A comprehensive characterization of the compound Fe₂VAl was carried out. Samples grown by arc melting or the Bridgman method have Al and Fe deficiencies of up to 5 at. %. Czochralski-grown samples were Fe rich and Al deficient. X-ray diffraction implies appreciable antisite disorder in all of our samples. Fourier-transform infrared (FTIR) spectroscopy measurements showed that the carrier density and scattering time had little sample-to-sample variation or temperature dependence for near-stoichiometric samples. FTIR and dc resistivity suggest that the transport properties of Fe₂VAl are influenced by both localized and delocalized carriers, with the former primarily responsible for the negative temperature coefficient of resistivity. Magnetization measurements reveal that near-stoichiometric samples have superparamagnetic clusters with at least two sizes of moments. We conclude that in Fe₂VAl, antisite disorder causes significant modification to the semimetallic band structure proposed theoretically. With antisite disorder considered, we are now able to explain most of the physical properties of Fe₂VAl. None of our data suggest heavy-fermion behavior in our samples.