117 East 15th Street

117 E 15th St sits within Tempe's 85281 zip code — the area north of US-60 anchored by Mill Avenue, Tempe Town Lake, and Arizona State University's main campus. This is widely regarded as Tempe's most active and walkable submarket, and it consistently commands the highest price-per-square-foot in the city, driven by dense investor and student-rental demand rather than traditional owner-occupant activity. Demand fundamentals here are unusually strong for an infill market: ASU's roughly 80,000-student main campus, State Farm's major Marina Heights corporate campus, and Carvana's headquarters all sit nearby, supported by a broader tech-corporate corridor along Mill Avenue near the Loop 101/202 interchange. Light rail access, walkability, and proximity to Tempe Town Lake continue to draw both investors and residents, sustaining steady appetite for redevelopment and infill sites even in a rate-sensitive environment. The result is a submarket where investors and developers tend to value land primarily for its redevelopment and density potential, with existing site improvements viewed as secondary to the underlying location and zoning upside.This ±0.74-acre (32,082 SF) infill redevelopment site is located at 117 E 15th St in Tempe, AZ, just off S. College Ave and near the ASU campus. The property is zoned R1-6 and is currently improved with an existing single-family residence and pool. The generally level parcel offers a rare, large-format infill footprint in one of Tempe’s most in-demand submarkets, with strong underlying land value and multiple paths to redevelopment. A future buyer may explore a lot split, subject to City of Tempe approval and removal of the existing pool, to create two parcels, each supporting a single-family home plus up to two ADUs (one attached and one detached), offering meaningful density and value-add upside.