2.5 Net Lease (NNN) Properties: The Passive Investor's CRE
- 9 Sections
- 40 Lessons
- 40 Quizzes
What Makes a Property NNN
- Lesson 1.1: The Mailbox Money Promise
- Quiz 1.1: The Mailbox Money Promise
- Lesson 1.2: Net, Double Net, Triple Net, The Spectrum
- Quiz 1.2: Net, Double Net, Triple Net, The Spectrum
- Lesson 1.3: The Absolute Net Lease, When the Tenant Owns Everything but the Title
- Quiz 1.3: The Absolute Net Lease, When the Tenant Owns Everything but the Title
- Lesson 1.4: What the Landlord Actually Does
- Quiz 1.4: What the Landlord Actually Does
- Lesson 1.5: Why NNN Attracts Passive Investors
- Quiz 1.5: Why NNN Attracts Passive Investors
The NNN Tenant Universe
- Lesson 2.1: QSR, The Fast Food Foundation of NNN
- Quiz 2.1: QSR, The Fast Food Foundation of NNN
- Lesson 2.2: Auto Parts and Car Washes, The Durable Category
- Quiz 2.2: Auto Parts and Car Washes, The Durable Category
- Lesson 2.3: Pharmacy, Credit Strength, Closure Risk
- Quiz 2.3: Pharmacy, Credit Strength, Closure Risk
- Lesson 2.4: Dollar Stores, Recession-Proof or Recession-Dependent?
- Quiz 2.4: Dollar Stores, Recession-Proof or Recession-Dependent?
- Lesson 2.5: Convenience, Medical, and Bank Tenants
- Quiz 2.5: Convenience, Medical, and Bank Tenants
Lease Structure, The Provisions That Drive Value
- Lesson 3.1: Primary Term, The Lease Clock
- Quiz 3.1: Primary Term, The Lease Clock
- Lesson 3.2: Option Periods, Whose Option Is It?
- Quiz 3.2: Option Periods, Whose Option Is It?
- Lesson 3.3: Rent Escalations, Your Inflation Hedge
- Quiz 3.3: Rent Escalations, Your Inflation Hedge
- Lesson 3.4: Tenant Protections, The Clauses That Shift Risk Back
- Quiz 3.4: Tenant Protections, The Clauses That Shift Risk Back
- Lesson 3.5: Reading a NNN Lease, A Framework
- Quiz 3.5: Reading a NNN Lease, A Framework
Credit Tenant Analysis
- Lesson 4.1: Investment Grade vs. Non-Investment Grade
- Quiz 4.1: Investment Grade vs. Non-Investment Grade
- Lesson 4.2: Corporate vs. Franchisee Guarantee
- Quiz 4.2: Corporate vs. Franchisee Guarantee
- Lesson 4.3: Sales-to-Rent Ratio, The Unit Performance Lens
- Quiz 4.3: Sales-to-Rent Ratio, The Unit Performance Lens
- Lesson 4.4: Monitoring Tenant Health After Closing
- Quiz 4.4: Monitoring Tenant Health After Closing
- Lesson 4.5: Building a Tenant Credit Scorecard
- Quiz 4.5: Building a Tenant Credit Scorecard
NNN Cap Rates, Pricing Risk and Return
- Lesson 5.1: Cap Rate Fundamentals for NNN
- Quiz 5.1: Cap Rate Fundamentals for NNN
- Lesson 5.2: Cap Rate Compression and Expansion, Market Cycles
- Quiz 5.2: Cap Rate Compression and Expansion, Market Cycles
- Lesson 5.3: Pricing the Key Variables, A Working Framework
- Quiz 5.3: Pricing the Key Variables, A Working Framework
- Lesson 5.4: NNN Financing, How Lenders See the Asset
- Quiz 5.4: NNN Financing, How Lenders See the Asset
- Lesson 5.5: Building a NNN Return Model
- Quiz 5.5: Building a NNN Return Model
1031 Exchanges and NNN Properties
- Lesson 6.1: The 1031 Exchange, Why It Matters for NNN
- Quiz 6.1: The 1031 Exchange, Why It Matters for NNN
- Lesson 6.2: The 45-Day and 180-Day Rules
- Quiz 6.2: The 45-Day and 180-Day Rules
- Lesson 6.3: Pre-Planning a 1031 Exchange for NNN
- Quiz 6.3: Pre-Planning a 1031 Exchange for NNN
- Lesson 6.4: Delaware Statutory Trusts, Fractional NNN for 1031
- Quiz 6.4: Delaware Statutory Trusts, Fractional NNN for 1031
- Lesson 6.5: When Not to Use a 1031 Exchange
- Quiz 6.5: When Not to Use a 1031 Exchange
Dark Risk, Relocation Risk, and Sale-Leaseback
- Lesson 7.1: Dark Stores, When the Tenant Pays But Doesn't Show Up
- Quiz 7.1: Dark Stores, When the Tenant Pays But Doesn't Show Up
- Lesson 7.2: Relocation Risk, When Success Creates Vacancy
- Quiz 7.2: Relocation Risk, When Success Creates Vacancy
- Lesson 7.3: Lease Guarantee Analysis, What Happens When a Tenant Wants Out
- Quiz 7.3: Lease Guarantee Analysis, What Happens When a Tenant Wants Out
- Lesson 7.4: Market Demand Analysis for Re-Leasing Viability
- Quiz 7.4: Market Demand Analysis for Re-Leasing Viability
- Lesson 7.5: Sale-Leaseback Transactions, The Investor's Perspective
- Quiz 7.5: Sale-Leaseback Transactions, The Investor's Perspective
Capstone, Analyzing a Dollar General NNN Acquisition
- Lesson 8.1: Capstone Setup, The Property and the Market
- Quiz 8.1: Capstone Setup, The Property and the Market
- Lesson 8.2: Capstone Analysis, Credit and Lease Structure
- Quiz 8.2: Capstone Analysis, Credit and Lease Structure
- Lesson 8.3: Capstone Decision, Pricing, Returns, and Risk
- Quiz 8.3: Capstone Decision, Pricing, Returns, and Risk
- Lesson 8.4: The Pro Lens, Investment Decision and Documentation
- Quiz 8.4: The Pro Lens, Investment Decision and Documentation
- Lesson 8.q: Module 8 Review Quiz
Final Exam
NNN trades on credit and lease language more than on the building. Learn to read both.
You learn what makes a property NNN, the tenant universe, the lease provisions that drive value, and how cap rates price risk. Full modules cover 1031 exchanges and the quiet risks: dark space, relocation, and sale-leasebacks.
Eight modules, 40 written lessons, 147 practice questions, and a graded final exam with a certificate. The capstone analyzes a Dollar General acquisition. Self-paced, no expiry date. Yours to finish on your own timeline.
Tell safe yield from a trap dressed up to look like one.
Key Terms in This Course
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