I've had been on Albufeira Jardim two years ago (December 2009), for the New Year's Eve, and it was a good experience so this year I decided to stay there once again.
We paid 60€ for a 2night stay as a couple, on a studio (T0) with sea view (no breakfast included). The room had 1 bathroom with towels and toilet paper, a kitchenette with some kitchen supplies (a pan, a sauce pan, cutlery, etc) - don't forget to bring some detergent and a sponge if you're planning on cooking! - and a living room with a TV and a sofa that turned into 2 single beds. I found the beds a bit hard personally, but it was ok since I only stayed there for 2 nights. By the way, if you want to watch TV, there is an extra fee (1€ per day) involved, just make sure your TV works properly (mine didn't). It also had a balcony with the most lovely sea view (you can see it on the pictures).
Regarding the location, it's about a 10-15min walk to the beach (Praia dos Pescadores). It's close to several mini markets and some bars (but the main bar street is a 10min walk away). The mini markets can be a bit more expensive, so if you want to save, you can walk to LIDL, it's about a 15min walk from the apartments. There is a club called "Casa do Cerro" which is inside the area of the Apartments that has a very nice ambience, if you're not in the mood to walk to the clubs street.
The reception staff was nice and helpful, the reception is open 24h a day.
The price was definitely the best I've found for this period, but I should warn you that prices could go as high as 3 times as much as I paid in the Summer months.
This review is the subjective opinion of a TripAdvisor member and not of TripAdvisor LLC