Bair Island is part of the Don Edwards San Francisco Bay Wildlife Refuge, and physical caches are not permitted there. However, this one is across the street and not on refuge land, so it serves as a convenient marker for the Bair Island Trail, and for the new series of lab caches there that were recently published.
First, the cache. You're looking for a test strip container, placed in a typical way, that veteran cachers have seen many times before. If you like, you can just find the traditional cache.
Second, the lab caches: you have the opportunity to get five additional smilies. You'll need an iPhone, iPad, or Android device, and you'll need to install the new Adventure Lab app. Go to https://labs.geocaching.com/ to install the app. You can log in using your existing Geocaching dot com username and password. Once you log in, you should see the Bair Island Adventure at the top of the list, since it is very close by. Alternatively you can go to https://labs.geocaching.com/goto/bairisland to reach the adventure.