Sell and reinvest, or hold

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I am part-owner (along with other family members) of two properties in the Los Angeles area. One is a industrial factory/office space and the other is retail. They are both on long term leases with national tenants and in very good/excellent areas of the city (factory in Torrance and retail in West Hollywood). My portion of the return is very low 6 figures. The IRS and State tax take 40% per year of my profit, leaving me with about 70K per year, net). The property is all paid off. I have three questions:

1) If we sell the property, can I roll my 1/4 of the proceeds into a 1031 if my family members choose not to do so?

2) My return is 7.2%. That is, the cash I get per year divided by the amount I would get if we sold the property is 7.2% (this is decreased to 4.3% after taxes are taken out). Would people recommend selling the property and reinvesting into something with a better return? I am a totally hands off investor (have a full time job outside of real estate) so property management fees would need to be taken into account.

3) If you recommend selling and reinvesting would you offer up some suggestions (multifamily, retail, industrial or other commercial etc?) I would obviously want a much better cash return than I currently get and do NOT want to speculate. With other cash I have I am looking into MF deals in Dallas or Houston Texas, but this question is apart from that.

Thanks, Jeffrey Kovnick