I've not stayed there but know the street well as it runs parallel to Gran Via and , in that respect , could not be more central . It's also not that noisy ( by Madrid standards ) .
I agree with janel about the prostitute situation . Caballero de Gracia , at one , Meets Calle Montera .. reknowned for being "prostitute alley" in Madrid . But the girls are there morning ,afternoon and night , and since a very modern Police station has recently opened up on Montera there's almost no worries about any danger . I've certainly never experienced it .
If you're a single male you're likely to be propositioned but not aggressively .
Madrid is a typical city where poor meets rich or prostitution meets the church within a couple of blocks of each other .. That's why it's so exciting to me , even after more than 3 years living here . Steve