Call your company and ask for your cost basis (unless it is listed on a statement). 

Sometimes looking at properties solely on the basis of current cash flow can be short sighted.

First thoughts are finding a way for the tenants to use it for a fee, either rent the space monthly or create a space that can be rented on a per-use basis....or possibly rent to another non-tenant individual for office use of some kind. 

@Michael Doherty and @Mike Auerbach and @Ellen Steele Don't forget the additional tax benefits available with cost segregation on the new basis as well as 179D.

But ever morning for the last 2 weeks I see the 10 year T-bill up another 10 basis points or so, and the mortgage market is following suite.

I’ve been posting almost daily on his Facebook page....

I have hired a revenue management and listing optimization company that tracks all of this for me on a daily basis.

We also take our draws/income in a different proportion that what each of our Basis' are.One things that I have often wondered when people are thinking of doing the S-Corp thing to 'save on FICA' - I get that, in general.

He said that he has to go back a number of years to determine any losses that were not allowed for NJ that can be added to basis...He stated that NJ does not allow net losses on rental properties ; however, those losses can get added to NJ basis so he said he has to go back and review all my losses over time.  

I'm not a tax expert and dont know how this would conflict with the tax deferred basis, but if doable, this isnt a bad option, either.