Palm Beach Florida Triple Net Lease for Commercial Real Estate

Name: Palm Beach Florida Triple Net Lease for Commercial Real Estate
Brand: US Legal Forms
Rating: 4.77 (257 reviews)

Category:

Landlord Tenant - Commercial Leases

State:

Multi-State

County:

Palm Beach

Control #:

US-01668-AZ-4

Format:

Instant download

Description

This form is for the lease of a commercial building. The document also provides that this lease will in all respects be treated as a triple net lease with all costs and expenses paid for by the lessee, including, but not limited to, real and personal property taxes; fire, casualty, theft, and liability insurance; trash removal; water, gas, electricity and other utilities; repairs and maintenance and all improvements.

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FAQ

Triple Net Lease Expenses The tenant in a triple net lease pays for all three categories of expenses on top of his base rent, as well as his own personal insurance premiums, utilities, and for things such as janitorial services.

Example: $15/SF In most cases (at least on the east coast of the US) this means you will pay $15.00 per square foot per year. Example: $15 per square foot for 1200 square foot would be calculated $15.00 X 1200 = $18,000 for the year or ($15.00 X 1200)/12 = $1,500 per month.

Calculating a Triple Net Lease Triple net leases are calculated by adding the yearly taxes on the property and the insurance for the space together and dividing that amount by the building total rental square footage.

A triple net lease (triple-net or NNN) is a lease agreement on a property whereby the tenant or lessee promises to pay all the expenses of the property, including real estate taxes, building insurance, and maintenance. These expenses are in addition to the cost of rent and utilities.

Cons of a Triple Net Lease-Tenants Tax Liabilities: Because the tenant is responsible for annual property taxes in a triple net lease, this also means that they will be prone to all the liabilities of taxes as well, including fines and penalties for late or incorrect tax remittance.

A triple net leasesometimes referred to as an NNN lease, a net-net-net lease, or an absolute net leaseis a commercial leasing term that refers to a situation in which the tenant pays virtually all the operating expenses associated with maintaining the property he's renting.

In a Triple Net lease, the tenant pays a base rent plus all or part of the three netsproperty taxes, insurance, and common area expenses (CAMS). Common area utilities and operating expenses are usually lumped in as well (ie the cost of security or a front desk attendant).

Example of Calculating Monthly Rent in a NNN Lease Let's say an office building has a quoted rate of $30 NNN. This means that the rent is $30 per square foot per year PLUS the NNN. The estimated operating expenses (aka NNN) are $10 per square foot per year. The total yearly rent you would pay equals $40 sf per year.

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Palm Beach Florida Triple Net Lease for Commercial Real Estate

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What are the three units in a triple net lease?

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What is a triple net lease?

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