Like every major city in the world, Kuala Lumpur is not crime free. But as long as you exercise street smarts and take the usual precautions you would do as in your home city, there should be nothing to be overly concerned about. Certainly no worse than Karachi.
Don't walk around on the streets with jewellery or a big DSLR hanging around your neck, stand on street corners with an expensive handbag on your shoulder, watch out for motorcycle snatch thiefs and pickpockets on the monorail.
Prescott Inn is located in an older commercial area at the intersection of two of KL's major roads, Jalan Sultan Ismail and Jalan Tuanku Abdul Rahman. As you have said, the monorail station is close-by, so it is easy to get around; and across the road is an average shopping mall called Maju Junction. SOGO, a popular older mall, is a short 10/15 minute walk away down Jalan TAR. Asian Heritage Row at Jalan Doraisamy is a 10min walk away along Jalan Sultan Ismail and has some restaurants and bars.