Historical records from the early 20th century, particularly a 1915 mention in the County Louth Archaeological Journal, refer to this tower house castle, but pinpointing its precise position has proved challenging for modern archaeologists. The structure likely dates from the late medieval period when tower houses were a common defensive dwelling for wealthy landowners across Ireland, combining residential comfort with military practicality.

Archaeological surveys conducted in the 1980s and 1990s attempted to document what remained of this castle, with researchers like Gosling providing approximate locations based on historical maps and local knowledge. The designation as 'Old Gaol Castle' suggests the building may have served a dual purpose at some point in its history, possibly being repurposed as a prison or holding facility, a common fate for many Irish castles during the 17th and 18th centuries when their military significance had waned.

Today, physical traces of the Old Gaol Castle are scarce, if they exist at all, making it more of a historical footnote than a visible landmark. The site serves as a reminder of how Ireland's built heritage can disappear over time through demolition, redevelopment, or simple neglect. For those interested in Dundalk's medieval past, the castle's story, fragmentary though it may be, adds another layer to the town's rich archaeological tapestry, even if visitors can no longer walk its halls or climb its stairs.