Great location, in the middle of everything. However it is on the 5th floor, was no big deal for us but it is a lot of stairs. Also, the ceiling is low in one if the bedrooms. Cannot beat the price, it was perfect for my family of 5, was clean and had all the dishes we may need, also they left snacks and shampoo. We were very comfortable.
Madrid is a boisterous city so it was often loud until 2 am as we were above many restaurants and bars, but that is to be expected in the city.