This is a 7-story building filled with apartments for short-term rental. It is in a large parking lot shared with one or two similar apartment buildings, about a 15 minute drive from downtown Reykjavik. Out studio apartment was very comfortable, the bed was great, but the kitchen a little antiquated--it was hard to control the heat on the electric stovetop and oven. There are a free washer and dryer on every floor.
There is no staff on-site, but the management is very responsive -- you can reach them by email through Expedia, or be telephone. We had a couple problems during our stay, but with one exception they were quickly resolved. That one exception was not their fault -- the local water department had an accident so that there was no water supply for one day. The management did keep us reasonably informed, and they agreed to refund one day's rent for the inconvenience. I think it would be very inconvenient to stay here without a car, and you do not get to walk to the sites and restaurants of downtown Reykjavik. On the other hand, you can cook and wash your clothes, and it is very easy to drive either into town or out into the countryside to see various sites. And it is very comfortable. We would stay here again.