In this study, seismic performance of one story hinged precast buildings, which represents the majority of existing lightweight industrial building stock of Turkey, was assessed. A lot of precast buildings, constructed in one of the important seismic zones of western Turkey, were investigated and building inventories were prepared. By this method, structural properties of inventory buildings and damaged precast buildings in recent earthquakes were compared. Damage estimations based on nonlinear analysis methods have shown that estimated damage levels of inventory buildings and observed damage levels in recent earthquakes are similar. Accuracy of damage estimation study and the simplicity of the one story precast building models implied that rapid seismic performance assessment method for these buildings can be developed. In this assessment method, capacity curves and vibration periods of precast buildings were calculated by using structural properties of precast buildings. The proposed assessment method was applied to inventory buildings by using two different seismic demand scenarios which reflect moderate and soft soil conditions. Comparison of detailed analysis and rapid assessment methods have indicated that reliable seismic performance estimations can be performed by using proposed method. It is also observed that distribution of damage estimations is compatible in both scenarios.