The location of the studio on Calle De Arenal is just perfect - in the city center and within 5 mins walking distance from Palacio Real, Puerto Del Sol, Plaza Mayora among many other tourist destinations. It is also just 2 mins from the Opera Metro station although we never had the need to use the Metro since there was so much to do within just walking distance. The street is closed to vehicles, yet quite accessible by taxi since taxis can drop you off at the Opera metro station.
The balcony opens overlooking Calle De Arenal. We were there over the weekend and the area was full of activity with a street performer singing right in front of our balcony! In the night, the area was a bit noisy till late in the night, which was not a problem for us but could be a factor to consider if one is sensitive to sounds.
The kitchen amenities were adequate to cook a meal (grocery shopping was also within 2 mins of walking distance on a side street off Calle De Arenal). The apartment was very clean and well-maintained. The loft bed was very comfortable and was a favorite with our 8 year old. The apartment felt very secure, both due to the location on a major street and the multiple levels of secure doors - there were 3 doors to get through on a weekend. On weekdays, the main door to the building is open with a guard on duty.
Finally, Belen was a truly gracious host! We arrived at the apartment at 10:00pm and she was there to greet and guide us even before we reached the apartment, as we were walking to it (the taxi dropped us off 3 mins away from the entrance). Once at the apartment, she took the time to inform us of the security arrangements, amenities and nearby places to visit.