Assembly-based vulnerability (ABV) is a framework for evaluating the seismic vulnerability and performance of buildings on a building-specific basis. It utilizes the damage to individual building components and accounts for the building's seismic setting, structural and nonstructural design and use. A simulation approach to implementing ABV first applies a ground motion time history to a structural model to determine structural response. The response is applied to assembly fragility functions to simulate damage to each structural and nonstructural element in the building, and to its contents. Probabilistic construction cost estimation and scheduling are used to estimate repair cost and loss-of-use duration as random variables. It also provides a framework for accumulating post-earthquake damage observations in a statistically systematic and consistent manner. The framework and simulation approach are novel in that they are fully probabilistic, address damage at a highly detailed and building-specific level, and do not rely extensively on expert opinion. ABV is illustrated using an example pre-Northridge welded-steel-moment-frame office building.