Relationship among Cap Rate, IRR, Discount rate and NPV

Seeking a high-level explanation to explain the relationships among cap rate, IRR, discount rate and NPV in commercial real estate in a conversation, assuming you are explaining to an entry level real estate analyst.

To kick off the discussion, there is one particular confusing concept is that IRR is defined as the annual rate of return that generates NPV of zero. The formula of net present value is NPV=Present Value - Initial Costs. If IRR is discounting the future value to present to break even, what does the return matrix of UIRR =12%,/15%,/18%/20% mean? I thought the NPV tells how much net value the investment is expected to create.

It seems like IRR can be synonymous to discount rate in certain context, but has a different meaning when discussing return (IRR is effectively the blended rate of the speed of money coming back to you; IRR needs to be greater or equal to cost of capital).

It will be great if you can share your thoughts on the above! All thoughts and comments are appreciated.