Queens New York Triple Net Lease

Name: Queens New York Triple Net Lease
Brand: US Legal Forms
Rating: 4.79 (499 reviews)

Category:

Landlord Tenant - Commercial Leases - Triple Net

State:

Multi-State

County:

Queens

Control #:

US-0101BG

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Instant download

Description

A triple net lease is a lease agreement on a property where the tenant or lessee agrees to pay all real estate taxes, building insurance, and maintenance (the three "Nets") on the property in addition to any normal fees that are expected under the agreement (rent, utilities, etc.).

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FAQ

A triple net lease, also known as an NNN Lease, is a lease in which the tenant agrees to pay their pro-rata share of all expenses associated with property maintenance, taxes, and insurance, in addition to a predetermined base rental rate. These expenses are commonly referred to as operating expenses.

Real estate subject to a triple net lease is sold on a cap rate based on the creditworthiness of the tenant. The cap rate is the capitalized annual rate of return that the marketplace requires for there to be a purchase of the property.

In general, a property with an 8% to 12% cap rate is considered a good cap rate. Like other rental property ROI calculations including cash flow and cash on cash return, what's considered "good" depends on a variety of factors.

Another advantage is that these leases tend to be quite flexible: caps to tax increases, insurance increases, etc. For the landlord, triple net leases can be a reliable source of income and have very few overhead costs. The landlord also does not have to play an active role in the management of the property.

From an investor standpoint, NNN Leases/Triple Net Leases offer a stable long-term real estate investment where the owner/investor has very little to do with the active management of the property. Normally, these leases are with credit worthy tenants with corporate guarantees.

NNN Cap Rate You will see all NNN properties for sale advertised with the cap rate, or capitalization rate, usually between 5.50% and 7.00%. This number is the level of equity return on your investment for a single year. A higher cap rate, which would indicate slightly more risk, typically provides a better ROI.

What Is a Good Cap Rate for Multifamily Investments? Multifamily properties have one of the lowest average cap rates of any property asset type due to its lower risk. Overall, a good cap rate for multifamily investments is around 4% 10%.

In general, cap rates tend to vary based on location (and can range anywhere from 4% to 7%, though most tend to be somewhere between 4.8% and 5.25%), according to a few different variables including: Geographical Location.

The triple net lease absolves the landlord of the most risk of any net lease. This means even the costs of structural maintenance and repairs must be paid by the tenantin addition to rent, property taxes, and insurance premiums.

Benefits of a Triple Net Lease 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.

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If selected, confirm your eligibility, provide documents to show you qualify for an apartment in the development. 4. Sign a lease or complete a purchase.This trend of NNN properties is growing in all sectors of CRE, not just in the retail real estate market nationwide. In this triple net lease, all operating expenses and utilities are passed through to the tenants in the Building. Double net residential leases may be more popular for retail store premises, especially in Manhattan, Queens, and Brooklyn. Find out if you may be eligible and apply for programs and services. The solution IS simply to build more houses. 'Levelling up' once again made an appearance in the Queen's speech on May 10th, part of a widereaching bill. Craig's remarks came on a levelling up panel on the first day of the threeday conference, held at the Royal Armouries in Leeds. Investor brings in former Greystar exec to lead rented housing drive.

Queens New York Triple Net Lease

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What is a triple net lease typically used for?

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What is a good cap rate for NNN?

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What is a triple net lease in Queens?

Why would someone opt for a triple net lease in Queens?

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Are property taxes included in a triple net lease in Queens?

Who is responsible for building insurance in a triple net lease in Queens?

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