It’s a bit small, but perfectly located in one of the most happening neighborhoods in Madrid.
It’s perfect for one person or a couple wanting to be where the action is in town, and you might fall on a neighborhood festival weekend like I did :)
The are some of the greatest tapas bars and restaurants not more than 10 minuets walk, and Plaza del Sol and the Royal Palace are about 15 minutes walk.
For everything else you have the Lavapiés subway station, Madrid has one of the best (and cleanest) subway I ever seen.
I hope that helps.