Case Analysis You find a place in Woodward, OK. The doctor will sign a new lease at closing (i.e. it is a sale leaseback). The lease will be for twenty years. It is listed at $3,300,000, but you haggle the price down to a 7.35% acquisition cap rate. In year one you will receive $242,400 in rent. You must front all the expenses below. However, the tenant will reimburse you for everything but 18,000 of the real estate taxes (i.e. for taxes, tenant is responsible for everything above 18,000). Expenses in year one are 4,500 for insurance, 2,500 for snow removal, 3,000 in repairs, and 37,000 in real estate taxes (use the rent and expenses to calculate NOI in order to figure out your purchase price). You project you will need 10,000 of capex every 5 years. Rent will increase by 2% and expenses at 3%. For financing, you will purchase at a 75% loan to value. The interest rate will be 6.5%. The loan will be amortized over 25 years. Acquisition closing costs will be 1.5% and disposition closing costs will be 5.5%. You will sell at the end of year 6 at an 8.10% cap rate. The property is 4,500 sq ft. What is the percentage difference between allequity and leveraged IRR? Please answer in Excel