This is a great location for walking to many of the tourist sites in Madrid. We walked to the Prado Museum, the Reina Sofia, Plaza Mayor and the beautiful Retiro Park.
This was our most expensive lodging, but Madrid is an expensive city. The apartment is a large one, and well equipped. We had five people, and it was nice to have so much space. It does require walking up two flights of stairs. Note that one of the bedrooms has only a curtain closure, not a door that closes. So, that bedroom has less privacy than the others. One of our children stayed there, so it was not a problem for us.
There are three air conditioning units: one in the master bedroom, one in the living room, and one in the library. So, three of the bedrooms do not have air conditioning in the room. But we were able to be comfortable by leaving the doors of the bedrooms open and the air conditioning on overnight.
There is noise from the street, but only the kitchen and the living room face the street. We kept the windows facing the street closed, and I was surprised by how well it blocked the sound from the street. We had no problem sleeping except one night when the people in the apartment on the floor above us came home at 4:00 am and made some noise above us. There is no way to control that.
All in all, we were very happy with this place and would recommend it, especially for a family.