Miami Luxury Condos · Belle Isle · Island Terrace
138 residences at 5 Island Avenue.
By Josh Stein · Florida license SL3057661 · Updated 27 October 2026Leer en español →
8 condos for sale at Island Terrace, average list price $547.61 per sq ft (total list price ÷ total sq ft).
- Asking range$400,000 to $950,000
- List price per sq ft$547.61
- Months of inventory24.0
- Sold, 12 months4
Listing information is deemed reliable but is not guaranteed and is provided exclusively for consumers' personal, non-commercial use. Data is supplied by the MLS and may be subject to change or withdrawal without notice.
Last updated November 12, 2026, 5:16 am
Key facts about Island Terrace
| Address | 5 Island Avenue, Miami Beach FL 33139 |
|---|---|
| For sale now | 8 |
| For rent now | 1 |
| List price range | $400,000 to $950,000 |
| Size | 950 to 1,305 sq ft |
| Bedrooms | 1 to 2 BR |
| List price per sq ft | Average $547.61, low $421, high $728 |
| Monthly HOA | $1,084 to $2,209 |
| Year built | 1967 |
| Amenities | Bike Storage, Clubhouse, Elevators, Fitness Center, Laundry, Maintenance Grounds, Management, Parking, Picnic Area, Pool, Storage, Trash |
| Neighborhood | Miami Beach |
Residences at Island Terrace
| Bedrooms | For sale | Size (sq ft) | List price | Avg $/sq ft | Last sale |
|---|---|---|---|---|---|
| 1 | 6 | 950 | $400,000 to $485,000 | $475.44 | $440,000 (September 15, 2026) |
| 2 | 2 | 1,302 to 1,305 | $925,000 to $950,000 | $719.22 | $679,000 (August 27, 2026) |
Recently sold in
4 listings
Verified 23 September 2026Miami-Dade County Property Appraiser1 source
Key Takeaways
- Island Terrace recorded only two sales in the 12 months to 26 October 2026, on the Miami-Dade County Property Appraiser record, too few for a reliable median. The latest recorded sale was on 4 May 2026. Own at Island Terrace? Ask Josh what yours would sell for on WhatsApp.
- 138 residences at 5 Island Avenue, with no commercial folios.
- It had the lowest 2025 price per square foot of the six Belle Isle buildings: $594 on six sales, against $691 at Belle Plaza, $911 at Costa Brava and $1,843 at Belle Towers.
- It is a one-bedroom building — 95 one-bedrooms against 43 two-bedrooms, and no studios or three-bedrooms at all.
- Median floorplate is 950 square feet, running from 680 to 1,900.
- The 2026 median assessed value is $445,196.
- Volume is very thin — four, six, six and one qualified sales across 2023–2026.
Island Terrace, by the numbers
5 Island Avenue, Miami, Florida | Neighborhood: Belle Isle, Miami Beach
The island’s value entry point
Belle Isle is the smallest and easternmost of the Venetian Islands, sitting in Biscayne Bay between South Beach and the mainland and reached from the Venetian Causeway. It holds a handful of mid-century condominium buildings and almost nothing else, which is why it stays quiet despite being a short walk from Sunset Harbour and Lincoln Road.
Counted against the Miami-Dade County Property Appraiser record on 17 August 2026, Island Terrace returns 139 folios, of which 138 are residential and none commercial.
The mix is simple and narrow: 95 one-bedrooms and 43 two-bedrooms, with nothing above or below. Heated area runs 680 to 1,900 square feet with a median of 950.
The thing to understand about this building is its position on the island. On the county’s own assessed values it sits in the lower half at $445,196, and on the 2025 per-foot record it is the cheapest of the six, while sharing the identical location, causeway and walk to Sunset Harbour as buildings trading at up to three times the rate.
What the record shows
Qualified sales from the county record — arm’s-length only.
| Year | Qualified sales | Median price | Median $/sq ft |
|---|---|---|---|
| 2023 | 4 | $616,750 | $550 |
| 2024 | 6 | $610,000 | $695 |
| 2025 | 6 | $551,500 | $594 |
| 2026 to date | 1 | $575,000 | $605 |
Seventeen qualified sales in four years, in a 138-home building. At that volume the honest reading is that per-foot pricing has moved sideways in the $550–$695 band with no clear direction, and that any single year should not be treated as a signal.
What is more reliable is the comparison across the island, because it draws on assessed values for every home rather than the handful that sold. On that basis Island Terrace sits third from the bottom of the six: its $445,196 median is above Terrace Towers ($387,346) and Belle Plaza ($438,361) and below the other three.
Every building on Belle Isle, compared
I counted all six condominium buildings on the island against the same county record on the same day, so these figures are directly comparable — which is not true of anything you will find on a listings portal.
| Building | Homes | Median sq ft | 2026 median assessed | 2025 median $/sq ft |
|---|---|---|---|---|
| 3 Island Ave (Terrace Towers) | 141 | 861 | $387,346 | $747 |
| 5 Island Ave (Island Terrace) | 138 | 950 | $445,196 | $594 |
| 9 Island Ave (Nine Island) | 268 | 1,440 | $769,857 | $863 |
| 11 Island Ave (Costa Brava) | 214 | 1,372 | $626,919 | $911 |
| 16 Island Ave (Belle Towers) | 45 | 1,570 | $1,381,598 | $1,843 |
| 20 Island Ave (Belle Plaza) | 222 | 897 | $438,361 | $691 |
The spread is wide for one small island: the cheapest and most expensive buildings differ by roughly 3.6x on assessed value and 3.1x on 2025 price per square foot, with the same address, the same causeway and the same walk to Sunset Harbour.
Who this building suits
This is a practical way onto Belle Isle. If the island is what you want — quiet, walkable to Sunset Harbour, minutes from Lincoln Road — this building delivers that at the lowest 2025 price per square foot of the six.
The limits are real. Almost everything here is a one-bedroom, the largest home is 1,900 square feet, and with roughly five sales a year you may wait for the right unit and wait again to sell it.
If you are selling here, the island comparison is your best argument: a buyer weighing Belle Isle against elsewhere is looking at a location that supported $691, $911 and $1,843 per foot in 2025 in the buildings around you.
Own at Island Terrace?
If you own here, this page already carries the county’s record of what homes in Island Terrace have sold for. Here is how to use it.
Your three options
- Sell. Price against what comparable homes in the building have actually recorded, not against asking prices.
- Rent it out. Within the condominium’s rental rules, which vary from building to building.
- Hold. Watch the record: this page is updated from the county as new sales are posted.
What I will send you
Tell me your unit. I will send you the recorded sales of comparable homes in Island Terrace, what they sold for per square foot, and a straight read on what yours could sell for today.
Two free things for owners
Prefer email? hello@joshsteinrealtor.com
Josh Stein, Florida real estate sales associate, license SL3057661.How this building compares: the Miami Condo Index ranks buildings by price per square foot and four-year change from the county record, the Miami Resale Record shows how often resales closed below the seller’s price, and the 100 Latest Sales list shows MLS closings as they post. Every building we cover is on the Miami Luxury Condos page.
Island Terrace — Frequently Asked Questions
What have homes at Island Terrace sold for in the last 12 months?
Only two sales were recorded on the Miami-Dade County Property Appraiser record in the 12 months to 26 October 2026, too few to state a reliable median. The latest recorded sale was on 4 May 2026. A price for a specific home depends on its line, floor and condition. If you own at Island Terrace, message Josh Stein on WhatsApp at (305) 695-8257.
How many units are in Island Terrace?
The Miami-Dade County Property Appraiser records 139 folios at 5 Island Avenue, of which 138 are residential. There are no commercial folios.
Is Island Terrace the cheapest building on Belle Isle?
On the 2025 sale record, yes: its $594 median per square foot is the lowest of the six island buildings, with Belle Plaza next at $691. On assessed value it is third lowest at $445,196, behind Terrace Towers ($387,346) and Belle Plaza ($438,361), against $1,381,598 at Belle Towers and $769,857 at Nine Island.
What size are the residences at Island Terrace?
Heated area runs from 680 to 1,900 square feet with a median of 950. The mix is simply 95 one-bedrooms and 43 two-bedrooms — there are no studios and no three-bedrooms.
What do condos at Island Terrace sell for?
The most recent full year is 2025, with six qualified sales at a median of $551,500 and $594 per square foot. One sale is recorded so far in 2026, at $575,000.
Have values risen or fallen at Island Terrace?
Neither clearly. Price per square foot has moved sideways in a $550 to $695 band across four years, on just seventeen qualified sales total — too thin a record to call a direction.
What does the sale record show about Island Terrace’s prices?
Median price per square foot was $550 in 2023, $695 in 2024, $594 in 2025 and $605 in 2026 to date, on four, six, six and one qualified sales. Nearly all homes are one-bedrooms, and at roughly five qualified sales a year the comparables are thin.
Sources and further reading
Interested in selling at Island Terrace in Miami Beach?
Learn more about selling your condo at Island Terrace with Josh Stein.
Thinking about Island Terrace?
I have sold South Florida property since 2002. Ask me for the recorded declaration, what has genuinely closed, or a straight answer on whether this building fits what you are after.
Josh Stein · Florida real estate sales associate, license SL3057661 · (305) 695-8257 · hello@joshsteinrealtor.comGet this building’s next recorded sale, before the listing sites catch up
- Every closed sale we can verify from the Miami-Dade record: price, date, and $/sqft when the deed supports it. Not an IDX feed.
- Optional alert when a new deed posts in this building (or a short list of comps you choose).
- No spam inventory blasts. One building. One record. You decide what happens next.
Tell Josh which building. He’ll send the latest closed sales and set a quiet alert.
Get the sales recordRelated coverage
Part of Miami Luxury Condos.