Triple Net Rent Explained
Description
How to fill out Triple Net Commercial Lease Agreement - Real Estate Rental?
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FAQ
The 2,000 square feet represents 20% of the retail center's square footage. The base rent for the property for year one would be $40,000 per year. Because this is a triple net lease, the tenant is responsible for paying 20% of the landlord's operating expenses for the retail space (its pro rata share).
Cons of Triple Net Leases Tenants might invest some work and time in property management, from hiring repair companies to comparing and buying insurance and protesting taxes if needed. Some unexpected costs (in maintenance or tax liabilities, for example) may arise during the time of occupancy.
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.
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).