A large number of residential buildings in regions subjected to severe earthquakes do not have enough load carrying capacity. The most of them have been constructed without receiving any structural engineering attention. It is practically almost impossible to perform detailed experimental evaluation and analytical analysis for each building to determine their seismic vulnerability, because of time and cost constraints. This fact points to a need for a simple evaluation method that focuses on selection of buildings which do not have the life safety performance level by adopting the main requirements given in the seismic codes. This paper deals with seismic assessment of existing reinforced concrete residential buildings and contains an alternative simplified procedure for seismic evaluation of buildings. Accuracy of the proposed procedure is examined by taking into account existing 250 buildings. When the results of the proposed procedure are compared with those of the detailed analyses, it can be seen that the results are quite compatible. It is seen that the accuracy of the proposed procedure is about 80% according to the detailed analysis results of existing buildings. This accuracy percentage indicates that the proposed procedure in this paper can be easily applied to existing buildings to predict their seismic performance level as a first approach before implementing the detailed and complex analyses.