Here is one example of how you could choose to mark this up. The schema.org markup is very flexible, so there is not just one way to do it.
<div itemscope itemtype="http://schema.org/Residence"><span itemprop="name">Property Listing 1</span><br /><a href="http://www.mypropertylisting.com/property1" itemprop="url">Property One</a><br /><span itemprop="telephone">555-555-5555</span><br /><div itemprop="address" itemscope itemtype="http://schema.org/PostalAddress"><span itemprop="streetAddress">555 N. Anywhere Street</span><br /><span itemprop="addressLocality">Somewhere</span>,<span itemprop="addressRegion">LA</span> <span itemprop="postalCode">55555</span><span itemprop="addressCountry">USA</span></div><div itemprop="containedIn" itemscope itemtype="http://schema.org/Place"><span itemprop="name">Metropolitan Area</span><a href="http://www.mypropertylisting.com/metropolitan1" itemprop="url">LA Metropolitan Area</a><div itemprop="geo" itemscope itemtype="http://schema.org/GeoCoordinates"><meta itemprop="latitude" content="34.065174" /><meta itemprop="longitude" content="-118.240585" /></div></div></div>
You can verify that this works as expected by using Google's Structured Data Testing Tool ->http://www.google.com/webmasters/tools/richsnippets
There may be a better way of specifying the location other than using the "geo" itemprop, but with geo coordinates you know for sure that you're targeting the right location.Look through the schema.org site for other properties that you can use and then use the google Structured Data Testing Tool to test the markup you create.
Good luck!