The South River Greenway is an asphalt, shared-use path that runs 2 miles along the South River, a Virginia Scenic River, from Loth Springs Trailhead (near the YMCA) to North Park. The greenway's route over flat terrain on a hard surface makes for easy walking and riding and the views of the river, parks, and mountains make it a favorite of residents and visitors alike. There are portable toilets, benches, exercise stations, and a bike repair station along the way as well as interpretive signage to learn about the history of the area.
The decaying building with rusting ironworks you see on the west side of the fence was once the site of Crompton Company which made velvet and velveteen fabric until 1976. The company closed its Waynesboro factory in 1982.
You're looking for the cache near a set of concrete picnic tables.