My wife, four kids and I stayed here and it was perfect. It was about a 20 minute walk to the main plaza. If you wanted to take the bus it is literally just down the street. The first stop of Tram 28 is about a 20 minute walk.
Belem and the Christ the king as well as April 25 statue are a bit too far to walk. But an UberXL (6 of us) only cost us $18. There were small groceries near by and there is laundry in the building - you just need to ask Oskar how to access it. We rented a car to drive down to Alrgarve and up to Porto and always found parking in the street overnight. You only pay for parking on the street Mon to Friday 9AM to 7PM.
If you want to see a wonderful Fado show Ocorrido (Excellent place for Fado and dinner for about $39/person) is about a 10 minute walk away.