Asset management integrates multi-functional view to achieve the effectiveness and efficiency by balancing costs, risks, opportunities, and performances within the asset life cycle. However, the consideration of maintenance strategies are mostly still excluded in the asset Total Cost of Ownership (TCO) identification. This study evaluates the asset annualized TCO by considering the aspect of maintenance strategies to determine the most economical useful life of a typical physical asset. The maintenance and failure data is further utilized to accomplish this objective. Monte Carlo simulation is used as an integrated approach in the proposed model, specifically to accommodate the failure uncertainty. A cement production equipment as a case study proves that the proposed model results in the estimated useful life of the equipment economically. Sensitivity analysis is done in terms of difference maintenance strategies applied. Therefore, the proposed model contributes to the integration of maintenance strategy and asset annualized TCO to evaluate the economical useful life of an asset.