The aim of the current study is to apply hedonic price model to estimate the price of the aging housing stock in the central part of Ankara City. The main focus of the research is to investigate the effect of the location of the housing unit relative to the social services on the price of the units. In order to achieve this goal, two important indicators will be used; the first one is the proximity of the housing unit to the social services and the second one is the mass of the social service areas which represents the level of impact intensity. GIS mapping facilities and Network Analysis will be used throughout the research as a powerful tool to handle the spatial data sets and to calculate the proximity measures from the social service areas.