The location is primo. I walked to the Prado Museum, the Royal Palace, Plaza Mayor etc. My only advisement is as an American I am not used to all the cigarette smoke. The flat doesn't smell like smoke inside from people smoking but from people smoking outside and in adjacent apartments. Also, the previous reviews about noise are accurate. If you are a light sleeper, this will be too noisy. Madrid is active all hours and you can hear cars, people, sirens and construction all the time. I felt very safe here. The outside wasn't very pretty as it's a back alley with graffiti but there is lots of graffiti here in Madrid. Don't let that fool you. The flat is clean and wonderful on the inside.