We really enjoyed our stay at the Black Pearl. We came in very early in the morning and reception staff escorted us immediately to our apartment, explaining its features clearly. It is quiet and extremely clean, and like all of Reykjavik, very safe for tourists. It is located a short walk from excellent restaurants, coffee shops, a great art museum, and the harbor front. I'd say it was about a 5-7 minute walk to the middle of downtown. It's also a quick walk to the pick up points for day tours as well (Bus Stop 4 and 15 are particularly close, but Bus Stop 5 is also close.) Kitchen is well-stocked with sharp knives, pans, and other stuff for cooking and serving meals, should you want a break from restaurant cuisine. Balcony does not overlook water but is a pleasant space for lingering over drinks. We'll book this again on our next trip to Iceland.