The Oregon Theater was a small neighborhood theater in east Portland (spelling of Oregon Theater is confirmed by the photograph above).
Portland’s street numbering changed in 1933.
The Oregon Theater’s box office was removed and a new entry remodeled in 1954. In the 1970s, the theater was operated by the same theater owner as the Aladdin Theatre, who operated both as adult film venues.
At recent inspection, the surviving theater appears to be closed.
References: Oregon Historical Society website.