The cache IS at the posted coordinates. However, to log as a find, you must fulfill the challenge requirements. You may sign the log at any time but may not claim a find until you have met the requirements. The difficulty here is for the challenge; the actual hide is a 1.5/1.5.
The challenge is to find 1000 non-traditional caches. The caches can be of any type except traditional or lab caches. The challenge checker below should allow you easily to see whether you qualify.