Triple net leased property does not include any ‘extras’ in the monthly rent. A NNN lease is oftentimes used for free standing property that is occupied by a single tenant, such as a bank building, fast food outlet, or a convenience store.
The Three Ns
The letter ‘N’ means “net of” or excluding. The fixed monthly rent a tenant pays is net of the three major operating expenses of a commercial building:
Insurance on the building to cover damage or vandalism
Maintenance on the building, both interior and exterior, such as roof repairs, electrical and plumbing upkeep, and landscaping
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