Distance 25min by car on the way in, 20min on the way back (unless in the middle of rush hour). No realistic alternative to driving for going to the airport, and be sure to do a recce before your first day--chances are you will get lost at first. To the centre, about 50min by public transport (better than own car, as in most European cities).
The area is nice (-ish, it's still Madrid which is a dump), and has all the facilities you will need. It is quiet at night, luckily.
If I can recall the name of the neighbourhood or address, I'll post. In any case, unless you know someone to stay with in Madrid or have no option of driving, their apartment is probably your best bet anyway.