An investor is considering buying an industrial property for $$3,000,000$ that has a projected year one NOI of $$270,000$ and the NOI is expected to increase one percent annually. The investor intends to hold the property five years, sell it for a price calculated by capitalizing the sixth year NOI at nine percent $($round the sale price to the nearest $$1,000),$ and incur a cost of sale of two percent of the projected sale price. The tax assessor shows the improvements to be $75$ percent of the total value. The investor's marginal tax rate is $37$ percent, capital gains rate is $20$ percent, and cost recovery recapture rate is $25$ percent.

What is the "Without Financing$/$After Tax" Internal Rate of Return $($rounded to nearest whole percent?

$5$ percent

$6$ percent

$9$ percent

$11$ percent