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 Refinancing Saved, Excess Flood Insurance Mandate Removed, and $1MM+ in Property Value Added for Terre Haute, IN, Multifamily Property

$1MM+ in Added Property Value

Refinancing Saved, Excess Flood Insurance Mandate Removed, and $1MM+ in Property Value Added for Terre Haute, IN, Multifamily Property - Terre Haute , IN

Discover how a multifamily property owner in Terre Haute, IN, maximized refinancing and eliminated the need for excess flood insurance coverage. NFE’s engineering review helped the owners overcome restrictions, increase property value by a staggering $1MM+, and increase NOI by $65,250 annually - all in just under two weeks!

Image of Multifamily property for $59K Portfolio Savings in Virginia

$59,000 NOI Increase

$59K Portfolio Savings in Virginia - Pembroke, Pulaski, VA Beach, VA

Our team reviewed 13 multifamily buildings across three properties for a client in Virginia; after completing a Flood Expert Survey, our engineers analyzed data identifying $59K in portfolio savings

Image of Multifamily property for Wisconsin Multifamily Property Successfully Removed from SFHA

$175K in Added Property Value

Wisconsin Multifamily Property Successfully Removed from SFHA - Fond du Lac, WI

NFE successfully reclassified an entire Multifamily property in Fond du Lac, WI out of the high-hazard flood zone. Resulting in $11K year-over-year flood insurance savings and improving the property value by $175K!