What is an NNN (Triple Net) Lease?
In a triple net (NNN) lease, the tenant pays:
- ✓Base rent (to the landlord)
- ✓Property taxes (the first "net")
- ✓Building insurance (the second "net")
- ✓Maintenance costs (the third "net")
- ✓Result: The landlord receives truly passive income - no surprise expenses
NNN vs. Gross vs. Modified Gross Leases
Commercial leases vary widely in who pays operating expenses:
- ✓Gross lease: Landlord pays all operating expenses; tenant pays flat rent - most common in office
- ✓Modified gross: Shared responsibility - negotiated case by case
- ✓Single net (N): Tenant pays property taxes only
- ✓Double net (NN): Tenant pays taxes + insurance
- ✓Triple net (NNN): Tenant pays taxes + insurance + maintenance - most common in retail
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