# Island Terrace

As of 2026-10-09, Island Terrace in South Beach has 6 units for sale at a median asking price of $459K ($483/sqft); 4 units sold in the last 12 months.

Island Terrace is a full-service waterfront boutique building designed by Morris Lapidus on Belle Isle.

## Key facts

| | |
|---|---|
| Address | 5 Island Ave |
| Neighborhood | South Beach |
| Year built | 1967 |
| Floors | 16 |
| Units | 138 |
| Waterfront | yes |
| Developer | Umet Trust Suite 500 |
| For sale | 6 |
| Pending | 0 |
| Median asking price | $458,500 |
| Median asking $/sqft | $483/sqft |
| Sold, last 12 months | 4 |
| Median sold $/sqft, 12 months | $515/sqft |
| Months of inventory | 18.0 |
| Median HOA | $1,491/mo |
| Parking | Assigned parking and covered parking in a garage. |

## Own Miami measures

- **own.miami Building Score: 56 (B)**
  - Value: 60 — $483/sqft — vs. South Beach condos, then all of Miami
  - Momentum: 16 — -11.9% $/sqft over 6 months
  - Liquidity: 30 — 18.0 months of supply · 97 days on market
  - Health: 100 — Public records checked — no liens, lawsuits or complaints on file
  - Waterfront: 90 — Waterfront building
  - Age: 14 — Built 1967 — vs. South Beach buildings
- **Own Miami Condo Index: 79** (value; 100 = the market-median building, 200 = twice its $/sqft; rank 527 of 698 tracked Miami condos)
- **Financeability Index: 16** (cash; 12-month window, 2 recorded mortgages, 25% of sales bank-financed, lowest down payment —, as of 2026-10-31)
- Special-assessment outlook: elevated (next structural milestone inspection due 2032)

## Building health (verified public records)

- Public records checked 2026-10-30: no liens, lawsuits or regulatory complaints found
- Legal & regulatory: 0 material cases active, 0 disputes active, 1 DBPR complaints (36 months)

## Frequently asked questions

**How much do condos at Island Terrace cost?**

There are 6 condos for sale at Island Terrace, from $400,000, with a median asking price of $458,500 ($483/sqft).

**How much are the HOA fees at Island Terrace?**

HOA / maintenance fees at Island Terrace run around $1,491 per month among units currently for sale; the exact fee varies by unit size and line, so confirm the current amount with the listing or the condo association.

**Is Island Terrace a waterfront building?**

Yes — Island Terrace is a waterfront building (South Beach).

**When was Island Terrace built?**

Island Terrace was built in 1967, 16 stories, 138 residences.

**Who developed Island Terrace?**

Island Terrace was developed by Umet Trust Suite 500.

## Related pages

- [South Beach — neighborhood guide](https://own.miami/south-beach)
- [All units for sale at Island Terrace](https://own.miami/buildings/island-terrace/for-sale)
- [Mirador 1000](https://own.miami/buildings/mirador-1000)
- [Mirador 1200](https://own.miami/buildings/mirador-1200)
- [Mirasol Ocean Towers](https://own.miami/buildings/mirasol-ocean-towers)
- [South Bay Club](https://own.miami/buildings/south-bay-club)

---

Source: Own.Miami — https://own.miami · data as of 2026-10-09
Canonical page: https://own.miami/buildings/island-terrace
License: CC BY 4.0 — https://creativecommons.org/licenses/by/4.0/
Methodology: https://own.miami/methodology · For AI assistants: https://own.miami/for-ai