Hotel to apartment conversion - price per door

[Bob Willis]

Hey All,

Does anyone have a formula/process for price per door when looking at a hotel to apartment conversion project?

I am looking at hotels in a small rural city where there is an extreme rental housing shortage.

In the hotels I am looking at, being sold has hotels, the asking prices (I know it is asking price) are between $22.3k and $33k per door.

Thanks,
Bob