The Ivy House is a rare income-producing historic asset in the heart of downtown Grants Pass — currently generating $4,000–$6,500 per month in Airbnb rental income and private events, with immediate cash flow transferring to the next owner. Originally built in 1908 by Gerbert and Katherine Smith, this landmark property has been thoughtfully modernized while preserving its extraordinary architectural character. The result is a turn-key investment with the kind of irreplaceable aesthetic that commands premium nightly rates and keeps guests coming back. What sets this opportunity apart: the property has received full approval from both the Grants Pass Planning Department and the Historic Committee for redevelopment as a restaurant. Architectural drawings are included with purchase — meaning the hard work, time, and cost of navigating historic approvals is already done. For a restaurateur or hospitality investor, this is an extraordinary head start in one of downtown's most prominent locations. The property offers exceptional versatility: continue as a high-performing short-term rental, convert to a licensed bed and breakfast, execute the shovel-ready restaurant concept, leverage the expansive layout for private events, or occupy as a distinguished private residence. Few properties offer this range of upside in a single acquisition. Distinctive interior spaces — including a library, music room, and butler's pantry — provide the period detail and craftsmanship that set this property apart on booking platforms and in the market. A sweeping front porch and private backyard create natural gathering spaces ideal for hosting guests, dining, or events year-round. Positioned in one of Grants Pass's most active downtown corridors, The Aracely House benefits from strong foot traffic, walkability, and proximity to the city's growing dining and entertainment scene. For the investor seeking a differentiated asset with character, cash flow, and multiple paths to value — this is it.