Illinois Triple-Net Office Lease of Commercial Building
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How to fill out Triple-Net Office Lease Of Commercial Building?
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FAQ
How to calculate a triple net lease. For a triple net lease, the lessee must pay the base rent, property taxes, insurance, and common area maintenance (CAM) expenses. These charges are often lumped into one estimated annual rate that the lessee is required to pay.
Primary tabs. Triple net lease (NNN) is normally a commercial lease where the lessee pays rent and utilities as well as three other types of property expenses: insurance, maintenance, and taxes.
The triple net (NNN) lease is a lease agreement structure where the tenant pays all of the operating expenses for the property. Therefore, they handle building insurance, property insurance, and real estate taxes on top of paying rent.
With a triple net lease (NNN), the tenant agrees to pay the property expenses such as real estate taxes, building insurance, and maintenance in addition to rent and utilities. Triple net leases are commonly found in commercial real estate.
NNN ? Triple Net ?This type of lease rate includes the base rental rate plus the three N's. One ?N? stands for property taxes, one for property insurance, and the final ?N? stands for common area maintenance (CAMs).
Triple net leases, though popular in commercial real estate, aren't without a few drawbacks. The main concern for a tenant is the higher monthly costs as opposed to those in double or single net lease structures.
How do you calculate the triple net lease? The NNN lease is computed as the sum of base rent amount, property maintenance charges, tax, and insurance divided by the total number of months in the year, i.e., 12.
NNN leases are computed by multiplying the total annual property taxes and insurance for the area by the entire rental square footage of the building. When a whole building is leased to one tenant, the procedure of computing a triple net lease is simpler.