$525,000
40035 Fernwood Drive
Homer, AK 99603
MLS# 26-1609
5 beds  |  3 baths  |  2305 sqft


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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.

Details
Maps
Documents
Currently Not Used
Subdivision Name: Fernwood SUB 2004
Contract Info
Foreclosure/Bank Own: No
Price-List: 525000
Date-Listing: 2026-02-20
Status: Active
Location, Tax and Legal
Region: 1 - Southcentral Alaska Region
Borough/Census Area: 1B - Kenai Peninsula Borough
Grid # (Muni Anch): N/A
Tax Map #-Mat-Su: N/A
Legal: Fernwood 2024 Tr 1A
School-Elementary: Paul Banks/Homer
School-Middle: Homer
School-High: Homer
Property Info
Realtor.com Type: Multi-Family
Construction Status: Existing Structure
Bathrooms Half: 1
Bathrooms Three Quarter: 0
Bathrooms Full: 2
Bathrooms Total: 3
Bldgs-Ttl #: 2
Acres: 1.08
SF-Lot: 47044.8
Lot Area Source: Tax Authority
Year Remodeled: 2016
Zoning: UNZ - Not Zoned
Garage Spaces: 2
Carport Spaces: 0
Prkg Spcs: 4
Beds: 5
Year Built: 1959
SF-Res: 2305
Number of Units: 2
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.
Multi-Family Type
Other - See Remarks: 1
Heating
Baseboard: 1
Floor Furnace: 1
Oil: 1
Wood Stove: 1
Topography
Sloping: 1
Roof Type
Metal: 1
Construction Type
Block: 1
Wood Frame: 1
Foundation Type
Block: 1
Slab: 1
View Type
Bay: 1
Glacier: 1
Ocean: 1
Unobstructed: 1
Wtrfrnt-Access Near
None: 1
Garage Type
Heated: 1
Tuck Under: 1
Wtrfrnt-Frontage
None: 1
Carport Type
None: 1
Sewer-Type
Septic Tank: 1
Water Source
Cistern: 1
Access Type
Gravel: 1
Maintained: 1
Mortgage Info
EM Minimum Deposit: 5000
Features-MultiFamily
CO Detector(s): 1
Shed: 1
Smoke Detector(s): 1
Washer/Dryer HkUp: 1
Docs Avl for Review
Docs Posted on MLS: 1
Unit #1
Bath - Full: 1
Unit #2
Bath - Full: 1
Bedroom: 2
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 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
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.

IDX
Listing Office: Story Real Estate

Last Updated: March - 20 - 2026

The listing content relating to real estate for sale on this web site comes in part from the IDX Program of Alaska Multiple Listing Service, Inc. (AK MLS). Real estate listings held by brokerage firms other than the site owner are marked with the AK MLS logo and information about them includes the name of the listing brokerage. All information is deemed reliable but is not guaranteed and should be independently verified for accuracy. Site contains live data.