Double Net Vs Triple Net Lease
Description
How to fill out Triple Net Lease?
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FAQ
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.
The latter pays off maintenance charges, real estate insurance, and property taxes?in addition to rent. How do you calculate the triple net lease? The NNN lease is computed as the sum of base rent amount, property maintenance charges, tax, and insurance divided by the total number of months in the year, i.e., 12.
Key Takeaways In a single net lease, the tenant pays a lower base rent in addition to property taxes. Double net leases include property taxes and insurance premiums plus a base rent. A triple net lease includes property taxes, insurance, and maintenance costs.
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.