Magnetometry, electrical transport, and neutron scattering measurements were performed on single crystals of the Fe 4+ -containing perovskite-related phase Sr3Fe2O 7−δ as a function of oxygen content. Although both the crystal structure and electron configuration of this compound are closely similar to those of well-studied ruthenates and manganates, it exhibits very different physical properties. The fully-oxygenated compound (δ = 0) exhibits a charge-disproportionation transition at TD = 340 K, and an antiferromagnetic transition at TN = 115 K. For temperatures T ≤ TD, the material is a small-gap insulator; the antiferromagnetic order is incommensurate, which implies competing exchange interactions between the Fe 4+ moments. The fully-deoxygenated compound (δ = 1) is highly insulating, and its Fe 3+ moments exhibit commensurate antiferromagnetic order below TN ∼ 600 K. Compounds with intermediate δ exhibit different order with lower TN , likely as a consequence of frustrated exchange interactions between Fe 3+ and Fe 4+ sublattices. A previous proposal that the magnetic transition temperature reaches zero is not supported.