Leveraging a Cash Flowing Property

[Kyle I Pancis]

I own a 14 unit apartment that is fully occupied. The building was refinanced 5 years ago, so currently has a 40% loan-to-value ratio, using its appraised value. Do I pay it off and leverage the property to expand? Or can I keep current mortgage and still spin off the property to expand? 

What are everyone's thoughts on how to expand? 

Thank you