Opened in 1921, the 1,000 capacity venue hosts a variety of events, including dance and music performances, film screenings, and arts education.

[2] It was designed by Henderson Ryan, a Kentucky-born architect who also worked on the Moore Theatre and Ballard Carnegie Library.

[15] The Neptune was closed for a $700,000 renovation in January 2011 and re-opened on September 25, 2011, becoming a performing arts and music venue in addition to a movie theater.

[16][17][18] The 2011 renovation saved the building from demolition for the adjoining U District Link light rail station on NE 45th Street.

Sound Transit was forced to re-engineer the station to avoid the theater building,[15] and to underpin the Neptune's foundation.