← Second Rodeo Brewing CO /

Financials

MB1087321
Dashboard › Second Rodeo Brewing CO › Financial Intelligence

Second Rodeo Brewing CO

122 E EXCHANGE AVE STE 340, Ft Worth, TX 76164 · TABC MB1087321

Mixed Beverage Ft Worth Market Enriched 2026-05-24
$8,825,147 Annual gross (L12M) ▼ 12.9% latest MoM Click for monthly detail
$735,429 Avg monthly ▼ 3.0% latest vs avg Click for monthly detail
~35% Est. net margin (likely) $3,055,688/yr est. net Click for cost model
$7,639k–$8,825k Est. acquisition range 0.93× 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 Brewery, liquor is typically only 80–95% of total business revenue. Beer-led; some food. Estimated total revenue (rough): $9,289,628 – $11,031,434/year. Treat the valuation below as a screening estimate based on the alcohol portion alone.
← Back to Second Rodeo Brewing CO My bars

Executive Summary

Click to expand full narrative

Second Rodeo Brewing CO is a mixed-beverage licensed establishment at 122 E EXCHANGE AVE STE 340, Ft Worth, Texas (TABC MB1087321). Over the most recent 12 months it reported $8,825,147 in gross alcohol sales, averaging $735,429/month with a best month of $959,487. Sales mix: ~65% liquor · 34% beer · 1% wine. The building at this address is owned by FORT WORTH HERITAGE MB LLC (91,398 sqft, $37,888,538 assessed value per county records). Applying Texas bar cost benchmarks yields an estimated annual net of approximately $3,055,688 (~35% margin). Acquisition value is estimated at $7,639k–$8,825k 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
$8,825,147
Avg monthly
$735,429
Best month
$959,487
May 2025
Sales mix
65% Liq
34% Beer · 1% Wine

Property & occupancy

County public records + submarket comps

Building (landlord parcel)

Record ID06570348
Property owner (landlord)FORT WORTH HERITAGE MB LLC
Total building SF whole parcel — Second Rodeo Brewing CO is in STE 34091,398
Second Rodeo Brewing CO's footprint estimated — suite-level not on file 7,500 sf
Assessed value$37,888,538

Second Rodeo Brewing CO's share

Est. base rent ~$50/sqft/yr · 7,500 sqft · Class A $31,091/mo
NNN CAM / insurance$4,664/mo
NNN property tax$6,218/mo
Personal property tax est — no BPP record $500/mo
Total occupancy $42,473/mo

Occupancy analysis

All-in occupancy cost is 5.8% 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 $8,825,147 gross revenue estimated

Best Case
No kitchen, efficient staffing, favorable lease
~43%
Revenue$8,825,147
COGS (24%)−$2,118,035
Labor (14%)−$1,235,521
Occupancy−$458,704
TX MB gross tax (6.7%)−$591,285
Utilities / ins / mktg (8%)−$706,012
Card surcharge net+$97,077
Net profit $3,812,667
Most Likely
Typical bar, light food program, full two-shift staffing
~35%
Revenue$8,825,147
COGS (27%)−$2,382,790
Labor (17%)−$1,500,275
Occupancy−$509,672
TX MB gross tax (6.7%)−$591,285
Utilities / ins / mktg (10%)−$882,515
Card surcharge net+$97,077
Net profit $3,055,688
Stressed
Heavy food, larger crew, higher rent
~24%
Revenue$8,825,147
COGS (30%)−$2,647,544
Labor (22%)−$1,941,532
Occupancy−$560,639
TX MB gross tax (6.7%)−$591,285
Utilities / ins / mktg (12%)−$1,059,018
Card surcharge net+$97,077
Net profit $2,122,206
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 Ain't My First Rodeo LLC looking up officers…
1
Equal split (50% each)
Based on the "Most Likely" scenario net profit of $3,055,688/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 (~$3,055,688 net) estimated

Revenue multiple
$4.41M–$7.06M
0.5–0.8× gross
SDE multiple
$7.64M–$10.69M
2.5–3.5× earnings
Cap rate
$9.26M–$12.22M
25–33%
Suggested range
$7,639k–$8,825k
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 2026-05-22

No federal lawsuits — past or pending