This location is a large island absent of any human life forms. You will find many buildings in various state of destruction here. You won't find anything interesting in most of them.
In order to create a settlement here, you must go south, to the sunken ship and turn the lever there. Now you must defeat the mirelurk queen who will emerge from the water. She will be accompanied by few regular mirelurks. Now walk to the top of the nearby hill, walk into the trailer and activate the relay. A weird song will activate and will make all the mirelurks on the island escape to the water. From now you can use the island as your settlement.
On the higher deck of the same ship you will find Luck bobblehead.
There is a destroyed ship with containers in the northeastern part of the island. If you will climb to the top of it, in one of the containers you will find 3 closed safes (levels from novice to expert). If you will open them all, you can gain many valuable items, especially ammunition.