Wonderful location close to mass transit (train station and trams) and high walkability make this a superb place in South Yarra. The building is located on a quieter street so you don't hear any bustling outside, but just a few minutes walk and you have all of South Yarra at your doorstep.
My partner, two dogs, and I made this place our home for about a month as we relocated to the city and it was a perfect base to start out at.