Yes they are located in an excellent and safe area. I stayed at the Suecia, a couple of blocks north of the Oporto, but passed by the Oporto on my way to the Prado, don't be put off by the ordinary looking doorway, very clean. Zorilla will take you downhill to the Paseo del Prado area. There was a very nice little grocery store on Zorilla where I would buy juice and treats. It is located near the Cortes, which is like their congress so you will see soldiers carrying weapons. But they are very nice, I stopped and asked one of them for directions and the fellow was very courteous.
The ambiance is magnificent because of it's European narrow street look, and also, if I remember it is rather steep. I followed it and it ends near the Prado and near MadridMan's favorite tapa bar el Brillante! Which, happens to be next to a darling little souvenir shop, where you can buy souvenirs a lot cheaper than on the Prado Museum gift shop! They also sell suitcases, if you buy a lot!
You have a couple of metro stops north of you in
Sevilla and Banco de España. Banco de España is on the corner of Alcala and Marques de Cubas. I was staying on a little side street El Marques de Casa Riera. You can follow Carretera San Jeronimo and turn on Sevilla to hit the metro stop in Sevilla.
Now you have made me yearn for Madrid!
Enjoy yourself and tell us all about your trip.