Case Study

Multifamily

11 of 15 Buildings Removed from Flood Zone

Lakewood, WA

Image of Multifamily property for 11 of 15 Buildings Removed from Flood Zone

$500K+ in Added Property Value

Solutions Found:

LOMA

Flood Expert Survey

Solutions Value: $36K+ Year-Over-Year Savings, Adding $500K in Added Property Value. Massive!

NFE Solution: LOMA (Letter of Map Amendment) & Flood Expert Survey (FES)

A multifamily property, located in Lakewood, WA, faced a significant financial challenge when the flood zone mandate required them to have expensive flood insurance premiums for 11 out of 15 buildings. After the initial review by the National Flood Experts (NFE) team, it was determined that all 11 of these buildings may be able to be removed from the 100 Yr flood zone and no longer be required for flood insurance. Additional data was required and it was recommended to conduct a Flood Expert Survey (FES) with a better than 50% chance of success in fully qualifying all 11 buildings.

With data from the FES and the analysis from the NFE engineering team, the LOMA project was approved by FEMA with all 11 buildings being reclassified from the AE flood zone to the X zone, resulting in the insurance mandate being removed. $36,000 in immediate cost savings were created for the property owners!

The project resulted in a remarkable increase in Net Operating Income (NOI) for the property, boosting its overall value by over $500,000! On top of that, by removing the lender mandate, we have eliminated a future hurdle in the property's disposition process, ensuring a smooth and hassle-free experience for future buyers.

View Other Case Studies

Image of Multifamily property for Houston Multifamily Property Saves Over $31K in Premiums

$500,000 in Added Property Value

Houston Multifamily Property Saves Over $31K in Premiums - Houston, TX

Learn how NFE's Flood Expert Survey helped a multifamily property in Houston, FL achieve LOMA compliance, remove additional buildings from the flood zone, save over $31k in flood insurance premiums, and increase property value by $500k.

Image of Industrial property for Flooring Showroom Saves Nearly $9K in Premiums

$9,000 in Premium Savings

Flooring Showroom Saves Nearly $9K in Premiums - Fort Myers, FL

NFE's field work and engineering expertise, led to significant cost savings for a wood flooring companies' Fort Myers, FL location, adding major value to their property. Read more to explore NFE's cost-saving solutions for your properties in flood zones.

Image of Industrial property for Storage Facility in Hixson, TN Reduces Flood Insurance Premiums by $11.3K

$184K in Added Property Value

Storage Facility in Hixson, TN Reduces Flood Insurance Premiums by $11.3K - Hixson, TN

Read how National Flood Experts helped an industrial storage facility in Hixson, TN, achieve cost-cutting solutions and overcome financial strain caused by high flood insurance premiums. Through a comprehensive review process, NFE saved the client over $11,000 annually and increased their property value by $184,000. Discover how NFE's expertise and strategic recommendations transformed the client's financial position and set them up for long-term success.