36-52 Calhoun Terrace is a rare and architecturally significant 11-unit apartment building cascading down the eastern slope of Telegraph Hill with sweeping bay, waterfront, and city views. Originally constructed in the late 1930s as the Hoeffler Building,'' this unique multifamily property was designed to step dramatically down the hillside in the style of a Swiss mountainside village. Located on secluded Lower Calhoun Terrace, a hidden WPA-era street at the eastern end of Union Street, the property offers exceptional privacy, tranquility, and a setting more reminiscent of a European hillside enclave than an urban environment. Building features 11 distinctive residences ,a well-balanced unit mix of nine one-bedroom residences (six with bonus rooms) and two two-bedroom residences with bonus rooms. Each unit enjoys private outdoor space, abundant natural light, and remarkable views, while several feature expansive view decks. Rich in San Francisco history, Apartment 42 was home to Frida Kahlo and Diego Rivera in 1939-1940 while Rivera was creating his celebrated Pan American Unity mural. Adjacent to the historic Kahn House by renowned architect Richard Neutra, the property combines architectural significance with convenient access to North Beach, Russian Hill, Jackson Square, the Embarcadero, Coit Tower, Washington Square Park, Chinatown, and the Financial District via the nearby Montgomery, Filbert, and Greenwich Street Steps. Current metrics include approximately $444,716 NOI, a 5.56% cap rate, and a 12.92 GRM, with long-term rental upside through future turnover and rent optimization. A truly generational investment opportunity in one of San Francisco's most tightly held and historically significant neighborhoods.