Sekai 400 fully rebuilt updated with Sora 8x3 STI's and nice 700c wheels.
 

I built this one up for the clunker challenge turns out it isn't a clunker but it is bit to small so I might sell it. Fully rebuilt everything works good rides great. 54cm frame with 56cm top tube currently set up for riders 5'6" to about 5'10". Weighs right at 24lbs. I have some time investeted in this and would like some objective opinions on value. If I can't get $275-300 out of it I will probably just keep it, as backup possible loner bike.
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A 54cm is 21.25 inch frame no way thats right for a 5'10" person. More like 5'2" to 5'6" i'd guess, not that it matters

Even with the "upgrades" I'd be surprised if you could get what you desire in value back out of a 400, if it was me I'd probably keep a hunt for a transplant frame on the back burner until I stumbled across one.

There is a good chance I will just keep the bike and look for a better slightly larger frame for the components. N-othing over $200 in a vintage bike seems to be moving right now in Denver.

Definitely wait for spring, then I would think $300 pretty easy. That long top tube will certainly fit taller riders as long as the seat post is long enough.

...this ^^^^. IMO (and it is just my opinion) you probably picked the wrong frame to "upgrade". There are plenty of better ones floating around, looking for love.

I don't think $300 is out of the realm of possibility once spring arrives.

I'm fine with the STI conversion here and the asking price, but one thing. The Mafac centerpulls would be a bit of a hitch with all the rest of the updates - threadless stem etc. Seeing how you converted from 27" to 700c, though, don't know if modern brakes would have enough reach to accommodate the new wheel size.

Depends. I am 5'-9" with short legs. 54cm works well for me, especially if the top tube is on the long side.

This is obviously a work of love so I say keep it.

yeah 54 is definitely not for 5'2"...even 5'6" would have a hard time stretching their leg to fit.

Or possibly talk really nice to me about the 56cm Sekai 2500 frame I've got that's collecting dust ;)

Well as a final post follow up on this one I came to grips with the fact that the bike isn't really my size and not as nice as I thought. Sold it to a nice guy $230 cash quick sell no haggling asked if the gears worked gave me the money got on the bike and road off. So I guess it is on to another project.

I came here to get info on the Sekai 400 after I saw one on craigslist, and was surprised that this is the exact same one! You could buy it back for $125...
Sekai Racing Bike

Wow for that price I'm seriously considering buying the bike back. I thought I was selling it fairly cheap at $230.