A triple net lease, also referred to as a NNN lease or net lease, is the second most desired type of tenant lease for an investment property.

Triple net NNN leases can be single tenant or multiple tenant retail, restaurant, industrial or office properties.

Triple net lease leased properties offers the benefit for the landlord of less day to day management responsibilities. The tenants or tenants pay most of the expenses. Triple net still requires landlord intervention to calculate pro rata share of property taxes, insurance, common area maintenance in Multitenant properties and contributions to a capital expenses reserve for major capital expenses such as a new roof or repaving the parking lot.  Triple net leased properties are not completely hands off for the landlord.

What is are absolute net leases, which mean that the tenants direct pay or reimburse all expenses.

These are the most desired of investment properties and are very popular for 1031 exchange (upleg) replacement properties. These are the best for an out of area owner/landlord.

Absolute net properties can include C-stores such as 7-11, Circle K, Quick Trip, WAWA, Racetrack, Kum & Go, etc.   QSRs such as McDonalds, Chick Fila, Raising Cains, Burger King, Arby’s, Wendy’s, etc., are typically absolute net.  Auto service such as Jiffy Lube, Take 5, Express Oil Change are absolute net.


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