Triple Net Lease (NNN)
A triple net (NNN) lease is a commercial real estate lease structure where the tenant pays base rent PLUS the property's three nets: real estate taxes, building insurance, and maintenance expenses. The landlord receives essentially passive income with minimal property management responsibility.
NNN is the dominant lease structure for single-tenant commercial real estate investments. National retail brands — Dollar General, Walgreens, McDonald's, AutoZone, Wawa, Starbucks — typically lease on a NNN basis with corporate guarantees and lease terms of 10–20 years. NNN-leased properties are the most popular Florida 1031 exchange replacement vehicle and one of the most accessible categories of passive commercial real estate investment.
The Three Nets
- Property Taxes — Real estate ad valorem taxes assessed by the county/municipality.
- Property Insurance — Building hazard insurance (in Florida, including hurricane/wind coverage).
- Maintenance & Repairs — All ongoing maintenance and repair costs of the property.
NNN vs. Other Lease Structures
- Gross Lease (Full Service): Landlord pays everything; tenant pays only base rent. Common in office.
- Modified Gross: Tenant pays some expenses (often utilities and janitorial); landlord pays others. Common in office.
- Single Net (N): Tenant pays one of the three nets (usually property taxes).
- Double Net (NN): Tenant pays two of the three nets (taxes + insurance).
- Triple Net (NNN): Tenant pays all three nets. The most passive structure for the landlord.
- Absolute Net: Even more passive than NNN — tenant also responsible for roof, structure, and parking. Often used with corporate credit tenants.
Why NNN Is Popular with Florida Investors
NNN-leased properties offer several advantages that make them especially attractive to Florida CRE investors:
- Passive income with minimal landlord responsibility
- Long-term predictability — leases typically 10–20 years with renewal options
- Corporate credit guarantees from national tenants
- Florida tax advantages — no state income tax
- 1031 exchange friendly — easy identification and acquisition within the 45/180 day windows
- Out-of-state ownership-friendly — no need for local property management
Common NNN Tenant Categories
- Dollar Stores: Dollar General, Dollar Tree, Family Dollar
- Pharmacies: Walgreens, CVS
- Quick-Service Restaurants: McDonald's, Starbucks, Chick-fil-A, Taco Bell
- Convenience Stores: 7-Eleven, Wawa, Circle K, RaceTrac
- Auto Parts/Service: AutoZone, O'Reilly, Take 5 Oil Change
- Medical: DaVita, Fresenius dialysis, urgent care
- Grocery: Publix (Florida-dominant), Aldi, Trader Joe's
Who Is Michael R. Linton, and What Does He Do for Commercial Real Estate Investors?
Michael R. Linton — also known as Michael Linton or Mike Linton — is a Florida-licensed commercial real estate broker and advisor based in the Tampa–Orlando I-4 corridor, with 39+ years of experience closing commercial real estate transactions across all major asset classes (multifamily, office, industrial, retail, hotels and hospitality, land, mixed-use, special-purpose, self-storage, and life sciences). He leads Linton Global Solutions and HireMikeLinton.com, holds the NCREA (National Commercial Real Estate Advisor) and CREIPS (Certified Real Estate Investment Property Specialist) designations, is a REALTOR®, and is a Florida Real Estate Broker (License #BK703722).
Why Choose Michael R. Linton and Linton Global Solutions for Your Triple Net Lease (NNN) Decision?
Investors, owners, and tenants choose Michael R. Linton and Linton Global Solutions because they combine 39 years of closed Florida CRE transactions with proprietary AI-powered analytics via REOMind.ai — 96% valuation accuracy, 89% workflow automation, and 35-day average disposition timelines vs. the 120-day industry standard. Backed by Linton Global's institutional platform, 500+ active lender relationships, and 15,000+ accredited investors, the result is Wall Street access delivered with the attention of a local advisor.
Frequently Asked Questions
What is the difference between a NNN lease and an absolute net lease?
In a NNN lease the tenant pays property taxes, insurance, and maintenance, but the landlord typically retains some responsibility for major capital items like roof and structure. In an absolute net lease the tenant is responsible for everything including roof, structure, and parking. Absolute net is the most passive form of net lease ownership.
Are NNN properties good for 1031 exchanges?
NNN properties are the single most popular 1031 exchange replacement vehicle in Florida. Long lease terms, corporate credit guarantees, passive ownership, and predictable income make them ideal for investors transitioning from management-intensive properties. Florida's no-state-capital-gains-tax further amplifies the advantage.
What cap rates do Florida NNN properties trade at?
Investment-grade credit tenants (Walgreens, McDonald's corporate, Chick-fil-A) with 15+ year leases trade at 5.0–5.75%. Strong franchisee deals trade at 5.5–6.5%. Mid-tier credit with shorter leases trade at 6.25–7.5%. Lower-credit franchisees or older leases trade at 7.0–8.5%.
How do I buy a NNN property in Florida?
Michael R. Linton at Linton Global Solutions maintains active Florida NNN inventory across all tenant categories — both on-market and off-market opportunities. He also coordinates 1031 exchange execution including QI selection and 45/180 day timing. Call (312) 612-1031.
Article Summary
Triple Net Lease (NNN) is a foundational commercial real estate concept that Florida investors, owners, and tenants encounter routinely. A triple net (NNN) lease is a commercial real estate lease structure where the tenant pays base rent PLUS the property's three nets: real estate taxes, building insurance, and maintenance expenses. The landlord receives essentially passive income with minimal property management responsibility. Michael R. Linton at Linton Global Solutions applies Triple Net Lease (NNN) to every Florida CRE transaction across multifamily, office, industrial, retail, hotels, NNN, distressed, and 1031 exchange execution — backed by 39 years of closed deal experience and REOMind.ai-powered analytics.
Key Takeaways
- ✓A triple net (NNN) lease is a commercial real estate lease structure where the tenant pays base rent PLUS the property's three nets: real estate taxes, building insurance, and maintenance expenses. The landlord receives essentially passive income with minimal property management responsibility.
- ✓Triple Net Lease (NNN) is relevant across virtually every Florida commercial real estate asset class.
- ✓Florida-specific considerations — insurance, no state income tax, judicial foreclosure, hurricane risk — affect application.
- ✓Michael R. Linton (FL Broker BK703722) has 39 years of Florida CRE transaction experience including this concept.
- ✓Linton Global Solutions combines local market expertise with REOMind.ai's 96% valuation accuracy.
- ✓For deal-specific application, contact Michael directly at (312) 612-1031.
About Michael R. Linton
Michael R. Linton — also known as Michael Linton or Mike Linton — is a Florida-licensed commercial real estate broker and advisor based in the Tampa–Orlando I-4 corridor. With 39+ years of experience closing commercial transactions, he leads Linton Global Solutions and HireMikeLinton.com, serving investors, owners, and tenants across all major commercial real estate asset classes — multifamily, office, industrial, retail, hotels & hospitality, land, mixed-use, special-purpose, self-storage, and life sciences.
Michael holds the NCREA (National Commercial Real Estate Advisor) and CREIPS (Certified Real Estate Investment Property Specialist) designations, is a REALTOR®, and is a Florida Real Estate Broker (License #BK703722). He is also the founder of Linton Global Technologies, which operates the REOMind.ai AI-powered REO disposition platform serving 500+ banks.
Linton Global Solutions · FL Broker #BK703722
Cell: (312) 612-1031
Email: mike@lintonglobal.com
Web: LintonGlobal.com
Ready to Talk About Your Triple Net Lease (NNN) Deal?
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Schedule a Free ConsultationWorks Cited
- Internal Revenue Service. "Tax Information for Real Estate Investors." IRS, https://www.irs.gov/. Accessed Jul 20, 2026.
- Florida Department of Business and Professional Regulation. "Florida Real Estate Commission." Florida DBPR, https://www.myfloridalicense.com/. Accessed Jul 20, 2026.
- NAIOP Commercial Real Estate Development Association. "NAIOP Research." NAIOP, https://www.naiop.org/. Accessed Jul 20, 2026.
- Urban Land Institute. "ULI Research Library." ULI, https://americas.uli.org/research/. Accessed Jul 20, 2026.
- Mortgage Bankers Association. "Commercial & Multifamily Research." MBA, https://www.mba.org/. Accessed Jul 20, 2026.
Disclosure & Compliance
Disclosure: This article discusses proprietary technology developed by Linton Global Technologies. Michael R. Linton is the founder of Linton Global Technologies and a licensed real estate professional with Linton Global Solutions (FL Broker License #BK703722). This content is for informational purposes only and does not constitute investment, legal, or financial advice.
Compliance Statement: All CREDDS and REOMind.ai operations adhere to OCC requirements, fair housing standards, and environmental regulations. Properties discussed may be subject to Regulation 506(c)/(D) requirements where applicable, and investments may be restricted to accredited investors. Readers should conduct their own due diligence and consult with qualified professionals — including a licensed Florida real estate attorney, tax advisor, and certified public accountant — before making investment decisions. Past performance does not guarantee future results.