Everything about this place is wonderful except for the noise. The upside is that it is in a great location, but the downside is that it is noisy at all times of the night. Madrid (like most of Spain) has a late-night culture where folks stay out until 2-3AM. You can hear people talking in their normal voice as though they are in the apartment with you. Then, at around 5AM, the trash collectors come around. These trash collectors make no attempt whatsoever to be quiet. They are usually collecting bins full of recyclable glass, which makes a terrible clanging noise.
In summary, the location is great and so is the unit. The noise was a definite problem. If you are a HEAVY sleeper, then this is the place for you. Otherwise, I strongly suggest ear plugs.