That looks very much like a Realistic LAB300 turntable I bought new in 1977. It too I believe was made by CEC. At the time it was one of Radio Shacks best offerings.
It was actually a very good table. With the right cartridge, in my case a Shure M95ED it made instruments like the guitar, Drums and Piano sound more real then my highly regarded 1988 Denon 1500 II CD player.
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Unless you have a generous budget or your quite serous about LP's, that looks like a keeper to me if it is operating correctly, and should do justice to the rest of your equipment. If he's had it serviced it's probably been cleaned and lubed and should provide many years of reliable service.
