That stretch of Jefferson is mostly empty lots but I found a historical street view which had what may have been the old theater per Sean's description below. Looks burned so it was demolished.
Source: Sean Doerr
Appears to be a really old-school structure... wood/plaster wall, ceiling medallion made of wood. Appears to be last used in the early 90s though it is in ROUGH shape and has been converted to office use... the balcony is no longer accessible except for a stair that has collapsed in the former stage area (also collapsed)
Source David Hoeft
Owned and operated by the Lancaster Family.