1988 Trek 400T I think, but the little chainring has been removed for some reason.
It's double-butted Cromoly. With the long chainstays are a little on the whippy side, which I didn't care for as a youngin' but now I don't mind as much. Hopefully that kickstand didn't wreck those stays too much.
Hard to tell if it's a 21" (54ish) or 22.5" (57ish). It could be 22.5", as these have pretty tall forks (which means relatively shorter headtube) with ample tire clearance (I fit 35mm knobbies on mine)
Hoods look great, saddle looks good too.
If I was looking for a comfortable vintage steel bike I'd be tempted. If it's been up for a while see if they'd take $100, point out that it needs at least one tire, that rear tire looks a little rough.
Here's the catalog:
http://www.vintage-trek.com/images/trek/Trek88_1.pdf