Case Study

Multifamily

Oregon Multifamily Community Increases NOI by $66k Annually

Eugene, OR

Image of Multifamily property for Oregon Multifamily Community Increases NOI by $66k Annually

$1.1 MM in Added Property Value

Solutions Found:

Flood Expert Survey

LOMA

Solutions Value: $66,000+ in Annual Premium Savings | $1.1 Million in Added Property Value

NFE Solution: LOMA; FES

A cold call from National Flood Experts paid off big for an Oregon-based Property Management and Investment firm - to the tune of $66K in annual savings and a major boost to NOI and property value as well.

Based on area data, NFE's in-house research team pre-qualified the Client's multifamily asset in Eugene, OR, as having a high likelihood of cost-saving solutions. NFE contacted the company's Porfolio Manager to share more information about our services and what we thought may be possible for the property, and they were interested in exploring what solutions might be available.

For this Eugene, OR, multifamily property with 20 buildings impacted by the Special Flood Hazard Area (SFHA), NFE's engineering team conducted the initial desktop review, which confirmed the high likelihood that many, 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 all 20 buildings for a LOMA.

Upon approval by FEMA, the LOMA removed the 20 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 the entire property. As a result, the Client's flood insurance expenses decreased by more than $66,000 annually. This reduction improved the property's net operating income (NOI) and increased the property's value by approximately $1.1 million, assuming a 6% CAP Rate.

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