When I first got into the business I bought paysites and paid the equivalent of one year of gross revenue. I got defrauded on the purchase, but that's not your question.. I would say that your site is likely worth a solid 8-12 months net revenue.
You stated that much of your traffic is from purchased advertising. So, in theory any purchasing webmaster could continue to buy the same advertisements and maintain traffic levels.. After all, this business is ONLY about traffic.
Assuming a worst case scenario of getting dropped from SE's and other 'free' linkings, it would likely take at least 6 months for that to happen if your referring base is diverse.
The biggest question you'll have to ask yourself if you want to sell is are you going to offer terms to the purchasing party. Most large businesses are sold with a note, X down and X/mo for X months. Discounts always for a cash purchase.
I'd give some thought on if you would offer terms. If you would be open to terms, what type of deal suits your goals... and how do you plan on qualifying the purchasing party.
Best of Luck! ICQ me if you want a rediculous offer
Brad
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