O QUE É CAP RATE E COMO AVALIAR INVESTIMENTOS ATRAVÉS DELE

Cap Rate é a a redução de “capitalization rate” ou Taxa de Capitalização, uma forma muito comum de avaliar investimentos imobiliários geradores de renda, como salas comerciais, galpões industriais ou imóveis residenciais com objetivo de locação.

Definição de cap rate

Basicamente, o Cap Rate calcula a taxa de retorno de um investimento imobiliário baseado na geração líquida de renda que este imóvel proporciona. Para quem já investe em ações, é semelhante ao “Dividend Yield“, que mostra o retorno de uma ação, baseado nos dividendos que ela distribui anualmente para seu detentor.

O Cap rate é calculado dividindo-se a Renda Anual Líquida de um imóvel pelo seu valor de investimento.

Cap Rate

exemplo de cap rate

Tome como exemplo um imóvel que gere uma Renda Anual Líquida de $1,000,000.00, cujo preço de mercado, ou preço de venda, seja de $10,000,000.00. Neste caso, é certo dizer que esta propriedade está sendo vendida com Cap Rate de 10%.

 

Exemplo Cap Rate

Esta é uma ótima forma de comparar imóveis, ou até mesmo outros investimentos, se você levar em consideração apenas a renda que determinados ativos lhe pagarão em um certo período, como anual ou mensal.

Você pode utilizar esta informação, por exemplo, para comparar com a rentabilidade de títulos públicos, ações, debêntures, ou qualquer outra forma de investimento que lhe pague uma renda periódica. É importante, contudo, ponderar o risco de cada classe de ativo, que não está contido na fórmula do Cap Rate.

OUTROS USOS DO CAP RATE

Pela fórmula do Cap Rate, você também o pode utilizar para descobrir outras informações, como a renda gerada por um ativo, ou o valor de mercado deste ativo.

Vamos supor que alguém lhe ofereceu um imóvel com Cap Rate de 6%. Dado que você determinou que precisa receber uma renda anual de $12,000.00 com seu próximo investimento, qual o valor máximo que deve pagar no imóvel para que aquele Cap Rate seja satisfeito?

Refazendo a fórmula, temos que:

 

valor do imóvel pelo cap rate

Sendo assim, ao dividir $12,000.00 por 0,06, temos que o valor de mercado, ou “justo” (pelos seus critérios) deste imóvel é de $200,000.00.

De forma análoga, é possível calcular a renda que um imóvel vai gerar, sabendo-se seu valor de venda e o Cap Rate desejado.

renda anual pelo cap rate

Assim, se você sabe que um imóvel está sendo vendido por $350,000.00 e seu Cap Rate é de 8.5%, é possível descobrir, pela fórmula que a Renda Anual gerada pelo ativo é de $29,750.00.

Variações do cap rate

Assim como qualquer investimento, o retorno esperado pelos imóveis depende, de alguma forma, do rendimento de investimentos mais seguros, com maior liqudez, tais quais os Títulos Públicos. Deste forma, é natural que, quanto maior o retorno de ativos de baixo risco, mais espera-se que o rendimento de investimentos mais se eleve.

Suponha um imóvel cujo Cap Rate seja de 5% ao ano e seu valor de mercado de $500,000.00. Imagine que, por razões de mercado, novos investidores só comprariam este imóvel caso seu Cap Rate fosse de 6%. O que aconteceria com seu valor de mercado, dado que a Renda Anual gerada por ele não se alterou?

Cálculo da Renda Anual

Primeiro, é necessário descobrir qual a renda anual que o imóvel proporciona, que é 5% de $500,000.00, ou $25,000.00 por ano.

novo valor de mercado

Com esta informação, e utilizando a fórmula, descobre-se o novo valor de mercado. com base no novo Cap Rate desejado de 6%:

valor do imóvel pelo cap rate

Pela nova condição de mercado, o valor justo do imóvel é de $416,666.67.

conclusão sobre cap rate

Pelo que mostramos, então, é possível fazer as seguintes análises:

Quando a Renda Anual Líquida aumenta, o Cap Rate também se eleva;

Quando a Renda Anual Líquida cai, o Cap Rate reduz;

Quando o Valor do Imóvel aumenta, o Cap Rate diminui;

Quando o Valor do Imóvel reduz, o Cap Rate se eleva.

 

DICA

Ao comparar duas propriedades com Cap Rates distintos, pergunte-se o motivo de uma estar mais alta que a outra. Pode existir algum risco que você não esteja vendo naquele momento.

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