The apartment is exactly as pictured and described, with one notable exception. The bathroom and the kitchen are only accessible through the master bedroom (the one with the queen-size bed). There were 3 of us (a couple staying in the master bedroom and a family friend staying in the smaller room), and it wasn't ideal.
Otherwise - excellent location in beautiful Alfama. You can actually see the river from the balcony! All important sites are within a short walking distance. Overall, it was a great experience. The hosts were very flexible with arrival/departure times. They own several apartments in this building which turned out to be super convenient for us: our friends were able to rent the downstairs unit, and it worked out great!