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The objective of this study is to analyze the factors which determine the quotation prices of the stores located within apartment complexes. The samples are 634 stores located within the 158 apartment complexes. Six regression functional forms based on the hedonic model were used to analyze the factors. The estimation result showed that the double logarithm model was the most desirable model from various statistical criteria. The factors which affected the store price positively include floor location, nearby apartment price level, whether the store is adjacent to a large street, main entry, size of the apartment complex, and number of schools. The factors such as store size, existence of traditional market, and distance to a nearby subway station affected the store price negatively.The factors which command a higher store price are interpreted as follows: When a store is located at the first floor and near the main entry of the apartment complex, it has a high degree of accessibility; A store which is adjacent to a large street can attract neighbors and casual customers as well as apartment residents. A high level of an apartment price resulted in a high store price, whereas the existence of a traditional market affected the store price in the negative. These estimation results are consistent with conventional wisdoms in the real estate businesses.This study shows that, in investing in an apartment complex store, internal factors should be considered first instead of external factors. It also stresses the importance of conventional factors in purchasing a store within an apartment complex.