This place is just perfectly located, you have more than 12 restaurants and bars within 2 minute walk. Lots of breakfast places and a supermarket a block away. If this wasn't enough, in 5 minutes you walk to la Plaza Mayor and in 8 minutos to la Puerta del Sol. There is the Latina subway 1 minute away, but we never took it, all was close.
About the restaurants in Cava Alta and Cava Baja (nearby streets), they are superb places, our favorite "Los Huevos de Lucio" and "Casa de Julian Tolosa".
This is the perfect location for your Madrid trip.