# The Elser

As of 2026-10-31, The Elser in Downtown has 59 units for sale at a median asking price of $790K ($1,387/sqft); 23 units sold in the last 12 months.

The Elser is a 49-floor, 646-unit condominium tower at 398 NE 5th St in Downtown Miami, built in 2023, 170 m from the College/Bayside Metromover Station.

## Key facts

| | |
|---|---|
| Address | 398 NE 5th St |
| Neighborhood | Downtown |
| Year built | 2023 |
| Floors | 49 |
| Units | 646 |
| Waterfront | no |
| Developer | Property Markets Group (PMG) and Greybrook |
| Architect | Sieger Suarez Architects |
| For sale | 59 |
| Pending | 5 |
| Median asking price | $790,000 |
| Median asking $/sqft | $1,387/sqft |
| Sold, last 12 months | 23 |
| Median sold $/sqft, 12 months | $1,105/sqft |
| Months of inventory | 30.8 |
| Median HOA | $700/mo |
| Rental policy | Short-term rentals (Airbnb-style) permitted. |
| Parking | valet parking |

## Own Miami measures

- **own.miami Building Score: 45 (C+)**
  - Value: 15 — $1,398/sqft — vs. Downtown condos, then all of Miami
  - Momentum: 28 — -6.2% $/sqft over 6 months
  - Liquidity: 21 — 31.3 months of supply · 93 days on market
  - Health: 79 — Verified records on file — nothing adverse
  - Waterfront: 55 — Not waterfront
  - Age: 84 — Built 2023 — vs. Downtown buildings
- **Own Miami Condo Index: 185** (above_market; 100 = the market-median building, 200 = twice its $/sqft; rank 75 of 698 tracked Miami condos)
- **Financeability Index: 55** (good; 12-month window, 13 recorded mortgages, 19% of sales bank-financed, lowest down payment 25%, as of 2026-10-31; of the 27 recorded sales, 26 were resales and 1 developer closings)
- Special-assessment outlook: clear (next structural milestone inspection due 2048)

## Building health (verified public records)

- Public records checked 2026-10-26
- positive: Bank financing — Regulated lenders recorded 7 purchase or refinance loans on this building in the last 12 months, financing 19% of its recorded sales, and accepted a down payment as low as 25%. A bank writing a condominium loan has just checked the building's reserves, insurance, litigation and owner-occupancy against its own standards — verified due diligence, read from the public record. Financeability Index 55/100. (2026-10-31)
- Legal & regulatory: 0 material cases active, 0 disputes active, 0 DBPR complaints (36 months) (2026-09-22)

## Frequently asked questions

**How much do condos at The Elser cost?**

There are 59 condos for sale at The Elser, from $469,000, with a median asking price of $790,000 ($1,387/sqft).

**Can I rent out a unit at The Elser?**

Short-term rentals (Airbnb-style) permitted.

**How much are the HOA fees at The Elser?**

HOA / maintenance fees at The Elser run around $700 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.

**When was The Elser built?**

The Elser was built in 2023, 49 stories, 646 residences.

**Who developed The Elser?**

The Elser was developed by Property Markets Group (PMG) and Greybrook and designed by Sieger Suarez Architects. Property Markets Group's own.miami Developer Score is B− across 9 buildings.

## Related pages

- [Downtown — neighborhood guide](https://own.miami/downtown)
- [All units for sale at The Elser](https://own.miami/buildings/the-elser/for-sale)
- [E11EVEN Hotel & Residences](https://own.miami/buildings/e11even-hotel-and-residences)
- [Casa Bella Residences](https://own.miami/buildings/casa-bella-residences)
- [Aston Martin Residences](https://own.miami/buildings/aston-martin-residences)
- [501 First Residences](https://own.miami/buildings/501-first-residences)

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Source: Own.Miami — https://own.miami · data as of 2026-10-31
Canonical page: https://own.miami/buildings/the-elser
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