Residential For Sale
- Preston Terrace, Cedar Rapids, Iowa 52404
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Description

The Eagle’s Nest Apartments are a 5 – building, 33 – Unit / 131 – bedroom
apartment community located next to Kirkwood Community College. The
property is currently rented by the bedroom, appealing to students, and
features two different floor plans: 4 bed / 4 bath & 4 bed / 2 bath. The
6620 Preston Ct. SW building was constructed in 2022 and the other 4
buildings were constructed in 2004. The 6630 building includes an onsite
office. All units have been updated and remodeled. Units feature all-inclusive
utilities (including electricity, gas, and water), washer & dryer in unit, 100
mbps internet, new appliances, dishwasher, stove, refrigerator, gas furnace
with central AC, lawncare & snow removal. This provides a high-end living
experience at an affordable and attractive price to students. Proforma NOI is $523,599, representing a proforma cap rate of 7.81%.

Property Description

The Eagle’s Nest Apartments are a 5 – building, 33 – Unit / 131 – bedroom
apartment community located next to Kirkwood Community College. The
property is currently rented by the bedroom, appealing to students, and
features two different floor plans: 4 bed / 4 bath & 4 bed / 2 bath. The
6620 Preston Ct. SW building was constructed in 2022 and the other 4
buildings were constructed in 2004. The 6630 building includes an onsite
office. All units have been updated and remodeled. Units feature all-inclusive
utilities (including electricity, gas, and water), washer & dryer in unit, 100
mbps internet, new appliances, dishwasher, stove, refrigerator, gas furnace
with central AC, lawncare & snow removal. This provides a high-end living
experience at an affordable and attractive price to students. Proforma NOI is $523,599, representing a proforma cap rate of 7.81%.

Basic Details
Property Type:
Residential
Listing Type:
For Sale
Listing ID:
2500822
Price:
$6,700,000
Beds:
0
Total Full Baths:
0
Baths:
0
Half Bathrooms:
0
Construction Year:
2004
Lot Size:
2.90 Acre
Country:
US
State:
IA
County:
Linn
City:
Cedar Rapids
Zipcode:
52404
Status Category:
Active
Address Map
Street:
Preston Terrace
Street Number:
6620-6670
Floor Number:
0
Longitude:
W92° 20' 31.4''
Latitude:
N41° 54' 50.7''
More Information
Office Name:
Cushman & Wakefield Iowa Commercial Advisors
Agent Name:
Joshua Seamans
Elementary School:
College Comm
Jr./Middle School:
College Comm
High School:
College Comm
Directions:
Hwy 30 to Kirkwood Blvd. SW, South to 66 Ave. SW, West to Preston Terrace Ct. SW, at SW corner (behind Jimmy Johns)
Zoning:
S-RMF
Lot Dimensions:
126324
LA1Agent Logon Name:
SEAMANSJOSHU121
LA1Agent First Name:
Joshua
LA1Agent Last Name:
Seamans
LO1Main Office ID:
CCWICA
319.351.1111 - 250 Holiday Road, Coralville, IA 52241
Agent Information
Joshua Seamans
Cushman & Wakefield Iowa Commercial Advisors
02/03/2025
Hwy 30 to Kirkwood Blvd. SW, South to 66 Ave. SW, West to Preston Terrace Ct. SW, at SW corner (behind Jimmy Johns)
126324
Urban Acres Real Estate