Pros:
Location! So close to excellent tapas, the Plaza Mayor, Mercado de San Miguel, Puerta del Sol and many other sites!
Washing machine. Very very helpful.
Full kitchen
Safe and secure
Cons:
Pretty noisy. It wasn't so much the street noise as it was the neighbor upstairs who liked to come home at 2 or 3 am and stomp around and move furniture. It sounded like he was in the room with us.
-small and not really a loft. Unless "loft" means something different in Spain
-only enough hot water to take 2 very short showers
All in all, we were happy with the place.
We would consider staying here again for the location alone. Just bring some noise canceling headphones.