A more reliable and stable method, compared to the previous one developed by the present writers, of stiffness-damping simultaneous identification of shear-type building structures is proposed using stationary random records under limited observation. It is shown that when stationary random horizontal accelerations are recorded at the floors just above and below a specific story in a shear building model, the story stiffness and the damping ratio can be identified uniquely. The viscous damping coefficient and the material damping ratio can also be identified simultaneously in a numerical model structure. It is also shown that unfavorable effects by extraneous noises, including measurement noises, due to wind excitation, building facilities, and the motion of the occupants can be eliminated partially by using the present method. The accuracy of the present identification method is investigated through the actual records under limited observation in a base-isolated building.