It's located inside the Anchorage Memorial, in the utility room with the broken door. To find the door, enter the Memorial Service Entrance on the east side of the memorial. At the junction, turn left and it's the second door on your right. The door can be fixed by finding the door component, but note that you need a Lockpick or Science level of 50 to be able to open the safe in which the door component is stored in the top level of the building. (You can look behind the Nuka-Cola dispenser to obtain the pass code for the computer in the same room, which will then allow you to unlock the safe.) A Repair skill of 35 or higher is required to fix the door with the help of the component. Without the component a repair skill of 95 is required.
The following is based on Fallout 3 cut content and has not been confirmed by canon sources.
The Tenderizer was meant to have an effect which removed 5 damage resistance from the target on hit. However, the effect is not associated with the weapon, though it is still present in the game's resources and can be re-enabled via third-party modifications.
The effect does not have a duration, meaning it will never wear off until the target dies. Though not much of an issue against NPCs, this can be especially problematic if the effect is somehow inflicted on the player.
End of information based on Fallout 3 cut content.