358-360 Vallejo Street: Four Vacant Flats on Telegraph Hill for $2.4M, and What Is New in North Beach

Four front doors on Telegraph Hill

Every so often a listing comes up that is really four homes, not one. 358-360 Vallejo Street on Telegraph Hill is one of those.

It was listed on October 1, 2026 at $2,400,000, according to the Compass public listing, which I read on October 4, 2026. Listing by Adam Filly, Compass. This is not my listing. I am writing about it because it is an unusual building and I think buyers and small investors should know it exists.

What the building is

Per the Compass listing, the property has four units, 8 bedrooms and 4,112 square feet, on a lot of about 0.07 acre. It was built in 1907, the year after the earthquake and fire.

It is two structures on one lot. There are two larger flats in the front building and two smaller flats in the rear structure.

The listing says three of the units have views of downtown, the Bay Bridge and the Transamerica Pyramid. It also says the front building has a new foundation and a seismically retrofitted garage. On a building from 1907, those are two of the first things I would ask about, so it helps that the listing answers them. A buyer should still have their own inspectors confirm the work.

The math: $600,000 a door

At the asking price, $2,400,000 divided by four units is $600,000 per unit. Against 4,112 square feet, it works out to about $584 per square foot.

Those are asking numbers. I wrote yesterday about how list prices in San Francisco have been an opening bid this fall, so I would not assume the final price matches the list price.

Why vacant matters

The listing says the building will be delivered completely vacant. In San Francisco that is uncommon for a four-unit building, and it is a large part of the value.

A vacant building gives a buyer choices. You could renovate everything at once. You could live in one flat and rent the others. You could buy with family and each take a flat. As an investor myself, I pay close attention to occupancy, because in small multi-unit buildings it can move the price more than condition does.

Two things to verify before you fall in love

First, plans. If you are picturing a roof deck, a new layout or any other renovation, verify with the city what is permitted before you count on it. Do not rely on a rendering or on what a neighbor built.

Second, rent rules. A building of this age falls under San Francisco's rent ordinance once it is rented. That shapes your plans as an owner. I would talk to a landlord-tenant attorney before you rent the first unit. This article is general information, not tax or legal advice.

What is new in North Beach this month

A home is also the blocks around it, and this corner of the city has news.

15 Romolo, the bar at 15 Romolo Place, is set to reopen in mid-October after a renovation of more than two years, the San Francisco Standard reported on September 29, 2026. The bar is 115 years old. Owner Jon Gasparini bought it in 1998, according to the Standard. It is a few blocks from this building.

When a place that old comes back after two years dark, I read it as a small vote of confidence in the neighborhood.

And at the Ferry Building

Down the hill on the waterfront, a restaurant called Lucania is opening in early October at 1 Ferry Building, the Standard reported in the same September 29 article. It comes from the team behind A16 and will serve southern Italian food.

Lucania takes over the former MarketBar space, which closed in April 2020. The Standard reports it has a 140-seat patio that is dog friendly. For anyone who walks the Embarcadero, it is a welcome addition.

Who this building is for

I see three kinds of buyers here. One is the owner who wants to live in a flat with a view and have rental income from the others. Another is a family buying together. The third is an investor who values a vacant building with foundation work already done on the front structure.

For any of them, the homework is the same. Confirm the condition, confirm what the city allows, and understand the rent ordinance before you close. You can read more about how I cover the city on my San Francisco page.

If you own a two-to-four unit building and want to know what it would bring today, reach out and I will send you a free home value report. If you are buying, ask me for this week's list of homes that are not on the portals yet.

Sources: Compass public listing, 358-360 Vallejo Street, San Francisco, listed Oct. 1, 2026, read Oct. 4, 2026, listing agent Adam Filly, Compass; San Francisco Standard, reporting on 15 Romolo and Lucania, Sept. 29, 2026.