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 Land property for Unlocking Potential: Transforming a Flood-Zone Property into a Lucrative Investment Opportunity

NFE Transforms Land Investment

Unlocking Potential: Transforming a Flood-Zone Property into a Lucrative Investment Opportunity - Buda, TX

Through meticulous assessment and expertise, National Flood Experts successfully confirmed the removal of 20.1 acres from the flood zone, effectively doubling the developable acreage of a parcel in Buda, TX. This game-changing solution not only increased the property value but also played a pivotal role in broadening the buyer pool.

Image of Multifamily property for  Reducing Insurance Costs and Boosting Property Value in a High-Risk Flood Zone

$108,000 in Added Property Value

Reducing Insurance Costs and Boosting Property Value in a High-Risk Flood Zone - Albuquerque, NM

Explore how a multifamily property in Albuquerque, NM, eliminated its annual flood insurance costs and how NFE’s Flood Expert Survey helped remove the property from the SFHA, raising the overall property value by over $108,000.

Image of Multifamily property for Lender Mandates Removed For A Multifamily Building in Oklahoma City, OK

$120,000 in Added Property Value

Lender Mandates Removed For A Multifamily Building in Oklahoma City, OK - Oklahoma City, OK

Discover how NFE successfully removed a multifamily building in Oklahoma, OK, from a complex A flood zone. After conducting a thorough Flood Expert Survey, we obtained FEMA's approval for a LOMA, saving the client nearly $7,200 per year on flood insurance and boosting property value by approx. $120,000.