Quantification of the optimal target reliability based on the minimum lifecycle cost is the goal standard for calibration of seismic design provisions, which is yet to be fully-materialized even in the leading codes. Deviation from the optimally-calibrated design standards is significantly more pronounced in countries whose regulations are adopted from the few leading codes with no recalibration. A major challenge in the quantification of optimal target reliability for such countries is the lack of risk models that are suited for the local construction industry and design practices. This paper addresses this challenge by presenting an optimal target reliability quantification framework that tailors the available risk models for the countries from which the codes are adopted to the local conditions of the countries adopting the codes. The proposed framework is showcased through the national building code of Iran, which is adopted from the codes of the United States, using a case study of three midrise residential steel building archetypes. The archetypes have various structural systems including intermediate moment-resisting frame (IMF) and special concentrically braced frame (SCBF). Each of these archetypes are designed to different levels of the base shear coefficient, each of which corresponds to a level of reliability. To compute the lifecycle cost, the initial construction cost of buildings is estimated. Next, robust nonlinear models of these structures are generated, using which the probability distribution of structural responses and the collapse fragility are assessed through incremental dynamic analyses. Thereafter, the buildings are subjected to a detailed seismic risk analysis. Subsequently, the lifecycle cost of the buildings is computed as the sum of the initial construction cost and the seismic losses. Finally, the optimal strength and the corresponding target reliability to be prescribed are quantified based on the notion of minimum lifecycle cost. The results reveal a 50-year optimal reliability index of 2.0 and 2.1 for IMF and SCBF buildings, respectively and an optimal collapse probability given the maximum considered earthquake of 16% for both systems. In the context on the case study of the national building code of Iran, the optimal design base shear for IMF buildings is 40% higher than the current prescribed value by the code, whereas that of SCBF buildings is currently at the optimal level.