IRR v. Cap Rate

[Tal B.]

1. Hi all,
2. 
   I was wondering if someone can explain in clear and simple language how is a Cap Rate different from IRR.
3. I understand Cap Rate (NOI/Asset) and kinda understand IRR.
4. Correct me if I'm wrong: It is when the NPV becomes zero. i.e. above it NPV is negative. Thus the higher the IRR the better. It needs to be higher than my cost of capital. However, is it by definition always higher than the cap rate?
5. 
   Can they sometime be the same? Is it different in that IRR relates to multiple future cash flows while cap rate is a fixed rate in time?
   When would you analyze an asset with IRR and when with a Cap Rate? 
6. Perhaps @Frank Gallinelli would like to comment. My questions rose after reading his great book "What Every Real Estate Investor Needs to Know About Cash Flow..."
7. Thank you in advance!!
8. Tal