Avoid 1031 Exchange and CAP Gains?

[Gregory Jimison]

My company is in the process of selling a 4 plex that is lumped together with another parcel on a single note. Each parcel has an identical 4 plex.  My thought is, having the entire proceeds of the sale going back to payoff the loan for a release of the deed of trust then refinancing the property after the sale on the other building. I guess my question is, how do I determine the cost basis of each property when they were bought together but sold separately.