A single-tenant net lease (STNL) is a property leased to one tenant under a net lease structure.
STNL describes a property occupied by one tenant under a net lease, such as a pharmacy, restaurant, or bank branch. The investment depends mainly on that tenant's ability and willingness to pay for the remaining term. This makes it simple to own but concentrated: if the tenant leaves, the property generates no income. Buyers should evaluate the tenant's credit, the lease, and the real estate quality, including whether the building could be re-leased or sold.