Konrads apartment really is smack in the middle of the Old Town - a fantastic location for exploring the area, close to many bars, restaurants and other tourist attractions.
I would advise light-sleepers to bring along ear-plugs though, as proximity to so many bars also meant loud music and cover-bands playing until late into the evening.
If you're into nightlife, perfect! If you're looking for peace & quiet though then this place might not be for you :-)