California Triple-Net Office Lease of Commercial Building
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How to fill out Triple-Net Office Lease Of Commercial Building?
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FAQ
Landlords typically cover major structural repairs, property taxes, insurance costs, and common area maintenance. However, it's important to carefully negotiate lease terms and consider potential risks and expenses associated with triple net leases.
Triple net leases, though popular in commercial real estate, aren't without a few drawbacks. The main concern for a tenant is the higher monthly costs as opposed to those in double or single net lease structures.
How to calculate a triple net lease. For a triple net lease, the lessee must pay the base rent, property taxes, insurance, and common area maintenance (CAM) expenses. These charges are often lumped into one estimated annual rate that the lessee is required to pay.
With a triple net lease (NNN), the tenant agrees to pay the property expenses such as real estate taxes, building insurance, and maintenance in addition to rent and utilities. Triple net leases are commonly found in commercial real estate.
Triple nets are typically calculated by projecting the total amount of expenses for the coming year, dividing it by the total rentable square footage of the building, and then dividing that by 12. This calculation gives you a monthly dollar-per-square-foot amount to charge each tenant.
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).
The triple net (NNN) lease is a lease agreement structure where the tenant pays all of the operating expenses for the property. Therefore, they handle building insurance, property insurance, and real estate taxes on top of paying rent.
NNN leases are computed by multiplying the total annual property taxes and insurance for the area by the entire rental square footage of the building. When a whole building is leased to one tenant, the procedure of computing a triple net lease is simpler.
