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 Industrial property for Montana Utility Company Achieves LOMA Success

Industrial Property Achieve LOMA

Montana Utility Company Achieves LOMA Success - Helena, MT

A water management company worked with the team at NFE to secure a LOMA for their Helena, MT property. Clients have many reasons for seeking out NFE’s services, from lifting lender-mandated flood insurance via a letter of map amendment or reducing flood insurance policy premiums via insurance consulting; we are happy to help reduce expenses, boost NOI, and increase property value in whatever way we can!

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 Industrial property for LOMA Success for Nevada Self-storage Facility

$4K in Annual Savings Secured

LOMA Success for Nevada Self-storage Facility - Carson City, NV

Discover how a self-storage owner in Carson City, NV, saved more than $4K per year on one property by working with National Flood Experts (NFE).