Case Study

Multifamily

New Mexico Multifamily Property Increases NOI by $18.6K

Bernalillo, NM

$310,000+ Added Property Value

Solutions Found:

Flood Expert Survey

LOMA

Solutions Value: $18.6K+ in Annual Savings Premium and $310K+ in Added Property Value

NFE Solution: FES; LOMA

A multifamily property management company with a footprint throughout Arizona, Colorado, New Mexico, Texas, and Utah, faced rising flood insurance premiums for one of their properties in Bernalillo, NM. Seeking a solution, the CFO contacted National FLood Experts (NFE) after meeting the NFE team at a multifamily conference.

NFE went to work, completing a desktop engineering review of the six buildings mandated to carry flood insurance. The desktop review indicated a strong chance for a Letter of Map Amendment (LOMA) for the property, but additional property-specific data was required to confirm the solution. The client agreed to the recommended Field Expert Survey (FES), and NFE's field team traveled to New Mexico to gather the required data.

Based on the gathered data, NFE's engineering team determined that the buildings qualified for flood zone removal through the LOMA process. To support the LOMA application, NFE compiled and submitted all the required documents and other relevant data required by FEMA, working closely with the client to ensure the accuracy and completeness of the submission.

All six (6) buildings were successfully removed from the Special Flood Hazard Area (SFHA), and the lender mandate for flood insurance coverage was eliminated, resulting in significant cost savings of over $18,600 in annual premiums while improving the overall property value, by an estimated to be over $310,000 - A MASSIVE WIN!

View Other Case Studies

Image of Multifamily property for Refinance Requirement for Flood Insurance Avoided

Slashing Refinance Red Tape

Refinance Requirement for Flood Insurance Avoided - Boise, ID

Discover how a multifamily property owner in Dover, DE, eliminated the need for flood insurance coverage while maximizing their refinance. NFE’s engineering review helped the owners overcome restrictions while also increasing 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 Commercial property for Lahaina, HI Property Saves $73K

$73K NOI Increase

Lahaina, HI Property Saves $73K - Lahaina, HI

In gorgeous Lahaina, HI, on the island of Maui, our team identified ≈ $73,000 in cost savings for a commercial property less than a stone's throw from the shores of the Pacific Ocean.