This shot is taken from about halfway between 4th & 5th on Main looking south. In the old photo you can make out the Rosslyn Theater at the far right.
This is the one and only actual movie listing or mention of a theater at this address that I have been able to find (LA Times):
(Sept. 5, 1926) Rosslyn-431 So. Main St. Sept. 6,7-"Miss Bluebeard;" Sept. 8,9, 10-"Tiger Love;" Sept. 11-"Say It
Here is the Cinema Treasures page on the Rosslyn Theater: