This study estimates households’ willingness to pay for single-family houses and condominiums/townhouses located within 2 miles of Warm Springs (WS) BART Station in Fremont, CA. The study finds that, compared to the houses sold in the referent category (2 to 5 miles away and sold during the pre-project-announcement period of 2000-2001), an average-priced single-family house within two miles of the WS BART Station was higher in price by 9% to 15%. The total property value increment for the single-family houses is large enough to fund the $802 million Warm Springs BART Extension Project cost five times over.