For us the apartment was just how we aspected. You need to know it is in Bairo Alto, which is the nightlife area. You can close the window and hear nothing or sleep with the window open and know you are in a vibrant city. Furthermore the location is perfect since when you walk up you can enter lovely areas of the city and when you walk down you pass by the most common places of the city center and at the end find the waterfront area. For us is is a good point to start exploring each day.
Bring good shoes and prepare for some climbing when you are going to Lisbon! And Enjoy.