FORM 10-QSB--QUARTERLY REPORT UNDER SECTION 13 OR 15 (D)
                    OF THE SECURITIES EXCHANGE ACT OF 1934
                       Quarterly or Transitional Report
                 (As last amended by 34-32231, eff. 6/3/93.)


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

                                 FORM 10-QSB

(Mark One)

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


              For the quarterly period ended September 30, 1996


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

                For the transition period.........to.........


                        Commission file number 0-14554


                        NATIONAL PROPERTY INVESTORS 8
      (Exact name of small business issuer as specified in its charter)



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

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

                                (864) 239-1000
                            Issuer's phone 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

                          CONSOLIDATED BALANCE SHEET
                                 (Unaudited)
                                (in thousands)

                              September 30, 1996


Assets
  Cash and cash equivalents:
   Unrestricted cash                                               $    2,777
   Restricted                                                              57
  Other assets                                                            670
  Investment properties:
   Land                                               $    1,970
   Buildings and related personal property                26,909
                                                          28,879
    Less accumulated depreciation                        (13,616)      15,263

                                                                   $   18,767

Liabilities and Partners' Capital (Deficit)

Liabilities
  Accounts payable and accrued liabilities                         $      760
  Tenants' security deposits payable                                       84
  Mortgage payable                                                     10,220

Partners' Capital (Deficit):
  Limited partners (44,882 units issued
     and outstanding)                                 $    7,850
  General partners                                          (147)       7,703

                                                                   $   18,767

                 See Notes to Consolidated Financial Statements


b)                          NATIONAL PROPERTY INVESTORS 8

                        CONSOLIDATED STATEMENTS OF OPERATIONS
                                     (Unaudited)
                           (in thousands, except unit data)
<TABLE>
<CAPTION>
                                  Three Months Ended         Nine Months Ended
                                     September 30,             September 30,
                                   1996         1995         1996         1995
<S>                           <C>          <C>          <C>          <C>
Revenues:
   Rental income               $   1,081    $   1,091    $   3,192    $   3,247
   Other income                      107           72          266          220
     Total revenues                1,188        1,163        3,458        3,467

Expenses:
  Operating                          640          633        1,761        1,776
  Mortgage interest                  239          227          666          671
  Depreciation                       291          341          869        1,024
  General and administrative          52           66          215          221
    Total expenses                 1,222        1,267        3,511        3,692


                Net loss       $     (34)   $    (104)   $     (53)   $    (225)

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

Net loss allocated
   to limited partners (99%)         (34)        (103)         (52)        (223)


                Net loss       $     (34)   $    (104)   $     (53)   $    (225)

Net loss per
   limited partnership unit    $    (.76)   $   (2.29)   $   (1.16)   $   (4.97)
<FN>
          See Accompanying Notes to Consolidated Financial Statements
</TABLE>

 c)                          NATIONAL PROPERTY INVESTORS 8

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

Partners' capital (deficit) at
  December 31, 1995               44,882     $   (146)    $    7,902  $    7,756

Net loss for the nine months
  ended September 30, 1996                         (1)           (52)        (53)

Partners' capital (deficit)
  at September 30, 1996           44,882     $   (147)    $    7,850  $    7,703
<FN>
                     See Notes to Consolidated Financial Statements
</TABLE>

d)                         NATIONAL PROPERTY INVESTORS 8

                       CONSOLIDATED STATEMENTS OF CASH FLOWS
                                    (Unaudited)
                                   (in thousands)


                                                          Nine Months Ended
                                                             September 30,
                                                           1996         1995
Cash flows from operating activities:
  Net loss                                              $  (53)        $ (225)
  Adjustments to reconcile net loss to
   cash provided by operating activities:
    Depreciation and amortization                          875          1,030
    Change in accounts:
    Other assets                                          (124)          (229)
    Accounts payable and accrued expenses                  160            209
    Tenants' security deposit liability                    (12)             3

    Net cash provided by operating activities              846            788

Cash flows from investing activities:
    Property improvements and replacements                (301)           (91)
    Increase in restricted cash                             --           (299)

    Net cash used in investing activities                 (301)          (390)

Cash flows from financing activities:
    Payments on mortgages payable                         (151)          (126)

    Net cash used in financing activities                 (151)          (126)

Net increase in cash and cash equivalents                  394            272

Cash and cash equivalents at beginning of period         2,383          1,631

Cash and cash equivalents at end of period              $2,777         $1,903

Supplemental information:
  Interest paid                                         $  632         $  604

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

                 See 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, 1996, are not necessarily indicative of the results that may be
expected for the fiscal year ending December 31, 1996.  For further information,
refer to the financial statements and footnotes thereto included in the National
Property Investors 8's (the "Partnership") annual report on Form 10-K for the
year ended December 31, 1995.

  Certain reclassifications have been made to the 1995 information to conform
to the 1996 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.

  NPI Equity is a wholly-owned subsidiary of National Property Investors, Inc.
("NPI Inc.")

  On August 17, 1995, the stockholders of NPI, Inc. entered into an agreement
to sell to IFGP Corporation, a Delaware corporation and an affiliate of Insignia
Financial Group, Inc. ("Insignia"), a Delaware corporation, all of the issued
and outstanding common stock of NPI, Inc. for an aggregate purchase price of
$1,000,000.  The closing of the transactions contemplated by the above mentioned
agreement (the "Closing") occurred on January 19, 1996.

  Upon the Closing, the officers and directors of NPI, Inc. and the Managing
General Partner resigned and IFGP Corporation caused new officers and directors
of each of those entities to be elected.

NOTE B - TRANSACTIONS WITH AFFILIATED PARTIES (CONTINUED)

  The following transactions with NPI, Inc. and affiliates were charged to
expense in 1996 and 1995:

                                                     For the Nine Months Ended
                                                           September 30,
                                                         1996           1995

Property management fees (included in operating
  expenses)                                         $  164,000    $  166,000
Reimbursement for services of affiliates (included
   in general and administrative and operating
   expenses)                                           158,000       205,000


  For the period from January 19, 1996, to September 30, 1996, 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 current year's master policy.  The current agent assumed the
financial obligations to the affiliate of the Managing General Partner who
received payments on these obligations from the agent.  The amount of the
Partnership's insurance premiums accruing to the benefit of the affiliate of the
Managing General Partner by virtue of the agent's obligations is not
significant.

  Included in operating expenses for the nine months ended September 30, 1995,
are insurance premiums of approximately $83,000 which were paid to the Managing
General Partner under a master insurance policy arranged for by the Managing
General Partner.

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

  The Partnership's investment properties consist of two apartment complexes,
one comprised of two sections.  The following table sets forth the average
occupancy of the properties for the nine months ended September 30, 1996 and
1995:

                                                  Average
                                                 Occupancy
Property                                      1996           1995

Williamsburg on the Lake Apartments I
  Indianapolis, Indiana                       91%             95%

Williamsburg on the Lake Apartments II
  Indianapolis, Indiana                       91%             95%

Huntington Athletic Club Apartments
  Morrisville, North Carolina                 94%             97%


  The Managing General Partner attributes the decrease in occupancy at
Huntington to new apartment complexes in the area and short-term residents
waiting for houses to be completed.  The decrease in occupancy at Williamsburg I
and Williamsburg II is attributable to road construction at the main
intersection of the property affecting access to the property.

  The Partnership's net loss for the nine months ended September 30, 1996, was
approximately $53,000 versus approximately $225,000 for the comparable period of
1995.  The decrease in the net loss is attributable to an increase in other
income and a decrease in depreciation expense.  The increase in other income is
due to an increase in interest income on increased cash balances during the
period.  The decrease in depreciation expense is due to several assets being
fully depreciated in the prior year.  The Partnership's net loss for the three
months ended September 30, 1996, was approximately $34,000 versus a net loss of
approximately $104,000 for the comparable period of 1995.  The increase in
income is attributable to an increase in other income and the decrease in
depreciation expense as previously discussed.

  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 conditions, there is no guarantee that the
Managing General Partner will be able to sustain such a plan.

  At September 30, 1996, the Partnership had unrestricted cash and cash
equivalents of approximately $2,777,000 as compared to approximately $1,903,000
at September 30, 1995.  Net cash provided by operating activities increased
primarily as a result of a smaller increase in other assets offset, in part, by
a smaller increase in accounts payable and accrued expenses.  The increase in
cash used in investing activities is due to an increase in exterior improvements
at Williamsburg I and II offset by a decrease in deposits to restricted cash.
The increase in cash used in financing activities is due to the increase in
payments of the mortgage principal balance.

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

   The Partnership has no material capital programs scheduled to be performed in
1996, although certain routine capital expenditures and maintenance expenses
have been budgeted.  These capital expenditures and maintenance expenses will be
incurred only if cash is available from operations or is received from the
capital reserve account.

  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 $10,220,000 is amortized over varying
periods.  The Managing General Partner is evaluating the refinancing of
Williamsburg on the Lake Apartments I and Williamsburg on the Lake Apartments
II.  Future cash distributions will depend on the levels of cash generated from
operations, a property sale, and the availability of cash reserves.  No cash
distributions were paid in 1995 or 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:

         None filed during the quarter ended September 30, 1996.



                                      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
                                 Principal Financial Officer
                                 and Principal Accounting Officer


                           Date: November 8, 1996