I don't think it's a Gap. Given the total lack of chrome and 2nd tier Italian components in combination with Nuovo Record derailleurs, I believe this is a mid-range Arenacia, which used Columbus tretubi SL. The tubing can be confirmed by inspecting inside the bottom of the fork's steerer tube for the five helical ridges indicative of the Columbus steerer that was used on SL. The dual bottle bosses and pump peg should place it circa 1985-1986. I concur with Chopmbi1 on the value.