Compressive approaches provide a means of effective channel high resolution channel estimates in millimeter wave MIMO systems, despite the use of analog and hybrid architectures. Such estimates can also be used as part of a joint channel estimation and localization solution. Achieving good localization performance, though, requires high resolution channel estimates and better methods to exploit those channels. In this paper, we propose a low complexity multidimensional orthogonal matching pursuit strategy for compressive channel estimation based by operating with a product of independent dictionaries for the angular and delay domains, instead of a global large dictionary. This leads to higher quality channel estimates but with lower complexity than generalizations of conventional solutions. We couple this new algorithm with a novel localization formulation that does not rely on the absolute time of arrival of the LoS path and exploits the structure of reflections in indoor channels. We show how the new approach is able to operate in realistic 3D scenarios to estimate the communication channel and locate devices in an indoor simulation setting.