Upon further review...

lidberg-sketch

By going backwards through telephone directories (this is known as a 'Jim Rockford') and speaking with Barb Tittle, it was possible to stitch together a more complete history of this building.

This building has a very significant photography (and real estate) lineage.

312 West Avenue chronology:

1894 - 1902 Lidberg Studio (original location)
1902 - 1920 Lidberg Studio (new location)
1920 - 1936 E. H. Lidberg Real Estate
1937 - 1947 Davison Studio
1948 - 1949 Wood's Studio
1950 - 1952 Hodge Studio
1953 - 1979 Chalet Studio
1980 - 2004 InComm Realty and Maas Realty (later Coldwell-Banker)
2005 - 2007 Gary-Donald Arts, a private art dealer
2008 - Present Red Wing Portrait Studio (and Red Wing Framing Gallery)

For
73 years, out of a total 115 years, this building has been home to 6 different photography studios. For 40 years out of this same 115 years, this building has been home to at least 3 (if not 4) real estate companies.

Draw your own conclusions.