[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"seo:\u002Fdetalhes\u002FTJKB11\u002Fdocumentos\u002F20291":3,"documento:TJKB11:20291":87,"fii-documento:TJKB11":95},{"title":4,"description":5,"canonical":6,"image":7,"json_ld":8,"nome":33,"resumo":79},"Laudo de Avaliação (Conclusão de Negócio) TJKB11 de 30\u002F11\u002F2025 | Kartac","Laudo de Avaliação (Conclusão de Negócio) de 30\u002F11\u002F2025 do TJKB11, entrega em 04\u002F03\u002F2026. DY 12 meses de 12,78% e P\u002FVP 0,88 em 04\u002F11\u002F2026.","https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FTJKB11\u002Fdocumentos\u002F20291","https:\u002F\u002Fwww.kartac.com.br\u002Fimages\u002Fog.png",{"@context":9,"@graph":10},"https:\u002F\u002Fschema.org",[11,17,22,31,49,64],{"@type":12,"@id":13,"name":14,"url":15,"logo":16},"Organization","https:\u002F\u002Fwww.kartac.com.br\u002F#organizacao","Kartac","https:\u002F\u002Fwww.kartac.com.br\u002F","https:\u002F\u002Fwww.kartac.com.br\u002Fandroid-chrome-512x512.png",{"@type":18,"@id":19,"name":14,"url":15,"inLanguage":20,"publisher":21},"WebSite","https:\u002F\u002Fwww.kartac.com.br\u002F#site","pt-BR",{"@id":13},{"@type":23,"@id":24,"url":6,"name":4,"description":5,"inLanguage":20,"isPartOf":25,"dateModified":26,"mainEntity":27,"breadcrumb":29},"WebPage","https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FTJKB11\u002Fdocumentos\u002F20291#pagina",{"@id":19},"2026-10-20",{"@id":28},"https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FTJKB11\u002Fdocumentos\u002F20291#documento",{"@id":30},"https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FTJKB11\u002Fdocumentos\u002F20291#migalhas",{"@type":32,"@id":28,"name":33,"alternateName":34,"url":6,"inLanguage":20,"about":35,"genre":37,"datePublished":38,"temporalCoverage":39,"author":40,"publisher":46,"isBasedOn":48},"Report","Laudo de Avaliação (Conclusão de Negócio) TJKB11 de 30\u002F11\u002F2025","(TJKB) Laudo de Avaliação (Conclusão de Negócio) - 30\u002F11\u002F2025",{"@id":36},"https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FTJKB11#fundo","Laudo de Avaliação (Conclusão de Negócio)","2026-03-04","2025-11-30",{"@type":12,"name":41,"identifier":42},"BR-CAPITAL DTVM S.A.",{"@type":43,"propertyID":44,"value":45},"PropertyValue","CNPJ","44.077.014\u002F0001-89",{"@type":12,"name":47},"BR-CAPITAL DIST. DE TÍTULOS E VALORES MOBILIÁRIOS S\u002FA","https:\u002F\u002Ffnet.bmfbovespa.com.br\u002Ffnet\u002Fpublico\u002FdownloadDocumento?id=1128309",{"@type":50,"@id":36,"name":51,"alternateName":52,"url":55,"category":56,"identifier":57,"provider":62},"InvestmentFund","TJK Renda Imobiliária",[53,54],"TJKB11","TJK RENDA IMOBILIÁRIA FUNDO DE INVESTIMENTO IMOBILIÁRIO - RESPONSABILIDADE LIMITADA","https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FTJKB11","Hospital",[58,60],{"@type":43,"propertyID":59,"value":53},"Ticker B3",{"@type":43,"propertyID":44,"value":61},"39.714.024\u002F0001-48",{"@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",[82,83,84,85,86],"Laudo de Avaliação (Conclusão de Negócio) do TJK Renda Imobiliária (TJKB11), fundo imobiliário de hospitais, com data de referência em 30\u002F11\u002F2025, com entrega no FundosNet (B3) em 04\u002F03\u002F2026.","No pregão de 04\u002F11\u002F2026, a cota do TJKB11 fechou a R$ 246,45, com P\u002FVP de 0,88 (valor patrimonial de R$ 279,33 por cota no informe mensal de setembro de 2026).","O último rendimento foi de R$ 2,90 por cota, com pagamento em out\u002F2026, e o dividend yield dos últimos 12 meses é de 12,78% sobre a cotação de 04\u002F11\u002F2026.","O patrimônio líquido era de R$ 598,8 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":88,"descricao":34,"assunto":89,"tipo":37,"situacao":90,"texto":91,"link_pdf":92,"estruturado":93,"link_original":48,"data_referencia":39,"data_entrega":94,"versao":69},20291,"","(Ativo)","\u003Ch2>\u003Cstrong>Laudo de Avaliação\u003C\u002Fstrong>\u003C\u002Fh2>\u003Cp>\u003Cstrong>Prédio Comercial Avenida Adolfo Pinheiro, 2366– Santo Amaro São Paulo \u002F SP\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>TJK RENDA IMOBILIÁRIA FUNDO DE INVESTIMENTO IMOBILIÁRIO – RESPONSABILIDADE LIMITADA (CNPJ\u002FMF Nº 39.714.024\u002F0001-48) REPRESENTADO PELA BR CAPITAL\u003C\u002Fp>\u003Cp>Ref.: 25_58062_2\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\u002F20291\u002F20291.pdf-0002-00.png\">\u003C\u002Fp>\u003Cp>São Paulo, 01 de dezembro de 2025\u003C\u002Fp>\u003Cp>\u003Cstrong>TJK RENDA IMOBILIÁRIA FUNDO DE INVESTIMENTO IMOBILIÁRIO – RESPONSABILIDADE LIMITADA\u003C\u002Fstrong>\u003C\u002Fp>\u003Ch6>A\u002FC\u003C\u002Fh6>\u003Ch6>\u003Cstrong>Alessandra Michetti\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>\u003Cstrong>\u003Cem>REF: Imóvel comercial localizado na Avenida Adolfo Pinheiro, 2366 – Santo Amaro – São Paulo\u002FSP\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: 2026.01.22 14:49:05 -03'00' Isabela Dora Costa Monastersky - MRICS BINSWANGER BRAZIL\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F20291\u002F20291.pdf-0002-12.png\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F20291\u002F20291.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 ...............................................................20\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>5.1.\u003C\u002Ftd>\u003Ctd>PANORAMA DE MERCADO .................................................................................................. 21\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>6.\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>METODOLOGIAEMPREGADA ........................................................................26\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>7.\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>CÁLCULO DOVALOR DOIMÓVEL ....................................................................30\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>7.1.\u003C\u002Ftd>\u003Ctd>VALOR DE MERCADO DE LOCAÇÃO - MÉTODO COMPARATIVO ......................................... 30\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>7.2.\u003C\u002Ftd>\u003Ctd>VALOR JUSTO DE VENDA - MÉTODO DA RENDA (Fluxo de Caixa Descontado) ................... 33\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>7.3.\u003C\u002Ftd>\u003Ctd>ANÁLISE DE SENSIBILIDADE ................................................................................................. 37\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>8.\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>CONCLUSÃO DAAVALIAÇÃO .........................................................................38\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>APÊN\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>DICEA – MÉTODOCOMPARATIVO– LOCAÇÃO ...................................................39\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>APÊN\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>DICEB – FLUXO DECAIXA– MÉTODO DARENDA ................................................43\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>APÊN\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>DICEC – EXPERIÊNCIAEMPRESA ERESPONSÁVEIS ................................................45\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>ANEX\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>O– DOCUMENTAÇÃO DOIMÓVEL ...................................................................46\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F20291\u002F20291.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 - FII TJK\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>\u003Cstrong>PROPRIETÁRIO\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>TJK RENDA IMOBILIÁRIA FUN\u003Cbr>LIMITADA\u003C\u002Ftd>\u003Ctd>DO DE INVESTIMENTO IMOBILIÁRIO – RESPONSABILIDADE\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 Ati\u003C\u002Ftd>\u003Ctd>vos\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>IDENTIFICAÇÃO\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>CDB Inteligência Diagnóstica\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>– Borba Gato\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>TIPOLOGIA\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Comercial - Prédio Inteiro\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>OBJETO\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Endereço\u003C\u002Ftd>\u003Ctd>Avenida Adolfo Pinheiro, 2366\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Bairro\u003C\u002Ftd>\u003Ctd>Santo Amaro\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Cidade\u002FUF\u003C\u002Ftd>\u003Ctd>São Paulo \u002F SP\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Área de Terreno\u003C\u002Ftd>\u003Ctd>1.569,00 m²\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Área Construída\u003C\u002Ftd>\u003Ctd>5.919,00 m²\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Vagas Garagem (estimada)\u003C\u002Ftd>\u003Ctd>118\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>DATA VISTORIA\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>05\u002F11\u002F2025\u003C\u002Ftd>\u003Ctd>\u003Cstrong>DATA BASE\u003C\u002Fstrong>\u003Cbr>novembro-2025\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>ACOMPANHANTE\u003C\u002Fstrong>\u003Cbr>Luciano Morais\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)\u003Cbr>\u003Cstrong>R$ 49.630.000,00\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>Quarenta E Nove Milhões, Seiscentos E\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>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\u002F20291\u002F20291.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>TJK RENDA IMOBILIÁRIA FUNDO DE INVESTIMENTO IMOBILIÁRIO – RESPONSABILIDADE LIMITADA\u003C\u002Fstrong> (CNPJ\u002FMF Nº 39.714.024\u002F0001-48), 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 data-base 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\u002F20291\u002F20291.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\u002F20291\u002F20291.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>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003Cth>\u003Cstrong>MATRÍC\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>ULA\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>\u003Cstrong>Nº da\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>Matrícula\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Cartório\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Área de\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>Terreno\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>(m²)\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Área\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>Construída (m²)\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Proprietário\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Último ato\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>praticado\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Data da última\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>emissão\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>71.395\u003C\u002Ftd>\u003Ctd>o de\u003Cbr>SP\u003C\u002Ftd>\u003Ctd>400,00\u003C\u002Ftd>\u003Ctd>181,00\u003C\u002Ftd>\u003Ctd>ia\u003Cbr>to\u003C\u002Ftd>\u003Ctd>Av. 15 - Retificação\u003Cbr>(06\u002F04\u002F2022)\u003C\u002Ftd>\u003Ctd>06\u002F07\u002F2023\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>74.903\u003C\u002Ftd>\u003Ctd>Registr\u003Cbr>Paulo \u002F\u003C\u002Ftd>\u003Ctd>256,00\u003C\u002Ftd>\u003Ctd>n\u002Fi\u003C\u002Ftd>\u003Ctd>obiliár\u003Cbr>stimen\u003Cbr>rio\u003C\u002Ftd>\u003Ctd>Av. 17 - Retificação\u003Cbr>(06\u002F04\u002F2022)\u003C\u002Ftd>\u003Ctd>06\u002F07\u002F2023\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>178.448\u003C\u002Ftd>\u003Ctd>rio de\u003Cbr>e São\u003C\u002Ftd>\u003Ctd>253,00\u003C\u002Ftd>\u003Ctd>n\u002Fi\u003C\u002Ftd>\u003Ctd>nda Im\u003Cbr>e Inve\u003Cbr>obiliá\u003C\u002Ftd>\u003Ctd>Av. 14 - Retificação\u003Cbr>(06\u002F04\u002F2022)\u003C\u002Ftd>\u003Ctd>06\u002F07\u002F2023\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>305.254\u003C\u002Ftd>\u003Ctd>Cartó\u003Cbr>óveis d\u003C\u002Ftd>\u003Ctd>260,00\u003C\u002Ftd>\u003Ctd>n\u002Fi\u003C\u002Ftd>\u003Ctd>.J.K. Re\u003Cbr>undo d\u003Cbr>Im\u003C\u002Ftd>\u003Ctd>Av. 10 - Retificação\u003Cbr>(06\u002F04\u002F2022)\u003C\u002Ftd>\u003Ctd>06\u002F07\u002F2023\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>346.725\u003C\u002Ftd>\u003Ctd>11º\u003Cbr>Im\u003C\u002Ftd>\u003Ctd>400,00\u003C\u002Ftd>\u003Ctd>n\u002Fi\u003C\u002Ftd>\u003Ctd>T\u003Cbr>F\u003C\u002Ftd>\u003Ctd>Av. 13 - Retificação\u003Cbr>(06\u002F04\u002F2022)\u003C\u002Ftd>\u003Ctd>06\u002F07\u002F2023\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>088.049.0152-7\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Contribuinte:\u003C\u002Ftd>\u003Ctd>Informação Protegida por Sigilo Fiscal\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Área de Terreno:\u003C\u002Ftd>\u003Ctd>1.569,00 m²\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Área Construída:\u003C\u002Ftd>\u003Ctd>5.919,00 m²\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Ano de Exercício:\u003C\u002Ftd>\u003Ctd>2025\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Testada:\u003C\u002Ftd>\u003Ctd>39,03 m\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003Cstrong>Contrato de Locação\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>Área de Terreno:\u003C\u002Ftd>\u003Ctd>909,00 m²\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Área Construída:\u003C\u002Ftd>\u003Ctd>n\u002Fi\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Data de Início Contrato:\u003C\u002Ftd>\u003Ctd>01\u002F01\u002F2024\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Data de Término Contrato:\u003C\u002Ftd>\u003Ctd>31\u002F12\u002F2033\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Valor de Locação:\u003C\u002Ftd>\u003Ctd>R$ 370.000,00\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Reajuste:\u003C\u002Ftd>\u003Ctd>IPCA\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Valor Atualizado:\u003C\u002Ftd>\u003Ctd>R$ 404.981,42\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F20291\u002F20291.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>\u003Cul>\u003Cli>O mapa a seguir ilustra a localização do imóvel na região:\u003C\u002Fli>\u003C\u002Ful>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F20291\u002F20291.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>✓ Em frente da estação Borba Gato de metrô;\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>✓ 2,3 km da Avenida das Nações Unidas (Marginal do Rio Pinheiros);\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>✓ 6,5 km do Aeroporto de Congonhas;\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>✓ 37,1 km do Aeroporto Internacional de Guarulhos.\u003C\u002Fp>\u003C\u002Fli>\u003C\u002Ful>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F20291\u002F20291.pdf-0009-00.png\">\u003C\u002Fp>\u003Ch5>\u003Cstrong>3.2. ENTORNO\u003C\u002Fstrong>\u003C\u002Fh5>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F20291\u002F20291.pdf-0009-02.png\">\u003C\u002Fp>\u003Cp>\u002F>\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 Serviços\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 Shopping center \u002F transporte público \u002F estação de\u003Cbr>metrô \u002F faculdades \u002F escolas \u002F clubes sociais ou esportivos\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 \u002F Prestação de Serviços\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\u002F20291\u002F20291.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>\u003Cbr>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>Posto policial\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Esgoto sanitário\u003C\u002Ftd>\u003Ctd>\u003Cbr>Fibra ótica\u003C\u002Ftd>\u003Ctd>\u003Cbr>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\u002F20291\u002F20291.pdf-0010-05.png\">\u003C\u002Fp>\u003Cp>Avenida Adolfo Pinheiro\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F20291\u002F20291.pdf-0010-07.png\">\u003C\u002Fp>\u003Cp>Avenida Adolfo Pinheiro\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F20291\u002F20291.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\u002F20291\u002F20291.pdf-0011-03.png\">\u003C\u002Fp>\u003Cp>\u003Cem>Mapa de Zoneamento\u003C\u002Fem>\u003C\u002Fp>\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 nº 18.081 de 19 de janeiro de 2024 - Dispõe sobre a revisão parcial\u003Cbr>da Lei nº 16.402, de 22 de março de 2016, visando à compatibilização\u003Cbr>de seu texto original com as supervenientes alterações decorrentes da\u003Cbr>promulgação da Lei nº 17.975, de 8 de julho de 2023 – Revisão\u003Cbr>Intermediária do Plano Diretor Estratégico do Município de São Paulo,\u003Cbr>nos termos daprevisão de seu art. 126,e dá outrasprovidências.\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Zona de Uso - Descrição\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>ZEU - Zona Eixo da Transformação Urbana\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>T.O. (Taxa de Ocupação)\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>70%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>C.A. (Coeficiente de\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Básico\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>1,0\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>48 metros\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Lote Mínimo\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>1.000,00 m²\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Principais Usos Permitidos\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Residencial, comercial\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Principais Usos Vetados\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Industrial\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\u003C\u002Fp>\u003Cp>edificação existente está devidamente regularizada perante órgãos competentes.\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F20291\u002F20291.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 construída\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>(m²)\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>Vagas de Garagem\u003C\u002Fstrong>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>\u003Cstrong>Matrícula\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>1.569,00\u003C\u002Ftd>\u003Ctd>181,00\u003C\u002Ftd>\u003Ctd>0\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>IPTU\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>1.569,00\u003C\u002Ftd>\u003Ctd>5.919,00\u003C\u002Ftd>\u003Ctd>n\u002Fi\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Contrato de locação\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>0,00\u003C\u002Ftd>\u003Ctd>0,00\u003C\u002Ftd>\u003Ctd>0\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Estimado (in loco)\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>n\u002Fa\u003C\u002Ftd>\u003Ctd>n\u002Fa\u003C\u002Ftd>\u003Ctd>118\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>ADOTADA EM CÁLCULO\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>1.569,00\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>5.919,00\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>118\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>Para efeito de cálculo, foi considerada a área construída equivalente, conforme demostrado abaixo:\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003Cstrong>Pavimento \u002F Bloco\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>Área Construída\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>(m²)\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>Peso\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>Área Equivalente\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>(m²)\u003C\u002Fstrong>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>Subsolo 2\u003C\u002Ftd>\u003Ctd>1.284,50\u003C\u002Ftd>\u003Ctd>25%\u003C\u002Ftd>\u003Ctd>321,13\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Subsolo 1\u003C\u002Ftd>\u003Ctd>1.284,50\u003C\u002Ftd>\u003Ctd>25%\u003C\u002Ftd>\u003Ctd>321,13\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Térreo\u003C\u002Ftd>\u003Ctd>720,00\u003C\u002Ftd>\u003Ctd>100%\u003C\u002Ftd>\u003Ctd>720,00\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>4 Pavimentos Superiores\u003C\u002Ftd>\u003Ctd>2.510,00\u003C\u002Ftd>\u003Ctd>100%\u003C\u002Ftd>\u003Ctd>2.510,00\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Ático \u002F Apoio\u003C\u002Ftd>\u003Ctd>120,00\u003C\u002Ftd>\u003Ctd>10%\u003C\u002Ftd>\u003Ctd>12,00\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>ÁREA TOTAL CONSTRUÍDA\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>5.919,00\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>3.884,25\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Estacionamento Externo\u003C\u002Ftd>\u003Ctd>100,00\u003C\u002Ftd>\u003Ctd>25%\u003C\u002Ftd>\u003Ctd>25,00\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>ÁREA TOTAL EQUIVALENTE\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>3.909,25\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F20291\u002F20291.pdf-0013-00.png\">\u003C\u002Fp>\u003Ch5>\u003Cstrong>4.2. DESCRIÇÃO DO IMÓVEL\u003C\u002Fstrong>\u003C\u002Fh5>\u003Cp>Prédio comercial, atualmente ocupado. O imóvel é composto por 7 pavimentos.\u003C\u002Fp>\u003Ch5>\u003Cstrong>4.2.1. Terreno\u003C\u002Fstrong>\u003C\u002Fh5>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F20291\u002F20291.pdf-0013-04.png\">\u003C\u002Fp>\u003Cp>\u003Cem>Delimitação do Terreno\u003C\u002Fem>\u003C\u002Fp>\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>39,03m – Avenida Adolfo Pinheiro\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Formato\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Irregular\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Quantidade de Frentes\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>1\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>Leve declive\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 por muro de alvenaria \u002F Divisas não delimitadas\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F20291\u002F20291.pdf-0014-00.png\">\u003C\u002Fp>\u003Ch5>\u003Cstrong>4.2.2. Construção\u003C\u002Fstrong>\u003C\u002Fh5>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F20291\u002F20291.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>7 Pavimentos: 2 SS + Térreo + 4 Pvtos\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 de fibrocimento\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Estrutura da Cobertura\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Concreto armado\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>Pele de Vidro \u002F Chapa metálica \u002F Alvenaria com pintura \u002F Textura\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 temperado\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Padrão IBAPE\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Escritório Médio c\u002F elevador – 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>Boa\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Idade Estimada\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>10 anos\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Vida Útil Remanescente\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>50 anos\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F20291\u002F20291.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>Recepção\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Porcelanato\u003C\u002Ftd>\u003Ctd>Alvenaria com pintura \u002F\u003Cbr>Textura\u003C\u002Ftd>\u003Ctd>Gesso \u002F Forro modular\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Salas \u002F Circulação\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Granilite \u002F Porcelanato \u002F\u003Cbr>Cerâmico\u003C\u002Ftd>\u003Ctd>Alvenaria com pintura \u002F\u003Cbr>Textura\u003C\u002Ftd>\u003Ctd>Gesso \u002F Forro modular\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Sanitários \u002F Copa\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Cerâmico\u003C\u002Ftd>\u003Ctd>Alvenaria com pintura \u002F\u003Cbr>Textura \u002F Azulejo parcial \u002F\u003Cbr>Azulejo\u003C\u002Ftd>\u003Ctd>Gesso \u002F Forro modular\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Subsolos\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Concreto\u003C\u002Ftd>\u003Ctd>Alvenaria sem\u003Cbr>revestimento \u002F Alvenaria\u003Cbr>compintura\u003C\u002Ftd>\u003Ctd>Laje de concreto aparente\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>▪ 3 elevadores\u003Cbr>▪ 2 Escadas de emergência com portas corta-fogo.\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>\u003Cbr>\u003Cstrong>de Incêndio\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>▪ Extintores;\u003Cbr>▪ 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.\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Gerador\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>▪ 1 gerador\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Ar-Condicionado\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>▪ Ar-condicionado tipo Split;\u003Cbr>▪ Ar-condicionado central.\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F20291\u002F20291.pdf-0016-00.png\">\u003C\u002Fp>\u003Ch5>\u003Cstrong>4.2.3. Reportagem Fotográfica\u003C\u002Fstrong>\u003C\u002Fh5>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F20291\u002F20291.pdf-0016-02.png\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F20291\u002F20291.pdf-0016-03.png\">\u003C\u002Fp>\u003Cp>Fachada do empreendimento\u003C\u002Fp>\u003Cp>Fachada do empreendimento\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F20291\u002F20291.pdf-0016-06.png\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F20291\u002F20291.pdf-0016-07.png\">\u003C\u002Fp>\u003Cp>Térreo Térreo Térreo Térreo Térreo Térreo\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F20291\u002F20291.pdf-0017-00.png\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F20291\u002F20291.pdf-0017-01.png\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F20291\u002F20291.pdf-0017-02.png\">\u003C\u002Fp>\u003Cp>Térreo\u003C\u002Fp>\u003Cp>Térreo\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F20291\u002F20291.pdf-0017-05.png\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F20291\u002F20291.pdf-0017-06.png\">\u003C\u002Fp>\u003Cp>1º Pavimento\u003C\u002Fp>\u003Cp>1º Pavimento\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F20291\u002F20291.pdf-0017-09.png\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F20291\u002F20291.pdf-0017-10.png\">\u003C\u002Fp>\u003Cp>1º Pavimento\u003C\u002Fp>\u003Cp>1º Pavimento\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F20291\u002F20291.pdf-0017-13.png\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F20291\u002F20291.pdf-0017-14.png\">\u003C\u002Fp>\u003Cp>2º Pavimento\u003C\u002Fp>\u003Cp>2º Pavimento\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F20291\u002F20291.pdf-0018-00.png\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F20291\u002F20291.pdf-0018-01.png\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F20291\u002F20291.pdf-0018-02.png\">\u003C\u002Fp>\u003Cp>2º Pavimento\u003C\u002Fp>\u003Cp>2º Pavimento\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F20291\u002F20291.pdf-0018-05.png\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F20291\u002F20291.pdf-0018-06.png\">\u003C\u002Fp>\u003Cp>2º Pavimento\u003C\u002Fp>\u003Cp>3º Pavimento\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F20291\u002F20291.pdf-0018-09.png\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F20291\u002F20291.pdf-0018-10.png\">\u003C\u002Fp>\u003Cp>3º Pavimento\u003C\u002Fp>\u003Cp>3º Pavimento\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F20291\u002F20291.pdf-0018-13.png\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F20291\u002F20291.pdf-0018-14.png\">\u003C\u002Fp>\u003Cp>3º Pavimento\u003C\u002Fp>\u003Cp>3º Pavimento\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F20291\u002F20291.pdf-0019-00.png\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F20291\u002F20291.pdf-0019-01.png\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F20291\u002F20291.pdf-0019-02.png\">\u003C\u002Fp>\u003Cp>4º Pavimento\u003C\u002Fp>\u003Cp>4º Pavimento\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F20291\u002F20291.pdf-0019-05.png\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F20291\u002F20291.pdf-0019-06.png\">\u003C\u002Fp>\u003Cp>4º Pavimento\u003C\u002Fp>\u003Cp>4º Pavimento\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F20291\u002F20291.pdf-0019-09.png\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F20291\u002F20291.pdf-0019-10.png\">\u003C\u002Fp>\u003Cp>Subsolo\u003C\u002Fp>\u003Cp>Subsolo\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F20291\u002F20291.pdf-0019-13.png\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F20291\u002F20291.pdf-0019-14.png\">\u003C\u002Fp>\u003Cp>Subsolo\u003C\u002Fp>\u003Cp>\u002F>\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F20291\u002F20291.pdf-0020-00.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>São Paulo \u002F SP\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>1.521,11 km²\u003C\u002Ftd>\u003Ctd>1.521,11 km²\u003C\u002Ftd>\u003Ctd>1.525,54 km²\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>População\u003C\u002Fstrong>[2022]\u003C\u002Ftd>\u003Ctd>12.200.180 hab.\u003C\u002Ftd>\u003Ctd>12.200.180 hab.\u003C\u002Ftd>\u003Ctd>37.298 hab.\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>PIB (R$ mil)\u003C\u002Fstrong>[2018]\u003C\u002Ftd>\u003Ctd>R$ 714.683.362,46\u003C\u002Ftd>\u003Ctd>R$ 714.683.362,46\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$ 58.691,90\u003C\u002Ftd>\u003Ctd>R$ 58.691,90\u003C\u002Ftd>\u003Ctd>R$ 23.513,94\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>IDH\u003C\u002Fstrong>[2010]\u003C\u002Ftd>\u003Ctd>0,805\u003C\u002Ftd>\u003Ctd>0,805\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>Média\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>\u003Cp>\u003Cstrong>Análise de SWOT Pontos Fortes:\u003C\u002Fstrong>\u003C\u002Fp>\u003Cul>\u003Cli>\u003Cstrong>Pontos Fortes: Pontos Fracos:\u003C\u002Fstrong> ✓ Construção de Qualidade \u002F Atual; ✓ Não observado. ✓ Bom estado de conservação; ✓ Estacionamento; ✓ Boa Localização e Acesso. \u003Cstrong>Oportunidades: Ameaças:\u003C\u002Fstrong> ✓ Imóvel com contrato de locação vigente até ✓ Revenda limitada a poucos investidores. 2033.\u003C\u002Fli>\u003C\u002Ful>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F20291\u002F20291.pdf-0021-00.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\u002F20291\u002F20291.pdf-0022-00.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\u002F20291\u002F20291.pdf-0022-05.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\u002F20291\u002F20291.pdf-0023-00.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\u002F20291\u002F20291.pdf-0024-00.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\u002F20291\u002F20291.pdf-0025-00.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\u002F20291\u002F20291.pdf-0026-00.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\u002F20291\u002F20291.pdf-0027-00.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\u002F20291\u002F20291.pdf-0028-00.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\u002F20291\u002F20291.pdf-0029-00.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\u002F20291\u002F20291.pdf-0029-03.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\u002F20291\u002F20291.pdf-0030-00.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\u002F20291\u002F20291.pdf-0031-00.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 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\u002F20291\u002F20291.pdf-0032-00.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 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$\u002Fm²)\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>96,86\u003C\u002Ftd>\u003Ctd>113,96\u003C\u002Ftd>\u003Ctd>131,05\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>Devido às características físicas do imóvel e localização, adotamos o valor médio como valor de mercado de locação.\u003C\u002Fp>\u003Cp>O valor do imóvel será dado pela seguinte expressão:\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003Cstrong>V = Vu x A\u003C\u002Fstrong>\u003Cem>, onde:\u003C\u002Fem>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>Vu = Valor Unitário Adotado\u003C\u002Ftd>\u003Ctd>\u003Cstrong>R$ 113,96\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>A = Área Construída Equivalente\u003C\u002Ftd>\u003Ctd>3.909,25 m²\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>V = Valor Total\u003C\u002Ftd>\u003Ctd>R$ 445.498,13\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>VALOR TOTAL ARREDONDADO\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>R$ 445.000,00\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>A = Área Construída\u003C\u002Ftd>\u003Ctd>5.919,00 m²\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Vu = Valor Unitário (R$\u002Fm² Área Construída)\u003C\u002Ftd>\u003Ctd>R$ 75,27\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F20291\u002F20291.pdf-0033-00.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 contrato de locação vigente:\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003Cstrong>Locatário\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>Data de Início de\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>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>Inquilino 1\u003C\u002Ftd>\u003Ctd>01\u002F01\u002F24\u003C\u002Ftd>\u003Ctd>31\u002F12\u002F33\u003C\u002Ftd>\u003Ctd>404.981,42\u003C\u002Ftd>\u003Ctd>68,42\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$ 75,27\u002Fm² de área construída, 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 não têm direito a revisional para valor de mercado.\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 60 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 ocupado.\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, portanto, este item não é aplicado.\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>\u003Cstrong>Carência inicial:\u003C\u002Fstrong> este item não é aplicado, pois o imóvel encontra-se ocupado.\u003C\u002Fp>\u003C\u002Fli>\u003C\u002Ful>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F20291\u002F20291.pdf-0034-00.png\">\u003C\u002Fp>\u003Cul>\u003Cli>\u003Cp>\u003Cstrong>Carência após 1º contrato:\u003C\u002Fstrong> consideramos que os locatários atuais permanecerão no imóvel ao longo de todo período da análise, portanto, este item não é aplicado.\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>\u003Cstrong>Valorização \u002F Crescimento do valor de locação:\u003C\u002Fstrong> não considerado.\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>\u003Cstrong>Vacância Constante:\u003C\u002Fstrong> para o período de análise não foi considerada taxa de vacância constante e perpetuidade.\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 3% sobre o valor de venda do imóvel.\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>\u003Cstrong>IPTU:\u003C\u002Fstrong> R$ 5,82\u002Fm², considerado apenas em meses de vacância (conforme carnê IPTU 2025).\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 10,50% a.a., composta por NTNB e risco do negócio, e taxa de capitalização (cap rate) de 10,00% 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\u002F20291\u002F20291.pdf-0035-00.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 Quarenta E Nove Milhões, Seiscentos E\u003C\u002Fstrong> (Renda – Fluxo de Caixa) \u003Cstrong>R$ 49.630.000,00 PARA VENDA Trinta Mil Reais\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>O Fluxo de Caixa anual detalhado encontra-se a seguir:\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F20291\u002F20291.pdf-0035-05.png\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F20291\u002F20291.pdf-0036-00.png\">\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003C\u002Fth>\u003Cth>\u003Cstrong>TOTAL\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>49.530.230\u003C\u002Fstrong>\u003Cbr>49.530.230\u003Cbr>-\u003Cbr>-\u003Cbr>-\u003C\u002Fth>\u003Cth>\u003Cstrong>(742.953)\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>-\u003Cbr>-\u003Cbr>-\u003Cbr>-\u003Cbr>(495.302)\u003C\u002Fth>\u003Cth>(247.651)\u003Cbr>-\u003C\u002Fth>\u003Cth>\u003Cstrong>48.787.276\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>53.462.776\u003Cbr>(1.603.883)\u003C\u002Fth>\u003Cth>\u003Cstrong>51.858.892\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003Cth>\u003Cstrong>100.646.169\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>10\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>5.346.278\u003C\u002Fstrong>\u003Cbr>5.346.278\u003Cbr>-\u003Cbr>-\u003Cbr>-\u003C\u002Ftd>\u003Ctd>\u003Cstrong>(80.194)\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>-\u003Cbr>-\u003Cbr>-\u003Cbr>-\u003Cbr>(53.463)\u003C\u002Ftd>\u003Ctd>(26.731)\u003Cbr>-\u003C\u002Ftd>\u003Ctd>\u003Cstrong>5.266.083\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>53.462.776\u003Cbr>(1.603.883)\u003C\u002Ftd>\u003Ctd>\u003Cstrong>51.858.892\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>57.124.976\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>100.646.169\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>9\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>5.305.736\u003C\u002Fstrong>\u003Cbr>5.305.736\u003Cbr>-\u003Cbr>-\u003Cbr>-\u003C\u002Ftd>\u003Ctd>\u003Cstrong>(79.586)\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>-\u003Cbr>-\u003Cbr>-\u003Cbr>-\u003Cbr>(53.057)\u003C\u002Ftd>\u003Ctd>(26.529)\u003Cbr>-\u003C\u002Ftd>\u003Ctd>\u003Cstrong>5.226.150\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>-\u003Cbr>-\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>5.226.150\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>43.521.193\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>8\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>4.859.777\u003C\u002Fstrong>\u003Cbr>4.859.777\u003Cbr>-\u003Cbr>-\u003Cbr>-\u003C\u002Ftd>\u003Ctd>\u003Cstrong>(72.897)\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>-\u003Cbr>-\u003Cbr>-\u003Cbr>-\u003Cbr>(48.598)\u003C\u002Ftd>\u003Ctd>(24.299)\u003Cbr>-\u003C\u002Ftd>\u003Ctd>\u003Cstrong>4.786.880\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>-\u003Cbr>-\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>4.786.880\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>38.295.043\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>7\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>4.859.777\u003C\u002Fstrong>\u003Cbr>4.859.777\u003Cbr>-\u003Cbr>-\u003Cbr>-\u003C\u002Ftd>\u003Ctd>\u003Cstrong>(72.897)\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>-\u003Cbr>-\u003Cbr>-\u003Cbr>-\u003Cbr>(48.598)\u003C\u002Ftd>\u003Ctd>(24.299)\u003Cbr>-\u003C\u002Ftd>\u003Ctd>\u003Cstrong>4.786.880\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>-\u003Cbr>-\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>4.786.880\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>33.508.163\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>6\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>4.859.777\u003C\u002Fstrong>\u003Cbr>4.859.777\u003Cbr>-\u003Cbr>-\u003Cbr>-\u003C\u002Ftd>\u003Ctd>\u003Cstrong>(72.897)\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>-\u003Cbr>-\u003Cbr>-\u003Cbr>-\u003Cbr>(48.598)\u003C\u002Ftd>\u003Ctd>(24.299)\u003Cbr>-\u003C\u002Ftd>\u003Ctd>\u003Cstrong>4.786.880\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>-\u003Cbr>-\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>4.786.880\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>28.721.282\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>5\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>4.859.777\u003C\u002Fstrong>\u003Cbr>4.859.777\u003Cbr>-\u003Cbr>-\u003Cbr>-\u003C\u002Ftd>\u003Ctd>\u003Cstrong>(72.897)\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>-\u003Cbr>-\u003Cbr>-\u003Cbr>-\u003Cbr>(48.598)\u003C\u002Ftd>\u003Ctd>(24.299)\u003Cbr>-\u003C\u002Ftd>\u003Ctd>\u003Cstrong>4.786.880\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>-\u003Cbr>-\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>4.786.880\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>23.934.402\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>4\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>4.859.777\u003C\u002Fstrong>\u003Cbr>4.859.777\u003Cbr>-\u003Cbr>-\u003Cbr>-\u003C\u002Ftd>\u003Ctd>\u003Cstrong>(72.897)\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>-\u003Cbr>-\u003Cbr>-\u003Cbr>-\u003Cbr>(48.598)\u003C\u002Ftd>\u003Ctd>(24.299)\u003Cbr>-\u003C\u002Ftd>\u003Ctd>\u003Cstrong>4.786.880\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>-\u003Cbr>-\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>4.786.880\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>19.147.522\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>3\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>4.859.777\u003C\u002Fstrong>\u003Cbr>4.859.777\u003Cbr>-\u003Cbr>-\u003Cbr>-\u003C\u002Ftd>\u003Ctd>\u003Cstrong>(72.897)\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>-\u003Cbr>-\u003Cbr>-\u003Cbr>-\u003Cbr>(48.598)\u003C\u002Ftd>\u003Ctd>(24.299)\u003Cbr>-\u003C\u002Ftd>\u003Ctd>\u003Cstrong>4.786.880\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>-\u003Cbr>-\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>4.786.880\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>14.360.641\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>xo.\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>2\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>4.859.777\u003C\u002Fstrong>\u003Cbr>4.859.777\u003Cbr>-\u003Cbr>-\u003Cbr>-\u003C\u002Ftd>\u003Ctd>\u003Cstrong>(72.897)\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>-\u003Cbr>-\u003Cbr>-\u003Cbr>-\u003Cbr>(48.598)\u003C\u002Ftd>\u003Ctd>(24.299)\u003Cbr>-\u003C\u002Ftd>\u003Ctd>\u003Cstrong>4.786.880\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>-\u003Cbr>-\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>4.786.880\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>9.573.761\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>tado no Ane\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>0\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>1\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>4.859.777\u003C\u002Fstrong>\u003Cbr>4.859.777\u003Cbr>-\u003Cbr>-\u003Cbr>-\u003Cbr>\u003Cstrong>Ano\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>(72.897)\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>-\u003Cbr>-\u003Cbr>-\u003Cbr>-\u003Cbr>(48.598)\u003C\u002Ftd>\u003Ctd>(24.299)\u003Cbr>-\u003C\u002Ftd>\u003Ctd>\u003Cstrong>4.786.880\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>-\u003Cbr>-\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>(49.631.397)\u003C\u002Ftd>\u003Ctd>\u003Cstrong>4.786.880\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>4.786.880\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>é calculado pelo fluxo mensal apresen\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>FII TJK_Borba Gato\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Receita de aluguel mínimo garantido\u003Cbr>\u003Cstrong>Total de receitas\u003C\u002Fstrong>\u003Cbr>Receita de Locação Corrigida\u003Cbr>Desconto de locação\u003Cbr>Carência\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Total de despesas\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Comissão de locação\u003Cbr>Condomínio\u003Cbr>IPTU\u003Cbr>Inadimplência\u003Cbr>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\u003Cbr>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, o VPL\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F20291\u002F20291.pdf-0037-00.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\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>de 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>60,22\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>63,98\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>67,74\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>71,51\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>75,27\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>79,03\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>82,80\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>86,56\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>90,32\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>8,50%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-2,00%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>50.438.214\u003C\u002Ftd>\u003Ctd>51.825.819\u003C\u002Ftd>\u003Ctd>53.213.423\u003C\u002Ftd>\u003Ctd>54.601.028\u003C\u002Ftd>\u003Ctd>55.988.632\u003C\u002Ftd>\u003Ctd>57.376.237\u003C\u002Ftd>\u003Ctd>58.763.841\u003C\u002Ftd>\u003Ctd>60.151.446\u003C\u002Ftd>\u003Ctd>61.539.050\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>to\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>9,00%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-1,50%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>48.989.167\u003C\u002Ftd>\u003Ctd>50.315.417\u003C\u002Ftd>\u003Ctd>51.641.666\u003C\u002Ftd>\u003Ctd>52.967.915\u003C\u002Ftd>\u003Ctd>54.294.165\u003C\u002Ftd>\u003Ctd>55.620.414\u003C\u002Ftd>\u003Ctd>56.946.663\u003C\u002Ftd>\u003Ctd>58.272.913\u003C\u002Ftd>\u003Ctd>59.599.162\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>con\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>9,50%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-1,00%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>47.600.672\u003C\u002Ftd>\u003Ctd>48.868.546\u003C\u002Ftd>\u003Ctd>50.136.421\u003C\u002Ftd>\u003Ctd>51.404.295\u003C\u002Ftd>\u003Ctd>52.672.169\u003C\u002Ftd>\u003Ctd>53.940.043\u003C\u002Ftd>\u003Ctd>55.207.918\u003C\u002Ftd>\u003Ctd>56.475.792\u003C\u002Ftd>\u003Ctd>57.743.666\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>des\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>10,00%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-0,50%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>46.269.760\u003C\u002Ftd>\u003Ctd>47.482.081\u003C\u002Ftd>\u003Ctd>48.694.403\u003C\u002Ftd>\u003Ctd>49.906.725\u003C\u002Ftd>\u003Ctd>51.119.047\u003C\u002Ftd>\u003Ctd>52.331.369\u003C\u002Ftd>\u003Ctd>53.543.690\u003C\u002Ftd>\u003Ctd>54.756.012\u003C\u002Ftd>\u003Ctd>55.968.334\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>de\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>10,50%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>0,00%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>44.993.624\u003C\u002Ftd>\u003Ctd>46.153.067\u003C\u002Ftd>\u003Ctd>47.312.510\u003C\u002Ftd>\u003Ctd>48.471.954\u003C\u002Ftd>\u003Ctd>49.631.397\u003C\u002Ftd>\u003Ctd>50.790.840\u003C\u002Ftd>\u003Ctd>51.950.284\u003C\u002Ftd>\u003Ctd>53.109.727\u003C\u002Ftd>\u003Ctd>54.269.170\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>xa\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>11,00%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>0,50%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>43.769.611\u003C\u002Ftd>\u003Ctd>44.878.710\u003C\u002Ftd>\u003Ctd>45.987.808\u003C\u002Ftd>\u003Ctd>47.096.907\u003C\u002Ftd>\u003Ctd>48.206.006\u003C\u002Ftd>\u003Ctd>49.315.104\u003C\u002Ftd>\u003Ctd>50.424.203\u003C\u002Ftd>\u003Ctd>51.533.302\u003C\u002Ftd>\u003Ctd>52.642.401\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Ta\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>11,50%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>1,00%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>42.595.211\u003C\u002Ftd>\u003Ctd>43.656.367\u003C\u002Ftd>\u003Ctd>44.717.522\u003C\u002Ftd>\u003Ctd>45.778.678\u003C\u002Ftd>\u003Ctd>46.839.834\u003C\u002Ftd>\u003Ctd>47.900.990\u003C\u002Ftd>\u003Ctd>48.962.146\u003C\u002Ftd>\u003Ctd>50.023.301\u003C\u002Ftd>\u003Ctd>51.084.457\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>12,00%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>1,50%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>41.468.048\u003C\u002Ftd>\u003Ctd>42.483.538\u003C\u002Ftd>\u003Ctd>43.499.028\u003C\u002Ftd>\u003Ctd>44.514.518\u003C\u002Ftd>\u003Ctd>45.530.008\u003C\u002Ftd>\u003Ctd>46.545.498\u003C\u002Ftd>\u003Ctd>47.560.987\u003C\u002Ftd>\u003Ctd>48.576.477\u003C\u002Ftd>\u003Ctd>49.591.967\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>12,50%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>2,00%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>40.385.876\u003C\u002Ftd>\u003Ctd>41.357.859\u003C\u002Ftd>\u003Ctd>42.329.842\u003C\u002Ftd>\u003Ctd>43.301.825\u003C\u002Ftd>\u003Ctd>44.273.808\u003C\u002Ftd>\u003Ctd>45.245.791\u003C\u002Ftd>\u003Ctd>46.217.774\u003C\u002Ftd>\u003Ctd>47.189.758\u003C\u002Ftd>\u003Ctd>48.161.741\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>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>8,00%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>8,50%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>9,00%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>9,50%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>10,00%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>10,50%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>11,00%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>11,50%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>12,00%\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>8,50%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-2,00%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>61.722.740\u003C\u002Ftd>\u003Ctd>60.036.238\u003C\u002Ftd>\u003Ctd>58.537.125\u003C\u002Ftd>\u003Ctd>57.195.813\u003C\u002Ftd>\u003Ctd>55.988.632\u003C\u002Ftd>\u003Ctd>54.896.421\u003C\u002Ftd>\u003Ctd>53.903.502\u003C\u002Ftd>\u003Ctd>52.996.924\u003C\u002Ftd>\u003Ctd>52.165.894\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>to\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>9,00%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-1,50%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>59.770.604\u003C\u002Ftd>\u003Ctd>58.159.886\u003C\u002Ftd>\u003Ctd>56.728.138\u003C\u002Ftd>\u003Ctd>55.447.099\u003C\u002Ftd>\u003Ctd>54.294.165\u003C\u002Ftd>\u003Ctd>53.251.033\u003C\u002Ftd>\u003Ctd>52.302.732\u003C\u002Ftd>\u003Ctd>51.436.892\u003C\u002Ftd>\u003Ctd>50.643.205\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>con\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>9,50%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-1,00%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>57.903.619\u003C\u002Ftd>\u003Ctd>56.364.957\u003C\u002Ftd>\u003Ctd>54.997.258\u003C\u002Ftd>\u003Ctd>53.773.527\u003C\u002Ftd>\u003Ctd>52.672.169\u003C\u002Ftd>\u003Ctd>51.675.703\u003C\u002Ftd>\u003Ctd>50.769.824\u003C\u002Ftd>\u003Ctd>49.942.717\u003C\u002Ftd>\u003Ctd>49.184.536\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>des\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>10,00%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-0,50%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>56.117.509\u003C\u002Ftd>\u003Ctd>54.647.373\u003C\u002Ftd>\u003Ctd>53.340.585\u003C\u002Ftd>\u003Ctd>52.171.355\u003C\u002Ftd>\u003Ctd>51.119.047\u003C\u002Ftd>\u003Ctd>50.166.959\u003C\u002Ftd>\u003Ctd>49.301.424\u003C\u002Ftd>\u003Ctd>48.511.154\u003C\u002Ftd>\u003Ctd>47.786.739\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>de\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>10,50%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>0,00%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>54.408.235\u003C\u002Ftd>\u003Ctd>53.003.282\u003C\u002Ftd>\u003Ctd>51.754.436\u003C\u002Ftd>\u003Ctd>50.637.047\u003C\u002Ftd>\u003Ctd>49.631.397\u003C\u002Ftd>\u003Ctd>48.721.523\u003C\u002Ftd>\u003Ctd>47.894.365\u003C\u002Ftd>\u003Ctd>47.139.134\u003C\u002Ftd>\u003Ctd>46.446.839\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>xa\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>11,00%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>0,50%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>52.771.980\u003C\u002Ftd>\u003Ctd>51.429.046\u003C\u002Ftd>\u003Ctd>50.235.328\u003C\u002Ftd>\u003Ctd>49.167.263\u003C\u002Ftd>\u003Ctd>48.206.006\u003C\u002Ftd>\u003Ctd>47.336.296\u003C\u002Ftd>\u003Ctd>46.545.651\u003C\u002Ftd>\u003Ctd>45.823.758\u003C\u002Ftd>\u003Ctd>45.162.023\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Ta\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>11,50%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>1,00%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>51.205.139\u003C\u002Ftd>\u003Ctd>49.921.226\u003C\u002Ftd>\u003Ctd>48.779.969\u003C\u002Ftd>\u003Ctd>47.758.845\u003C\u002Ftd>\u003Ctd>46.839.834\u003C\u002Ftd>\u003Ctd>46.008.347\u003C\u002Ftd>\u003Ctd>45.252.450\u003C\u002Ftd>\u003Ctd>44.562.284\u003C\u002Ftd>\u003Ctd>43.929.631\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>12,00%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>1,50%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>49.704.302\u003C\u002Ftd>\u003Ctd>48.476.568\u003C\u002Ftd>\u003Ctd>47.385.249\u003C\u002Ftd>\u003Ctd>46.408.806\u003C\u002Ftd>\u003Ctd>45.530.008\u003C\u002Ftd>\u003Ctd>44.734.904\u003C\u002Ftd>\u003Ctd>44.012.083\u003C\u002Ftd>\u003Ctd>43.352.115\u003C\u002Ftd>\u003Ctd>42.747.145\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>12,50%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>2,00%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>48.266.245\u003C\u002Ftd>\u003Ctd>47.091.999\u003C\u002Ftd>\u003Ctd>46.048.224\u003C\u002Ftd>\u003Ctd>45.114.321\u003C\u002Ftd>\u003Ctd>44.273.808\u003C\u002Ftd>\u003Ctd>43.513.344\u003C\u002Ftd>\u003Ctd>42.822.013\u003C\u002Ftd>\u003Ctd>42.190.798\u003C\u002Ftd>\u003Ctd>41.612.184\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F20291\u002F20291.pdf-0038-00.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 Quarenta E Nove Milhões, Seiscentos E\u003C\u002Fstrong> (Renda – Fluxo de Caixa) \u003Cstrong>R$ 49.630.000,00 PARA VENDA Trinta Mil Reais\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>Binswanger Brazil\u003C\u002Fp>\u003Cp>CREA: 494866\u003C\u002Fp>\u003Cp>ISABELA DORA COSTA Assinado de forma digital por ISABELA DORA COSTA MONASTERSKY:14400445895 MONASTERSKY:14400445895 Dados: 2026.01.22 14:51:29 -03'00'\u003C\u002Fp>\u003Cp>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\u002F20291\u002F20291.pdf-0038-08.png\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F20291\u002F20291.pdf-0039-00.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>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003Cth>\u003Cstrong>Áreas\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>\u003Cem>Ático \u002F\u003C\u002Fem>\u003C\u002Fstrong>\u003Cbr>\u003C\u002Fth>\u003Cth>\u003Cbr>\u003Cstrong>\u003Cem>Estac.\u003C\u002Fem>\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>\u003Cstrong>Item\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Ende\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>reço\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>Frentes\u003C\u002Fem>\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>\u003Cem>múltiplas\u003C\u002Fem>\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>\u003Cem>Área\u003C\u002Fem>\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>\u003Cem>Construída\u003C\u002Fem>\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>\u003Cem>Térreo\u003C\u002Fem>\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>\u003Cem>(100%)\u003C\u002Fem>\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>\u003Cem>Andares\u003C\u002Fem>\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>\u003Cem>(100%)\u003C\u002Fem>\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cbr>\u003Cstrong>\u003Cem>Apoio\u003C\u002Fem>\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>\u003Cem>(10%)\u003C\u002Fem>\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>\u003Cem>SS \u002F Es\u003C\u002Fem>\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>\u003Cem>Interno\u003C\u002Fem>\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>\u003Cem>tac.\u003C\u002Fem>\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>\u003Cem>(25%)\u003C\u002Fem>\u003C\u002Fstrong>\u003Cbr>\u003Cbr>\u003Cstrong>\u003Cem>Externo\u003C\u002Fem>\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>\u003Cem>(25%)\u003C\u002Fem>\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>\u003Cem>Área Construída\u003C\u002Fem>\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>\u003Cem>Equivalente\u003C\u002Fem>\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Aval.\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Avenida Adolfo\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Pinheiro, 2366\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>100\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Não\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>5.919,00 m²\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>720,00 m²\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>**2.510,00 m² **\u003C\u002Ftd>\u003Ctd>\u003Cstrong>120,00 m²\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>2.569,0\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>0 m²\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>100,00 m²\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cbr>\u003Cstrong>3.909,25 m²\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>1\u003C\u002Ftd>\u003Ctd>Avenida Adolfo\u003C\u002Ftd>\u003Ctd>Pinheiro, 2065\u003C\u002Ftd>\u003Ctd>100\u003C\u002Ftd>\u003Ctd>Não\u003C\u002Ftd>\u003Ctd>1.865,00 m²\u003C\u002Ftd>\u003Ctd>680,00 m²\u003C\u002Ftd>\u003Ctd>400,00 m²\u003C\u002Ftd>\u003Ctd>-\u003Cbr>785,0\u003C\u002Ftd>\u003Ctd>0 m²\u003Cbr>-\u003C\u002Ftd>\u003Ctd>1.276,25 m²\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>2\u003C\u002Ftd>\u003Ctd>Avenida Adolfo\u003C\u002Ftd>\u003Ctd>Pinheiro, 971\u003C\u002Ftd>\u003Ctd>105\u003C\u002Ftd>\u003Ctd>Sim\u003C\u002Ftd>\u003Ctd>5.303,00 m²\u003C\u002Ftd>\u003Ctd>1.219,00 m²\u003C\u002Ftd>\u003Ctd>2.438,00 m²\u003C\u002Ftd>\u003Ctd>-\u003Cbr>1.646,0\u003C\u002Ftd>\u003Ctd>0 m²\u003Cbr>100,00 m²\u003C\u002Ftd>\u003Ctd>\u003Cbr>4.093,50 m²\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>3\u003C\u002Ftd>\u003Ctd>Avenida Adolfo\u003C\u002Ftd>\u003Ctd>Pinheiro, 510\u003C\u002Ftd>\u003Ctd>105\u003C\u002Ftd>\u003Ctd>Não\u003C\u002Ftd>\u003Ctd>1.197,00 m²\u003C\u002Ftd>\u003Ctd>464,00 m²\u003C\u002Ftd>\u003Ctd>360,00 m²\u003C\u002Ftd>\u003Ctd>-\u003Cbr>373,0\u003C\u002Ftd>\u003Ctd>0 m²\u003Cbr>-\u003C\u002Ftd>\u003Ctd>917,25 m²\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>4\u003C\u002Ftd>\u003Ctd>Avenida Adolfo\u003C\u002Ftd>\u003Ctd>Pinheiro, 940\u003C\u002Ftd>\u003Ctd>105\u003C\u002Ftd>\u003Ctd>Não\u003C\u002Ftd>\u003Ctd>474,00 m²\u003C\u002Ftd>\u003Ctd>225,00 m²\u003C\u002Ftd>\u003Ctd>249,00 m²\u003C\u002Ftd>\u003Ctd>-\u003Cbr>-\u003C\u002Ftd>\u003Ctd>25,00 m²\u003C\u002Ftd>\u003Ctd>480,25 m²\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>5\u003C\u002Ftd>\u003Ctd>Avenida Adolfo\u003C\u002Ftd>\u003Ctd>Pinheiro, 478\u003C\u002Ftd>\u003Ctd>105\u003C\u002Ftd>\u003Ctd>Não\u003C\u002Ftd>\u003Ctd>809,00 m²\u003C\u002Ftd>\u003Ctd>307,00 m²\u003C\u002Ftd>\u003Ctd>307,00 m²\u003C\u002Ftd>\u003Ctd>-\u003Cbr>195,0\u003C\u002Ftd>\u003Ctd>0 m²\u003Cbr>25,00 m²\u003C\u002Ftd>\u003Ctd>669,00 m²\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Construçõe\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>s\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Contato\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Item\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cbr>\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>Es\u003C\u002Fem>\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>\u003Cem>con\u003C\u002Fem>\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>\u003Cem>EC\u003C\u002Fem>\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>\u003Cem>tado de\u003C\u002Fem>\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>\u003Cem>servação\u003C\u002Fem>\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>\u003Cem>Padrão\u003C\u002Fem>\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>\u003Cem>(IBAPE)\u003C\u002Fem>\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>\u003Cem>Vagas\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>10 anos\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>60 anos\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>c -\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>regular\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>escritório\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>e\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>médio c\u002F\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>lev\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>118\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>0 anos\u003C\u002Ftd>\u003Ctd>60 anos\u003C\u002Ftd>\u003Ctd>a\u003C\u002Ftd>\u003Ctd>- novo\u003C\u002Ftd>\u003Ctd>escritório\u003Cbr>e\u003C\u002Ftd>\u003Ctd>médio s\u002F\u003Cbr>lev\u003C\u002Ftd>\u003Ctd>41\u003C\u002Ftd>\u003Ctd>Lopes One\u003C\u002Ftd>\u003Ctd>Luciana\u003Cbr>Helena\u003C\u002Ftd>\u003Ctd>(11) 99807-9066\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>2\u003C\u002Ftd>\u003Ctd>30 anos\u003C\u002Ftd>\u003Ctd>60 anos\u003C\u002Ftd>\u003Ctd>c -\u003C\u002Ftd>\u003Ctd>regular\u003C\u002Ftd>\u003Ctd>escritório\u003Cbr>e\u003C\u002Ftd>\u003Ctd>médio c\u002F\u003Cbr>lev\u003C\u002Ftd>\u003Ctd>140\u003C\u002Ftd>\u003Ctd>Segurana\u003Cbr>Imóveis\u003C\u002Ftd>\u003Ctd>Roger Sfrizo\u003C\u002Ftd>\u003Ctd>(11) 95000-7992\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>3\u003C\u002Ftd>\u003Ctd>30 anos\u003C\u002Ftd>\u003Ctd>60 anos\u003C\u002Ftd>\u003Ctd>c -\u003C\u002Ftd>\u003Ctd>regular\u003C\u002Ftd>\u003Ctd>escritório\u003Cbr>e\u003C\u002Ftd>\u003Ctd>médio s\u002F\u003Cbr>lev\u003C\u002Ftd>\u003Ctd>25\u003C\u002Ftd>\u003Ctd>Prohabitar\u003Cbr>Imóveis\u003C\u002Ftd>\u003Ctd>Silvana\u003C\u002Ftd>\u003Ctd>(11) 94037-3358\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>4\u003C\u002Ftd>\u003Ctd>30 anos\u003C\u002Ftd>\u003Ctd>60 anos\u003C\u002Ftd>\u003Ctd>c -\u003C\u002Ftd>\u003Ctd>regular\u003C\u002Ftd>\u003Ctd>escritório\u003Cbr>e\u003C\u002Ftd>\u003Ctd>médio s\u002F\u003Cbr>lev\u003C\u002Ftd>\u003Ctd>9\u003C\u002Ftd>\u003Ctd>Sua Quadra\u003C\u002Ftd>\u003Ctd>Cauã\u003C\u002Ftd>\u003Ctd>(11) 93620-8695\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>5\u003C\u002Ftd>\u003Ctd>25 anos\u003C\u002Ftd>\u003Ctd>60 anos\u003C\u002Ftd>\u003Ctd>d - ent\u003Cbr>repar\u003C\u002Ftd>\u003Ctd>re regular e\u003Cbr>os simples\u003C\u002Ftd>\u003Ctd>escritório\u003Cbr>e\u003C\u002Ftd>\u003Ctd>médio s\u002F\u003Cbr>lev\u003C\u002Ftd>\u003Ctd>10\u003C\u002Ftd>\u003Ctd>Bamberg\u003C\u002Ftd>\u003Ctd>Emerson\u003Cbr>Carvalho\u003C\u002Ftd>\u003Ctd>(11) 99115-4321\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>Homo\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>geneização (\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>Fatores)\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 Construída\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>Equivalente\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>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>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>1\u003C\u002Ftd>\u003Ctd>1.276,25 m²\u003C\u002Ftd>\u003Ctd>R$ 185.000,00\u003C\u002Ftd>\u003Ctd>0,90\u003C\u002Ftd>\u003Ctd>R$ 130,46\u002Fm²\u003C\u002Ftd>\u003Ctd>1,000\u003C\u002Ftd>\u003Ctd>1,174\u003C\u002Ftd>\u003Ctd>0,923\u003C\u002Ftd>\u003Ctd>1,097\u003C\u002Ftd>\u003Ctd>R$ 143,17\u002Fm²\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>2\u003C\u002Ftd>\u003Ctd>4.093,50 m²\u003C\u002Ftd>\u003Ctd>R$ 355.000,00\u003C\u002Ftd>\u003Ctd>0,90\u003C\u002Ftd>\u003Ctd>R$ 78,05\u002Fm²\u003C\u002Ftd>\u003Ctd>0,990\u003C\u002Ftd>\u003Ctd>1,000\u003C\u002Ftd>\u003Ctd>1,252\u003C\u002Ftd>\u003Ctd>1,152\u003C\u002Ftd>\u003Ctd>R$ 89,89\u002Fm²\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>3\u003C\u002Ftd>\u003Ctd>917,25 m²\u003C\u002Ftd>\u003Ctd>R$ 90.000,00\u003C\u002Ftd>\u003Ctd>0,90\u003C\u002Ftd>\u003Ctd>R$ 88,31\u002Fm²\u003C\u002Ftd>\u003Ctd>0,990\u003C\u002Ftd>\u003Ctd>1,174\u003C\u002Ftd>\u003Ctd>1,252\u003C\u002Ftd>\u003Ctd>1,417\u003C\u002Ftd>\u003Ctd>R$ 125,11\u002Fm²\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>4\u003C\u002Ftd>\u003Ctd>480,25 m²\u003C\u002Ftd>\u003Ctd>R$ 38.000,00\u003C\u002Ftd>\u003Ctd>0,90\u003C\u002Ftd>\u003Ctd>R$ 71,21\u002Fm²\u003C\u002Ftd>\u003Ctd>0,990\u003C\u002Ftd>\u003Ctd>1,174\u003C\u002Ftd>\u003Ctd>1,252\u003C\u002Ftd>\u003Ctd>1,417\u003C\u002Ftd>\u003Ctd>R$ 100,90\u002Fm²\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>5\u003C\u002Ftd>\u003Ctd>669,00 m²\u003C\u002Ftd>\u003Ctd>R$ 60.000,00\u003C\u002Ftd>\u003Ctd>0,90\u003C\u002Ftd>\u003Ctd>R$ 80,72\u002Fm²\u003C\u002Ftd>\u003Ctd>0,990\u003C\u002Ftd>\u003Ctd>1,174\u003C\u002Ftd>\u003Ctd>1,207\u003C\u002Ftd>\u003Ctd>1,372\u003C\u002Ftd>\u003Ctd>R$ 110,71\u002Fm²\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F20291\u002F20291.pdf-0040-00.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>\u003C\u002Fth>\u003Cth>\u003Cstrong>Situação paradigma\u003C\u002Fstrong>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>Número de amostras:\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>5\u003C\u002Ftd>\u003Ctd>Área Construída Equivalente\u003Cbr>3.909,25 m²\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Graus de liberdade:\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>4\u003C\u002Ftd>\u003Ctd>Idade:\u003Cbr>10 anos\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>tc (tabelado):\u003C\u002Ftd>\u003Ctd>1\u003C\u002Ftd>\u003Ctd>,533\u003C\u002Ftd>\u003Ctd>Vida útil:\u003Cbr>60 anos\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Amplitude:\u003C\u002Ftd>\u003Ctd>R$ 2\u003C\u002Ftd>\u003Ctd>8,59\u002Fm²\u003C\u002Ftd>\u003Ctd>Padrão:\u003Cbr>escritório médio c\u002F elev\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Conservação:\u003Cbr>c - regular\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Limite inferior:\u003C\u002Ftd>\u003Ctd>R$ 9\u003C\u002Ftd>\u003Ctd>9,66\u002Fm²\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Média:\u003C\u002Ftd>\u003Ctd>R$ 11\u003C\u002Ftd>\u003Ctd>3,96\u002Fm²\u003C\u002Ftd>\u003Ctd>Média Saneada\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Limite superior:\u003C\u002Ftd>\u003Ctd>R$ 12\u003C\u002Ftd>\u003Ctd>8,25\u002Fm²\u003C\u002Ftd>\u003Ctd>Limite inferior (-30%):\u003Cbr>R$ 79,77\u002Fm²\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Média:\u003Cbr>R$ 113,96\u002Fm²\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Intervalo - E\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>lementos utiliza\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>dos\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Limite superior (+30%):\u003Cbr>R$ 148,14\u002Fm²\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Valor mínimo:\u003C\u002Ftd>\u003Ctd>R$ 8\u003C\u002Ftd>\u003Ctd>9,89\u002Fm²\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Valor máximo:\u003C\u002Ftd>\u003Ctd>R$ 14\u003C\u002Ftd>\u003Ctd>3,17\u002Fm²\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Ajuste: Par\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>adigma x Avalian\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>do\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>R$ 150,00\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Fator de testa\u003C\u002Ftd>\u003Ctd>da (Avaliado)\u003C\u002Ftd>\u003Ctd>1,0000\u003C\u002Ftd>\u003Ctd>R$ 120,00\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Campo de arbítrio\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Paradigma\u003C\u002Fstrong>\u003Cbr>Fator final\u003C\u002Ftd>\u003Ctd>1,0000\u003Cbr>\u003Cstrong>Avaliando\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>R$ 90,00\u003Cbr>Unitário Estimado\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Limite inferior:\u003C\u002Ftd>\u003Ctd>R$ 96,86\u002Fm²\u003C\u002Ftd>\u003Ctd>R$ 96,86\u002Fm²\u003C\u002Ftd>\u003Ctd>R$ 6000\u003Cbr>Valor\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Média:\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>R$ 113,96\u002Fm²\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>R$ 113,96\u002Fm²\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>,\u003Cbr>R$ 60,00\u003Cbr>R$ 90,00\u003Cbr>R$ 120,00\u003Cbr>R$ 150,00\u003Cbr>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Limite superior:\u003C\u002Ftd>\u003Ctd>R$ 131,05\u002Fm²\u003C\u002Ftd>\u003Ctd>R$ 131,05\u002Fm²\u003C\u002Ftd>\u003Ctd>Valor Unitário Observado\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F20291\u002F20291.pdf-0041-00.png\">\u003C\u002Fp>\u003Ch6>\u003Cstrong>Especificação da Avaliação\u003C\u002Fstrong>\u003C\u002Fh6>\u003Ch6>\u003Cstrong>ABNT NBR 14653 -2 (Imóveis Urbanos)\u003C\u002Fstrong>\u003C\u002Fh6>\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\u002F20291\u002F20291.pdf-0041-04.png\">\u003C\u002Fp>\u003Cp>\u002F>\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>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F20291\u002F20291.pdf-0041-07.png\">\u003C\u002Fp>\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\u003Cbr>de 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>\u003Cp>\u003Cstrong>GRAU DE FUNDAMENTAÇÃO: Grau II GRAU DE PRECISÃO: Grau III\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F20291\u002F20291.pdf-0042-00.png\">\u003C\u002Fp>\u003Ch6>\u003Cstrong>Elementos Comparativos\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F20291\u002F20291.pdf-0042-02.png\">\u003C\u002Fp>\u003Cp>Mapa de Localização\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F20291\u002F20291.pdf-0042-04.png\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F20291\u002F20291.pdf-0042-05.png\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F20291\u002F20291.pdf-0042-06.png\">\u003C\u002Fp>\u003Cp>Elemento 1\u003C\u002Fp>\u003Cp>Elemento 2\u003C\u002Fp>\u003Cp>Elemento 3\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F20291\u002F20291.pdf-0042-10.png\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F20291\u002F20291.pdf-0042-11.png\">\u003C\u002Fp>\u003Cp>Elemento 4\u003C\u002Fp>\u003Cp>Elemento 5\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F20291\u002F20291.pdf-0043-00.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 bas\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>e\u003C\u002Fstrong>\u003Cbr>\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>49.530.230\u003Cbr>30.988.880\u003Cbr>\u003Cstrong>Receita de\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>Locação\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>Ciid\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>Desc\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>loc\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>Receita\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>\u003Cstrong>onto de\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>ação\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>Carência\u003C\u002Fstrong>\u003Cbr>\u003C\u002Fth>\u003Cth>0\u003Cbr>53.462.776\u003Cbr>102.993.005\u003Cbr>19.698.299\u003Cbr>50.687.179\u003Cbr>\u003Cstrong>Venda\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>Total de receitas\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>Comissã\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>locaç\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>Borba Gato\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>0\u003Cbr>-1.603.883\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>-590.949\u003Cbr>0\u003Cbr>0\u003Cbr>\u003Cstrong>o de\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>ão\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>Inadimpl\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>Despesas\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>0\u003Cbr>-495.302\u003Cbr>0\u003Cbr>-309.889\u003Cbr>\u003Cstrong>ência\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>FRA\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>-247.65\u003Cbr>\u003Cbr>-154.94\u003Cbr>\u003Cstrong>Gestão de\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>contrato\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>1\u003Cbr>-2.346.8\u003Cbr>4\u003Cbr>-1.055.7\u003Cbr>\u003Cstrong>Total de\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>despesas\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>37\u003Cbr>100.646.169\u003Cbr>82\u003Cbr>49.631.397\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>68,42\u003Cbr>6842\u003C\u002Ftd>\u003Ctd>1,00\u003Cbr>1,00\u003Cbr>100\u003C\u002Ftd>\u003Ctd>0,00\u003Cbr>68,42\u003Cbr>6842\u003C\u002Ftd>\u003Ctd>\u003Cstrong>orrga\u003C\u002Fstrong>\u003Cbr>0\u003Cbr>404.981\u003Cbr>404981\u003C\u002Ftd>\u003Ctd>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003C\u002Ftd>\u003Ctd>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>404.981\u003Cbr>0\u003Cbr>0\u003Cbr>404981\u003Cbr>0\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>0\u003C\u002Ftd>\u003Ctd>0\u003Cbr>-4.050\u003Cbr>4050\u003C\u002Ftd>\u003Ctd>0\u003Cbr>-2.025\u003Cbr>2025\u003C\u002Ftd>\u003Ctd>0\u003Cbr>-6.075\u003Cbr>6075\u003C\u002Ftd>\u003Ctd>0\u003Cbr>398.907\u003Cbr>398907\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>68,42\u003Cbr>68,42\u003C\u002Ftd>\u003Ctd>,\u003Cbr>1,00\u003Cbr>1,00\u003C\u002Ftd>\u003Ctd>,\u003Cbr>68,42\u003Cbr>68,42\u003C\u002Ftd>\u003Ctd>.\u003Cbr>404.981\u003Cbr>404.981\u003C\u002Ftd>\u003Ctd>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003C\u002Ftd>\u003Ctd>.\u003Cbr>\u003Cbr>0\u003Cbr>404.981\u003Cbr>0\u003Cbr>0\u003Cbr>404.981\u003Cbr>0\u003C\u002Ftd>\u003Ctd>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003C\u002Ftd>\u003Ctd>-.\u003Cbr>-4.050\u003Cbr>-4.050\u003C\u002Ftd>\u003Ctd>-.\u003Cbr>-2.025\u003Cbr>-2.025\u003C\u002Ftd>\u003Ctd>-.\u003Cbr>-6.075\u003Cbr>-6.075\u003C\u002Ftd>\u003Ctd>.\u003Cbr>398.907\u003Cbr>398.907\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>abr-26\u003Cbr>5\u003Cbr>\u003Cbr>\u003C\u002Ftd>\u003Ctd>100%\u003Cbr>\u003C\u002Ftd>\u003Ctd>68,42\u003Cbr>\u003C\u002Ftd>\u003Ctd>1,00\u003Cbr>\u003C\u002Ftd>\u003Ctd>68,42\u003Cbr>\u003C\u002Ftd>\u003Ctd>404.981\u003Cbr>\u003C\u002Ftd>\u003Ctd>0\u003Cbr>0\u003Cbr>\u003Cbr>\u003C\u002Ftd>\u003Ctd>0\u003Cbr>404.981\u003Cbr>0\u003Cbr>\u003Cbr>\u003Cbr>\u003C\u002Ftd>\u003Ctd>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>\u003Cbr>\u003Cbr>\u003Cbr>\u003C\u002Ftd>\u003Ctd>-4.050\u003Cbr>\u003C\u002Ftd>\u003Ctd>-2.025\u003Cbr>\u003C\u002Ftd>\u003Ctd>-6.075\u003Cbr>\u003C\u002Ftd>\u003Ctd>398.907\u003Cbr>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>mai-26\u003Cbr>6\u003Cbr>jun-26\u003Cbr>7\u003Cbr>jul-26\u003Cbr>8\u003C\u002Ftd>\u003Ctd>100%\u003Cbr>100%\u003Cbr>100%\u003C\u002Ftd>\u003Ctd>68,42\u003Cbr>68,42\u003Cbr>68,42\u003C\u002Ftd>\u003Ctd>1,00\u003Cbr>1,00\u003Cbr>1,00\u003C\u002Ftd>\u003Ctd>68,42\u003Cbr>68,42\u003Cbr>68,42\u003C\u002Ftd>\u003Ctd>404.981\u003Cbr>404.981\u003Cbr>404.981\u003C\u002Ftd>\u003Ctd>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003C\u002Ftd>\u003Ctd>0\u003Cbr>404.981\u003Cbr>0\u003Cbr>0\u003Cbr>404.981\u003Cbr>0\u003Cbr>0\u003Cbr>404.981\u003Cbr>0\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>0\u003C\u002Ftd>\u003Ctd>-4.050\u003Cbr>-4.050\u003Cbr>-4.050\u003C\u002Ftd>\u003Ctd>-2.025\u003Cbr>-2.025\u003Cbr>-2.025\u003C\u002Ftd>\u003Ctd>-6.075\u003Cbr>-6.075\u003Cbr>-6.075\u003C\u002Ftd>\u003Ctd>398.907\u003Cbr>398.907\u003Cbr>398.907\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>ago-26\u003Cbr>9\u003Cbr>\u003Cbr>\u003C\u002Ftd>\u003Ctd>100%\u003Cbr>\u003C\u002Ftd>\u003Ctd>68,42\u003Cbr>\u003C\u002Ftd>\u003Ctd>1,00\u003Cbr>\u003C\u002Ftd>\u003Ctd>68,42\u003Cbr>\u003C\u002Ftd>\u003Ctd>404.981\u003Cbr>\u003C\u002Ftd>\u003Ctd>0\u003Cbr>0\u003Cbr>\u003Cbr>\u003C\u002Ftd>\u003Ctd>0\u003Cbr>404.981\u003Cbr>0\u003Cbr>\u003Cbr>\u003Cbr>\u003C\u002Ftd>\u003Ctd>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>\u003Cbr>\u003Cbr>\u003Cbr>\u003C\u002Ftd>\u003Ctd>-4.050\u003Cbr>\u003C\u002Ftd>\u003Ctd>-2.025\u003Cbr>\u003C\u002Ftd>\u003Ctd>-6.075\u003Cbr>\u003C\u002Ftd>\u003Ctd>398.907\u003Cbr>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>set-26\u003Cbr>10\u003Cbr>out-26\u003Cbr>11\u003C\u002Ftd>\u003Ctd>100%\u003Cbr>100%\u003C\u002Ftd>\u003Ctd>68,42\u003Cbr>68,42\u003C\u002Ftd>\u003Ctd>1,00\u003Cbr>1,00\u003C\u002Ftd>\u003Ctd>68,42\u003Cbr>68,42\u003C\u002Ftd>\u003Ctd>404.981\u003Cbr>404.981\u003C\u002Ftd>\u003Ctd>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003C\u002Ftd>\u003Ctd>0\u003Cbr>404.981\u003Cbr>0\u003Cbr>0\u003Cbr>404.981\u003Cbr>0\u003C\u002Ftd>\u003Ctd>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003C\u002Ftd>\u003Ctd>-4.050\u003Cbr>-4.050\u003C\u002Ftd>\u003Ctd>-2.025\u003Cbr>-2.02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alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F20291\u002F20291.pdf-0044-00.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>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F20291\u002F20291.pdf-0044-05.png\">\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>Restrições\u003C\u002Ftd>\u003Ctd>Máximo de 3 itens em\u003Cbr>graus inferiores,\u003Cbr>admitindo-se no máximo\u003Cbr>um item no Grau I\u003C\u002Ftd>\u003Ctd>Máximo de 4 itens em\u003Cbr>graus inferiores ou não\u003Cbr>atendidos\u003C\u002Ftd>\u003Ctd>Mínimo de 7 itens\u003Cbr>atendidos\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\u002F20291\u002F20291.pdf-0045-01.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\u002F20291\u002F20291.pdf-0045-07.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\u002F20291\u002F20291.pdf-0046-00.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\u002FTJKB11\u002Fdocumentos\u002F20291\u002Fpdf",false,"2026-03-04 17:51:00",{"id":96,"empresa":97,"gestor":101,"cotacoes":107,"patrimonio":219,"vpa":220,"p_vpa":221,"tipo_gestao":222,"mandato":223,"segmento":56,"categoria":224,"grupo":56,"preco_atual":217,"cotacao_atualizada_em":225,"ultima_variacao_cotacao_24h":226,"variacao_cotacao_7d":227,"variacao_cotacao_1m":228,"variacao_cotacao_3m":229,"variacao_cotacao_6m":230,"variacao_cotacao_12m":231,"vacancia_fisica":232,"liquidez_atual":233,"ultimo_dividendo":234,"ultimo_dividend_yield":235,"mes_pagamento_ultimo_dividendo":236,"dividend_yield_3m":237,"dividend_yield_6m":238,"dividend_yield_12m":239,"dividend_yield_medio_12m":240,"qtd_dividendos_pagos_ano_passado":241,"data_ultima_cotacao":215,"pregoes_com_negocio_21":242,"alertas":243,"updated_at":244,"liquidez_media_reais":245,"administrador":47,"taxa_administracao_paga":246,"balanco":247,"resultado_distribuido":254,"publico_alvo":259,"mercados_negociacao_cotas":260,"data_funcionamento":262,"data_final":223,"quantidade_cotas":263,"quantidade_cotistas":264,"detalhes_cotistas":265,"total_investido":269,"investimentos_fundo":270,"imoveis":273,"contratos":371,"custodiante":386,"auditor_independente":387,"formador_mercado":223,"distribuidor_cotas":394,"consultor_especializado":223,"administrador_locacoes":223,"relatorio_anual":395,"analise_administrador":398},579,{"nome":54,"nome_simplificado":98,"nome_comercial":51,"ticker":53,"nome_ticker":99,"nome_pregao":100,"cnpj":61},"TJK RENDA IMOBILIÁRIA   RESPONSABILIDADE LIMITADA","TJKB11 - TJK RENDA IMOBILIÁRIA FUNDO DE INVESTIMENTO IMOBILIÁRIO - RESPONSABILIDADE LIMITADA","FII TJK REND",{"id":102,"nome":41,"cnpj":103,"endereco":104,"telefone":105,"created_at":106,"updated_at":106},59,"44077014000189","RUA SURUBIM, 577 - 10º ANDAR","11-5508.3500","2026-10-03T18:54:18.000000Z",[108,114,119,124,130,135,141,147,151,156,161,167,172,178,184,190,196,202,207,213],{"id":109,"data":110,"abertura":111,"ultimo":112,"volume":113},3288971,"2026-10-06",253.49,254.98,32,{"id":115,"data":116,"abertura":112,"ultimo":117,"volume":118},3289532,"2026-10-07",257.09,376,{"id":120,"data":121,"abertura":117,"ultimo":122,"volume":123},3290300,"2026-10-08",256.5,106,{"id":125,"data":126,"abertura":127,"ultimo":128,"volume":129},3290976,"2026-10-09",256.9,256.99,240,{"id":131,"data":132,"abertura":128,"ultimo":133,"volume":134},3357323,"2026-10-13",255.1,103,{"id":136,"data":137,"abertura":138,"ultimo":139,"volume":140},3375612,"2026-10-14",254.01,254.02,130,{"id":142,"data":143,"abertura":144,"ultimo":145,"volume":146},3376608,"2026-10-15",256.92,256.87,93,{"id":148,"data":149,"abertura":145,"ultimo":127,"volume":150},3377012,"2026-10-16",54,{"id":152,"data":153,"abertura":154,"ultimo":117,"volume":155},3444928,"2026-10-19",253.15,179,{"id":157,"data":26,"abertura":158,"ultimo":159,"volume":160},3446494,253.5,255.56,277,{"id":162,"data":163,"abertura":164,"ultimo":165,"volume":166},3459514,"2026-10-21",253.52,255.6,158,{"id":168,"data":169,"abertura":165,"ultimo":170,"volume":171},3473612,"2026-10-22",258.93,84,{"id":173,"data":174,"abertura":175,"ultimo":176,"volume":177},3488042,"2026-10-23",255.21,258.5,82,{"id":179,"data":180,"abertura":181,"ultimo":182,"volume":183},3566110,"2026-10-26",251.17,248.01,454,{"id":185,"data":186,"abertura":187,"ultimo":188,"volume":189},3580156,"2026-10-27",249,249.02,511,{"id":191,"data":192,"abertura":193,"ultimo":194,"volume":195},3594037,"2026-10-28",249.51,240.3,355,{"id":197,"data":198,"abertura":199,"ultimo":200,"volume":201},3609044,"2026-10-29",248.09,248,445,{"id":203,"data":204,"abertura":205,"ultimo":206,"volume":177},3624734,"2026-10-30",247.98,247,{"id":208,"data":209,"abertura":210,"ultimo":211,"volume":212},3682079,"2026-11-03",247.01,246.01,357,{"id":214,"data":215,"abertura":216,"ultimo":217,"volume":218},3695683,"2026-11-04",247.15,246.45,218,598839122.78,279.33,"0.88","Ativa",null,"Tijolo","2026-11-05 09:00","0.0018","-0.0063","-0.0335","-0.0200","-0.0410","-0.0179","0.00000",17,"2.9000","0.0113","Out\u002F2026","0.0235","0.0588","0.1278","0.0102",11,21,[],"05\u002F11\u002F2026 08:12",54617.04,0.00304967236094523,{"data_referencia":248,"ativo":249,"passivo":250,"obrigacoes_imoveis":251,"obrigacoes_securitizacao":251,"liquidez":252,"valores_receber":253},"2026-09-01",627214919.21,28375796.43,0,27384518.98,10388887.62,{"data_referencia":255,"resultado":256,"rendimentos":257,"percentual":258},"2026-06-30",31192012.37,29632411.7515,0.95,"Investidores em Geral",[261],"Bolsa","2020-12-09",2143824,853,{"Pessoa Física":266,"Pessoa jurídica não financeira":267,"Fundos de investimento imobiliário":268,"Investidores não residentes":76,"Outros fundos de investimento":76,"Corretora ou distribuidora":69,"Entidade fechada de previdência complementar":69,"Outros tipos de cotistas não relacionados":69},830,8,6,589441512.61,{"Imóveis para renda":271,"Cotas de outros fundos":272},585900246.84,3541265.77,{"vacancia_total":251,"lista_imoveis":274,"data_referencia":255,"vacancia_suspeita":93},[275,283,291,299,305,313,320,327,334,342,351,356,364],{"nome":276,"vacancia":251,"numero_unidades":69,"area":277,"endereco":278,"percentual_inadimplencia":251,"percentual_receitas":279,"inquilinos":280,"ocupacao":69},"Padre Machado",8583,"Rua Padre Machado nº 1040\u002F1100 - Vila Mariana - São Paulo\u002FSP",0.156339,[281],{"setor":282,"percentual_receita_imovel":69,"percentual_receita_fii":279},"Pesquisa",{"nome":284,"vacancia":251,"numero_unidades":285,"area":286,"endereco":287,"percentual_inadimplencia":251,"percentual_receitas":288,"inquilinos":289,"ocupacao":69},"Marselhesa",10,6408,"Rua Marselhesa, 500, Vila Mariana, São Paulo - SP",0.149362,[290],{"setor":282,"percentual_receita_imovel":69,"percentual_receita_fii":288},{"nome":292,"vacancia":251,"numero_unidades":69,"area":293,"endereco":294,"percentual_inadimplencia":251,"percentual_receitas":295,"inquilinos":296,"ocupacao":69},"Tatuapé",6356,"Rua Vilela, 800, Tatuapé, São Paulo - SP",0.116166,[297],{"setor":298,"percentual_receita_imovel":69,"percentual_receita_fii":295},"Medicina Diagnóstica",{"nome":284,"vacancia":251,"numero_unidades":69,"area":300,"endereco":301,"percentual_inadimplencia":251,"percentual_receitas":302,"inquilinos":303,"ocupacao":69},4509,"Rua Marselhesa, 700, Vila Mariana, São Paulo - SP",0.090998,[304],{"setor":298,"percentual_receita_imovel":69,"percentual_receita_fii":302},{"nome":306,"vacancia":251,"numero_unidades":69,"area":307,"endereco":308,"percentual_inadimplencia":251,"percentual_receitas":309,"inquilinos":310,"ocupacao":69},"Centro de tratamento de Olhos",10200,"R. Desemb. Nelson Nunes Guimarães,  esquina com R. Camboriú - Joinville - SC",0.078064,[311],{"setor":312,"percentual_receita_imovel":69,"percentual_receita_fii":309},"Centro de Tratamento de Olhos",{"nome":314,"vacancia":251,"numero_unidades":69,"area":315,"endereco":316,"percentual_inadimplencia":251,"percentual_receitas":317,"inquilinos":318,"ocupacao":69},"Borba Gato",5919,"Avenida Adolfo Pinheiro, 2366, Santo Amaro, São Paulo - SP",0.066792,[319],{"setor":298,"percentual_receita_imovel":69,"percentual_receita_fii":317},{"nome":321,"vacancia":251,"numero_unidades":69,"area":322,"endereco":323,"percentual_inadimplencia":251,"percentual_receitas":324,"inquilinos":325,"ocupacao":69},"Avenida Brasil",1200,"Avenida Brasil, 350, Jardim Paulista, São Paulo - SP",0.050394,[326],{"setor":298,"percentual_receita_imovel":69,"percentual_receita_fii":324},{"nome":328,"vacancia":251,"numero_unidades":69,"area":329,"endereco":330,"percentual_inadimplencia":251,"percentual_receitas":331,"inquilinos":332,"ocupacao":69},"Napoleão Barros",1668,"Rua Loefgreen e Rua Napoleão de Barros, Lotes 301 e 301-A - Vila Mariana - São Paulo\u002FSP",0.032361,[333],{"setor":282,"percentual_receita_imovel":69,"percentual_receita_fii":331},{"nome":335,"vacancia":251,"numero_unidades":72,"area":336,"endereco":337,"percentual_inadimplencia":251,"percentual_receitas":338,"inquilinos":339,"ocupacao":69},"Ed.Barra Privat",2406,"Avenida Armando Lombardi, nº 400  Jacarepaguá - RJ",0.029241,[340],{"setor":341,"percentual_receita_imovel":69,"percentual_receita_fii":338},"Educação Médica",{"nome":343,"vacancia":251,"numero_unidades":344,"area":345,"endereco":346,"percentual_inadimplencia":251,"percentual_receitas":347,"inquilinos":348,"ocupacao":69},"Ed. Neolink",19,1565,"Avenida Ayrton Senna, nº 2500, Jacarepaguá - RJ",0.013273,[349],{"setor":350,"percentual_receita_imovel":69,"percentual_receita_fii":347},"Clínica Oncológica",{"nome":335,"vacancia":251,"numero_unidades":69,"area":352,"endereco":337,"percentual_inadimplencia":251,"percentual_receitas":353,"inquilinos":354,"ocupacao":69},954,0.011899,[355],{"setor":341,"percentual_receita_imovel":69,"percentual_receita_fii":353},{"nome":357,"vacancia":251,"numero_unidades":72,"area":358,"endereco":359,"percentual_inadimplencia":251,"percentual_receitas":360,"inquilinos":361,"ocupacao":69},"Edifício Mykonos - escritório 51 e 52",572,"Rua Gomes de Carvalho, 1356, Vila Olímpia - São Paulo - SP",0.008905,[362],{"setor":363,"percentual_receita_imovel":69,"percentual_receita_fii":360},"Consultório médico",{"nome":365,"vacancia":251,"numero_unidades":366,"area":367,"endereco":346,"percentual_inadimplencia":251,"percentual_receitas":368,"inquilinos":369,"ocupacao":69},"Ed. Neolink ",7,433,0.00367,[370],{"setor":350,"percentual_receita_imovel":69,"percentual_receita_fii":368},{"data_referencia":255,"prazos":372,"indexadores":373,"receita_aluguel_trimestre":380,"valor_imoveis":381,"cap_rate":382,"receita_sobre_mercado":383,"aluguel_m2_mes":384,"area_ocupada":385},[],[374,377],{"nome":375,"percentual":376},"IPCA",0.964171,{"nome":378,"percentual":379},"IGP-M",0.035829,15479373.78,585886994.52,0.105682,0.117191,101.62,50773,{"id":102,"nome":41,"cnpj":103,"endereco":104,"telefone":105,"created_at":106,"updated_at":106},{"id":388,"nome":389,"cnpj":390,"endereco":391,"telefone":392,"created_at":393,"updated_at":393},64,"ECOVIS WFA AUDITORES IDEPENDENTES S\u002FS","40221974000110","AV. NAÇÕES UNODAS, 14401 - CHACARA SANTO ANTONIO","(11) 5183-5422","2026-10-03T18:54:38.000000Z",{"id":102,"nome":41,"cnpj":103,"endereco":104,"telefone":105,"created_at":106,"updated_at":106},{"ano_referencia":396,"data_disponibilizacao":397},"2025","2026-03-23",{"ResultadoFundo":399,"ConjunturaEconomica":400,"PerspectivaPeriodoSeguinte":401},"O fundo apurou um resultado líquido positivo de R$ 70.196.258,99 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. O fundo realizou distribuição aos cotistas no corrente exercício, no valor total de R$ 45.482.090,98.","Ao longo de 2025, as taxas de juros seguiram trajetória de elevação, dando continuidade ao movimento iniciado no segundo semestre de 2024. O Comitê de Política Monetária do Banco Central do Brasil promoveu sucessivos ajustes na taxa básica de juros para conter pressões inflacionárias, encerrando o ano em 15% ao ano.\n\nEm cenário de juros elevados, investimentos em renda fixa se tornam relativamente mais atrativos, impactando a precificação de ativos de renda variável, incluindo cotas de fundos imobiliários. A renda dos FIIs está lastreada em ativos imobiliários reais, que, quando bem administrados, apresentam resiliência e potencial de valorização. Por serem investimentos de geração de renda, recomenda-se análise de longo prazo, considerando fluxos de renda e valorização dos ativos.\n\nNo segmento de healthcare, observou-se a continuidade de tendências que aumentam a demanda por ativos médicos. Segundo a ABECIP, a elevação da expectativa de vida no Brasil ampliou a procura por clínicas, hospitais e empreendimentos voltados ao público sênior. O Censo 2022 do IBGE indica que mais de 32 milhões de brasileiros têm mais de 60 anos, cerca de 15,6% da população, número que deve crescer nas próximas décadas, impulsionando modelos de empreendimentos voltados à longevidade e ao cuidado assistido.\n\nSegundo dados da ABECIP, projetos como clínicas especializadas, centros médicos e empreendimentos senior living têm ganhado relevância, combinando infraestrutura médica, serviços e moradia adaptada a uma população mais longeva.\n\nO TJKB11 investe em ativos destinados à locação para empresas do segmento de saúde, por meio de contratos atípicos. A natureza das atividades dos locatários aumenta a solidez desses contratos, pois dependem de licenças vinculadas ao imóvel, incentivando a permanência de longo prazo.\n\nEm 2025, os ativos do fundo mantiveram 100% de ocupação, alcançando rentabilidade anualizada em torno de 15% no primeiro trimestre, e cerca de 14% a partir de abril,considerando o ganho de capital distribuído. A rentabilidade se manteve atrativa frente a alternativas de renda fixa, com rendimentos isentos de imposto de renda, conforme regras aplicáveis.","A expectativa para o ano de 2026 é de que tenha início um processo gradual de redução das taxas de juros, à medida que as pressões inflacionárias sejam controladas e haja maior estabilidade no cenário macroeconômico. Ainda assim, o comportamento da política monetária deverá permanecer condicionado à evolução dos indicadores econômicos, podendo haver ajustes ao longo do período conforme as condições de mercado e o ambiente inflacionário.\n\nOs ativos do fundo possuem contratos atípicos, com longos prazos de duração, para locatários com operações consolidadas no mercado. Além das receitas de locação, há ganho de capital decorrente da venda de dois ativos, que está sendo distribuído parceladamente. Portanto, a expectativa é de que o fundo mantenha renda harmônica em 2026."]