Triple Net (NNN) Lease NOI Calculator
Triple net leases (NNN) shift property tax, insurance, and maintenance from landlord to tenant — making rental income nearly pure profit. Calculate the NOI difference between NNN, NN, and gross leases.
Triple Net (NNN) Definition
NNN leases shift all property expenses to tenant: property tax, insurance, maintenance, repairs, utilities. Landlord receives net rent with no operating expense leakage. Common in single-tenant retail (Dollar General, Walgreens, Starbucks). Lease terms typically 10-20 years with rent escalations.
NN vs NNN vs Gross
Gross lease: tenant pays only base rent; landlord pays all expenses. Highest cap rates but most operational risk. NN: tenant pays property tax + insurance; landlord pays maintenance. NNN: tenant pays everything. Absolute NNN (ANNN): even structural repairs are tenant's responsibility. Cap rates decline as more expense risk shifts to tenant.
NNN Investment Profile
NNN single-tenant retail is the most passive form of commercial real estate. Long-term credit-tenant leases (Dollar Tree, CVS) provide 15-20 year predictable cash flow. Trade-offs: lower yields than multifamily, single-tenant concentration risk, lease rollover risk in years 15-20.
Source: NAREIT NNN REIT benchmarks, Real Capital Analytics single-tenant net lease database, CCIM Institute investment analysis. Last updated: May 2026.