Multifamily housing offers a high potential for energy savings through retrofits. However, this potential often remains unrealized when the selection of energy measures is based on accustomed practices or intended to merely meet code-compliance requirements. This paper discusses a multifamily housing retrofit project for which the selection of energy measures was made without performing an energy audit. The paper evaluates the energy and cost-effectiveness of the implemented energy measures, and extends the analysis to identify a more cost-effective set of measures. The analysis projects a 24% energy savings from the measures installed in the building with a payback period of 10 years. Further analysis shows that without compromising on the project objectives of durability, livability, and appearance of the building, energy savings of up to 34% were achievable with a payback period of 7 years.