We spent a week in Ricardo's apartment and it was great. Very well kitted out kitchen. On the 4th floor but has a lift.
Good location for seeing the sights of Madrid and easy access to Atocha station for trips further out. A trip to Segovia is highly recommended if you get time.
The area is generally quiet although there was some noise on Friday and Saturday night. There is a supermarket next door which was usefull.