A great little place that will cater to your basic needs. There's a "minimercado" in the same street and a bakery / snack-bar (padaria Madrilena) about 10 mins away. It's not within walking distance of major touristic areas, so it's advisable to plan to take buses (718, 728, 759, 781, 782) to get around, at least to other connecting points.
The area has many small cafes and restaurants nearby in the Rua do Açúcar (Açúcar Street) and Praça David Leandro da Silva (David Leandro da Silva Square); you can also visit Fábrica do Braço de Prata for folks shows/ dances/ workshops, some street art on their walls and also for a quick or slow meal or drinks.
Be mindful this is in an old building; you will have to go up some stairs and the sound proof is not perfect. Though neighbours are generally quiet, you will hear them coming and going and you will also hear a little the traffic on the street. I didn't find either that disrupting and I slept well, but wanted to share this given some of the other reviews.