A reliable estimate of the actual capacity and deformability of existing reinforced concrete buildings in earthquake prone areas is essential in pre- or post-earthquake interventions. This study is concerned with the evaluation of the structural overstrength, the global ductility and available behaviour factor of existing reinforced concrete buildings, designed and constructed according to past generations of earthquake resistant design codes. For the estimation of these global performance characteristics different failure criteria are incorporated in a methodology established to predict the failure mode of the buildings. As an application, a typical five-storey building of the 1960s, designed according to the prevailing design codes, is selected and analysed in the inelastic range. Both bare and infilled structural forms of this building are studied. For this structure, the plastic hinge rotation capacity is the critical failure criterion. The same structure, designed according to current design codes, is re-evaluated using the same methodology, in order to calibrate the procedure and to compare the static and dynamic inelastic performances of the two frames. The results indicate that existing buildings exhibit higher overstrength than their contemporary counterparts, but with much reduced ductility capacity. Perimeter infill walls correct for their lack of ductility by augmenting their stiffness and their overall lateral resistance. The methodology is subsequently applied to a larger inventory of typical existing buildings, as described in a companion publication.