If you want to stay in a great walkable location with a multitude of awesome food and cocktails choices within walking distance stay here. La Latina is a cool neighborhood with personality to spare. We were able to walk to all our meals, both museums we wanted to visit as well as shopping.
There is a 24 hour taxi stand around the corner as well as the Mateo station which was really handy for getting to and from the airport.
Eduardo is a great host- listen to his advice about what to do and where to eat while in Madrid- you won't regret it.
Also his apartment has a really cool vibe and fantastic city views.