How to print render Location's sub-fields?
If you have devel module installed than you check the exact contents of the array as: dsm($content);
Even if you don't have the devel module installed than check the contents of array as:

echo '&lt;PRE&gt;';
print_r($content);
echo '&lt;/PRE&gt;';


I guess you probably have missed the language attribute - for regular non-location fields it's: $content['field_location']['und'][0]['#street']; and $content['field_location'][0]['#city'];