Well put it like this..........
If you can get a top 3 ranking in Google for the phrase 'dressing table' you might expect say 1% of these 165,000 searches to end with a visit to your site - thats 1,650 visitors per month.
If you can get 10% of these visitors to buy thats 165 sales at say £300 per dressing table. Your monthly turnover would be 165 x 300 = £49,500 per month. You might only get 6% commission as an affilliate, but thats still £2,970 monthly.
Website valuations are frequently in the region of 12 to 24 months revenue - so based on these figures you could value the website at between £35,640 and £71,280.
There are a lot of 'ifs' and 'buts' in this valuation, and there are no guarantees, but you can see how development is the way to go and how a domain like that might make a lot of money if developed properly.