Triple Net Lease
A Triple Net Lease (Net-Net-Net or NNN) is a real estate lease agreement where the tenant or the lessee bears all the ongoing property expenses including real estate taxes, building insurance and maintenance besides paying the rent and utilities fee. This form of lease is normally used for commercial freestanding buildings with a single tenant, and have a term of 10 years or more.
Triple net leases charge lower rents because the tenant assumes more responsiblilities of the property’s ongoing expenditures. Triple net leased properties generate a steady predictable income stream for the investors while the tenants pay lower rents than a standard lease.
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