Case Study

Multifamily

Multifamily Property in Reidville, NC Realizes $120K Property Value Increase

Reidsville, NC

Image of Multifamily property for Multifamily Property in Reidville, NC Realizes $120K Property Value Increase

$120,000 in Added Property Value

Solutions Found:

Flood Expert Survey

LOMA

Solutions Value: ≈$120,000 in Added Property Value | ≈$7,200 in Annual Premium Savings

NFE Solution: FES; LOMA

The Client wanted to explore ways to reduce or eliminate flood insurance expenses for six properties they owned being impacted by lender requirements and pricey flood insurance premiums. Having worked with NFE in the past, their insurance agent referred this Client to us to review the properties and find solutions.

For this 10-building multifamily property in Reidsville, NC, NFE provided a comprehensive solution to the Client's challenges. First, NFE initiated a complementary desktop engineering review to identify potential avenues for removing the flood insurance mandate. Based on the initial 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 performed the FES and analyzed the findings, concluding that all ten buildings qualified for a LOMA. Leveraging their expertise, NFE prepared the case and submitted it to the Federal Emergency Management Agency (FEMA) for approval.

Thanks to NFE's efforts, the LOMA was approved, removing the property from the high-hazard 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's flood insurance expenses decreased by nearly $7,200 annually. This reduction instantly improved the property's net operating income (NOI) and increased the property's value by an impressive $120,000, assuming a 6% CAP rate.

This case further reinforces the impact that NFE's in-depth reviews have on property owners, especially those with multiple assets in assumed high-risk flood zones.

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