Case Study

Multifamily

LOMA Success for a Multifamily Property Clipped by a Floodway

Buckhannon, WV

Image of Multifamily property for LOMA Success for a Multifamily Property Clipped by a Floodway

≈$178K in Property Value Added

Solutions Found:

LOMA

Solutions Value: ≈$178,000 in Added Property Value | ≈$10,700 in Annual Premium Savings

NFE Solution: LOMA

This Client, a multifamily property owner, was not aware that individual properties could be reclassified from the SFHA so a cold call from National Flood Experts paid off big for their Buckhannon, WV, property that was pulled into the SFHA by a recent map update. When NFE contacted company leadership to share more information about our services and what we thought may be possible for their property, the Client was interested in exploring what solutions might be available.

Armed with data provided by the Client, NFE's engineering team performed the initial desktop review, which confirmed that the building would qualify for removal from the SFHA through a Letter of Map Amendment (LOMA).

Upon approval by FEMA, the LOMA removed the building from the SFHA and into an X Zone. 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 $10,700 annually. This reduction improved the property's net operating income (NOI) and increased the property's value by approximately $178,000, assuming a 6% CAP Rate.

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