The purpose of this study was to examine how the purchasers perceive the effects of the unit characteristics within the complex on the apartment prices. Six major characteristics of the apartments : orientations and floors; views; structures; conditions and maintenances of interior materials; interior alterations; and access to the outdoor facilities were included for the analysis. The data were gathered from 284 households in seven private apartment complexes in Ulsan. It was found that the price of the apartment was higher if it was southward, on the royal or semi-royal floors, with the nice view for the riverside or any other landscape resources, or openness. Other characteristics which increase the price were the hall type not the corridor one, inner side of the building, good conditions of interior materials, and extended balcony.