Pros:
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Location is solid.
It is within walking distance to Grocery stores ( "Kronan" is the closest, "Bonus" slightly further away).
Close to Rainbow Street, restaurants and shopping.
The apartment itself was clean and well kept.
There are some parking spots within the property at its back on a first come first serve basis.
There is a parking garage just few buildings away on the same street (Bergstaðastræti) on the same side of the street as the apartments.
Cons:
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There is no elevator. Also, the staircase is "circular" similar setup to lighthouse stairs where one side is narrow and the other side of each stair is wider.
This makes hauling luggage problematic.
In the apartment that we were, there was no dishwasher.
There is a provision to store luggage in the basement, but anyone that can enter the building via keypad entry can also access the luggage store, so luggage security is not fool proof.
There is no washer dryer in the apartments themselves or in any common area of the property.
Tour operators will not pick up from this location, you will have to use Bus Stop #6 for pickup / drop-off.
General notes w.r.t. KEF Intl Airport transfer:
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Either take bus (Greyline or Flybus by Reykjavik Excursions for ) which is also dropping/picking up at Bus Stop 6 for Reykjavik4you apartments. Or taking a cab ( Hreyfill or BSR Taxi etc) is also an option, but its not exactly cheap ( $150-ish minimum)