This studio apartment is in a good location and it was nice and clean and equipped with the bare essentials for a very short stay. When we booked it had no reviews and the listing failed to mention there was no elevator in the building, which turned out to be a problem for us. The floor of the apartment is also not level (step down to the bed area) so be aware of this if you have accessibility issues.
The price basically reflects the value of the location as many major attractions are quite close by and in general the nighttime noise level is ok due to good quality windows (you just can't sleep with them open!) I had one of the best meals I've ever eaten in Madrid at Restaurante Argentino El Camoati just 3 mins away, too.