Building as a Battery (BaB) is a concept aimed at utilizing building energy systems for load shifting purposes. However, there is a lack of study to accurately quantify building load flexibility and analyze how it is impacted by various factors. This study addresses this gap by first quantifying building load flexibility using battery parameters, specifically charging power, energy storage capacity, and round-trip efficiency. Subsequently, an analysis is conducted to examine the impacts of internal and external factors on building load flexibility, Specifically, we studied how ToU utility structure, load shifting duration, comfort range, ambient weather conditions, and building thermal properties influence charging power, energy storage capacity, and round-trip efficiency. Our simulation results revealed that an increase in the peak-to-valley ratio, load shifting duration, building thermal capacity, and cooling demand leads to higher charging energy and energy storage capacity, while an increase in building thermal resistance and widening of the comfort range result in their decrease. Regarding the round-trip efficiency, we found most parameters, except for building thermal capability, have a positive relation with the round-trip efficiency. Furthermore, sensitivity analysis showed that ToU utility structure and ambient weather conditions have the largest impacts on charging power, energy storage capacity, and round-trip efficiency. Additionally, our study indicates that leveraging buildings as virtual batteries for peak demand reduction is a feasible and cost-effective method compared with other energy storage techniques such as electric batteries. Overall, our findings offer valuable insights for parameterizing building load flexibility using battery parameters, analyzing factors that impact building load flexibility and informing grid operator to design property utility structures to meet their load shifting goals.