NNN Lease or Net-Net-Net (Triple Net) Lease DefinitionIn an Absolute NNN lease, the tenant pays for property taxes, insurance and maintenance in addition to the rent. Most triple net properties are for a single tenant and are long term (5 yrs or more). This is considered a very desirable investment because the owner basically has no management or maintenance issues; they are the responsibility of the tenant. These items are negotiable, so read the leases carefully. Even though a property may be advertised as a triple net, until you read the lease you will not know. Some well known companies that are usually triple net are Walgreen's and CVS pharmacies.
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