I'm actually going to be in a similar boat if the new house we're trying to buy comes through, but I'll have the downside of having about 6' between my shop and the neighbors' property line. At least there's a 6' high slump-block wall at the border.
I've got an old National Brand compressor sold through Sears with a twin-piston pump and 240VAC 3hp motor. It's odd, it's got a base that makes it look like it should be fixed to the ground, but it has provisions on the pump and motor mounting area for a handle. Currently it has jury-rigged wheels and legs so it's mobile. It's about 30 gallon. I've got enough motor and pump relative to the air capacity that I'm thinking about adding a second tank. It's not hard to find stripped air compressors on craigslist around here that only have the tank, no pump or motor. I could build a little enclosure for the compressor and just mount the bare tank exposed to the elements (shouldn't be a problem here in Phoenix). What I'm debating on is whether or not to affix the compressor to the ground or not. If I do it's harder to bring it in to the shop for maintenance, but if I don't then it could walk. I do have another compressor, for 125VAC, so I don't *have* to have to keep it mobile, but I'm still unsure. I also have to decide whether or not to have a switch in the garage for the compressor or not. I suppose that would be dependent on how well sealed the lines are, as I don't think a neighbor would be happy if it kicks on at all hours of the night to refill itself as it slowly discharges...
Sorry about hijacking the thread...