Análise de viabilidade econômica para apoio à transformação de uma casa em um empreendimento comercial

Abstract

The growth of entrepreneurship in Brazil, driven by the importance of micro and small enterprises in the national economy and the increase in investments in cities such as Natal/RN, highlights the need for economic feasibility analyses for new businesses, especially in light of high failure rates of enterprises. In this context, the objective of this study was to analyze the economic feasibility, through scenario simulations, of transforming a residential property in the South Zone of Natal/RN into a commercial rental space, using a practical framework structured in six stages: (1) project definition, (2) market research, (3) measurement and definition of physical resources, (4) technical feasibility analysis, (5) economic feasibility analysis applying key financial indicators (NPV, IRR, Discounted Payback), and (6) evaluation of results. The methodology included gathering market and spatial data, as well as building a financial spreadsheet with projected revenues and costs in the cash flow. A sensitivity analysis was also carried out by simulating three revenue scenarios (50%, 70%, and 100%) to assess the robustness of the project against revenue fluctuations. The main results showed different Net Present Values (NPV), ranging from -R$595,684.62 in the pessimistic scenario to -R$112,813.58 in the optimistic one. Within the 20-year horizon, there was no return on investment (discounted payback). Internal Rate of Return (IRR) also varied: 12.63% in the optimistic scenario, 6.53% in the realistic one, and 2.47% in the pessimistic one, all below the adopted Minimum Attractiveness Rate (15%), reinforcing the project’s economic infeasibility. These variations allowed for a comparative analysis of the simulated scenarios, helping the investor to better understand the risks and potential benefits of converting a residential property into a commercial development. The study concludes that the proposed method provides a solid foundation for making a non-investment decision, allowing investors to assess risks and return profiles, whether conservative, moderate, or aggressive, and serving as a reference for future real estate transformation projects and risk mitigation.