2131 Williams Highway, Grants Pass, OR 97527 For Sale

Marketing Description

The Williams Highway East Parcel Assemblage is a 4.47-acre, three-tax-lot assemblage with continuous frontage on one of Grants Pass' most active residential growth corridors, offered at $1,000,000 — deliberately priced and underwritten as development land, not an income property. At $223,714 per acre, the basis sits at the top of the unentitled corridor band and at roughly 40 cents on the dollar of the entitled asking benchmark immediately next door. Two existing homes generate $16,200 per year in verified month-to-month rent, with $1,300 in deposits transferring at close — modest by design, but real income that offsets carry while a buyer works the density path.

That path is layered, not binary. Under today's R-1-8 zoning the ground already supports a ±16–19-lot by-right subdivision, and Oregon's middle-housing law plus the City's PUD procedures open duplex, townhome, and cottage-cluster programs at up to roughly twice that scale — no rezone required. The full density thesis runs through an R-4 rezone, and the precedent could not sit closer: the adjacent West Parcel (Sunrise Village), in the same ownership family with the same engineer of record, carries a completed 46-unit entitlement — 21 townhomes and 25 homes — achieved under its existing R-4 and R-1-8 zoning.

The City entitles corridor density here, including on the very zoning the East Parcel holds today. Applying the West Parcel's achieved blended density of 12.81 units per acre to the East Parcel's larger footprint frames an illustrative ~57-unit scale. The West Parcel is currently asking approximately $556,000 per acre — an ask, not a closed sale, and buyers should weight it accordingly — but even heavily discounted, the spread between that benchmark and the $224K/acre entry is the opportunity.

The market underneath the thesis is tightening fast. Grants Pass shows 3.9 months of supply, down 38.6% year over year, with pending sales up 45.2% and an 18-day median days on market — the fastest in Josephine County. New construction closes at a median of $490,000, the price anchor for the finished product a densified East Parcel would deliver. ZIP 97527 skews settled and ownership-oriented — 72.8% owner-occupancy, a $481,099 median home value, and household incomes above both city and county medians and forecast to keep climbing — while the renter base shrinks as families convert to ownership. Demand is fed by steady in-migration from higher-cost West Coast metros: equity-rich, ownership-minded households buying into a for-sale stock that is overwhelmingly aging detached homes with a thin, dated attached segment. Meanwhile, we have identified no market-rate attached project of 40+ doors in vertical construction anywhere in Grants Pass — every site that could compete, including the entitled parcel next door, is still unbuilt land, and the substantial affordable pipeline serves 60% AMI and below, a different lane entirely. Density work started today lands into an open gap.

No land-use application is filed or approved for the East Parcel, and the rezone is not entitled or assured — the buyer underwrites the entitlement process as their own development risk, and the price reflects exactly that. Pay land prices for 4.47 acres of prime corridor dirt, let in-place rent carry the hold, and pursue the density path against a live benchmark next door.

All development figures and unit counts are illustrative; buyer to verify zoning, entitlement feasibility, utilities, and boundaries (approximate per county GIS) with the City of Grants Pass and by survey.