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MB921295
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The Aztec Theater

104 N SAINT MARYS ST STE 200, San Antonio, TX 78205 · TABC MB921295

Mixed Beverage San Antonio Market Enriched 2026-05-24
$1,827,050 Annual gross (L12M) ▲ 2.0% latest MoM Click for monthly detail
$152,254 Avg monthly ▲ 5.5% latest vs avg Click for monthly detail
~36% Est. net margin (likely) $655,330/yr est. net Click for cost model
$1,638k–$1,827k Est. acquisition range 0.95× 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 Saloon, liquor is typically only 85–95% of total business revenue. Liquor-led. Estimated total revenue (rough): $1,923,211 – $2,149,471/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

The Aztec Theater is a mixed-beverage licensed establishment at 104 N SAINT MARYS ST STE 200, San Antonio, Texas (TABC MB921295). Over the most recent 12 months it reported $1,827,050 in gross alcohol sales, averaging $152,254/month with a best month of $215,731. Sales mix: ~60% liquor · 38% beer · 2% wine. The building at this address is owned by ONE ALAMO SA LLC & ONE ALAMO LA LLC (175,948 sqft, $18,500,000 assessed value per county records). Applying Texas bar cost benchmarks yields an estimated annual net of approximately $655,330 (~36% margin). Acquisition value is estimated at $1,638k–$1,827k 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
$1,827,050
Avg monthly
$152,254
Best month
$215,731
Feb 2026
Sales mix
60% Liq
38% Beer · 2% Wine

Property & occupancy

County public records + submarket comps

Building (landlord parcel)

Record ID101266
Property owner (landlord)ONE ALAMO SA LLC & ONE ALAMO LA LLC
Total building SF whole parcel — The Aztec Theater is in STE 200175,948
The Aztec Theater's footprint estimated — suite-level not on file 5,000 sf
Assessed value$18,500,000

The Aztec Theater's share

Est. base rent ~$12/sqft/yr · 5,000 sqft · Class B $4,819/mo
NNN CAM / insurance$723/mo
NNN property tax$1,008/mo
Personal property tax est — no BPP record $350/mo
Total occupancy $6,900/mo

Occupancy analysis

All-in occupancy cost is 4.5% 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 $1,827,050 gross revenue estimated

Best Case
No kitchen, efficient staffing, favorable lease
~44%
Revenue$1,827,050
COGS (24%)−$438,492
Labor (14%)−$255,787
Occupancy−$74,518
TX MB gross tax (6.7%)−$122,412
Utilities / ins / mktg (8%)−$146,164
Card surcharge net+$20,098
Net profit $809,774
Most Likely
Typical bar, light food program, full two-shift staffing
~36%
Revenue$1,827,050
COGS (27%)−$493,304
Labor (17%)−$310,598
Occupancy−$82,798
TX MB gross tax (6.7%)−$122,412
Utilities / ins / mktg (10%)−$182,705
Card surcharge net+$20,098
Net profit $655,330
Stressed
Heavy food, larger crew, higher rent
~25%
Revenue$1,827,050
COGS (30%)−$548,115
Labor (22%)−$401,951
Occupancy−$91,078
TX MB gross tax (6.7%)−$122,412
Utilities / ins / mktg (12%)−$219,246
Card surcharge net+$20,098
Net profit $464,345
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 Dls Bayou Center Events LLC looking up officers…
1
Equal split (50% each)
Based on the "Most Likely" scenario net profit of $655,330/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 (~$655,330 net) estimated

Revenue multiple
$914k–$1.46M
0.5–0.8× gross
SDE multiple
$1.64M–$2.29M
2.5–3.5× earnings
Cap rate
$1.99M–$2.62M
25–33%
Suggested range
$1,638k–$1,827k
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

1 case on file · public records

1 federal case
1 civil rights
Most recent filing
Lutz v. City of Charlotte
NCWD · 2020-03-03 · CLOSED
Public records, last checked 2026-05-22