Spread between exit cap and discount rate

Can anyone please tell me some things that would constitute a higher spread between a discount rate and exit cap, vs a tighter spread? I thought it relates to NOI growth but I think I’m pigeon holing myself.

If one doesn’t have many comps to benchmark again, how’re you coming up for your discount rate for specific assets? Because it seems like everyone realistically pretty much eye balls it- and doesn’t really rely much on these more corporate finance formulas (I.e required rate of return - risk free, etc)

 

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