Is it a good idea to refinance a multi family property now?

[Abad Marroquin]

I bought a 28 Unit apartment in 2018. I have updated 90% of the units, raised rents and increased the NOI. Interest rate is 5.5% with a balloon payment of 5 years (2022). Is it a good idea (if possible) to refinance with better interest rates and pull money out to continue investing? On the the other hand, these properties are D class. 2/1 brick duplexes with gas wall heaters and window units. These properties are cash flowing nicely, but Sometimes I think it's time to 1031 them to buy other properties and repeat the process again. What would you do in a similar situation? Thank you in advance for your input.