Triple Net Lease
Description Tripple Net Lease
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Triple Lease File FAQ
A triple net lease is one of three types of net leases, a type of real estate lease where a tenant pays one or more additional expenses. Net leases generally include property taxes, property insurance premiums, or maintenance costs, and are often used in commercial real estate.
With a triple net lease, the tenant agrees to pay the property expenses such as real estate taxes, building insurance, and maintenance in addition to rent and utilities.A single net lease on a commercial property includes property taxes in addition to rent.
A net lease is a real estate lease in which a tenant pays one or more additional expenses.Double net leases include property taxes and insurance premiums, in addition to the base rent. A triple net lease includes property taxes, insurance, and maintenance costs, in addition to the base rent.
Net lease expenses payable by the tenant are typically divided into three categories: property taxes, insurance, and common area maintenance.
As the triple net property owner (unless otherwise specified in the NNN lease), you'll generally be responsible for maintaining and repairing these 3 main aspects of your building: Roof (repairs, maintenance, upgrades) Exterior Walls. Utility Repairs and Upkeep (for major things such as plumbing and electricity)
An NNN lease is the most common type of commercial lease and is commonly called a triple net lease. On an NNN lease, tenants pay additional expenses in addition to the lease fee, to the landlord or lessor. The NNN fees includes property taxes, property insurance and common area maintenance for a building (CAM).
The most obvious benefit of using a triple net lease for a tenant is a lower price point for the base lease. Since the tenant is absorbing at least some of the taxes, insurance, and maintenance expenses, a triple net lease features a lower monthly rent than a gross lease agreement.
A triple net lease might have some sort of cap, but likely, a tenant would be forced to cover rising taxes and insurance rates. Granted, this might not be much, but it could potentially cost a tenant a substantial amount of capital. Imagine tax or insurance changes over the course of a DECADE; it could be substantial.