Case Study

Multifamily

Multifamily Property Saves $25K+

Chesapeake, VA

Image of Multifamily property for Multifamily Property Saves $25K+

$400,000 in Added Property Value

Solutions Found:

Flood Expert Survey

LOMA

Solutions Value: Over $25K in Lender Mandates Removed, Adding $400,000 in Property Value

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

A property buyer recently engaged National Flood Experts (NFE) to conduct a Flood Expert Survey (FES) on a multifamily property in Chesapeake, VA. Their due diligence revealed that the property was in a flood zone, causing insurance expenses to impact the underwriting numbers significantly. The property owner hoped to reduce the cost of insurance expenses and ultimately maximize profits.

The expert team at NFE did a thorough (and complimentary!) desktop engineering review of the property to identify potential cost savings. Ultimately, additional on-site data was required, and a FES was suggested to the Client, who agreed. After NFE's field team completed a comprehensive FES, the data determined that several buildings qualified for removal from the AE flood zone via a Letter of Map Amendment (LOMA).

The LOMA was completed successfully in a matter of weeks, saving the property owner over $25,000 in lender-mandated flood insurance. As a result, the property value increased by $400,000+ (assuming a 6% CAP rate).

A complimentary desktop engineering review is an excellent choice for any flood-zone property owner or buyer who wants to avoid underwriting challenges and explore potential cost savings.

The solutions provided by NFE allowed the Client to plan accurately for the property's future and maximize NOI.

View Other Case Studies

Image of Multifamily property for Multifamily Property Increases NOI by $10K

$166,000 in Added Property Value

Multifamily Property Increases NOI by $10K - Overland Park, KS

Discover how a multifamily property owner in Overland Park, KS, added approximately $166,000 in property value and increased NOI by nearly $10,000 by working with National Flood Experts (NFE) thanks to an introduction from their insurance broker.

Image of Industrial property for Industrial Storage Facility Reduces Annual Flood Insurance Premiums by $10K

$167,000 in Added Property Value

Industrial Storage Facility Reduces Annual Flood Insurance Premiums by $10K - Bonita Springs , FL

Learn how an industrial storage facility in Bonita Springs, FL, reduced annual flood insurance premiums by $10,000 and increased property value by $167,000. NFE provided a solution to overcome the financial challenges posed by updated FEMA maps by completing a meticulous Flood Expert Survey (FES) and qualifying 2 of 3 buildings for a Letter of Map Amendment (LOMA). Discover NFE's expertise in flood zone solutions and ability to deliver substantial savings.

Image of Multifamily property for Multifamily Property Removed from SFHA Prior to Renewal

$130K + in Added Property Value

Multifamily Property Removed from SFHA Prior to Renewal - La Porte, TX

Learn how NFE managed to obtain a LOMA approval within 48 hours of submission and helped a multifamily property in La Porte, TX avoid flood insurance renewal costs. NFE's commitment to exceptional customer service and ability to expedite projects proved to be a success.