No corrections from me,
C. King. That's where I thought it was too. I can't get far enough left with the Googlemobile, so here's the nearest I could get to a current view.
GSV
As far as I can tell, the "theater" mentioned by
e_r was actually the Eastside Arena at 2016 E 1st. It looks like it held boxing matches while the Olympic Auditorium was remodeled. The clipping below is from the January 4, 1955 edition of The Bakersfield Californian.
www.newspapers.com
There is a theater in the picture, but the marquee is barely visible under the "Cummings" sign. It was the Meralta Theatre at 2035 E 1st. From what I can find, it opened as the New Lyceum Theatre around 1914. It now survives as a church. More info about the theater can be found
here and
here.
GSV
I think the building at the far end of the street was a previous incarnation of the Benjamin Franklin Branch of the Los Angeles City Library. The current building still goes by that name, but it's not the one from the 1960 picture.