For one person and a short-term (around 2 weeks) stay this is a great and affordable place in Oslo. Many popular sites in Oslo aren't far from this place either by foot or public transit (a 2-minute walk away is a very frequent bus route). Literally a one-minute walk away is an excellent bakery where I had breakfast a couple mornings and bought Christmas treats to bring back to the USA.
The building and studio show their older age, but are still in good condition. The walls are thin, so I recommend bringing earplugs or noise-cancelling headphones just in case. However, I didn't have any issues with noise and slept through the night every night without earplugs or headphones.