Miguel's flat has a lot of personality, and we really enjoyed our stay here. The building it is located in is older, to say the least, and you get all the character that goes along with an older building (the old lift is a blast). You literally share a wall with the Plaza Mayor, which was built in the early 1600s, so I don't think you can get closer to Spanish history than that. The sunny, rooftop terrace is perfect for sipping your morning cafe con leche. But even though you're right next to a hub of activity, the rooms are quiet at night so it was very easy to stay rested.
And speaking of being located in a hub of activity; step out of the building's massive wooden front door and walk ten steps through the arch to your right and your in the Plaza Mayor. A two minute walk the other direction and your at the Cafe San Gines, one of the most famous places in Madrid for churros con chocolate. The historic Mercado de San Miguel is on the opposite end of the Plaza Mayor, and is a great place to sample some delicacies. The Puerta del Sol is a five minute walk, where you can catch the subway to anywhere. Make sure to stop at La Mallorquina in the morning and squeeze up to the counter for a delicious pastry and cafe.
If you want to remain top-side rather than traveling underground, the Royal Palace and opera is a 10 minute walk west, and the Prado and other great museums are a 15 minute walk east. And you're in the heart of old Madrid, so there is a lot to see take in along the way. El Rastro, one of the biggest street fairs anywhere, is held every Sunday and is only a 10 minute walk.
All in all, we had a great time here and would be happy to stay again.