Investment Overview

Ennis Storage is a 38,697 rentable-square foot facility resting on three parcels (two of which, on Interstate-45, are adjacent to each other) encompassing a total of approximately 6.87 acres in the town of Ennis, Texas (approximately 17 miles south of Dallas). The main location contains 54 climate-controlled units and 124 drive-up units, and the satellite location, located on Highway 287, contains 74 drive-up units and 23 uncovered parking spaces. The facility is operated by a third-party management company that employs a part-time manager who works on-site (in a converted climate-controlled unit at the main location) between 9:00am – 1:00pm Monday – Friday, and from 8:00am – 12:00pm on the first and last Saturday and Sunday of each month. As of September 2025, the facility is 80 percent (both physically and economically) occupied, and there is room for expansion at both facilities (but primarily at the satellite location). Soon after purchasing the asset in 2021, a variety of unanticipated events requiring his undivided attention (investment-related events having nothing to do with Ennis Storage) prevented the current owner from implementing his original business plan. That plan included, but wasn’t limited to, replacing / refurbishing some of the roll-up doors, installing signage that can be seen from Interstate-45, expanding the facility’s climate-controlled footprint, and implementing a modern revenue management strategy. A new owner will almost certainly want to make those capital improvements immediately upon purchasing the asset given that the facility sits less than 0.25 miles north of Buc-ee’s (also located on I-45’s eastern frontage road). To the uninitiated, it is important to make clear the fact that Buc-ee’s is nothing short of a Texas phenomenon. With more than 30 locations spread across the state, many consider the oversized convenience store / gas station / gift shop / barbeque restaurant / candy shop / rest stop a “destination” in its own right. In fact, recent estimates suggest more than 14,000 people visit Buc-ee’s each day on average. When those metrics are considered alongside the fact that more than 52,000 vehicles per day travel past Ennis Storage on I-45, the fact that only 2.55 rentable square feet per capita exists within one mile of the facility, the fact that the facility’s street rates are approximately 11 percent below market, the fact that preliminary debt quotes suggest 24 months of interest-only payments are available to qualified sponsors at a 65 percent loan-to-value ratio, and the fact that the facility can be purchased below its replacement cost ($77.53 per rentable-square foot), at a purchase price of $3,000,000, the Year One – Year Five operating projections contained herein (page 17) become highly realistic, and the opportunity to create value throughout the hold period is legitimized.