For this cache you'll want to look with your hands and BYOP.
This big rusty winch (a hauling or lifting device consisting of a rope, cable, or chain winding around a horizontal rotating drum) is now sitting as decoration on the Avila Pier. It was recovered from an old sunken barge southwest of Point Buchon in 1,335 feet of water on March 31, 1981 by Captain Travis Evans of the commercial fishing vessel, Bountiful.
Access to the pier is gated off, but the geocache is still attainable by boat (i.e. kayak or paddle board) via the launch under the pier near GZ. I have temporarily upgraded this cache to a 5-Star Terrain because of this, but will change it back to 1.5 once the pier is fully open again (FYI: for this reason, don't rely on this cache to complete any Fizzy Challenges...). HAVE FUN!