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I would suggest that you get off at the second to last stop, Mercado, right next to the bridge over the harbor inlet. Cross the bridge, turn left and walk straight down to the beach.
Albergue de Peregrinos do Porto is a short walk from Metro station Carolina Michaelis and 2 km from the cathedral. Multiple nights are possible and you can book through their website, albergueperegrinosporto.pt. Excellent albergue with beautiful garden!
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