<p>This study involves detailed numerical and experimental investigations to assess the current structural condition of the Bamsı Beyrek steel observation terrace in Bayburt, Türkiye. The numerical dynamic characteristics of the structure were obtained by free vibration analysis conducted on the preliminary finite element model, while the experimental ones were determined through ambient vibration testing. The ultimate finite element models representing the actual state of the structure were developed through the model updating process based on the principle of minimizing the differences between numerical and experimental dynamic characteristics via the Teaching-Learning Based Optimization Algorithm. Load types and their characteristic values, potentially impacting the observation terrace during its service life, were identified according to national and international code standards. The internal forces obtained from the analysis conducted on the updated model under the influence of these loads were combined using various load combinations. The structure was then statically and dynamically checked based on the most critical responses calculated from these combinations. Structural responses are evaluated based on distributions in PMM ratios on the structure, PMM ratios of all elements according to the combination that causes the most adverse values, and maximum displacements. Consequently, considering all the findings obtained from the assessments conducted on the finite element model, which reflects the current state of the observation terrace under various loads, it has been concluded that the structure is statically and dynamically reliable and does not require any repair or strengthening procedures.</p>