CrunchLease

Triple Net (NNN) Lease Calculator

See the true all-in cost of a triple net lease — base rent plus taxes, insurance, and CAM per SF and per month.

SF
$/SF/yr
$/SF/yr
$/SF/yr
$/SF/yr
Other recoverables
$/SF/yr
Management/admin fee landlords add to CAM, typically 10–15%.
%
%/yr
NNN charges float on actual expenses; this models expected growth.
%/yr
years

Occupancy cost (year 1)

NNN charges
$8.70 /SF/yr · $0.73 /SF/mo
NNN / month
$2,175
NNN / year
$26,100
All-in rent
$32.70 /SF/yr · $2.73 /SF/mo
All-in / month
$8,175
All-in / year
$98,100
Total obligation (5 yr)
$520,826
Base rentNNN
Yr 1 · Base rent: $72,000Yr 1 · NNN: $26,100Yr 1Yr 2 · Base rent: $74,160Yr 2 · NNN: $26,883Yr 2Yr 3 · Base rent: $76,385Yr 3 · NNN: $27,689Yr 3Yr 4 · Base rent: $78,676Yr 4 · NNN: $28,520Yr 4Yr 5 · Base rent: $81,037Yr 5 · NNN: $29,376Yr 5
Year-by-year NNN lease schedule
YearBase $/SFNNN $/SFGross $/SFMonthly $Annual $
1$24.00$8.70$32.70$8,175$98,100
2$24.72$8.96$33.68$8,420$101,043
3$25.46$9.23$34.69$8,673$104,074
4$26.23$9.51$35.73$8,933$107,197
5$27.01$9.79$36.80$9,201$110,412

Benchmarks reviewed 2026-07-08.

How triple net (NNN) leases work

In a triple net lease the tenant pays base rent plus its share of the “three nets” — property taxes, insurance, and common area maintenance (CAM) — on top of the quoted rate. The face rent a landlord advertises is only part of the story; the number that matters for budgeting is the all-in occupancy cost per square foot once the nets are added.

How to calculate NNN cost per square foot

Add the three nets to base rent to get the gross-equivalent rate, then multiply by your square footage:

NNN $/SF/yr    = taxes + insurance + CAM (× admin fee) + other recoverables
all-in $/SF/yr = base rent + NNN
annual cost    = all-in $/SF/yr × leased SF

If your landlord quotes building totals instead of per-SF rates, switch to Building totals mode: the calculator applies your pro-rata share (your SF ÷ building SF) before converting to a per-SF figure.

Worked example (defaults)

A 3,000 SF space at $24.00/SF base, with $3.50 taxes, $1.20 insurance, and $4.00 CAM, carries $8.70/SF/yr in NNN charges — an all-in $32.70/SF/yr, or $8,175/month and $98,100/year. With base rent and NNN each escalating 3% a year, the full five-year obligation is $520,826. Free rent or TI concessions would change the picture — model those in the Net Effective Rent Calculator.

What’s included in each “net”

Taxes and insurance are usually straightforward pass-throughs. CAM is where the negotiation lives: it can carry a management/admin fee (commonly 10–15%) and may or may not be capped. Drill into your CAM line with the CAM Charges Calculator, and if you’re weighing a build-out, the TI Allowance Calculator shows how improvement costs fold into rent.

Typical NNN expense ranges

Directional US ranges for a sanity check — market-dependent estimates, not fixed figures (Appendix A.5):

ExpenseTypical $/SF/yrNotes
Property taxes0.50–6.00+Varies widely by jurisdiction
Insurance0.05–1.00+Higher on the coasts / FL
CAM1.00–6.00 (retail)Fixed-rate CAM often ~$4.25/SF/yr; lower for industrial
CAM admin fee10–15%Well-established norm

Investors underwriting the building behind the lease will want the Cap Rate Calculator to turn this occupancy cost into value.

Frequently asked questions

What does NNN mean in a lease?

NNN stands for "triple net" — a lease where the tenant pays base rent plus the three nets: property taxes, building insurance, and common area maintenance (CAM). Instead of one all-inclusive rate, the tenant covers its share of these operating costs on top of rent, so the effective occupancy cost is higher than the quoted base rate alone.

Is NNN paid monthly or annually?

NNN charges are quoted as an annual $/SF figure but almost always billed monthly, alongside base rent, as an estimated amount. After year-end the landlord reconciles the estimates against actual expenses and issues a true-up bill or credit. Budget on the annual number, but expect to pay one-twelfth of it each month.

What's a typical NNN charge per square foot?

It varies widely by property type and market. As a directional range, property taxes run $0.50–$6.00+/SF, insurance $0.05–$1.00/SF, and CAM $1.00–$6.00/SF for retail (lower for industrial). Total NNN of $6–$12/SF is common for multi-tenant retail and office; always check the actual expense breakdown rather than assuming.

Who pays for roof and structure in a triple net lease?

It depends on the lease. In many "true" NNN leases the tenant covers nearly everything, but roof and structural repairs are frequently carved back to the landlord, especially in single-tenant deals. In multi-tenant buildings, structural costs are often excluded from CAM. Read the maintenance and exclusions clauses carefully — this is negotiable.

NNN vs gross lease — which is cheaper?

Neither is inherently cheaper — it depends on how the numbers are set. A gross lease bundles operating costs into one rate, so the landlord prices in a cushion; a NNN lease separates them, so you pay actual costs plus base rent. Compare the all-in $/SF of each. This calculator gives you the NNN all-in figure to put side by side with a gross quote.

Related calculators

CAM Charges Calculator Estimate your pro-rata share of common area maintenance and reconcile year-end true-ups. Net Effective Rent Calculator Turn face rent, free rent, and TI concessions into a single effective rent figure. Cap Rate Calculator Solve cap rate, value, or required NOI, and stress-test value with a sensitivity matrix.