New Jersey 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.
The main disadvantage of a triple net lease in commercial real estate is the higher monthly costs as opposed to those in double or single net lease structures.
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.
A triple net lease (also referred to as triple-net or NNN) obligates the tenant to pay a prorated share of the property expenses for the building insurance, real estate taxes, and common area maintenance (CAM) in addition to rent and utilities.
A conventional triple net lease (NNN lease) has a tenant being responsible for property taxes, insurance premiums and property maintenance costs. In contrast, the absolute net lease includes major building repairs.
In real estate, "NNN" is an abbreviation for the phrase "triple net lease." At its core, a triple net lease is a type of commercial lease structure that contains a provision saying that the lessee is responsible for covering certain costs associated with operating the property in addition to paying their base rent.