A small cozy apartment located at the heart of Reykjavík. 1-5 minute walk to most services, shops, bars, buses, shopping streets etc. one would need. Still out of range of the Reykjavík weekend party noises :)
One bedroom, but a good sofa in the living room which can easily host one, and possibly two.
On the next corner there is a cultural center which hosts a nice café and the occational concert.
Close by also is the National Gallery of Iceland.
Many buses stop close by (2-3 minute walk) but the main bus terminal is only around 10 minutes walk away.