[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"seo:\u002Fdetalhes\u002FFPNG11\u002Fdocumentos\u002F3480":3,"documento:FPNG11:3480":86,"fii-documento:FPNG11":94},{"title":4,"description":5,"canonical":6,"image":7,"json_ld":8,"nome":33,"resumo":79},"Laudo de Avaliação (Conclusão de Negócio) FPNG11 de 30\u002F11\u002F2025 | Kartac","Laudo de Avaliação (Conclusão de Negócio) de 30\u002F11\u002F2025 do FPNG11 (Pedra Negra Renda Imobiliária), entrega em 04\u002F03\u002F2026. 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DE TÍTULOS E VALORES MOBILIÁRIOS S\u002FA","https:\u002F\u002Ffnet.bmfbovespa.com.br\u002Ffnet\u002Fpublico\u002FdownloadDocumento?id=1128453",{"@type":50,"@id":36,"name":51,"alternateName":52,"url":55,"category":56,"identifier":57,"provider":62},"InvestmentFund","Pedra Negra Renda Imobiliária",[53,54],"FPNG11","FUNDO DE INVESTIMENTO IMOBILIÁRIO PEDRA NEGRA RENDA IMOBILIÁRIA - RESPONSABILIDADE LIMITADA","https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FFPNG11","Híbrido",[58,60],{"@type":43,"propertyID":59,"value":53},"Ticker B3",{"@type":43,"propertyID":44,"value":61},"17.161.979\u002F0001-82",{"@type":12,"name":41,"identifier":63},{"@type":43,"propertyID":44,"value":45},{"@type":65,"@id":30,"itemListElement":66},"BreadcrumbList",[67,71,75,77],{"@type":68,"position":69,"name":70,"item":15},"ListItem",1,"Início",{"@type":68,"position":72,"name":73,"item":74},2,"FIIs","https:\u002F\u002Fwww.kartac.com.br\u002Franking",{"@type":68,"position":76,"name":53,"item":55},3,{"@type":68,"position":78,"name":34,"item":6},4,{"atualizado_em":80,"frases":81},"2026-11-05",[82,83,84,85],"Laudo de Avaliação (Conclusão de Negócio) do Pedra Negra Renda Imobiliária (FPNG11), fundo imobiliário híbrido, com data de referência em 30\u002F11\u002F2025, com entrega no FundosNet (B3) em 04\u002F03\u002F2026.","No pregão de 15\u002F10\u002F2026, a cota do FPNG11 fechou a R$ 344,99, com P\u002FVP de 1,58 (valor patrimonial de R$ 218,37 por cota no informe mensal de setembro de 2026).","O patrimônio líquido era de R$ 664,6 milhões no informe mensal de setembro de 2026.","Os indicadores são os mais recentes da base do Kartac, não os do período do documento.",{"id":87,"descricao":34,"assunto":88,"tipo":37,"situacao":89,"texto":90,"link_pdf":91,"estruturado":92,"link_original":48,"data_referencia":39,"data_entrega":93,"versao":69},3480,"","(Ativo)","\u003Ch2>\u003Cstrong>Laudo de Avaliação\u003C\u002Fstrong>\u003C\u002Fh2>\u003Cp>\u003Cstrong>Loja 8 Rua Gonçalves da Guia, 8 – Centro Itaúna \u002F MG\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>FUNDO DE INVESTIMENTO IMOBILIÁRIO PEDRA NEGRA RENDA IMOBILIÁRIA – RESPONSABILIDADE LIMITADA (CNPJ\u002FMF Nº 17.161.979\u002F0001-82) REPRESENTADO PELA BR CAPITAL\u003C\u002Fp>\u003Cp>Ref.: 25_58060_4\u003C\u002Fp>\u003Cp>\u003Cstrong>Novembro de 2025\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>Av. Pres. Juscelino Kubitschek, n° 1830 12° Andar – Torre 4 Itaim Bibi, São Paulo\u003C\u002Fp>\u003Cp>contato@binswanger.com.br +55 11 2985.1101 www.binswangerbrazil.com.br\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3480\u002F3480.pdf-0002-00.png\">\u003C\u002Fp>\u003Cp>São Paulo, 26 de novembro de 2025\u003C\u002Fp>\u003Cp>\u003Cstrong>FUNDO DE INVESTIMENTO IMOBILIÁRIO PEDRA NEGRA RENDA IMOBILIÁRIA – RESPONSABILIDADE LIMITADA\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>A\u002FC\u003C\u002Fp>\u003Ch6>\u003Cstrong>Alessandra Michetti\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>\u003Cstrong>\u003Cem>REF: Imóvel comercial localizado na Rua Gonçalves da Guia, 8 – Centro – Itaúna \u002F MG\u003C\u002Fem>\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>Atendendo à solicitação da BR CAPITAL, a BINSWANGER BRAZIL efetuou a avaliação do imóvel em referência, determinando seu \u003Cstrong>Valor Justo para Venda\u003C\u002Fstrong> \u003Cstrong>\u003Cem>(Fair Value)\u003C\u002Fem>\u003C\u002Fstrong> na data-base novembro de 2025.\u003C\u002Fp>\u003Cp>No relatório anexo descrevemos a propriedade em estudo, bem como as metodologias utilizadas para o cálculo dos valores. Este relatório está em consonância com as exigências da Resolução 175, de 23 de Dezembro de 2022 e Instrução 516, de 29 de Dezembro de 2011, da CVM.\u003C\u002Fp>\u003Cp>Consideramos que, mediante a entrega deste relatório, os serviços objeto de nossa proposta encontram-se totalmente concluídos.\u003C\u002Fp>\u003Cp>Agradecemos a oportunidade de elaborarmos este trabalho e colocamo-nos à disposição para dirimir quaisquer eventuais dúvidas.\u003C\u002Fp>\u003Cp>Atenciosamente,\u003C\u002Fp>\u003Cp>ISABELA DORA COSTA Assinado de forma digital por ISABELA DORA COSTA MONASTERSKY:14400445895 MONASTERSKY:14400445895 Dados: 2026.01.21 14:21:58 -03'00' Isabela Dora Costa Monastersky - MRICS BINSWANGER BRAZIL\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3480\u002F3480.pdf-0002-12.png\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3480\u002F3480.pdf-0003-00.png\">\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003Cstrong>SUMÁ\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>RIO .......................................................................................................... 4\u003C\u002Fstrong>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>\u003Cstrong>1.\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>INTRODUÇÃO ............................................................................................. 5\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>1.1.\u003C\u002Ftd>\u003Ctd>OBJETO E ESCOPO DA AVALIAÇÃO ........................................................................................ 5\u003Cbr>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>1.2.\u003Cbr>\u003C\u002Ftd>\u003Ctd>CONSIDERAÇÕES INICIAIS ...................................................................................................... 5\u003Cbr>\u003Cbr>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>1.3.\u003C\u002Ftd>\u003Ctd>CONDIÇÕES LIMITANTES ....................................................................................................... 5\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>1.4.\u003C\u002Ftd>\u003Ctd>EVENTOS SUBSEQUENTES ..................................................................................................... 6\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>2.\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>DOCUMENTAÇÃO ....................................................................................... 7\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>3.\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>CARACTERIZAÇÃO DAREGIÃO ........................................................................ 8\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>3.1.\u003C\u002Ftd>\u003Ctd>LOCALIZAÇÃO ......................................................................................................................... 8\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>3.2.\u003C\u002Ftd>\u003Ctd>ENTORNO ............................................................................................................................... 9\u003Cbr>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>3.3.\u003C\u002Ftd>\u003Ctd>USO E OCUPAÇÃO DO SOLO ................................................................................................ 11\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>4.\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>CARACTERIZAÇÃO DOIMÓVEL .......................................................................12\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>4.1.\u003C\u002Ftd>\u003Ctd>QUADRO DE ÁREAS .............................................................................................................. 12\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>4.2.\u003C\u002Ftd>\u003Ctd>DESCRIÇÃO DO IMÓVEL ....................................................................................................... 13\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>5.\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>MERCADOIMOBILIÁRIO NAREGIÃO ...............................................................18\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>5.1.\u003C\u002Ftd>\u003Ctd>PANORAMA DE MERCADO .................................................................................................. 19\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>6.\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>METODOLOGIAEMPREGADA ........................................................................24\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>7.\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>CÁLCULO DOVALOR DOIMÓVEL ....................................................................28\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>7.1.\u003C\u002Ftd>\u003Ctd>VALOR DE MERCADO DE LOCAÇÃO - MÉTODO COMPARATIVO ......................................... 28\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>7.2.\u003C\u002Ftd>\u003Ctd>VALOR JUSTO DE VENDA - MÉTODO DA RENDA (Fluxo de Caixa Descontado) ................... 31\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>7.3.\u003C\u002Ftd>\u003Ctd>ANÁLISE DE SENSIBILIDADE ................................................................................................. 35\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>8.\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>CONCLUSÃO DAAVALIAÇÃO .........................................................................36\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>APÊN\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>DICEA – MÉTODOCOMPARATIVO– LOCAÇÃO ...................................................37\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>APÊN\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>DICEB – FLUXO DECAIXA– MÉTODO DARENDA ................................................41\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>APÊN\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>DICEC – EXPERIÊNCIAEMPRESA ERESPONSÁVEIS ................................................43\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>ANEX\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>O– DOCUMENTAÇÃO DOIMÓVEL ...................................................................44\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3480\u002F3480.pdf-0004-00.png\">\u003C\u002Fp>\u003Ch3>\u003Cstrong>SUMÁRIO\u003C\u002Fstrong>\u003C\u002Fh3>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003Cstrong>INTERESSADO\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>BR CAPITAL\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>\u003Cstrong>PROPRIETÁRIO\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>FUNDO DE INVESTIMENTO IMOBILIÁRIO PEDRA NEGRA\u003Cbr>RESPONSABILIDADE LIMITADA\u003C\u002Ftd>\u003Ctd>RENDA IMOBILIÁRIA –\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>OCUPAÇÃO\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Imóvel Ocupado\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>OBJETIVO\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Valor Justo para Venda\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>FINALIDADE\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Determinação de Valor de Ativos\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>IDENTIFICAÇÃO\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Loja 8\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>TIPOLOGIA\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Comercial - Loja\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>OBJETO\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Endereço\u003Cbr>Rua Gonçalves da Guia, 8\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Bairro\u003Cbr>Centro\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Cidade\u002FUF\u003Cbr>Itaúna \u002F MG\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Área de Terreno\u003Cbr>434,00 m²\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Área Construída\u003Cbr>0,00 m²\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Área Privativa\u003Cbr>410,70 m²\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>DATA VISTORIA\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>22\u002F10\u002F2025\u003Cbr>\u003Cstrong>DATA BASE\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>novembro-2025\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>DATA DA ÚLTIMA AVALIAÇÃO\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>novembro-2024\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>ACOMPANHANTE\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Ismael\u003Cbr>Gerente\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ch5>\u003Cstrong>CONCLUSÃO DE VALOR\u003C\u002Fstrong>\u003C\u002Fh5>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003Cstrong>VALOR JUSTO\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>PARA VENDA\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>(Renda – Fluxo de Caixa)\u003C\u002Fth>\u003Cth>\u003Cstrong>R$ 3.530.000,00\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>Três Milhões, Quinhentos E Trinta Mil Reais\u003C\u002Fstrong>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ch5>\u003Cstrong>ESPECIFICAÇÃO DA AVALIAÇÃO\u003C\u002Fstrong>\u003C\u002Fh5>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003Cstrong>METODOLOGIA\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>GRAU DE FUNDAMENTAÇÃO\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>GRAU DE PRECISÃO\u003C\u002Fstrong>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>\u003Cstrong>Comparativo Direto de Locação:\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Grau II\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Grau III\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Renda:\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Grau I\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>n\u002Fa\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3480\u002F3480.pdf-0005-00.png\">\u003C\u002Fp>\u003Ch3>\u003Cstrong>1. INTRODUÇÃO\u003C\u002Fstrong>\u003C\u002Fh3>\u003Ch5>\u003Cstrong>1.1. OBJETO E ESCOPO DA AVALIAÇÃO\u003C\u002Fstrong>\u003C\u002Fh5>\u003Cp>\u003Cstrong>FUNDO DE INVESTIMENTO IMOBILIÁRIO PEDRA NEGRA RENDA IMOBILIÁRIA – RESPONSABILIDADE LIMITADA\u003C\u002Fstrong> (CNPJ\u002FMF Nº 17.161.979\u002F0001-82), representado por \u003Cstrong>BR CAPITAL\u003C\u002Fstrong> solicitou à \u003Cem>Binswanger\u003C\u002Fem> a avaliação de um imóvel comercial, determinando seu \u003Cstrong>Valor Justo para Venda (\u003C\u002Fstrong> \u003Cstrong>\u003Cem>Fair Value\u003C\u002Fem>)\u003C\u002Fstrong>, na database de novembro de 2025, visando a suportar decisões gerenciais.\u003C\u002Fp>\u003Ch5>\u003Cstrong>1.2. CONSIDERAÇÕES INICIAIS\u003C\u002Fstrong>\u003C\u002Fh5>\u003Cp>Visando a atender ao objetivo solicitado, \u003Cstrong>realizamos vistoria do imóvel\u003C\u002Fstrong>, pesquisa do mercado imobiliário local e cálculo dos valores. Utilizamos, também, informações gerenciais verbais ou escritas, recebidas através da contratante.\u003C\u002Fp>\u003Cp>Todas as dependências as quais foram possíveis o acesso, foram visitadas, entretanto, a inspeção e o levantamento foram predominantemente visuais.\u003C\u002Fp>\u003Ch5>\u003Cstrong>1.3. CONDIÇÕES LIMITANTES\u003C\u002Fstrong>\u003C\u002Fh5>\u003Cul>\u003Cli>\u003Cp>✓ Efetuamos análises e procedimentos por nós considerados adequados, contudo a Binswanger Brazil não se responsabiliza por informações fornecidas por terceiros e não será responsável, sob qualquer hipótese, por quaisquer danos ou perdas resultantes da omissão de informações por parte do contratante ou de terceiros consultados durante o desenvolvimento desta avaliação;\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>✓ Os dados obtidos no mercado imobiliário local foram fornecidos por corretores, imobiliárias e profissionais habilitados, portanto, são premissas aceitas como corretas;\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>✓ Os profissionais envolvidos neste trabalho não têm interesses financeiros nos bens aqui avaliados, caracterizando a sua independência;\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>✓ Os honorários cobrados não têm qualquer relação com os valores aqui avaliados;\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>✓ Esta avaliação considera a propriedade livre e desembaraçada de quaisquer ônus, reclamações e outros comprometimentos legais, e a inexistência de quaisquer problemas relacionados a passivos ambientais, bem como processos de desapropriação ou melhoramentos viários que venham a atingir a área;\u003C\u002Fp>\u003C\u002Fli>\u003C\u002Ful>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3480\u002F3480.pdf-0006-00.png\">\u003C\u002Fp>\u003Cul>\u003Cli>\u003Cp>✓ O objetivo deste trabalho não inclui investigação em documentos e registros da propriedade e não é responsabilidade da Binswanger Brazil, identificar ou corrigir eventuais deficiências na propriedade aqui avaliada, incluindo físicos, financeiros e ou legais. Assumimos que as medidas do imóvel, bem como seus respectivos títulos estejam corretos e registrados em cartório e que a documentação enviada para consulta seja a vigente;\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>✓ Não foram consultados órgãos públicos nos âmbitos Municipal, Estadual ou Federal, quanto à situação legal e fiscal do imóvel perante os mesmos;\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>✓ Não foram efetuadas medições de campo ou pesquisas de passivos ambientais no solo;\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>✓ Não foram analisadas as condições estruturais do imóvel, apenas identificamos e apontamos (se houver) avarias aparentes;\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>✓ Não foram avaliados máquinas e equipamentos, móveis e utensílios, cultivos, semoventes ou quaisquer outros bens móveis que possam existir na propriedade;\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>✓ Os valores encontrados estão fixados em moeda corrente Real (R$) e para a data base de seus cálculos;\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>✓ Essa avaliação não deve ser utilizada para qualquer outra finalidade que não a mencionada no “Sumário Executivo” deste relatório.\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>✓ O valor de avaliação considera que não haverá alteração das condições econômicas e de mercado entre a data de execução e entrega do laudo e a data-base da avaliação, assim como a propriedade se manterá nas condições em que se encontra hoje.\u003C\u002Fp>\u003C\u002Fli>\u003C\u002Ful>\u003Ch5>\u003Cstrong>1.4. EVENTOS SUBSEQUENTES\u003C\u002Fstrong>\u003C\u002Fh5>\u003Cp>Essa avaliação não reflete qualquer evento que possa ocorrer entre a data-base e a data deste relatório. A BINSWANGER BRAZIL não é obrigada a atualizar os valores deste relatório após a data de emissão.\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3480\u002F3480.pdf-0007-00.png\">\u003C\u002Fp>\u003Ch3>\u003Cstrong>2. DOCUMENTAÇÃO\u003C\u002Fstrong>\u003C\u002Fh3>\u003Cp>Esta avaliação foi embasada nos seguintes documentos recebidos do contratante:\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003Cstrong>Matrícula\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>Número \u002F Cartório:\u003C\u002Ftd>\u003Ctd>41.194 \u002F Registro de Imóveis da Comarca de Itaúna \u002F MG\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Proprietário:\u003C\u002Ftd>\u003Ctd>Fundo de Investimento Imobiliário Pedra Negra Renda Imobiliária\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Área de Terreno:\u003C\u002Ftd>\u003Ctd>434,00 m²\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Área Construída:\u003C\u002Ftd>\u003Ctd>n\u002Fi\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Área Privativa:\u003C\u002Ftd>\u003Ctd>410,70 m²\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Nº de Vagas:\u003C\u002Ftd>\u003Ctd>n\u002Fi\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Último ato praticado:\u003C\u002Ftd>\u003Ctd>Av.6 - Restrição, datada em 19\u002F07\u002F2016\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Data da última emissão:\u003C\u002Ftd>\u003Ctd>19\u002F07\u002F2016\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Observação:\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003Cstrong>IPTU\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>Inscrição Cadastral:\u003C\u002Ftd>\u003Ctd>00.00.019.0001.002.000\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Contribuinte:\u003C\u002Ftd>\u003Ctd>BR CAPITAL DISTRIBUIDORA DE TITULOS E VA\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Área de Terreno:\u003C\u002Ftd>\u003Ctd>374,60 m²\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Área Construída:\u003C\u002Ftd>\u003Ctd>410,70 m²\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Ano de Exercício:\u003C\u002Ftd>\u003Ctd>2025\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Testada:\u003C\u002Ftd>\u003Ctd>2,62 m\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Contrato de Locação\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Área Locável:\u003C\u002Ftd>\u003Ctd>410,71 m²\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Nº de Vagas:\u003C\u002Ftd>\u003Ctd>n\u002Fi\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Data de Início Contrato:\u003C\u002Ftd>\u003Ctd>01\u002F02\u002F2023\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Data de Término Contrato:\u003C\u002Ftd>\u003Ctd>31\u002F01\u002F2026\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Valor de Locação:\u003C\u002Ftd>\u003Ctd>n\u002Fi\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Reajuste:\u003C\u002Ftd>\u003Ctd>IGP-M\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Valor Atualizado (10\u002F2025):\u003C\u002Ftd>\u003Ctd>R$ 21.795,90\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3480\u002F3480.pdf-0008-00.png\">\u003C\u002Fp>\u003Ch3>\u003Cstrong>3. CARACTERIZAÇÃO DA REGIÃO\u003C\u002Fstrong>\u003C\u002Fh3>\u003Ch5>\u003Cstrong>3.1. LOCALIZAÇÃO\u003C\u002Fstrong>\u003C\u002Fh5>\u003Cp>O mapa a seguir ilustra a localização do imóvel na região:\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3480\u002F3480.pdf-0008-04.png\">\u003C\u002Fp>\u003Cp>\u003Cem>Mapa de Localização do Imóvel\u003C\u002Fem>\u003C\u002Fp>\u003Cp>Como pontos de referência, podemos citar que o imóvel está a cerca de:\u003C\u002Fp>\u003Cul>\u003Cli>\u003Cp>✓ 2,6 km da Prefeitura Municipal de Itaúna;\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>✓ 3,1 km da Universidade de Itaúna; e\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>✓ 80 km do Centro de Belo Horizonte.\u003C\u002Fp>\u003C\u002Fli>\u003C\u002Ful>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3480\u002F3480.pdf-0009-00.png\">\u003C\u002Fp>\u003Ch5>\u003Cstrong>3.2. ENTORNO\u003C\u002Fstrong>\u003C\u002Fh5>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3480\u002F3480.pdf-0009-02.png\">\u003C\u002Fp>\u003Cp>\u003Cem>Imagem Satélite\u003C\u002Fem>\u003C\u002Fp>\u003Ch5>\u003Cstrong>3.2.1. Descrição da região, entorno e acessos\u003C\u002Fstrong>\u003C\u002Fh5>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003Cstrong>Uso Predominante Local:\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>Residencial unifamiliar \u002F multifamiliar \u002F Comercial \u002F Prestação de Serviço\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>\u003Cstrong>Densidade de Ocupação:\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Horizontal \u002F Vertical -Alta\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Padrão Econômico:\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Médio\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Nível de Acesso:\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Bom\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Intensidade do Tráfego:\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Médio\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Área de Preservação:\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Não\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Polos Valorizantes:\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Próximo de polo comercial \u002F transporte público\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Polos Desvalorizantes:\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Não observado\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Vocação:\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Comercial\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Valorização Imobiliária:\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Estável\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3480\u002F3480.pdf-0010-00.png\">\u003C\u002Fp>\u003Ch5>\u003Cstrong>3.2.2. Melhoramentos Urbanos e Serviços Comunitários\u003C\u002Fstrong>\u003C\u002Fh5>\u003Cp>A seguir apresentamos infraestrutura urbana em um alcance de aproximadamente 1km do avaliado:\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003C\u002Fth>\u003Cth>Abastecimento de água\u003C\u002Fth>\u003Cth>\u003Cbr>Energia elétrica\u003C\u002Fth>\u003Cth>Escolas\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Cisterna \u002F Poço Artesiano\u003C\u002Ftd>\u003Ctd>\u003Cbr>Iluminação pública\u003C\u002Ftd>\u003Ctd>\u003Cbr>Correio\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Esgoto pluvial\u003C\u002Ftd>\u003Ctd>\u003Cbr>Telefone\u003C\u002Ftd>\u003Ctd>\u003Cbr>Posto policial\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Esgoto sanitário\u003C\u002Ftd>\u003Ctd>\u003Cbr>Fibra ótica\u003C\u002Ftd>\u003Ctd>Serviços médicos\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Fossa\u003C\u002Ftd>\u003Ctd>\u003Cbr>Arborização\u003C\u002Ftd>\u003Ctd>\u003Cbr>Recreação e lazer\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Gás canalizado\u003C\u002Ftd>\u003Ctd>\u003Cbr>Transporte público\u003C\u002Ftd>\u003Ctd>\u003Cbr>Comércio local\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Coleta de lixo\u003C\u002Ftd>\u003Ctd>Aeroporto\u003C\u002Ftd>\u003Ctd>\u003Cbr>Agências Bancárias\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Pavimentação\u003C\u002Ftd>\u003Ctd>Rodoviária\u003C\u002Ftd>\u003Ctd>Shopping Center\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ch5>\u003Cstrong>FOTOS DE ACESSOS\u003C\u002Fstrong>\u003C\u002Fh5>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3480\u002F3480.pdf-0010-05.png\">\u003C\u002Fp>\u003Cp>Rua Gonçalves da Guia\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3480\u002F3480.pdf-0010-07.png\">\u003C\u002Fp>\u003Cp>Rua Gonçalves da Guia\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3480\u002F3480.pdf-0011-00.png\">\u003C\u002Fp>\u003Ch5>\u003Cstrong>3.3. USO E OCUPAÇÃO DO SOLO\u003C\u002Fstrong>\u003C\u002Fh5>\u003Cp>Os parâmetros de zoneamento que incidem sobre o imóvel são relacionados a seguir:\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3480\u002F3480.pdf-0011-03.png\">\u003C\u002Fp>\u003Ch6>\u003Cem>Mapa de Zoneamento\u003C\u002Fem>\u003C\u002Fh6>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003Cstrong>Zoneamento\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>\u003Cstrong>Legislação\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Lei Complementar nº 172, de 03 de janeiro de 2022 - Dispõe sobre a\u003Cbr>revisão do Plano Diretor do Município de Itaúna, Lei Complementar nº\u003Cbr>49,de 21 de outubro de 2008,e dá outrasprovidências.\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Zona de Uso - Descrição\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>ZCA - Zona Central Adensada\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>T.O. (Taxa de Ocupação)\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>n\u002Fi\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>C.A. (Coeficiente de\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Básico\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>2,0\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Aproveitamento)\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Máximo\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>2,0\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Gabarito\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>n\u002Fi\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Lote Mínimo\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>n\u002Fi\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Principais Usos Permitidos\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Residencial, comercial\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>\u003Cstrong>\u003Cem>Nota: as informações acima foram obtidas através de consulta informal ao site e funcionários da Prefeitura. Para obtenção de dados precisos sobre zoneamento, uma consulta formal aos órgãos governamentais pertinentes deverá ser realizada, o que não faz parte do escopo do presente trabalho.\u003C\u002Fem>\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>A presente avaliação trata do imóvel em sua configuração atual, conforme escopo, assumindo que a edificação existente está devidamente regularizada perante órgãos competentes.\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3480\u002F3480.pdf-0012-00.png\">\u003C\u002Fp>\u003Ch3>\u003Cstrong>4. CARACTERIZAÇÃO DO IMÓVEL\u003C\u002Fstrong>\u003C\u002Fh3>\u003Ch5>\u003Cstrong>4.1. QUADRO DE ÁREAS\u003C\u002Fstrong>\u003C\u002Fh5>\u003Cp>O quadro de áreas a seguir foi extraído de documentação fornecida pelo cliente:\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003Cstrong>Documentos\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>Área de terreno\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>(m²)\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>Área privativa\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>(m²)\u003C\u002Fstrong>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>\u003Cstrong>Matrícula\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>434,00\u003C\u002Ftd>\u003Ctd>410,70\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>IPTU\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>374,60\u003C\u002Ftd>\u003Ctd>n\u002Fi\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Contrato de Locação\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>n\u002Fi\u003C\u002Ftd>\u003Ctd>n\u002Fi\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>ADOTADA EM CÁLCULO\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>434,00\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>410,70\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>\u003Cstrong>\u003Cem>n\u002Fi - não informado | n\u002Fa – não aplicável\u003C\u002Fem>\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3480\u002F3480.pdf-0013-00.png\">\u003C\u002Fp>\u003Ch5>\u003Cstrong>4.2. DESCRIÇÃO DO IMÓVEL\u003C\u002Fstrong>\u003C\u002Fh5>\u003Cp>Loja localizada no térreo de um prédio residencial, atualmente ocupada.\u003C\u002Fp>\u003Ch5>\u003Cstrong>4.2.1. Terreno\u003C\u002Fstrong>\u003C\u002Fh5>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3480\u002F3480.pdf-0013-04.png\">\u003C\u002Fp>\u003Ch6>\u003Cem>Delimitação do Terreno\u003C\u002Fem>\u003C\u002Fh6>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003Cstrong>CARACTERÍSTICAS DO TERRE\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>NO\u003C\u002Fstrong>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>\u003Cstrong>Testada Principal\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>14,00m – Rua Gonçalves da Guia \u002F 31,00m – Rua Francisco Manoel Franco\u003Cbr>(Matrícula)\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Formato\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Regular\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Quantidade de Frentes\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>2\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Superfície \u002F Consistência\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Seca\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Topografia\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Plana\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Situação\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Acima do nível da rua\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Delimitação \u002F Fechamento\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Delimitado pela construção\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3480\u002F3480.pdf-0014-00.png\">\u003C\u002Fp>\u003Ch5>\u003Cstrong>4.2.2. Construção\u003C\u002Fstrong>\u003C\u002Fh5>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3480\u002F3480.pdf-0014-02.png\">\u003C\u002Fp>\u003Ch6>\u003Cem>Fachada do Imóvel\u003C\u002Fem>\u003C\u002Fh6>\u003Ch6>\u003Cstrong>CARACTERÍSTICAS DA CONSTRUÇÃO\u003C\u002Fstrong>\u003C\u002Fh6>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003Cstrong>Posicionamento no Terreno\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>Recuada do alinhamento da via e alinhado às divisas laterais e de fundo\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>\u003Cstrong>Nº de Pavimentos\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>4 Pavimentos: Térreo + 3 Pvtos tipo\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Pé Direito\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>2,50m\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Estrutura\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Concreto armado\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Cobertura\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Telha metálica\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Fechamento\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Alvenaria\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Fachada\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Alvenaria com pintura \u002F Pastilha\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Esquadrias e Vidros\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Alumínio\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Vidro Transparente\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Padrão IBAPE\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Escritório – médio s\u002Felevador – limite médio\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Estado de Conservação\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Regular (C)\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Vícios de Construção\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Não detectados visualmente\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Condição Geral das Instalações\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Regular\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Idade Estimada\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>15 anos\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Vida Útil Remanescente\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>45 anos\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3480\u002F3480.pdf-0015-00.png\">\u003C\u002Fp>\u003Ch6>\u003Cstrong>Acabamentos Internos\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>Apresentamos a seguir os principais acabamentos observados:\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003Cstrong>Abit\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003Cth>\u003Cstrong>Acabamentos\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>\u003Cstrong>mene\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Piso\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Parede\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Forro \u002F Teto\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Loja\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Piso Cerâmico\u003C\u002Ftd>\u003Ctd>Alvenaria_com pintura_\u003C\u002Ftd>\u003Ctd>Forro de Gesso com\u003Cbr>pintura\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Sanitários \u002F Copa\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Cerâmico\u003C\u002Ftd>\u003Ctd>Azulejo\u003C\u002Ftd>\u003Ctd>Gesso\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ch6>\u003Cstrong>Especificações Técnicas\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>As informações a seguir foram observadas \u003Cem>in loco\u003C\u002Fem> e fornecidas durante a vistoria.\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003Cstrong>Tipo\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>Uso\u003C\u002Fstrong>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>\u003Cstrong>Circulação Vertical\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>▪ Escadas não pressurizada para acesso aos andares residenciais.\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Sistema de Segurança\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>e Controle de Acesso\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>▪ CFTV\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Sistema de Prevenção\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>▪ Hidrantes e extintores;\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>de Incêndio\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>▪ Alarme de incêndio e detectores de fumaça.\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Elétrica\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>▪ Entrada de energia em alta tensão, com transformadores e quadros de energia\u003Cbr>individuais.\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3480\u002F3480.pdf-0016-00.png\">\u003C\u002Fp>\u003Ch5>\u003Cstrong>4.2.3. Reportagem Fotográfica\u003C\u002Fstrong>\u003C\u002Fh5>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3480\u002F3480.pdf-0016-02.png\">\u003C\u002Fp>\u003Cp>Fachada\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3480\u002F3480.pdf-0016-04.png\">\u003C\u002Fp>\u003Cp>Interior da Loja\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3480\u002F3480.pdf-0016-06.png\">\u003C\u002Fp>\u003Cp>Interior da Loja\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3480\u002F3480.pdf-0016-08.png\">\u003C\u002Fp>\u003Cp>Interior da Loja\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3480\u002F3480.pdf-0016-10.png\">\u003C\u002Fp>\u003Cp>Interior da Loja\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3480\u002F3480.pdf-0016-12.png\">\u003C\u002Fp>\u003Cp>Estoque\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3480\u002F3480.pdf-0016-14.png\">\u003C\u002Fp>\u003Cp>Interior da Loja\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3480\u002F3480.pdf-0016-16.png\">\u003C\u002Fp>\u003Cp>Interior da Loja\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3480\u002F3480.pdf-0017-00.png\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3480\u002F3480.pdf-0017-01.png\">\u003C\u002Fp>\u003Cp>Interior da Loja\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3480\u002F3480.pdf-0017-03.png\">\u003C\u002Fp>\u003Cp>Copa\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3480\u002F3480.pdf-0017-05.png\">\u003C\u002Fp>\u003Cp>Copa\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3480\u002F3480.pdf-0017-07.png\">\u003C\u002Fp>\u003Cp>Banheiro\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3480\u002F3480.pdf-0018-00.png\">\u003C\u002Fp>\u003Ch3>\u003Cstrong>5. MERCADO IMOBILIÁRIO NA REGIÃO\u003C\u002Fstrong>\u003C\u002Fh3>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003Cstrong>Dados Gerais do Municípi\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>o\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>Referências\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>\u003Cstrong>Itaúna \u002F MG\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Capital do Estado\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Brasil (média)\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>**Área Territorial **[2020]\u003C\u002Ftd>\u003Ctd>495,77 km²\u003C\u002Ftd>\u003Ctd>331,35 km²\u003C\u002Ftd>\u003Ctd>1.525,54 km²\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>População\u003C\u002Fstrong>[2022]\u003C\u002Ftd>\u003Ctd>95.967 hab.\u003C\u002Ftd>\u003Ctd>2.392.678 hab.\u003C\u002Ftd>\u003Ctd>37.298 hab.\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>PIB (R$ mil)\u003C\u002Fstrong>[2018]\u003C\u002Ftd>\u003Ctd>R$ 3.101.335,06\u003C\u002Ftd>\u003Ctd>R$ 91.957.091,80\u003C\u002Ftd>\u003Ctd>R$ 1.257.475,94\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>PIB per Capita\u003C\u002Fstrong> [2018]\u003C\u002Ftd>\u003Ctd>R$ 33.505,85\u003C\u002Ftd>\u003Ctd>R$ 36.759,66\u003C\u002Ftd>\u003Ctd>R$ 23.513,94\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>IDH\u003C\u002Fstrong>[2010]\u003C\u002Ftd>\u003Ctd>0,758\u003C\u002Ftd>\u003Ctd>0,810\u003C\u002Ftd>\u003Ctd>0,659\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>(Fonte: IBGE)\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Características Gerais do\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Mercado\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Liquidez do Imóvel\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Oferta\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Baixa\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Para Locação\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>n\u002Fa\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Demanda\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Média\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Para Venda\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Média\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Risco de Invasão\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Baixa\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Vocação\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Comercial\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cul>\u003Cli>\u003Cp>\u003Cstrong>Análise de SWOT Pontos Fortes: Pontos Fracos:\u003C\u002Fstrong> ✓ Boa Localização e Acesso. ✓ Arquitetura sem destaque \u002F obsoleta; ✓ Falta de estacionamento.\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>\u003Cstrong>Oportunidades: Ameaças:\u003C\u002Fstrong> ✓ Pouca oferta de imóveis semelhantes na cidade. ✓ Revenda limitada a poucos investidores.\u003C\u002Fp>\u003C\u002Fli>\u003C\u002Ful>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3480\u002F3480.pdf-0019-00.png\">\u003C\u002Fp>\u003Ch5>\u003Cstrong>5.1. PANORAMA DE MERCADO\u003C\u002Fstrong>\u003C\u002Fh5>\u003Ch5>\u003Cstrong>CENÁRIO ECONÔMICO GLOBAL\u003C\u002Fstrong>\u003C\u002Fh5>\u003Cp>A economia mundial atravessa um período de desafios e ajustes. Após os impactos da pandemia, a inflação elevada e as políticas monetárias restritivas adotadas por diversos bancos centrais reduziram o crescimento global. De acordo com o último relatório de Perspectivas Econômicas Globais do Banco Mundial (Bird), datado de 16 de janeiro de 2025, a expectativa é que o crescimento global se mantenha estável em 2,7% em 2025-26. O Federal Reserve (Fed), o Banco Central Europeu (BCE) e outras autoridades monetárias mantêm uma postura cautelosa, ajustando juros para controlar a inflação sem prejudicar excessivamente a atividade econômica.\u003C\u002Fp>\u003Cp>A economia dos Estados Unidos segue resiliente, impulsionada pelo mercado de trabalho aquecido e pelo consumo robusto. Contudo, a incerteza sobre os próximos passos da política monetária ainda preocupa investidores. Na Europa, a recuperação tem sido mais lenta, refletindo o impacto da guerra na Ucrânia e o elevado custo da energia.\u003C\u002Fp>\u003Cp>Além da volatilidade nos mercados financeiros e da instabilidade geopolítica, outro fator relevante é o aumento de barreiras comerciais, como políticas protecionistas adotadas por diversos países, incluindo os EUA com o plano “Dia da Libertação”.\u003C\u002Fp>\u003Cp>O plano prevê a aplicação de tarifas recíprocas a todos os países que, segundo o governo americano, impõem barreiras desproporcionais aos produtos dos EUA, afetando o comércio com vários países direta ou indiretamente, como China, União Europeia, México, Canadá, Japão e Coreia do Sul. Esta decisão gerou uma onda de incertezas e reconfigurações no mercado global.\u003C\u002Fp>\u003Cp>Para as economias afetadas, essas tarifas podem gerar impactos negativos, como a redução das exportações para os EUA, o que afeta diretamente o crescimento econômico. Países com uma dependência significativa das exportações para os EUA podem enfrentar dificuldades econômicas, com efeitos colaterais como desemprego nas indústrias exportadoras e a diminuição da atratividade de investimentos estrangeiros. Neste contexto, a economia do Brasil poderá ser afetada de forma mista: por um lado, há uma possibilidade de redução nas exportações, pois o país é um importante fornecedor de commodities como soja, carne, café e ferro; e aumento nos custos de importação. Por outro, o país poderá encontrar novas oportunidades em outros mercados e ajustar suas relações comerciais.\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3480\u002F3480.pdf-0020-00.png\">\u003C\u002Fp>\u003Ch5>\u003Cstrong>CENÁRIO ECONÔMICO BRASILEIRO\u003C\u002Fstrong>\u003C\u002Fh5>\u003Cp>A economia brasileira em 2025 apresenta sinais de moderação no crescimento, após um período de recuperação pós-pandemia e relativa estabilidade macroeconômica. Esta seção apresenta indicadores macroeconômicos que fornecem o contexto econômico-financeiro para o \u003Cem>valuation\u003C\u002Fem> do imóvel, e que influenciam no cálculo do valor de mercado e liquidez. Os índices selecionados — \u003Cstrong>PIB, IGPM, IPCA e Selic\u003C\u002Fstrong> — captam a dinâmica econômica nacional com abrangência geral, servindo como termômetro fundamental para os fatores que moldam a confiança dos investidores, os custos de financiamento, o valor dos ativos imobiliários e sua rentabilidade.\u003C\u002Fp>\u003Ch4>Variação Anual dos Indicadores (%)\u003C\u002Fh4>\u003Cp>Realizado 2024 e Projeção Futura conforme as expectativas de mecado\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3480\u002F3480.pdf-0020-05.png\">\u003C\u002Fp>\u003Cp>Fonte: Realizado 2024 PIB (IBGE)\u003Csup>1\u003C\u002Fsup> , IGPM (FGV)\u003Csup>2\u003C\u002Fsup> , IPCA (IBGE)\u003Csup>3\u003C\u002Fsup> , Selic (BACEN)\u003Csup>4\u003C\u002Fsup> ; Projeções futuras (Focus, BACEN)\u003Csup>5\u003C\u002Fsup>\u003C\u002Fp>\u003Cp>O gráfico acima ilustra a evolução dos índices em 2024 e as projeções para 2025, alinhando expectativas para o planejamento estratégico de ativos. Esses indicadores, medidos e projetados por instituições de referência, embasam o cálculo financeiro do laudo, refletem o desempenho histórico e as expectativas futuras para a gestão estratégica de ativos imobiliários.\u003C\u002Fp>\u003Cblockquote>\u003Cp>1 INSTITUTO BRASILEIRO DE GEOGRAFIA E ESTATÍSTICA (IBGE). PIB cresce 3,4% em 2024 e fecha o ano em R$ 11,7 trilhões. Rio de Janeiro: IBGE, 07 mar. 2025. Disponível em: https:\u002F\u002Fagenciadenoticias.ibge.gov.br\u002Fagencia-sala-de-imprensa\u002F2013-agencia-denoticias\u002Freleases\u002F42774-pib-cresce-3-4-em-2024-e-fecha-o-ano-em-r-11-7-trilhoes. Acesso em: 30 abr. 2025. 2 FUNDAÇÃO GETULIO VARGAS (FGV). IGP-M encerra o ano de 2024 com alta acumulada de 6,54%. Rio de Janeiro: FGV IBRE, IGP-M de dez. de 2024. Disponível em: https:\u002F\u002Fportalibre.fgv.br. Acesso em: 30 abr. 2025.\u003C\u002Fp>\u003Cp>3 INSTITUTO BRASILEIRO DE GEOGRAFIA E ESTATÍSTICA (IBGE). Índice Nacional de Preços ao Consumidor Amplo – IPCA: resultados de dezembro de 2024. Rio de Janeiro: IBGE, 2025. Disponível em: https:\u002F\u002Fbiblioteca.ibge.gov.br\u002Findex.php\u002Fbibliotecacatalogo?view=detalhes&id=7236. Acesso em: 30 abr. 2025.\u003C\u002Fp>\u003Cp>4 BANCO CENTRAL DO BRASIL (BACEN, BCB). Taxa Selic: histórico mensal de 2024. Brasília: BCB, 2025. Disponível em: https:\u002F\u002Fwww.bcb.gov.br\u002Fcontroleinflacao\u002Fhistoricotaxasjuros. Acesso em: 30 abr. 2025.\u003C\u002Fp>\u003Cp>5 BANCO CENTRAL DO BRASIL (BACEN). [Relatório Focus: expectativas de mercado. Brasília: Banco Central do Brasil, 03 out.2025. Disponível em: https:\u002F\u002Fwww.bcb.gov.br. Acesso em: 10 out. 2025. Dados de PIB, IGPM, IPCA e Selic extraídos da mesma edição.\u003C\u002Fp>\u003C\u002Fblockquote>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3480\u002F3480.pdf-0021-00.png\">\u003C\u002Fp>\u003Cp>O \u003Cstrong>Produto Interno Bruto (PIB)\u003C\u002Fstrong>, calculado e divulgado pelo IBGE, representa a soma dos bens e serviços produzidos no país, servindo como métrica do desempenho econômico. Um PIB em expansão estimula a confiança de investidores e a demanda por imóveis comerciais e residenciais, enquanto retrações podem restringir transações. Em 2024, o PIB cresceu 3,4% (IBGE, 2024), com projeções de 2,16% para 2025 (BACEN. Focus, 06 out.2025), refletindo a expectativa do mercado por um menor crescimento econômico para este ano.\u003C\u002Fp>\u003Cp>O \u003Cstrong>Índice Geral de Preços – Mercado (IGP-M)\u003C\u002Fstrong>, elaborado pela Fundação Getúlio Vargas (FGV), mede a inflação com base em preços no atacado, varejo e construção civil, sendo o principal índice para correção de aluguéis em contratos imobiliários tradicionais, especialmente em lajes corporativas e shoppings. Sua trajetória influencia diretamente a rentabilidade de ativos e o valor de mercado dos imóveis. Em 2024, o IGP-M registrou alta de 6,54% (FGV,2024), com projeções de 0,96% para 2025 (BACEN. Focus, 06 out.2025), refletindo desaceleração inflacionária e tendência de moderação nos reajustes de contratos de locação.\u003C\u002Fp>\u003Cp>O \u003Cstrong>Índice Nacional de Preços ao Consumidor Amplo (IPCA)\u003C\u002Fstrong>, também calculado pelo IBGE, é a inflação oficial do Brasil, monitorando bens e serviços consumidos pelas famílias. É o segundo índice mais utilizado para correção de aluguéis, depois do IGPM, e é o principal índice de referência para o setor imobiliário de varejo (ex.: lojas, franquias), balizando expectativas de custos e investimentos. Em 2024, o IPCA atingiu 4,83% (IBGE, 2024) com projeções de 4,81% para 2025 (Focus, 06 out.2025), sendo esperado uma estabilidade em relação ao período anterior.\u003C\u002Fp>\u003Cp>A \u003Cstrong>Taxa Selic (Sistema Especial de Liquidação e Custódia)\u003C\u002Fstrong>, definida pelo Banco Central do Brasil, é a taxa básica de juros que orienta o custo de financiamentos e o rendimento de investimentos. No mercado imobiliário, este índice impacta diretamente o custo de crédito (ex.: CRIs, financiamentos bancários), os \u003Cem>yields\u003C\u002Fem> de fundos imobiliários (FIIs) e os \u003Cem>cap rates\u003C\u002Fem>, influenciando decisões de investidores. O setor imobiliário compete com alternativas de investimento, como títulos públicos (ex.: Tesouro Selic), poupança, e aplicações de renda variável, seja via aquisição direta de imóveis (para renda ou especulação) ou indireta (FIIs, CRIs). Assim, a Selic é um índice fundamental na discussão sobre investimentos imobiliários. A Selic encerrou o ano de 2024 em 12,25% (BACEN, 2024), e a expectativa é de finalizar 2025 em 15,0% em 2025 (Focus, 06 out.2025) continuando o ciclo de aperto monetário com a elevação dos custos de capital.\u003C\u002Fp>\u003Cp>Esses indicadores, combinados com suas projeções, formam a base para o \u003Cem>valuation\u003C\u002Fem> do imóvel avaliando, conectando o contexto macroeconômico às dinâmicas locais do mercado imobiliário.\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3480\u002F3480.pdf-0022-00.png\">\u003C\u002Fp>\u003Ch5>\u003Cstrong>VISÃO GERAL DO MERCADO IMOBILIÁRIO\u003C\u002Fstrong>\u003C\u002Fh5>\u003Cp>O mercado imobiliário pode ser definido como um ecossistema de transações, investimentos e atividades relacionadas à aquisição, desenvolvimento, locação e gestão de ativos, abrangendo imóveis físicos (terrenos, edificações), direitos imobiliários e instrumentos financeiros (FIIs, CRIs). O valor, a rentabilidade e a liquidez de um imóvel são diretamente influenciadas por agentes que compõe este ecossistema moldado por fatores macroeconômicos, tendências setoriais e contextos regionais.\u003C\u002Fp>\u003Cp>Projetos imobiliários, caracterizados por ciclos de vida longos e alta demanda por capital, dependem criticamente da disponibilidade de recursos financeiros. Na última década, o financiamento imobiliário diversificou-se significativamente, ampliando o acesso a capital e a liquidez dos ativos. Antes restrito ao capital próprio e ao Sistema Brasileiro de Poupança e Empréstimo (SBPE), o mercado incorporou instrumentos como FIIs, CRIs, Letras de Crédito Imobiliário (LCIs) e, mais recentemente, ExchangeTraded Funds (ETFs) lastreados em ativos imobiliários.\u003C\u002Fp>\u003Cp>Esse movimento reflete a profissionalização do setor, impulsionada pelo surgimento de novos players, como securitizadoras e gestoras especializadas, e pela criação de instrumentos financeiros que atendem a diferentes perfis de investidores. A introdução de índices específicos, como o IFIX (que acompanha FIIs), IGMI-R (preços residenciais), IVAR (variação de aluguéis), ABRAINC\u002FFIPE (preços de imóveis novos e usados), FipeZap (preços de venda e aluguel em 50 cidades) e IVG-R (valores de imóveis em alienação fiduciária), evidencia a maturidade e o aumento da complexidade do mercado imobiliário brasileiro.\u003C\u002Fp>\u003Cp>A estrutura atual do mercado marcada por crescente complexidade e diversidade pode ser delineada por sua diversidade setorial. Baseado na classificação setorial sugerida pela \u003Cstrong>\u003Cem>Royal Institution of Chartered Surveyors (RICS)\u003C\u002Fem>\u003C\u002Fstrong>, o mercado imobiliário brasileiro abrange os segmentos residencial (moradias), comercial (escritórios, varejo), logístico (galpões), rural e especializado (hotéis, hospitais), além de instrumentos financeiros como FIIs e CRIs. Cada setor apresenta dinâmicas e indicadores próprios, como preços, aluguéis, vacâncias e cap rates, moldados por fatores macroeconômicos, como Selic e IPCA, e tendências, como urbanização e e-commerce. Assim, faz parte do processo de \u003Cem>valuation\u003C\u002Fem> de um imóvel a contextualização correta do imóvel dentro do seu nicho específico.\u003C\u002Fp>\u003Cp>Além das particularidades setoriais, a característica determinante de um imóvel é sua localização, conforme o consagrado mantra do real estate: “\u003Cem>location, location, location\u003C\u002Fem>”. A inserção geográfica de um ativo define seu valor de mercado, potencial de valorização e liquidez, influenciada pelo contexto socioeconômico e físico do lugar. Fatores como a economia local, incluindo renda disponível e dinamismo empresarial, o volume de empregos, a densidade de empresas e o acesso a serviços e\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3480\u002F3480.pdf-0023-00.png\">\u003C\u002Fp>\u003Cp>produtos moldam a atratividade de uma região. Igualmente relevantes são a infraestrutura instalada, como transporte, saneamento e conectividade, o zoneamento urbano, que regula o uso do solo, e eventuais incentivos fiscais, que estimulam investimentos. Esses elementos, intrinsecamente ligados ao lugar, posicionam o imóvel avaliado no ecossistema imobiliário, orientando sua competitividade e resiliência.\u003C\u002Fp>\u003Cp>Variações regionais se destacam pela sua complexidade do mercado no âmbito nacional, com cidades como São Paulo, Rio de Janeiro e Brasília exibindo perfis distintos. São Paulo destaca-se por seu mercado diversificado e robusto, abrangendo escritórios corporativos, varejo e logística, sustentado por uma densa rede de empresas e infraestrutura. Em contraste, Rio de Janeiro e Brasília apresentam demanda mais concentrada, frequentemente voltada a monousuários, como órgãos públicos em Brasília e empresas ligadas à Petrobras no Rio, o que pode limitar a flexibilidade, mas garante estabilidade em segmentos específicos. Essas dinâmicas regionais influenciam diretamente o posicionamento e o apelo de investimento do imóvel avaliado.\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3480\u002F3480.pdf-0024-00.png\">\u003C\u002Fp>\u003Ch3>\u003Cstrong>6. METODOLOGIA EMPREGADA\u003C\u002Fstrong>\u003C\u002Fh3>\u003Cp>A metodologia adotada para este trabalho fundamenta-se nos seguintes critérios e preceitos: \u003Cstrong>NBR 14653\u003C\u002Fstrong>; Parte 1 – Procedimentos Gerais; Parte 2 - Imóveis Urbanos e Parte 4 - Empreendimentos, da ABNT (Associação Brasileira de Normas Técnicas); Normas para Avaliações de Imóveis Urbanos publicadas pelo \u003Cstrong>IBAPE\u002FSP\u003C\u002Fstrong> (Instituto Brasileiro e Avaliações e Perícias de Engenharia); Requisitos básicos do \u003Cem>Red Book\u003C\u002Fem>, estipulados pelo RICS (\u003Cem>Royal Institution of Chartered Surveyors\u003C\u002Fem>), da Grã Bretanha.\u003C\u002Fp>\u003Cp>O avaliando teve seus valores obtidos pelas seguintes metodologias:\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003Cstrong>Metodologia\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>Valor Aferido\u003C\u002Fstrong>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>\u003Cbr>Método Comparativo Direto de Dados de Mercado\u003Cbr>(Metodologia Acessória)\u003C\u002Ftd>\u003Ctd>Valor de Mercado de Locação\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cbr>Método da Capitalização da Renda\u003C\u002Ftd>\u003Ctd>Valor Justo para Venda\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ch5>\u003Cstrong>MÉTODO COMPARATIVO DIRETO DE DADOS DE MERCADO\u003C\u002Fstrong>\u003C\u002Fh5>\u003Cp>“Identifica o valor de mercado do bem por meio de tratamento técnico dos atributos dos elementos comparáveis, constituintes da amostra”.\u003C\u002Fp>\u003Cp>O \u003Cstrong>método comparativo direto de dados de mercado\u003C\u002Fstrong> consiste na apuração do valor de um imóvel por meio da análise do comportamento do mercado imobiliário relativo ao segmento enfocado e prevê a comparação direta com outros imóveis similares, em oferta ou recentemente transacionados, cujas características, preços e condições gerais sejam conhecidos no mercado, sendo ponderados tecnicamente os dados e atributos (intrínsecos e extrínsecos) das referências de mercado que exerçam influência na formação dos preços.\u003C\u002Fp>\u003Cp>As características e atributos dos elementos pesquisados, que exerçam influência na formação do valor dos imóveis, são homogeneizados através de \u003Cstrong>Tratamento por Fatores\u003C\u002Fstrong> ou \u003Cstrong>Inferência Estatística\u003C\u002Fstrong>:\u003C\u002Fp>\u003Cul>\u003Cli>\u003Cp>✓ A técnica de \u003Cstrong>Tratamento por Fatores\u003C\u002Fstrong> para determinação de valores de imóveis admite, \u003Cem>a priori\u003C\u002Fem>, a validade da existência de relações fixas entre as diferenças dos atributos específicos dos elementos da amostra e os seus respectivos preços.\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>✓ A técnica de \u003Cstrong>Inferência Estatística\u003C\u002Fstrong> consiste em partir de uma amostra coletada em pesquisa de mercado, contendo elementos comparáveis, para deduzir uma expressão algébrica que traduza a variação do valor do imóvel na região.\u003C\u002Fp>\u003C\u002Fli>\u003C\u002Ful>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3480\u002F3480.pdf-0025-00.png\">\u003C\u002Fp>\u003Ch5>\u003Cstrong>MÉTODO DA CAPITALIZAÇÃO DA RENDA\u003C\u002Fstrong>\u003C\u002Fh5>\u003Cp>“Identifica o valor do bem com base na capitalização presente da sua renda líquida prevista, considerando-se os cenários viáveis”. Esta metodologia se baseia na premissa de que as propriedades são adquiridas por seu potencial de geração de renda e as ferramentas fundamentais dessa técnica são:\u003C\u002Fp>\u003Cul>\u003Cli>\u003Cp>✓ \u003Cstrong>Renda Direta:\u003C\u002Fstrong> analisa a relação entre a receita estabilizada de um ano e o valor de aquisição da propriedade, do ponto de vista do investidor. O valor é obtido pela capitalização da receita anual considerando uma taxa compatível com o mercado e o risco imobiliário.\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>✓ \u003Cstrong>Fluxo de Caixa Descontado:\u003C\u002Fstrong> o valor do imóvel é aferido através de um fluxo de caixa de receitas e despesas previstas no horizonte de análise, considerando contratos de locação vigentes e projeções de mercado, vacância e despesas associadas à sua operação e gestão. O valor de venda do imóvel ao término do fluxo (perpetuidade) é calculado pela capitalização de sua receita líquida e, posteriormente, todo o fluxo é trazido a valor presente com aplicação de taxa de desconto compatível com a percepção de risco, refletindo o valor de aquisição do imóvel, do ponto de vista do investidor.\u003C\u002Fp>\u003C\u002Fli>\u003C\u002Ful>\u003Ch5>\u003Cstrong>DEFINIÇÃO DE VALOR DE MERCADO\u003C\u002Fstrong>\u003C\u002Fh5>\u003Cp>O valor de mercado livre pode ser definido pelo valor que acreditamos ser razoável para realizar a venda ou locação da propriedade na data da avaliação, sem cláusulas restritivas e com pagamento à vista, admitindo-se:\u003C\u002Fp>\u003Cul>\u003Cli>\u003Cp>✓ um proprietário disposto a efetuar a transação;\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>✓ que, previamente à data da avaliação, tivesse havido um período razoável de tempo para realização do marketing apropriado, a fim de estabelecer um acordo sobre o preço e demais condições envolvidas para a efetiva conclusão da transação;\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>✓ que as condições de mercado, os níveis de valores e outras circunstâncias não tenham sofrido modificações entre a data da assinatura do contrato de compra e venda ou de locação previamente assumida e da efetiva conclusão da transação, ou seja, data da avaliação, e\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>✓ não considerando a possibilidade de uma oferta adicional, por parte de um comprador com “especial” interesse na propriedade em questão.\u003C\u002Fp>\u003C\u002Fli>\u003C\u002Ful>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3480\u002F3480.pdf-0026-00.png\">\u003C\u002Fp>\u003Ch5>\u003Cstrong>DEFINIÇÃO DE VALOR JUSTO\u003C\u002Fstrong>\u003C\u002Fh5>\u003Cp>De acordo com normas IVS, (§G1.) \u003Cem>“Valor justo é o preço que seria recebido pela venda de um ativo ou pago pela transferência de um passivo em uma transação regular entre participantes do mercado na data da medição.” Cita ainda, no §43, como exemplo de valor justo, (a) a determinação do preço que seria justo para participação societária em um negócio, não cotado em bolsa, onde as participações de duas partes específicas possam significar que o preço que é justo entre elas é diferente do preço que seria obtido no mercado; (b) determinação do preço que seria justo entre um arrendador e um arrendatário tanto uma transferência permanente o ativo arrendado ou cancelamento do passivo do arrendamento.\u003C\u002Fem>\u003C\u002Fp>\u003Ch5>\u003Cstrong>METODOLOGIA APLICADA\u003C\u002Fstrong>\u003C\u002Fh5>\u003Cp>Os preços praticados para venda de imóveis comerciais, industriais e logísticos estão diretamente relacionados aos contratos de locação vigentes em cada imóvel, já que as transações são realizadas entre investidores, que visam a rentabilidade do imóvel. A precificação dos valores é intrinsicamente ligada ao valor de locação dos contratos vigentes, bem como ao prazo de contrato e outras condições de mercado. Locações fechadas em períodos de crise, com valores abaixo de mercado, tendem a compor um preço mais baixo para venda. Ao contrário, locações estabelecidas em períodos de \u003Cem>boom\u003C\u002Fem> imobiliário, tendem a supervalorizar os valores de venda dos imóveis.\u003C\u002Fp>\u003Cp>Conforme observado pelo Engº Hélio R. de Caires, no livro Engenharia de Avaliações – volume 2, IBAPE\u002FSP 2014, “\u003Cem>o método comparativo atende bem a uniformidades, e não a singularidades”\u003C\u002Fem>. No mercado imobiliário de imóveis comerciais, industriais e logísticos há particularidades que devem ser consideradas na precificação do imóvel, principalmente no que diz respeito ao valor de locação e condições de contrato praticados em cada imóvel, já que o valor deriva dos benefícios futuros produzidos por um determinado bem.\u003C\u002Fp>\u003Cp>Diante do exposto, o melhor método para obtenção do valor justo para venda é o \u003Cstrong>Método da Capitalização de Renda através do Fluxo de Caixa Descontado\u003C\u002Fstrong>, pois trata-se de um imóvel que gera renda através da locação dos espaços.\u003C\u002Fp>\u003Cp>Este método alcança o valor presente líquido do imóvel através do fluxo de caixa descontado, tendo como base de receita a locação do empreendimento no período de 10 anos, extraindo-se as despesas operacionais incorridas sobre ele, também em períodos de vacância, e sua venda no final do período de análise.\u003C\u002Fp>\u003Cp>Trata-se do método mais indicado para avaliação dos denominados \u003Cu>Empreendimentos de Base\u003C\u002Fu>\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3480\u002F3480.pdf-0027-00.png\">\u003C\u002Fp>\u003Cp>\u003Cu>Imobiliária, ou seja, que geram renda para possíveis investidores baseada na exploração do imóvel,\u003C\u002Fu> cujo valor advém de seu desempenho operacional.\u003C\u002Fp>\u003Cp>O item 7.4 da NBR 14653-Parte 4: 2002, determina que a identificação do valor do empreendimento e a escolha da metodologia deve ser feita de acordo com a finalidade da avaliação, conforme tabela reproduzida abaixo:\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3480\u002F3480.pdf-0027-03.png\">\u003C\u002Fp>\u003Cp>O Método Comparativo Direto de Dados de Mercado foi utilizado para obtenção do valor de locação, porém não é o método que melhor atribui o valor justo para venda deste tipo de empreendimento, pois seu valor está intrinsicamente associado ao desempenho operacional.\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3480\u002F3480.pdf-0028-00.png\">\u003C\u002Fp>\u003Ch3>\u003Cstrong>7. CÁLCULO DO VALOR DO IMÓVEL\u003C\u002Fstrong>\u003C\u002Fh3>\u003Ch5>\u003Cstrong>7.1. VALOR DE MERCADO DE LOCAÇÃO - MÉTODO COMPARATIVO\u003C\u002Fstrong>\u003C\u002Fh5>\u003Cp>Foi realizada pesquisa de mercado contemporânea à data base da avaliação com o objetivo de obter amostragem representativa de imóveis de características semelhantes na área de influência, visando a explicar o comportamento do mercado da região.\u003C\u002Fp>\u003Cp>O nível de influência dos fatores utilizados foi baseado em estudos consagrados publicados e estão mencionados a seguir:\u003C\u002Fp>\u003Ch6>\u003Cstrong>Fator oferta\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>A aplicação deste fator considera a margem de desconto em uma negociação de mercado.\u003C\u002Fp>\u003Ch6>\u003Cstrong>Fator localização\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>Item de influência significativa no valor de um imóvel, ponderado não em simples distância medida em metros ou quilômetros e sim na proximidade de polos atrativos e\u002Fou ocorrência de fator relevante. Foram ponderados por meio de dados publicados, como índice fiscal ou planta genérica de valores do município, ou em entrevistas com profissionais do mercado imobiliário.\u003C\u002Fp>\u003Ch6>\u003Cstrong>Fator frentes múltiplas\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>Os fatores utilizados foram propostos em publicação do IBAPE\u002FSP: 2011 - Normas para Avaliação de Imóveis Urbanos, demonstrados a seguir.\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003Cstrong>Paradigma\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>Múltiplas frentes\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>ou esquina\u003C\u002Fstrong>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>1ª Zona Residencial Horizontal Popular\u003C\u002Ftd>\u003Ctd>n\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>2ª Zona Residencial Horizontal Médio\u003C\u002Ftd>\u003Ctd>n\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>3ª Zona Residencial Horizontal Alto\u003C\u002Ftd>\u003Ctd>n\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>4ª Zona Incorporações Padrão Popular\u003C\u002Ftd>\u003Ctd>10%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>5ª Zona Incorporações Padrão Médio\u003C\u002Ftd>\u003Ctd>10%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>6ª Zona Incorporações Padrão Alto\u003C\u002Ftd>\u003Ctd>5%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>7ª Zona Comercial Padrão Popular\u003C\u002Ftd>\u003Ctd>10%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>8ª Zona Comercial Padrão Médio\u003C\u002Ftd>\u003Ctd>10%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>9ª Zona Comercial Padrão Alto\u003C\u002Ftd>\u003Ctd>5%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>10ª Zona Industrial\u003C\u002Ftd>\u003Ctd>n\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>11ª Zona Galpões\u003C\u002Ftd>\u003Ctd>n\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3480\u002F3480.pdf-0029-00.png\">\u003C\u002Fp>\u003Ch6>\u003Cstrong>Fator padrão\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>Considera a valorização ou desvalorização de preço de um imóvel em função do padrão construtivo de suas construções e benfeitorias. Utilizamos como base o estudo “Valores De Edificações De Imóveis Urbanos – 2017 (VEIU)” e o estudo “Índices de Unidades Padronizadas - 2019 (IUP)”, elaborados pelo IBAPE\u002FSP - Instituto Brasileiro de Avaliações e Perícias de Engenharia de São Paulo, que permite a comparação de edificações de padrões distintos, na aplicação do Método Comparativo Direto de Dados de Mercado.\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003Cstrong>PADRÃO CONSTRUTIVO\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>INTER\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>VALO DE VA\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>LORES\u003C\u002Fstrong>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>\u003Cstrong>Classificação\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Min\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Med\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Max\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Escritório Econômico\u003C\u002Ftd>\u003Ctd>2,081\u003C\u002Ftd>\u003Ctd>2,313\u003C\u002Ftd>\u003Ctd>2,544\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Escritório Simples sem elevador\u003C\u002Ftd>\u003Ctd>3,378\u003C\u002Ftd>\u003Ctd>3,753\u003C\u002Ftd>\u003Ctd>4,013\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Escritório Simples com elevador\u003C\u002Ftd>\u003Ctd>3,742\u003C\u002Ftd>\u003Ctd>4,158\u003C\u002Ftd>\u003Ctd>4,573\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Escritório Médio sem elevador\u003C\u002Ftd>\u003Ctd>4,014\u003C\u002Ftd>\u003Ctd>4,33\u003C\u002Ftd>\u003Ctd>4,763\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Escritório Médio com elevador\u003C\u002Ftd>\u003Ctd>4,745\u003C\u002Ftd>\u003Ctd>5,273\u003C\u002Ftd>\u003Ctd>5,767\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ch6>\u003Cstrong>Fator depreciação (\u003C\u002Fstrong> \u003Cstrong>\u003Cem>Idade x Estado de Conservação\u003C\u002Fem>)\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>Considera a valorização ou desvalorização de preço de um imóvel em função de sua idade e estado de conservação, com base no critério de Ross Heidecke e IBAPE\u002FSP.\u003C\u002Fp>\u003Cp>\u003Cstrong>Idade:\u003C\u002Fstrong> As diferentes idades foram ponderadas por meio da relação entre os respectivos fatores indicados no critério consagrado de Ross-Heidecke, considerando a idade real ou estimada das construções e benfeitorias.\u003C\u002Fp>\u003Cp>\u003Cstrong>Estado de conservação:\u003C\u002Fstrong> Considera estado aparente do imóvel e baseia-se no estudo de valores de edificações de imóveis urbanos, elaborado pelo IBAPE\u002FSP (Instituto Brasileiro de Avaliações e Perícias de Engenharia de São Paulo). Foi estabelecido em razão das constatações em vistoria, das observações possíveis do estado aparente do sistema estrutural, de cobertura, hidráulico e elétrico, revestimentos, pesando seus custos para recuperação total, segundo a classificação do quadro a seguir:\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003Cstrong>Estado da Edificação\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>Referência\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>Depreciação\u003C\u002Fstrong>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>Nova\u003C\u002Ftd>\u003Ctd>A\u003C\u002Ftd>\u003Ctd>0%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Entre nova e regular\u003C\u002Ftd>\u003Ctd>B\u003C\u002Ftd>\u003Ctd>0,32%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Regular\u003C\u002Ftd>\u003Ctd>C\u003C\u002Ftd>\u003Ctd>2,52%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Entre regular e necessitando de reparos simples\u003C\u002Ftd>\u003Ctd>D\u003C\u002Ftd>\u003Ctd>8,09%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Necessitando de reparos simples\u003C\u002Ftd>\u003Ctd>E\u003C\u002Ftd>\u003Ctd>18,10%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Necessitando de reparos simples a importantes\u003C\u002Ftd>\u003Ctd>F\u003C\u002Ftd>\u003Ctd>33,20%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Necessitando de reparos importantes\u003C\u002Ftd>\u003Ctd>G\u003C\u002Ftd>\u003Ctd>52,60%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Necessitando de reparos importantes a edificação sem valor\u003C\u002Ftd>\u003Ctd>H\u003C\u002Ftd>\u003Ctd>75,20%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Edificação sem valor\u003C\u002Ftd>\u003Ctd>I\u003C\u002Ftd>\u003Ctd>100%\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3480\u002F3480.pdf-0030-00.png\">\u003C\u002Fp>\u003Ch5>\u003Cstrong>7.1.1. Valor de Mercado de Locação\u003C\u002Fstrong>\u003C\u002Fh5>\u003Ch5>\u003Cstrong>ANÁLISE DOS VALORES OBTIDOS\u003C\u002Fstrong>\u003C\u002Fh5>\u003Cp>Os valores de mercado indicados são resultado do tratamento dos dados coletados no mercado imobiliário local, conforme apresentado no Apêndice.\u003C\u002Fp>\u003Cp>Toda a avaliação tem um intervalo de confiança mínimo e máximo. Neste caso, utilizamos o intervalo\u003C\u002Fp>\u003Cp>do campo de arbítrio, conforme apresentado a seguir:\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003Cstrong>Valores\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>mínimo\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>médio\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>máximo\u003C\u002Fstrong>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>\u003Cstrong>Valor Unitário (R$\u002Fm²)\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>52,43\u003C\u002Ftd>\u003Ctd>61,68\u003C\u002Ftd>\u003Ctd>70,94\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>Devido às características físicas do imóvel e localização, adotamos o valor máximo como valor de mercado de locação.\u003C\u002Fp>\u003Cp>O valor do imóvel será dado pela seguinte expressão:\u003C\u002Fp>\u003Cp>\u003Cstrong>V = Vu x A\u003C\u002Fstrong> \u003Cem>, onde:\u003C\u002Fem>\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>Vu = Valor Unitário Adotado\u003C\u002Fth>\u003Cth>\u003Cstrong>R$ 61,68\u003C\u002Fstrong>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>A = Área Privativa\u003C\u002Ftd>\u003Ctd>410,70 m²\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>V = Valor Total\u003C\u002Ftd>\u003Ctd>R$ 25.331,98\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>VALOR TOTAL ARREDONDADO\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>R$ 25.300,00\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3480\u002F3480.pdf-0031-00.png\">\u003C\u002Fp>\u003Ch5>\u003Cstrong>7.2. VALOR JUSTO DE VENDA - MÉTODO DA RENDA (Fluxo de Caixa Descontado)\u003C\u002Fstrong>\u003C\u002Fh5>\u003Cp>O avaliando teve seu Valor Justo para Venda apurado pelo \u003Cstrong>Método da Renda\u003C\u002Fstrong>, onde o valor do imóvel é obtido com base na capitalização presente da sua renda líquida, real ou prevista, tendo como aspectos fundamentais, a determinação do período de capitalização e a taxa de desconto a ser utilizada. A taxa de desconto é estimada em função das oportunidades de investimentos alternativos existentes no mercado de capitais e, também, dos riscos do negócio.\u003C\u002Fp>\u003Cp>Para determinação do valor de venda do imóvel elaboramos fluxos de caixa, simulando seu desempenho, e levando em conta as principais premissas de mercado e contratos de locação vigentes:\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003Cstrong>Loja\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>Nome do\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>Locatário\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>Data de Início\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>de Contrato\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>Data de Término\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>de Contrato\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>Valor da Locação\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>Atual (R$)\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>Valor\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>Unitário (R$\u002Fm²)\u003C\u002Fstrong>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>Loja 8\u003C\u002Ftd>\u003Ctd>Inquilino 1\u003C\u002Ftd>\u003Ctd>01\u002F02\u002F23\u003C\u002Ftd>\u003Ctd>31\u002F01\u002F26\u003C\u002Ftd>\u003Ctd>21.795,90\u003C\u002Ftd>\u003Ctd>53,07\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>As principais premissas de mercado são descritas a seguir:\u003C\u002Fp>\u003Cul>\u003Cli>\u003Cp>\u003Cstrong>Valor Justo de Venda:\u003C\u002Fstrong> resultante do fluxo de caixa gerado pelas receitas e despesas do ciclo operacional, valor residual ao término do período de análise e custo de oportunidade e taxa de risco definidos para o cenário analisado.\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>\u003Cstrong>Valor de locação contrato vigente:\u003C\u002Fstrong> os valores vigentes estão indicados no quadro anterior.\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>\u003Cstrong>Valor de locação para novos contratos e imóveis vagos:\u003C\u002Fstrong> R$61,68m², de acordo com o Método Comparativo Direto descrito no Apêndice.\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>\u003Cstrong>Revisional:\u003C\u002Fstrong> conforme contrato de locação, as partes têm direito a revisional para valor de mercado. Para contratos vigentes, adotamos o valor médio apurado pelo Método Comparativo.\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>\u003Cstrong>Período de análise:\u003C\u002Fstrong> 120 meses.\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>\u003Cstrong>Período do contrato:\u003C\u002Fstrong> contratos vigentes obedecerão aos prazos correntes e novos contratos terão prazo de 36 meses.\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>\u003Cstrong>Período de Absorção \u002F Vacância inicial:\u003C\u002Fstrong> este item não foi aplicado, pois o imóvel encontra-se ocupados.\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>\u003Cstrong>Vacância após 1º contrato:\u003C\u002Fstrong> consideramos que o locatário atual permanecerá no imóvel ao longo de todo período da análise.\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>\u003Cstrong>Carência inicial:\u003C\u002Fstrong> este item não é aplicado, pois o imóvel o imóvel encontra-se ocupado.\u003C\u002Fp>\u003C\u002Fli>\u003C\u002Ful>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3480\u002F3480.pdf-0032-00.png\">\u003C\u002Fp>\u003Cul>\u003Cli>\u003Cp>\u003Cstrong>Carência após 1º contrato:\u003C\u002Fstrong> consideramos que o locatário atual permanecerá no imóvel ao longo de todo período da análise, portanto, este item não é aplicado.\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>\u003Cstrong>Descontos:\u003C\u002Fstrong> Não recebemos informações sobre descontos.\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>\u003Cstrong>Valorização \u002F Crescimento do valor de locação:\u003C\u002Fstrong> considerando que valores de locação se apresentam reprimidos em função da atual conjuntura econômica, adotamos uma valorização de 1,00% ao ano sobre valor de mercado a partir do 1º ano do fluxo.\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>\u003Cstrong>Vacância Constante:\u003C\u002Fstrong> para o período de análise não foi considerada taxa de vacância constante.\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>\u003Cstrong>Perpetuidade (Valor Residual do Imóvel):\u003C\u002Fstrong> calculada sobre a renda potencial após 10º ano.\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>\u003Cstrong>Comissão de locação:\u003C\u002Fstrong> considerado 1 mês de locação.\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>\u003Cstrong>Comissão de venda:\u003C\u002Fstrong> considerado 4% sobre o valor de venda do imóvel.\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>\u003Cstrong>Condomínio:\u003C\u002Fstrong> R$ 5,00\u002Fm², considerado apenas em meses de vacância (valor adotado conforme média de mercado).\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>\u003Cstrong>IPTU:\u003C\u002Fstrong> R$ 0,20\u002Fm², considerado apenas em meses de vacância (valor adotado conforme média de mercado).\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>\u003Cstrong>Inadimplência Constante:\u003C\u002Fstrong> não considerada.\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>\u003Cstrong>Fundo de Reposição de Ativo (FRA):\u003C\u002Fstrong> devido à idade da construção, estimamos 1% sobre receita (em meses de receita positiva).\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>\u003Cstrong>Gestão de Contratos\u003C\u002Fstrong>: considerado 0,5% sobre receita.\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>\u003Cstrong>Taxa de Capitalização e Taxa de Desconto:\u003C\u002Fstrong> considerando cenário em moeda forte (sem inflação), adotamos taxa de desconto de 9,25% a.a., composta por NTNB e risco do negócio, e taxa de capitalização (cap rate) de 8,75% a.a.\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>\u003Cstrong>Inflação:\u003C\u002Fstrong> não considerada.\u003C\u002Fp>\u003C\u002Fli>\u003C\u002Ful>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3480\u002F3480.pdf-0033-00.png\">\u003C\u002Fp>\u003Ch6>\u003Cstrong>Resultados\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>Sendo assim, o valor de venda com base em sua renda, em números redondos, é de:\u003C\u002Fp>\u003Cp>\u003Cstrong>VALOR JUSTO\u003C\u002Fstrong> (Renda – Fluxo de Caixa) \u003Cstrong>R$ 3.530.000,00 Três Milhões, Quinhentos E Trinta Mil Reais PARA VENDA\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>O Fluxo de Caixa anual detalhado encontra-se a seguir:\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3480\u002F3480.pdf-0033-05.png\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3480\u002F3480.pdf-0034-00.png\">\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003Cstrong>TOTAL\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>3.047.857\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>3.047.857\u003C\u002Fth>\u003Cth>-\u003C\u002Fth>\u003Cth>-\u003Cbr>-\u003C\u002Fth>\u003Cth>\u003Cstrong>(45.718)\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>-\u003C\u002Fth>\u003Cth>-\u003C\u002Fth>\u003Cth>-\u003Cbr>-\u003C\u002Fth>\u003Cth>(30.479)\u003C\u002Fth>\u003Cth>(15.239)\u003Cbr>-\u003C\u002Fth>\u003Cth>\u003Cstrong>3.002.139\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>3.686.225\u003C\u002Fth>\u003Cth>(147.449)\u003C\u002Fth>\u003Cth>\u003Cstrong>3.538.776\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003Cth>\u003Cstrong>6.540.915\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>\u003Cstrong>10\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>320.964\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>320.964\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003Cbr>-\u003C\u002Ftd>\u003Ctd>\u003Cstrong>(4.814)\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003Cbr>-\u003C\u002Ftd>\u003Ctd>(3.210)\u003C\u002Ftd>\u003Ctd>(1.605)\u003Cbr>-\u003C\u002Ftd>\u003Ctd>\u003Cstrong>316.149\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>3.686.225\u003C\u002Ftd>\u003Ctd>(147.449)\u003C\u002Ftd>\u003Ctd>\u003Cstrong>3.538.776\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>3.854.925\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>6.540.915\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>9\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>313.059\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>313.059\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003Cbr>-\u003C\u002Ftd>\u003Ctd>\u003Cstrong>(4.696)\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003Cbr>-\u003C\u002Ftd>\u003Ctd>(3.131)\u003C\u002Ftd>\u003Ctd>(1.565)\u003Cbr>-\u003C\u002Ftd>\u003Ctd>\u003Cstrong>308.363\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>308.363\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>2.685.989\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>8\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>313.059\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>313.059\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003Cbr>-\u003C\u002Ftd>\u003Ctd>\u003Cstrong>(4.696)\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003Cbr>-\u003C\u002Ftd>\u003Ctd>(3.131)\u003C\u002Ftd>\u003Ctd>(1.565)\u003Cbr>-\u003C\u002Ftd>\u003Ctd>\u003Cstrong>308.363\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>308.363\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>2.377.627\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>7\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>311.524\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>311.524\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003Cbr>-\u003C\u002Ftd>\u003Ctd>\u003Cstrong>(4.673)\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003Cbr>-\u003C\u002Ftd>\u003Ctd>(3.115)\u003C\u002Ftd>\u003Ctd>(1.558)\u003Cbr>-\u003C\u002Ftd>\u003Ctd>\u003Cstrong>306.851\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>306.851\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>2.069.264\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>6\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>303.852\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>303.852\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003Cbr>-\u003C\u002Ftd>\u003Ctd>\u003Cstrong>(4.558)\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003Cbr>-\u003C\u002Ftd>\u003Ctd>(3.039)\u003C\u002Ftd>\u003Ctd>(1.519)\u003Cbr>-\u003C\u002Ftd>\u003Ctd>\u003Cstrong>299.294\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>299.294\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>1.762.413\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>5\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>303.852\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>303.852\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003Cbr>-\u003C\u002Ftd>\u003Ctd>\u003Cstrong>(4.558)\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003Cbr>-\u003C\u002Ftd>\u003Ctd>(3.039)\u003C\u002Ftd>\u003Ctd>(1.519)\u003Cbr>-\u003C\u002Ftd>\u003Ctd>\u003Cstrong>299.294\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>299.294\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>1.463.119\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>4\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>302.362\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>302.362\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003Cbr>-\u003C\u002Ftd>\u003Ctd>\u003Cstrong>(4.535)\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003Cbr>-\u003C\u002Ftd>\u003Ctd>(3.024)\u003C\u002Ftd>\u003Ctd>(1.512)\u003Cbr>-\u003C\u002Ftd>\u003Ctd>\u003Cstrong>297.827\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>297.827\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>1.163.825\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>3\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>294.915\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>294.915\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003Cbr>-\u003C\u002Ftd>\u003Ctd>\u003Cstrong>(4.424)\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003Cbr>-\u003C\u002Ftd>\u003Ctd>(2.949)\u003C\u002Ftd>\u003Ctd>(1.475)\u003Cbr>-\u003C\u002Ftd>\u003Ctd>\u003Cstrong>290.492\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>290.492\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>865.998\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Anexo.\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>2\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>294.915\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>294.915\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003Cbr>-\u003C\u002Ftd>\u003Ctd>\u003Cstrong>(4.424)\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003Cbr>-\u003C\u002Ftd>\u003Ctd>(2.949)\u003C\u002Ftd>\u003Ctd>(1.475)\u003Cbr>-\u003C\u002Ftd>\u003Ctd>\u003Cstrong>290.492\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>290.492\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>575.506\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>entado no\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>0\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>1\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>289.355\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>289.355\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003Cbr>-\u003C\u002Ftd>\u003Ctd>\u003Cstrong>(4.340)\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003Cbr>-\u003C\u002Ftd>\u003Ctd>(2.894)\u003C\u002Ftd>\u003Ctd>(1.447)\u003Cbr>-\u003C\u002Ftd>\u003Ctd>\u003Cstrong>285.014\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>(3.430.737)\u003C\u002Ftd>\u003Ctd>\u003Cstrong>285.014\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>285.014\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>o pelo fluxo mensal apres\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Ano\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>o VPL é calculad\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Total de receitas\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Receita de Locação Corrigida\u003C\u002Ftd>\u003Ctd>Desconto de locação\u003C\u002Ftd>\u003Ctd>Receita de aluguel mínimogarantido\u003Cbr>Carência\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Total de despesas\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Comissão de locação\u003C\u002Ftd>\u003Ctd>Condomínio\u003C\u002Ftd>\u003Ctd>IPTU\u003Cbr>Inadimplência\u003C\u002Ftd>\u003Ctd>Fundo de Reposição de Ativo - FRA\u003C\u002Ftd>\u003Ctd>Capex \u002F Investimentos\u003Cbr>Gestão de contrato\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Receita líquida operacional\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Valor de Venda\u003C\u002Ftd>\u003Ctd>Comissão de venda\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Valor residual\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>VPL(Valor Presente Líquido)\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Fluxo de caixa\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Fluxo de caixa acumulado\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Nota: Este fluxo anual é meramente ilustrativo,\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3480\u002F3480.pdf-0035-00.png\">\u003C\u002Fp>\u003Ch5>\u003Cstrong>7.3. ANÁLISE DE SENSIBILIDADE\u003C\u002Fstrong>\u003C\u002Fh5>\u003Cp>A seguir apresentamos uma análise de sensibilidade onde provocamos flutuações no cenário referencial para análise de impactos nos indicadores, com análise do efeito de flutuação em duas variáveis:\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003Cth>\u003Cstrong>Anális\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>e de sensibilidad\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>e\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Limites de sensibi\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>lidade\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Escala\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Variação\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Locação\u003C\u002Ftd>\u003Ctd>-20,00%\u003C\u002Ftd>\u003Ctd>20,00%\u003C\u002Ftd>\u003Ctd>5,00%\u003C\u002Ftd>\u003Ctd>0,0%\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Taxa de desconto (%a.a.)\u003C\u002Ftd>\u003Ctd>-2,00%\u003C\u002Ftd>\u003Ctd>2,00%\u003C\u002Ftd>\u003Ctd>0,50%\u003C\u002Ftd>\u003Ctd>0,0%\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Taxa de capitalização (%a.a)\u003C\u002Ftd>\u003Ctd>-20,00%\u003C\u002Ftd>\u003Ctd>25,00%\u003C\u002Ftd>\u003Ctd>5,00%\u003C\u002Ftd>\u003Ctd>0,0%\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Valor d\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>e locação - Cons\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>olidado\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>47,87\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>50,86\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>53,86\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>56,85\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>59,84\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>62,83\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>65,82\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>68,82\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>71,81\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-20,00%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-15,00%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-10,00%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-5,00%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>0,00%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>5,00%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>10,00%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>15,00%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>20,00%\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>7,25%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-2,00%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>3.126.121\u003C\u002Ftd>\u003Ctd>3.318.844\u003C\u002Ftd>\u003Ctd>3.511.566\u003C\u002Ftd>\u003Ctd>3.704.288\u003C\u002Ftd>\u003Ctd>3.897.011\u003C\u002Ftd>\u003Ctd>4.089.733\u003C\u002Ftd>\u003Ctd>4.282.455\u003C\u002Ftd>\u003Ctd>4.475.178\u003C\u002Ftd>\u003Ctd>4.667.900\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>to\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>7,75%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-1,50%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>3.026.522\u003C\u002Ftd>\u003Ctd>3.213.021\u003C\u002Ftd>\u003Ctd>3.399.520\u003C\u002Ftd>\u003Ctd>3.586.019\u003C\u002Ftd>\u003Ctd>3.772.518\u003C\u002Ftd>\u003Ctd>3.959.017\u003C\u002Ftd>\u003Ctd>4.145.516\u003C\u002Ftd>\u003Ctd>4.332.015\u003C\u002Ftd>\u003Ctd>4.518.514\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>con\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>8,25%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-1,00%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>2.931.295\u003C\u002Ftd>\u003Ctd>3.111.844\u003C\u002Ftd>\u003Ctd>3.292.392\u003C\u002Ftd>\u003Ctd>3.472.941\u003C\u002Ftd>\u003Ctd>3.653.490\u003C\u002Ftd>\u003Ctd>3.834.039\u003C\u002Ftd>\u003Ctd>4.014.587\u003C\u002Ftd>\u003Ctd>4.195.136\u003C\u002Ftd>\u003Ctd>4.375.685\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>des\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>8,75%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-0,50%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>2.840.218\u003C\u002Ftd>\u003Ctd>3.015.076\u003C\u002Ftd>\u003Ctd>3.189.934\u003C\u002Ftd>\u003Ctd>3.364.792\u003C\u002Ftd>\u003Ctd>3.539.650\u003C\u002Ftd>\u003Ctd>3.714.508\u003C\u002Ftd>\u003Ctd>3.889.366\u003C\u002Ftd>\u003Ctd>4.064.224\u003C\u002Ftd>\u003Ctd>4.239.082\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>de\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>9,25%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>0,00%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>2.753.083\u003C\u002Ftd>\u003Ctd>2.922.496\u003C\u002Ftd>\u003Ctd>3.091.910\u003C\u002Ftd>\u003Ctd>3.261.324\u003C\u002Ftd>\u003Ctd>3.430.737\u003C\u002Ftd>\u003Ctd>3.600.151\u003C\u002Ftd>\u003Ctd>3.769.564\u003C\u002Ftd>\u003Ctd>3.938.978\u003C\u002Ftd>\u003Ctd>4.108.391\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>xa\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>9,75%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>0,50%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>2.669.692\u003C\u002Ftd>\u003Ctd>2.833.896\u003C\u002Ftd>\u003Ctd>2.998.099\u003C\u002Ftd>\u003Ctd>3.162.302\u003C\u002Ftd>\u003Ctd>3.326.505\u003C\u002Ftd>\u003Ctd>3.490.708\u003C\u002Ftd>\u003Ctd>3.654.911\u003C\u002Ftd>\u003Ctd>3.819.115\u003C\u002Ftd>\u003Ctd>3.983.318\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Ta\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>10,25%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>1,00%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>2.589.860\u003C\u002Ftd>\u003Ctd>2.749.075\u003C\u002Ftd>\u003Ctd>2.908.291\u003C\u002Ftd>\u003Ctd>3.067.506\u003C\u002Ftd>\u003Ctd>3.226.721\u003C\u002Ftd>\u003Ctd>3.385.936\u003C\u002Ftd>\u003Ctd>3.545.151\u003C\u002Ftd>\u003Ctd>3.704.366\u003C\u002Ftd>\u003Ctd>3.863.582\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>10,75%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>1,50%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>2.513.410\u003C\u002Ftd>\u003Ctd>2.667.849\u003C\u002Ftd>\u003Ctd>2.822.287\u003C\u002Ftd>\u003Ctd>2.976.726\u003C\u002Ftd>\u003Ctd>3.131.165\u003C\u002Ftd>\u003Ctd>3.285.603\u003C\u002Ftd>\u003Ctd>3.440.042\u003C\u002Ftd>\u003Ctd>3.594.480\u003C\u002Ftd>\u003Ctd>3.748.919\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>1125%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>200%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>2.440.177\u003C\u002Ftd>\u003Ctd>2.590.039\u003C\u002Ftd>\u003Ctd>2.739.902\u003C\u002Ftd>\u003Ctd>2.889.765\u003C\u002Ftd>\u003Ctd>3.039.628\u003C\u002Ftd>\u003Ctd>3.189.491\u003C\u002Ftd>\u003Ctd>3.339.354\u003C\u002Ftd>\u003Ctd>3.489.217\u003C\u002Ftd>\u003Ctd>3.639.080\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>,\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>,\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Taxa\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>de capitalização (\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>%a.a)\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>7,00%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>7,44%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>7,88%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>8,31%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>8,75%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>9,19%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>9,63%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>10,06%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>10,50%\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-20,00%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-15,00%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-10,00%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-5,00%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>0,00%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>5,00%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>10,00%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>15,00%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>20,00%\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>7,25%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-2,00%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>4.336.370\u003C\u002Ftd>\u003Ctd>4.207.147\u003C\u002Ftd>\u003Ctd>4.092.282\u003C\u002Ftd>\u003Ctd>3.989.508\u003C\u002Ftd>\u003Ctd>3.897.011\u003C\u002Ftd>\u003Ctd>3.813.323\u003C\u002Ftd>\u003Ctd>3.737.244\u003C\u002Ftd>\u003Ctd>3.667.780\u003C\u002Ftd>\u003Ctd>3.604.104\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>to\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>7,75%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-1,50%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>4.191.910\u003C\u002Ftd>\u003Ctd>4.068.559\u003C\u002Ftd>\u003Ctd>3.958.914\u003C\u002Ftd>\u003Ctd>3.860.811\u003C\u002Ftd>\u003Ctd>3.772.518\u003C\u002Ftd>\u003Ctd>3.692.634\u003C\u002Ftd>\u003Ctd>3.620.012\u003C\u002Ftd>\u003Ctd>3.553.705\u003C\u002Ftd>\u003Ctd>3.492.923\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>con\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>8,25%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-1,00%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>4.053.908\u003C\u002Ftd>\u003Ctd>3.936.138\u003C\u002Ftd>\u003Ctd>3.831.454\u003C\u002Ftd>\u003Ctd>3.737.788\u003C\u002Ftd>\u003Ctd>3.653.490\u003C\u002Ftd>\u003Ctd>3.577.220\u003C\u002Ftd>\u003Ctd>3.507.883\u003C\u002Ftd>\u003Ctd>3.444.576\u003C\u002Ftd>\u003Ctd>3.386.544\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>des\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>8,75%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-0,50%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>3.922.034\u003C\u002Ftd>\u003Ctd>3.809.568\u003C\u002Ftd>\u003Ctd>3.709.599\u003C\u002Ftd>\u003Ctd>3.620.152\u003C\u002Ftd>\u003Ctd>3.539.650\u003C\u002Ftd>\u003Ctd>3.466.815\u003C\u002Ftd>\u003Ctd>3.400.601\u003C\u002Ftd>\u003Ctd>3.340.145\u003C\u002Ftd>\u003Ctd>3.284.727\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>de\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>9,25%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>0,00%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>3.795.977\u003C\u002Ftd>\u003Ctd>3.688.554\u003C\u002Ftd>\u003Ctd>3.593.066\u003C\u002Ftd>\u003Ctd>3.507.630\u003C\u002Ftd>\u003Ctd>3.430.737\u003C\u002Ftd>\u003Ctd>3.361.168\u003C\u002Ftd>\u003Ctd>3.297.922\u003C\u002Ftd>\u003Ctd>3.240.177\u003C\u002Ftd>\u003Ctd>3.187.244\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>xa\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>9,75%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>0,50%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>3.675.443\u003C\u002Ftd>\u003Ctd>3.572.814\u003C\u002Ftd>\u003Ctd>3.481.588\u003C\u002Ftd>\u003Ctd>3.399.966\u003C\u002Ftd>\u003Ctd>3.326.505\u003C\u002Ftd>\u003Ctd>3.260.041\u003C\u002Ftd>\u003Ctd>3.199.619\u003C\u002Ftd>\u003Ctd>3.144.451\u003C\u002Ftd>\u003Ctd>3.093.880\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Ta\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>10,25%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>1,00%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>3.560.153\u003C\u002Ftd>\u003Ctd>3.462.085\u003C\u002Ftd>\u003Ctd>3.374.913\u003C\u002Ftd>\u003Ctd>3.296.917\u003C\u002Ftd>\u003Ctd>3.226.721\u003C\u002Ftd>\u003Ctd>3.163.210\u003C\u002Ftd>\u003Ctd>3.105.473\u003C\u002Ftd>\u003Ctd>3.052.756\u003C\u002Ftd>\u003Ctd>3.004.433\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>10,75%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>1,50%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>3.449.845\u003C\u002Ftd>\u003Ctd>3.356.116\u003C\u002Ftd>\u003Ctd>3.272.800\u003C\u002Ftd>\u003Ctd>3.198.255\u003C\u002Ftd>\u003Ctd>3.131.165\u003C\u002Ftd>\u003Ctd>3.070.463\u003C\u002Ftd>\u003Ctd>3.015.281\u003C\u002Ftd>\u003Ctd>2.964.896\u003C\u002Ftd>\u003Ctd>2.918.711\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>11,25%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>2,00%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>3.344.272\u003C\u002Ftd>\u003Ctd>3.254.671\u003C\u002Ftd>\u003Ctd>3.175.026\u003C\u002Ftd>\u003Ctd>3.103.764\u003C\u002Ftd>\u003Ctd>3.039.628\u003C\u002Ftd>\u003Ctd>2.981.601\u003C\u002Ftd>\u003Ctd>2.928.848\u003C\u002Ftd>\u003Ctd>2.880.683\u003C\u002Ftd>\u003Ctd>2.836.532\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3480\u002F3480.pdf-0036-00.png\">\u003C\u002Fp>\u003Ch3>\u003Cstrong>8. CONCLUSÃO DA AVALIAÇÃO\u003C\u002Fstrong>\u003C\u002Fh3>\u003Cp>De acordo com nossas análises e premissas aqui apresentadas, concluímos os seguintes valores do imóvel em referência:\u003C\u002Fp>\u003Cp>\u003Cstrong>VALOR JUSTO\u003C\u002Fstrong> (Renda – Fluxo de Caixa) \u003Cstrong>R$ 3.530.000,00 Três Milhões, Quinhentos E Trinta Mil Reais PARA VENDA\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>Binswanger Brazil CREA: 494866\u003C\u002Fp>\u003Cp>ISABELA DORA COSTA Assinado de forma digital por ISABELA DORA COSTA MONASTERSKY:14400445895 MONASTERSKY:14400445895 Dados: 2026.01.21 14:22:29 -03'00' Isabela Dora Costa Monastersky - MRICS \u003Cem>Diretora de Consultoria e Avaliações CREA: 506.007.193-1\u003C\u002Fem>\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3480\u002F3480.pdf-0036-06.png\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3480\u002F3480.pdf-0037-00.png\">\u003C\u002Fp>\u003Ch3>\u003Cstrong>APÊNDICE A – MÉTODO COMPARATIVO – LOCAÇÃO\u003C\u002Fstrong>\u003C\u002Fh3>\u003Ch6>\u003Cstrong>Pesquisa\u003C\u002Fstrong>\u003C\u002Fh6>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003Cth>\u003Cstrong>Áreas\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003Cth>\u003Cstrong>Construções\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003Cth>\u003Cstrong>Contato\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>\u003Cem>EC\u003C\u002Fem>\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Item\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Endereço\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>\u003Cem>Índice\u003C\u002Fem>\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>\u003Cem>Local\u003C\u002Fem>\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>\u003Cem>Área\u003C\u002Fem>\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>\u003Cem>Privativa\u003C\u002Fem>\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>\u003Cem>Idade\u003C\u002Fem>\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>\u003Cem>Estimada\u003C\u002Fem>\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>\u003Cem>Vida\u003C\u002Fem>\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>\u003Cem>Útil\u003C\u002Fem>\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>\u003Cem>Estado de\u003C\u002Fem>\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>\u003Cem>conservação\u003C\u002Fem>\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>\u003Cem>Padrão (IBAPE)\u003C\u002Fem>\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>\u003Cem>Imobiliária\u003C\u002Fem>\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>\u003Cem>Contato\u003C\u002Fem>\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>\u003Cem>Telefone\u003C\u002Fem>\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Aval.\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Rua Gonçalves da Guia, 8\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>100\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>410,70 m²\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>15 anos\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>60 anos\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>c - regular\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>escritório médio s\u002F\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>elev\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>1\u003C\u002Ftd>\u003Ctd>Avenida Jove Soares, 728\u003C\u002Ftd>\u003Ctd>95\u003C\u002Ftd>\u003Ctd>17,88 m²\u003C\u002Ftd>\u003Ctd>25 anos\u003C\u002Ftd>\u003Ctd>70 anos\u003C\u002Ftd>\u003Ctd>d - entre regular e\u003Cbr>reparos simples\u003C\u002Ftd>\u003Ctd>escritório simples\u003Cbr>s\u002F elev\u003C\u002Ftd>\u003Ctd>Solar Imóveis\u003C\u002Ftd>\u003Ctd>Rafael\u003C\u002Ftd>\u003Ctd>(37) 3241-2639\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>2\u003C\u002Ftd>\u003Ctd>Avenida Jove Soares, 1022\u003C\u002Ftd>\u003Ctd>95\u003C\u002Ftd>\u003Ctd>100,00 m²\u003C\u002Ftd>\u003Ctd>15 anos\u003C\u002Ftd>\u003Ctd>60 anos\u003C\u002Ftd>\u003Ctd>c - regular\u003C\u002Ftd>\u003Ctd>escritório médio s\u002F\u003Cbr>elev\u003C\u002Ftd>\u003Ctd>Solar Imóveis\u003C\u002Ftd>\u003Ctd>Rafael\u003C\u002Ftd>\u003Ctd>(37) 3241-2639\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>3\u003C\u002Ftd>\u003Ctd>Rua Silva Jardim, 388\u003C\u002Ftd>\u003Ctd>90\u003C\u002Ftd>\u003Ctd>25,00 m²\u003C\u002Ftd>\u003Ctd>20 anos\u003C\u002Ftd>\u003Ctd>70 anos\u003C\u002Ftd>\u003Ctd>c - regular\u003C\u002Ftd>\u003Ctd>escritório simples\u003Cbr>s\u002F elev\u003C\u002Ftd>\u003Ctd>Legatto\u003Cbr>Imóveis\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>(37) 99875-5785\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>4\u003C\u002Ftd>\u003Ctd>Rua Silva Jardim, 212\u003C\u002Ftd>\u003Ctd>90\u003C\u002Ftd>\u003Ctd>90,20 m²\u003C\u002Ftd>\u003Ctd>25 anos\u003C\u002Ftd>\u003Ctd>70 anos\u003C\u002Ftd>\u003Ctd>d - entre regular e\u003Cbr>reparos simples\u003C\u002Ftd>\u003Ctd>escritório simples\u003Cbr>s\u002F elev\u003C\u002Ftd>\u003Ctd>Solar Imóveis\u003C\u002Ftd>\u003Ctd>Rafael\u003C\u002Ftd>\u003Ctd>(37) 3241-2639\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>5\u003C\u002Ftd>\u003Ctd>Rua Antônio Corradi, 54\u003C\u002Ftd>\u003Ctd>90\u003C\u002Ftd>\u003Ctd>57,58 m²\u003C\u002Ftd>\u003Ctd>20 anos\u003C\u002Ftd>\u003Ctd>70 anos\u003C\u002Ftd>\u003Ctd>c - regular\u003C\u002Ftd>\u003Ctd>escritório simples\u003Cbr>s\u002F elev\u003C\u002Ftd>\u003Ctd>Morada\u003Cbr>Itaúna\u003C\u002Ftd>\u003Ctd>Jessica\u003C\u002Ftd>\u003Ctd>(37) 98409-6965\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ch6>\u003Cstrong>Cálculo\u003C\u002Fstrong>\u003C\u002Fh6>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003Cth>\u003Cstrong>Valores\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003Cth>\u003Cstrong>H\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>omogenei\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>zação (Fatores\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>)\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>\u003Cstrong>Item\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Área Privativa\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>\u003Cem>Total\u003C\u002Fem>\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>\u003Cem>Fator oferta\u003C\u002Fem>\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>\u003Cem>Unitário com\u003C\u002Fem>\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>\u003Cem>fator oferta\u003C\u002Fem>\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>\u003Cem>Localização\u003C\u002Fem>\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>\u003Cem>Padrão\u003C\u002Fem>\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>\u003Cem>Depreciação\u003C\u002Fem>\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>\u003Cem>Frentes\u003C\u002Fem>\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>\u003Cem>múltiplas\u003C\u002Fem>\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Fator final\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Unitário\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>Homogeneizado\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Aval.\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>OK\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>OK\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>OK\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>OK\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>1\u003C\u002Ftd>\u003Ctd>17,88 m²\u003C\u002Ftd>\u003Ctd>R$ 1.150,00\u003C\u002Ftd>\u003Ctd>0,90\u003C\u002Ftd>\u003Ctd>R$ 57,89\u002Fm²\u003C\u002Ftd>\u003Ctd>1,011\u003C\u002Ftd>\u003Ctd>1,123\u003C\u002Ftd>\u003Ctd>1,107\u003C\u002Ftd>\u003Ctd>1,100\u003C\u002Ftd>\u003Ctd>1,340\u003C\u002Ftd>\u003Ctd>R$ 77,58\u002Fm²\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>2\u003C\u002Ftd>\u003Ctd>100,00 m²\u003C\u002Ftd>\u003Ctd>R$ 6.500,00\u003C\u002Ftd>\u003Ctd>0,90\u003C\u002Ftd>\u003Ctd>R$ 58,50\u002Fm²\u003C\u002Ftd>\u003Ctd>1,011\u003C\u002Ftd>\u003Ctd>1,000\u003C\u002Ftd>\u003Ctd>1,000\u003C\u002Ftd>\u003Ctd>1,000\u003C\u002Ftd>\u003Ctd>1,011\u003C\u002Ftd>\u003Ctd>R$ 59,12\u002Fm²\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>3\u003C\u002Ftd>\u003Ctd>25,00 m²\u003C\u002Ftd>\u003Ctd>R$ 1.500,00\u003C\u002Ftd>\u003Ctd>0,90\u003C\u002Ftd>\u003Ctd>R$ 54,00\u002Fm²\u003C\u002Ftd>\u003Ctd>1,022\u003C\u002Ftd>\u003Ctd>1,123\u003C\u002Ftd>\u003Ctd>1,020\u003C\u002Ftd>\u003Ctd>1,100\u003C\u002Ftd>\u003Ctd>1,266\u003C\u002Ftd>\u003Ctd>R$ 68,35\u002Fm²\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>4\u003C\u002Ftd>\u003Ctd>90,20 m²\u003C\u002Ftd>\u003Ctd>R$ 4.000,00\u003C\u002Ftd>\u003Ctd>0,90\u003C\u002Ftd>\u003Ctd>R$ 39,91\u002Fm²\u003C\u002Ftd>\u003Ctd>1,022\u003C\u002Ftd>\u003Ctd>1,123\u003C\u002Ftd>\u003Ctd>1,107\u003C\u002Ftd>\u003Ctd>1,000\u003C\u002Ftd>\u003Ctd>1,252\u003C\u002Ftd>\u003Ctd>R$ 49,96\u002Fm²\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>5\u003C\u002Ftd>\u003Ctd>57,58 m²\u003C\u002Ftd>\u003Ctd>R$ 2.700,00\u003C\u002Ftd>\u003Ctd>0,90\u003C\u002Ftd>\u003Ctd>R$ 42,20\u002Fm²\u003C\u002Ftd>\u003Ctd>1,022\u003C\u002Ftd>\u003Ctd>1,123\u003C\u002Ftd>\u003Ctd>1,020\u003C\u002Ftd>\u003Ctd>1,100\u003C\u002Ftd>\u003Ctd>1,266\u003C\u002Ftd>\u003Ctd>R$ 53,41\u002Fm²\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3480\u002F3480.pdf-0038-00.png\">\u003C\u002Fp>\u003Ch6>\u003Cstrong>Homogeneização (Fatores)\u003C\u002Fstrong>\u003C\u002Fh6>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003Cstrong>Interva\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>lo de confiança\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>Situação paradigma\u003C\u002Fstrong>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>Número de amostras:\u003C\u002Ftd>\u003Ctd>5\u003C\u002Ftd>\u003Ctd>Área Privativa\u003Cbr>410,70 m²\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Graus de liberdade:\u003C\u002Ftd>\u003Ctd>4\u003C\u002Ftd>\u003Ctd>Idade:\u003Cbr>15 anos\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>tc (tabelado):\u003C\u002Ftd>\u003Ctd>1,533\u003C\u002Ftd>\u003Ctd>Vida útil:\u003Cbr>60 anos\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Amplitude:\u003C\u002Ftd>\u003Ctd>R$ 15,47\u002Fm²\u003C\u002Ftd>\u003Ctd>Padrão:\u003Cbr>escritório médio s\u002F elev\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Conservação:\u003Cbr>c - regular\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Limite inferior:\u003C\u002Ftd>\u003Ctd>R$ 53,95\u002Fm²\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Média:\u003C\u002Ftd>\u003Ctd>R$ 61,68\u002Fm²\u003C\u002Ftd>\u003Ctd>Média Saneada\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Limite superior:\u003C\u002Ftd>\u003Ctd>R$ 69,42\u002Fm²\u003C\u002Ftd>\u003Ctd>Limite inferior (-30%):\u003Cbr>R$ 43,18\u002Fm²\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Média:\u003Cbr>R$ 61,68\u002Fm²\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Intervalo - E\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>lementos utilizados\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Limite superior (+30%):\u003Cbr>R$ 80,19\u002Fm²\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Valor mínimo:\u003C\u002Ftd>\u003Ctd>R$ 49,96\u002Fm²\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Valor máximo:\u003C\u002Ftd>\u003Ctd>R$ 77,58\u002Fm²\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Ajuste: Par\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>adigma x Avaliando\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>R$ 70,00\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Fator de testa\u003C\u002Ftd>\u003Ctd>1,0000\u003Cbr>da (Avaliado)\u003C\u002Ftd>\u003Ctd>R$ 60,00\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Campo de arbítrio\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>1,0000\u003Cbr>\u003Cstrong>Paradigma\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>Avaliando\u003C\u002Fstrong>\u003Cbr>Fator final\u003C\u002Ftd>\u003Ctd>R$ 40,00\u003Cbr>R$ 50,00\u003Cbr>Unitário Estimado\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Limite inferior:\u003C\u002Ftd>\u003Ctd>R$ 52,43\u002Fm²\u003Cbr>R$ 52,43\u002Fm²\u003C\u002Ftd>\u003Ctd>R$ 3000\u003Cbr>Valor\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Média:\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>R$ 61,68\u002Fm²\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>R$ 61,68\u002Fm²\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>,\u003Cbr>R$ 30,00\u003Cbr>R$ 40,00\u003Cbr>R$ 50,00\u003Cbr>R$ 60,00\u003Cbr>R$ 70,00\u003Cbr>Valor Unitário Observado\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Limite superior:\u003C\u002Ftd>\u003Ctd>R$ 70,94\u002Fm²\u003Cbr>R$ 70,94\u002Fm²\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3480\u002F3480.pdf-0039-00.png\">\u003C\u002Fp>\u003Ch6>\u003Cstrong>Especificação da Avaliação\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>\u002F>\u003C\u002Fp>\u003Cp>\u003Cstrong>Tabela 3 - Grau de fundamentação no caso de utilização do tratamento por fatores\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3480\u002F3480.pdf-0039-04.png\">\u003C\u002Fp>\u003Cp>\u003Cstrong>Tabela 4 - Enquadramento do laudo segundo seu grau de fundamentação no caso de utilização de tratamento por fatores\u003C\u002Fstrong>\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003Cstrong>Graus\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>III\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>II\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>I\u003C\u002Fstrong>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>Pontos mínimos\u003C\u002Ftd>\u003Ctd>10\u003C\u002Ftd>\u003Ctd>6\u003C\u002Ftd>\u003Ctd>4\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Itens obrigatórios\u003C\u002Ftd>\u003Ctd>Itens 2 e 4 no Grau III,\u003Cbr>com os demais no mínimo\u003C\u002Ftd>\u003Ctd>Itens 2 e 4 no mínimo no\u003Cbr>Grau II e os demais no\u003C\u002Ftd>\u003Ctd>Todos, no mínimo no Grau\u003Cbr>I\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>no Grau II\u003C\u002Ftd>\u003Ctd>mínimo no Grau I\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>\u003Cstrong>Tabela 5 - Grau de precisão nos casos de utilização de modelos de regressão linear ou do tratamento por fatores\u003C\u002Fstrong>\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003Cstrong>Descrição\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>Graus\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>III\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>II\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>I\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Amplitude do intervalo de\u003Cbr>confiança de 80% em\u003C\u002Ftd>\u003Ctd>≤ 30%\u003C\u002Ftd>\u003Ctd>≤ 40%\u003C\u002Ftd>\u003Ctd>≤ 50%\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cul>\u003Cli>Nota: Quando a amplitude do intervalo de confiança ultrapassar 50%, não há classificação do resultado quanto à precisão e é necessária justificativa com base no diagnóstico do mercado.\u003C\u002Fli>\u003C\u002Ful>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003Cstrong>Grau II\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>GRAU DE FUNDAMENTAÇÃO:\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>GRAU DE PRECISÃO:\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>Grau III\u003C\u002Fstrong>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3480\u002F3480.pdf-0040-00.png\">\u003C\u002Fp>\u003Ch6>\u003Cstrong>Elementos Comparativos\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3480\u002F3480.pdf-0040-02.png\">\u003C\u002Fp>\u003Cp>Mapa de Localização\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3480\u002F3480.pdf-0040-04.png\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3480\u002F3480.pdf-0040-05.png\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3480\u002F3480.pdf-0040-06.png\">\u003C\u002Fp>\u003Cp>Elemento 1 Elemento 2\u003C\u002Fp>\u003Cp>Elemento 3\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3480\u002F3480.pdf-0040-09.png\">\u003C\u002Fp>\u003Cp>Elemento 4\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3480\u002F3480.pdf-0040-11.png\">\u003C\u002Fp>\u003Cp>Elemento 5\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3480\u002F3480.pdf-0041-00.png\">\u003C\u002Fp>\u003Ch3>\u003Cstrong>APÊNDICE B – FLUXO DE CAIXA – MÉTODO DA RENDA\u003C\u002Fstrong>\u003C\u002Fh3>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>Total\u003Cbr>VPL\u003Cbr>\u003Cstrong>Ano\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>Mês\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>Período\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>31-out-25\u003Cbr>\u003Cstrong>% ocupação\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cbr>\u003Cstrong>Valor unt base\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>Fator de\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>crescimento\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>Valor unt\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>corrigido\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>3.047.857\u003Cbr>1.999.773\u003Cbr>\u003Cstrong>Receita de\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>Locação\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>Ciid\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>Desco\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>loc\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>Receita\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>0\u003Cbr>0\u003Cbr>3.686.225\u003Cbr>6.734.082\u003Cbr>0\u003Cbr>0\u003Cbr>1.521.834\u003Cbr>3.521.607\u003Cbr>\u003Cstrong>nto de\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>ação\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>Carência\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>Venda\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>Total de receitas\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>Comi\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>loc\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>Loja 8\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>0\u003Cbr>-147.449\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>-30.47\u003Cbr>0\u003Cbr>-60.873\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>-19.99\u003Cbr>\u003Cstrong>ssão de\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>ação\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>Comissão de\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>venda\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>Condomínio\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>IPTU\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>Inadimplência\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>FRA\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>Despesas\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>9\u003Cbr>-15.23\u003Cbr>8\u003Cbr>-9.99\u003Cbr>\u003Cstrong>Gestão de\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>contrato\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>9\u003Cbr>-193.1\u003Cbr>9\u003Cbr>-90.8\u003Cbr>\u003Cstrong>Total de\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>despesas\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>67\u003Cbr>6.540.915\u003Cbr>70\u003Cbr>3.430.737\u003Cbr>\u003Cstrong>Total\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>Operacional\u003C\u002Fstrong>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>nov-25\u003Cbr>0\u003Cbr>dez-25\u003Cbr>1\u003Cbr>26\u003Cbr>2\u003C\u002Ftd>\u003Ctd>100%\u003Cbr>100%\u003Cbr>100%\u003C\u002Ftd>\u003Ctd>0,00\u003Cbr>53,07\u003Cbr>5307\u003C\u002Ftd>\u003Ctd>1,00\u003Cbr>1,00\u003Cbr>100\u003C\u002Ftd>\u003Ctd>0,00\u003Cbr>53,07\u003Cbr>5307\u003C\u002Ftd>\u003Ctd>\u003Cstrong>orrga\u003C\u002Fstrong>\u003Cbr>0\u003Cbr>21.796\u003Cbr>21796\u003C\u002Ftd>\u003Ctd>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>21.796\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>21796\u003C\u002Ftd>\u003Ctd>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>-218\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>218\u003C\u002Ftd>\u003Ctd>0\u003Cbr>-109\u003Cbr>109\u003C\u002Ftd>\u003Ctd>0\u003Cbr>-327\u003Cbr>327\u003C\u002Ftd>\u003Ctd>0\u003Cbr>21.469\u003Cbr>21469\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>jan-\u003Cbr>\u003Cbr>fev-26\u003Cbr>3\u003Cbr>mar-26\u003Cbr>4\u003C\u002Ftd>\u003Ctd>100%\u003Cbr>100%\u003C\u002Ftd>\u003Ctd>,\u003Cbr>59,84\u003Cbr>59,84\u003C\u002Ftd>\u003Ctd>,\u003Cbr>1,00\u003Cbr>1,00\u003C\u002Ftd>\u003Ctd>,\u003Cbr>59,84\u003Cbr>59,84\u003C\u002Ftd>\u003Ctd>.\u003Cbr>24.576\u003Cbr>24.576\u003C\u002Ftd>\u003Ctd>.\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>24.576\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>24.576\u003C\u002Ftd>\u003Ctd>-\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>-246\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>-246\u003C\u002Ftd>\u003Ctd>-\u003Cbr>-123\u003Cbr>-123\u003C\u002Ftd>\u003Ctd>-\u003Cbr>-369\u003Cbr>-369\u003C\u002Ftd>\u003Ctd>.\u003Cbr>24.208\u003Cbr>24.208\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>abr-26\u003Cbr>5\u003Cbr>i26\u003Cbr>6\u003C\u002Ftd>\u003Ctd>100%\u003Cbr>100%\u003C\u002Ftd>\u003Ctd>59,84\u003Cbr>5984\u003C\u002Ftd>\u003Ctd>1,00\u003Cbr>100\u003C\u002Ftd>\u003Ctd>59,84\u003Cbr>5984\u003C\u002Ftd>\u003Ctd>24.576\u003Cbr>24576\u003C\u002Ftd>\u003Ctd>0\u003Cbr>0\u003Cbr>0\u003Cbr>24.576\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>24576\u003C\u002Ftd>\u003Ctd>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>-246\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>246\u003C\u002Ftd>\u003Ctd>-123\u003Cbr>123\u003C\u002Ftd>\u003Ctd>-369\u003Cbr>369\u003C\u002Ftd>\u003Ctd>24.208\u003Cbr>24208\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>ma-\u003Cbr>\u003Cbr>jun-26\u003Cbr>7\u003C\u002Ftd>\u003Ctd>100%\u003C\u002Ftd>\u003Ctd>,\u003Cbr>59,84\u003C\u002Ftd>\u003Ctd>,\u003Cbr>1,00\u003C\u002Ftd>\u003Ctd>,\u003Cbr>59,84\u003C\u002Ftd>\u003Ctd>.\u003Cbr>24.576\u003C\u002Ftd>\u003Ctd>.\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>24.576\u003C\u002Ftd>\u003Ctd>-\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>-246\u003C\u002Ftd>\u003Ctd>-\u003Cbr>-123\u003C\u002Ftd>\u003Ctd>-\u003Cbr>-369\u003C\u002Ftd>\u003Ctd>.\u003Cbr>24.208\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>jul-26\u003Cbr>8\u003Cbr>ago-26\u003Cbr>9\u003Cbr>set-26\u003Cbr>10\u003Cbr>out-26\u003Cbr>11\u003C\u002Ftd>\u003Ctd>100%\u003Cbr>100%\u003Cbr>100%\u003Cbr>100%\u003C\u002Ftd>\u003Ctd>59,84\u003Cbr>59,84\u003Cbr>59,84\u003Cbr>59,84\u003C\u002Ftd>\u003Ctd>1,00\u003Cbr>1,00\u003Cbr>1,00\u003Cbr>1,00\u003C\u002Ftd>\u003Ctd>59,84\u003Cbr>59,84\u003Cbr>59,84\u003Cbr>59,84\u003C\u002Ftd>\u003Ctd>24.576\u003Cbr>24.576\u003Cbr>24.576\u003Cbr>24.576\u003C\u002Ftd>\u003Ctd>0\u003Cbr>0\u003Cbr>0\u003Cbr>24.576\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>24.576\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>24.576\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>24.576\u003C\u002Ftd>\u003Ctd>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>-246\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>-246\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>-246\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>-246\u003C\u002Ftd>\u003Ctd>-123\u003Cbr>-123\u003Cbr>-123\u003Cbr>-123\u003C\u002Ftd>\u003Ctd>-369\u003Cbr>-369\u003Cbr>-369\u003Cbr>-369\u003C\u002Ftd>\u003Ctd>24.208\u003Cbr>24.208\u003Cbr>24.208\u003Cbr>24.208\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>nov-26\u003Cbr>12\u003C\u002Ftd>\u003Ctd>100%\u003C\u002Ftd>\u003Ctd>59,84\u003C\u002Ftd>\u003Ctd>1,00\u003C\u002Ftd>\u003Ctd>59,84\u003C\u002Ftd>\u003Ctd>24.576\u003C\u002Ftd>\u003Ctd>0\u003Cbr>0\u003Cbr>0\u003Cbr>24.576\u003C\u002Ftd>\u003Ctd>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>-246\u003C\u002Ftd>\u003Ctd>-123\u003C\u002Ftd>\u003Ctd>-369\u003C\u002Ftd>\u003Ctd>24.208\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>dez-26\u003Cbr>13\u003Cbr>jan-27\u003Cbr>14\u003Cbr>fev-27\u003Cbr>15\u003C\u002Ftd>\u003Ctd>100%\u003Cbr>100%\u003Cbr>100%\u003C\u002Ftd>\u003Ctd>59,84\u003Cbr>59,84\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alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3480\u002F3480.pdf-0042-00.png\">\u003C\u002Fp>\u003Ch6>\u003Cstrong>Especificação da Avaliação\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>\u003Cstrong>ABNT NBR 14653 -4 (Empreendimentos)\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>GRAU DE FUNDAMENTAÇÃO - Fluxo de Caixa Descontado (FCD)\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>Tabela 4 - Identificação de valor e indicadores de viabilidade\u003C\u002Fstrong>\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003Cstrong>Item\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>Atividade\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003Cth>\u003Cstrong>Para identificação de valor\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Grau III\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Grau II\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Grau I\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>1\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Análise operacional\u003Cbr>do empreendimento\u003C\u002Ftd>\u003Ctd>Ampla, com os\u003Cbr>elementos\u003Cbr>operacionais\u003Cbr>devidamente\u003Cbr>explicitados\u003Cbr>3\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Simplificada, com\u003Cbr>base nos indicadores\u003Cbr>operacionais\u003C\u002Ftd>\u003Ctd>Sintética, com a\u003Cbr>apresentação dos\u003Cbr>indicadores básicos\u003Cbr>operacionais\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>2\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Análise das séries\u003Cbr>históricas do\u003Cbr>empreendimento\u003C\u002Ftd>\u003Ctd>Com base em análise\u003Cbr>do processo\u003Cbr>estocástico para as\u003Cbr>variáveis-chave, em\u003Cbr>um período mínimo de\u003Cbr>36 meses\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Com base em análise\u003Cbr>determinística para\u003Cbr>um prazo mínimo de 24\u003Cbr>meses\u003C\u002Ftd>\u003Ctd>Com base em análise\u003Cbr>quantitativa para um\u003Cbr>prazo mínimo de 12\u003Cbr>meses\u003C\u002Ftd>\u003Ctd>1\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>3\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Análise setorial e\u003Cbr>diagnóstico de\u003Cbr>mercado\u003C\u002Ftd>\u003Ctd>De estrutura,\u003Cbr>conjuntura, tendências\u003Cbr>e conduta\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Da conjuntura\u003C\u002Ftd>\u003Ctd>Sintética da conjuntura\u003C\u002Ftd>\u003Ctd>1\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>4\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Taxas de desconto\u003C\u002Ftd>\u003Ctd>Fundamentada\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Justificada\u003C\u002Ftd>\u003Ctd>Arbitrada\u003C\u002Ftd>\u003Ctd>1\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Determinístico\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>5\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Escolha do Modelo\u003C\u002Ftd>\u003Ctd>Probabilístico\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>associado aos\u003Cbr>cenários\u003C\u002Ftd>\u003Ctd>Determinístico\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>6\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Estrutura básica do\u003Cbr>fluxo de caixa\u003C\u002Ftd>\u003Ctd>Completa\u003Cbr>3\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Simplificada\u003C\u002Ftd>\u003Ctd>Rendas Líquidas\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>7\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Cenários\u003Cbr>fundamentados\u003C\u002Ftd>\u003Ctd>Mínimo de 5\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Mínimo de 3\u003C\u002Ftd>\u003Ctd>Mínimo de 1\u003C\u002Ftd>\u003Ctd>1\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>8\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Análise de\u003Cbr>sensibilidade\u003C\u002Ftd>\u003Ctd>Simulações com\u003Cbr>apresentação do\u003Cbr>comportamento gráfico\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Simulação com\u003Cbr>identificação de\u003Cbr>elasticidade por\u003Cbr>variável\u003C\u002Ftd>\u003Ctd>Simulação única com\u003Cbr>variação em torno de\u003Cbr>10%\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>9\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Análise de risco\u003C\u002Ftd>\u003Ctd>Risco fundamentado\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Riscojustificado\u003C\u002Ftd>\u003Ctd>Risco arbitrado\u003C\u002Ftd>\u003Ctd>1\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Pontuação\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>11\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003Cstrong>GRAU DE FUNDAMENTAÇÃO (Para identificação de valor):\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>Grau I\u003C\u002Fstrong>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>\u003Cstrong>Tabela 5 - Enquadramento do laudo segundo seu grau de fundamentação\u003C\u002Fstrong>\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003C\u002Fth>\u003Cth>\u003Cstrong>Para\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>identificação de valor\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>\u003Cstrong>Graus\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>III\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>II\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>I\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Pontos mínimos\u003C\u002Ftd>\u003Ctd>22\u003C\u002Ftd>\u003Ctd>13\u003C\u002Ftd>\u003Ctd>7\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Máximo de 3 itens em\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Restrições\u003C\u002Ftd>\u003Ctd>graus inferiores,\u003Cbr>admitindo-se no\u003Cbr>máximo um item no\u003C\u002Ftd>\u003Ctd>Máximo de 4 itens em\u003Cbr>graus inferiores ou\u003Cbr>não atendidos\u003C\u002Ftd>\u003Ctd>Mínimo de 7 itens\u003Cbr>atendidos\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Grau I\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>\u003Cstrong>APÊNDICE C – EXPERIÊNCIA EMPRESA E RESPONSÁVEIS\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3480\u002F3480.pdf-0043-01.png\">\u003C\u002Fp>\u003Cp>A Binswanger é uma organização internacional de consultoria imobiliária com mais de 80 anos de tradição. Criada nos Estados Unidos em 1931, a companhia assiste a clientes corporativos em mais de 100 países, nos cinco continentes.\u003C\u002Fp>\u003Cp>Durante os anos 1990, a consultoria iniciou um programa de expansão internacional, formando alianças estratégicas com organizações imobiliárias em todo o mundo, período em que se estabeleceu também no Brasil, maior mercado imobiliário da América Latina.\u003C\u002Fp>\u003Cp>Fundada em 1997, a Binswanger Brazil nasceu como escritório regional da rede, e em pouco mais de duas décadas se consolidou como uma das principais fornecedoras de serviços imobiliários para o mercado corporativo brasileiro.\u003C\u002Fp>\u003Cp>Com sede em São Paulo, a companhia conta atualmente com uma das melhores estruturas imobiliárias em operação no país e oferece assistência de alcance global para todo o território nacional em um balcão único para clientes em diversos setores da economia.\u003C\u002Fp>\u003Cp>Mais do que atender às necessidades de clientes, a Binswanger Brazil oferece linha completa de soluções imobiliárias e projetos personalizados para atender a todas as etapas dos processos imobiliários de seus parceiros de negócio.\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3480\u002F3480.pdf-0043-07.png\">\u003C\u002Fp>\u003Ch6>Isabela Monastersky (MRICS) - Diretora Técnica\u003C\u002Fh6>\u003Cp>Há mais de 20 anos no mercado imobiliário, Isabela possui ampla experiência nas áreas de avaliação, consultoria e transações imobiliárias. Nesse período, exerceu funções de liderança em empresas como Colliers, Newmark Knight Frank e Dworking. Possui MBA em Real Estate (USP-2010), e pós-graduação em Perícias de Engenharia e Avaliações (FAAP-1998), e ocupa - desde 2018 - a Diretoria de Consultoria e Avaliação, onde analisa portfólios imobiliários de grandes incorporadores, fundos imobiliários e de pensão e investidores.\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3480\u002F3480.pdf-0044-00.png\">\u003C\u002Fp>\u003Ch3>\u003Cstrong>ANEXO – DOCUMENTAÇÃO DO IMÓVEL\u003C\u002Fstrong>\u003C\u002Fh3>\u003Cp>Em razão do tamanho dos arquivos, deixamos de incluir os anexos neste laudo. Os documentos utilizados nesta avaliação encontram-se em nossa base de dados para o caso de necessidade de consulta.\u003C\u002Fp>","https:\u002F\u002Fwww.kartac.com.br\u002Fapi\u002Ffiis\u002FFPNG11\u002Fdocumentos\u002F3480\u002Fpdf",false,"2026-03-04 19:07:00",{"id":95,"empresa":96,"gestor":100,"cotacoes":106,"patrimonio":115,"vpa":116,"p_vpa":117,"tipo_gestao":118,"mandato":119,"segmento":120,"categoria":121,"grupo":56,"preco_atual":114,"cotacao_atualizada_em":122,"ultima_variacao_cotacao_24h":119,"variacao_cotacao_7d":119,"variacao_cotacao_1m":123,"variacao_cotacao_3m":124,"variacao_cotacao_6m":125,"variacao_cotacao_12m":126,"vacancia_fisica":127,"liquidez_atual":69,"ultimo_dividendo":119,"ultimo_dividend_yield":119,"mes_pagamento_ultimo_dividendo":119,"dividend_yield_3m":119,"dividend_yield_6m":119,"dividend_yield_12m":119,"dividend_yield_medio_12m":119,"qtd_dividendos_pagos_ano_passado":119,"data_ultima_cotacao":113,"pregoes_com_negocio_21":72,"alertas":128,"updated_at":134,"liquidez_media_reais":135,"administrador":47,"taxa_administracao_paga":136,"balanco":137,"resultado_distribuido":144,"publico_alvo":149,"mercados_negociacao_cotas":150,"data_funcionamento":152,"data_final":119,"quantidade_cotas":153,"quantidade_cotistas":154,"detalhes_cotistas":155,"total_investido":156,"investimentos_fundo":157,"imoveis":160,"contratos":445,"custodiante":504,"auditor_independente":511,"formador_mercado":119,"distribuidor_cotas":119,"consultor_especializado":517,"administrador_locacoes":119,"relatorio_anual":521,"analise_administrador":524},712,{"nome":54,"nome_simplificado":97,"nome_comercial":51,"ticker":53,"nome_ticker":98,"nome_pregao":99,"cnpj":61}," PEDRA NEGRA RENDA IMOBILIÁRIA  RESPONSABILIDADE LIMITADA","FPNG11 - FUNDO DE INVESTIMENTO IMOBILIÁRIO PEDRA NEGRA RENDA IMOBILIÁRIA - RESPONSABILIDADE LIMITADA","FII P NEGRA",{"id":101,"nome":41,"cnpj":102,"endereco":103,"telefone":104,"created_at":105,"updated_at":105},59,"44077014000189","RUA SURUBIM, 577 - 10º ANDAR","11-5508.3500","2026-10-03T18:54:18.000000Z",[107,111],{"id":108,"data":109,"abertura":110,"ultimo":110,"volume":76},3290265,"2026-10-08",348,{"id":112,"data":113,"abertura":114,"ultimo":114,"volume":76},3375995,"2026-10-15",344.99,664587924.75,218.37,"1.58","Ativa",null,"Multicategoria","Tijolo","2026-10-17 17:16","-0.0086","-0.1586","-0.2582","-0.1469","0.04519",[129],{"tipo":130,"campo":131,"titulo":132,"texto":133},"pouco_negociado","liquidez_atual","Pouco negociado","O fundo teve negócios em só 2 dos últimos 21 pregões. Com tão poucos negócios, o preço pode mudar muito de um negócio para o outro, e o DY e o P\u002FVP mudam junto.","05\u002F11\u002F2026 08:15",1039.49,0.0009,{"data_referencia":138,"ativo":139,"passivo":140,"obrigacoes_imoveis":141,"obrigacoes_securitizacao":141,"liquidez":142,"valores_receber":143},"2026-09-01",781012939.32,116425014.57,0,37547790.34,17377648.98,{"data_referencia":145,"resultado":146,"rendimentos":147,"percentual":148},"2026-06-30",15355690.52,14588000.004,0.950006122160373,"Investidores em Geral",[151],"Bolsa","2012-10-25",3043447,137,{"Pessoa Física":154},726087500,{"Imóveis para renda":158,"Cotas de FIIs":159},721279000,4808500,{"vacancia_total":161,"lista_imoveis":162,"data_referencia":145,"vacancia_suspeita":92},0.04519239057158333,[163,172,181,187,209,217,223,229,235,241,247,253,257,263,268,276,281,286,293,299,303,307,315,320,325,330,336,341,349,354,359,364,368,373,379,383,389,396,401,406,410,416,420,424,428,432,437,441],{"nome":164,"vacancia":141,"numero_unidades":165,"area":166,"endereco":167,"percentual_inadimplencia":141,"percentual_receitas":168,"inquilinos":169,"ocupacao":69},"Ed. Concórdia ",34,16235,"Alameda Oscar Niemeyer, nº 132, Vale Sereno, Nova Lima - MG",0.401257,[170],{"setor":171,"percentual_receita_imovel":69,"percentual_receita_fii":168},"Mineração",{"nome":173,"vacancia":141,"numero_unidades":174,"area":175,"endereco":176,"percentual_inadimplencia":141,"percentual_receitas":177,"inquilinos":178,"ocupacao":69},"Ed.Berlioz",9,2971,"Rua Levindo Lopes, 258 Belo Horizonte  MG",0.076426,[179],{"setor":180,"percentual_receita_imovel":69,"percentual_receita_fii":177},"Telefonia",{"nome":164,"vacancia":141,"numero_unidades":72,"area":182,"endereco":167,"percentual_inadimplencia":141,"percentual_receitas":183,"inquilinos":184,"ocupacao":69},895,0.065085,[185],{"setor":186,"percentual_receita_imovel":69,"percentual_receita_fii":183},"Escritórios compartilhados",{"nome":188,"vacancia":189,"numero_unidades":190,"area":191,"endereco":192,"percentual_inadimplencia":193,"percentual_receitas":194,"inquilinos":195,"ocupacao":208},"Shopping Diamond Mall",0.051813,193,4788,"R. Gonçalves Dias, 2400 e Av. Olegário Maciel, 1600",0.0156,0.040966,[196,200,204],{"setor":197,"percentual_receita_imovel":198,"percentual_receita_fii":199},"vestuário",0.396958,0.016262,{"setor":201,"percentual_receita_imovel":202,"percentual_receita_fii":203},"artigos diversos",0.232217,0.009513,{"setor":205,"percentual_receita_imovel":206,"percentual_receita_fii":207},"alimentação",0.167894,0.006878,0.948187,{"nome":210,"vacancia":141,"numero_unidades":69,"area":211,"endereco":212,"percentual_inadimplencia":141,"percentual_receitas":213,"inquilinos":214,"ocupacao":69},"Predio",4910,"Rua Amazonas, 4338 - Belo Horizonte MG",0.037551,[215],{"setor":216,"percentual_receita_imovel":69,"percentual_receita_fii":213},"Comércio varejista",{"nome":164,"vacancia":141,"numero_unidades":78,"area":218,"endereco":167,"percentual_inadimplencia":141,"percentual_receitas":219,"inquilinos":220,"ocupacao":69},882,0.030465,[221],{"setor":222,"percentual_receita_imovel":69,"percentual_receita_fii":219},"Serviços de tecnologia",{"nome":164,"vacancia":141,"numero_unidades":69,"area":224,"endereco":167,"percentual_inadimplencia":141,"percentual_receitas":225,"inquilinos":226,"ocupacao":69},3529,0.022286,[227],{"setor":228,"percentual_receita_imovel":69,"percentual_receita_fii":225},"Estacionamento",{"nome":164,"vacancia":141,"numero_unidades":76,"area":230,"endereco":167,"percentual_inadimplencia":141,"percentual_receitas":231,"inquilinos":232,"ocupacao":69},879,0.021542,[233],{"setor":234,"percentual_receita_imovel":69,"percentual_receita_fii":231},"Industria automobilística",{"nome":164,"vacancia":141,"numero_unidades":72,"area":236,"endereco":167,"percentual_inadimplencia":141,"percentual_receitas":237,"inquilinos":238,"ocupacao":69},875,0.02145,[239],{"setor":240,"percentual_receita_imovel":69,"percentual_receita_fii":237},"Escritório compartilhado",{"nome":164,"vacancia":141,"numero_unidades":72,"area":242,"endereco":167,"percentual_inadimplencia":141,"percentual_receitas":243,"inquilinos":244,"ocupacao":69},867,0.020968,[245],{"setor":246,"percentual_receita_imovel":69,"percentual_receita_fii":243},"Consultoria de gestão",{"nome":164,"vacancia":141,"numero_unidades":72,"area":248,"endereco":167,"percentual_inadimplencia":141,"percentual_receitas":249,"inquilinos":250,"ocupacao":69},865,0.020686,[251],{"setor":252,"percentual_receita_imovel":69,"percentual_receita_fii":249},"Energia renovável",{"nome":164,"vacancia":141,"numero_unidades":72,"area":236,"endereco":167,"percentual_inadimplencia":141,"percentual_receitas":254,"inquilinos":255,"ocupacao":69},0.014167,[256],{"setor":240,"percentual_receita_imovel":69,"percentual_receita_fii":254},{"nome":164,"vacancia":141,"numero_unidades":69,"area":258,"endereco":167,"percentual_inadimplencia":141,"percentual_receitas":259,"inquilinos":260,"ocupacao":69},432,0.013137,[261],{"setor":262,"percentual_receita_imovel":69,"percentual_receita_fii":259},"Serviços financeiros",{"nome":164,"vacancia":141,"numero_unidades":69,"area":264,"endereco":167,"percentual_inadimplencia":141,"percentual_receitas":265,"inquilinos":266,"ocupacao":69},430,0.013077,[267],{"setor":262,"percentual_receita_imovel":69,"percentual_receita_fii":265},{"nome":269,"vacancia":141,"numero_unidades":69,"area":270,"endereco":271,"percentual_inadimplencia":141,"percentual_receitas":272,"inquilinos":273,"ocupacao":69},"Ed.Renaissance",484,"Rua Paraiba, 550 25º and. 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NAÇÕES UNODAS, 14401 - CHACARA SANTO ANTONIO","(11) 5183-5422",{"id":518,"nome":519,"cnpj":520,"endereco":103,"telefone":104,"created_at":105,"updated_at":105},60,"UNITAS CONSULTORIA E EMPREENDIMENTOS LTDA.","61458998000167",{"ano_referencia":522,"data_disponibilizacao":523},"2025","2026-03-30",{"ResultadoFundo":525,"ConjunturaEconomica":526,"PerspectivaPeriodoSeguinte":527},"O Fundo apurou um resultado liquido positivo de R$ 140.352.000,00 no período, resultante dos aluguéis recebidos no período e de receitas financeiras obtidas sobre os recursos disponíveis e pelo ajuste ao valor justo das propriedades para investimentos.\n O Fundo fez distribuição aos cotistas no corrente exercício, no valor total de R$ 20.913.000,00.\n","Desempenho do Setor de Shopping Centers\nDe acordo com dados da Associação Brasileira de Shopping Centers (Abrasce), o ano de 2025 apresentou resultados positivos para o setor. Informações divulgadas pela Revista Shopping Centers, com base no Censo Brasileiro de Shopping Centers 2025–2026, indicam que o setor alcançou, pelo terceiro ano consecutivo, recorde de vendas, com faturamento de R$ 200,9 bilhões, representando crescimento de 1,2% em relação a 2024.\n\nAdicionalmente, conforme o relatório de atividades da Abrasce, o setor registrou crescimento de 2,1% nas vendas no terceiro trimestre de 2025. Os indicadores operacionais permaneceram robustos, com taxa de ocupação de 95,6% — uma das mais elevadas dos últimos anos — e inadimplência controlada em 3,7%, reforçando a resiliência e a solidez do segmento.\n\nO censo também aponta evolução no comportamento do consumidor, com tempo médio de permanência de 80 minutos, o maior já registrado. Observa-se, ainda, a consolidação do modelo de uso misto, sendo que aproximadamente um terço dos empreendimentos já opera como complexos multiuso, integrando torres comerciais e residenciais, além de serviços como centros médicos, hotéis e instituições de ensino.\n\nNo que se refere à expansão do setor, foram inaugurados 10 novos empreendimentos greenfield em 2025. A região Sudeste permanece como principal concentração de ativos (332 unidades), seguida pelas regiões Sul (112) e Nordeste (110).\n\nMercado de Escritórios\nNo segmento de conjuntos comerciais, dados da CBRE, divulgados pelo portal Bloomberg Línea, indicam a consolidação do retorno ao trabalho presencial. Observa-se a materialização de uma demanda reprimida, especialmente por empresas que expandiram suas operações no período pós-pandemia, mas postergaram decisões de locação em função da adoção do regime de trabalho remoto.\n\nOs ativos pertencentes ao fundo encerraram o ano com alta taxa de ocupação: 95% para as lojas; 99% para os escritórios, e 94% para o Shopping.","Segmento de Shopping Centers:\nDe acordo com especialistas da Abrasce, o patamar atual de desemprego, considerado baixo, tende a estimular o consumo. Adicionalmente, a realização da Copa do Mundo em 2026 pode impulsionar segmentos específicos do varejo.\nPor outro lado, as eleições presidenciais, previstas para outubro, podem pressionar o câmbio e os preços, o que gera incerteza e acaba prejudicando o consumo. Nesse contexto, a Abrasce projeta crescimento de 1,4% nas vendas do setor em 2026.\n\nSegmento de escritórios:\nA consolidação do trabalho presencial deve continuar refletindo na elevação da ocupação dos conjuntos comerciais.\n\nExpectativa para o portfólio do fundo:\nPara o portfólio do fundo, espera-se a manutenção das receitas de locação, com possibilidade de crescimento moderado ao longo do ano, considerando as possibiliades de ocupação das áreas atualmente vagas."]