This study evaluates the environmental and economic performance of the "ESTIA of Athens" residential building considering its energy consumption and greenhouse gas (GHG) emissions. It also explores the potential for improvements in these areas. The European Union's strategy to reduce GHG emissions from buildings by 55% compared to 1990 levels by 2030, as part of its broader aim for climate neutrality by 2050 is a background for the study. The methodology involves a Life Cycle Assessment (LCA) using SimaPro software, monitoring energy consumption, temperature and humidity of the building. The thirteen impact categories and damage impact assessment that include human health, ecosystem and resources were examined. The study compares various scenarios, including historical data from 2018 to 2022 and two hypothetical scenarios to assess environmental impacts across different categories. Additionally, Life Cycle Costings (LCC) are performed to evaluate the economic aspects of the building's performance. The results highlight substantial differences in energy consumption, GHG emissions and economic costs among the scenarios. The findings suggest that a hypothetical scenario, referred to as Case 3, demonstrates lower environmental impacts and economic costs compared to other scenarios, indicating its potential as an optimal renovation strategy for the building. This includes reductions of 32%, 40% and 58% in the human health, ecosystems, and resources categories, respectively. A similar trend is observed across the impact categories, with reductions ranging from 4% in the Mineral Resource category to 47% in the Global Warming category. The study underscores the importance of holistic assessments in informing energy policy and renovation strategies for achieving both environmental sustainability and economic viability in buildings.