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With Whale, Atoa drops anchor in Le Havre for the very first time — and not just anywhere: right in the heart of the Danton district, steps away from the University and at the center of an area undergoing major transformation with strong rental demand.

We selected this 492 m² building for its exceptional transformation potential, both in terms of rental yield and long-term capital appreciation.
The project includes a complete renovation of the 9 existing units, of which 5 are already vacant, as well as the creation of a 10th unit by converting a large T4 into two T2s perfectly suited to the local rental market.

Objective: modernize the building and its apartments, add value without overpaying, and bring comfortable, efficient, and highly desirable housing back onto the market.

All conditions are in place to make Whale a solid investment, in a city on the rise.

THE BUILDING

Located on Allée Marguerite, accessible from 108 RUE CASIMIR DELAVIGNE, this concrete building from the early 1970s spans 4 levels and consists of 9 apartments and 7 outdoor parking spaces. The private alley ensures a quiet living environment, while the neighborhood offers shops and all amenities.

THE PROJECT

The acquisition of the building was negotiated at €500,000 FAI (initially listed at €603,000).
4 of the 9 apartments are currently rented, while the others, along with the common areas, are priority targets for renovation.

The building is divided into 2 staircases, Buildings A and B:

• Building A: 1 T2 on the ground floor (occupied – Energy Rating F), 1 T4 spanning both buildings on the ground floor that will be divided into 2 T2s (vacant – Energy Rating E), 1 T4 on the 1st floor (vacant – Energy Rating E), 1 T4 on the 2nd floor (rented – Energy Rating D), 1 T3 on the 3rd floor (rented – Energy Rating E).
  
• Building B: 1 T2 on the ground floor (vacant – Energy Rating F), 1 T4 on the 1st floor (vacant – Energy Rating D), 1 T4 on the 2nd floor (rented – Energy Rating D), 1 T3 on the 3rd floor (vacant – Energy Rating F).
  

All apartments will undergo a full renovation of flooring and wall finishes, bathrooms, fitted kitchens, and energy efficiency improvements.

The renovation budget is estimated at €314,637.

After refurbishing the 2 existing T2s and creating 2 additional T2s on the ground floor, the objective will be to operate them as furnished long-term rentals.

Here is the T4 on the ground floor, which suffered water damage from the 1st floor.

For the 2 T3s and 4 T4s, the objective is to refresh them and operate them as furnished shared housing and/or medium-term rentals (targeting corporate tenants).

Over the next 6 years, our goal will be to target the optimal moment to resell the units individually, at an attractive price.

We invite our community of investors to participate in financing this exceptional operation for a total of €950,000, in the form of 19,000 tokens at €50 each.

Renovation Works

We will keep all existing apartments, except for the T4 on the ground floor which will be divided into 2 T2s.
All units will be renovated, refreshed, and fully fitted.

The renovation budget covers the renovation and furnishing of all 10 units, for a total of €314,637. The 4 rented units will be renovated progressively as tenants move out.

Energy Strategy

Our objective is to achieve a minimum Energy Rating of D, through:

• Insulating exterior walls and ground floors
  
• Replacing the few remaining single-glazed windows
  
• Installing modern ventilation systems
  
• Retaining the existing gas boilers
  

Operation & Resale

After completion of the works, the plan is to operate the T2s as furnished long-term rentals and the T3s/T4s as furnished co-living or medium-term rentals for 6 years, followed by resale of the units individually.

Here are our sales forecasts:

The Investment

Project Timeline

Promise to Sell Signed: August 27, 2025

Authentic Deed Signed: December 2025

Start of Renovations: January 2026

End of Renovations: June 2026

Start of Rentals: June 2026

What are the risks of this project? Here’s the full picture.

The Whale Le Havre project is a full renovation and rental operation. As such, it carries various risks:

• Construction risk: cost overruns, delays.
  
• Rental risk: delayed leasing, rental vacancy, underperformance vs. projections, unpaid rents.
  
• Resale risk: extended sale timelines, sale prices below projections.
  

Of course, Atoa’s mission, along with our partners, is to mitigate all of these risks and aim not only to meet but potentially outperform the business plan.

LOCATION

Located in the heart of the Danton district in Le Havre, near Place Danton, the Whale project at 108 rue Casimir Delavigne benefits from a strategic location as the building sits almost directly opposite the University. It is also just a 2-minute walk from the “Université” tram stop. This excellent transport connectivity provides quick access to the train station (1 stop), the beach (5 stops), and the city center (3 stops), home to City Hall and the COTY shopping mall. The district is also well served by bus lines. Thanks to the Paris Saint-Lazare – Le Havre rail link, with a travel time of around 2 hours, the station has become a key transport hub connecting quickly to Paris and other major cities, boosting the area’s attractiveness.

The address is also close to the Grandes Écoles Campus, which brings together prestigious higher education institutions such as Sciences Po Le Havre, EM Normandie, IUT, ISEL, and the National Maritime Academy. This concentration of schools creates strong student rental demand throughout the year, ideal for shared housing or furnished rental projects. That’s exactly what Whale is designed to deliver!

The Danton neighborhood is undergoing an ambitious urban renewal program led by the City of Le Havre. The demolition of the old prison in 2012 freed up a large plot, allowing for the creation of new housing, facilities, and public spaces. Key projects include the creation of the pedestrian-friendly, green Aimé Césaire walkway, linking the train station to Place Danton, which has greatly enhanced mobility and the district’s appeal.

Nearly 200 new homes are planned in the district, with deliveries scheduled through 2026–2027. This development dynamic addresses strong demand in a rapidly changing sector, while ensuring progressive property value appreciation.

Place Danton itself has been transformed into a large urban garden, featuring shared gardens, play and sports areas, and an athletics track, improving the overall quality of life.

The neighborhood also hosts the “Simone Veil” socio-cultural and sports center, a 4,400 m² facility spread over three levels, just a five-minute walk from the building. It includes modern infrastructure such as an exhibition hall, multi-sports court, climbing wall, community hub, and digital space.

LOCAL REAL ESTATE MARKET

The real estate market in the Danton district is experiencing strong momentum. With a city-wide increase of over 24% in property prices over the last 10 years, Danton remains one of the neighborhoods still offering affordable prices, averaging around €1,900/m², ranging from €1,200 to €2,500 depending on the property’s condition and location.

This area offers high rental yields, especially on small units favored by students and young professionals. Average rents range between €13 and €20/m², making it ideal for co-living, furnished rentals, or long-term rentals. The young and mobile resident profile ensures constant demand.

The housing stock mainly consists of older red-brick buildings, often in need of renovation, providing excellent value-add opportunities. The majority of residents are tenants, further enhancing its appeal to investors. With its proximity to schools, the city center, and public transport, the Danton district stands out as one of the best price-to-yield ratios in Le Havre.