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Financials

MB972541
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Cheatham Street Warehouse

119 CHEATHAM ST, San Marcos, TX 78666 · TABC MB972541

Mixed Beverage San Marcos Market Enriched 2026-07-10
$270,146 Annual gross (L12M) ▼ 0.3% latest MoM Click for monthly detail
$22,512 Avg monthly ▲ 45.1% latest vs avg Click for monthly detail
~28% Est. net margin (likely) $75,469/yr est. net Click for cost model
$189k–$264k Est. acquisition range 0.84× 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 Bar, liquor is typically only 90–100% of total business revenue. Mostly liquor — our number is ~total revenue. Estimated total revenue (rough): $270,146 – $300,162/year. Treat the valuation below as a screening estimate based on the alcohol portion alone.
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Executive Summary

Click to expand full narrative

Cheatham Street Warehouse is a mixed-beverage licensed establishment at 119 CHEATHAM ST, San Marcos, Texas (TABC MB972541). Over the most recent 12 months it reported $270,146 in gross alcohol sales, averaging $22,512/month with a best month of $34,302. Sales mix: ~48% liquor · 52% beer · 0% wine. Applying Texas bar cost benchmarks yields an estimated annual net of approximately $75,469 (~28% margin). Acquisition value is estimated at $189k–$264k 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
$270,146
Avg monthly
$22,512
Best month
$34,302
Oct 2025
Sales mix
48% Liq
52% Beer · 0% Wine

Property & occupancy

County public records + submarket comps

Detailed property records not available for this location. Occupancy below uses submarket heuristics only.

Estimated occupancy heuristic

Est. base rent (10.5% of gross)$2,364/mo
NNN CAM / insurance$355/mo
Total occupancy$2,806/mo

Note

County property records couldn't be matched to this address. Occupancy is modeled from a revenue-based heuristic and is less accurate than a direct property record match.

Profit scenarios

Texas bar cost model applied to $270,146 gross revenue estimated

Best Case
No kitchen, efficient staffing, favorable lease
~37%
Revenue$270,146
COGS (24%)−$64,835
Labor (14%)−$37,820
Occupancy−$30,303
TX MB gross tax (6.7%)−$18,100
Utilities / ins / mktg (8%)−$21,612
Card surcharge net+$2,972
Net profit $100,448
Most Likely
Typical bar, light food program, full two-shift staffing
~28%
Revenue$270,146
COGS (27%)−$72,939
Labor (17%)−$45,925
Occupancy−$33,670
TX MB gross tax (6.7%)−$18,100
Utilities / ins / mktg (10%)−$27,015
Card surcharge net+$2,972
Net profit $75,469
Stressed
Heavy food, larger crew, higher rent
~17%
Revenue$270,146
COGS (30%)−$81,044
Labor (22%)−$59,432
Occupancy−$37,037
TX MB gross tax (6.7%)−$18,100
Utilities / ins / mktg (12%)−$32,418
Card surcharge net+$2,972
Net profit $45,087
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 Gemini Bar LLC looking up officers…
1
Equal split (50% each)
Based on the "Most Likely" scenario net profit of $75,469/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 (~$75,469 net) estimated

Revenue multiple
$135k–$216k
0.5–0.8× gross
SDE multiple
$189k–$264k
2.5–3.5× earnings
Cap rate
$229k–$302k
25–33%
Suggested range
$189k–$264k
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 2026-06-25

Lookup pending — check back tomorrow

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