Most of Southern California’s wetlands have disappeared despite being critical ecosystems with many valuable attributes. Many of the wetlands that remain are in relatively urban areas, are severely degraded, and may not function properly. Using hedonic spatial error models, we measure the economic value of living near an urban multi-use wetland in Long Beach, California. Both sales prices and estimated values are used in the analysis. Results show that proximity to wetlands increases residential property values in the focus area. This analysis provides important information for policymakers to justify ongoing restoration projects and prevent further degradation of urbanized natural resources.