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.
Orange California Space, Net, Net, Net - Triple Net Lease
State:
Multi-State
County:
Orange
Control #:
US-01668-AZ
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Word;
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FAQ
Drawbacks to a Triple Net Lease There is an inherent danger in using a triple net lease with regards to the unknown. Unexpected and substantial damage to the property could significantly increase your monthly maintenance and repair costs.
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. These expenses are in addition to the cost of rent and utilities.
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.
Lease Rate: $20.00 /SF NNN (Estimated NNN = $3.25/SF), meaning the base rental rate is $20.00 per square foot per year and the property expenses, which include property taxes and insurance, are estimated to be $3.25 per square foot per year, though they can fluctuate from year to 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. These expenses are in addition to the cost of rent and utilities.
The term "net lease" is distinguished from the term "gross lease". In a net lease, the property owner receives the rent "net" after the expenses that are to be passed through to tenants are paid.
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 single net lease, the tenant pays a lower base rent in addition to property taxes. Double net leases include property taxes and insurance premiums, in addition to the base rent. A triple net lease includes property taxes, insurance, and maintenance costs, in addition to the base rent.
Net lease A type of commercial real estate lease under which you typically pay for one incidental expense directly. In a single net lease, you usually pay the base rent plus property taxes (though in some cases, you might pay for insurance or utilities instead). The landlord pays all other expenses.
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.
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There are several ways to divvy up and charge tenants. Each increases the building's income.This Gross lease has fewer obligations for additional expenses to the tenant as compared to the Net version of this lease. I have a financial safety net in the form of my own savings. Abc.net. The 2601 Square Feet single family home is a 5 beds, 3 baths property. Anna's life is filled with designer clothes, private jets, and lavish getaways as money is no concern for the heiress. Of the 4. 2 million square feet of industrial space under construction in El Paso, almost half of it is speculative developments.