# Net Lease Offering Memorandum Template (Markdown)

Free Net Lease Offering Memorandum structure from IntellCRE (intellcre.com/models/net-lease-offering-memorandum-template/). Anything in [square brackets] is a placeholder to replace with your own facts. Nothing here is real property data.

How to use: paste this into Claude, ChatGPT, Gemini or any assistant together with your deal facts, or fill it in by hand and paste it into your own document.

Skip the typing: IntellCRE builds this from your deal documents. Try it, free to start: https://app.intellcre.com/register

---

## 1. Intro

- **Cover Page:** [Property name]; [Address]
- **Presented By:** [Brokerage]; [counsel-approved disclaimer]

## 2. Executive Summary

- **Price estimate:** [$]
- **Price:** [ ]
- **Cap rate:** [ ]
- **Remaining lease term:** [ ]
- **Rent bumps:** [ ]
- **Tenant / guarantor:** [ ]
- **Lease type:** [ ]
- **Tenant and guarantor (corporate or franchisee):** [ ]
- **Lease type (NNN / absolute NNN / bondable):** [ ]
- **Lease commencement and expiration:** [ ]
- **Renewal options:** [ ]
- **Landlord responsibilities (roof, structure):** [ ]
- **Building area and land area:** [ ]

## 3. The Asset

- **Property Overview:** [Description]
- **Photos and Area:** [Captions; area description]
- **Points of Interest:** [List with distances]

## 4. Lease Summary

- **Term:** [ ]
- **Detail:** [ ]

## 5. Tenant and Credit Overview

- **Item:** [ ]
- **Detail:** [ ]
- **Source:** [ ]

## 6. Financials

- **Income and Expenses / Development Budget:** [Current and proforma; source and period]
- **Assumptions:** Rent schedule, Renewal probability, Residual value assumption, Landlord expense (if any), Financing terms, Exit cap rate

## 7. Sale Comparables

- **Sale Comps Summary:** Tenant, Remaining term, Sale price, Cap rate, Price per SF, Lease type, Guarantor

## 8. Rent Comparables

- **Rent Comps Summary:** Property, Tenant, Rent per SF, Term, Escalations, Lease type

## 9. Market Overview

- **Tenant credit rating or financial summary:** [Value; source and date]
- **Store count and unit-level sales (if reported):** [Value; source and date]
- **Surrounding traffic count:** [Value; source and date]
- **Population within 3 and 5 miles:** [Value; source and date]
- **Comparable net lease cap rates:** [Value; source and date]
- **Competing locations:** [Value; source and date]

## 10. Advisory Bios and Contact Us

- **Advisors:** [Name, title, license, contact]

---

## Drafting rules

- Use only facts the user supplied. Never invent property data, tenants, statistics, comps or quotes.
- If a fact is missing, write [TBD: what is needed] in its place.
- Every market statistic needs its source and date as given by the user; otherwise mark it [TBD: source and date].
- Show arithmetic for any figure you derive and flag it as calculated.
- Write in plain, factual US English. Avoid unsupported superlatives.
- Avoid this net lease mistake: calling a lease nnn without stating who pays roof and structure.
- Avoid this net lease mistake: showing cap rate without remaining term.
- Avoid this net lease mistake: not distinguishing corporate guaranty from franchisee guaranty.
- Avoid this net lease mistake: omitting rent bumps.
- Leave confidentiality and disclaimer text as [Insert the brokerage's counsel-approved language]; do not write legal text.