What is a NNN lease?
A triple net lease (NNN lease) is a type of commercial real estate lease in which the tenant is responsible for paying all the operating expenses associated with the property, in addition to the rent. These operating expenses may include property taxes, insurance, maintenance, and repairs. In a NNN lease, the landlord is typically only responsible for the structural integrity of the building, and the tenant is responsible for everything else. This type of lease is often used for standalone commercial properties, such as gas stations or retail stores, where the tenant has a lot of control over the property and is able to make their own operating decisions. It is called a "triple net" lease because the tenant is responsible for paying three types of expenses: property taxes, insurance, and maintenance.
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