Bad News - We thought we were prepared with our Google map to get from the train station to the apartment. But, Google added a few turns and alleyways yet eventually took us to the general area (don't rely on Google here); we were actually within 50m at one point and asked a waiter for further direction (he didn't know the area well and could not help). My only other warning would be the loft sleeping area: if you do not climb ladders and wander in the night, this might be a problem. So, be forwarned...;.
Good News - The apartment is clean and extremely energy efficient. The location is quiet, yet right around the corner are find cafes, restaurants, bars, bakeries, etc. A wonderful base for exploring Lisbon.
You can walk to all the attractions from here: shops, markets, the plaza, waterfront... We would certainly love to return and would recommend Alfama II.