We had a great time in Lisbon, and this was the perfect place for us.
The place is small, but it is very clean and well furnitured (the kitchen seems well equipped). Coffee and sugar is provided, as well as one bottle of wine and water - a very nice and thoughtful surprise. The bathroom is newly renovated and very nice. The bed was good.
It is located in the charming old part of the city with cobblestones (backpacks are better than rolley-suitcases). The area is lively during the day and evening. A few other guests mentioned the noise but we had no problem at all with the windows closed, but bring earplugs if you're a light sleeper.
Alexandra and Pedro were very nice hosts: Alexandra showed us around the studio when we arrived, and also showed us the map and pointed out sights to see.
I would definitely recommend this to friends and family and I would absolutely stay here again. A lovely studio!