This must be one of the best locations as many key sites are near. Plaza Mayor is about a 5 minute walk, Grand Via is about a 20 minute walk, and Prado museum is about a 25 minute walk. There are numerous good restaurants, bars, and markets just outside the door. The space is ample for a large group (we had 6) and the 3 bathrooms were a bonus. The space was spotless and there were nice touches like quality towels, coffee filters, and even ice in the freezer (rare for Air BnB). Emilio immediately responded when I arrived to town and sent a colleague to show us the space also right on time. He also gave local tips. For those that are light sleepers, you should bring ear plugs because you are located next to a busy square. We really enjoy and appreciate a vibrant city like Madrid, but others may desire quiet late-night surroundings.