In this study, the seismic performance of a two-story unreinforced masonry (URM) building was assessed following the linear and nonlinear static procedures specified in the seismic evaluation guideline of existing buildings. First, the provisions to assess failure modes and shear strengths of URM walls and wall piers were reviewed. Then, a two-story URM building was assessed by the linear static procedure using m-factors. The results showed that the walls and wall piers with aspect ratios he /l (i.e., effective height-to-length ratio) > 1.5 were unsafe due to rocking or toe crushing, whereas the walls with he /l ≤1.5 and governed by bed-joint sliding mainly were safe. Axial stresses and shear forces acted upon individual masonry walls, and wall piers differed depending on whether the openings were modeled. The masonry building was reevaluated according to the nonlinear static procedure for a more refined assessment. Based on the linear and nonlinear assessment results, considerations of seismic evaluation for low-rise masonry buildings were given with a focus on the effects of openings.