The place is pretty much in the center of Madrid's old enclave and walking distance to museums and other historical sites. There is an escalator so getting in out of the apartments is easy. We spent 4 nights with our kids and enjoyed the accessibility to all the local attractions. On weekends, the street can get a bit rowdy and the noise does make it way into the apartment. Unless you are a very light sleeper, it should not be a problem.
The place is clean, neat, exactly as advertised and we found the team at Mi-Casa Inn always available to answer questions to address our concerns. I would most certainly recommend the place to anyone looking to visit Madrid.