Excellent condition without optical or mechanical problems.  Cosmetically in excellent shape with both caps and lens case included.  Very little signs of use at all.  I've not seen another copy in condition better than this one.  Focus is very smooth, aperture perfectly clicky.  This lens was just refurbished by Eric Hendrickson, a renouned leading Pentax/Takumar repair tech.  It is in perfect mechanical and optical condition.

Lens cases from these 500mm f4.5 lenses have decaying foam in them which coas the lenses in dust.  The included case has been refurbished in such a way that it's not original looking, but is extremely strong and functional.  What I've found with these giant lenses is that there's no substitute for the original cases, but they take a lot of work to make them useable.  I use Silicone to replace the foam and reinforce the cases to provide years of safe transport.  Don't buy super telephoto without eh case, or you'll struggle to find anything capable of carrying it reasonably conveniently.