^^^
I've read elsewhere on the internet that it was also once a saloon. I don't know anything else about the structure.
Undated photo of area near Olympic Auditorium, from the USC Archive:
This was obviously taken when the Hollywood sign still said "HOLLYWOODLAND" and before the I-10/Santa Monica Freeway was built, which is just a block north from the building formerly known as the Olympic Auditorium today. I've always wondered what was torn down to make way for the freeway. Looks like it was once an interesting area, a mish-mosh of architectural styles, residential buildings and businesses, churches, garages...
Edit: I was going through the USC Archive again and this picture is listed on their website twice, the other photo being captioned with the year 1939.