Building facts
- Address
- 5 Island Avenue
- Neighborhood
- Belle Isle
- Year built
- 1967
- Floors
- 16
- Status
- Completed
Key Takeaways
- 138 residences at 5 Island Avenue, with no commercial folios.
- It trades at the lowest price per square foot on Belle Isle — $594 in 2025, 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.
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 near the bottom at $445,196, and on the 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 two and 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 is consistently the most affordable building on Belle Isle.
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) | 267 | 1,440 | $774,044 | $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 3.5x on assessed value and 2.5x on price per square foot, with the same address, the same causeway and the same walk to Sunset Harbour.
Who this building suits
This is the most 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 entry cost 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 supports $691, $911 and $1,843 per foot in the buildings around you.
Verified 17 August 2026 against the Miami-Dade County Property Appraiser record for 5 Island Avenue — all 139 folios retrieved individually, then filtered to dwelling-sized residential units before any figure here was calculated. The island comparison table draws on identical pulls for all six Belle Isle buildings, taken the same day. Building age and storey count are omitted: published sources conflict and none has been confirmed. Re-check when the next tax roll publishes.
Island Terrace — Frequently Asked Questions
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 both measures I can check, yes. Its 2025 median of $594 per square foot is the lowest of the six island buildings, and its median assessed value of $445,196 is near the bottom — against $1,381,598 at Belle Towers and $774,044 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.
Is Island Terrace a good investment?
It is the lowest-cost entry to a desirable island, which is a sound basis. The cautions are that nearly all inventory is one-bedroom, and that with roughly five qualified sales a year both buying and selling take patience.
Sources and further reading
Interested in selling at Island Terrace in Miami Beach?
Learn more about selling condo at Island Terrace with Josh Stein.
Related coverage
Part of Miami Luxury Condos.