A new finite shear wall element model and a method for calculation of 3D multi-storied only shear walled or shear walled - framed structures using finite shear wall elements assumed ideal elasto - plastic material are developed. The collapse load of the system subjected to factored constant gravity loads and proportionally increasing lateral loads is calculated with a method of load increments. The shape functions over the element are determined as a cubic variation along the story height and a linear variation in horizontal direction because of the rigid behavior of the floor slab. In case shear walls are chosen as only one element in every floor, correct solutions are obtained by using this developed element. Because of the rigid behavior of the floor slabs, the number of unknowns are reduced substantially. While in framed structures, classical plastic hinge hypothesis is used, in nodes of shear wall elements when vertical deformation parameter is exceeded ${varepsilon}_e$, this node is accepted as a plastic node. While the system is calculated with matrix displacement method, for determination of collapse safety, plastic displacements and plastic deformations are taken as additional unknowns. Rows and columns are added to the system stiffness matrix for additional unknowns.