During our 10 days in Madrid, the location here was perfect. Yes, it is in a heavily touristed area near the palace, but it's in walking distance to most everything we had the desire and time to see. Plus, we spent plenty of time exploring several of the main neighborhoods outside the Centro as well, which we could easily explore on foot also. The shared top-floor terrace is right outside the front door and is a great area to spend the morning planning your day and then your evening to unwind. Andres, who managed the property, met us with the keys (and even rode with me to show me a public parking garage!) was on top of communications throughout.