Bob buys a property that costs $5,000,000.

Year	NOI
1	$300,000
2	$315,000
3	$330,000

Bob will own the property for two years.

The NOI from the property for years 1-3 is to the right:

Bob will sell the property at the end of year 2 at a cap rate that is 50 basis points lower than the cap rate at which he bought the property.

Assume Bob finances his purchase with a 50% LTV Fixed Rate IO loan at an annual rate of 5% with annual compounding and annual payments. What is Bobs annualized IRR for the investment in question?