This was a super awesome location! Really, really nice and central to everything — you can easily walk east or west on Kalakaua ave, and have access to all the beach, restaurants, and shops that you want.
Want to drive around the island instead? Get a rental car, because Lia's place provides parking as well.
Worried about your tour / pickup location? Not to worry — most of the tours I went on picked me up across the street at Ross. The rest of the pickup spots are 5 minutes walking distance (because of all the hotels around you).
Trying to save money on food? It's a 5 minute walk to Food Pantry where the locals buy their groceries — Lia provides all of the essential cooking equipment, spices/sauces, and condiments (I ended up cooking a few meals since food in Waikiki is expensive). There's enough dinnerware for 4 people.
Worried that you're too far from the beach? It is easily a 5 minute walk. Plus, there are all kinds of water gear that Lia also provides (snorkeling equipment, boogie boards, floater tubes, etc) that you can take with you to the beach.
Overall, it was a great experience! I ended up not being in the unit most of the time because there was so much to do in Hawaii, but IMO this is one of the best spots to stay in Waikiki.