You will struggle to find a place with a better location than this place!
Located pretty much on the Grand Via, it's within walking distance of most places of interest in Madrid. Hip bars and restaurants in the Malasaña area are close by, as is a well priced rooftop bar (called Gymage) to have some downtime from all the sight seeing!
The flat itself is nice, clean and comfortable. Plus, the price per person for this place is really good value.
Highly recommend!