The basin, a natural depression measuring roughly two and a half metres long and a metre deep, is enclosed within an oval drystone wall thick with ivy. When surveyors visited in 2000, there was no water in it at all, which does nothing to diminish what the site represents: a place of healing, specifically of eye ailments, that drew people here on the 3rd of March each year for its pattern day. A pattern, in Irish tradition, is a localised devotional gathering held on a saint's feast day, combining prayer with the kind of communal ritual that pre-Christian and Christian practice folded together over centuries.

The well is most likely dedicated to St Caoide, the same figure honoured by the adjacent medieval church within the graveyard. The name Toberkeedy appears on Ordnance Survey maps from both 1842 and 1920, suggesting the site was well enough known to be worth naming, even as the surrounding landscape changed. Around 1980, when the land was cleared, the landowner recognised the well and had the enclosure wall built, though older walls and what may have been a trackway or roadway to the west had existed beforehand. A local account from around 1930 recalls a very large tree standing at the well, and a living tradition that its waters were considered blessed. That combination, a named saint, a curative purpose, a gathering date, and a significant tree, places Toberkeedy within a pattern of holy well veneration found across Ireland, where the physical source of water and the spiritual significance attached to it became inseparable over time.

The well sits within a wider ecclesiastical enclosure, the kind of roughly oval or circular boundary, sometimes still visible in field patterns, that often marks the extent of an early Irish monastic or church site. It occupies low-lying pasture land, slightly apart from the graveyard itself, in that marginal position that holy wells so often occupy: close to the sacred centre, but outside it.