The Benwood is located one mile northeast of French Reef within the Florida Keys National Marine Sanctuary. She has a minimum depth of 25 feet (stern) with a maximum depth of 48 feet (bow). The stern houses the engine's support platforms and four propeller shaft pillow mounts. One hundred feet southeast of the bow lies an anchor facing seaward. Although its association with the Benwood is questionable, it is still considered a major feature of the site.
Due to the shallow waters, the Benwood is inhabited by a variety of corals and sponges, specifically fire coral, sea fans, and Elkhorn coral. There are also many species of tropical fish ranging from yellow tail snapper, trumpet fish, parrot fish, hog fish, and angel fish. Tom Scott claims that because of the Benwood's easy access, shallow waters, and variety of marine biology, it is considered the most popular dive site in the Florida Keys.