The studio is very well designed and has a nice vibe. It had a lot of space for us two. As for the location, it's located in a quite street, about a 10 min walk to the heart of Lisbon (up hill), and the neighborhood is very sweet.
Nevertheless there are two major points you should take into account -
1) The studio is located on the ground floor which means - not a lot of light nor fresh air since opening a window is directly on the street.
2) Noise - you can hear at times the strong foot-steps of the neighbors above, you should bring ear-plugs if you are a light sleeper.