I'm thinking of making an offer on a domain name that is similar to my own domain name although not a misspelling. How can I figure out how much traffic it receives so I know how much it is worth to my business? It is just parked with ads.
Whenever possible start by asking the owner for stats.
Some folks may suggest "1 to 100" ratio of type-ins to exact-match search frequency. I don't use this approach. There are other variables at play, such as whether the .com is parked and you are looking at a .net of an EMD. Also, the length of a domain MAY affect type-in frequency. Also, some domain traffic varies based upon whether a keyword is rising or falling in popularity. Lots of variables.
IF you approach the registrant with the idea that you value the domain based upon type-in data you MAY get a very cold reception, if any response whatsoever.