Finite element models were developed to assess the influence of several parameters on the load capacity, deflection, and initial stiffness of multi-story, partially grouted masonry walls with openings. The base model was validated with experimental data from three walls. The analyses indicated that the load capacity of masonry walls was considerably sensitive to the ungrouted and grouted masonry strengths and mortar shear strength; moderately sensitive to the vertical reinforcement ratio and aspect ratio; slightly sensitive to the axial stress; and almost insensitive to the opening size, reinforcement spacing, and horizontal reinforcement ratio. The deflection of the walls had well-defined correlations with the masonry strength, vertical reinforcement, axial stress and aspect ratio. The initial stiffness was especially sensitive to the axial stress and the aspect ratio, but weakly correlated with the opening size, and the spacing and size of the reinforcement.