Commander Corey and Cadet Happy (did he ever advance beyond the rank of 'cadet'?) board an old, abandoned space station that is about to be destroyed as a menace to navigation. Criminals hiding out aboard the station (which I distinctly remember was a von Braun-type wheel) capture them but the good guys save the day.
Could this be "Prometheus Bound for Destruction" (AKA "The Phantom Spaceship")?
Episode #40 "Prometheus Bound for Destruction" September 29, 1951
Buzz, Tonga and Happy blast off to explore an obsolete space station called Prometheus, which is orbiting Ganymede, Jupiter's fourth moon. Prometheus is scheduled for destruction by Space Safety. Boarding the station, the Space Patrollers are threatened by an old space criminal who has hidden there for forty years and resists their efforts to remove him. Preoccupied, they fail to hear the broadcast warning all ships in the vicinity that hydrogen torpedoes will destroy the station within minutes.
The station was a rotating-wheel.
IMDB lists Season 2, Episode 29 of Space Patrol as "The Derelict Space Station".
Episode #82 "The Derelict Space Station" July 19, 1952
Buzz, Happy and Tonga become involved in a harrowing adventure when two dangerous criminals overcome the trio in a spaceship which goes out of control and hurtles toward the planet Earth.
Merrick: Peter Mamakos
Klinger: Tom Daly