Built in 1923, Owl Drug Store has the distinction of being the second-oldest soda fountain in Texas (just behind Star Drug Store in Galveston).

Originally located at 218 Commercial Avenue, the drug store was first owned by H. L. Gober who then sold the drug store and soda fountain to Robert I. Bowen and John Warren in the late 1920s. (Bowen also owned Bowen's Drug Store down the street.) Warren and Bowen operated Owl Drug Store for many years until it was sold to Mr. Saunders and W. F. "Willie Campbell" in 1949. Campbell had been a soda fountain clerk and later an assistant manager at the drug store since 1936, while he was acquiring his pharmacy degree. In 1964, Oplin built a new Owl Drug Store just down the street from the original, at the site of the old First Christian Church at 312 South Commercial Avenue. This is where the drug store is still located today. Jim and Linda Caldwell purchased the drug store from Oplin Saunders upon his retirement in 1976.

The soda fountain still serves an old favorite, the "Black Cow," which consists of a chilled malt glass filled with shaved ice, milk, and chocolate syrup. Another famous menu item is a 1920s original: the Owl Burger, and rumor has it that if you correctly count all the owls in the store, it's on the house!