I've heard the general rule is, however much the site makes in one year; so monthly earnings x 12. But I've also heard monthly earnings x 10.
There is no certainty, though. Those are just general guidelines. It all depends on the quality of the site, the competition, the popularity of the niche, etc.
it's worth how ever much the buyer is willing to pay for it. There is no actual value on any giving website. There is a base figure of 6-12 months revenue but... if a buyer wants it badly and fits there criteria, they'll get there wallet out and pay over the odds.
It's curious... in a Spanish forum about SEO and blogs, we use the same criteria, about x10 or x12 month-earnings. But it depends on number of articles, PR, linkbuilding made, FB fanpages or twitter included or not, etc.
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