523 W University Dr
Tempe, AZ 85281
Retail Property For Sale

Positioned in the heart of Tempe’s most dynamic urban corridor, the former Oregano’s Pizza Bistro at 523 West University Drive presents a rare opportunity to acquire a high-visibility retail asset directly across from Arizona State University. This single-story ±3,860 SF building, including a ±1,234 SF patio, sits on a ±0.64-acre parcel with direct frontage on University Drive, which sees over 27,000 vehicles per day. The property benefits from its proximity to ASU’s 51,585 on-campus students, Mill Avenue’s entertainment district, and major venues like Sun Devil Stadium and Desert Financial Arena—all within walking distance.

The surrounding area is a magnet for foot traffic, supported by over 1 million SF of Class A office space, 4,556 apartment units, and a newly developed Whole Foods just one block away. With a 3-mile population of 122,892 and a 5-mile average household income of $82,530, the site is embedded in a vibrant, mixed-use environment that caters to students, professionals, and visitors year-round. Tempe’s reputation as the most walkable city in Arizona and its strong fundamentals—highlighted by recent multimillion-dollar transactions in the submarket—make this asset a compelling investment for retail operators or investors seeking long-term stability and exposure in a high-demand location.