I highly recommend this location. As long as you don't mind walking, you can get pretty much anywhere within Old Prague, including the palace, which we walked back from. A mini Mart is right around the corner and a mall is about .7 km away which has a really nice food court with lots of options. It also has a Tesco, which we would buy groceries at.
the place is very nice, very comfortable bed. Josef was flexible with check in, check out, and luggage - which was all appreciated. I wouldn't hesitate to stay here again if we ever went back to Prague.