Case Study

Multifamily

Multifamily Property in Salem, NJ, Achieves $7.5K NOI Boost

Salem, NJ

Image of Multifamily property for Multifamily Property in Salem, NJ, Achieves $7.5K NOI Boost

$125K in Added Property Value

Solutions Found:

LOMA

Flood Expert Survey

Solutions Value: $7.5K NOI Increase | $125K in Added Property Value

NFE Solution: LOMA; FES

The client, a multifamily investment and property management firm that had previously engaged in projects with National Flood Experts (NFE), was faced with significant flood insurance expenses for a property in Salem, NJ. Three buildings on the property were located in a high-hazard flood zone, and the lender was mandating flood insurance for the three buildings.

NFE provided a comprehensive solution to the client's challenges. First, NFE initiated a complimentary desktop engineering review of the property to identify potential avenues for removing the flood insurance mandate. Based on their assessment, NFE recommended conducting a Flood Expert Survey (FES) to gather property-specific data and confirm the eligibility for a Letter of Map Amendment (LOMA).

NFE conducted the FES and analyzed the findings, concluding that all three buildings on the property qualified for a LOMA. Leveraging their expertise, NFE prepared an air-tight case and submitted it to Federal Emergency Management Agency (FEMA) for approval.

Thanks to the efforts of NFE, the LOMA was approved, removing all three buildings from the flood zone and eliminating the lender requirement for flood insurance.

With the LOMA in hand, the client's lender released the mandate for flood insurance. As a result, the client experienced a significant reduction in annual insurance premiums, amounting to $7,500. This reduction instantly improved the property's net operating income (NOI) and increased the property's value by an impressive $125K.

The client's decision to engage with National Flood Experts (NFE) for this project demonstrates their trust in the company's expertise and ability to deliver results. By successfully removing the flood insurance mandate through the LOMA process, NFE showcased its commitment to providing effective flood zone solutions and delivering financial benefits to clients.

View Other Case Studies

Image of Multifamily property for New Mexico Multifamily Property Increases NOI by $18.6K

$310,000+ Added Property Value

New Mexico Multifamily Property Increases NOI by $18.6K - Bernalillo, NM

Learn how NFE's comprehensive review process eliminated lender mandates for flood insurance, saving a New Mexico multifamily property $18.6K annually while also increasing property value by $310K.

Image of Multifamily property for 17 of 21 Buildings Removed from SFHA

$50K+ in total savings

17 of 21 Buildings Removed from SFHA - Mobile, AL

NFE was successful in qualifying 17 of 21 multifamily buildings in Mobile, AL for removal from the SFHA, resulting in nearly $50K NOI increase for the property owners.

Image of Multifamily property for  LOMA Success for Randolph, MA, Affordable Housing Community

≈$123K in Property Value Added

LOMA Success for Randolph, MA, Affordable Housing Community - Randolph, MA

Explore how National Flood Experts helped an affordable housing community in Randolph, MA, increase the value of their property by nearly $137,000, remove lender mandates for several buildings, and improve annual NOI by $7,300+. Through NFE’s comprehensive engineering review, three buildings were successfully removed from the high-risk “A” flood zone.