order and  remanded  to the trial court for further
findings  on the basis that the "state of the record is  insufficient  to permit
meaningful  appellate  review".  With regard to the second appeal,  the Court of
Appeals  reversed the order requiring the Objector to pay referee fees. On April
26, 2005,  the Court of Appeals  lifted the stay of a pending  appeal related to
the Heller action and the trial court's order striking the  complaint.  On April
28, 2005, the Objector  filed a Petition for Review with the California  Supreme
Court in connection with the opinion vacating the order approving settlement and
remanding for further findings.  The Managing General Partner and its affiliates
are  currently  scheduled  to file an answer to  Objector's  petition on May 18,
2005.

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.

As previously disclosed,  AIMCO Properties L.P. and NHP Management Company, both
affiliates of the Managing General Partner, are defendants in a lawsuit alleging
that they willfully violated the Fair Labor Standards Act ("FLSA") by failing to
pay  maintenance  workers  overtime  for all hours worked in excess of forty per
week.  The  complaint  attempts to bring 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. and
NHP Management  Company failed to compensate  maintenance  workers for time that
they were required to be "on-call."  Additionally,  the complaint  alleges AIMCO
Properties  L.P. and NHP  Management  Company  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.  Oral argument  relating to the
certification of the collective  action is scheduled for May 12, 2005.  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 5.     OTHER INFORMATION

            None.

ITEM 6.     EXHIBITS

            See Exhibit Index Attached.


                                   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: May 12, 2005


                          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.



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:  May 12, 2005

                                    /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:  May 12, 2005

                                    /s/Stephen B. Waters
                                    Stephen B. Waters
                                    Vice President of NPI Equity Investments,
                                    Inc., equivalent of the chief financial
                                    officer of the Partnership


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 March 31, 2005
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:  May 12, 2005


                                           /s/Stephen B. Waters
                                    Name:  Stephen B. Waters
                                    Date:  May 12, 2005

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.