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 NJ & NY Multifamily Properties Save $105K+

$1.75MM+ in Added Property Value

NJ & NY Multifamily Properties Save $105K+ - Multiple, NY

In this case study, a New Jersey-based Commercial Real Estate Developer partnered with National Flood Experts (NFE) to reduce annual flood premiums and increase the property value of their multifamily properties in NJ & NY. NFE successfully removed flood insurance mandates from 15 buildings, resulting in approximately $105,000 in annual cost savings and over $17.5 million in increased property value.

Image of Multifamily property for Maximizing Property Value via Letter of Map Amendment

Flood Insurance Mandates Removed

Maximizing Property Value via Letter of Map Amendment - Longview, TX

Discover how a multifamily property investor improved the value and marketability of their flood-zone property through NFE's proactive outreach and innovative solutions. Despite not having a mortgage and lender requirement for flood insurance, the owner understood the benefits of obtaining a LOMA to boost property value and future market appeal.

Image of Multifamily property for Multifamily Property Adds $75K in Value

$75K in Added Property Value

Multifamily Property Adds $75K in Value - Texarkana, AR

Learn how National Flood Experts helped a client increase the value of their multifamily property in Texarkana, AR, by $75,500. Through NFE’s comprehensive engineering review, one building was successfully removed from the high-risk flood zone, eliminating the lender mandate for flood insurance and decreasing annual expenses by $4,500+ while also increasing property value.