1010-1016 West University Drive, Tempe, AZ for sale

Investment Overview

LevRose Commercial Real Estate is pleased to present the University Assemblage, ±0.755 acres (±32,888 SF) of R-4 zoned infill land at 1010, 1014, and 1016 W University Dr in Tempe. The three contiguous parcels sit on the north side of University Dr, under one mile west of ASU’s Main Campus and minutes from Mill Avenue, Tempe Town Lake, and the Marina Heights/ Hayden Ferry employment core. The site is largely cleared, with a single existing structure on the eastern parcel, and offers immediate development potential under Tempe’s R-4 multi-family zoning. Conceptual site plans prepared by Tomecak Design illustrate two paths: an 18-unit, three-story apartment building with 36 surface parking stalls, or 15 townhomes with 30 covered and 6 surface stalls. Both concepts are well suited to the deep student and workforce renter base surrounding campus, where new supply is constrained by limited available land and a high-barrier entitlement environment.