Case Study

Multifamily

RI Affordable Housing Community Adds $142K in Property Value

North Kingstown, RI

Image of Multifamily property for RI Affordable Housing Community Adds $142K in Property Value

LOMA Success Saves $8.5K/Year

Solutions Found:

LOMA

Solutions Value: ≈$142,000 in Added Property Value | ≈$8,500 NOI Increase

NFE Solution: FES; LOMA; MODELING SERVICES

A cold call from National Flood Experts paid off big for a national nonprofit organization specializing in the professional management of affordable multifamily housing across the United States.

Based on past successful projects and area data, NFE's in-house research team pre-qualified several of the Client's properties as having a high likelihood of cost-saving solutions. NFE contacted the company's Director of Risk Management to share more information about our services and what we thought may be possible for their properties, and the Client was interested in exploring what solutions might be available.

For this North Kingstown, RI,, multifamily affordable housing property with seven buildings impacted by the Special Flood Hazard Area (SFHA), NFE's engineering team conducted the initial desktop review, which confirmed the high likelihood that several, if not all, of the A-Zone buildings would qualify for removal from the SFHA through a Letter of Map Amendment (LOMA). Due to the complex and understudied nature of A-Zones and to fully confirm the solution, additional property-specific data was required. The Client agreed to have NFE perform a Flood Expert Survey (FES) of the property. NFE's in-house Field Experts visited the property and meticulously collected all required data. After thoroughly reviewing the new data, and completing complex modeling, NFE's engineers qualified five of the seven buildings for a LOMA.

Upon approval by FEMA, the LOMA removed the five buildings from the SFHA and into an X Zone. With the LOMA in hand, the Client's lender released the mandate for flood insurance for those five buildings. As a result, the Client's flood insurance expenses decreased by more than $8,500 annually. This reduction improved the property's net operating income (NOI) and increased the property's value by approximately $142,000, assuming a 6% CAP Rate.

View Other Case Studies

Image of Commercial property for $1.8MM+ in Added Property Value for a Commercial Real Estate Portfolio. Huge!

$110K in Premium Savings

$1.8MM+ in Added Property Value for a Commercial Real Estate Portfolio. Huge! - Honolulu & Lahaina, HI

Read how NFE helped a commercial real-estate portfolio save over $110,000 in premiums and increase property value exceeding $1.8 million across several retail & hotel properties in Hawaii and California.

Image of Commercial property for Maryland Yacht Club Saves $23K

$23K in Premium Savings

Maryland Yacht Club Saves $23K - Annapolis, MD

A Yacht Club in Annapolis, MD was alerted by the NFIP that their flood insurance policy was being non-renewed & they were shocked when the private carrier quote came in at $30,000+ annually. Their Insurance Agent called National Flood Experts to see if we could assist & our team went to work and provided $23K in Premium Savings.

Image of Commercial property for YMCA Saves $18K

$18K in Savings for YMCA

YMCA Saves $18K - Wilton, CT

Helping our clients save $ is always fulfilling but assisting a YMCA in saving $18,000 per year on insurance premiums was even more satisfying!