$525,000

40035 Fernwood Drive, Homer, AK 99603

  • 5 beds |
  • 3 baths |
  • 2,305 sqft
  • Property Icon Multi-Family Home
  • Property Year Built Icon Built in 1959
  • Property Lot Size Icon1.08acre lot
  • Property Parking Icon 2 car garage
  • Property Price Per Square Feet Icon $228/sqft
  • Property List Date Icon Listed 1 month ago

Property 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. 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.

Listing Status:
Active
Date Added:
February 20, 2026
Data Last Updated:
April 1, 2026 at 6:37AM
Listing Office:
Story Real Estate : 907-226-3933
MLS ID:
26-1609
  • Heating: BaseboardOilWood StoveFloor Furnace
  • Parking: Heated GarageTuck Under
  • Roofing: Metal
  • General: BlockWood FrameBlockSlab
  • Road/Access: GravelMaintained
  • Originating MLS: Alaska Multiple Listing Service
  • Zoning: UNZ - Not ZonedFernwood 2024 Tr 1A17438017
  • View: BayGlacierUnobstructedOcean
  • Sewer: Septic Tank
  • Source: Alaska Multiple Listing Service

This listing courtesy of Story Real Estate

Monthly Payment

$Est. Payment
  • Principal & Interest $
  • Property Taxes $
  • Home Insurance $
  • VA Funding Fee $

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Location

Schools Nearby

P

Paul Banks Elementary School

1340 E End Rd, Homer, AK, 99603

Grades PK-2

5.03 miles away

H

Homer Middle School

500 Sterling Hwy, Homer, AK, 99603

Grades 7-8

6.83 miles away

H

Homer Flex School

4122 Ben Walters Ln, Homer, AK, 99603

Grades 9-12

5.51 miles away

Disclaimer: School and School District information courtesy of the National Center for Education Statistics (NCES). School boundaries may change. Proximity to listed schools does not guarantee enrollment eligibility. Contact the school district for more information and exact boundaries.