UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                                   Form 10-KSB
(Mark One)
[X]   ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
      OF 1934


                 For the fiscal year ended December 31, 2004

[ ]   TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
      ACT OF 1934


             For the transition period from _________to _________

                         Commission file number 0-11864

                          NATIONAL PROPERTY INVESTORS 6
                 (Name of small business issuer in its charter)

         California                                              13-3140364
(State or other jurisdiction of                               (I.R.S. Employer
 incorporation or organization)                              Identification No.)

                          55 Beattie Place, PO Box 1089
                        Greenville, South Carolina 29602
                    (Address of principal executive offices)

                    Issuer's telephone number (864) 239-1000

        Securities registered under Section 12(b) of the Exchange Act:

                                      None

        Securities registered under Section 12(g) of the Exchange Act:

                            Limited Partnership Units
                                (Title of class)

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___

Check if there is no disclosure  of delinquent  filers in response to Item 405
of  Regulation  S-B  contained  in  this  form,  and  no  disclosure  will  be
contained,  to the best of the Partnership's  knowledge in definitive proxy or
information  statements  incorporated  by  reference  in Part III of this Form
10-KSB or any amendment to this Form 10-KSB.  [X]

State issuer's revenues for its most recent fiscal year.  $6,903,000

State the aggregate  market value of the voting  partnership  interests  held by
non-affiliates  computed  by  reference  to the price at which  the  partnership
interests  were sold,  or the average bid and asked  prices of such  partnership
interests as of December 31, 2004. No market exists for the limited  partnership
interests of the Registrant,  and,  therefore,  no aggregate market value can be
determined.

                       DOCUMENTS INCORPORATED BY REFERENCE
                                      NONE

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.

                                     PART I

Item 1.     Description of Business

National  Property   Investors  6  (the  "Partnership"  or  "Registrant")  is  a
California  limited  partnership  formed on October 15, 1982. The Partnership is
engaged in the business of  operating  and holding  real estate  properties  for
investment.  NPI Equity  Investments,  Inc., a Florida  corporation,  became the
Partnership's  managing general partner (the "Managing  General Partner" or "NPI
Equity") on June 21, 1991.  The  Managing  General  Partner was a subsidiary  of
National Property Investors, Inc. ("NPI") until December 31, 1996, at which time
Insignia  Properties Trust ("IPT") acquired the stock of NPI Equity.  On October
1, 1998, IPT merged into Apartment  Investment and Management Company ("AIMCO"),
a publicly traded real estate investment trust. Therefore,  the Managing General
Partner  is a  wholly-owned  subsidiary  of  AIMCO.  The  partnership  agreement
provides  that the  Partnership  is to terminate  on December  31, 2006,  unless
terminated prior to such date.

The Partnership,  through its public offering of Limited Partnership Units, sold
109,600 units aggregating  $54,800,000.  The general partner contributed capital
in the amount of $1,000 for a 1% interest in the Partnership.  Since its initial
offering, the Partnership has not received, nor are limited partners required to
make,  additional  capital  contributions.  The  Partnership  is  engaged in the
business of operating and holding real estate  properties  for  investment.  The
Partnership  currently owns and operates three apartment complexes (see "Item 2.
Description of Properties").

The  Partnership  has no full  time  employees.  Management  and  administrative
services are provided by the Managing  General Partner and by agents retained by
the Managing  General  Partner.  These services were provided by an affiliate of
the Managing General Partner for the years ended December 31, 2004 and 2003.

Risk Factors

The  real  estate  business  in which  the  Partnership  is  engaged  is  highly
competitive.  There are other  residential  properties within the market area of
the Partnership's properties.  The number and quality of competitive properties,
including  those which may be managed by an affiliate  of the  Managing  General
Partner,  in such market area could have a material  effect on the rental market
for the  apartments at the  Partnership's  properties  and the rents that may be
charged  for  such  apartments.  While  the  Managing  General  Partner  and its
affiliates  own and/or  control a significant  number of apartment  units in the
United  States,  such  units  represent  an  insignificant  percentage  of total
apartment units in the United States and competition for apartments is local.

Laws benefiting  disabled persons may result in the Partnership's  incurrence of
unanticipated  expenses.  Under the Americans with  Disabilities Act of 1990, or
ADA,  all places  intended to be used by the public are required to meet certain
Federal  requirements  related to access and use by disabled persons.  Likewise,
the Fair Housing Amendments Act of 1988, or FHAA, requires apartments properties
first occupied after March 13, 1990 to be accessible to the  handicapped.  These
and other  Federal,  state  and  local  laws may  require  modifications  to the
Partnership's   properties,   or  restrict   renovations   of  the   properties.
Noncompliance  with  these laws could  result in the  imposition  of fines or an
award of  damages  to private  litigants  and also  could  result in an order to
correct any  non-complying  feature,  which could result in substantial  capital
expenditures.   Although  the  Managing   General   Partner   believe  that  the
Partnership's  properties  are  substantially  in  compliance  with the  present
requirements,  the Partnership may incur  unanticipated  expenses to comply with
the ADA and the FHAA.

Both  the  income  and  expenses  of  operating  the  properties  owned  by  the
Partnership are subject to factors outside of the Partnership's control, such as
changes in the supply and demand for similar  properties  resulting from various
market  conditions,  increases/decreases  in unemployment or population  shifts,
changes in the availability of permanent mortgage  financing,  changes in zoning
laws,  or changes in patterns or needs of users.  In  addition,  there are risks
inherent in owning and operating residential  properties because such properties
are  susceptible to the impact of economic and other  conditions  outside of the
control of the Partnership.

From time to time, the Federal Bureau of  Investigation,  or FBI, and the United
States  Department  of  Homeland  Security  issue  alerts  regarding   potential
terrorist threats  involving  apartment  buildings.  Threats of future terrorist
attacks,  such as those  announced  by the FBI and the  Department  of  Homeland
Security,  could  have a  negative  effect on rent and  occupancy  levels at the
Partnership's properties. The effect that future terrorist activities or threats
of such activities could have on the  Partnership's  operations is uncertain and
unpredictable. If the Partnership were to incur a loss at a property as a result
of an act of  terrorism,  the  Partnership  could  lose all or a portion  of the
capital  invested  in the  property,  as well as the  future  revenue  from  the
property.  In this regard, the Partnership has purchased insurance to cover acts
of terrorism.  The Managing General Partner does not anticipate that these costs
will have a negative effect on the Partnership's  financial condition or results
of operations.

There have been, and it is possible there may be other, Federal, state and local
legislation  and  regulations   enacted   relating  to  the  protection  of  the
environment.  The Partnership is unable to predict the extent,  if any, to which
such new  legislation  or  regulations  might occur and the degree to which such
existing or new legislation or regulations might adversely affect the properties
owned by the Partnership.

The Partnership  monitors its properties for evidence of pollutants,  toxins and
other dangerous substances, including the presence of asbestos. In certain cases
environmental  testing has been performed which resulted in no material  adverse
conditions or liabilities.  In no case has the Partnership  received notice that
it is a potentially  responsible party with respect to an environmental clean up
site.

A further description of the Partnership's business is included in "Management's
Discussion and Analysis or Plan of Operation"  included in "Item 6" of this Form
10-KSB.

Item 2.     Description of Properties

The following table sets forth the Partnership's investments in properties:
<TABLE>
<CAPTION>

                                   Date of
Properties                         Purchase       Type of Ownership           Use

<S>                                <C>   <C>
Place du Plantier Apartments       05/01/84  Fee ownership, subject to   Apartment
  Baton Rouge, Louisiana                     first mortgage              268 units

Fairway View I Apartments          05/31/84  Fee ownership, subject to   Apartment
  Baton Rouge, Louisiana                     first mortgage              242 units

Colony at Kenilworth Apartments    03/15/84  Fee ownership, subject to   Apartment
  Towson, Maryland                           first mortgage              383 units
</TABLE>

In May 2003, the Partnership  sold Ski Lodge Apartments to a third party for net
proceeds  of  approximately  $13,903,000  after  payment of closing  costs.  The
Partnership  realized  a gain of  approximately  $11,151,000  as a result of the
sale. The Partnership used approximately $6,800,000 of the net proceeds to repay
the mortgage encumbering the property.  In addition,  the Partnership recorded a
loss on early  extinguishment  of debt of  approximately  $19,000 as a result of
unamortized  loan costs being  written off. This amount is included in loss from
discontinued operations.  Also included in loss from discontinued operations for
the year ended December 31, 2003 is approximately  $943,000 of revenue generated
by the property.

In June 2003, the Partnership  sold Alpine Village  Apartments to a third party,
for net proceeds of approximately $4,365,000 after payment of closing costs. The
Partnership realized a gain of approximately $2,855,000 as a result of the sale.
The Partnership used  approximately  $2,100,000 of the net proceeds to repay the
mortgage encumbering the property. In addition,  the Partnership recorded a loss
on  early  extinguishment  of debt  of  approximately  $28,000  as a  result  of
unamortized  loan costs being  written off. This amount is included in loss from
discontinued operations.  Also included in loss from discontinued operations for
the year ended December 31, 2003 is approximately  $493,000 of revenue generated
by the property.

Schedule of Properties

Set forth below for each of the  Partnership's  properties is the gross carrying
value, accumulated depreciation,  depreciable life, method of depreciation,  and
Federal tax basis.
<TABLE>
<CAPTION>

                           Gross                                  Method
                         Carrying   Accumulated   Depreciable       of          Federal
Properties                 Value   Depreciation      Rate      Depreciation    Tax Basis
                             (in thousands)                                   (in thousands)
<S>                       <C>         <C>          <C>                          <C>
Place du Plantier         $11,944     $ 9,894      5-30 yrs         S/L         $ 2,080
Fairway View I             10,971       8,636      5-30 yrs         S/L           1,923
Colony at Kenilworth       24,607      19,877      5-30 yrs         S/L           4,767
         Totals           $47,522     $38,407                                   $ 8,770
</TABLE>

See  "Note  A" to the  financial  statements  included  in  "Item  7.  Financial
Statements"   for  a  description   of  the   Partnership's   depreciation   and
capitalization policies.

Schedule of Properties Indebtedness

The  following  table  sets  forth  certain  information  relating  to the loans
encumbering the Partnership's properties.
<TABLE>
<CAPTION>

                           Principal                                        Principal
                          Balance At      Stated                             Balance
                         December 31,    Interest    Period    Maturity       Due At
Properties                   2004        Rate (1)  Amortized     Date      Maturity (2)
                        (in thousands)                                    (in thousands)

<S>                         <C>           <C>        <C>       <C>   <C>       <C>
Place du Plantier           $ 5,934       7.09%      20 yrs    10/01/21        $ --
Fairway View I                4,802       7.01%      20 yrs    12/01/21           --
Colony at Kenilworth         13,199       7.58%      20 yrs    07/01/21           --
        Totals              $23,935                                            $ --
</TABLE>

(1)   Fixed rate mortgages.

(2)   See "Item 7. Financial  Statements - Note B" for information  with respect
      to the  Partnership's  ability to prepay  these  loans and other  specific
      details about the loans.

Rental Rates and Occupancy

Average annual rental rates and occupancy for 2004 and 2003 for each property:

                                      Average Annual             Average Annual
                                       Rental Rates                 Occupancy
                                        (per unit)
Properties                         2004            2003         2004        2003

Place du Plantier (1)             $ 6,786        $ 7,014         87%         83%
Fairway View I (2)                  6,780          6,822         84%         91%
Colony at Kenilworth (3)           10,283         11,439         88%         94%

(1)   The Managing General Partner attributes the increase in occupancy at Place
      du Plantier Apartments to an effective new management team at the property
      focused on customer retention and marketing.

(2)   The  Managing  General  Partner  attributes  the  decrease in occupancy at
      Fairway View Apartments to increased competition in the local market area.

(3)   The  Managing  General  Partner  attributes  the  decrease in occupancy at
      Colony at  Kenilworth  Apartments to the  expiration of a student  housing
      contract with a local college.

As noted under "Item 1.  Description of Business",  the real estate  industry is
highly competitive. The properties of the Partnership are subject to competition
from other  residential  apartment  complexes in the area. The Managing  General
Partner believes that the properties are adequately insured.  The properties are
apartment  complexes  which lease units for terms of one year or less. No tenant
leases 10% or more of the available  rental space.  The  properties  are in good
physical  condition,  subject to normal  depreciation  and  deterioration  as is
typical for assets of this type and age.

Real Estate Taxes and Rates

Real estate taxes and rates in 2004 for each property were:

                                                2004            2004
                                               Billing          Rate
                                           (in thousands)

       Place du Plantier                        $ 44           10.23%
       Fairway View I                             55           10.23%
       Colony at Kenilworth                      372            1.75%

Capital Improvements

Place du Plantier Apartments:

During the year ended December 31, 2004, the Partnership completed approximately
$216,000 of capital  improvements  at Place du Plantier  Apartments,  consisting
primarily  of  structural   upgrades,   casualty   repairs  and  floor  covering
replacements.  These  improvements  were  funded  from  operating  cash flow and
insurance proceeds.  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.

Fairway View Apartments:

During the year ended December 31, 2004, the Partnership completed approximately
$284,000  of  capital  improvements  at  Fairway  View  Apartments,   consisting
primarily of plumbing fixtures,  roof replacements,  electrical work, structural
improvements and appliance and floor covering  replacements.  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  replacement  reserves and
anticipated cash flow generated by the property.

Colony at Kenilworth Apartments:

During the year ended December 31, 2004, the Partnership completed approximately
$466,000 of capital improvements at Colony at Kenilworth Apartments,  consisting
primarily of floor covering and appliance replacements,  swimming pool upgrades,
retaining  walls,  balcony  replacements,   and  parking  lot  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.

Capital  expenditures will be incurred only if cash is available from operations
or from  Partnership  reserves.  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.

Item 3.     Legal Proceedings

In March 1998, several putative unit holders of limited partnership units of the
Partnership  commenced an action  entitled  Rosalie  Nuanes,  et al. v. Insignia
Financial Group, Inc., et al. (the "Nuanes action") in the Superior Court of the
State of  California  for the  County  of San  Mateo.  The  plaintiffs  named as
defendants,  among others,  the  Partnership,  its Managing  General Partner and
several of their  affiliated  partnerships  and corporate  entities.  The action
purported  to  assert  claims  on  behalf  of a class of  limited  partners  and
derivatively  on behalf  of a number  of  limited  partnerships  (including  the
Partnership)  that are named as nominal  defendants,  challenging,  among  other
things,  the  acquisition  of  interests  in certain  Managing  General  Partner
entities by Insignia Financial Group, Inc.  ("Insignia") and entities that were,
at one  time,  affiliates  of  Insignia;  past  tender  offers  by the  Insignia
affiliates to acquire limited partnership units;  management of the partnerships
by the  Insignia  affiliates;  and the series of  transactions  which  closed on
October 1, 1998 and February 26, 1999 whereby  Insignia and Insignia  Properties
Trust,  respectively,  were merged into AIMCO.  The plaintiffs  sought  monetary
damages and equitable relief, including judicial dissolution of the Partnership.
In addition,  during the third quarter of 2001, a complaint  captioned Heller v.
Insignia  Financial  Group (the  "Heller  action")  was filed  against  the same
defendants  that are named in the  Nuanes  action.  On or about  August 6, 2001,
plaintiffs filed a first amended  complaint.  The Heller action was brought as a
purported derivative action, and asserted claims for, among other things, breach
of fiduciary  duty,  unfair  competition,  conversion,  unjust  enrichment,  and
judicial dissolution.

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

In general  terms,  the  proposed  settlement  provides  for  certification  for
settlement  purposes of a settlement class consisting of all limited partners in
this  Partnership and others (the  "Partnerships")  as of December 20, 2002, the
dismissal  with  prejudice  and  release  of claims  in the  Nuanes  and  Heller
litigation,  payment by AIMCO of $9.9  million  (which shall be  distributed  to
settlement  class  members  after  deduction of attorney fees and costs of class
counsel and certain costs of settlement) and up to $1 million toward the cost of
independent  appraisals of the  Partnerships'  properties  by a court  appointed
appraiser.  An affiliate of the Managing General Partner has also agreed to make
at least one round of tender offers to purchase all of the partnership interests
in the Partnerships within one year of final approval,  if it is granted, and to
provide  partners with the independent  appraisals at the time of these tenders.
The proposed  settlement also provided for the limitation of the allowable costs
which  the  Managing   General   Partner  or  its  affiliates  will  charge  the
Partnerships  in connection with this litigation and imposes limits on the class
counsel  fees and  costs in this  litigation.  On April  11,  2003,  notice  was
distributed  to  limited   partners   providing  the  details  of  the  proposed
settlement.

On June 13, 2003, the court granted final approval of the settlement and entered
judgment in both the Nuanes and Heller actions.  On August 12, 2003, an objector
("Objector") filed an appeal (the "Appeal") seeking to vacate and/or reverse the
order approving the settlement and entering  judgment  thereto.  On November 24,
2003,  the Objector  filed an  application  requesting  the court order AIMCO to
withdraw settlement tender offers it had commenced,  refrain from making further
offers  pending  the appeal and auction  any units  tendered  to third  parties,
contending  that the offers did not  conform  with the terms of the  settlement.
Counsel  for the  Objector  (on behalf of another  investor)  had  alternatively
requested the court take certain action  purportedly to enforce the terms of the
settlement agreement. On December 18, 2003, the court heard oral argument on the
motions  and denied them both in their  entirety.  The  Objector  filed a second
appeal challenging the court's use of a referee and its order requiring Objector
to pay those fees.

On January 28, 2004,  the  Objector  filed his opening  brief in the Appeal.  On
April 23, 2004, the Managing General Partner and its affiliates filed a response
brief in support of the settlement and the judgment thereto. The plaintiffs have
also filed a brief in support of the settlement. On June 4, 2004, Objector filed
a reply to the briefs  submitted by the Managing General Partner and Plaintiffs.
In addition both the Objector and plaintiffs filed briefs in connection with the
second appeal.  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.

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 an action in the
United States District Court,  District of Columbia.  The plaintiffs have styled
their  complaint  as a  collective  action  under the Fair Labor  Standards  Act
("FLSA") and seek to certify state subclasses in California,  Maryland,  and the
District of Columbia. Specifically, the plaintiffs contend that AIMCO Properties
L.P. failed to compensate  maintenance  workers for time that they were required
to be "on-call". Additionally, plaintiffs allege AIMCO Properties L.P. failed to
comply  with the FLSA in  compensating  maintenance  workers  for time that they
worked in responding to a call while  "on-call".  The  defendants  have filed an
answer to the amended complaint denying the substantive  allegations.  Discovery
relating  to the  certification  of the  collective  action  has  concluded  and
briefing on the matter is underway.  Although the outcome of any  litigation  is
uncertain,  AIMCO  Properties,  L.P. does not believe that the ultimate  outcome
will have a material  adverse  effect on its  financial  condition or results of
operations.  Similarly,  the Managing  General Partner does not believe that the
ultimate  outcome  will have a  material  adverse  effect  on the  Partnership's
financial condition or results of operations.

Item 4.     Submission of Matters to a Vote of Security Holders

The unit  holders  of the  Partnership  did not vote on any  matter  during  the
quarter ended December 31, 2004.

                                     PART II

Item 5.     Market for the Partnership's Equity and Related Partner Matters

The Partnership,  a publicly-held limited partnership,  offered and sold 109,600
Limited Partnership Units (the "Units") aggregating $54,800,000.  As of December
31, 2004, the  Partnership had 109,600 Units  outstanding  held by 1,991 limited
partners of record.  Affiliates  of the Managing  General  Partner  owned 75,205
Units or 68.62% at December 31, 2004. No public trading market has developed for
the Units,  and it is not  anticipated  that such a market  will  develop in the
future.

The following table sets forth the distributions made by the Partnership for the
years ended December 31, 2004 and 2003 (in thousands, except per unit data) (see
"Item  6.  Management's  Discussion  and  Analysis  of  Operation"  for  further
details):
<TABLE>
<CAPTION>

                                      Per Limited                        Per Limited
                      Year Ended      Partnership       Year Ended       Partnership
                  December 31, 2004       Unit      December 31, 2003        Unit

<S>                     <C>              <C>              <C>               <C>
Operations              $ 298            $ 2.69           $ 735             $ 6.64
Sale (1)                    --               --            9,386             84.78
                        $ 298            $ 2.69          $10,121           $ 91.42
</TABLE>

(1)   Proceeds  from the sales of Ski Lodge  Apartments in May 2003 and Alpine
      Village Apartments in June 2003.

Future cash  distributions  will depend on the levels of net cash generated from
operations  and the  timing of debt  maturities,  refinancings  and/or  property
sales.  The  Partnership's  cash  available  for  distribution  is reviewed on a
monthly basis.  There can be no assurance,  however,  that the Partnership  will
generate  sufficient funds from operations,  after required capital  improvement
expenditures,  to  permit  any  distributions  to its  partners  during  2005 or
subsequent   periods.   See  "Item  2.   Description  of  Properties  -  Capital
Improvements" for information  relating to anticipated  capital  expenditures at
the properties.

In addition to its indirect  ownership of the Managing  General Partner interest
in the Partnership,  AIMCO and its affiliates  owned 75,205 limited  partnership
units (the "Units") in the  Partnership  representing  68.62% of the outstanding
Units at December 31, 2004.  A number of these Units were  acquired  pursuant to
tender offers made by AIMCO or its affiliates.  It is possible that AIMCO or its
affiliates will acquire  additional  Units in exchange for cash or a combination
of cash and units in AIMCO Properties, L.P., the operating partnership of AIMCO,
either through private  purchases or tender offers.  Pursuant to the Partnership
Agreement,  unit  holders  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 68.62% of
the outstanding  Units,  AIMCO and its affiliates are in a position to influence
all such voting decisions with respect to the Partnership. However, with respect
to the 46,289 Units  acquired on January 19, 1996,  AIMCO IPLP,  L.P.,  formerly
known as Insignia  Properties,  L.P.  ("IPLP"),  an  affiliate  of the  Managing
General  Partner  and of AIMCO,  agreed  to vote such  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  vote  cast  by  third  party  unitholders.  Except  for  the
foregoing,  no other  limitations  are  imposed on IPLP's,  AIMCO's or any other
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.

Item 6.     Management's Discussion and Analysis or Plan of Operation

This item should be read in conjunction with the financial  statements and other
items contained elsewhere in this report.

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 each 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.

Results of Operations

The   Partnership's   net  loss  for  the  year  ended  December  31,  2004  was
approximately  $35,000 compared to net income of  approximately  $12,982,000 for
the corresponding  period in 2003. The decrease in net income for the year ended
December  31,  2004  is due to a gain on the  sale  of two of the  Partnership's
properties  in 2003  partially  offset by a decrease  in loss from  discontinued
operations.

In  accordance  with  Statement of Financial  Accounting  Standards No. 144, the
accompanying  statement  of  operations  for the year ended  December  31,  2003
reflects the operations of Ski Lodge Apartments and Alpine Village Apartments as
loss  from  discontinued  operations  due to their  sales in May and June  2003,
respectively.

In May 2003, the Partnership  sold Ski Lodge Apartments to a third party for net
proceeds  of  approximately  $13,903,000  after  payment of closing  costs.  The
Partnership  realized  a gain of  approximately  $11,151,000  as a result of the
sale. The Partnership used approximately $6,800,000 of the net proceeds to repay
the mortgage encumbering the property.  In addition,  the Partnership recorded a
loss on early  extinguishment  of debt of  approximately  $19,000 as a result of
unamortized  loan costs being  written off. This amount is included in loss from
discontinued operations.  Also included in loss from discontinued operations for
the year ended December 31, 2003 is approximately  $943,000 of revenue generated
by the property.

In June 2003, the  Partnership  sold Alpine Village  Apartments to a third party
for net proceeds of approximately $4,365,000 after payment of closing costs. The
Partnership realized a gain of approximately $2,855,000 as a result of the sale.
The Partnership used  approximately  $2,100,000 of the net proceeds to repay the
mortgage encumbering the property. In addition,  the Partnership recorded a loss
on  early  extinguishment  of debt  of  approximately  $28,000  as a  result  of
unamortized  loan costs being  written off. This amount is included in loss from
discontinued operations.  Also included in loss from discontinued operations for
the year ended December 31, 2003 is approximately  $493,000 of revenue generated
by the property.

Excluding  the  impact  of the gain on  sales  and the  loss  from  discontinued
operations,  the Partnership had a loss from continuing  operations for the year
ended  December  31,  2004 of  approximately  $35,000  compared  to a loss  from
continuing operations of approximately  $756,000 for the corresponding period in
2003.  The decrease in loss from  continuing  operations is due to a decrease in
total expenses partially offset by a decrease in total revenues. The decrease in
total  revenues is due to a decrease  in rental  income  partially  offset by an
increase in other income and the  recognition  of a casualty  gain in 2004.  The
decrease in rental income is due to a decrease in occupancy at both Fairway View
and Colony at Kenilworth  Apartments  and a decrease in the average rental rates
at all of the investment properties partially offset by an increase in occupancy
at Place du Plantier  Apartments  and a decrease in bad debt expense at Place du
Plantier and Colony at  Kenilworth  Apartments.  Other income  increased  due to
increases  in utility  reimbursements  and  corporate  unit  rental at Colony at
Kenilworth  Apartments and in lease cancellation fees at Fairway View Apartments
partially  offset by a decrease in cleaning and damage fees at Place du Plantier
and Fairway View Apartments.

In September  2003, one of the  Partnership's  investment  properties,  Place du
Plantier  Apartments,  incurred  damage as a result of a fire.  During  the year
ended  December  31,  2004,  the  Partnership  recognized  a  casualty  gain  of
approximately  $78,000  which is the result of  insurance  proceeds  received of
approximately $80,000 offset by the net book value of the assets written off.

The decrease in total  expenses is due to decreases  in  operating,  general and
administrative,  depreciation  and  interest  expenses  partially  offset  by an
increase in property tax expense.  Operating expenses decreased due to decreases
in property expenses. Property expenses decreased due to a decrease in corporate
unit expense at Colony at Kenilworth Apartments partially offset by increases in
payroll and related costs at all of the  investment  properties and in utilities
at  Fairway  View and  Colony at  Kenilworth  Apartments.  Depreciation  expense
decreased as a result of the  buildings at all of the  Partnership's  investment
properties  becoming  fully  depreciated  during the second quarter of 2004. The
decrease in interest  expense is the result of scheduled  principal  payments on
the mortgages  encumbering the investment  properties.  The increase in property
tax expense is due to an increase in the assessed  value of Colony at Kenilworth
Apartments.

General and  administrative  expense  decreased due to a decrease in Partnership
management  fees,  which  is the  result  of less  cash  from  operations  being
distributed during 2004, a decrease in management reimbursements to the Managing
General Partner as allowed under the Partnership Agreement and a decrease in the
cost of the annual audit.  Also included in general and  administrative  expense
are costs associated with the quarterly and annual communications with investors
and regulatory agencies.

Capital Resources and Liquidity

At  December  31,  2004,  the  Partnership  had  cash and  cash  equivalents  of
approximately  $318,000 compared to approximately $525,000 at December 31, 2003.
The decrease in cash and cash  equivalents of  approximately  $207,000 is due to
approximately  $887,000 of cash used in investing  activities and  approximately
$141,000 of cash used in financing  activities partially offset by approximately
$821,000  of cash  provided  by  operating  activities.  Cash used in  investing
activities consisted of property  improvements and replacements and net deposits
to restricted escrows partially offset by insurance proceeds received. Cash used
in  financing  activities  consisted  of  principal  payments  on the  mortgages
encumbering  the  Partnership's   investment  properties  and  distributions  to
partners partially offset by advances received from an affiliate of the Managing
General Partner. The Partnership invests its working capital in interest bearing
accounts.

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 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.  The Partnership  regularly evaluates the
capital  improvement  needs of the  properties.  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  properties  as well as  replacement
reserves  and  anticipated  cash  flow  generated  by  the  properties.  Capital
expenditures  will be incurred only if cash is available from operations or from
Partnership reserves. 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 investment properties of approximately  $23,935,000
has maturity  dates of July 1, October 1, and December 1, 2021 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, 2006. Accordingly,  prior to such date the Partnership
will need to either  sell its  investment  properties  or extend the term of the
Partnership.

The Partnership distributed the following amounts during the twelve months ended
December 31, 2004 and 2003 (in thousands, except per unit data):
<TABLE>
<CAPTION>

                                      Per Limited                        Per Limited
                      Year Ended      Partnership       Year Ended       Partnership
                  December 31, 2004       Unit      December 31, 2003        Unit

<S>                     <C>              <C>              <C>               <C>
Operations              $ 298            $ 2.69           $ 735             $ 6.64
Sale (1)                    --               --            9,386             84.78
                        $ 298            $ 2.69          $10,121           $ 91.42
</TABLE>

(1)   Proceeds  from the sales of Ski Lodge  Apartments in May 2003 and Alpine
      Village Apartments in June 2003.

Future cash  distributions  will depend on the levels of net cash generated from
operations  and the  timing of debt  maturities,  refinancings  and/or  property
sales.  The  Partnership's  cash  available  for  distribution  is reviewed on a
monthly basis.  There can be no assurance,  however,  that the Partnership  will
generate  sufficient funds from operations,  after required capital  improvement
expenditures,  to  permit  any  distributions  to its  partners  during  2005 or
subsequent periods.

In addition to its indirect  ownership of the Managing  General Partner interest
in the Partnership,  AIMCO and its affiliates  owned 75,205 limited  partnership
units (the "Units") in the  Partnership  representing  68.62% of the outstanding
Units at December 31, 2004.  A number of these Units were  acquired  pursuant to
tender offers made by AIMCO or its affiliates.  It is possible that AIMCO or its
affiliates will acquire  additional  Units in exchange for cash or a combination
of cash and units in AIMCO Properties, L.P., the operating partnership of AIMCO,
either through private  purchases or tender offers.  Pursuant to the Partnership
Agreement,  unit  holders  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 68.62% of
the outstanding  Units,  AIMCO and its affiliates are in a position to influence
all such voting decisions with respect to the Partnership. However, with respect
to the 46,289 Units  acquired on January 19, 1996,  AIMCO IPLP,  L.P.,  formerly
known as Insignia  Properties,  L.P.  ("IPLP"),  an  affiliate  of the  Managing
General  Partner  and of AIMCO,  agreed  to vote such  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  vote  cast  by  third  party  unitholders.  Except  for  the
foregoing,  no other  limitations  are  imposed on IPLP's,  AIMCO's or any other
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

A summary of the Partnership's  significant  accounting  policies is included in
"Note A - Organization and Significant Accounting Policies" which is included in
the financial statements in "Item 7. Financial Statements". The Managing General
Partner  believes that the consistent  application of these policies enables the
Partnership  to provide  readers of the  financial  statements  with  useful and
reliable  information  about the  Partnership's  operating results and financial
condition. The preparation of financial statements in conformity with accounting
principles  generally  accepted in the United States requires the Partnership to
make  estimates and  assumptions.  These  estimates and  assumptions  affect the
reported  amounts  of  assets  and  liabilities  at the  date  of the  financial
statements  as well as reported  amounts of  revenues  and  expenses  during the
reporting  period.  Actual results could differ from these estimates.  Judgments
and  assessments  of  uncertainties  are required in applying the  Partnership's
accounting  policies in many areas. 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 7.     Financial Statements

NATIONAL PROPERTY INVESTORS 6

                          LIST OF FINANCIAL STATEMENTS

      Report of Independent Registered Public Accounting Firm

      Balance Sheet - December 31, 2004

      Statements of Operations - Years ended December 31, 2004 and 2003

      Statements  of Changes in Partners'  Deficit - Years ended  December 31,
      2004 and 2003

      Statements of Cash Flows - Years ended December 31, 2004 and 2003

      Notes to Financial Statements

              Report of Independent Registered Public Accounting Firm



The Partners
National Property Investors 6


We have audited the accompanying  balance sheet of National Property Investors 6
as of December 31, 2004, and the related  statements of  operations,  changes in
partners' deficit,  and cash flows for each of the two years in the period ended
December 31, 2004.  These  financial  statements are the  responsibility  of the
Partnership's  management.  Our responsibility is to express an opinion on these
financial statements based on our audits.

We conducted our audits in accordance  with the standards of the Public  Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement.  We were not engaged to perform an
audit of the Partnership's internal control over financial reporting.  Our audit
included  consideration of internal control over financial  reporting as a basis
for designing audit  procedures that are appropriate in the  circumstances,  but
not for the  purpose  of  expressing  an  opinion  on the  effectiveness  of the
Partnership's internal control over financial reporting. Accordingly, we express
no such opinion.  An audit also includes  examining,  on a test basis,  evidence
supporting the amounts and  disclosures in the financial  statements,  assessing
the accounting principles used and significant estimates made by management, and
evaluating the overall  financial  statement  presentation.  We believe that our
audits provide a reasonable basis for our opinion.

In our opinion,  the financial  statements  referred to above present fairly, in
all material  respects,  the financial position of National Property Investors 6
at December 31, 2004,  and the results of its  operations and its cash flows for
each of the two years in the period ended December 31, 2004, in conformity  with
accounting principles generally accepted in the United States.


                                                          /s/ERNST & YOUNG LLP



Greenville, South Carolina
March 21, 2005

                          NATIONAL PROPERTY INVESTORS 6

                                  BALANCE SHEET
                        (in thousands, except unit data)

                                December 31, 2004

<TABLE>
<CAPTION>


Assets
<S>                                                                            <C>
  Cash and cash equivalents                                                    $ 318
  Receivables and deposits                                                         328
  Restricted escrows                                                               246
  Other assets                                                                   1,367
  Investment properties (Notes B and F):
    Land                                                        $ 2,977
    Buildings and related personal property                       44,545
                                                                  47,522
    Less accumulated depreciation                                (38,407)        9,115
                                                                              $ 11,374
Liabilities and Partners' Deficit
Liabilities
  Accounts payable                                                              $ 96
  Tenant security deposits payable                                                 196
  Other liabilities                                                                411
  Due to affiliates (Note D)                                                       958
  Mortgage notes payable (Note B)                                               23,935

Partners' Deficit
  General partner                                                $ (689)
  Limited partners (109,600 units issued and outstanding)        (13,533)      (14,222)
                                                                              $ 11,374

              See Accompanying Notes to Financial Statements
</TABLE>

<PAGE>

                          NATIONAL PROPERTY INVESTORS 6

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

<TABLE>
<CAPTION>


                                                             Years Ended December 31,
                                                               2004            2003
Revenues:
<S>                                                           <C>            <C>
  Rental income                                               $ 6,258        $ 6,987
  Other income                                                    567             529
   Casualty gain (Note G)                                          78              --
      Total revenues                                            6,903           7,516

Expenses:
  Operating                                                     3,239           3,397
  General and administrative                                      283             429
  Depreciation                                                  1,153           2,176
  Interest                                                      1,827           1,874
  Property taxes                                                  436             396
      Total expenses                                            6,938           8,272

Loss from continuing operations                                   (35)           (756)
Loss from discontinued operations (Note A)                         --            (268)
Gain on sale of discontinued operations (Note E)                   --          14,006

Net (loss) income (Note C)                                     $ (35)        $ 12,982

Net income allocated to general partner (1%)                   $ --           $ 130
Net (loss) income allocated to limited partners (99%)             (35)         12,852

                                                               $ (35)        $ 12,982
Per limited partnership unit:
  Loss from continuing operations                             $ (0.32)       $ (6.83)
  Loss from discontinued operations                                --           (2.42)
  Gain on sale of discontinued operations                          --          126.51

Net (loss) income                                             $ (0.32)       $ 117.26

Distributions per limited partnership unit                    $ 2.69         $ 91.42

              See Accompanying Notes to Financial Statements
</TABLE>

                          NATIONAL PROPERTY INVESTORS 6

                   STATEMENTS OF CHANGES IN PARTNERS' DEFICIT
                        (in thousands, except unit data)


<TABLE>
<CAPTION>

                                       Limited
                                     Partnership     General      Limited
                                        Units        Partner     Partners      Total

<S>                                    <C>             <C>       <C>         <C>
Original capital contributions         109,600         $ 1       $ 54,800    $ 54,801

Partners' deficit at
  December 31, 2002                    109,600        $ (715)    $(16,035)   $(16,750)

Distributions to partners                   --          (101)     (10,020)    (10,121)

Net income for the year ended
  December 31, 2003                         --           130       12,852      12,982

Partners' deficit at
  December 31, 2003                    109,600          (686)     (13,203)    (13,889)

Distributions to partners                   --            (3)        (295)       (298)

Net loss for the year ended
  December 31, 2004                         --            --          (35)        (35)

Partners' deficit at
  December 31, 2004                    109,600        $ (689)    $(13,533)   $(14,222)

              See Accompanying Notes to Financial Statements
</TABLE>

<PAGE>


                          NATIONAL PROPERTY INVESTORS 6

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

                                                             Years Ended December 31,
                                                                 2004         2003
Cash flows from operating activities:
<S>                                                              <C>        <C>
  Net (loss) income                                              $ (35)     $ 12,982
  Adjustments to reconcile net (loss) income to net cash
   provided by operating activities:
     Depreciation                                                 1,153        2,680
     Amortization of loan costs                                      43           61
     Gain on sale of investment properties                           --      (14,006)
     Loss on early extinguishment of debt                            --           47
     Casualty gain                                                  (78)          --
     Change in accounts:
      Receivables and deposits                                       21          166
      Other assets                                                 (380)         (53)
      Accounts payable                                             (172)          76
      Tenant security deposits payable                               54          (83)
      Accrued property taxes                                         --          (36)
      Other liabilities                                             117         (386)
      Due to affiliates                                              98           --
          Net cash provided by operating activities                 821        1,448

Cash flows from investing activities:
  Property improvements and replacements                           (966)        (603)
  Net (deposits to) withdrawals from restricted escrows              (1)         244
  Net proceeds from sale of investment properties                    --       18,268
  Net insurance proceeds                                             80           --
          Net cash (used in) provided by investing
            activities                                             (887)      17,909

Cash flows from financing activities:
  Payments on mortgage notes payable                               (703)        (654)
  Distributions paid                                               (298)     (10,121)
  Repayment of mortgage notes payable                                 --      (8,900)
  Advances from affiliate                                            860          --
          Net cash used in financing activities                    (141)     (19,675)

Net decrease in cash and cash equivalents                          (207)        (318)

Cash and cash equivalents at beginning of year                      525          843

Cash and cash equivalents at end of year                         $ 318        $ 525

Supplemental disclosure of cash flow information:
  Cash paid for interest                                        $ 1,786      $ 2,175

              See Accompanying Notes to Financial Statements
</TABLE>

                          NATIONAL PROPERTY INVESTORS 6

                          NOTES TO FINANCIAL STATEMENTS

                                December 31, 2004


Note A - Organization and Significant Accounting Policies

Organization

National  Property   Investors  6  (the  "Partnership"  or  "Registrant")  is  a
California  limited  partnership  formed on October 15, 1982. The Partnership is
engaged in the business of  operating  and holding  real estate  properties  for
investment.  NPI Equity  Investments,  Inc., a Florida  corporation,  became the
Partnership's  managing general partner (the "Managing  General Partner" or "NPI
Equity") on June 21, 1991.  The  Managing  General  Partner was a subsidiary  of
National Property Investors, Inc. ("NPI") until December 31, 1996, at which time
Insignia  Properties Trust ("IPT") acquired the stock of NPI Equity.  On October
1, 1998, IPT merged into Apartment  Investment and Management Company ("AIMCO"),
a publicly traded real estate investment trust. Therefore,  the Managing General
Partner  is a  wholly-owned  subsidiary  of  AIMCO.  The  partnership  agreement
provides  that the  Partnership  is to terminate  on December  31, 2006,  unless
terminated prior to such date.

Basis of Presentation

In accordance with Statement of Financial Accounting Standards ("SFAS") No. 144,
the  accompanying  statement of operations  for the year ended December 31, 2003
reflects the operations of Ski Lodge and Alpine Village  Apartments,  which sold
in May and June 2003, respectively, as loss from discontinued operations.

Use of Estimates

The preparation of financial statements in conformity with accounting principles
generally  accepted in the United States  requires  management to make estimates
and assumptions that affect the amounts reported in the financial statements and
accompanying notes. Actual results could differ from those estimates.

Allocation of Income, Loss and Distributions

Net income,  net loss and distributions of cash of the Partnership are allocated
between the general and limited  partners in accordance  with the  provisions of
the Partnership Agreement.

Fair Value of Financial Statements

SFAS No.  107,  "Disclosures  about Fair  Value of  Financial  Instruments",  as
amended by SFAS No. 119, "Disclosures about Derivative Financial Instruments and
Fair  Value  of  Financial  Instruments",  requires  disclosure  of  fair  value
information  about  financial  instruments,  whether  or not  recognized  in the
balance sheet, for which it is practicable to estimate fair value. Fair value is
defined in the SFAS as the amount at which the instruments could be exchanged in
a  current  transaction  between  willing  parties,  other  than in a forced  or
liquidation  sale.  The  Partnership  believes  that the carrying  amount of its
financial  instruments (except for long term debt) approximates their fair value
due to the short term maturity of these instruments.  The Partnership  estimates
the fair value of its long-term  debt by  discounting  future cash flows using a
discount rate commensurate  with that currently  believed to be available to the
Partnership for similar term, fully amortizing long-term debt. The fair value of
the Partnership's long term debt at the Partnership's incremental borrowing rate
is approximately $25,174,000.

Cash and Cash Equivalents

Cash and cash  equivalents  include  cash on hand and cash in banks.  At certain
times,  the amount of cash  deposited  at a bank may exceed the limit on insured
deposits.  Cash balances  included  approximately  $299,000 at December 31, 2004
that are maintained by the affiliated management company on behalf of affiliated
entities in cash concentration accounts.

Tenant Security Deposits

The Partnership  requires security deposits from lessees for the duration of the
lease and such deposits are included in receivables  and deposits.  The security
deposits  are  refunded  when the tenant  vacates,  provided  the tenant has not
damaged its space and is current on its rental payments.

Depreciation

Depreciation is provided by the straight-line method over the estimated lives of
the apartment  properties and related personal property.  For Federal income tax
purposes, the accelerated cost recovery method is used for real property over 19
years for additions after May 8, 1985 and before January 1, 1987. As a result of
the Tax Reform Act of 1986, for additions  after December 31, 1986, the modified
accelerated  cost recovery method is used for  depreciation of (1) real property
over 27 1/2 years and (2) personal property additions over 5 years.

Deferred Costs

Loan  costs  of  approximately  $852,000,   less  accumulated   amortization  of
approximately  $142,000, are included in other assets and are amortized over the
terms of the related loan agreements.  Amortization of loan costs is included in
interest expense.  The total  amortization  expense for the years ended December
31, 2004 and 2003 was approximately  $43,000 and $61,000,  respectively,  and is
included in interest expense and loss from discontinued operations. Amortization
expense  is  expected  to be  approximately  $43,000  for each of the years 2005
through 2009.

Leasing   commissions  and  other  direct  costs  incurred  in  connection  with
successful  leasing  efforts are  deferred and  amortized  over the terms of the
related leases. Amortization of these costs is included in operating expenses.

Leases

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.

Investment Properties

Investment  properties  consist of three  apartment  complexes and are stated at
cost. Acquisition fees are capitalized as a cost of real estate. The Partnership
capitalizes  all  expenditures  in  excess of $250  that  clearly  relate to the
acquisition and  installation of real and personal  property  components.  These
expenditures  include costs incurred to replace  existing  property  components,
costs  incurred  to add a material  new  feature to a  property,  and costs that
increase  the useful life or service  potential of a property  component.  These
capitalized   costs  are  depreciated   over  the  useful  life  of  the  asset.
Expenditures for ordinary repairs,  maintenance and apartment turnover costs are
expensed as incurred.

In accordance  with SFAS No. 144,  "Accounting for the Impairment or Disposal of
Long-Lived  Assets," the  Partnership  records  impairment  losses on long-lived
assets used in operations when events and circumstances indicate that the assets
might be impaired and the  undiscounted  cash flows estimated to be generated by
those assets are less than the carrying amounts of those assets.  No adjustments
for  impairment of value were  recorded in the years ended  December 31, 2004 or
2003.

Replacement Reserve Escrow

The Partnership  maintains a replacement reserve escrow at one of its properties
to fund replacement,  refurbishment,  and repair or improvements to the property
pursuant to the mortgage note documents. As of December 31, 2004, the balance in
this account is approximately $246,000.

Segment Reporting

SFAS  No.  131,   "Disclosure  about  Segments  of  an  Enterprise  and  Related
Information"  established standards for the way that public business enterprises
report information about operating  segments in annual financial  statements and
requires that those  enterprises  report  selected  information  about operating
segments in interim financial reports. It also establishes standards for related
disclosures about products and services,  geographic areas, and major customers.
As defined in SFAS No. 131, the Partnership has only one reportable segment.

Advertising Costs

Advertising costs of approximately  $100,000 in 2004 and approximately  $137,000
in 2003 were  charged to expense  as  incurred  and are  included  in  operating
expenses and loss from discontinued operations.

Note B - Mortgage Notes Payable

The principle terms of mortgage notes payable are as follows:
<TABLE>
<CAPTION>

                          Principal                                        Principal
                          Balance At                Stated                  Balance
                         December 31,    Monthly   Interest   Maturity      Due At
                             2004        Payment     Rate       Date       Maturity
                              (in thousands)                            (in thousands)
Properties
<S>                        <C>            <C>        <C>      <C>   <C>      <C>
Place du Plantier          $ 5,934        $ 50       7.09%    10/01/21       $ --
Fairway View I               4,802           40      7.01%    12/01/21           --
Colony at Kenilworth        13,199          117      7.58%    07/01/21           --
                           $23,935        $ 207                              $ --
</TABLE>

The mortgage notes payable are fixed rate mortgages that are nonrecourse and are
secured  by  pledge  of the  Partnership's  rental  properties  and by pledge of
revenues  from the  respective  rental  properties.  The mortgage  notes payable
include  prepayment  penalties  if  repaid  prior  to  maturity.   Further,  the
properties may not be sold subject to existing indebtedness.

Scheduled  principal  payments  of the  mortgage  notes  payable  subsequent  to
December 31, 2004 are as follows (in thousands):

                               2005              $ 757
                               2006                 814
                               2007                 876
                               2008                 943
                               2009               1,014
                            Thereafter           19,531
                                                $23,935

Note C - Income Taxes

The Partnership has received a ruling from the Internal  Revenue Service that it
will  be  classified  as  a  partnership   for  Federal   income  tax  purposes.
Accordingly,  no provision for income taxes is made in the financial  statements
of the Partnership. Taxable income or loss of the Partnership is reported in the
income tax returns of its partners.

The  following is a  reconciliation  of reported  net (loss)  income and Federal
taxable income (in thousands, except per unit data):

                                                 December 31,
                                               2004        2003
Net (loss) income as reported                  $ (35)     $12,982
Add (deduct):
   Depreciation differences                       462       1,795
   Prepaid rent                                   (34)       (192)
   Gain on sale                                    --         825
   Casualty                                      (78)          --
   Other                                          (85)         (9)
Federal taxable income                         $ 230      $15,401
Federal taxable income per limited
   partnership unit                           $ 2.08      $139.11

The following is a reconciliation between the Partnership's reported amounts and
Federal tax basis of net liabilities (in thousands):

Net liabilities as reported                       $(14,222)
Land and buildings                                  (1,621)
Accumulated depreciation                             1,276
Syndication and distribution costs                   6,295
Prepaid rent                                           147
Other                                                  129
Net liabilities - tax basis                       $ (7,996)

Note D - 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 payments to affiliates for
property   management  services  based  on  a  percentage  of  revenue  and  for
reimbursement  of  certain  expenses  incurred  by  affiliates  on behalf of the
Partnership.

During the years ended  December 31, 2004 and 2003,  affiliates  of the Managing
General  Partner  received 5% of gross  receipts  from all of the  Partnership's
properties as  compensation  for providing  property  management  services.  The
Partnership paid to such affiliates  approximately $322,000 and $434,000 for the
years  ended  December  31,  2004 and 2003,  respectively,  which is included in
operating expenses and loss from discontinued operations.

Affiliates of the Managing General Partner charged the Partnership reimbursement
of accountable  administrative  expenses amounting to approximately $245,000 and
$310,000 for the years ended December 31, 2004 and 2003, respectively,  which is
included in general and administrative  expenses and investment properties.  The
portion of these reimbursements  included in investment properties for the years
ended  December  31, 2004 and 2003 are fees related to  construction  management
services   provided  by  an  affiliate  of  the  Managing   General  Partner  of
approximately  $46,000 and $17,000,  respectively.  The construction  management
service  fees  are  calculated  based  upon a  percentage  of  additions  to the
investment   properties.   At  December  31,  2004,   approximately  $81,000  in
accountable  administrative  expenses  were due to an  affiliate of the Managing
General Partner and are included in due to affiliates.

As compensation for services rendered in managing the Partnership,  the Managing
General  Partner  is  entitled  to  receive   Partnership   management  fees  in
conjunction  with  distributions  of cash from  operations,  subject  to certain
limitations.  Approximately  $16,000 of fees were paid in  conjunction  with the
operating  distributions  made during the year ended December 31, 2003, which is
included in general and administrative  expenses. No such Partnership management
fees were earned or paid during the year ended December 31, 2004.

For services relating to the  administration of the Partnership and operation of
the  Partnership's  properties,  the  Managing  General  Partner is  entitled to
receive  payment for  non-accountable  expenses up to a maximum of $150,000  per
year  based  upon the  number of  Partnership  units  sold,  subject  to certain
limitations.  The Managing  General  Partner  earned and received  approximately
$27,000  and  $49,000  for  the  years  ended   December   31,  2004  and  2003,
respectively, which is included in general and administrative expenses.

NPI Equity,  on behalf of the Partnership and certain  affiliated  partnerships,
has established a revolving credit facility (the  "Partnership  Revolver") to be
used to fund deferred  maintenance  and working capital needs of the Partnership
and certain other  affiliated  partnerships in the National  Property  Investors
Partnership  Series.  The maximum draw  available to the  Partnership  under the
Partnership Revolver is $500,000. Loans under the Partnership Revolver will have
a term of 365 days, be unsecured and bear interest at the prime rate plus 2% per
annum. 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.  During the year ended
December 31, 2004, the Managing  General Partner  exceeded this credit limit and
advanced the  Partnership  approximately  $860,000 to pay  outstanding  accounts
payable at Fairway View I and Colony at  Kenilworth  Apartments  and real estate
taxes at Colony at Kenilworth  Apartments.  Interest  expense for the year ended
December 31, 2004 was approximately $17,000. At December 31, 2004, approximately
$877,000 in principal  and accrued  interest was included in due to  affiliates.
There were no such borrowings during the year ended December 31, 2003.

Upon the sale of the Partnership  properties,  NPI Equity 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
NPI Equity,  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 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,
non-compounded,  on their appraised investment in the Partnership at February 1,
1992.

The Managing  General Partner earned and received an Incentive  Compensation Fee
of approximately $114,000 as a result of the sale of Ski Lodge Apartments in May
2003. The Managing General Partner earned and received an Incentive Compensation
Fee  of  approximately  $64,000  as a  result  of the  sale  of  Alpine  Village
Apartments in June 2003.

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 years ended December 31, 2004 and 2003, the
Partnership  was charged by AIMCO and its affiliates  approximately  $98,000 and
$147,000,  respectively,  for insurance coverage and fees associated with policy
claims administration.

In addition to its indirect  ownership of the Managing  General Partner interest
in the Partnership,  AIMCO and its affiliates  owned 75,205 limited  partnership
units (the "Units") in the  Partnership  representing  68.62% of the outstanding
Units at December 31, 2004.  A number of these Units were  acquired  pursuant to
tender offers made by AIMCO or its affiliates.  It is possible that AIMCO or its
affiliates will acquire  additional  Units in exchange for cash or a combination
of cash and units in AIMCO Properties, L.P., the operating partnership of AIMCO,
either through private  purchases or tender offers.  Pursuant to the Partnership
Agreement,  unit  holders  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 68.62% of
the outstanding  Units,  AIMCO and its affiliates are in a position to influence
all such voting decisions with respect to the Partnership. However, with respect
to the 46,289 Units  acquired on January 19, 1996,  AIMCO IPLP,  L.P.,  formerly
known as Insignia  Properties,  L.P.  ("IPLP"),  an  affiliate  of the  Managing
General  Partner  and of AIMCO,  agreed  to vote such  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  vote  cast  by  third  party  unitholders.  Except  for  the
foregoing,  no other  limitations  are  imposed on IPLP's,  AIMCO's or any other
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.

Note E - Sale of Investment Properties

In May 2003, the Partnership sold Ski Lodge Apartments to a third party, for net
proceeds  of  approximately  $13,903,000  after  payment of closing  costs.  The
Partnership  realized  a gain of  approximately  $11,151,000  as a result of the
sale.

The Partnership used  approximately  $6,800,000 of the net proceeds to repay the
mortgage encumbering the property. In addition,  the Partnership recorded a loss
on  early  extinguishment  of debt  of  approximately  $19,000  as a  result  of
unamortized  loan costs being  written off. This amount is included in loss from
discontinued operations.  Also included in loss from discontinued operations for
the year ended December 31, 2003 is approximately  $943,000 of revenue generated
by the property.

In June 2003, the Partnership  sold Alpine Village  Apartments to a third party,
for net proceeds of approximately $4,365,000 after payment of closing costs. The
Partnership realized a gain of approximately $2,855,000 as a result of the sale.
The Partnership used  approximately  $2,100,000 of the net proceeds to repay the
mortgage encumbering the property. In addition,  the Partnership recorded a loss
on  early  extinguishment  of debt  of  approximately  $28,000  as a  result  of
unamortized  loan costs being  written off. This amount is included in loss from
discontinued operations.  Also included in loss from discontinued operations for
the year ended December 31, 2003 is approximately  $493,000 of revenue generated
by the property.

Note F - Real Estate and Accumulated Depreciation
<TABLE>
<CAPTION>

                                                  Initial Cost
                                                 To Partnership
                                                 (in thousands)
                                                         Buildings         Cost
                                                        and Related     Capitalized
                                                         Personal      Subsequent to
Description                 Encumbrances       Land      Property       Acquisition
                           (in thousands)                             (in thousands)

<S>                           <C>             <C>         <C>             <C>
Place du Plantier             $ 5,934         $ 840       $ 7,773         $ 3,331
Fairway View I                  4,802            762        7,048           3,161
Colony at Kenilworth           13,199          1,306       13,187          10,114
                              $23,935        $ 2,908      $28,008         $16,606
</TABLE>

                      Gross Amount At Which
                             Carried
                       At December 31, 2004
                         (in thousands)
<TABLE>
<CAPTION>

                           Buildings
                          And Related
                           Personal             Accumulated    Year of     Date    Depreciable
Description         Land  Properties   Total   Depreciation  Construction Acquired  Life-Years
                                              (in thousands)

<S>                <C>      <C>       <C>         <C>           <C>        <C>        <C>
Place du Plantier  $ 844    $11,100   $11,944     $ 9,894       1974       05/84      5-30
Fairway View I        767    10,204    10,971       8,636       1974       05/84      5-30
Colony at
  Kenilworth        1,366    23,241    24,607      19,877       1967       03/84      5-30
      Totals       $2,977   $44,545   $47,522     $38,407
</TABLE>

Reconciliation of Real Estate and Accumulated Depreciation:

                                                     December 31,
                                                  2004          2003
                                                    (in thousands)
Real Estate
Balance at beginning of year                    $ 46,615      $ 69,431
  Property improvements and replacements             966           603
  Disposal of assets                                 (59)      (23,419)
Balance at end of year                          $ 47,522      $ 46,615

Accumulated Depreciation
Balance at beginning of year                    $ 37,311      $ 53,841
  Additions charged to expense                     1,153         2,680
  Disposal of assets                                 (57)      (19,210)
Balance at end of year                          $ 38,407      $ 37,311

The  aggregate  cost of the real  estate  for  Federal  income tax  purposes  at
December  31,  2004 and 2003,  is  approximately  $45,901,000  and  $45,060,000,
respectively. The accumulated depreciation taken for Federal income tax purposes
at December 31, 2004 and 2003, is  approximately  $37,131,000  and  $36,439,000,
respectively.

Note G - Casualty Events

In September  2003, one of the  Partnership's  investment  properties,  Place du
Plantier  Apartments,  incurred  damage as a result of a fire.  During  the year
ended  December  31,  2004,  the  Partnership  recognized  a  casualty  gain  of
approximately  $78,000  which is the result of  insurance  proceeds  received of
approximately $80,000 offset by the net book value of the assets written off.

Note H - Contingencies

In March 1998, several putative unit holders of limited partnership units of the
Partnership  commenced an action  entitled  Rosalie  Nuanes,  et al. v. Insignia
Financial Group, Inc., et al. (the "Nuanes action") in the Superior Court of the
State of  California  for the  County  of San  Mateo.  The  plaintiffs  named as
defendants,  among others,  the  Partnership,  its Managing  General Partner and
several of their  affiliated  partnerships  and corporate  entities.  The action
purported  to  assert  claims  on  behalf  of a class of  limited  partners  and
derivatively  on behalf  of a number  of  limited  partnerships  (including  the
Partnership)  that are named as nominal  defendants,  challenging,  among  other
things,  the  acquisition  of  interests  in certain  Managing  General  Partner
entities by Insignia Financial Group, Inc.  ("Insignia") and entities that were,
at one  time,  affiliates  of  Insignia;  past  tender  offers  by the  Insignia
affiliates to acquire limited partnership units;  management of the partnerships
by the  Insignia  affiliates;  and the series of  transactions  which  closed on
October 1, 1998 and February 26, 1999 whereby  Insignia and Insignia  Properties
Trust,  respectively,  were merged into AIMCO.  The plaintiffs  sought  monetary
damages and equitable relief, including judicial dissolution of the Partnership.
In addition,  during the third quarter of 2001, a complaint  captioned Heller v.
Insignia  Financial  Group (the  "Heller  action")  was filed  against  the same
defendants  that are named in the  Nuanes  action.  On or about  August 6, 2001,
plaintiffs filed a first amended  complaint.  The Heller action was brought as a
purported derivative action, and asserted claims for, among other things, breach
of fiduciary  duty,  unfair  competition,  conversion,  unjust  enrichment,  and
judicial dissolution.

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

In general  terms,  the  proposed  settlement  provides  for  certification  for
settlement  purposes of a settlement class consisting of all limited partners in
this  Partnership and others (the  "Partnerships")  as of December 20, 2002, the
dismissal  with  prejudice  and  release  of claims  in the  Nuanes  and  Heller
litigation,  payment by AIMCO of $9.9  million  (which shall be  distributed  to
settlement  class  members  after  deduction of attorney fees and costs of class
counsel and certain costs of settlement) and up to $1 million toward the cost of
independent  appraisals of the  Partnerships'  properties  by a court  appointed
appraiser.  An affiliate of the Managing General Partner has also agreed to make
at least one round of tender offers to purchase all of the partnership interests
in the Partnerships within one year of final approval,  if it is granted, and to
provide  partners with the independent  appraisals at the time of these tenders.
The proposed  settlement also provided for the limitation of the allowable costs
which  the  Managing   General   Partner  or  its  affiliates  will  charge  the
Partnerships  in connection with this litigation and imposes limits on the class
counsel  fees and  costs in this  litigation.  On April  11,  2003,  notice  was
distributed  to  limited   partners   providing  the  details  of  the  proposed
settlement.

On June 13, 2003, the court granted final approval of the settlement and entered
judgment in both the Nuanes and Heller actions.  On August 12, 2003, an objector
("Objector") filed an appeal (the "Appeal") seeking to vacate and/or reverse the
order approving the settlement and entering  judgment  thereto.  On November 24,
2003,  the Objector  filed an  application  requesting  the court order AIMCO to
withdraw settlement tender offers it had commenced,  refrain from making further
offers  pending  the appeal and auction  any units  tendered  to third  parties,
contending  that the offers did not  conform  with the terms of the  settlement.
Counsel  for the  Objector  (on behalf of another  investor)  had  alternatively
requested the court take certain action  purportedly to enforce the terms of the
settlement agreement. On December 18, 2003, the court heard oral argument on the
motions  and denied them both in their  entirety.  The  Objector  filed a second
appeal challenging the court's use of a referee and its order requiring Objector
to pay those fees.

On January 28, 2004,  the  Objector  filed his opening  brief in the Appeal.  On
April 23, 2004, the Managing General Partner and its affiliates filed a response
brief in support of the settlement and the judgment thereto. The plaintiffs have
also filed a brief in support of the settlement. On June 4, 2004, Objector filed
a reply to the briefs  submitted by the Managing General Partner and Plaintiffs.
In addition both the Objector and plaintiffs filed briefs in connection with the
second appeal.  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.

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 an action in the
United States District Court,  District of Columbia.  The plaintiffs have styled
their  complaint  as a  collective  action  under the Fair Labor  Standards  Act
("FLSA") and seek to certify state subclasses in California,  Maryland,  and the
District of Columbia. Specifically, the plaintiffs contend that AIMCO Properties
L.P. failed to compensate  maintenance  workers for time that they were required
to be "on-call". Additionally, plaintiffs allege AIMCO Properties L.P. failed to
comply  with the FLSA in  compensating  maintenance  workers  for time that they
worked in responding to a call while  "on-call".  The  defendants  have filed an
answer to the amended complaint denying the substantive  allegations.  Discovery
relating  to the  certification  of the  collective  action  has  concluded  and
briefing on the matter is underway.  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

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


<PAGE>




Item 8.     Changes in and  Disagreements  with  Accountants on Accounting and
            Financial Disclosure

            None.

Item 8a.    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
fourth quarter of 2004 that have materially  affected,  or are reasonably likely
to  materially  affect,  the  Partnership's   internal  control  over  financial
reporting.

Item 8b.    Other Information

            None.

                                    PART III

Item 9.     Directors,  Executive  Officers,  Promoters  and Control  Persons;
            Compliance with Section 16(a) of the Exchange Act

National  Property  Investors 6 (the  "Partnership" or the  "Registrant") has no
directors  or  officers.  The names and ages of,  as well as the  positions  and
offices held by, the present  directors and officers of NPI Equity  Investments,
Inc. ("NPI Equity" or "Managing General Partner") are set forth below. There are
no family relationships between or among any directors or officers.

Name                            Age   Position

Martha L. Long                   45   Director and Senior Vice President
Harry G. Alcock                  42   Director and Executive Vice President
Miles Cortez                     61   Executive Vice President, General Counsel
                                      and Secretary
Patti K. Fielding                41   Executive Vice President
Paul J. McAuliffe                48   Executive Vice President and Chief
                                      Financial Officer
Thomas M. Herzog                 42   Senior Vice President and Chief Accounting
                                     Officer
Stephen B. Waters                43   Vice President

Martha L. Long has been a Director  and Senior Vice  President of the Managing
General  Partner  since  February  2004.  Ms.  Long has been with AIMCO  since
October  1998 and has served in  various  capacities.  From 1998 to 2001,  Ms.
Long served as Senior Vice  President and Controller of AIMCO and the Managing
General  Partner.  During  2002 and 2003,  Ms.  Long  served  as  Senior  Vice
President of Continuous Improvement for AIMCO.

Harry G. Alcock was appointed as a Director of the Managing  General  Partner in
October 2004 and was appointed  Executive Vice President of the Managing General
Partner  in  February  2004 and has been  Executive  Vice  President  and  Chief
Investment Officer of AIMCO since October 1999. Prior to October 1999 Mr. Alcock
served as a Vice President of AIMCO from July 1996 to October 1997,  when he was
promoted to Senior Vice  President  Acquisitions  where he served until  October
1999. Mr. Alcock has had responsibility for acquisition and financing activities
of AIMCO since July 1994.

Miles  Cortez was  appointed  Executive  Vice  President,  General  Counsel  and
Secretary  of the  Managing  General  Partner in  February  2004 and of AIMCO in
August 2001. Prior to joining AIMCO, Mr. Cortez was the senior partner of Cortez
Macaulay Bernhardt & Schuetze LLC, a Denver law firm, from December 1997 through
September 2001.

Patti K. Fielding was appointed  Executive  Vice President - Securities and Debt
of the Managing  General Partner in February 2004 and of AIMCO in February 2003.
Ms.  Fielding was appointed  Treasurer of AIMCO in January 2005. Ms. Fielding is
responsible  for  debt  financing  and the  treasury  department.  Ms.  Fielding
previously  served as Senior Vice  President - Securities and Debt of AIMCO from
January 2000 to February 2003. Ms.  Fielding  joined AIMCO in February 1997 as a
Vice President.

Paul J. McAuliffe has been Executive Vice President and Chief Financial  Officer
of the Managing  General  Partner since April 2002. Mr.  McAuliffe has served as
Executive Vice  President of AIMCO since  February 1999 and was appointed  Chief
Financial Officer of AIMCO in October 1999. From May 1996 until he joined AIMCO,
Mr. McAuliffe was Senior Managing Director of Secured Capital Corp.

Thomas M.  Herzog was  appointed  Senior  Vice  President  and Chief  Accounting
Officer of the Managing General Partner in February 2004 and of AIMCO in January
2004.  Prior to joining AIMCO in January 2004, Mr. Herzog was at GE Real Estate,
serving  as Chief  Accounting  Officer & Global  Controller  from  April 2002 to
January 2004 and as Chief Technical Advisor from March 2000 to April 2002. Prior
to joining GE Real  Estate,  Mr.  Herzog was at  Deloitte & Touche LLP from 1990
until 2000.

Stephen B. Waters was appointed Vice President of the Managing  General  Partner
in April  2004.  Mr.  Waters  previously  served as a  Director  of Real  Estate
Accounting   since   joining   AIMCO  in   September   1999.   Mr.   Waters  has
responsibilities for real estate and partnership accounting with AIMCO.

One or more of the above persons are also directors and/or officers of a general
partner (or general partner of a general partner) of limited  partnerships which
either have a class of  securities  registered  pursuant to Section 12(g) of the
Securities Exchange Act of 1934, or are subject to the reporting requirements of
Section  15(d) of such Act.  Further,  one or more of the above persons are also
directors and/or officers of Apartment Investment and Management Company and the
general  partner  of  AIMCO  Properties,  L.P.,  entities  that  have a class of
securities  registered  pursuant to Section 12(g) of the Securities Exchange Act
of 1934, or are subject to the reporting  requirements of Section 15 (d) of such
Act.

The board of directors of the Managing  General Partner does not have a separate
audit committee. As such, the board of directors of the Managing General Partner
fulfills  the  functions  of an audit  committee.  The  board of  directors  has
determined  that  Martha L. Long meets the  requirement  of an "audit  committee
financial expert".

The directors and officers of the Managing  General  Partner with authority over
the Partnership are all employees of subsidiaries of AIMCO.  AIMCO has adopted a
code of ethics that applies to such  directors  and  officers  that is posted on
AIMCO's  website  (www.AIMCO.com).   AIMCO's  website  is  not  incorporated  by
reference to this filing.

Item 10.    Executive Compensation

No  directors  or  officers  of  the  Managing   General  Partner  received  any
remuneration from the Partnership.

Item 11.    Security Ownership of Certain Beneficial Owners and Management

Except as noted below, as of December 31, 2004, no person or entity was known to
own of  record  or  beneficially  more  than  five  percent  of the Units of the
Partnership.

                                           Number of Units      Percentage

           AIMCO IPLP, L.P.                     48,033            43.83%
             (an affiliate of AIMCO)
           AIMCO Properties, L.P.               27,172            24.79%
             (an affiliate of AIMCO)

AIMCO IPLP,  L.P. is  indirectly  ultimately  owned by AIMCO.  Their  business
address is 55 Beattie Place, Greenville, SC 29602.

AIMCO  Properties,  L.P. is indirectly  ultimately  controlled  by AIMCO.  Its
business address is 4582 S. Ulster St. Parkway,  Suite 1100, Denver,  Colorado
80237.

No director or officer of the Managing General Partner owns any Units.

Item 12.    Certain Relationships and Related Transactions

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 payments to affiliates for
property   management  services  based  on  a  percentage  of  revenue  and  for
reimbursement  of  certain  expenses  incurred  by  affiliates  on behalf of the
Partnership.

During the years ended  December 31, 2004 and 2003,  affiliates  of the Managing
General  Partner  received 5% of gross  receipts  from all of the  Partnership's
properties as  compensation  for providing  property  management  services.  The
Partnership paid to such affiliates  approximately $322,000 and $434,000 for the
years  ended  December  31,  2004 and 2003,  respectively,  which is included in
operating expenses and loss from discontinued operations.

Affiliates of the Managing General Partner charged the Partnership reimbursement
of accountable  administrative  expenses amounting to approximately $245,000 and
$310,000 for the years ended December 31, 2004 and 2003, respectively,  which is
included in general and administrative  expenses and investment properties.  The
portion of these reimbursements  included in investment properties for the years
ended  December  31, 2004 and 2003 are fees related to  construction  management
services   provided  by  an  affiliate  of  the  Managing   General  Partner  of
approximately  $46,000 and $17,000,  respectively.  The construction  management
service  fees  are  calculated  based  upon a  percentage  of  additions  to the
investment   properties.   At  December  31,  2004,   approximately  $81,000  in
accountable  administrative  expenses  were due to an  affiliate of the Managing
General Partner and are included in due to affiliates.

As compensation for services rendered in managing the Partnership,  the Managing
General  Partner  is  entitled  to  receive   Partnership   management  fees  in
conjunction  with  distributions  of cash from  operations,  subject  to certain
limitations.  Approximately  $16,000 of fees were paid in  conjunction  with the
operating  distributions  made during the year ended December 31, 2003, which is
included in general and administrative  expenses. No such Partnership management
fees were earned or paid during the year ended December 31, 2004.

For services relating to the  administration of the Partnership and operation of
the  Partnership's  properties,  the  Managing  General  Partner is  entitled to
receive  payment for  non-accountable  expenses up to a maximum of $150,000  per
year  based  upon the  number of  Partnership  units  sold,  subject  to certain
limitations.  The Managing  General  Partner  earned and received  approximately
$27,000  and  $49,000  for  the  years  ended   December   31,  2004  and  2003,
respectively, which is included in general and administrative expenses.

NPI Equity,  on behalf of the Partnership and certain  affiliated  partnerships,
has established a revolving credit facility (the  "Partnership  Revolver") to be
used to fund deferred  maintenance  and working capital needs of the Partnership
and certain other  affiliated  partnerships in the National  Property  Investors
Partnership  Series.  The maximum draw  available to the  Partnership  under the
Partnership Revolver is $500,000. Loans under the Partnership Revolver will have
a term of 365 days, be unsecured and bear interest at the prime rate plus 2% per
annum. 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.  During the year ended
December 31, 2004, the Managing  General Partner  exceeded this credit limit and
advanced the  Partnership  approximately  $860,000 to pay  outstanding  accounts
payable at Fairway View I and Colony at  Kenilworth  Apartments  and real estate
taxes at Colony at Kenilworth  Apartments.  Interest  expense for the year ended
December 31, 2004 was approximately $17,000. At December 31, 2004, approximately
$877,000 in principal  and accrued  interest was included in due to  affiliates.
There were no such borrowings during the year ended December 31, 2003.

Upon the sale of the Partnership  properties,  NPI Equity 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
NPI Equity,  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 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,
non-compounded,  on their appraised investment in the Partnership at February 1,
1992.

The Managing  General Partner earned and received an Incentive  Compensation Fee
of approximately $114,000 as a result of the sale of Ski Lodge Apartments in May
2003. The Managing General Partner earned and received an Incentive Compensation
Fee  of  approximately  $64,000  as a  result  of the  sale  of  Alpine  Village
Apartments in June 2003.

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 years ended December 31, 2004 and 2003, the
Partnership  was charged by AIMCO and its affiliates  approximately  $98,000 and
$147,000,  respectively,  for insurance coverage and fees associated with policy
claims administration.

In addition to its indirect  ownership of the Managing  General Partner interest
in the Partnership,  AIMCO and its affiliates  owned 75,205 limited  partnership
units (the "Units") in the  Partnership  representing  68.62% of the outstanding
Units at December 31, 2004.  A number of these Units were  acquired  pursuant to
tender offers made by AIMCO or its affiliates.  It is possible that AIMCO or its
affiliates will acquire  additional  Units in exchange for cash or a combination
of cash and units in AIMCO Properties, L.P., the operating partnership of AIMCO,
either through private  purchases or tender offers.  Pursuant to the Partnership
Agreement,  unit  holders  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 68.62% of
the outstanding  Units,  AIMCO and its affiliates are in a position to influence
all such voting decisions with respect to the Partnership. However, with respect
to the 46,289 Units  acquired on January 19, 1996,  AIMCO IPLP,  L.P.,  formerly
known as Insignia  Properties,  L.P.  ("IPLP"),  an  affiliate  of the  Managing
General  Partner  and of AIMCO,  agreed  to vote such  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  vote  cast  by  third  party  unitholders.  Except  for  the
foregoing,  no other  limitations  are  imposed on IPLP's,  AIMCO's or any other
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.

Item 13.    Exhibits

            See Exhibit Index attached.

Item 14.    Principal Accountant Fees and Services

The Managing  General Partner has  reappointed  Ernst & Young LLP as independent
auditors to audit the financial  statements  of the  Partnership  for 2005.  The
aggregate  fees billed for  services  rendered by Ernst & Young LLP for 2004 and
2003 are described below.

Audit Fees. Fees for audit services  totaled  approximately  $44,000 and $62,000
for 2004 and 2003,  respectively.  Fees for audit services also include fees for
the reviews of the Partnership's Quarterly Reports on Form 10-QSB.

Tax Fees. Fees for tax services  totaled  approximately  $15,000 and $25,000 for
2004 and 2003, respectively.


<PAGE>


                                   SIGNATURES



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


                                    NATIONAL PROPERTY INVESTORS 6


                                    By:   NPI EQUITY INVESTMENTS, INC.
                                          Its Managing General Partner


                                    By:   /s/Martha L. Long
                                          Martha L. Long
                                          Senior Vice President


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


                                    Date: March 25, 2005


In  accordance  with the Exchange  Act, this report has been signed below by the
following  persons on behalf of the  Registrant and in the capacities and on the
date indicated.

/s/Harry G. Alcock            Director and Executive   Date: March 25, 2005
Harry G. Alcock               Vice President

/s/Martha L. Long             Director and Senior Vice Date: March 25, 2005
Martha L. Long                President

/s/Stephen B. Waters          Vice President           Date: March 25, 2005
Stephen B. Waters


<PAGE>



                                  EXHIBIT INDEX
Exhibit

 2.1              NPI, Inc.  Stock Purchase  Agreement  dated as of August 17,
                  1995,   incorporated  by  reference  to  Exhibit  2  to  the
                  Partnership's  Current  Report on Form 8-K dated  August 17,
                  1995.

 2.2              Partnership  Units Purchase  Agreement  dated as of August 17,
                  1995,  incorporated  by  reference  to Exhibit 2.1 to Form 8-K
                  filed by Insignia Financial Group, Inc.  ("Insignia") with the
                  Securities and Exchange Commission on September 1, 1995.

 2.3              Management  Purchase  Agreement  dated as of August 17,  1995,
                  incorporated  by reference to Exhibit 2.2 to Form 8-K filed by
                  Insignia   Financial  Group,  Inc.  with  the  Securities  and
                  Exchange Commission on September 1, 1995.

 3.4 (a)          Agreement of Limited Partnership,  incorporated by reference
                  to  Exhibit A to the  Prospectus  of the  Partnership  dated
                  January   12,   1983,    included   in   the   Partnership's
                  Registration Statement on Form S-11 (Reg. No. 2-80141).

     (b)          Amendments to Agreement of Limited  Partnership,  incorporated
                  by  reference  to  the  Definitive   Proxy  Statement  of  the
                  Partnership dated April 3, 1991.

     (c)          Amendments  to  the  Partnership  Agreement,  incorporated  by
                  reference to the Statement  Furnished in  Connection  with the
                  Solicitation of the Registrant dated August 28, 1992.

10.30             Multifamily Note dated June 27, 2001 between National Property
                  Investors 6, a California limited  partnership with respect to
                  Colony at Kenilworth Apartments,  and GMAC Commercial Mortgage
                  Corporation,   a  California  corporation.   (Incorporated  by
                  reference to the Partnership's Quarterly Report on Form 10-QSB
                  for the quarter ended June 30, 2001.)

10.32             Multifamily  Note dated September 27, 2001 between  National
                  Property Investors 6, a California limited  partnership with
                  respect   to  Place  du   Plantier   Apartments,   and  GMAC
                  Commercial Mortgage Corporation,  a California  corporation.
                  (Incorporated  by reference to the  Partnership's  Quarterly
                  Report on Form 10-QSB for the quarter  ended  September  30,
                  2001.)

10.33             Multifamily  Note dated  November  30, 2001  between  National
                  Property  Investors 6, a California  limited  partnership with
                  respect  to Fairway  View I  Apartments,  and GMAC  Commercial
                  Mortgage Corporation, a California corporation.  (Incorporated
                  by reference to the Partnership'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.




Exhibit 31.1


                                  CERTIFICATION


I, Martha L. Long, certify that:


1.    I have  reviewed  this annual  report on Form 10-KSB of National  Property
      Investors 6;

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:  March 25, 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




Exhibit 31.2


                                  CERTIFICATION


I, Stephen B. Waters, certify that:


1.    I have  reviewed  this annual  report on Form 10-KSB of National  Property
      Investors 6;

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:  March 25, 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  Annual  Report  on Form  10-KSB of  National  Property
Investors 6 (the  "Partnership"),  for the year ended December 31, 2004 as filed
with the Securities and Exchange  Commission on the date hereof (the  "Report"),
Martha  L.  Long,  as the  equivalent  of the  Chief  Executive  Officer  of the
Partnership,  and Stephen B. Waters,  as the  equivalent of the Chief  Financial
Officer of the Partnership, each hereby certifies, pursuant to 18 U.S.C. Section
1350,  as adopted  pursuant  to Section 906 of the  Sarbanes-Oxley  Act of 2002,
that, to the best of his knowledge:

      (1)   The Report fully complies with the  requirements of Section 13(a) or
            15(d) of the Securities Exchange Act of 1934; and

      (2)   The  information  contained in the Report  fairly  presents,  in all
            material respects, the financial condition and results of operations
            of the Partnership.


                                           /s/Martha L. Long
                                    Name:  Martha L. Long
                                    Date:  March 25, 2005


                                           /s/Stephen B. Waters
                                    Name:  Stephen B. Waters
                                    Date:  March 25, 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.