Fellow blogger Lisa posted a comment that the sign had been on the side of a beverage store – and wondered if the store had been an early version of Rite-Nau Beverage.
Well, I looked it up in the library tonight and she was right! Beginning in 1970, Rite-Nau Beverage was listed in Polk's Lorain City Directory at 2506 West Erie. For decades before that, it had been a private residence going back to at least the early 1940's. But by the late 1960's there seemed to be a front and back address designation with the property, with the front being the store and the rear continuing as a residence. The store later became Lakeside Beverage.
Here's the 1970 address listing of that area from the City Directory.