A great, central location to experience magical Madrid. Extremely close to Malasaña and pretty much walking distance to everywhere else in the city. Must be ok with climbing stairs as the apartment is on the 4th floor and the elevator is quirky and will not work often if the door isn’t closed properly on one floor. Also, the bedroom is in the loft so you have to climb upstairs to it as well.
Air conditioning is a plus if traveling during the hot summer season.