Pros: lots of beds, lots of parking, easy walk to everything downtown. You can walk to restaurants, shopping, mansions, and the cliff walk.
Cons: the apartment is right across the street from a bar with a very active night scene, so if you want peace a quiet this might not be your spot.
Either Sunday or Monday night of our stay a gentleman with a saxophone was kicked out of the bar across the street after midnight, and protested this fact by playing Careless Whisper under our window until the cops showed up. We found this very entertaining and hilarious, but understand others might not. The only other issue we had was with one of the toilets running occasionally after being flushed. But overall we had a great stay, it was exactly what we were looking for in terms of location, parking, and having beds for all of us.