The seismic capacity and performance of code-conforming precast buildings is assessed in the study. The case study consists in single-story precast buildings designed according to Italian building code considering low to high seismicity sites and varying both geometry layout and soil conditions. The seismic behavior of the buildings is assessed through multiple-stripe analyses performed through nonlinear three-dimensional modeling. Fragility of the buildings is computed by considering several methods, and performance evaluation is based on capacity margin ratios, failure probabilities, and reliability indexes. Damage limitation, life safety prevention, and near collapse prevention performance levels are considered by accounting for multiple damage criteria and damage states, including both local and global approaches and both ductile and brittle failure of beam-to-column connections.The paper provides guidance for implementation of seismic capacity and performance evaluation of precast buildings according to latest advances, considering both European and US approaches. The study proves that the current code prescriptions might not supply adequate seismic performance, especially in the case of more critical soil conditions (i.e., C soil type compared to A soil type). A relatively critical performance was observed for damage limitation and life safety prevention performance levels, whereas collapse performance of the buildings was adequate. The extremely critical condition associated with brittle failure of the beam-to-column connection was also confirmed. The study stresses the need for an enhancement of current design requirements and highlights the need for further investigation into the adequacy of seismic performance of precast buildings and reliability of related code-conforming design.