Alkapone, let's go back to the original image.....
You are correct with the 7th and Broadway i.d., and the building on the left is Bullock's (at 639-57 S Broadway), as you have noted....here's a 1920's photo from Calisphere.....
Let's zoom....
We see the north end of Bullock's and the Kress store (although the address I had for Kress, 644-46 S Broadway, can't be correct as we are on the odd number side of the street)....and there's the Grauman's sign...
....detail....
So I think the only mystery remaining is to what building was the Graumans sign affixed?....I can't find any indication that Sid Grauman was involved in any theatre in the 600 block of S Broadway.