Page Templates Drop Down Select for Custom Post Types

Since WordPress version 4.7 Post-Type-Templates are enabled in the WordPress core.

That means that you can create multiple templates for the single post-type view as for pages.

For this you just need to edit the single post/type template, and add something like this to the top of the file:

/*
Template Name: Custom Type Template 
Template Post Type: post, product, custom-type 
*/

On the line Template Post Type you just add your custom post type slug.
So this template will be available on the post, product and custom-type post type.

I already answered this here.
Read more about post-type-templates of WP 4.7 here.

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