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The apartment is tiny, but is within 100m of the Gran Via, and is clean and adequately equipped. We were met by Jesús who showed us how everything worked, and made sure we were settled. Mercedes was also in touch to check everything was OK. From this base we were well able to explore Madrid. So we can recommend this, but be aware of the compromise you are making. If you want something this close to the Gran Via which is spacious you will pay a lot more.
There was some work going on in the building during our stay, drilling and so on, but it was quiet in the evenings and at night.
We loved this apartment. It was spotless, good size for two people (we stayed 10 nights), nice bathroom, comfortable bed, and plenty of kitchen equipment if you want to cook. Manuel was very welcoming, he had kindly stocked the fridge with butter, jams, milk, orange juice, and even a bottle of wine. There were also breakfast muffins, tea, coffee. In addition there were necessities such as shampoo and shower gel provided if required. We felt this was going over and above what we expected and were very impressed. Manuel also spent some time showing us where everything was on a map, very helpful as it was our first time in Madrid. I highly recommend this apartment. Also, it was an excellent location, we walked everywhere as all the main sites were within 20 minutes walk, but the metro was just across the square if required. There was a great choice of restaurants, patisseries, and small super market around the corner.