I had a fantastic stay at Water and Sun III. The room is exactly as is shown. The pool area is lovely.
The room is clean and a good size for a studio. The cupboard was very useful as I was there for over a week so could properly move in.
I made great use of the cooking facilities, the full sized fridge with ice box was extremely useful.
One thing to note, the kitchen equipment is basic so don't expect to be cooking any elaborate meals, but I got by just fine cooking for 1 on 2 hobs with 2 pans. There is also a microwave.
There is everything you could need in the local area, lots of local grocery stores as well as a good sized supermarket a few minutes walk away.
The subway station is very close and easy to use, especially getting to and from the airport.
Sofia was a great host, waiting up for me when my flight was delayed and always on hand to assist when needed.
No, you're not right in the middle of town, but I consider this a good thing as it was extremely busy in July, and I liked having somewhere quieter to retreat to.
Definitely recommended for a stay in Lisbon.