The built environment plays a critical role in promoting residents’ physical activity, yet the interactive mechanisms between objective environmental factors and subjective perceptions remain insufficiently understood. This study examines three functionally distinct neighborhoods in Beijing’s Xicheng District—Xinjiekou (historic), Financial Street (administrative), and Baizhifang (residential)—representing typical urban regeneration contexts. Using an ordered logit model based on 1072 valid questionnaires, we analyze how objective and subjective built environment factors jointly influence residents’ leisure physical activities. Results reveal that socioeconomic attributes (income, age, education) are primary determinants of activity engagement. Among objective factors, facility accessibility and land-use mix exert the strongest direct effects, while subjective perceptions—particularly satisfaction with environmental attractiveness—significantly moderate these relationships. Based on these findings, we propose differentiated spatial renewal strategies tailored to each street type. This research provides empirical evidence for implementing health-oriented urban regeneration policies in high-density metropolitan areas.