The building that's home to the Cadillac Lounge has hit the market, meaning Toronto could lose yet another live music venue.

Thus far in 2017, we've seen a slew of venues shut down, including some that enjoyed legendary status. The Cadillac Lounge could be next to join the list. As NOW Toronto reports, the Parkdale bar and the building it's located in are for sale, but owner Sam Grosso says things are still up in the air.

"There’s no closing date, there’s no shutting down party. The building is up for sale, and let’s just see what happens," Grosso tells me over the phone from Prince Edward County. He moved to PEC with his family four years ago and spends five days of the week there.

"I’m just testing the waters," he continues. Grosso owns the Cadillac Lounge as well as the building it's in, which includes the residential units above the bar.

The properties at 1296 and 1300 Queen St. W., are currently listed for $7.5 million. According to the listing, they're located in an area that's "rapidly gentrifying."

While Grosso's unsure about the Cadillac Lounge's future, he's eager to spend time with his four young kids after running live music venues for the past 22 years.

"When you’re sitting on that kind of property," he says, "Where the value goes up and up and up, it’s like sitting at a poker table, you know? It’s time to cash out."

If he finds a buyer, he's hoping they continue to operate some sort of live music venue on site.