Land Value Per Hotel Key for Suburban North San Diego
Hey all - 

Working on valuing land for a couple suburban North County San Diego hotel development sites and wanted to ask you smart folks how you would approach. 

My first approach is sales comps, but very few available. 

Second approach is County Assessor values, which results in the following:

&amp;#x200B;

|Market|Land Value/Key |
|:-|:-|
|Carlsbad/Oceanside|$41,571|
|San Diego Northeast/Escondido |$36,830|
|Average (Removed Outliers)|$33,812|

My third approach may be a quick underwriting of the opportunity and backing into the value we could pay, but trying to stay very high level at this juncture. 

Any suggestions on resources/methodologies?
[{"id": "iz6h2pb", "text": "Isn\u2019t napkin math land acquisition costs are ideally no more than 10% of finished project value?  With caveat that max land acquisition cost can push to 15%? This is taking into account there\u2019s other costs to get a project shovel ready.", "replies": [], "depth": 1}]