Rare 3-unit, 2-building compound on a 3,125 sq. ft. lot* in the heart of Noe Valley with Bay and downtown San Francisco views. Strong in-place income with significant upside, including potential future development value approaching $6.5M (per InstaDev, buyer to verify). Believed to have been built circa 1900 by a sea captain and offered for the first time in nearly three decades, this unique property blends historic character with modern updates and exceptional flexibility for investors, 1031 exchange buyers, developers, and owner-occupants alike. The property features three income-producing units across two separate buildings. The front building offers two updated residences. The upper unit features soaring ceilings, abundant natural light, French doors opening to outdoor space, garden outlooks, a finished attic with operable skylights, extensive built-in storage, and roof deck potential. The lower unit is a well-designed two-bedroom with an open layout, updated finishes, and direct access to a private patio. At the rear, a detached one-bedroom cottageoriginally built as a grandma's cottage,'' per owner historyoffers a private, serene retreat surrounded by mature landscaping, garden paths, and a tranquil pond. The cottage includes an open-concept layout, multiple skylights, attic storage, a private deck, and a roof deck with sweeping city and Bay views. *Per tax records