There's quite a bit going on with this one. There's Paul's track dropouts so that either a single speed or internally geared hub can be used. There's also an added rear der. hanger . The frame and fork also have full fender and race eyelets.
This bike will have a lot of uses no doubt. The finish is a flat car coat over a tan powder coat-pretty industrial look, very utilitarian. The frame is also fitted with a polished silver Cane Creek 110 headset-had to wait a few weeks for this item to show up but it was worth it.