Nesting CFIF inside CFSET

I am trying to create a calculation using an CFIF tag inside of a CFSET tag. I keep getting an error message stating

< marks the beginning of a ColdFusion tag.Did you mean LT or LTE?

Here is my code:

<CFSET SqFtCost = (#price# <CFIF #LocationType# EQ "Install"> + #padcost# </CFIF> )/#gpamount# )>

Any help is appreciated

Msfitz