The location is a bit far from the city centre/downtown area (about 30 minute walk) but it is quiet so you'll get a good rest and there are some nice restaurants and grocery/convenience stores close by.
Some negative aspects would have to be that you have to walk up 8 flights of stairs to get to it which after a whole day of walking around Madrid is really draining. There was also a rotten egg smell coming from the bathroom every morning and spread to the rest of the apartment.