UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   Form 10-QSB

(Mark One)
[X]   QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
      ACT OF 1934

                For the quarterly period ended March 31, 2005


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


             For the transition period from _________to _________

                         Commission file number 0-10412


                          NATIONAL PROPERTY INVESTORS 4
        (Exact name of small business issuer as specified in its charter)



         California                                         13-3031722
(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)

                                 (864) 239-1000
                           (Issuer's telephone number)


Check  whether the issuer (i) filed all reports  required to be filed by Section
13 or 15(d) of the  Exchange  Act during the past 12 months (or for such shorter
period that the  registrant  was required to file such reports) and (2) has been
subject to such filing requirements for the past 90 days.
Yes  X   No ___


                         PART I - FINANCIAL INFORMATION


ITEM 1.     FINANCIAL STATEMENTS



                          NATIONAL PROPERTY INVESTORS 4
                                  BALANCE SHEET
                                   (Unaudited)
                        (in thousands, except unit data)


                                 March 31, 2005

<TABLE>
<CAPTION>


Assets
<S>                                                                          <C>
   Cash and cash equivalents                                                 $ 126
   Receivables and deposits                                                      57
   Other assets                                                               1,051
   Investment property:
       Land                                                  $ 1,980
       Buildings and related personal property                 29,105
                                                              31,085
       Less accumulated depreciation                          (25,561)        5,524
                                                                            $ 6,758
Liabilities and Partners' Deficit
Liabilities
   Accounts payable                                                          $ 220
   Tenant security deposit liabilities                                          378
   Other liabilities                                                            424
   Due to affiliates (Note B)                                                   420
   Mortgage note payable                                                     27,631

Partners' Deficit
   General partner                                            $ (368)
   Limited partners (60,005 units
      issued and outstanding)                                 (21,947)      (22,315)
                                                                            $ 6,758

                See Accompanying Notes to Financial Statements
</TABLE>



<PAGE>





                          NATIONAL PROPERTY INVESTORS 4
                            STATEMENTS OF OPERATIONS
                                   (Unaudited)
                      (in thousands, except per unit data)

<TABLE>
<CAPTION>


                                                              Three Months Ended
                                                                March 31,
                                                         2005              2004
Revenues:
<S>                                                    <C>                <C>
   Rental income                                       $ 1,791            $ 1,893
   Other income                                            113                206
       Total revenues                                    1,904              2,099

Expenses:
   Operating                                               760                731
   General and administrative                               40                 90
   Depreciation                                            149                144
   Interest                                                504                513
   Property taxes                                          164                151
       Total expenses                                    1,617              1,629

Net income                                              $ 287              $ 470

Net income allocated to general partner (1%)             $ 3                $ 5

Net income allocated to limited partners (99%)             284                465
                                                        $ 287              $ 470

Net income per limited partnership unit                 $ 4.73            $ 7.75

Distribution per limited partnership unit                $ --             $ 8.18

                See Accompanying Notes to Financial Statements
</TABLE>



<PAGE>



                          NATIONAL PROPERTY INVESTORS 4
                    STATEMENT OF CHANGES IN PARTNERS' DEFICIT
                                   (Unaudited)
                        (in thousands, except unit data)

<TABLE>
<CAPTION>


                                     Limited
                                    Partnership     General       Limited
                                       Units        Partner      Partners       Total

<S>                                    <C>            <C>        <C>           <C>
Original capital contributions         60,005         $ 1        $ 30,003      $ 30,004

Partners' deficit at
   December 31, 2004                   60,005       $ (371)      $(22,231)     $(22,602)

Net income for the three months
   ended March 31, 2005                    --             3           284           287

Partners' deficit at
   March 31, 2005                      60,005       $ (368)      $(21,947)     $(22,315)

                See Accompanying Notes to Financial Statements

</TABLE>


<PAGE>




                          NATIONAL PROPERTY INVESTORS 4
                            STATEMENTS OF CASH FLOWS
                                   (Unaudited)
                                 (in thousands)

<TABLE>
<CAPTION>

                                                                   Three Months Ended
                                                                        March 31,
                                                                    2005         2004
Cash flows from operating activities:
<S>                                                                 <C>          <C>
  Net income                                                        $ 287        $ 470
  Adjustments to reconcile net income to net cash provided
   by operating activities:
     Depreciation                                                      149          144
     Amortization of loan costs                                         11           11
     Change in accounts:
      Receivables and deposits                                           7          (18)
      Other assets                                                      65           41
      Accounts payable                                                 154           (5)
      Tenant security deposit liabilities                              (17)          11
      Due to affiliates                                                 35           --
      Other liabilities                                                 32         (155)
        Net cash provided by operating activities                      723          499

Cash flows used in investing activities:
  Property improvements and replacements                              (547)         (59)

Cash flows from financing activities:
  Advance from affiliates                                               40           --
  Distribution to partners                                              --         (496)
  Payments on mortgage note payable                                   (224)        (206)
        Net cash used in financing activities                         (184)        (702)

Net decrease in cash and cash equivalents                               (8)        (262)
Cash and cash equivalents at beginning of period                       134          760
Cash and cash equivalents at end of period                          $ 126        $ 498

Supplemental disclosure of cash flow information:
  Cash paid for interest                                            $ 487        $ 502
Supplemental disclosure of non-cash flow information:
  Property improvements and replacements included
    in accounts payable                                             $ 53         $ --

At December 31, 2004,  $269,000 of property  improvements and replacements  were
included in accounts  payable  which are included in property  improvements  and
replacements during the three months ended March 31, 2005.

                See Accompanying Notes to Financial Statements
</TABLE>


                          NATIONAL PROPERTY INVESTORS 4
                          NOTES TO FINANCIAL STATEMENTS
                                   (Unaudited)


Note A - Basis of Presentation

The accompanying unaudited financial statements of National Property Investors 4
(the  "Partnership" or the  "Registrant")  have been prepared in accordance with
generally accepted accounting  principles for interim financial  information and
with  the  instructions  to Form  10-QSB  and Item  310(b)  of  Regulation  S-B.
Accordingly,  they do not include all of the information and footnotes  required
by generally accepted accounting  principles for complete financial  statements.
In the opinion of NPI Equity Investments, Inc. (the "Managing General Partner"),
all adjustments  (consisting of normal recurring accruals)  considered necessary
for a fair  presentation  have been  included.  Operating  results for the three
month period ended March 31, 2005, are not necessarily indicative of the results
that may be expected for the fiscal year ending  December 31, 2005.  For further
information, refer to the financial statements and footnotes thereto included in
the  Partnership's  Annual  Report on Form  10-KSB  for the  fiscal  year  ended
December 31, 2004.  The Managing  General  Partner is a subsidiary  of Apartment
Investment  and  Management  Company  ("AIMCO"),  a publicly  traded real estate
investment trust.

Note B - Transactions with Affiliated Parties

The Partnership has no employees and depends on the Managing General Partner and
its  affiliates  for  the  management  and  administration  of  all  partnership
activities.  The Partnership  Agreement  provides for payments to affiliates for
services and for  reimbursement  of certain  expenses  incurred by affiliates on
behalf of the Partnership.

Affiliates of the Managing  General  Partner  received 5% of gross receipts from
the  Partnership's  property for providing  property  management  services.  The
Partnership paid to such affiliates  approximately  $93,000 and $101,000 for the
three months ended March 31, 2005 and 2004,  respectively,  which is included in
operating expenses.

Affiliates of the Managing General Partner charged the Partnership reimbursement
of accountable  administrative  expenses amounting to approximately  $44,000 and
$48,000 for the three months ended March 31, 2005 and 2004, respectively,  which
is included in general and administrative  expenses and investment property. The
portion of these  reimbursements  included in investment  property for the three
months ended March 31, 2005 and 2004 are fees related to construction management
services   provided  by  an  affiliate  of  the  Managing   General  Partner  of
approximately $10,000 for both periods. The construction management service fees
are  calculated  based on a percentage  of current  additions to the  investment
property. At March 31, 2005, approximately $50,000 of accountable administrative
expenses were unpaid and are included in due to  affiliates on the  accompanying
balance sheet.

For services relating to the  administration of the Partnership and operation of
the Partnership's  property, the Managing General Partner is entitled to receive
payment for non-accountable  expenses up to a maximum of $100,000 per year based
upon the number of Partnership units sold, subject to certain  limitations.  The
Managing  General  Partner  received  payment  for  non-accountable  expenses of
approximately  $33,000  for the three  months  ended  March 31,  2004,  which is
included in general and administrative expenses. There were no such fees for the
three months ended March 31, 2005.

In  addition  to the amounts  discussed  above,  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. There were no such fees for the
three months ended March 31, 2005.  During the three months ended March 31, 2004
approximately  $11,000  was  paid in  conjunction  with the  distributions  from
operations and 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 $300,000. 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  (7.75%  at March  31,  2005).  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 the
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 three months  ended March 31,  2005,  the Managing
General Partner agreed to advance funds in excess of the Partnership Revolver to
fund redevelopment work at Village of Pennbrook Apartments and advanced $40,000.
Interest  expense  for the  three  months  ended  March  31,  2005  amounted  to
approximately  $10,000.  The balance payable at March 31, 2005 including accrued
interest is  approximately  $370,000 and is included in due to affiliates in the
Partnership's  balance sheet.  During the three months ended March 31, 2004, the
Partnership  did not  have any  borrowings  or  amounts  outstanding  under  the
Partnership Revolver.

The  Partnership  insures its  property 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 property above the AIMCO limits through
insurance  policies  obtained  by  AIMCO  from  insurers  unaffiliated  with the
Managing  General  Partner.  During the three months  ended March 31, 2005,  the
Partnership  was charged by AIMCO and its affiliates  approximately  $54,000 for
hazard insurance coverage and fees associated with policy claims administration.
Additional  charges  will be  incurred by the  Partnership  during 2005 as other
insurance policies renew later in the year. The Partnership was charged by AIMCO
and its  affiliates  approximately  $78,000  for  insurance  coverage  and  fees
associated with policy claims  administration during the year ended December 31,
2004.

Note C - Contingencies

In March 1998, several putative unit holders of limited partnership units of the
Partnership  commenced an action  entitled  Rosalie  Nuanes,  et al. v. Insignia
Financial Group, Inc., et al. (the "Nuanes action") in the Superior Court of the
State of  California  for the  County  of San  Mateo.  The  plaintiffs  named as
defendants,  among others,  the  Partnership,  its Managing  General Partner and
several of their  affiliated  partnerships  and corporate  entities.  The action
purported  to  assert  claims  on  behalf  of a class of  limited  partners  and
derivatively  on behalf  of a number  of  limited  partnerships  (including  the
Partnership)  that are named as nominal  defendants,  challenging,  among  other
things,  the  acquisition  of  interests  in certain  Managing  General  Partner
entities by Insignia Financial Group, Inc.  ("Insignia") and entities that were,
at one  time,  affiliates  of  Insignia;  past  tender  offers  by the  Insignia
affiliates to acquire limited partnership units;  management of the partnerships
by the  Insignia  affiliates;  and the series of  transactions  which  closed on
October 1, 1998 and February 26, 1999 whereby  Insignia and Insignia  Properties
Trust,  respectively,  were merged into AIMCO.  The plaintiffs  sought  monetary
damages and equitable relief, including judicial dissolution of the Partnership.
In addition,  during the third quarter of 2001, a complaint  captioned Heller v.
Insignia  Financial  Group (the  "Heller  action")  was filed  against  the same
defendants  that are named in the  Nuanes  action.  On or about  August 6, 2001,
plaintiffs filed a first amended  complaint.  The Heller action was brought as a
purported derivative action, and asserted claims for, among other things, breach
of fiduciary  duty,  unfair  competition,  conversion,  unjust  enrichment,  and
judicial  dissolution.  On January 28, 2002, the trial court granted  defendants
motion to strike the complaint.

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

On June 13, 2003, the court granted final approval of the settlement and entered
judgment in both the Nuanes and Heller actions.  On August 12, 2003, an objector
("Objector") filed an appeal (the "Appeal") seeking to vacate and/or reverse the
order approving the settlement and entering  judgment  thereto.  On May 4, 2004,
the Objector filed a second appeal  challenging the court's use of a referee and
its order requiring Objector to pay those fees.

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

The  Managing  General  Partner  does  not  anticipate  that  any  costs  to the
Partnership, whether legal or settlement costs, associated with these cases will
be material to the Partnership's overall operations.

AIMCO  Properties  L.P.  and NHP  Management  Company,  both  affiliates  of the
Managing  General  Partner,  are  defendants  in a  lawsuit  alleging  that they
willfully  violated  the Fair Labor  Standards  Act  ("FLSA")  by failing to pay
maintenance  workers  overtime for all hours worked in excess of forty per week.
The complaint  attempts to bring a collective action under the FLSA and seeks to
certify state subclasses in California,  Maryland, and the District of Columbia.
Specifically,  the  plaintiffs  contend  that  AIMCO  Properties  L.P.  and  NHP
Management Company failed to compensate  maintenance  workers for time that they
were  required  to be  "on-call."  Additionally,  the  complaint  alleges  AIMCO
Properties  L.P. and NHP  Management  Company  failed to comply with the FLSA in
compensating  maintenance  workers for time that they worked in  responding to a
call  while  "on-call."  The  defendants  have  filed an answer  to the  amended
complaint  denying the substantive  allegations.  Oral argument  relating to the
certification  of the  collective  action  took  place  on May 12,  2005 and the
parties await a ruling from the Court. 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 property 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 property,  the Partnership
could  potentially be liable for  environmental  liabilities or costs associated
with its property.

Mold

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

SEC Investigation

The  Central  Regional  Office of the  United  States  Securities  and  Exchange
Commission (the "SEC") is conducting a formal investigation  relating to certain
matters.  Although  the staff of the SEC is not limited in the areas that it may
investigate,   AIMCO  believes  the  areas  of  investigation   include  AIMCO's
miscalculated   monthly  net  rental  income  figures  in  third  quarter  2003,
forecasted  guidance,  accounts  payable,  rent  concessions,   vendor  rebates,
capitalization  of payroll and certain other costs and tax credit  transactions.
At the end of the first quarter of 2005, the SEC added certain tender offers for
limited partnership interests as an area of investigation.  AIMCO is cooperating
fully.  AIMCO is not able to predict  when the  investigation  will be resolved.
AIMCO does not believe  that the ultimate  outcome will have a material  adverse
effect  on its  consolidated  financial  condition  or  results  of  operations.
Similarly,  the  Managing  General  Partner  does not believe  that the ultimate
outcome  will have a  material  adverse  effect on the  Partnership's  financial
condition or results of operations.

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

The matters discussed in this report contain certain forward-looking statements,
including, without limitation, statements regarding future financial performance
and the effect of government  regulations.  Actual results may differ materially
from those described in the forward-looking statements and will be affected by a
variety of risks and factors including,  without limitation:  national and local
economic  conditions;  the terms of  governmental  regulations  that  affect the
Registrant and interpretations of those regulations; the competitive environment
in which the Registrant operates;  financing risks, including the risk that cash
flows from operations may be insufficient to meet required payments of principal
and interest;  real estate risks, including variations of real estate values and
the general  economic  climate in local markets and  competition  for tenants in
such markets;  litigation,  including  costs  associated  with  prosecuting  and
defending  claims  and  any  adverse   outcomes,   and  possible   environmental
liabilities.   Readers  should  carefully  review  the  Registrant's   financial
statements and the notes thereto,  as well as the risk factors  described in the
documents  the  Registrant  files  from  time to time  with the  Securities  and
Exchange Commission.

The Partnership's investment property consists of one apartment complex, Village
of Pennbrook Apartments,  located in Falls Township,  Pennsylvania.  The average
occupancy  was 88% and 96% for the three month  periods ended March 31, 2005 and
2004,  respectively.  The decrease in average  occupancy was due primarily to an
increase in competition in the local market.

The  Partnership's  financial  results depend upon a number of factors including
the ability to attract and maintain tenants at the investment property, interest
rates on mortgage  loans,  costs  incurred to operate the  investment  property,
general economic conditions and weather. As part of the ongoing business plan of
the  Partnership,  the  Managing  General  Partner  monitors  the rental  market
environment of its investment  property 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 which 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  realized net income of approximately  $287,000 and $470,000 for
the three  months ended March 31, 2005 and 2004,  respectively.  The decrease in
net income is attributable to a decrease in total revenues partially offset by a
decrease in total expenses.  Total revenues  decreased due to a decrease in both
rental and other income.  The decrease in rental income was due to a decrease in
occupancy as  discussed  above,  partially  offset by an increase in the average
rental rate at the  Partnership's  investment  property.  Other income decreased
primarily  due to a  decrease  in  utility  and cable TV  reimbursements  at the
property.

The  decrease in total  expenses is due to decreases in interest and general and
administrative  expenses partially offset by increases in operating and property
tax  expenses.   Depreciation  expense  remained  relatively  constant  for  the
comparable  periods.  Interest expense decreased due to the payment of scheduled
principal  payments on the mortgage  encumbering  the  Partnership's  investment
property, which has reduced the average outstanding balance over the past twelve
months  partially offset by an increase in interest on advances from affiliates.
Operating  expense  increased  due to an increase in  property  and  advertising
expenses.  Property expense increased due to an increase in salaries and related
expenses partially offset by a decrease in utility expenses at the Partnership's
investment  property.  Advertising  expense  increased due to an increase in web
advertising  and leasing  promotions.  Property tax expense  increased due to an
increase in the tax rate by the local taxing authorities at Village of Pennbrook
Apartments.

The  decrease  in general  and  administrative  expense is due to a decrease  in
Partnership Management Fees and non-accountable  reimbursements  associated with
distributions allowed under the Partnership Agreement.  Also included in general
and  administrative  expenses are reimbursements to the Managing General Partner
allowed under the  Partnership  Agreement  associated with its management of the
Partnership.  Costs associated with the quarterly and annual communications with
investors  and  regulatory  agencies,  and  the  annual  audit  required  by the
Partnership Agreement are also included.

Capital Resources and Liquidity

At March 31, 2005 the Partnership had cash and cash equivalents of approximately
$126,000 as compared to approximately  $498,000 at March 31, 2004. Cash and cash
equivalents decreased approximately $8,000 from December 31, 2004. This decrease
was due to  approximately  $547,000 and  $184,000 of cash used in investing  and
financing activities,  respectively,  partially offset by approximately $723,000
of cash  provided by operating  activities.  Cash used in  financing  activities
consisted  of  payments  on  the  mortgage   encumbering  Village  of  Pennbrook
Apartments  partially  offset  by an  advance  from  affiliates.  Cash  used  in
investing  activities consisted of property  improvements and replacements.  The
Partnership invests its working capital reserves in interest bearing accounts.

NPI Equity,  on behalf of the Partnership and certain  affiliated  partnerships,
has established a revolving credit facility (the  "Partnership  Revolver") to be
used to fund deferred  maintenance  and working capital needs of the Partnership
and certain other  affiliated  partnerships in the National  Property  Investors
Partnership  Series.  The maximum draw  available to the  Partnership  under the
Partnership Revolver is $300,000. 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  (7.75%  at March  31,  2005).  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 the
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 three months  ended March 31,  2005,  the Managing
General Partner agreed to advance funds in excess of the Partnership Revolver to
fund redevelopment work at Village of Pennbrook Apartments and advanced $40,000.
Interest  expense  for the  three  months  ended  March  31,  2005  amounted  to
approximately  $10,000.  The balance payable at March 31, 2005 including accrued
interest is  approximately  $370,000 and is included in due to affiliates in the
Partnership's  balance sheet.  During the three months ended March 31, 2004, the
Partnership  did not  have any  borrowings  or  amounts  outstanding  under  the
Partnership Revolver.

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 property to adequately maintain the physical assets
and other operating needs of the Partnership and to comply with Federal,  state,
and local  legal and  regulatory  requirements.  The  Managing  General  Partner
monitors  developments  in the  area of legal  and  regulatory  compliance.  For
example,  the  Sarbanes-Oxley  Act  of  2002  mandates  or  suggests  additional
compliance  measures  with  regard to  governance,  disclosure,  audit and other
areas.  In light of these changes,  the  Partnership  expects that it will incur
higher  expenses  related to compliance.  Capital  improvements  planned for the
Partnership's property are detailed below.

During  the  three  months  ended  March 31,  2005,  the  Partnership  completed
approximately   $331,000  of  capital   improvements  at  Village  of  Pennbrook
Apartments,  consisting  primarily  of  window,  floor  covering  and  appliance
replacements,  heating upgrades, and exterior painting.  These improvements were
funded from operating cash flow. The Partnership regularly evaluates the capital
improvement  needs  of  the  property.  The  Partnership  has  commenced  with a
$7,400,000  redevelopment  project  at  Village  of  Pennbrook  Apartments.  The
redevelopment project is to consist of major landscaping,  exterior upgrades and
structural improvements.  The project is to be financed with operating cash flow
and loans from an affiliate of the Managing  General  Partner  which will accrue
interest  at  prime  plus  2%.  Additional  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.

The routine  capital  expenditures  will be incurred  only to the extent of cash
available from  operations  and  Partnership  reserves.  To the extent that such
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 and potential  redevelopment costs referenced
above)  of  the   Partnership.   The  mortgage   indebtedness  of  approximately
$27,631,000  is being  amortized over 20 years and will mature in September 2021
at which time the mortgage is scheduled to be fully amortized.

Pursuant to the Partnership Agreement,  the term of the Partnership is scheduled
to expire on December  31,  2005.  The  Managing  General  Partner is  currently
evaluating an extension of the  Partnership's  term and expects to have any such
extension completed by the end of 2005.

The Partnership  distributed the following amounts during the three months ended
March 31, 2005 and 2004 (in thousands, except per unit data):
<TABLE>
<CAPTION>

                      Three Months      Per Limited      Three Months     Per Limited
                          Ended         Partnership         Ended         Partnership
                     March 31, 2005        Unit         March 31, 2004        Unit

<S>                       <C>              <C>              <C>              <C>
Operations                $ --             $ --             $ 496            $ 8.18
</TABLE>

Future  cash  distributions  will  depend on the levels of cash  generated  from
operations,  the timing of the debt maturity,  refinancing and/or property sale.
The  Partnership's  cash  available  for  distribution  is reviewed on a monthly
basis.  There can be no assurance that the Partnership will generate  sufficient
funds from operations after capital  expenditures to permit distributions to its
partners during the remainder of 2005 or subsequent  periods. As a result of the
costs associated with the redevelopment project at the Partnership's  investment
property, it is not expected that the Partnership will generate sufficient funds
from  operations to permit  distributions  until the loans  associated  with the
redevelopment project are satisfied.

Other

In addition to its  indirect  ownership of the general  partner  interest in the
Partnership,  AIMCO and its affiliates  owned 47,658 limited  partnership  units
(the "Units") in the Partnership representing 79.42% of the outstanding Units at
March 31, 2005. A number of these Units were acquired  pursuant to tender offers
made by AIMCO or its  affiliates.  It is possible  that AIMCO or its  affiliates
will acquire additional units of limited partnership interest in the Partnership
in exchange  for cash or a  combination  of cash and units in AIMCO  Properties,
L.P., the operating  partnership of AIMCO,  either through private  purchases or
tender offers.  Pursuant to the  Partnership  Agreement,  unitholders  holding a
majority of the Units are  entitled to take action with  respect to a variety of
matters which would  include  voting on certain  amendments  to the  Partnership
Agreement and voting to remove the Managing General Partner.  As a result of its
ownership  of  79.42%  of the  outstanding  Units,  AIMCO  is in a  position  to
influence  all such  voting  decisions  with  respect to the  Partnership.  With
respect to 26,466  units,  AIMCO IPLP,  L.P.  (previously  Insignia  Properties,
L.P.),  an affiliate of AIMCO,  is required to vote such Units:  (i) against any
increase  in  compensation  payable  to  the  Managing  General  Partner  or  to
affiliates;  and (ii) on all other matters submitted by it or its affiliates, in
proportion  to the  votes  cast by  non-tendering  unitholders.  Except  for the
foregoing,  no other  limitations  are imposed on AIMCO's or AIMCO IPLP,  L.P.'s
ability to influence voting decisions with respect to the Partnership.  Although
the Managing  General Partner owes fiduciary  duties to the limited  partners of
the  Partnership,  the Managing  General  Partner also owes fiduciary  duties to
AIMCO as its sole stockholder.  As a result,  the duties of the Managing General
Partner,  as  managing  general  partner,  to the  Partnership  and its  limited
partners may come into conflict with the duties of the Managing  General Partner
to AIMCO as its sole stockholder.

Critical Accounting Policies and Estimates

The financial  statements are prepared in accordance with accounting  principles
generally  accepted in the United States which require the  Partnership  to make
estimates and  assumptions.  The  Partnership  believes that of its  significant
accounting  policies,  the following may involve a higher degree of judgment and
complexity.

Impairment of Long-Lived Assets

The  Partnership's  investment  property is recorded at cost,  less  accumulated
depreciation,  unless considered impaired.  If events or circumstances  indicate
that the carrying amount of the 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  property.  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  an  impairment  of  the
Partnership's asset.

Revenue Recognition

The Partnership generally leases apartment units for twelve-month terms or less.
The Partnership will offer rental concessions during particularly slow months or
in response  to heavy  competition  from other  similar  complexes  in the area.
Rental income attributable to leases, net of any concessions, is recognized on a
straight-line  basis over the term of the lease.  The Partnership  evaluates all
accounts  receivable  from  residents and  establishes  an allowance,  after the
application of security deposits,  for accounts greater than 30 days past due on
current tenants and all receivables due from former tenants.

ITEM 3.     CONTROLS AND PROCEDURES

(a) Disclosure Controls and Procedures.  The Partnership's management,  with the
participation of the principal executive officer and principal financial officer
of the Managing  General  Partner,  who are the equivalent of the  Partnership's
principal executive officer and principal financial officer,  respectively,  has
evaluated  the  effectiveness  of  the  Partnership's  disclosure  controls  and
procedures (as such term is defined in Rules  13a-15(e) and 15d-15(e)  under the
Securities  Exchange Act of 1934, as amended (the "Exchange Act")) as of the end
of the period covered by this report.  Based on such  evaluation,  the principal
executive  officer  and  principal  financial  officer of the  Managing  General
Partner, who are the equivalent of the Partnership's principal executive officer
and principal  financial officer,  respectively,  have concluded that, as of the
end of such period,  the  Partnership's  disclosure  controls and procedures are
effective.

(b) Internal Control Over Financial  Reporting.  There have not been any changes
in the Partnership's  internal control over financial reporting (as such term is
defined in Rules  13a-15(f)  and  15d-15(f)  under the Exchange  Act) during the
fiscal quarter to which this report relates that have  materially  affected,  or
are reasonably likely to materially affect,  the Partnership's  internal control
over financial reporting.


                           PART II - OTHER INFORMATION


ITEM 1.     LEGAL PROCEEDINGS

In March 1998, several putative unit holders of limited partnership units of the
Partnership  commenced an action  entitled  Rosalie  Nuanes,  et al. v. Insignia
Financial Group, Inc., et al. (the "Nuanes action") in the Superior Court of the
State of  California  for the  County  of San  Mateo.  The  plaintiffs  named as
defendants,  among others,  the  Partnership,  its Managing  General Partner and
several of their  affiliated  partnerships  and corporate  entities.  The action
purported  to  assert  claims  on  behalf  of a class of  limited  partners  and
derivatively  on behalf  of a number  of  limited  partnerships  (including  the
Partnership)  that are named as nominal  defendants,  challenging,  among  other
things,  the  acquisition  of  interests  in certain  Managing  General  Partner
entities by Insignia Financial Group, Inc.  ("Insignia") and entities that were,
at one  time,  affiliates  of  Insignia;  past  tender  offers  by the  Insignia
affiliates to acquire limited partnership units;  management of the partnerships
by the  Insignia  affiliates;  and the series of  transactions  which  closed on
October 1, 1998 and February 26, 1999 whereby  Insignia and Insignia  Properties
Trust,  respectively,  were merged into AIMCO.  The plaintiffs  sought  monetary
damages and equitable relief, including judicial dissolution of the Partnership.
In addition,  during the third quarter of 2001, a complaint  captioned Heller v.
Insignia  Financial  Group (the  "Heller  action")  was filed  against  the same
defendants  that are named in the  Nuanes  action.  On or about  August 6, 2001,
plaintiffs filed a first amended  complaint.  The Heller action was brought as a
purported derivative action, and asserted claims for, among other things, breach
of fiduciary  duty,  unfair  competition,  conversion,  unjust  enrichment,  and
judicial  dissolution.  On January 28, 2002, the trial court granted  defendants
motion to strike the complaint.

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

On June 13, 2003, the court granted final approval of the settlement and entered
judgment in both the Nuanes and Heller actions.  On August 12, 2003, an objector
("Objector") filed an appeal (the "Appeal") seeking to vacate and/or reverse the
order approving the settlement and entering  judgment  thereto.  On May 4, 2004,
the Objector filed a second appeal  challenging the court's use of a referee and
its order requiring Objector to pay those fees.

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

The  Managing  General  Partner  does  not  anticipate  that  any  costs  to the
Partnership, whether legal or settlement costs, associated with these cases will
be material to the Partnership's overall operations.

AIMCO  Properties  L.P.  and NHP  Management  Company,  both  affiliates  of the
Managing  General  Partner,  are  defendants  in a  lawsuit  alleging  that they
willfully  violated  the Fair Labor  Standards  Act  ("FLSA")  by failing to pay
maintenance  workers  overtime for all hours worked in excess of forty per week.
The complaint  attempts to bring a collective action under the FLSA and seeks to
certify state subclasses in California,  Maryland, and the District of Columbia.
Specifically,  the  plaintiffs  contend  that  AIMCO  Properties  L.P.  and  NHP
Management Company failed to compensate  maintenance  workers for time that they
were  required  to be  "on-call."  Additionally,  the  complaint  alleges  AIMCO
Properties  L.P. and NHP  Management  Company  failed to comply with the FLSA in
compensating  maintenance  workers for time that they worked in  responding to a
call  while  "on-call."  The  defendants  have  filed an answer  to the  amended
complaint  denying the substantive  allegations.  Oral argument  relating to the
certification  of the  collective  action  took  place  on May 12,  2005 and the
parties await a ruling from the Court. Although the outcome of any litigation is
uncertain,  AIMCO  Properties,  L.P. does not believe that the ultimate  outcome
will have a material  adverse  effect on its  financial  condition or results of
operations.  Similarly,  the Managing  General Partner does not believe that the
ultimate  outcome  will have a  material  adverse  effect  on the  Partnership's
financial condition or results of operations.

ITEM 5.     OTHER INFORMATION

            None.

ITEM 6.     EXHIBITS

            See Exhibit Index.



<PAGE>



                                       20
                                   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 4


                                    By:   NPI EQUITY INVESTMENTS, INC.
                                          Managing General Partner


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


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


                                    Date: May 13, 2005

<PAGE>

                          NATIONAL PROPERTY INVESTORS 4

                                  EXHIBIT INDEX

Exhibit


2.1               NPI,  Inc.  Stock  Purchase  Agreement  dated as of August 17,
                  1995,  incorporated by reference 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              Agreement of Limited Partnership, incorporated by reference to
                  Exhibit A to the Prospectus of the Partnership dated September
                  20,  1983,  as  amended  on June 13  1989,  and as  thereafter
                  supplemented  contained  in  the  Partnership's   Registration
                  Statement on Form S-11 (Reg. No. 2-63733).

10.1              Agreement to Purchase Village of Pennbrook  Apartments dated
                  November 25, 1981 between the  Partnership  and SB Partners,
                  incorporated   by   reference   to  the   Exhibits   to  the
                  Partnership's  Current Report on Form 8-K dated November 25,
                  1981.

10.7              Multifamily  Note  dated  August  30,  2001,  by  and  between
                  National   Property   Investors   4,  a   California   limited
                  partnership,  and  GMAC  Commercial  Mortgage  Corporation,  a
                  California  corporation initially filed as Exhibit 10.7 to the
                  Registrant's  Form 10QSB for the quarter  ended  September 30,
                  2001 and incorporated herein by reference.

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  of  the  equivalent  of the  Chief  Executive
                  Officer and Chief  Financial  Officer  Pursuant to 18 U.S.C.
                  Section  1350,  as Adopted  Pursuant  to Section  906 of the
                  Sarbanes-Oxley Act of 2002.



<PAGE>




Exhibit 31.1


                                  CERTIFICATION


I, Martha L. Long, certify that:


1.    I have reviewed this quarterly report on Form 10-QSB of National  Property
      Investors 4;

2.    Based on my knowledge,  this report does not contain any untrue  statement
      of a material fact or omit to state a material fact  necessary to make the
      statements made, in light of the circumstances under which such statements
      were made,  not  misleading  with  respect  to the period  covered by this
      report;

3.    Based on my  knowledge,  the  financial  statements,  and other  financial
      information  included  in this  report,  fairly  present  in all  material
      respects the financial condition,  results of operations and cash flows of
      the small  business  issuer as of, and for, the periods  presented in this
      report;

4.    The  small  business  issuer's  other  certifying  officer(s)  and  I  are
      responsible  for  establishing  and  maintaining  disclosure  controls and
      procedures (as defined in Exchange Act Rules  13a-15(e) and 15d-15(e)) for
      the small business issuer and have:

      (a)   Designed such  disclosure  controls and  procedures,  or caused such
            disclosure   controls  and  procedures  to  be  designed  under  our
            supervision,  to ensure that  material  information  relating to the
            small business issuer, including its consolidated  subsidiaries,  is
            made  known to us by  others  within  those  entities,  particularly
            during the period in which this report is being prepared;

      (b)   Evaluated  the   effectiveness   of  the  small  business   issuer's
            disclosure  controls and procedures and presented in this report our
            conclusions about the  effectiveness of the disclosure  controls and
            procedures, as of the end of the period covered by this report based
            on such evaluation; and

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

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

      (a)   All significant  deficiencies and material  weaknesses in the design
            or operation of internal control over financial  reporting which are
            reasonably  likely to adversely  affect the small business  issuer's
            ability  to  record,   process,   summarize  and  report   financial
            information; and

      (b)   Any fraud,  whether or not  material,  that  involves  management or
            other  employees who have a significant  role in the small  business
            issuer's internal control over financial reporting.

Date:  May 13, 2005

                                    /s/Martha L. Long
                                    Martha L. Long
                                    Senior Vice  President   of  NPI  Equity
                                    Investments,  Inc.,   equivalent  of  the
                                    chief executive officer of the Partnership


<PAGE>



Exhibit 31.2


                                  CERTIFICATION


I, Stephen B. Waters, certify that:


1.    I have reviewed this quarterly report on Form 10-QSB of National  Property
      Investors 4;

2.    Based on my knowledge,  this report does not contain any untrue  statement
      of a material fact or omit to state a material fact  necessary to make the
      statements made, in light of the circumstances under which such statements
      were made,  not  misleading  with  respect  to the period  covered by this
      report;

3.    Based on my  knowledge,  the  financial  statements,  and other  financial
      information  included  in this  report,  fairly  present  in all  material
      respects the financial condition,  results of operations and cash flows of
      the small  business  issuer as of, and for, the periods  presented in this
      report;

4.    The  small  business  issuer's  other  certifying  officer(s)  and  I  are
      responsible  for  establishing  and  maintaining  disclosure  controls and
      procedures (as defined in Exchange Act Rules  13a-15(e) and 15d-15(e)) for
      the small business issuer and have:

      (a)   Designed such  disclosure  controls and  procedures,  or caused such
            disclosure   controls  and  procedures  to  be  designed  under  our
            supervision,  to ensure that  material  information  relating to the
            small business issuer, including its consolidated  subsidiaries,  is
            made  known to us by  others  within  those  entities,  particularly
            during the period in which this report is being prepared;

      (b)   Evaluated  the   effectiveness   of  the  small  business   issuer's
            disclosure  controls and procedures and presented in this report our
            conclusions about the  effectiveness of the disclosure  controls and
            procedures, as of the end of the period covered by this report based
            on such evaluation; and

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

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

      (a)   All significant  deficiencies and material  weaknesses in the design
            or operation of internal control over financial  reporting which are
            reasonably  likely to adversely  affect the small business  issuer's
            ability  to  record,   process,   summarize  and  report   financial
            information; and

      (b)   Any fraud,  whether or not  material,  that  involves  management or
            other  employees who have a significant  role in the small  business
            issuer's internal control over financial reporting.

Date:  May 13, 2005

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


<PAGE>


Exhibit 32.1


                          Certification of CEO and CFO
                       Pursuant to 18 U.S.C. Section 1350,
                             As Adopted Pursuant to
                Section 906 of the Sarbanes-Oxley Act of 2002



In  connection  with the  Quarterly  Report on Form 10-QSB of National  Property
Investors 4 (the  "Partnership"),  for the quarterly period ended March 31, 2005
as filed with the  Securities  and Exchange  Commission  on the date hereof (the
"Report"),  Martha L. Long, as the equivalent of the Chief Executive  Officer of
the Partnership, and Stephen B. Waters, as the equivalent of the Chief Financial
Officer of the Partnership, each hereby certifies, pursuant to 18 U.S.C. Section
1350,  as adopted  pursuant  to Section 906 of the  Sarbanes-Oxley  Act of 2002,
that, to the best of his knowledge:

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

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


                                           /s/Martha L. Long
                                    Name:  Martha L. Long
                                    Date:  May 13, 2005


                                           /s/Stephen B. Waters
                                    Name:  Stephen B. Waters
                                    Date:  May 13, 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.