Lakemill Lodge is up there pretty high on Mike's List of Worst Eyesores Downtown. The Kings Inn used to be #1, but that's been transformed into sleek modern apartments and some cool first-floor commercial tenants.
It's the multi-colored 'weekly' motel located on the corner of SInclair and Mill Street. The building itself could be something cool, with some serious renovation and gutting. The center portion is open-air, though you can't see that from the street, and most units have a balcony. It's also host to one of Reno's coolest under-the-radar non-smoking dive-bar, the Foxy Olive, and a convenience store.
The Lakemill Lodge recently filed for two interesting permits to convert it to studio apartments, adding kitchens in the process.
As ReReno2 points out, the building needs serious help. And if possible, the approval of these permits should be dependent on making additional improvements to the building. I don't know if anyone has that power or not, but it'd be nice.
The Lakemill Lodge currently charges $160 a week, or $640 a month. If the permits are approved, it will be interesting to see how much Lakemill charges for a studio with kitchen, once the renovation is complete.
To be appealling and to fetch $900+ a month, the place will need a serious do-over.