The 2020 and 2050 energy targets increase requirements on energy performance in the building stock, thus affecting both listed and non-listed buildings. It is important to select appropriate and cost-optimal energy efficiency measures, using e.g. Life Cycle Cost (LCC) optimization. The aim of this paper is to find cost-optimal packages of energy efficiency measures (EEMs) as well as to explore the effects of specific predesigned energy target values for a listed Swedish multi-family building from the 1890s. The purpose is also to show the effects on energy use, LCC, primary energy use and CO2 emissions of different energy targets, discount rates, electricity prices and geographic locations. The results show that separate energy targets could be an effective way to simplify the implementation for listed buildings. Furthermore, a cost-optimal package of EEMs is more sensitive to changes in discount rate than in electricity price. The energy renovation has impact on the primary energy use and CO2 emissions. The lower the discount rate is, the more EEMs will be implemented and the easier the national energy targets may be achieved. A higher electricity price also leads to more EEMs being implemented but at the same time higher running costs.