1 / 41$525,000
40035 Fernwood Drive
Homer AK 99603
Fernwood SUB 2004
Story Real Estate
5
Bedrooms
3
Bathrooms
2,305
Sq Ft
1959
Year Built
MLS# 26-1609· Listed Feb 20, 2026
Live MLS feedAbout This Home
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.
Documents & insights
4 documents from current & prior listings · parcel #17438017.
Summary of 4 documents from this property's current and prior listings. 1 item worth reviewing, plus 14 additional facts captured.
What the seller reported about utilities
Electric service is provided by HEA. Oil is supplied by Home Run Oil. Water services are provided by Moore + Moore. Refuse is self-handled. Sewage is handled via a private septic system.
Source: Property Disclosure · Current listing
Reflects the prior owner's usage and providers. Your costs may vary.
A sample of what's in the documents
Disclosure listed a known issue
The Property Disclosure notes this item as a known issue. Exact wording from the document is quoted below.
Septic drainage encroaches onto neighbor's propertyView source — Property Disclosure
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Documents on this listing
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Disclosure timeline
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Property Details
Heating
Water Source
Sewer
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Price & Status History
* Alaska is a non-disclosure state. Prices shown are listed asking prices, not recorded sale prices.
Listed by: Sarah M Richardson · Story Real Estate
© 2026 Alaska Multiple Listing Service, Inc. All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Listing information is deemed reliable but not guaranteed accurate by the MLS or Better Homes and Gardens Real Estate Dream Makers. Data last updated May 2026.
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Mortgage Estimate
$3,144/mo
$472,500 loan · 30yr · 7.0%
Estimate only. Taxes & insurance not included. Rates vary by lender.
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