Very central location and close to shops, restaurants, and public transportation. It's less than a 5 minute walk to any metro station and all the shops and restaurants near Plaza Mayor. It's still very quiet and the heater/air conditioner helps make the place a very comfortable stay while in Madrid. Just be careful as you go up and down the small, windy staircase. The host made it easy for us to check in even though she was away, and there's a small fridge and stove available.