6620 Preston Terrace Ct SW Cedar Rapids, IA 52404
Lincolnway Village NeighborhoodEstimated payment $40,815/month
About This Home
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 Details
Home Type
- Multi-Family
Est. Annual Taxes
- $54,007
Year Built
- Built in 2004
Lot Details
- 2.9 Acre Lot
Schools
- College Comm Elementary And Middle School
- College Comm High School
Community Details
- 33 Units
Listing and Financial Details
- Assessor Parcel Number 19161-77002-01000
Map
Home Values in the Area
Average Home Value in this Area
Property History
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 04/22/2025 04/22/25 | Price Changed | $6,500,000 | -3.0% | -- |
| 02/03/2025 02/03/25 | For Sale | $6,700,000 | 0.0% | -- |
| 08/07/2023 08/07/23 | For Rent | $475 | 0.0% | -- |
| 06/24/2023 06/24/23 | For Rent | $475 | 0.0% | -- |
| 06/14/2023 06/14/23 | For Rent | $475 | 0.0% | -- |
| 12/28/2022 12/28/22 | Price Changed | $475 | +11.8% | -- |
| 08/23/2022 08/23/22 | For Rent | $425 | 0.0% | -- |
| 01/31/2020 01/31/20 | Sold | $2,350,000 | +6.8% | $1,898 / Sq Ft |
| 12/06/2019 12/06/19 | Pending | -- | -- | -- |
| 12/06/2019 12/06/19 | For Sale | $2,200,000 | -- | $1,777 / Sq Ft |
Source: Cedar Rapids Area Association of REALTORS®
MLS Number: 2500822
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