6620-6670 Preston Terrace Court SW Cedar Rapids IA 52404
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6620-6670 Preston Terrace Court SW Cedar Rapids IA 52404
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%.
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