The apartment is in a great location, close to many bars and restaurants, metro station, and sites like the Gran Via, Prado museum, Plaza Mayor and many more.
The apartment is on the third floor and as Emily in Paris has taught many Americans the third floor is what we consider the 4th floor. There is no elevator but I knew that going in so, be warned. It is located on a busy street and noise can be heard well into the night but in all honesty while it was loud you get used to it and by the second night it was just background noise.
I would recommend this place to anyone who is comfortable walking up a few flights of stairs.