1B - Kenai Peninsula Borough Homes under $500,000

**Welcome to the Kenai Peninsula Borough: Your Ideal Alaskan Subdivision**

Nestled in the breathtaking landscapes of Alaska, the Kenai Peninsula Borough is a hidden gem that offers a perfect blend of natural beauty and community charm. This subdivision is renowned for its stunning vistas, including majestic mountains, pristine lakes, and the vast expanse of the Cook Inlet, making it a haven for outdoor enthusiasts and nature lovers alike.

One of the most appealing aspects of the Kenai Peninsula Borough is its diverse real estate market, particularly for those seeking homes under $500,000. Here, you can find a variety of properties that cater to different lifestyles, from cozy cabins surrounded by towering pines to modern homes with panoramic views. Whether you’re a first-time homebuyer, a family looking for a serene place to grow, or a retiree seeking tranquility, this area has something for everyone.

Living in Kenai Peninsula Borough means embracing the Alaskan way of life. Residents enjoy a plethora of recreational activities, including fishing, hiking, and wildlife viewing. The borough is home to numerous parks and trails, making it easy to immerse yourself in nature. Additionally, the community spirit is palpable, with local events and gatherings that foster connections among neighbors.

With affordable housing options and a vibrant lifestyle, Kenai Peninsula Borough is more than just a place to live; it’s a place to thrive. Discover your dream home in this captivating region and experience all the magic that Alaskan living has to offer!

Newest 1B - Kenai Peninsula Borough Homes under $500,000

$475,000

3 Beds ⋅ 3 Baths ⋅ 26-13454 MLS

Incredible opportunity to own a slice of Alaska on a private lot with world class views. Perfectly perched on the bluff with great sun exposure and easy access to town. This home is set up for multi generational living or rental income. The top two floors offers 3 bedrooms, 2 full baths and open kitchen/living/dining room. Downstairs has a full apartment ready to use how you want. Detached garage is oversized and perfect for parking cars and still having room for projects. The apartment has a private bath, bedroom and plenty of room for storage. If you're looking for incredible property with tons of opportunity this is it! The home has natural gas run to the property so no need to worry about having fuel brought in. Don't miss out on this opportunity to own a piece of paradise.

66285 Bluff Drive, Ninilchik

Listing Office Jack White Real Estate

$260,000

3 Beds ⋅ 2 Baths ⋅ 26-13453 MLS

Big views, big potential, and a project worth imagining! Kachemak Bay, glaciers, and surrounding mountains set the stage for this 3-bedroom, 2-bath home with a garage and separate studio cabin. Roll up your sleeves and get ready to put some elbow grease into something worthy of the effort! This opportunity is being sold AS-IS, WHERE-IS, including vehicles and personal property. Buyer to verify.

51442 Mossberry Avenue, Homer

Listing Office Kachemak Real Estate Group Real Broker

$337,500

3 Beds ⋅ 2 Baths ⋅ 26-13434 MLS

The perfect location, perfect size, & ready for its next chapter! This home offers a perfect combination of space, comfort, & convenience! You will love the hickory wood floors, generously sized rooms, & open-concept kitchen features butcher block countertops! WISH YOUR MORTGAGE PAYMENT COULD BE LOWER? Find out how the seller can reduce your monthly mortgage payment on an accepted offer!.... The primary bedroom includes a walk-in closet, while the dedicated laundry room provides access to the garage. Step outside to enjoy the fully fenced backyard with plenty of room for outdoor activities, pets, and entertaining! Located just minutes from schools, shopping, the post office, hospital, and everything Soldotna has to offer.

119 Lord Baranof Street, Soldotna

Listing Office LPT Realty

$295,000

4 Beds ⋅ 1 Baths ⋅ 26-13417 MLS

Endless potential ranch home built in 2008! This 2,400sf home features 4 bedrooms, 1 bath & 1,200sf of finished living space with in floor heat & great storage- plus a 1,200sf unfinished basement ready to expand your vision. Enjoy a fenced backyard, established landscaping, perennials & a shed. Great in-town location near schools, shopping & everyday amenities. Bring your ideas & make it your own!

203 Cottage Circle, Kenai

Listing Office Century 21 Realty Solutions Freedom Branch

$165,000

2 Beds ⋅ 1 Baths ⋅ 26-13406 MLS

Opportunity for investors or buyers looking for a renovation project on a 1-acre lot in Anchor Point! This 2-bedroom, 1-bathroom residential property offers 928 sq. ft. of living space and was built in 2003. The property has been vacant for a couple of years and requires cleanout, plumbing repairs, and remodeling. The roof condition is unknown, and the home retains its original features. Utilities include well water and electricity, with a wood stove for heating. Bring your vision and explore the potential this property has to offer.

31970 La Duquesa Lane, Anchor Point

Listing Office Congress Realty, Inc

$325,000

3 Beds ⋅ 2 Baths ⋅ 26-13403 MLS

Beautifully updated 3-bedroom, 2-bath home within walking distance to the beach and park! Features include two fully updated bathrooms, freshly painted kitchen cabinets, walls, and interior doors, brand-new butcher block countertops and light fixtures, a heated 2-car garage, and a fenced backyard. Move-in ready with updates you'll love and a location that's hard to beat!

1526 Stellar Drive, Kenai

Listing Office Redoubt Keller Williams Realty Alaska Group

$460,000

3 Beds ⋅ 2 Baths ⋅ 26-13366 MLS

Walking distance to schools and the hospital, this 3BR, 2BA ranch home will not disappoint! Master suite features double sinks, soaking tub, separate shower, and generous sized WIC. Step out onto your covered back porch to your fenced in yard w/greenhouse (has electric & natural gas), fire pit, and 2 storage sheds are included. Oversized garage has workshop/craft /or workout area. Don't miss out!

360 W Katmai Avenue, Soldotna

Listing Office Jack White Real Estate Soldotna

47136 Milky Way Street, Nikiski/North Kenai

$475,000

3 Beds ⋅ 2 Baths ⋅ 26-13343 MLS

Beautiful NEW construction! This 3 bd, 2 ba home offers 1,844 sq ft of modern, open-concept living on over an acre, plus a spacious 624 sq ft garage! Features include LifeProof LVP flooring, recessed LED lighting, abundant natural light, stainless steel appliances, ample cabinetry and counter space, generous storage, a spacious primary bath, and concrete front and back porches. Move-in ready!

47136 Milky Way Street, Nikiski/North Kenai

Listing Office Century 21 Realty Solutions Freedom Branch

$405,000

4 Beds ⋅ 3 Baths ⋅ 26-13334 MLS

BEAUTIFULLY UPDATED 4 BEDROOM KENAI HOME! This well-maintained 4 bed, 3 bath home offers a functional layout & convenient location near schools, shopping, groceries & beach access. The open-concept main level features vaulted ceilings, a living room with fireplace, dining area & incredible custom kitchen remodeled in 2024. The kitchen features professionally designed & installed custom quartz countertops & soft-close hickory cabinetry by The Cabinet Company, complete with custom pull-out drawers & inserts, large island & new appliances. New LVP flooring was also installed throughout the main living area in 2024. A large separate family room provides additional living space, while both upstairs bathrooms feature tiled showers. The meticulously landscaped front & fenced backyard feature a patio, shed, raised garden beds, apple trees & raspberry bushes. Heated 2-car attached garage with utility sink plus an attached carport. Additional updates include a new roof with 30-year shingles in 2024 & professionally cleaned carpets in 2026. Washer & dryer stay!

517 Pine Avenue, Kenai

Listing Office Elite Real Estate Group Soldotna Branch

$285,000

2 Beds ⋅ 1 Baths ⋅ 26-13297 MLS

REMODELED KENAI HOME! New roof, FULL kitchen/bath remodel with new cabinets, countertops, stainless appliances, paint, trim, LVP flooring + tiled entryway, kitchen backsplash + shower! Central Kenai location off North Forest at the end of a cul-de-sac with a huge fenced back yard + fire pit & landscaping. 10x16 shed + 28' deep heated garage for ALL your storage needs. All appliances stay.

611 West Wood Circle, Kenai

Listing Office Jack White Real Estate Soldotna

$489,500

3 Beds ⋅ 2 Baths ⋅ 26-13272 MLS

COUNTRY SETTING on 4.41 acres. Open,vaulted T&G layout w/new gas fireplace. 3 beds, 2 baths,family room/office, & laundry room/pantry. 2 car garage,circle driveway, boat storage,3 car carport,deck & Southern exposure. UPDATES 2010-2026: newer roof, exterior paint & gutters, remodeled kitchen & baths +ELECTROLUX washer/dryer,on demand hot water & KInetico system. $5,000 FLOORING BONUS w/full price.

49425 Tote Road, Soldotna

Listing Office Century 21 Realty Solutions Freedom Branch

$405,000

3 Beds ⋅ 2 Baths ⋅ 26-13261 MLS

Enjoy stunning views of Redoubt from this charming ranch-style 3 Bed/2 Bath, 2 Car garage home, .93 acre conveniently located between Soldotna & Kenai. Updated in 2026 with new flooring throughout, paint, new boiler and appliances. Inviting open-concept, kitchen, dining, and living area create a warm and comfortable family home. Seller did the work; you enjoy your home! Borough maintained road.

1530 Kittiwake Court, Kenai

Listing Office Mossy Oak Properties of Alaska - Soldotna

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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 Fiorelli Real Estate 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 last updated:

1B - Kenai Peninsula Borough Homes under $500,000

Newest 1B - Kenai Peninsula Borough Homes under $500,000

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