PROS:
The location is wonderful!
The view from the living room is magnificent: we face the Royal Palace, Felipe IV monument, we see the statues and the green bushes of the Plaza Oriente, the Cathedral de la Almudena... Cannot ask for better location and better view!
There are lots of actions outside the apartment, but the noise insulation is very good. The 2 bedrooms are in the back of the apartment, therefore are very quiet, even if there are parties or processions on the streets.
The living room is extremely spacious with 2 sitting areas. The dining area is large. The kitchen is big.
The master bedroom have a shower and sink inside it, and a room for the toilet. The smaller bedroom is connected to its bathroom (in some airbnbs, you have to go out in the hallway to get to the 2nd bathroom).
CONS (very minor) :
The sink in the 2nd bathroom is tiny.
Check-in is a little complicated and a big hassle: you need to get to a place, not very close to the airbnb, to get the keys.