We have had a great week-long stay here! The place may look a bit farther from the center than others, but is actually quite well-connected with the nearest metro station literally 20 steps from the doorstep. You can get to Sol station quite effectively (one change of train required), and also to the Estacion del Arte which is where you'd want to get to see del Prado and other museums.
There're lots of factilities in the walking distance: the Debod Temple, Royal Palace and Plaza de Espana to name just a few! There's a lovely bakery quite nearby, two supermarkets and countless tapas bars. I really recommend the place!