So far drive is relaxing while I listen to good ole country classics

Looking at options to split the land or re-purpose it for another building or for sale in prime Sacramento downtown location. 

Sounds like the classic "too good to be true"  Most will say they can't stay in business at that rate, mostly experienced PM's will say that, they know the score, there must be SOMETHING else they are doing to make money. 

In the rookie bootcamp, they would hear the classic BP curriculum: house hacking, BRRRR strategy, wholesale-to-Fix and flip.  

This won't have negative market consequences classical rent control had.This is also a great defense against more extreme rent control.

The strategy of using a 1031 to buy bigger or more expensive units is called a diversification exchange and is a classical use of 1031.One other consideration since you're dealing with a debt free property would be to sell and 1031 into the MF but put the minimum into the MF that you feel comfortable with to sustain performance and/or qualify. 

I'm the king of repurposing. 

Classic case of that is   Oakland CA and Piedmont CA values about double when you have Piedmont schools.

Landlording: A Handymanual for Scrupulous Landlords and Landladies Who Do It Themselves This classic book on managing rental property, widely known among landlords and landladies as their bible, has been in print for thirty-nine years, has sold over 375,000 copies, and has twice been selected as one of the top ten real estate books of the year by nationally syndicated real estate columnist Bob Bruss.This latest edition has been thoroughly revised and updated and includes both the eighty-four forms in the previous edition plus TWO new ones.

You might have an easier time finding the classic Chicago 4-6 flats and starting to learn the unique quirks of dealing with City Hall first before trying to take on a really big property.