Perfect location for a base of operation to enjoy Porto. From the balcony you will be looking at the Sao Bento train station. Within your view you'll also see the taxi stand, the bus stop, and the Metro entrance. The Hop on - Hop off bus stop is right around the corner by a McDonalds. An ATM is by the apartment entrance as well as a well staffed Visitors Center. Cafes from from economical to high end are within a block's walk along with souvenir shops. I can't think of a more ideal base of operation!
The bonus is that you can easily cross the street to photograph the interior of the train station in the off hours when the crowds are non existent.