Learn about Malasana. Maybe also search "movida". Forget ancient nonsense still on well known travel site forum. Totally absurd author. I am 73, my wife 74.
Location? 2 min max from Gran Via. Very nice 20 min from Prado, alongGran Via. 6 min from Plaza El Sol, another 3 from Plaza Mayor. As far as Malasana, next door is an excellent restaurant, with well presented dishes and a good menu, (but the blond waitress is a dud. ) Way, way beyong cheap tapas. Across I mean directly across the street is a very complete market. And then 2 minutes away there is window shopping up fuencarral until you reach ginebra heaven deep in Malasana. Enjoy.