That really depends on how the space is arranged. I'm in just about that size, but my place is wheelchair-accessible with room for attendant care, so the bathroom is huge compared to normal, the entrance corridor is nearly wide enough for, say, a Smart ForTwo (or a chair with a drip and someone alongside), so the basic living area works out to "small bachelor/studio". That's a bit extreme, but a bad layout can really eat into the usefulness of your floor space without a corresponding drop in cost.