This rare Noe Valley multifamily offering presents a compelling opportunity for one zero three one exchange buyers, investors, developers, and end-users alike. Set on a generously sized lot near the highly desirable Church Street corridor, the property features three income-producing units across two separate buildings creating immediate cash flow with exceptional long-term upside. All units have been thoughtfully updated with modern kitchens and bathrooms, in-unit washer/dryers, and on-demand hot water. The front building offers two distinct residences. The upper-level unit features soaring ceilings, abundant natural light, French doors that open to a patio and shared garden, and roof deck potential. The lower unit is a well-designed two-bedroom with an open layout, updated finishes, and French doors leading to the rear patio. At the rear, a charming one-bedroom cottage completes the offering with a private deck, open-concept design, and roof deck views. For investors and one zero three one exchange buyers, the property delivers strong in-place income in a high-demand rental market with proven appreciation. End-users will appreciate the opportunity to occupy one unit while benefiting from supplemental income. Developers and value-add buyers will recognize the potential of the expansive lot, with preliminary renderings illustrating possibilities for future expansion or reconfiguration (buyer to verify). Ideally located near parks, transit, neighborhood shops, dining, and major commuter routes, this is a rare chance to secure a multifaceted asset in one of San Francisco's most sought-after neighborhoods.