Very very centrally located, which is good for getting to places of interest but downside is noise and crowded sidewalk at the street door. Yes the apartment does face a side street, but there still is considerable activity, traffic, and recycle truck action going on at night. We were glad it was cold weather and we could close the window, which helped a bit. If you are noise sensitive, you may want to look for a courtyard-located unit (a common arrangement in Spain). The loft bunk is a full queen sized mattress. Note the orientation of the mattress is side to side. I.e. if 2 people are sleeping in the bed, one must climb over the other to access the ladder. If you are the sort of couple who needs the WC in the night, this should be kept in mind. While compared with the photos the decor is busy and unit is beginning to show wear, it is clean. The price is decent for central Madrid. Luz greeted us as we arrived and gave us genuinely helpful tips.