Case Study

Multifamily

Multifamily Property Adds $75K in Value

Texarkana, AR

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

$75K in Added Property Value

Solutions Found:

LOMA

Solutions Value: ≈$75,500 in Added Property Value | ≈$4,500 in Annual Premium Savings

NFE Solution: LOMA

During a cold call to a multifamily property in Texarkana, AR, the National Flood Experts (NFE) Account Representative discovered that the A flood zone clipped the building, and the owner was required by the lender to carry flood insurance, costing the property approximately $4,500 per year. The Client was interested in exploring options to reduce or remove the flood insurance expense for the property.

NFE provided a comprehensive solution to the Client's challenges. First, NFE gathered the relevant documents and performed the complimentary desktop engineering review, which qualified the building for removal from the Special Flood Hazard Area (SFHA) through a Letter of Map Amendment (LOMA).

The NFE team prepared an airtight case and submitted it to the Federal Emergency Management Agency (FEMA) for approval.

Thanks to NFE's efforts, the LOMA was approved, removing the buildings 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 more than $4,500 annually. This reduction improved the property's net operating income (NOI) and increased the property's value by an impressive $75,500, assuming a 6% CAP Rate.

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