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.

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Maryland Yacht Club Saves $23K - Annapolis, MD

A Yacht Club in Annapolis, MD was alerted by the NFIP that their flood insurance policy was being non-renewed & they were shocked when the private carrier quote came in at $30,000+ annually. Their Insurance Agent called National Flood Experts to see if we could assist & our team went to work and provided $23K in Premium Savings.

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Lender Mandates Removed For A Multifamily Property in Spartanburg, SC - Spartanburg, SC

National Flood Experts (NFE) delivered substantial savings for a multifamily property owner in Spartanburg, South Carolina. Utilizing advanced research and practical solutions like Flood Expert Survey (FES) and Letter of Map Amendment (LOMA), NFE successfully removed four buildings from the Special Flood Hazard Area. This led to nearly $14,000 in annual flood insurance savings and an impressive $228,000+ boost in property value.

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≈$814K in Property Value Added

OH A-Zone Property Saves $48K In Annual Premiums - Lebanon, OH

Learn how National Flood Experts helped a top Affordable Housing Owners increase the value of their multifamily property in Lebanon, OH, by more than $814,000. Through NFE’s comprehensive engineering review, four buildings were successfully removed from the high-risk “A” flood zone, eliminating the lender mandate for flood insurance and decreasing annual expenses by $48,000+ while also increasing property value.