Island Terrace Condo
Island Terrace is a 16-story, 139-unit condominium at 5 Island Avenue on Belle Isle, one of Miami Beach's Venetian Islands, designed by noted architect Morris Lapidus and completed in 1967. The waterfront building offers direct Biscayne Bay views and full-service amenities, including a 24-hour front desk, bayfront pool, kayak launch, bike storage, extra storage, assigned parking, and onsite management, with a pet-friendly policy. Residences feature floor-to-ceiling hurricane-impact windows and private terraces framing bay and downtown skyline views. The building sits across a waterfront park from The Standard Hotel & Spa, placing residents within blocks of Sunset Harbour's restaurants, cafes, and boutiques as well as Lincoln Road. As a Lapidus-designed mid-century tower in this prime South Beach location, Island Terrace remains a sought-after address on Belle Isle.
Amenities
- 24-hour front desk service
- Bayfront pool
- Kayak launch
- Bike storage
- Extra/additional storage
- Assigned parking
- Onsite management
- Pet-friendly policy
- Fitness/gym facilities
Island Terrace sits on Belle Isle, one of Miami Beach's Venetian Islands, directly across from The Standard Hotel & Spa and fronted by a waterfront park along Biscayne Bay. It is within a few blocks of the restaurants, cafes, fitness studios, and boutiques of Sunset Harbour, and a short distance from Lincoln Road and the rest of South Beach.
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Miami Beach, FL 33139
Available Residences at Island Terrace Condo
2 Bedroom Condos · 2 units
| Unit | Asking Price | Bed(s)/Bath(s) | Living Size | Price/Sq.Ft. | Days on Market |
|---|---|---|---|---|---|
| 8H | $925,000 | 2 / 2 | 1,302 | $710 | 20 |
| 12C | $900,000 | 2 / 2 | 1,305 | $690 | 101 |
1 Bedroom Condos · 5 units
| Unit | Asking Price | Bed(s)/Bath(s) | Living Size | Price/Sq.Ft. | Days on Market |
|---|---|---|---|---|---|
| 2F | $489,000 | 1 / 2 / 1 | 950 | $515 | 36 |
| 15A | $475,000 | 1 / 2 / 1 | 950 | $500 | 1 |
| LE | $459,000 | 1 / 2 / 1 | 950 | $483 | 36 |
| 6A | $430,000 | 1 / 2 / 1 | 950 | $453 | 30 |
| 5A | $420,000 | 1 / 2 / 1 | 950 | $442 | 100 |
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ANALYTICS
CURRENT INVENTORY
INVENTORY BY BEDROOM
- 1 Bed (5) 83%
- 2 Bed (1) 17%
INVENTORY TREND (ALL UNITS)
Market & Community Report
As of August 12, 2026, Island Terrace Condo carries 6 active listings at an average asking price of $533K, with an average time on market of 37 days. Closed sales over the preceding 36 months averaged $675 per sq ft, and 3 transactions closed in the past 12 months — implying 24 months of supply against the current pace of absorption.
Zip code 33139 (Miami Beach) is home to 34,406 residents with a median age of 42.1. Per-capita income stands at $88,782; 55.4% hold a bachelor's degree or higher. 33.9% of units are owner-occupied; 26.7% of residents work from home.
Data current as of August 12, 2026. Market metrics derived from MLS closed sales; community data from U.S. Census ACS.
Frequently Asked Questions — Island Terrace Condo
How many condos are for sale at Island Terrace Condo?
As of August 12, 2026, 6 residences are actively listed for sale at Island Terrace Condo. Current asking prices range from $420K to $925K. Inventory updates daily from the MLS.
How much do condos at Island Terrace Condo cost?
Condos at Island Terrace Condo are currently asking from $420K to $925K. Over the past 36 months, closed sales have averaged $675 per square foot. Final pricing varies by floor, line, square footage, finishes, and view.
What is the average price per square foot at Island Terrace Condo?
Based on MLS closed sales over the preceding 36 months, the average sale price at Island Terrace Condo is $675 per square foot. Use this as a benchmark when comparing active listings in the building.
Where is Island Terrace Condo located?
Island Terrace Condo is located at 5 Island Ave, Miami Beach, FL, 33139, in the South Beach area.
What neighborhood is Island Terrace Condo in?
Island Terrace Condo is in South Beach, Miami Beach. You can compare every condo building, home inventory, and price trend across South Beach on its neighborhood guide.
What amenities does Island Terrace Condo offer?
Island Terrace Condo amenities include 24-hour front desk service, Bayfront pool, Kayak launch, Bike storage, Extra/additional storage, Assigned parking, Onsite management, Pet-friendly policy.