At that HP yes, but that pump is mismatched to a larger than should be tank. Do you have the actual number of specs on the pump?
If you look at the platform on top of that tank, it was originally set up for a duplex compressor setup. This is very common for building HVAC air systems, with an alternator to switch between one and the other pump for even wear and redundancy.
To the OP: for $300, not sure if it is worth it. You can buy a new 3HP (running) compressor for under $600 that comes with a single-phase motor.
On the flip side, 3HP single-phase motors are much more common than 5HP ones, so it shouldn't be that hard to get a motor for it. I wouldn't spend more than $150 for a 3HP motor.
And what do you know about the pump on it? Could be worn out. Then all you are buying is a tank, and horizontal tanks aren't as valuable/desirable especially for home use because they take up more floor space.
If it was, say, $50, I'd be all over it, even if I just was going to throw the tank up into the rafters as a secondary air tank. $300? An OK deal if pump and tank are in good condition.
I don't know where you are at and how plentiful used compressors are in your area. You may be better off waiting for a different one.