Please show your work in excel format.

Consider a property investment that you finance with 20% down payment. For the remaining, you borrow 2'300'000 at a 6% rate monthly amortized loan for 25 years. This property, with 2% of EBITDA as capital reserves in any year, will return a NOI of 250,000 in year 1. NOI is expected to grow at 2% for the following years. 82% of the property value is attributed to the building.

Also, the building will have no book value after 28 years (based on straight-line depreciation).

What is the going-in cap rate for this property?