This is a field puzzle. Start at the posted coordinates; the final is within 100 feet.
UC Riverside, like several UC campuses, has a Big C overlooking the campus. UCR’s C is on a slope of Box Springs Mountain east of campus. Following a tradition started by UC Berkeley in 1905, UC Riverside students and other university and community members constructed the C from 1954 to 1957. At 132 feet by 80 feet, it is the largest C of all the University of California campuses. Students repaint the C every year. Although access to the C from below is now restricted by the Perris Valley metro line, the trail from the top remains open. (Sources: UC Riverside Inside UCR, Wikipedia)
To find the cache, stand atop the Magic Eye at the given coordinates. Cast your gaze about the area. About 80 or so feet away, you will notice something indicating a good spot for a mystery cache. Go there and you will find the cache within 3 feet of the thing you noticed. After you’ve found the cache, continue another 100 feet or so to view the UC Riverside Big C from above.