Pappas Seafood House & Oyster Bar

Liquor sales only — total revenue is higher
Every dollar on this page comes from Mixed Beverage Gross Receipts filings — the alcohol portion of total sales. For a Restaurant / Bar, liquor is typically only 25–45% of total business revenue. Restaurant. Total revenue is typically 2–4× our liquor figure. Estimated total revenue (rough): $2,340,756 – $4,213,360/year. Treat the valuation below as a screening estimate based on the alcohol portion alone.

Executive Summary

Click to expand full narrative

Pappas Seafood House & Oyster Bar is a mixed-beverage licensed establishment at 19991 GULF FWY, Webster, Texas (TABC MB187919). Over the most recent 12 months it reported $1,053,340 in gross alcohol sales, averaging $87,778/month with a best month of $100,756. Sales mix: ~66% liquor · 10% beer · 23% wine. The building at this address is owned by PRICE BAYBROOK LTD (116,891 sqft, $38,467,003 assessed value per county records). Applying Texas bar cost benchmarks yields an estimated annual net of approximately $235,948 (~22% margin). Acquisition value is estimated at $590k–$826k across revenue-multiple, SDE-multiple, and cap-rate methods. All revenue figures are gross mixed-beverage receipts as filed with the Texas Comptroller; they exclude cash income such as cover charges, game machines, or merchandise.

Sales performance · last 12 months

Texas Comptroller mixed-beverage gross receipts actual

Annual gross

$1,053,340

Avg monthly

$87,778

Best month

$100,756

Dec 2025

Sales mix

66% Liq

10% Beer · 23% Wine

Property & occupancy

County public records + submarket comps

Building (landlord parcel)

Record ID1163140010001

Property owner (landlord)PRICE BAYBROOK LTD

Total building SF116,891

Assessed value$38,467,003

Pappas Seafood House & Oyster Bar's share

Est. base rent ~$26/sqft/yr · 5,000 sqft · Class A $10,694/mo

NNN CAM / insurance$1,604/mo

NNN property tax$3,291/mo

Personal property tax est — no BPP record $211/mo

Total occupancy $15,800/mo

Occupancy analysis

All-in occupancy cost is 18.0% of gross revenue. Industry benchmark for healthy bars is 6–10%; 12–15% is typical for premium submarkets; above 18% is unsustainable without very strong margins elsewhere.

Profit scenarios

Texas bar cost model applied to $1,053,340 gross revenue estimated

Best Case

No kitchen, efficient staffing, favorable lease

~32%

Revenue$1,053,340

COGS (24%)−$252,802

Labor (14%)−$147,468

Occupancy−$170,641

TX MB gross tax (6.7%)−$70,574

Utilities / ins / mktg (8%)−$84,267

Card surcharge net+$11,587

Net profit $339,175

Most Likely

Typical bar, light food program, full two-shift staffing

~22%

Revenue$1,053,340

COGS (27%)−$284,402

Labor (17%)−$179,068

Occupancy−$189,601

TX MB gross tax (6.7%)−$70,574

Utilities / ins / mktg (10%)−$105,334

Card surcharge net+$11,587

Net profit $235,948

Stressed

Heavy food, larger crew, higher rent

~11%

Revenue$1,053,340

COGS (30%)−$316,002

Labor (22%)−$231,735

Occupancy−$208,561

TX MB gross tax (6.7%)−$70,574

Utilities / ins / mktg (12%)−$126,401

Card surcharge net+$11,587

Net profit $111,654

Disclaimer: Revenue is mixed-beverage gross receipts from the Texas Comptroller — it does not include cash income like door charges, game machines, merchandise, or event rentals (which can add 10–25% for nightclubs). Cost ratios are industry benchmarks for Texas MB-permit bars. Rent is estimated from submarket comps; property tax is from county public records pro-rated by square footage. Actual profit depends on lease terms, staffing, owner salary, and one-time costs.

Owner income estimator

Split likely net profit across ownership estimated

TABC licensee Pappas Restaurants INC looking up officers…

Number of owners

Ownership split

Equal split (50% each)

Based on the "Most Likely" scenario net profit of $235,948/year. Actual owner income depends on salary draws, distributions, debt service, and tax structure. Consult an accountant for actual income projections.

Acquisition value estimate

Based on most-likely scenario (~$235,948 net) estimated

Revenue multiple

$527k–$843k

0.5–0.8× gross

SDE multiple

$590k–$826k

2.5–3.5× earnings

Cap rate

$715k–$944k

25–33%

Suggested range

$590k–$826k

blended estimate

The numbers above are liquor-only: bar-style multiples applied to mixed-beverage receipts. They're the right answer for a pure bar/lounge — but for a restaurant, this is just one slice of total enterprise value (the bar program). See the food-business estimate below.

Full-business estimate · Restaurant / Bar

If you're buying the whole restaurant, not just the bar program

We estimate this restaurant / bar pulls $2,340,756–$4,213,360/yr in total revenue (your liquor portion of $1,053,340 is roughly 25–45% of the total per industry benchmarks). Applied to that estimated total: revenue multiple 0.30–0.50×, net margin 10–15%, SDE multiple 2.5–4.0× (restaurant comps, not bar comps).

Estimated total revenue

$2,341k–$4,213k

food + liquor + service

Estimated net (10–15%)

$234k–$632k

restaurant margin

Full-business value

$644k–$2,317k

blended rev × SDE

Confidence on this estimate is lower than the liquor-only valuation above — we're inferring food revenue from category averages, not from this specific operator's books. A serious buyer should request actual P&Ls + a Schedule C / 1120S.

Federal court history

20 cases on file · 1 currently open · public records

20 federal cases

1 currently open

2 wage-and-hour

2 ADA

6 civil rights

As defendant in 14 cases · As plaintiff in 6

Most recent filing

Dukes v. Pappas Restaurants, Inc.

GAND · 2024-12-19 · CLOSED

Public records, last checked 2026-05-22

Financials

Executive Summary

Sales performance · last 12 months

Property & occupancy

Occupancy analysis

Profit scenarios

Owner income estimator

Acquisition value estimate

If you're buying the whole restaurant, not just the bar program

Federal court history