I would agree it's worth $200 or more, depending on condition.
As mentioned, it will need electronic restoration -- basically, replacing old electrolytic and other capacitors, plus cleaning the controls with DeOxit, and so on.
That is not rocket science, but if you have never restored a tube radio yourself, I would either look for one that has been electronically restored, or find someone in your area who would undertake the job. This would
not be a good beginner's project.
You could contact a nearby radio collector club and ask for a repairman recommendation. See the list at:
http://www.antiqueradio.com/clublist.html
Phil Nelson
Phil's Old Radios
http://antiqueradio.org/index.html