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This theater goes back to at least the 1920's. There was a fire in 1930 but evidently the building survived. The facility was being sold as a theater in 1948. Or, that was a different theater entirely. I find that unlikely given the size of this town.There was also a Gould Theatre in nearby Shepherd (also burned) which I assume was the same owner. That may have been the Laurel as well.
This theater may have been known as the Sheridan and/or the Community at some point also. The street is assumed based on the layout of the town. I don't see any buildings on the street views that stand out as a possible location.There is an amazing old bowling alley in town which may have been involved but that is just a guess.