Insert Into Mutliple Tables - Sql Server

 Hi,
I am trying to update a sql server 2000 database breaking up 1 huge confused table into several smaller tables to allow for more flexibilty.
I want to use the "insert into" statement to create 2 new tables from the one old table. 
Old Table - structure
CommercialProperties 
Cols: ID(identity) - PropName - PropAddress - Pic1 - Pic2 - Pic3
New tables
Property
Cols: ID(doesn't have to be same as original id) - PropName - PropAddress 
PropertyImages
Cols: ID - PropID(from new Property table ) - PicFile

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I know this won't work but it is to show what I want to do. I want to cycle through all the CommercialProperty rows and add the values to the new tables.
I just need it to run in Query Analyzer 
declare @pic1, @pic2, @pic3 as varchar(255) 
declare @newID as integer 
declare @PropName, @PropAddress as varchar(255)

select @PropName=PropName, @PropAddress =PropAddress , @pic1=Pic1, @Pic2=Pic2, @Pic3=Pic3 from CommercialProperties

insert into Property (PropName, PropAddress) values (@PropName, @PropAddress)
SELECT @NewID AS [SCOPE_IDENTITY]
how do I use the new Identity and to add the existing images details into the PropertyImages table

insert into PropertyImages (PropID, PicFile)  values (@NewID, @Pic1(from the original query)
insert into PropertyImages (PropID, PicFile)  values (@NewID, @Pic2)
insert into PropertyImages (PropID, PicFile)  values (@NewID, @Pic3)
go to next CommercialProperty 
 
Thanks for your help
P