In the heart of Alfama, at a very sweet corner, also close to the water strip. If you like to be in the heart of the historical area of Alfama and also like to have an active holiday and run along the river, it is just perfect place to stay :) You can walk everywhere from here.
The walls are quite thin, though. I heard all the conversations of my neighbor and if someone comes late, you hear all that is happening outside and at the stairs as well. So bring earplugs :) The rest was all great!