40035 Fernwood Drive, Homer, AK 99603

$525,000
Property Type: Multi-Family Bedrooms: 5 Baths: 3 Square Footage: 2,305 Lot Size (sq. ft.): 47,045 Status: Active
Current Price: $525,000 Last Modified: 5/01/2026

Description

Homer Bench property with expansive views of Kachemak Bay. Includes a 3-bed, 1.5-bath main home (1,421 sqft) plus detached 2-bed, 1-bath unit (884 sqft) above a heated 2-car garage. Currently, two separate long-term rentals; tenants pay utilities = low operating costs. Instant cash flow + room for growth. Options abound including owner occupancy, multi-generational living, or investment.

Supplements: Perched on the Homer Bench with wide-open views of the Homer Spit, Kachemak Bay, and the surrounding mountains and glaciers, this property offers a rare mix of scenery and flexibility. The setup includes two separate living spaces: a 3-bedroom, 1.5-bath main home and an apartment over a large two-car garage. Both units have been rented long term, with tenants paying their own utilities, keeping operating costs low. One unit will be available in the coming months, making this a strong option for an owner-occupant who wants help offsetting expenses, or for someone continuing it as a long-term rental property. The garage provides generous storage or parking, with additional on-site parking available. This is a location people actively look for paired with a property that offers real-world flexibility for how you live or invest in Homer.

More Information MLS# 26-1609

Contract Info

Price-List: 525000 Date-Listing: 2026-02-20 Status: Active Foreclosure/Bank Own: No

Location Tax and Legal

Area: 492 - Kachemak City/Fritz Creek Street #: 40035 Street Name: Fernwood Arterial: Drive Closest USPS Town: Homer State: AK Zip Code: 99603 Subdivision Name: Fernwood SUB 2004

Property Info

Realtor.com Type: Multi-Family Construction Status: Existing Structure Beds: 5 Bathrooms Half: 1 Bathrooms Full: 2 Bathrooms Total: 3 Bldgs-Ttl #: 2 Year Built: 1959 Year Remodeled: 2016 SF-Res: 2305 Number of Units: 2 SF-Lot: 47044.8 Acres: 1.08 Garage Spaces: 2 Prkg Spcs: 4 Lot Area Source: Tax Authority Zoning: UNZ - Not Zoned

Directions and Remarks

Directions: From Homer, travel east on East End Road to Fernwood Drive just before Mile 6. Turn onto Fernwood Drive; the property is a flag lot on the left.

Mortgage Info

EM Minimum Deposit: 5000

Unit #1

Bath - Full: 1

Unit #2

Bath - Full: 1 Bedroom: 2

Property Features

Multi-Family Type: Other - See Remarks Roof Type: Metal Foundation Type: Block; Slab Construction Type: Block; Wood Frame Garage Type: Heated; Tuck Under Carport Type: None Heating: Baseboard; Floor Furnace; Oil; Wood Stove Sewer-Type: Septic Tank Water Source: Cistern Access Type: Gravel; Maintained View Type: Bay; Glacier; Ocean; Unobstructed Topography: Sloping Wtrfrnt-Frontage: None Wtrfrnt-Access Near: None Features-MultiFamily: CO Detector(s); Shed; Smoke Detector(s); Washer/Dryer HkUp Docs Avl for Review: Docs Posted on MLS
Listing Office: Story Real Estate
Last Updated: May - 01 - 2026
40035 Fernwood Drive, Homer, AK 99603- MLS# 26-1609
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