depends on the age of the site and traffic sources. If it's been earing 40$ steady for a couple years than you can probly sell for a few years revenue. It also depends on how unique it is and how much room there is for growth. Some are willing to pay a premium for a site's potential if its a unique & established
2 to 3 times yearly income seems normal in the industry but it will come down to what your site is, how it works, how unique, whether it can be grown etc
oh and of course its only worth what you can get someone to pay for it....
Perceived value is contingent upon several factors:
-is the domain name good?
-is the content unique?
-is there room for exponential growth?
-amount of marketing time required
-current hits
The fact that the site is currently clearing a profit increases its worth tremendously. As far as specific face value is concerned, that is difficult to determine without seeing the site.
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