I mean... would you prefer to wait for an elevator or walk up four flights of stairs? Or would living on the first or second floor be better? For me, 2nd floor was preferred, moving in and out was easier, never used the elevator etc.
Do they let you choose what floor and location of your actual room? For me, all you could do was request your top 3 buildings and you usually got it, actual placement inside the building we didn't get a say. Just ask for whatever is closet to the main entrance/elevator... depending on the dorm layout, it would be easier to leave your door open when you're just hanging out so you can talk to people more frequently if you're near an entrance.
Building location, just aim for the center of campus if you can. Easier to get to places on campus and for people to visit you.