How Get Green NOI Added $12.7mm of Value To a Multifamily Community in Florida
A 90’s vintage garden-style Florida multifamily community’s utility expenses were out of control.
They tried every trick in the book but to no avail.
Finally, they reached out to Get Green NOI to perform its proprietary Green Energy Audit, which identified four potential solutions:
1. Convert the common area/exterior lighting to LED
2. Replace all interior plumbing fixtures with low-flow alternatives
3. Construct Solar Carports in the parking lot + Solar Pergolas in the exterior amenities
4. Install five revenue-generating level-two dual port EV Charging Stations
Combined, the four solutions projected a $474,954 increase in NOI through energy + material savings, rebates, and new revenue streams:
- LED Lighting
- Energy Savings: $26,101
- Material Savings: $30,161
- Low Flow Plumbing Fixtures
- Water Bill Savings: $200,138
- Water Rebate: $32,760
- Solar Carports + Solar Pergolas
- Premium Carport Parking Revenue: $9,000
- Energy Savings: $14,334
- Solar Tax Credit: $88,487
- Solar MACRS Depreciation: $62,179
- EV Charging Stations
- Revenue: $11,794
As a turnkey provider, Get Green NOI simultaneously executed all four projects for the community in less than two months.
We always joke with our clients that the hardest part of working with us is singing the DocuSign…
Fast forward twelve months post-execution:
The community actually realized a $574,694 increase in NOI through the above improvements, increasing the value by $12.7mm (4.5% Cap Rate).
But that’s not all:
- Renewal rates, resident satisfaction surveys, and Google Reviews received a huge boost.
- Prospective residents were in awe of the community’s dedication to Green Energy during leasing tours.
- The on-site maintenance team was thrilled with the decrease in deferred maintenance work orders.
- Community crime plummeted thanks to improved lighting.
- Leasing is at an all-time high as the only comp in the market with EV Charging Stations.
This is just one example out of thousands we’ve completed for clients nationwide.
