Owl Cigars ghostsign mystery in San Francisco

Corner of building showing portion of hand painted sign for Owl Cigars
Photo: Kasey Smith

Kasey Smith of the Perception Filter blog has just posted this fascinating piece of investigative research into the origins of the Owl Cigars ghostsign on Meacham Place, San Francisco. Can you think of any other theories that would explain its unlikely position given the evidence that Kasey presents?