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40035 Fernwood Drive, 
Homer, AK 99603

$515,000


5

Beds


3

Baths


2,305

Sq Ft


Multi-Family

Active

Listed by

Sarah M Richardson

Story Real Estate

907-226-3933

Last updated:

October 10, 2026, 05:47 AM

MLS#

26-1609

Source:

AK AMLS

About This Home

40035 Fernwood Drive

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.

Home Facts

Multi-Family

3 Baths

5 Bedrooms

Built in 1959

Price Summary

515,000

$223 per Sq. Ft.

MLS #:

26-1609

Last Updated:

October 10, 2026, 05:47 AM

Added:

7 month(s) ago


Rooms & Interior

Bedrooms

Total Bedrooms:

5

Bathrooms

Total Bathrooms:

3

Full Bathrooms:

2

Interior

Living Area:

2,305 Sq. Ft.


Structure

Structure

Building Area:

2,305 Sq. Ft.

Year Built:

1959


Lot

Lot Size (Sq. Ft):

47,044


Finances & Disclosures

Finances

Price:

$515,000

Price per Sq. Ft:

$223 per Sq. Ft.

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The listing content relating to real estate for sale on this website comes in part from the IDX Program of Alaska Multiple Listing Service, Inc. (AK MLS). Real estate listings held by brokerage firms are marked with either the listing brokerage's logo or 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. Listing content scraping by unauthorized personnel is strictly prohibited. Copyright © 2026 Alaska Multiple Listing Service, Inc. All Rights Reserved. Date Last Updated October 10, 2026

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Contact an Agent

Yes, I would like more information. Please use and/or share my information with a Coldwell Banker ® affiliated agent to contact me about my real estate needs. By clicking Contact, I request to be contacted by phone or text message and consent to being contacted by automated means. I understand that my consent to receive calls or texts is not a condition of purchasing any property, goods, or services. Alternatively, I understand that I can access real estate services by email or I can contact the agent myself.

If a Coldwell Banker affiliated agent is not available in the area where I need assistance, I agree to be contacted by a real estate agent affiliated with another brand owned or licensed by Anywhere Real Estate (BHGRE®, CENTURY 21®, Corcoran®, ERA®, or Sotheby's International Realty®). I acknowledge that I have read and agree to the terms of use and privacy notice.