Great location, we walked down to the Museum Quarter. Tram number 46 can also be caught down to the Volksgarten area where Trams 1 and 2 are. I did both, Tram 2 goes out a far way so interesting to see and Tram 1 goes more around the central city. Several supermarkets close by, Billa further down the road heading out of the city and an Aldi and Billa around the corner up the hill.
Would certainly recommend staying at Tom and Pepi's place.