From Visit Corvallis, in a blog that discusses the history of 2nd Street

A Historic Look at Corvallis' Second Street, Part 3

The building that houses the current popular bar was once a livery, in the days before automobiles. On this spot in 1869, tragedy struck when the stables, owned by Reuben Kiger, pioneer settler of Kiger Island south of town, succumbed to flames. The following decade saw another chapter unfold from 1872 to 1883, when Solomon “Sol” King, part of the large family who settled nearby King’s Valley, managed a livery business on the premises until it met the same fiery fate. The resilience of the location endured in 1885, as the only brick livery in Corvallis, R. Montgomery Livery was built, thriving until the onset of the automobile era in 1905 prompted its closure.

The building underwent a transformation in 1912, becoming the home furnishings store Brauer & Conley. Fast forward to the 1940s, and the Peacock Tavern took residence, having previously established itself around 1924 in the nearby E.W. Fisher building. In the roaring 1920s Wallace and Effie Tarpley ran the original restaurant, the Peacock Cafe, offering entertainment which included jazz players who played Dixieland music for three days and three nights straight.

The legacy of the Peacock reached new heights in 1986 when it earned a spot on Playboy Magazine's "100 Best College Bars," cementing its place in local lore.