Building facts
- Address
- 3 Island Avenue
- Neighborhood
- Belle Isle
- Year built
- 1962
- Floors
- 14
- Status
- Completed
- Architect
- Morris Lapidus
- Pricing
- Starting at $515,000
Key Takeaways
- 11 qualified sales already recorded in 2026 — nearly double its own prior years, and more than any other building on Belle Isle.
- 141 residences at 3 Island Avenue, with no commercial folios.
- It carries the island’s lowest median assessed value at $387,346, making it the cheapest entry to Belle Isle by that measure.
- Compact format — 90 one-bedrooms, 38 two-bedrooms, 12 studios and one three-bedroom, median 861 square feet.
- Per-foot pricing rose then steadied: $661, $760, $747, $705.
- The county records this building as “3 Island Condo”, not Terrace Towers — worth knowing when searching public records.
3 Island Avenue, Miami, Florida | Neighborhood: Belle Isle, Miami Beach
The cheapest way onto Belle Isle
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 six condominium buildings and almost nothing else.
Counted against the Miami-Dade County Property Appraiser record on 17 August 2026, this building returns 141 folios, all residential, with no commercial units. One practical note: the county registers the subdivision as “3 Island Condo”, not Terrace Towers, which matters if you go looking for it in public records yourself.
The mix is 90 one-bedrooms, 38 two-bedrooms, 12 studios and one three-bedroom, with heated area from 544 to 2,484 square feet and a median of 861. At a $387,346 median assessed value it is the lowest of the six island buildings.
The one building where 2026 volume jumped
Qualified sales from the county record — arm’s-length only.
| Year | Qualified sales | Median price | Median $/sq ft |
|---|---|---|---|
| 2023 | 6 | $572,500 | $661 |
| 2024 | 6 | $890,000 | $760 |
| 2025 | 6 | $642,000 | $747 |
| 2026 to date | 11 | $630,000 | $705 |
Six, six, six — then eleven, in an incomplete year. Across the twenty-plus buildings I have measured against this record, almost every one shows 2026 volume falling. This building nearly doubled.
Per-foot pricing has been steady rather than spectacular: up from $661 to a $760 peak, then easing to $705. Read together, that is a picture of a building clearing inventory at a sensible level rather than one being bid up.
The likely explanation is the one the comparison table makes obvious: this is the cheapest building on a desirable island, and when buyers want the location but not the price of the buildings around it, this is where they land.
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 suits a buyer who wants Belle Isle at the lowest possible entry, and who values being able to actually transact — on the current record it is the most liquid building on the island by a distance.
It suits a space buyer poorly. At an 861 square foot median with one three-bedroom in the entire building, this is compact inventory.
If you are selling here, 2026 is the strongest market you have had in four years by volume, even as per-foot pricing eased slightly. That combination — more buyers, sensible pricing — is a good moment to transact.
Verified 17 August 2026 against the Miami-Dade County Property Appraiser record for 3 Island Avenue — all 141 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.
Terrace Towers — Frequently Asked Questions
How many units are in Terrace Towers?
The Miami-Dade County Property Appraiser records 141 folios at 3 Island Avenue, all residential. Note that the county registers the subdivision as “3 Island Condo” rather than Terrace Towers.
Why is Terrace Towers selling more than other Belle Isle buildings?
It has recorded 11 qualified sales so far in 2026 against six in each of the three prior years, while most buildings measured this way saw volume fall. It also carries the island’s lowest median assessed value at $387,346, which is the most likely explanation — buyers who want the location at the lowest entry cost.
What size are the residences at Terrace Towers?
Heated area runs from 544 to 2,484 square feet with a median of 861. The mix is 90 one-bedrooms, 38 two-bedrooms, 12 studios and a single three-bedroom.
What do condos at Terrace Towers sell for?
Eleven qualified sales so far in 2026 show a median of $630,000 at $705 per square foot, against $642,000 and $747 across six sales in 2025.
Is Terrace Towers the cheapest building on Belle Isle?
By median assessed value, yes — $387,346, the lowest of the six island buildings. On price per square foot, Island Terrace at 5 Island Avenue was slightly lower in 2025.
Is Terrace Towers a good investment?
It is the most liquid building on Belle Isle on the current record, which matters if you may need to exit. Per-foot pricing has been steady rather than rising, and inventory is compact — most homes are one-bedrooms.
Sources and further reading
Interested in selling at Terrace Towers in Miami Beach?
Learn more about selling condo at Terrace Towers with Josh Stein.
Related coverage
Part of Miami Luxury Condos.