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Financials

MB200153433
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Puzzles Deep Ellum

2824 MAIN ST, Dallas, TX 75226 · TABC MB200153433

Mixed Beverage Dallas Market Enriched 2026-07-12
$244,938 Annual gross (L12M) ▲ 12.4% latest MoM Click for monthly detail
$24,494 Avg monthly ▲ 19.4% latest vs avg Click for monthly detail
~22% Est. net margin (likely) $54,866/yr est. net Click for cost model
$137k–$192k Est. acquisition range 0.67× annual gross (blended) Click for valuation methods
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 Cocktail Bar, liquor is typically only 85–95% of total business revenue. Spirits-led; low food. Estimated total revenue (rough): $257,829 – $288,162/year. Treat the valuation below as a screening estimate based on the alcohol portion alone.
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Executive Summary

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Puzzles Deep Ellum is a mixed-beverage licensed establishment at 2824 MAIN ST, Dallas, Texas (TABC MB200153433). Over the most recent 12 months it reported $244,938 in gross alcohol sales, averaging $24,494/month with a best month of $29,244. Sales mix: ~67% liquor · 33% beer · 0% wine. The building at this address is owned by WESTDALE PROPERTIES AMERICA I LTD (14,272 sqft, $4,100,000 assessed value per county records). Applying Texas bar cost benchmarks yields an estimated annual net of approximately $54,866 (~22% margin). Acquisition value is estimated at $137k–$192k 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
$244,938
Avg monthly
$24,494
Best month
$29,244
May 2026
Sales mix
67% Liq
33% Beer · 0% Wine

Property & occupancy

County public records + submarket comps

Building (landlord parcel)

Record ID000481000B12A0000
Property owner (landlord)WESTDALE PROPERTIES AMERICA I LTD
Total building SF14,272
Assessed value$4,100,000

Puzzles Deep Ellum's share

Est. base rent ~$9/sqft/yr · 2,500 sqft · Class A $1,791/mo
NNN CAM / insurance$269/mo
NNN property tax$1,436/mo
Personal property tax own fixtures · Prop 99240212180000000 $178/mo
Total occupancy $3,674/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 $244,938 gross revenue estimated

Best Case
No kitchen, efficient staffing, favorable lease
~32%
Revenue$244,938
COGS (24%)−$58,785
Labor (14%)−$34,291
Occupancy−$39,680
TX MB gross tax (6.7%)−$16,411
Utilities / ins / mktg (8%)−$19,595
Card surcharge net+$2,694
Net profit $78,870
Most Likely
Typical bar, light food program, full two-shift staffing
~22%
Revenue$244,938
COGS (27%)−$66,133
Labor (17%)−$41,639
Occupancy−$44,089
TX MB gross tax (6.7%)−$16,411
Utilities / ins / mktg (10%)−$24,494
Card surcharge net+$2,694
Net profit $54,866
Stressed
Heavy food, larger crew, higher rent
~11%
Revenue$244,938
COGS (30%)−$73,481
Labor (22%)−$53,886
Occupancy−$48,498
TX MB gross tax (6.7%)−$16,411
Utilities / ins / mktg (12%)−$29,393
Card surcharge net+$2,694
Net profit $25,963
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 Puzzles Deep Ellum LLC looking up officers…
1
Equal split (50% each)
Based on the "Most Likely" scenario net profit of $54,866/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 (~$54,866 net) estimated

Revenue multiple
$122k–$196k
0.5–0.8× gross
SDE multiple
$137k–$192k
2.5–3.5× earnings
Cap rate
$166k–$219k
25–33%
Suggested range
$137k–$192k
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.

Federal court history

Public records · last checked 2026-09-17

Lookup pending — check back tomorrow

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