Pioneer Apartments
Pioneer Apartments is a newly-built 48-unit apartment community in Cashmere, WA. With five floor plans ranging from 1bed/1bath to 3bed/2bath the average unit size is a generous 1,043 square feet. The asset is fully stabilized with proven market rents across each spacious floor plan.
New Construction
High-quality construction features large unit sizes and includes LVP flooring, high ceilings, extra storage, efficient appliances, and large closets. Each unit includes a washer/ dryer, dishwasher, and electronic thermostat.
Stabilized Asset
Fully leased, Pioneer Apartments has proven demand with stable renewals and minimal turnover. Tenants are attracted to the community amenities which include a pool and sundeck, an onsite dog park, pickleball court, and BBQ area.
Desirable Location
Located in the heart of Cashmere, just 12 miles from Wenatchee and 11 miles from Leavenworth, tenants have multiple employment and recreation opportunities. Close to Peshastin Pinnacle State Park and the Wenatchee River, outdoor opportunities abound.
Income Upside
There is room to increase operational efficiency and increase ancillary income through loss to lease burn off and increasing utility recapture. Additional income opportunities include adding carports or bike lockers onsite.
Offering Details
Offered at $12,400,000, Pioneer Apartments is equidistant between Wenatchee and Leavenworth (~12 miles from both), and is close to all major Wenatchee Valley employers and amenities.
Access DocumentsProperty Summary
Property Name
Pioneer Apartments
Address
917 Pioneer Ave
City, State, Zip
Cashmere, WA 98815
Year Built
2022
Parcel ID
231905510135
Zoning
Multifamily
Acreage
2.91 Acres
# of Units
48
SF Per Unit
1,043
Net Rentable Space
50,064 SF
Pricing Summary
Price
$12,400,000
Price / Unit
$258,333
Price / SF
$247.68
Current CAP Rate
6.27%
Proforma CAP Rate
6.35%
The Opportunity
New Construction in the Wenatchee Valley
With five floor plans ranging from 1bed/1bath to 3bed/2bath the average unit size is a generous 1,043 square feet. The asset is fully stabilized with proven market rents across each spacious floor plan. Units feature LVP flooring and carpet, high ceilings, efficient appliances including a washer and dryer and air conditioning, as well as extra storage. These large units have attracted high-quality residents who want to be close to Wenatchee and Leavenworth without the hustle and bustle that comes with living in a larger town.
The Location
New Construction in the Heart of Wenatchee Valley
429.897.587.985Photographs
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Market Overview
Wenatchee
Nestled in the picturesque Central Washington region, Wenatchee is a thriving city renowned for its breathtaking natural surroundings, with the Columbia River winding through the valley and the Cascade Mountains gracing the horizon. It is a vibrant and bustling town which offers significant outdoor activities year-round. Whether it's hiking the extensive trail network, or skiing at nearby Mission Ridge, Wenatchee is an outdoor lover's dream.
Wenatchee is home to diverse industries led by agriculture, and health care, but also including education, technology, and tourism. Known as the “Apple Capital of the World”, its roots are in agriculture, but Wenatchee is also home to the Confluence Technology Center, which houses data centers for Yahoo! and Microsoft.
The Wenatchee MSA has seen steady growth in both population and jobs at rates that have outpaced the national average for over six decades. Douglas County saw a 2.17% population increase in 2020, making it the fourth fastest growing county in the state, according to the state Office of Financial Management.
Reasons To Invest Here
- 0.2%
Average Rent Growth
(Last 12 months)
- 95%
Stabilized Occupancy
(Q2 2025)
- 4.7%
Unemployment Rate
(Q1 2025)
- $1.7k
Median Rent
(Q1 2025)
- 35.5k
2025 Est. Population
(5-mile radius)
- $74.6k
Median HH Income
(Chelan & Douglas County)
- 2.2%
Home Price Growth
(Q1 2025)
- $568k
Median Home Price
(Q2 2025)
Sources: CoStar, Apartments.com, HomeTownLocator, County Sites, Redfin
Our Team
Multifamily Mason
Multifamily Mason is a brokerage firm specializing in multifamily property sales and advisory services within the Inland Northwest. We uphold the core values of integrity, mastery, and ownership. These principles guide all our business decisions and interactions with our clients, investors, and stakeholders.
Our extensive market knowledge, in-depth data analysis, valuable insights, and strong industry relationships have established us as trusted advisors and a go-to source for those exploring the Inland Northwest markets or investing in multifamily properties within tertiary markets.
We foster long-term relationships and prioritize our clients' best interests, even if it means delaying immediate deals. We believe in collaboration and creating opportunities for mutual success, including working with potential competitors.
Lead Broker
Mason Fiascone
Mason is the founder of Multifamily Mason and specializes in the sale and advisory services of multifamily properties across the Inland Northwest with a specific focus on Central Washington and Tri-Cities. Mason leads the sales and asset management organizations at Multifamily Mason, meaning he partners with owners, investors, and developers seeking to maximize their property returns, bringing valuable expertise to every interaction. He is committed to building long-term relationships by providing clients with market insights and unique deal opportunities.
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