If you are staying for longer, it is not very suitable, but for short term visits of Madrid its amazing.
The room was small, with just bed, sink, shower and toilet, but it was enough for our visit as we only slept and showered there.
It was close to almost all places and the metro was like 3 minutes by foot.
Highly recommend, if you are not a demanding person and want just something for good price and close to everything important.