Yes, that is a stepped M1894 Krag rifle sight. It works well but does not have windage adjustment or fine adjustability like some of the later sights used on the Krags.

The cracked hand guard is very common and unfortunate but can be carefully glued and repaired.

If you are interested in trying to repair it yourself, let us know and we'll give you some important pointers in disassembling and repairing the hand guard and cleaning things. it will be nice to know the condition of the bore when you get it delivered.