The cottage was just perfect for three of us, myself and my parents, three adults. I think the place is perfect even for four adults if one does not mind having only one bathroom to share.
We really enjoyed our stay at this cottage for three nights. Though we already had everything we needed to prepare our meals, the cottage had everything for anyone who is willing to cook for themselves. We prepared our dinner each evening with local ingredients that we'd bought at the supermarket, such as lamb, salmon or trout. Having dinner enjoying the beautiful view of the town of Akureyri, fjord and the sunset over the mountain still covered with snow was an utter pleasure. We didn't have to go to any restaurants since we just loved too much being at the cottage. It is the same thing in the morning with the beautiful view as well as at night when it's dark. We were so happy that we did not stay in the centre of town since the view from the other side where we were was much more beautiful.
The location was perfect for us to explore the area, one day to Asbyrgi and Myvatn (Krafla volcano as well), the next day to Dalvik, Siglufjordhur and Hofsos. Dettifoss and Selfoss are also just about an hour and a half away. Godafoss is an half hour or less drive away.
If you're planning to stay in Akureyri as a base to travel around the Northern area of Iceland, I highly recommend this cottage. We really hope we can go back there again sometime.