Perfect location for you can walk to everything. Paola helped show me some local places too. She recommended the Mercado de Motores held the first Saturday each month at the Museo de Ferrocarriles. Also personally showed me the Lavapiés neighborhood with the statue of Nelson Mandela. Many thanks Paola!
p.s. Check the weather forecast, for Madrid had some very cold nights during my stay. I had to buy a winter coat in April.