This study deals with the dynamic characterization of the historic Tophane-i Amire building, located in Istanbul. The domed structure was constructed in the 18 th century and known as the first Industrial building in the Ottoman times. It was an arsenal building used for the production of cannons and their balls. An ambient vibration survey has been conducted with the Enhanced Frequency Domain Decomposition method to identify the dynamic characteristics of the structure. Later on, the finite element model of the structure has been constructed and numerical dynamic identification has been pursued. The obtained experimental and numerical results have been compared and the finite element model of the structure has been tuned to obtain a validated tool to represents the real dynamic behavior of the structure. While the tuned model of the structure intends to give a contribution for understanding its structural behavior and evaluate the mechanical properties of masonry, it has also been used for the evaluation of its seismic vulnerabilities. For this aim, the structure has been analyzed under maximum considered earthquake, and stress concentration regions have been determined. The results also serve a data for future structural health monitoring studies related to the structure.