We had a wonderful stay at Cristiana’s Giraffe House a few weeks back. Staying at the house were two adults and two children, age 7 and 4. The common space was perhaps a bit snug, but the bedrooms were very spacious (the bunk beds were a big hit with my kids). And given the great location, we weren’t spending much time lounging around anyway. We loved cruising down the Avenida da Liberdad and checking out the Príncipe Real garden. The botanical gardens are also close, and any tourist attractions closer to the river (Baixa/Alfama) are easily accessible, as are Chiado and Barrio Alto. Our first time in Lisbon we stayed in the Baixa and, although flatter, lacked the charm this neighborhood had in spades. Just be prepared for some extra hiking of hills.
The apartment was well appointed and clean, the beds comfortable, and a bathroom with a tub was a big plus. Cristiana was also very prompt and easy to communicate with. I would not hesitate to stay here if I’m lucky enough to find myself in Lisbon again.