If you don't mind walking, it's a good location. If you like walking it's a great location. 5 min to the sea boardwalk. 10-15 minutes to the Alexander great statue, then another 15 minutes to the main walking street with loads of restaurants and bars.
Pretty cool studio, and large for a studio. Easy check in and out. Quite a nice size balcony too with sea view and even the sunset can be seen from the balcony (in summer), maybe not in winter.
Oh and maybe it's about 30 minutes walk to some Navy ship.