Should I sell, hold, cash out refi?

[Derek Bell]

I am a dev/builder. I have a commercial flex I just finished. It’s 100% leased up and my tenants move in in a few weeks after I can secure the U&O. It’s a nnn lease with 5 year terms. Currently will be bringing in 224k annually with 3% increases every year. I have thought about trying to sell at a 5 cap but I dont think it will bring that unless its from a 1031 buyer. I sold another property right across the street at 6 cap so I think the 5 cap will be tough, especially in these times. I have a 2.1 mil loan on the property that will be maturing in two months out of the construction loan. I am doing another project in a few months that will need about 700k in cash for which I have, but maybe doing a cash out refi on the property about to get out of the construction loan would be a better fit?

 Should I just secure the note to a permanent loan, do a cash out refi and put the cash into the other project, sell and move on??