Tenth and Ash Place
115 W 10th St | Tempe, AZ 85281-5614, US
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Just steps from Arizona State University, Tenth and Ash Place presents a rare opportunity to acquire a well-positioned four-unit multifamily asset in the immediate ASU corridor. Properties within true walking distance to campus seldom become available, making this offering particularly compelling for investors seeking both stable income and long-term appreciation. Built on approximately 15, 182 square feet of land and zoned R-2 (Multi-Family) with 16 total parking spaces, including four covered carports, the property offers meaningful value and long-term flexibility. Forth and Ash Place consists of four 940-square-foot units, including three 2-bedroom/1-bath layouts and one 2-bedroom/2-bath unit. Each residence features updated kitchens with modern appliances, in-unit washer and dryer, covered patios, and private fenced yard areas—amenities that differentiate the property from larger apartment communities and consistently attract strong tenant interest from students, faculty, and university staff. Situated approximately 1, 200 feet from ASU Gammage and within walking distance to multiple campus facilities, the location supports durable leasing demand year-round. Residents also enjoy immediate access to the Mill Avenue District, Tempe Town Lake, and a wide array of dining, retail, and entertainment options. Convenient connectivity to Scottsdale, Downtown Phoenix, and Sky Harbor Airport further enhances the property’s appeal. Whether positioned as a stabilized income property, a strategic long-term hold, or a future redevelopment opportunity (subject to city approval), this offering combines walkability, land value, and scarcity in one of Tempe’s most resilient rental submarkets.
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115–123 W 10th Street sits on approximately 15, 182 square feet of land within a mature infill neighborhood where new multifamily development opportunities are increasingly limited. Zoned R-2 (Multi-Family), the site benefits from residential density allowances consistent with Tempe’s urban planning framework. While currently improved with a well-maintained four plex, the zoning provides long-term flexibility for a buyer to explore expansion, reconfiguration, or redevelopment strategies, subject to City of Tempe review and approval. The property is positioned in the immediate Arizona State University corridor — a tightly held and supply-constrained rental pockets in Tempe. The property is walkable to multiple ASU campus facilities and sits approximately 1, 200 feet from the ASU Gammage Auditorium; placing residents within the core of the university environment. This proximity consistently attracts students, faculty, visiting professors, and university staff seeking convenience, privacy, and neighborhood character. The ability to walk or bike to campus materially enhances leasing demand and supports long-term occupancy resilience compared to properties located farther from the university. Beyond campus access, the property is minutes from the Mill Avenue District and Tempe Town Lake, providing tenants with a mix of dining, retail, nightlife, and outdoor recreation. The location also offers strong regional connectivity to Scottsdale, Downtown Phoenix, and Phoenix Sky Harbor International Airport, as well as nearby employment corridors that continue to drive population and rental growth. Opportunities to acquire small-scale multifamily assets with meaningful land value and redevelopment optionality this close to ASU are rare. The combination of walkability, zoning flexibility, and durable university-driven demand positions this asset as both a stabilized income property and a strategic long-term infill investment.