I used to live on the next street over, this location is fantastic if you are wanting to explore Lavapies, La Latina, and the areas of Madrid south of Sol. They are full of character and in my opinion the most interesting part of the city.
The apartment is nice and has two balconies that lookout into one of the big streets. They are sealed well and you don't hear much noise out on the street (which is good because the area can be a bit rowdy sometimes).
There is construction going on in the apartments next to this one, but they seem to stop in the afternoon. If you're going to be out all day exploring Madrid this shouldn't be a problem.
Overall, a good place to stay when you visit Madrid.