Had a lovely weekend stay! The location is excellent and a convenient 15-20 minute walk from malt anywhere you want to get. We only used the subway for getting up to some museums north of centro and arrival/departure.
It’s equidistant more or less from Callao and Gran Via, but be sure to check if Gran Via station has reopened when your visiting! Not a bad fit for three people if you don’t mind being a bit on top of each other, and good for location and value.