I could have spent all my holiday on the patio at Victor's apartment. Alas, Madrid just has such a good vibe that I couldn't possibly do so.
The apartment is in a good location, a short taxi journey away from the centre - often just €10 in a taxi...walk-able if you like a good walk.
The area is decent, it has everything you need both in the apartment and nearby shops.
You won't be disappointed.