Absolute NNN Lease
An absolute NNN lease is the most landlord-favorable structure: beyond taxes, insurance, and maintenance, the tenant also bears roof, structure, and parking-lot responsibility, leaving the landlord with zero operating or capital duties. It is the purest expression of passive real estate ownership. In this offering, the Caliber Collision (Aubrey, TX) and Heartland Dental (Lafayette, LA) deals are absolute NNN; the Ankeny medical asset is NNN but not absolute, and Carrollton Station is multi-tenant NNN with CAM administration.
Key Points¶
- Tenant covers roof, structure, and parking lot in addition to the three nets.
- Landlord duties: none — no responsibility for taxes, insurance, repairs, or capital items.
- Trade-off: lowest management burden usually means lowest cap rate (e.g., Caliber at 5.75%).
- Note: the CA Chipotle Delano comparable is NOT absolute — landlord retains roof/structure.