In the heart of Cole Valley, 124-126 Parnassus Avenue is a handsome three-unit Edwardian home, offering historic San Francisco character, extensive permitted improvements, and exceptional flexibility for owner-occupants or investors. Built in 1909 and encompassing approximately 4,142 square feet per graphic artist measurements, the property includes two remodeled vacant residences and one tenant-occupied unit. Set just off Cole Street, the location is quintessential Cole Valley, with cafes, restaurants, shops, the N-Judah, and nearby parks all moments away. Major improvements include a brand-new permitted roof, permitted seismic and structural retrofit, completely new permitted electrical system with 400-amp service, new gas lines, new heating systems, recessed lighting, fresh interior and exterior paint, and a newly landscaped rear yard with new deck. The vacant lower residence offers three bedrooms, a separate living room, a full bathroom, and an additional water closet. The middle and upper residences each offer three bedrooms, a parlor and formal dining room, with generously proportioned rooms and flexible layouts. Original details include moldings, fireplace mantels, and period tilework. Both vacant residences feature all-new kitchens, extensively updated bathrooms, hardwood flooring throughout, new kitchen windows, stainless steel appliances, new lighting, brand-new furnaces, and Nest thermostats. Kitchens feature thin-frame Shaker cabinetry, quartz countertops, and new sinks and faucets. Each residence has dedicated laundry, with new full-size washers and dryers in the vacant units. The upper residence enjoys outlooks toward Sutro Tower, Ashbury Heights, and Lone Mountain. The 3,436-square-foot lot includes a landscaped yard with ample space for gardening and entertaining. A large garage provides parking for three cars, all available to the new owner, plus additional rear storage. With two renovated vacant residences, one existing tenancy, three-car parking, outdoor space, and substantial permitted improvements already completed, this is a rare Cole Valley offering.