The location:
The cache is located near lake Elliðavatn in a mostly newly built area of Kópavogur, Vatnsendi. Nearby there are several horse stables and horse back riding paths so you might see some horses on your way.
The view over Elliðavatn and Elliðaárdalur where the river from Elliðavatn runs is really nice, and there is a park bench and a table nearby if you want to sit down and eat something and enjoy the view :)
You can easily reach the location by car or take the bus and walk for a few minutes.
The cache:
If you walk from the parking spot just by the road and pass the fence you will find the cache near the dam. It is a plastic box containing logbook, pens and some small toys for change.
Please make sure to hide it again and put some rocks so it won't be to visible