Nassau New York Triple Net Lease for Industrial Property
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How to fill out Triple Net Lease For Industrial Property?
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FAQ
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.
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.
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.
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.
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.
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.
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.
NNN is a good investment vehicle because it's a source of passive income with minimal responsibilities for the landlord. Tenants also benefit from a lower base rental rate than a gross lease agreement.
In a triple net lease, op/ex consists of three main elements: property taxes, insurance and common area maintenance (CAM) fees. In a triple net lease, your annual rental obligation, called gross rent, will be your base rental rate plus operating expenses.
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.
