The place is up the hill on the second floor towards Mt Vic - a 15 odd minute walk downhill to Cuba St. A few nice food spots on the way to town and a lot of good breweries in the heart of town which I tried hard to visit while there. Buses to the zoo and to the train station are nearby and a New World (grocery shop with a good selection of beer and wine) is about 10-15 minutes from home.
Lots of good food nearby too. We got Thai a few times and it was good but the pick of them for us was the fish and chip shop on Majoribanks Rd. It is some of the best fish and chips I have ever had and they do a really good lunch time deal too - certainly check them out. On several occasions though we used the facilities provided and cooked pasta, pizza, or something quick in the microwave. The kitchen is pretty well stocked and has about everything you need.
The apartment is within walking distance to everything we wanted to do with our kids and there are a few parks nearby in every direction. The place is also a 15 minute walk from Te-Papa which our kids thoroughly enjoyed. So much so we ended up visiting this free museum three times! Apart from having to hide a few of the nicer things that were scattered around the place before the kids broke anything and having to walk the pram up the stairs from time to time it worked well for our family and we would recommend it for yours.