Pedro's flat is the most unique and well decorated place I have ever stayed! We stayed here in order to access the beach and get out of the city for a change of scenery. There is a tram 4 minutes away that connects to the metro which brings you right to the city center...very easy. The neighborhood is just that, a neighborhood, with families and friends out and about. Minimal tourists.
The flat itself was great. We truly enjoyed hanging out there enjoying a glass of wine on the balcony in the evening. The noise wasn't an issue for us but the bedroom faces the street and we could hear cars and people going by, but we had a fan on for white noise. I would recommend Pedro's flat if you're staying in Valencia, a great deal.