Not 100% as to location of the one. Maybe some of the ads can be a clue? Taken around 1920.
A few thoughts
Managua when they were building the Cathedral "designed in Belgium of all places in 1920 and survived 1931 earthquake" and given the height of the buildings at that time, it may not be Managua.
Also, the soap company Jabon Cadum was popular in France and Spain (the brand is still alive today) Could have been sold here I guess. Lots of stuff on the net about that brand name.
The chimney far left, heating or kitchen? If heating it would likely indicate another country.
Any well-informed American citizen is now aware that our present Latin-American policy is frankly one of economic aggression involving political dictatorship.
— Senator Henrik Shipstead, 1927