500 meters is approximately 0.310686 miles—about 31.1% of a mile. It is also exactly half a kilometer and approximately 1,640.42 feet.
For a distance you can picture, 500 meters is one complete measured lap of a standard 400-meter track, plus another 100 meters. At a constant walking speed of 3 mph, the calculated travel time is about 6 minutes 13 seconds.
The mile conversion is rounded. The exact calculation is 500 ÷ 1,609.344, using the international statute mile.