Authorities said 24 people were still missing. When the two survivors were found Sunday morning, a crowd of onlookers burst into cheers and clapping.
Rescuers including the military had said they were communicating with people believed to be trapped in pockets of debris.
Building collapses are common in Nairobi, where housing is in high demand and unscrupulous developers often bypass regulations.
After eight buildings collapsed and killed 15 people in Kenya in 2015, President Uhuru Kenyatta ordered an audit of all the country's buildings to see if they were up to code. The National Construction Authority found that 58% of buildings in Nairobi were unfit for habitation.
On Friday, Nairobi authorities said more than 20 people had been rescued, with some searchers using their bare hands to pick through the debris. Eight people were taken to a hospital, officials said.
It was not immediately clear what caused the collapse. Officials said 57 rooms had been rented out in the building. The Red Cross said 22 families lived there.