no... it's not far in from where you enter the town.... the closest thing to it is a flagpole-looking thingy that has some tattered rags hanging on it.... there's buildings on either side of me but that's not where the waypoint is centered.
i know sometimes the waypoint thingy isn't really helpful... i have a feeling this is one of them.
Go to the Control Room (easy to access because of some added stairs) and look out the door to the right...it is just sitting on the ground by a round tent. It seems some mission WPs are used to fool you into running all over looking for the object(s). I found it by luck because I gave up "looking" and just started killing Zombies. Please ask this in ANSWERS...I did look before posting. Level 50 Brick. Hope this helps.