Where do I get the NNN charges for a space?

Ask the landlord or broker for the current estimate of taxes, insurance and CAM per square foot, and last year's actual reconciliation.

Is NNN rent quoted per year or per month?

Usually per square foot per year. Multiply by the square feet and divide by 12 for the monthly amount.

What are single net and double net leases?

Steps between gross and triple net. Under single net (N) the tenant pays rent plus property taxes; under double net (NN), rent plus taxes and insurance. In both, the landlord still pays CAM. Definitions vary a little by region, so check the lease.

What is a modified gross lease?

A lease where the tenant pays rent plus some of the operating costs. Which ones varies by lease, so this calculator lets you set the tenant's share of CAM.

Can I compare two different spaces with this?

Yes. Run the calculator once per space and compare the all-in cost per month. Use the share link or Save this deal to keep each one.

Do NNN charges include utilities?

Usually not. Tenants typically pay their own space's utilities on top, under any lease type. Add them to your budget separately.

NNN vs gross lease calculator

A lower quoted rent isn't always cheaper. Compare gross, modified gross, single net, double net and triple-net (NNN) leases to see what a tenant really pays and what the landlord really keeps.

What this answers: Under a gross, modified gross or triple-net lease, what will the tenant really pay each month, and what does the landlord actually keep?

Start from an example, then change any number:

Cheapest for the tenant: Modified gross

$6,417/mo

The modified gross lease costs the tenant the least: $30.80/sq ft a year all-in, about $3,000 a year less than the gross lease. The landlord keeps the most under the gross lease ($22.50/sq ft). A $22.50 NNN rent would leave the landlord exactly where the gross lease does.

What the tenant pays each month, all-in

Gross$6,667
Modified gross · cheapest$6,417
Single net (N)$6,615
Double net (NN)$6,604
Triple net (NNN)$6,563

What the landlord keeps each year

Gross · most$56,250
Modified gross$53,250
Single net (N)$55,625
Double net (NN)$55,500
Triple net (NNN)$55,000

Taxes + insurance + CAM: $9.50/sq ft
Gross all-in: $32.00/sq ft
Modified gross all-in: $30.80/sq ft
Single net (N) all-in: $31.75/sq ft
Double net (NN) all-in: $31.70/sq ft
Triple net (NNN) all-in: $31.50/sq ft

Who pays what, per square foot per year

Gross$32.00 rent$32.00
Modified gross$27.00 rent + $3.80 CAM$30.80
Single net (N)$27.25 rent + $4.50 taxes$31.75
Double net (NN)$26.00 rent + $4.50 taxes + $1.20 insurance$31.70
Triple net (NNN)$22.00 rent + $4.50 taxes + $1.20 insurance + $3.80 CAM$31.50

Cost	Gross	Modified gross	Single net (N)	Double net (NN)	Triple net (NNN)
Base rent	$32.00	$27.00	$27.25	$26.00	$22.00
Property taxes	Landlord	Landlord	+ $4.50	+ $4.50	+ $4.50
Insurance	Landlord	Landlord	Landlord	+ $1.20	+ $1.20
CAM	Landlord	+ $3.80	Landlord	Landlord	+ $3.80
Tenant total	$32.00	$30.80	$31.75	$31.70	$31.50

NNN all-in cost$6,563/mo

How this is calculated

1Pass-through costs = property taxes + insurance + CAM, per square foot per year.
2Gross lease: the tenant pays only the rent. The landlord keeps rent − all pass-through costs.
3Modified gross: the tenant pays rent + its share of CAM. The landlord pays taxes, insurance and the rest of CAM.
4Single net (N): the tenant pays rent + taxes. Double net (NN): rent + taxes + insurance. The landlord pays whatever the tenant doesn't.
5Triple net (NNN): the tenant pays rent + taxes + insurance + CAM. The landlord keeps the rent.
6Every lease: the landlord also pays its unrecovered costs. Yearly totals = per-square-foot amounts × square feet; monthly = yearly ÷ 12.

Modified gross leases vary a lot: some pass through utilities or janitorial instead of CAM, and many use a base year in which the tenant pays only increases over the first year's costs. Read the lease's expense clause. Under NNN, rising taxes and insurance land on the tenant; under gross, on the landlord.

Learn more

Triple net (NNN), double net, single net and gross leases explained

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Words to know

Gross lease (full service): One rent covers everything. The landlord pays taxes, insurance and upkeep. Common for offices.
Modified gross lease: In between: the tenant pays rent plus some costs, often CAM, utilities or increases over a base year.
Triple net (NNN) lease: The tenant pays rent plus its share of the three "nets": property taxes, insurance and CAM. Common for retail and industrial.
Single net (N) lease: The tenant pays rent plus property taxes. The landlord pays insurance and upkeep. Not very common.
Double net (NN) lease: The tenant pays rent plus taxes and insurance. The landlord pays CAM, and often the roof and structure.
CAM (common area maintenance): Upkeep of shared spaces: parking lot, landscaping, snow removal, lighting, cleaning and repairs.
$ per square foot per year: How commercial rent is usually quoted. $24/sq ft/yr on 2,000 sq ft is $48,000 a year, or $4,000 a month.
Unrecovered costs: Costs the landlord can't bill to tenants under the lease, such as roof reserves, leasing commissions or vacancy costs.

Frequently asked questions

Where do I get the NNN charges for a space?: Ask the landlord or broker for the current estimate of taxes, insurance and CAM per square foot, and last year's actual reconciliation.
Is NNN rent quoted per year or per month?: Usually per square foot per year. Multiply by the square feet and divide by 12 for the monthly amount.
What are single net and double net leases?: Steps between gross and triple net. Under single net (N) the tenant pays rent plus property taxes; under double net (NN), rent plus taxes and insurance. In both, the landlord still pays CAM. Definitions vary a little by region, so check the lease.
What is a modified gross lease?: A lease where the tenant pays rent plus some of the operating costs. Which ones varies by lease, so this calculator lets you set the tenant's share of CAM.
Can I compare two different spaces with this?: Yes. Run the calculator once per space and compare the all-in cost per month. Use the share link or Save this deal to keep each one.
Do NNN charges include utilities?: Usually not. Tenants typically pay their own space's utilities on top, under any lease type. Add them to your budget separately.