Given that it doesn't have track ends and you can see the cable guides on the top tube, it's a geared bike frame.

Without knowing much about the components (e.g. is it a track hub on the rear) etc. , it's hard to say whether it's worth $230 USD. Somebody with better eyes than me can probably say if the frame is anything of note. Even in the absence of a remarkable frame, $230 strikes me as not unreasonable for a complete bike if you're not prepared to do a road conversion yourself. You'd be kicking that for a half decent wheel set anyway...