In recent decades, Bangkok has experienced substantial investments in its urban railway network, resulting in a profound transformation of the city’s landscape. This study examines the relationship between railway development and property value uplift, particularly focusing on network centrality, which is closely linked to urban structure. Our findings are based on two primary analyses: network centrality and spatial hedonic models. The network centrality analysis reveals that closeness centrality underscores the city’s prevailing monocentric structure, while the betweenness centrality measure envisions the potential emergence of urban subcenters. In our hedonic analysis of condominiums near railway stations, we formulated various regression models with different specifications, incorporating spatial effects and network centrality. With Bangkok’s predominant monocentric structure in mind, we found that the spatial regression model, including a spatial error specification and closeness centrality, outperforms the others. This suggests that the impact of railways on property values extends beyond station proximity and encompasses network centrality, intricately linked with the city’s urban structure. We applied our developed model to estimate the expected increase in property values at major interchange stations with high network centralities. These numerical values indicate a considerable potential for their evolution into urban subcenters. These insights offer valuable policy recommendations for effectively harnessing transit-related premiums and shaping the future development of both the railway system and the city.