Collin Texas Space, Net, Net, Net - Triple Net Lease

State:
Multi-State
County:
Collin
Control #:
US-01668-AZ
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Word; 
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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.

Collin Texas Space, Net, Net, Net — Triple Net Lease is a commercial real estate term used to describe a specific type of lease agreement. It is commonly utilized in the Collin County area, located in Texas, where numerous businesses seek flexible lease options. A Net, Net, Net — Triple Net Lease (NNN Lease) refers to a rental agreement in which the tenant is responsible for paying not only the base rent but also covers additional expenses, including property taxes, insurance, and maintenance costs for the leased space. This lease structure allocates most of the financial obligations to the tenant, leaving the property owner with minimal responsibilities, ultimately minimizing their risk. In Collin Texas, numerous types of spaces can be leased under a Net, Net, Net — Triple Net Lease: 1. Retail Space: This type of space is commonly seen in shopping malls, strip centers, or standalone buildings, which house various retail businesses. Retail spaces under NNN leases benefit from high visibility and foot traffic, making them ideal for businesses looking to position themselves strategically in Collin Texas. 2. Office Space: Collin County boasts a thriving business community, creating high demand for office spaces. NNN office leases provide tenants with the freedom to customize their workspace according to their specific needs while assuming financial responsibility for property expenses. Offices located in business parks, office buildings, or mixed-use developments often offer this lease structure. 3. Industrial/Warehouse Space: With Collin Texas being a hub for logistics and distribution centers, industrial or warehouse spaces are in high demand. Under an NNN lease, tenants leasing such spaces bear the responsibility for both the rent and operating expenses, making it an attractive option for businesses requiring large storage or distribution facilities. 4. Medical Space: Collin County is home to several healthcare facilities, including hospitals, clinics, and medical offices. Medical spaces under NNN leases are ideal for healthcare professionals who want to establish their practices with the flexibility to customize their space while taking on the additional property-related costs. In conclusion, Collin Texas Space, Net, Net, Net — Triple Net Lease is a widely used lease agreement in the commercial real estate market. It offers tenants the flexibility to choose from various types of spaces, including retail, office, industrial/warehouse, and medical spaces, while assuming financial responsibility for property taxes, insurance, and maintenance expenses.

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  • Preview Space, Net, Net, Net - Triple Net Lease
  • Preview Space, Net, Net, Net - Triple Net Lease
  • Preview Space, Net, Net, Net - Triple Net Lease
  • Preview Space, Net, Net, Net - Triple Net Lease
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FAQ

A triple net lease is one of three types of net leases, a type of real estate lease where a tenant pays one or more additional expenses. Net leases generally include property taxes, property insurance premiums, or maintenance costs, and are often used in commercial real estate.

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.

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.

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.

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.

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.

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.

In a net lease, the tenant pays a portion or all of the taxes, insurance fees, and maintenance costs for a property in addition to rent. Net leases are commonly used in the commercial real estate sector.

A triple net lease (triple-Net or NNN) is a lease agreement on a property where the tenant or lessee agrees to pay all real estate taxes, building insurance, and maintenance (the three "nets") on the property in addition to any normal fees that are expected under the agreement (rent, utilities, etc.).

More info

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Collin Texas Space, Net, Net, Net - Triple Net Lease