Amsterdam is an incredibly overpriced city. And accommodations are often comparatively tattered and worn. That is just the fact. I say this because the rates at the Owl are not bad relatively speaking.
The neighborhood is great, and yes, in a really nice section of town. The street you are on is cosy and quiet, and extremely well situated to transportation to get to all the tourist sights, and to the RAI conference center if you are staying there on business. The nearby park is well known and well used, and well worth going there for walks if you have the time.
Do get a larger room, even if you are a single traveler. And ask for one that overlooks the garden in the back. My was comfortable and the facilities in it were fine.
I imagine, yes, the place is small and could be noisy if guests in adjoining rooms are unduly loud. Though that wasn't my experience, thankfully. While I was there, the patrons all seemed to be considerate, and I would have had no hesitation to complain to them and/or the staff at the desk if they weren't. It's that kind of place: not like a B&B but neither is it like a disinterested, uninvolved hotel, of which there are many in Amsterdam.
The sitting room is attractive and opens up into the garden, and they serve liquor from a little bar next to the reservation desk. I see what some reviewers are complaining about regarding the breakfast. It is somewhat on the sparse side. But then again, IMO, it is more than passable and worked for me.
If I traveled often to Amsterdam, I would consider making this my first option.
This review is the subjective opinion of a TripAdvisor member and not of TripAdvisor LLC.