Should I Visit the Single Tenant NNN Property Before Making an Offer?
It’s crazy to think you’d make a multi-million dollar offer to purchase a property without even seeing it first, but in reality it isn’t necessary before submitting an offer to purchase a Single Tenant Triple Net Lease Property. Triple Net Lease properties are competitive investment options therefore you usually need to act quickly. If the property is nearby, go ahead and visit before making an offer, but if it isn’t then feel free to wait until a signed letter-of-intent or the due diligence period before making a site visit.
To alleviate concerns about making an offer before making a property visit please consider the following:
First, review maps and aerials (e.g. Google Earth) to confirm the property is located within the core area of the main retail corridor.
Second, pull demographics reports to confirm the growth of the area.
Third, research traffic counts.
Certain tenants in particular have very stringent requirements for site locations therefore you can also take some level of comfort if you see a lot of neighboring national credit tenants.
For additional details regarding the actual purchase of Triple Net Leased property, please visit the Purchase of NNN Investments page.