This study aims to examine the effect of Capital Structure variable, Investement Opportunity Set and investment decision as intervening variable. Data analysis is performed on property and real estate companies listed on Indonesia Stock Exchange during 2012-2016 period. The result of data analysis using two-stage regression analysis shows that capital structure has no positive effect on investment decision, investment opportunity set has positive effect on investment decision, capital structure and investment decision has no positive effect on stock price partially, Investement opportunity set positively influence to stock price, the capital structure can mediate the stock price through investment decisions and the Investment Opportunity Set can not mediate stock prices through investment decisions.