Offered at $1,000,000 — $223,714/acre, $5.14/SF — deliberately priced as unentitled development land, not an income property. The basis sits at the top of the unentitled corridor band ($69K–$226K/acre across recent area land trades and listings) and roughly 40 cents on the dollar of the ~$556K/acre asking benchmark on the entitled 46-unit parcel immediately adjacent (an ask, not a closed sale; weight it accordingly). Automated valuations across the three lots total roughly $784,000 as improved residential property alone — a floor that prices the houses, not the corridor. The distance from that floor to $1,000,000 is the market's price on 4.47 acres of development land and its density optionality. Two existing homes produce $16,200/year in verified month-to-month rent under ORS 90.427, with $1,300 in deposits transferring at close — a carry offset by design, with vacant possession available on standard notice when the development timeline calls for it. The value path is layered, not binary. Income is in place from day one. Today's R-1-8 zoning supports a ±16–19-lot by-right subdivision through standard land division. Oregon's middle-housing law (HB 2001) and City PUD procedures open duplex, townhome, and cottage-cluster programs at up to roughly twice that scale — no rezone required. And an R-4 rezone would open an illustrative ~57-unit multi-family program, derived by applying the adjacent parcel's achieved blended density of 12.81 units/acre to the East Parcel's larger footprint. The adjacent West Parcel's completed 46-unit entitlement — 21 townhomes and 25 homes, same ownership family, same engineer of record, achieved under its existing R-4 and R-1-8 zoning — is the live precedent that this corridor entitles density, including on the zoning the East Parcel holds today. R-4 districts are already seated along Williams Hwy and W. Harbeck Rd to the north, and the City-initiated Allen Creek Road Rezone is actively raising density nearby. The timing favors the density work. We have identified no market-rate, 40+ door attached project in vertical construction anywhere in Grants Pass — every potentially competing site, including the entitled parcel next door, is still unbuilt land, and the 251-unit affordable pipeline serves 60% AMI and below, a different lane that doesn't absorb market-rate demand. Underneath: 3.9 months of supply (down 38.6% YoY), pending sales up 45.2%, an 18-day median DOM — the fastest in Josephine County — and a $490K median for new construction anchoring the finished-product price. Transaction: single LLC seller, one signature authority under fully-executed member consent — one clean close, no multi-party approval gauntlet. Title opened with Ticor Title Southern Oregon. Diligence 30–60 days (negotiable); close 30–45 days post-diligence; cash or conventional. Offers in writing through the listing brokers with proof of funds or financing pre-qualification; buyer-side cooperation evaluated case-by-case per offer at the seller's direction. No land-use application is filed or approved for the East Parcel; the rezone is not entitled or assured. All development figures and unit counts are illustrative — buyer to verify zoning, entitlement feasibility, and utilities with the City of Grants Pass. Boundaries approximate per county GIS; buyer to verify by survey.