Building owners are encouraged to reduce energy use in order to both contribute to national energy-saving goals and reduce the costs of heating and operation. It is important to choose the most optimal renovation measures available so as to achieve cost-effective energy use while maintaining excellent indoor environments, without sacrificing architectural quality or negatively affecting the environment. Building owners and managers often have neither the time nor the expertise required to properly evaluate the available renovation options before making a final decision. Renovation measures are often calculated to repay investments in a short time, rather than taking into account life-cycle costs (LCC), despite the fact that a thoughtful, comprehensive renovation is often more cost-effective in the long run. This paper presents a systematic approach for evaluating different renovation alternatives based on a number of sustainability criteria. The methodology has been verified using three multi-family apartment buildings in Sweden. The benefit of using the proposed methodology is made clear through a comparison between the different renovation alternatives from a sustainability perspective, and will hopefully serve as encouragement to choose renovation measures which involve marginally increased investments but lead to significant environmental and social benefits in the long-term.