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You are looking to buy a building on Jan 1, 2023 at a cap rate of 4.75% to 2023 NOI. You will hold the building

You are looking to buy a building on Jan 1, 2023 at a cap rate of 4.75% to 2023 NOI. You will hold the building and collect all NOI (paid at end of year) for 2023, 2024, and 2025 and then after collecting 2025 NOI you will sell the building at a cap rate of 5.00% to 2026 NOI. You expect NOI to increase each year at 4.00%. If your assumptions are correct, what is the IRR of the investment?

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