As pictured in green, it has an awful lot of circa 1940 Schwinn parts. I second the notion to check the old crank for a date. It looks like it may be Schwinn too, and circa 1940 it would be dated.
What I cant get my head around is the 3 digit serial number, the frame that doesn't really look like Schwinn in the 1940 era, the Chicago Cycle badge that you see on Schwinns, but in this case it appears to be held on with u-drives instead of the screws you would normally see on a 1940 era Schwinn. My best guess, and it truly is a wild one, is that Chicago Cycle put this together themselves with Schwinnn parts and a frame from some other source. You should take that with a huge grain of salt. The other guys around here know a lot more than I do.
Whatever it is, I really like it.