Most important notes:
Apartment is located between two construction zones and the terrace is right in the middle of it.
Bedroom window is just a few feet (couple meters) from someone’s terrace, hence the noise.

There are no mosquito nets, when we arrived the apartment was full of mosquitos.
Additional considerations for travelers I wish I knew before booking
Area is not the best to explore the city unless you are into mountain climbing. Streets are very steep in Graca and very slippery.
If you are into walking around the city it is best to stay in other areas - close to Avenida da Liberdade perhaps
Driving in Graca is very difficult even for people who’ve driven in many busy places. It is best not to have a car in Lisbon. We left our car in the garage and used Uber, which is very reliable and inexpensive.
One additional note about the apartment - bedrooms are located upstairs and are so tiny that normal beds do not fit in there. The master bedroom bed is much smaller than queen size bed. The other bedroom has two separate tiny beds for little children. If combined there could be a decent size bedroom.
Overall, I feel that it was a mistake to book this flat for all those reasons.
Our host was not helpful at all. Left alone she did not let us come and leave our car before check in time, she kicked us out at 11am at the last day, so we had to drive around for hours trying to park our car in the city because our flight was later in the evening.
If I ever return to Lisbon I will not stay in that apartment.