Looking for investment strategies and opinions

[Brick Biermann]

Hello All,

Here's the situation, I have a 4 unit home, fully rented, all with 1 year leases, located in a great location of Jersey City. Also have a low interest mortgage (less than 3%), 43K annual NOI, potential equity of 600K and since owning it for almost 20yrs have never had any issues renting out any of the units [longest turnover was 2 weeks to find a new tenant].

With the exception of finding the tenants (I use an agent) I manage all maintenance aspects of the property but am coming to a point where I might want to move on and considering doing a 1031 exchange to of course avoid Cap Gains and invest in another property closer to my primary residence. I understand some of the possible implications of making this move would be a likely higher interest rate and lower NOI on the new investment but would like to get additional feedback on what other things I should take into consideration with this possible move from those out there who might have some experience in this realm. All thoughts are appreciated.