Falls of the Little Mashel River
This is a hidden little gem, just South of Eatonville towards Mount Rainier on the Alder Cut-off Rd. It's on the Eastern Boundary of the Pack Forest, a large operation of the University of Washington's college of Forest Resources. The Falls are described in Harvey Manning's low elevation guidebooks, but accessed from Hwy 7, some 2-3 miles away - accessed here, they are perhaps 2-3 hundred yards from the road.
There are 3 main falls, and several smaller cascades. The largest, the lowest, is 150 feet.
Access is a bit of a steep scramble, but not too bad. I'd stay off of it immediately after a rain, but give things a day or two to dry out a touch and the routes are fine, though there is a bit of log hopping and you'll use your hands a few times. During the summer months you should be able to cross the large creek safely, just above the lower falls, saving the double scramble on each side.
To park, look for the first trestle on the Elbe rail line, just outside of Eatonville. Park just before or after this bridge. Google Area Map.
If you want to hike a bit farther, check out the Pack Forest - a loop can be made up to Hugo Peak in 3 miles or so, via Road 1000 and the Reservoir trail.
Alternatively - you can hike the little used rail line north and downhill 2 miles to the gorge on the Big Mashel. Better, visit the falls twice, and do both!