Centered very well in the old town, this place is a good basis to explore this lovely city. A good bicycle rent-out is around the corner, shops, bars, restaurants and alike.
Of course along with such a centered location, parking problems come along. Valencia is a city you should explore on foot or by bike/ scooter, but when arriving with a rental car you may need to dump the same for a few days. The appartment is directly (!) accessible by car to drop off/ collect luggage, but in order to find free parking for a few days you have to bring the car 2 - 3 km out. Especially in the dark it's a nightmare to find a "white" car park - took me 1.5 hrs plus 30 min walking back to the apartment.