under the eaves; area beneath the eaves
Refers to the space directly under the overhanging edge of a roof, often used for shelter or storage.
I took shelter from the rain under the eaves.
軒下に植木鉢を並べている。
I have flower pots lined up under the eaves.
Compound of 軒 (のき, 'eaves') and 下 (した, 'under'). The reading is straightforward and the meaning is transparent.