Since this was a rental, the land value would have stayed the same while the improvements would have depreciated.
Now you will figure that gain by allocating the sale proceeds to the land and improvements (building and other assets).
You could allocate a gain on the land, but it's usually easiest to allocate the land basis to the land and the rest to the improvements.
(Sounds like you are allocating the land basis plus .2387 as the sale proceeds for the land, which will work out the same since the improvements will get the rest)
Either way, you will realize the same dollar amount of gain.
Next you need to report the depreciation you took (or could have taken) on the improvements.
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