Great location. Tons of great places to eat nearby. The tram line is right outside so it's super easy to get around Prague. Despite the tram being nearby, the overall outside noise is well insulated.
Note for families traveling with kids: Petrin Park is right across the street and has tons of playgrounds for the kids and a bunch of stroller-friendly trails.
Beautiful apartment. High ceilings. Split bedrooms. The kitchen was equipped enough for our needs. The building is old, which means you should expect things like creaking floors and doors that have come out of alignment. None of that particularly bothered us.
Overall we had a great time staying here and would recommend for anyone looking to stay in Malá Strana!